A Financial Education Event
     

Your Money Buddy

As we were our Heroes at Home Financial Event tour (at 45 bases in 5 countries) we often talked about how to follow through on our good intentions when it comes to money matters. The best way to do this is to have a regular money workout with an accountability partner.

A great example of this is these Newlyweds, who just finished their first Sixty Minute Money Workout and they loved it!

They did the “Money Personality” workout and discovered what personality each of them has and how they relate to money.

The number one reason marriages fail is because of arguments about money so if you can learn how to have a good workout, then you can get fiscally fit. You don’t have to be married either, you can have a “money buddy” just as you have a workout partner to help spot you when it comes to lifting weights or kicking it in cross fit.

But it begins with setting proper boundaries, so you can learn to get along and not digress into arguments. This is the same technique I shared on Nightline as I coached a couple on how to fight fair.

Boundaries:

First of all, people need to understand that you don’t have to be a couple in order to do the workout. You can do it by yourself, or with a trusted friend, or even a family member who isn’t your spouse if you are single. But whoever you do the workout with, it’s important to set some boundaries to prepare:
• no condescension or negativity
• no interrupting your workout partner when they are talking
• no name calling
• no throwing food – 🙂
• start by saying one positive thing to each other
• end by saying one positive thing to each other
• create an environment that encourages comfort and success
• have a timer on hand (the one on your phone works well)

Step 1 – 5 Minutes – Make Up Your Mind Warm-Up
Here is where you set your timer for each section. When the timer goes off, then move on! In this section, you set the topic for the hour and begin with a “can do” attitude. It’s important to begin by saying or doing something positive. If you’re working out with a spouse, then begin by taking your spouses hands, looking into their eyes and saying something affirming.

Step 2 – 10 minutes – Strength Training
While step one was to start with affirming words and decide on your money topic, this next section is a time to write down goals on paper so that you will have a tangible and objective standard to work toward. Decide how you would like to see the topic resolved today, in six months and what the outcome of your goals will be in the long run. For example, if your topic is setting up a spend plan, you can also access tools like Mint that will help you in the workout.

Discuss obstacles that have kept you from reaching your goals in the past. If spending too much money on Amazon is slipping you up, then regulate that habit. Or if eating out too often gets you offline, then discuss ways to eliminate that obstacle.

Step 3 – 20 Minutes – Cardio Burn

In this step, you give feet to your goals. If you’re setting up a budget, then you write down the specifics and course of action for your topic of the day. This may not seem like a lot of time on this section, but realize that you may not get it resolved during the first workout. The key is to keep the discussion moving and work on what you can, whatever you missed, you can get the next time around. For example, if you’re looking to pay down debt, then go to Annual Credit Report to order free copies of your credit report. If your topic is improving your credit score, then go to Credit.com to discover where your score is weak and how to improve it. Or listen to a Periscope #CreditChat from@Experian_US. This show is hosted by Rod Griffin, our credit speaker on the Heroes at Home Financial Event tour.
Step 4 – 20 Minutes – Taking Your Heart Rate

If you are making progress on your goal, then continue to do the work. If you have gotten bogged down or you’ve reached a standstill, then use this time to redirect.

For example, if you’re developing a spend plan, and realize you are spending too much in an area, then you could redirect at this time to review this blog and learn quick ways that will help you save money in a variety of categories.
For instance, how to save on groceries.  We’ve saved over $160,000 in the last 20 years by employing a variety of tips I discuss in my books and blog.

Step 5 – 5 Minutes – Congratulations Cool Down
The workout has gone by quickly and now the last 5 minutes are dedicated to the “Congratulations Cool Down.” End your workout and sit back, grab a glass of something cool to drink and reflect on all you’ve accomplished in just one hour! You started on a positive note and you’re going to end positive as well. Take this time to tell your partner one thing that you appreciate about today’s workout in order to end the discussion well.

