When Anna Gifty Opoku-Agyeman looked for ways to fund her education, she deliberately chose to focus her studies on areas where there were ample opportunities for financial support like grants and scholarships for minorities. The Sadie Collective is the first and only organization that uniquely addresses the underrepresentation of black women in economics and related fields.
Anna’s Money Story
Bobbi Rebell:
Let's talk about, for your money story, you want to share how you got your education funded. We are in a time when there's so much controversy about how expensive an education is. We're in transition with this virtual learning. How did you successfully fund your education?
Anna Gifty:
When I first applied to college, I didn't have any financial aid. I actually applied to college park and I was admitted. And I went there for my first semester of college, and I left eventually and transfer to the University of Maryland, Baltimore County, where I graduated. And so the question, or the conversation rather, that I have with my parents was about how do we go about funding my education in state. The only reason I really stayed in state was to minimize the cost. I know there were other schools that I was interested in, especially within the DC area, since I'm interested in policy and economics. I was like, "Yeah. I definitely want to go to George Washington. But George Washington university is also one of the most expensive universities in America." So I knew that I wasn't going to get financial aid. I didn't want to get loans.
Anna Gifty:
And that was one thing that my parents also emphasized. They really did not want to get loans essentially. And my dad at the time, was also in school. And so that was the thinking that was going into how do I map out my own educational trajectory in terms of funding. In terms of when I transferred to UMBC, one thing I recognized was that there were individuals who seem to be getting paid over the Summer. I didn't know how they were doing it, but I did know that they were in STEM. And I did know that they were getting funded in terms of housing, food, and just the stipend. And I was trying to figure out how exactly are they accomplishing that?
Anna Gifty:
And that led me to connect with several different communities on campus, including the Meyerhoff scholars that I mentioned before. But also MARC U-STAR, which is now you ride scholars. And the MARC U-STAR program is really what ushered me into this world of research, and exposed me to the fact that there's actually a lot of funding opportunities for those who are interested in getting a PhD or doing some research related field. A lot of government agencies, as well as foundations will actually throw money at you to go and do these things professionally, because of the lack of diversity in those fields.
Bobbi Rebell:
Very interesting. So I'm hearing the first thing you did, is you thought realistically about what was worth the dollars. What's the return on the money in choosing the school. And then the second thing you did is you followed the money. You didn't look at a field that some people might look at that, and I don't want to call anything out as a journalist. But there are certain fields that have more funding and certain fields that don't, because of the market demands. You are looking and seeing the market had demand for people in STEM, especially recruiting probably women and minorities. And so you thought, "when I'm choosing what to do in life and what to study, I'm going to go where there's a need and therefore where the money is." So continue. Tell us the rest of your story.
Anna Gifty:
Sure. So what that led me to do, at the time I was a biology major. But I was exposed to this field of research, and biomedical research, and noticing that there was a lot of funds. I'm the kind of person where when I find out information, I am happy to share it with my colleagues and those who are coming behind me. And so there were a lot of different scholarship programs that were coming up through the NIH, coming up through the NSF. NSF by the way, is the National Science Foundation. NIH is the National Institutes of Health. And they have a lot of government funding to get more minorities into the biomedical profession. But at the same time, I also got exposed to data analysis, and that is what really led me to go and pursue mathematics. I ended up changing my major in my junior year. Which at first was kind of scary for my parents, but it paid off.
Anna Gifty:
So essentially when I switched to math, I also recognized that there was this field called economics, after having several conversations with colleagues and friends and teachers and other professors across the country. And that economics specifically, is the world's best kept secret, in terms of a profession that gives you guaranteed funding for your graduate education. You're definitely going to get a job after you graduate. And so thinking about all of these things, I said, okay. Economics is really something that I think for me, it speaks to the kind of questions I want to answer, but they also have tremendous funding opportunities. And one thing that I noticed was that there were internships that would pay tens of thousands of dollars for you to just go there and do some data analysis for somebody. And so that's something that I ended up doing. So I actually ended up participating in a Summer program that was in partnership with UMBC called the University of Chicago bridge program. And that allowed me to actually pay off the rest of my tuition for that year.
“A lot of people have money to give but it’s not until you approach them and ask them about it that they actually tell you where the money is.”