Keep in mind that just as you don’t get physically buff in just one workout, your finances aren’t going to get in shape after the first try either. But after you and your mate have exercised with this money workout a half a dozen times you’ll find you are making progress that can revolutionize your finances in only an hour a week!

For a free “Sixty Money Workout” review sheet available on our podcast, The Money Millhouse, just visit the website to download the free resource.

There’s never been a better time to get on the same page regarding finances–do it today!

Ellie Kay
America’s Family Financial Expert (R)

Family Travel: Fly or Drive?

I remember my dad stuffing us kids in the back of a VW bug and traveling from TX to IN, making about 600 miles per day. Need I say more?

This is the time of year when families are looking toward the upcoming spring break family time or even summer plans

Here are some ideas that will make your family trip a lot more fun and affordable.

Valentines Day

Even after 30 years of marriage, Valentines Day is still consider an important day in the Kay house! In our large family, I would also get the boys a card/gift and Bob would get our daughter the same. Today, I send Valentines to my grands and my single sons. That can add up, when you also add in my main Valentine–the old fighter pilot.

But you don’t have to spend a lot for your gift to mean a lot, here are some ideas that may help.

Is it OK to Scrimp on Valentine’s Day?

For Valentine’s Day, you might feel the need to pull out all the stops, but it’s not necessary. Sure, some people want to celebrate the holiday in a lavish way, but others prefer to go the low-key route. Whether you fit into these descriptions or fall somewhere in the middle, there are a romantic date ideas for Valentine’s Day or the weekend before that suit every budget.

The Least Expensive Way to Spend Feb 14th

After a home-cooked meal, snuggle up with your honey and enjoy a movie night on the cheap. Look for specials at Redbox and get a romantic dramedy plus an action movie to keep both of you happy. If you are “zero tv” and have netflix, hulu, or amazon prime member then you have access to free movies that are not available for free to non-members. You may not even be aware of the freebies offered, so be sure to check them out.

Gifts that Give to Non-Profits

By shopping at amazon, you can give the gift that gives! If you haven’t link

ed your amazon account to the amazon smile option, then do that right away. Every purchase you make will benefit Heroes at Home and they’ll make a contribution to our non-profit that helps military members by helping to provide free financial education.

 

Flower Power

When it comes to flowers, you usually get what you pay for and one way to cut costs is to hand deliver, this can save anywhere from $8 to $20. You could look at GrouponLiving Social for offers such as $20 for $40 worth of flowers with FTD.

One kind of fun option reminds me of one of my favorite romantic comedies, “Kate and Leopold” and that is to give flowers with specific meanings. Go to TheFlowerExpert.com to find out the meaning of different flowers. For example, red roses mean romantic love while a bouquet of mixed roses means “I don’t know my feelings about you yet, but I’m sending you roses anyway.” Carnations are a less expensive option and a red carnation conveys love pride, beauty and admiration. Daisys are also inexpensive and convey “loyal love.” A sunflower symbolizes pure thoughts. So you can select a cheaper flower if, and only if, you write a note explaining the meaning of the flower and why you chose it for your true love.

Dinner and a Show

Going out for dinner seems to be a Valentine’s Day mainstay and dinner for two can range anywhere from $20 to $200 or more. How to you have a nice meal without sending a signal to your mate that you want to spend as little as possible? After all, aren’t they worth a splurge on Valentine’s Day?

There are quite a few ways to save a lot in this area and still have a nice time together. Lunch or brunch can be half the price of dinner and you could go on the Sunday before the big day. In fact, some restaurants are offering prix fix menus for the weekend or entire Valentine week. Go to your favorite restaurant’s twitter or facebook page and see what specials they are offering to get the best value. Some of these values are only offered to social media friends.

You can also go to restaurant.com where gift certificates have gone on sale this week. You can get a $25 gift certificate for your favorite restaurant for as little as $6 by entering the coupon code found at RetailMeNot. Check community billboards at your local chamber of commerce website. For example, in our area, a local Greek center is offering a romantic, candlelight dinner for two with champagne, flowers, dinner and dancing for $50 a person. While this may not seem like a bargain at first, when you add up the cost of the individual items like the food, flowers, bottle of bubbly and a cover charge you would have to pay to dance, it’s an all inclusive deal that is sure to please. Plus, you can learn how to dance the Kalamatianos, a traditional Greek dance. Can you say, “My Big Fat Greek Wedding!”?

Great Dates that Double As A Great Gift

Right now, there are some great deals to be had at Travelzoo such as a quick, 2 night getaway on a $299 cruise, with an oceanview room. Bob and I took a cruise this way and really loved it. This week, there are also really nice hotels from Orlando to Seattle that range from $49 to $99 a night. Or, if you want to get up, up and away, there’s a $125 two hour helicopter ride featured.

Ellie Kay

America’s Family Financial Expert (R)

Car Buying Season

On our popular podcast The Money Millhouse, we recently interviewed Rod Griffin on an episode  about the kind of credit score associated with buying a car.  He said that this time of the year is one of the car buying seasons because dealerships are getting new models and are even more motivated to unload last year’s inventory.

Even though you may have a goal to eventually drive your cars for free , you can still be informed about credit scores in relationship to buying used or new cars.

Let me start by asking you the question we ask our audiences when we speak on a Heroes at Home tour: How do you lose around $8000 in 8 seconds?

Did you get the answer yet?

The answer is: you drive your brand new car off the lot.

Yes, the average new vehicle will depreciate $8000 in the first year. Since most folks finance that new vehicle, it’s more like losing $10,000 in 8 seconds!

So WHY oh WHY do you continue to buy NEW?

Some folks answer, “for the warranty.” But if you bought the vehicle a year old, you could do two things to make up for that 12 months of warranty you lose over buying new:

  • Warranty Purchase – you could purchase an extended warranty, which (depending on the car you drive) is only $800 to $1500 per year. This is WAY LESS than the 8K–10K you are losing by buying new. Plus warranties are negotiable. When I had to renew the warranty on my Mercedes 280SLK, the dealership gave me their best price. Then I called USAA, telling them the best quote I got and they beat the price by $800. Plus, instead of the $200 deductible I had with the other quote, the USAA deductible was $0! I used that warranty at my local Mercedes dealership (world’s best service department) and paid $0 deducible and got the same excellent service that I normally get.
  • CPO or Certified Previously OwnedIf you get a vehicle with a CPO on it, then part of the deal is that the dealership extends the warranty a year and this is a full manufacturer’s warranty. Plus, there are more stringent inspection standards and additional roadside assistance. Once, I had a shady salesperson who told me the car was CPO, “All our cars are CPO” she said, but she never presented me with CPO paperwork to sign at the deal’s closing. You guessed it, the vehicle was NOT CPO and she lied. Be sure you get CPO paperwork if you are told it is a genuine CPO. It costs the dealership anywhere from $800 to $2500 to CPO your vehicle, depending on the year, make and model. You HAVE TO sign CPO paperwork that is dated from BEFORE the date you buy the car or it’s not valid. Remember that asking a dealer to make a vehicle CPO is part of the negotiating process and this will increase the value of the deal anywhere from $1000 to $2500.

A couple years ago, I was on my way to Disneyland to meet another author friend and a careless driver made an unprotected left hand turn right into my vehicle (about 5 feet off the bumper). I had NO TIME to react or even take my foot off the brake. The fact that Mercedes are so well built and the fact God sent his angels to protect me are the only reasons I walked away from this terrible crash with only a few cuts and bruises.

This accident put me back in the market for a vehicle. So this time I decided to try USAA’s car buying service. Since we had an extra car at home, I could take my time to find the best deal. The car buying service told me the price, the discount, gave me free access to a CarFax report, showed me a chart of similar cars purchased in my area to indicate an average, good, or great deal, and more. I compared the prices I saw on the site to Kelley Blue Book and did all my research. Then I followed the same three steps we teach in our Heroes at Home Financial Events.

Step One: Negotiate Price First

Negotiate the price of the car at a dealership apart from the value of the trade-in. Tell the salesperson you want to determine the price of the car without the trade-in. The reason you want to do this is because salespeople will often give you far more for your trade than you expected—thus hooking you on the deal. However, this higher-value-for-the-trade-in shtick can be part of the technique they use to get you to purchase the car. If a higher value is given to the trade, then they will give a lower discount on the price of the vehicle, because all the discounting went into the value of the trade.

Step Two: Negotiate the Value of the Trade-In

Now that you’ve determined the price of the car, ask what the dealer will give you for your trade-in. Most likely, you will get more for your car if you sell it yourself. A little elbow grease and some top-notch detailing can net you hundreds of dollars more than a dealer can give you, if you can find a buyer. Some people (like military families) don’t always have the time to sell their car because of moving schedules and so forth. So if you are going to try to trade in your car, look up the value of your existing car at Kelley Blue Book or Edmunds, then print the page (or screen shot it), and bring it with you to the car lot to negotiate the price. Bottom line: try your best to gather enough facts beforehand so that you make a wise decision.

Step Three: Secure Your Own Financing

The F&I (finance and insurance office) is where the lion’s share of a dealership’s profit is made. In this office, you will have to navigate interest rates, payments, terms, additional services, and warranties. Unless you put miles on your car for business or you are purchasing a car that will cost a lot to repair (and you intend to keep it longer than the warranty lasts), extended warranties are usually not a good value. When it comes to vehicle financing, you can generally do better on interest by selecting your own creditor unless the manufacturer is offering a lower APR. Keep in mind that the .99% APR offers only go to the top 10% of those who are the FICO score elite, chances are good that you will not qualify. The credit life insurance that dealers offer is more expensive than raising your regular insurance premium by twenty thousand dollars to cover this expense. And don’t forget to research the price of insurance on your new car so you can afford both the payment and the insurance.

By following my own advice, I talked to my sales representative and I was able to:

  • Negotiate the best price on the vehicle.
  • Get the USAA discount added to the deal.
  • Get a car that had less than 3K miles on it.
  • Get CPO added to my vehicle.
  • Drive a vehicle that is now under warranty until 2022.
  • Get a like-new car that had only been in service officially for a mere three months.
  • Save $9K off the brand-new-plus-CPO price.
  • Pay cash for my car (stay tuned for next week’s blog on how to pay cash for cars).
  • Get the year, make, model and color of the car I wanted.
  • Walk away feeling good about the deal and the value I got.

When are you in the market to get a vehicle, which of these tips will you follow to get the best deal?

Ellie Kay

Give to our Heroes and Heroes at Home This Holiday

What does Giving Tuesday do for our Heroes? Here’s a recap of our last tour season.

Heroes at Home completed their 26th event on 17 bases in 4 countries when they blew into Pensacola Naval Air Station like a storm—actually, the Tropical Storm Gordon. The Heroes at Home speaker team barely made it to Florida ahead of cancelled
flights and delays to stay at Pensacola Naval Air Station and provide free financial education to the Airmen, Sailors and Marines stationed at that base. The morning of this free event, the base was closed, due to the storm to “all non-essential personnel.” But since financial readiness equals military readiness, the Heroes at Home event was deemed an essential event and it’s speakers were given Distinguished Visitor status.

In the military, a service member must maintain financial health or they could lose their security clearance. If a military member has excessive debt or other money issues, they could be a target for compromised security and they are kindly asked to leave the military since they cannot hold their security clearance. This is one of the many reasons financial education is so very important to our young military members.

Our audience consisted primarily of Airmen who were going through Combat Systems Officer Training, to become Electronic Warfare Officers and Navigators. Since flying was cancelled, we had almost all the students present from the CSO course and they were enthusiastic and engaged with the program. The audience was almost all servicemembers in uniform and they primarily ranged in age from 23-25. They seemed eager to begin their military careers financially healthy.  They were released to come to our program during the duty day because of the importance given to financial education by the Command. They left excited and with autographed copies of 200 books for the 200 servicemembers present. Many expressed gratitude for our sponsors and our speaking team who weathered a near hurricane to provide this essential education.

Our four top level speakers trained the audience in budgeting, how to purchase a vehicle without excessive debt, how to plan for retirement, how to build savings, and other special financial programs only available to military audiences.

Thanks to donors like you, this program was executed flawlessly, and was the 26thand final event at 17 bases in 4 countries. This was also the conclusion of a very successful 2017-2018 Heroes at Home world tour.

Later that night, we were staying on base when the storm gained force, the entire base population lost power and we were in the dark for many hours. But once the lights came on at 1:30 AM, we were back on track to get home that day.  We could see how valuable our time had been at Pensacola. Many thanks to donors like you for helping to sponsor this event and for making a difference in the lives of our young servicemembers.

Many Easy Ways to Contribute

  • Amazon Smile – Sign up to support Heroes at Home, 501(c)(3) at amazon smile. From that point on, every time you shop at amazon, year round, just click on the amazon smile link and our Heroes benefit. Don’t worry, we won’t see how much you purchase, so we won’t spoil any holiday secrets!
  • Giving Tuesday on Facebook – On Tuesday, December 3, Facebook will match your donations, so please donate today!
  • Heroes Come First – If you are military, veteran, first responder, medical professional, educator or clergy, then you qualify for up to $2000+ in a cash back check when you buy, sell or refi. Plus, Heroes at Home benefits when you use our link.

For more information on Heroes at Home or to make a donation, go to www.heroesathome.org

Thanksgiving Traditions

Thankful Traditions

The Kay family photo for Woman’s Day magazine.

Back when my co-host of The Money Millhouse was just a little girl with a big smile, we created memories through holiday traditions.

One of the things I discovered is that not every “savings” can be measured in dollars and cents. One of the things we emphasized in our family is the saving of memories. Our Thankful Tree was featured in a Woman’s Day magazine one year. It took two photographers 8 rolls of film and four hours to get one 3 x 5 photo in the magazine. Joshua was missing for one roll of film and we didn’t notice until we saw him making faces from behind the photographers and we asked, “What are you doing back there?”

The tip we gave is how we’ve stayed in touch with family and friends during this holiday. On November 1st, we made a Thankful Tree on poster board and put it on our wall or front door. The tree was bare because the leaves that we made out of construction paper have not yet been gathered. The leaves have the person’s name on them and say, “Papa is thankful for _________.” But we left the tree bare at the beginning of the season to teach the children how barren our lives are without the giving of thanks.

We made and sent the leaves to friends and family around the world along with a self-addressed envelope. When these envelopes came back, the children got excited as they took turns opening them. At dinner that night, we read the leaf and give thanks along with those who are thankful and put the leaf on our tree. By Thanksgiving Day, we had a tree full of thanks. We carefully saved the leaves in an envelope marked by the year and kept all in our Thanksgiving decoration box. Each year, we read the leaves from past years.

We never know when this year’s leaf might be someone’s last, or which family might have a new leaf on next year’s tree. So we give thanks.  These days, we gather “thankful comments” from facebook, email and twitter, but the point is we are connecting with friends and family in a meaningful way.

This holiday, what are YOU thankful for?  Besides our health and our family, we are thankful for two weddings this year, healthy grandchildren, and the chance to be together during the holidays.

Happy Thanksgiving!

Ellie Kay

 

8 Ways to Thank a Veteran Today and Every Day

 

As far a military families go, I’m brat, a grandbrat, a wifebrat and a mombrat. Yes, military service runs deep in the Kay family. My Grandpa died as an aircrew member in WWII; my dad retired as a Chief Master SGT in the US Air Force; my hubby flew fighter aircraft in the Air Force for 30 years; one of my sons graduated from the Naval Academy and is an active duty Marine; another son graduated this year from the United States Air Force Academy and is at pilot training; and my youngest son is a junior at WestPoint. So when it comes to thanking our troops for their service, I really appreciate those of you who take the time to say thanks.  Here are some more easy ways to express your appreciation:

1.       Say “Thanks” – The fact that you are reading this blog, indicates that you probably already thank those in uniform when you see them. When people say “Thank you for your service” to my Marine son, he responds with, “Proud to serve.”  Be sure to also thank family members, including parents of service members, for the way they serve by supporting their military members. You can also say thanks by donating to Heroes at Home, which provides financial readiness for military readiness. In our Heroes at Home events I explain that when people say thanks to them, it’s their way of being patriotic.

2.      Say “Welcome Home” – As we all know, the Vietnam War was not a popular conflict, and those who served were greeted with jeers, taunts or just plain apathy. There are also those who returned from the Korean War who were never properly welcomed back. So when you see an older vet, ask them what war they served in and if it’s one of those two, then ask one more question, “Were you ever welcomed home?” If they say, “no” then simply say, “Well you have been now, welcome home soldier, thank you for your service.” I’ve done this many times and all were deeply thankful for the sentiments, and some were so deeply moved, they even had tears in their eyes. In our Heroes at Home Events, I encourage our young service members to welcome home these Veterans and just how much it means for someone currently serving to thank those who have served.

3.      Pick Up Dinner – Every year, restaurants give free meals and discounts for Veterans and those who are serving now and at The Military Wallet, you can get this year’s update. But why not keep it going year round? Once a year, or more, depending on your budget, pay for a military member’s meal. You may see a service member with his or her family or a group of military dudes and dudettes in a small group at a restaurant. Don’t go up to the soldier, sailor or airman to ask if you can pay for their meal. Instead, go to the manager or the waitress and ask for their bill, then pay it as you leave and tell the waitress to give them a simple message: “Thank you for your service.”

4.       Operation Gratitude – During Veterans day week, our USAFA parents club volunteered to help put together care packages for the troops. Lots of volunteers put together over 7,000 care packages in one day! Each time I went through the assembly line with my boxes, it took all my self control not to slip that package of Rocky Mountain Factory fudge into my pocket. You can also donate DVDs, Girl Scout cookies, trial-sized toiletries, candy, scarves, gloves, small stuffed animals, books and more to the effort.

5.      Mow A Yard – Or rake leaves, or plant rosebushes, or paint an outhouse, or… you get the idea, for the military family of a deployed service member in your neighborhood, church or community.  When Bob was gone and I was left home alone with a house full of kids, I really appreciated that help. The best help comes from people you know, where that military family is comfortable knowing you are not a creeper!

6.      Donate Your Old Cell – If you are like most of the Kay family members, you get a new phone about once every 18 months or so (it seems to be an inalienable right in our clan). Instead of trading in when you trade up, give it to Cell Phones for Soldiers.

7.      Calling All Coupon Queens – I started out in the financial area as a Coupon Queen and eventually evolved to “America’s Family Financial Expert” ®. Along the way, I’ve encouraged families to donate their expired coupons to military units overseas. They can use your castoffs for up to six months past the expiration date. For more information, email us at assistant@elliekay.com and put “Expired Coupons” in the subject line.


8.     
Care for Critters – If you are like my hubby, you are a critter person. He sits in his easy chair each evening and instantly—voila!—three mini schnauzers appear in his lap. They were his constant pet therapy when he broke his back a couple years ago, thereby ending his career as a fighter pilot. If you love critters, then you can offer to provide foster care by taking in a dog or cat of a wounded or deployed military member while he or she is receiving medical treatment or on duty.  For more on this, go to Guardian Angels for Soldiers.

Thank you to all our Veterans and their families, and a special thanks to my husband, LTC Bob Kay, the World’s Greatest Fighter Pilot for his 30 years of service, to my Marine, Airman and Soldier. I’m so proud of all of you!

Ellie Kay

www.elliekay.com

Service Academies and Military Funded Education

 

 I recently spoke at Congresswoman Katie Hill’s (25th Congressional District) Military Academy night.  The audience members were parents and students in high school.   These federal academies are highly competitive and look at the whole person. So it’s not enough to be a brainianc (super smart), they are also looking for students who are exceptional in the area of athletics, community involvement and leadership.  In return for this amazing education valued at $450,000, your student will be required to serve in the military for their “commitment” period. The commitment is a minimum of 5 years of service and can be longer, depending on a number of factors in regards to additional training after graduation.  If you have a “hero at home” who wants to go to a service academy, there are several things to keep in mind.


One of the first places to visit is your service academy’s admissions site:

USAFA – The United States Air Force Academy

USNA – The United States Naval Academy
USMA — The United States Military Academy

USMMA  The Merchant Marine Academy

USCGA    Coast Guard Academy (does not require a congressional nomination)

From Prospect to Appointee:  

  • Prospect: A student who has filled out the initial response form showing interest. This means they are essentially on an admissions mailing list. You can fill this out as early as middle school by going to the academy’s website.
  • Applicant: The individual has filled out a pre-candidate questionnaire and provided initial info on PSAT/SAT/ACT scores, grades and extra-curricular activities. This is usually done NO LATER than the spring of their junior year. This is also the time to contact your congressman and senator in regards to a nomination. In addition, if the student’s parent is qualified for a Presidential nomination, (see nominations and appointments below) then the student can contact the academy directly to pursue this nomination as well.
  • Candidate: To move from applicant to candidate indicates that you have cleared your first competitive hurdle. This step is decided by the Academies admissions staff in the early summer of a student’s Senior year. Not all students will get to this point, but this is when they will be interviewed by the Academy Liaison Officer (or the equivalent). It is from this list that appointments will be offered as early as the fall. For example, one of our sons was offered an USNA appointment by October.
  • Appointee: This means that the candidate has been offered an appointment into the Academy. They can choose to accept it or turn it down, but it means they have not only received an official nomination, but they have also been approved by the Academy’s admissions board and offered an actual appointment.

The Essay

It’s never too early to begin to think about what you would like to write in your admissions application essay. These are very important and should be well thought out before submitting. Be sure to have you liaison officer review it before you submit it or ask an academy graduate to help. It also wouldn’t hurt to have a faculty member from your school review it as well. More eyes on the project can mean a broader perspective, but it still needs to be your own voice, so you will have the final word on the essay.

Back to College – The Kay Way – part one

Back To College

When Bethany was four years old, she came running in the house sobbing uncontrollably. I smoothed her blond curls and held her, “What’s wrong, Bunny?”
“I don’t want to leave you and go to college!” Her chubby arms held my neck tight.
“Um, well, Bunny, you don’t have to go to college any time soon!” I soothed, while rubbing her back.
She sat up straight, “I don’t?”
Wiping away her tears, she sniffed, “Good! Can I go back to Julie’s house and play again?”
I figured out later that all the drama was because Julie’s older brother was leaving for college and her friend’s family was sad to say goodbye. She thought she was going to have to leave us and it made her sad.
Fast forward the better part of two decades and she’s now a rising senior at Moody in Chicago, majoring in media communications. She’s not crying when she goes back to school, although we miss her. The good news is that she, along with all our other kids, are graduating debt-free! We don’t have any student loans and we didn’t have to refinance our house. Here are a few quick tips to pay for college. For more info, email assistant@elliekay.com and ask for the “College Crunch File.”

1. Make the Right Choice – Choose a school not because it’s the best, but because it’s the best value. Change the conversation from “I’ll go to the best college that I can get into” to “I will go to the school where I can get the best education possible for the least amount of student loan debt.” Our son, Daniel, chose the University of Texas (Arlington) over the scholarship he got to Syracuse and TCU because he would still have 60K in student loan debt after the scholarships ran out. He graduated with honors and a degree in journalism. He’s a working writer in Texas and doesn’t regret his college choice. In fact, when his department downsized and he needed to find another job, many in his section were overwhelmed because of their student loan debt. But his lack of college debt allowed him the freedom to find a job he really enjoys and he didn’t have to take the first job that came along.

2. Save Big on Books by Renting – The average student pays more than $600 for course materials – the largest expense after tuition and room and board.  You may want to look at renting textbooks through Follett’s Rent-A-Text program, students can cut costs by 50 percent or more. Or go to amazon to find used textbooks, making sure that you have an amazon prime account and can filter the options with the prime filter to get free shipping.

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3. Make Scholarships a Part-Time Job – Millions of dollars of scholarship money go unclaimed every year. This is free money that parents or prospective students who are willing to do some detective work may find more quickly than they think. Have your student go to College Board or Fast Web  to find scholarships that might be a fit for your student.

4. Create a Budget, and Stick to It – As a parent of a college student, your love for your student is unconditional, but your money is conditional. That’s what we’ve always told our kids. To ensure students are making the most of their money, set a budget for spending and manage it by downloading Mint to help track spending. And determine which on-campus retailers accept financial aid to be certain you’re making the most of your college dollars.

Join us next week for part two of our Back To College series and let me hear your tips and idea to make college more affordable!

Ellie Kay
America’s Family Financial Expert

What Does Freedom Mean to You?

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The Kay family loves the 4th of July.  That includes 12 of us who appreciate Independence Day and what this holiday represents. However, there are three of the Kay family members who loathe the holiday.  I know I shouldn’t single them out, but I’m tired of the way that they take the freedom they enjoy for granted. These Kay family members have never thanked our Marine, Airman or Soldier for their service, they don’t send care packages when our sons deploy into harm’s way overseas.

I’ve decided I’m going to call them out. After all, who are they to dampen the enthusiasm of millions of revelers on such an important day in our nation’s history? So here it goes:

Buddy, Anna, and Hank—you are ruining the holidays for all of us.

Yes, our two mini schnauzers and granddog would rather bark, whine or run and hide under a bed when they hear fireworks in our neighborhood than appreciate the holiday in all its noisy glory. It’s gotten so bad, that we must get sedatives to get them through the 4th of July each year (to clarify, the sedatives are for them and not us—although I’m tempted.) Poor, unpatriotic puppies are terrified by the Black Cats, M80s and Lady fingers that the neighbor kids fire off every year.

Today, I like to thank those who serve as well as those who have served in the past and those who love them. It’s because of these heroes we can enjoy these freedoms. As I reflect on the freedom of speech, the press and religion, I’m grateful to live in the land of the free because of the brave.

 

I’m also grateful for the opportunity we have through the non-profit Heroes at Home to educate our Airmen, Soldiers, Marines and Sailors in Financial Literacy. Our free show provides our audiences with four, top-level speakers, a live twitter party and over 100+ door prizes to include free financial books and gift cards. This is all made possible by generous donations from USAA, Experian and other companies as well as individuals like you, who believe in helping our military members stay financially healthy so that they can keep their security clearances and do their important life-and-death work. All our speakers are volunteers and Heroes at Home doesn’t pay honorariums—these educators believe in our military members and their families. Currently, less than 1% of our donations go toward fundraising and over 90% goes directly to the support of educational programs for our troops.

What do I believe freedom means today?

I believe it means a free America.

I believe we can enjoy our freedom because of those who serve and those who love them.

I believe our Creator has freely given us gifts, talents and resources to make the lives of others better.

I believe in those who fight for our freedom both at home and abroad.
I believe in the land of the free because of the brave.

And I believe it’s time to go give those pesky puppies their sedatives before the fireworks begin.

What does freedom mean to YOU today?

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