Anna’s Money Lesson
Anna Gifty:
My advice is simply to think about the different funding opportunities that are available within your field, and to be optimistic about that. What I mean is that, even if you're a journalism major, there's definitely funding for journalism majors. And so you have to go out and look at your network as well as your academic and professional resources, to see where the money is. A lot of people also have money to give, but it's not until you approach them and ask them about it, that they actually tell you where the money is. And so that's another piece of advice I would share with individuals.
Bobbi Rebell:
How do we even find those people though? If they're not advertising and they're not listed somewhere, where do you even begin? Especially now when everyone's stuck at home?
Anna Gifty:
That's exactly right. I think one thing that we have at our fingertips is the internet. So, actually doing a cold search, and looking up different opportunities and whether or not things align with where you are in life. But I think the other thing to look into, is people you're actually close with. You guys have professors or maybe bosses that might have access to networks that actually have access to capital. Those are the people you really want to tap in. Kind of drawing on the relationships that you have currently, to really build upon a network that allows you to gain access to funding, to do what you really want to do.
Bobbi Rebell:
Do you have any examples of what you would say in an email?
Anna Gifty:
That's a good question. The first thing I would say is obviously, "Hello. Thank you so much for allowing me to reach out." But then what I would go in and say is that, I'm somebody who's looking for funding opportunities right now for X, Y, Z. Can we get on a call? Can we talk a little bit more about this? And I think that you have to approach it like that. You can't say, "Can I talk to you so I can get money?" That's not how you want to approach it. You want to say, "Can I talk to you so I can learn more." That way, that gives room for that individual to actually speak on their expertise and their knowledge about the topic. They may actually tell you way more than you were going to initially ask for. And that's what you want to do in leaving room during the email.
Bobbi Rebell:
You make a really good point about listening. Because when you let them talk, you may discover that they have a need that you can fill, and get to know them better, and then develop that relationship.
Anna Gifty:
That is my hack for life. I always say that when you ask people enough about themselves, at some point, they will say, "What about you?" And that's when you can talk a little bit about your journey.
“When you ask people enough about themselves at some point they will say “what about you” and that is when you can talk about your journey.”
Anna’s Money Tip
Bobbi Rebell:
So for your everyday money tip, you have some advice, especially for young people who have to approach both the maybe Summer Internships, or their first jobs. And they're coming out of school at a very fragile economy, should they just take anything they should get? Or do you still have any leverage? And if so, how do you even ask?
Anna Gifty:
That's a tricky question, and it's a question I'm currently dealing with right now. And I think it depends on what you ultimately want to gain from the kind of job that you end up doing. So if you really just need a job, of course if somebody offers you a job, go take it. But if you are really trying to maximize the skills that you've been able to acquire over your collegiate education, then yeah. It might be worth waiting it out just a little bit, to see if something better comes along.
Anna Gifty:
I will say transparently in the economics world, they're going to be hiring like business as usual in the Fall. Because they're not deeply affected by what's happening versus the retail space. Which I think that obviously a lot of those jobs are just being destroyed by the fact that people aren't shopping, right? So I think you really want to gauge what industry are you in? Is it necessary for you to be working at this very moment? And third of all, is there a way for you to draw on the networks that you already have to gain access to the resources that you hope to get?
Bobbi Rebell:
And of course, echoing what we said earlier, think about the field that you're in. Think about the longterm viability of your career choices, and maybe you have to pivot.
Anna Gifty:
That's exactly it.
“I am the kind of person that when I find out information I am happy to share it with my colleagues and those who are coming behind me.”
Bobbi’s Financial Grownup Tips:
Financial Grownup Tip #1:
Take a good hard look at where your money is going and don't be in denial. I joked about it, but it's actually no joke. Fields like journalism are consolidating and having a tough time. I have so many friends that have been laid off and are taking large pay cuts, and really are still likely to be laid off even if they are still employed. They're really worried. So if you want to earn money, why would you go where the money is not? Now, I'm not putting down journalism per se, I love what I do. But you should think about the economics of the career that you are looking at. Anna is looking forward and sees a deep need for really smart data analysis and economics related jobs.
She will be in demand, and will have a negotiating leverage. When it comes to getting paid, she can ask for more money. Follow where the money is and where it will be, and get real about where the money used to be and maybe is no longer. There's a reason I have multiple income streams, but that's for another podcast.
Financial Grownup Tip #2:
Ask for the money even if it's not being openly offered, Anna says, "A lot of people have money to give, but it's not until you approach them and ask them about it, that they actually tell you where the money is." I am not a scholarship expert, but I know from some of the guests that we have had on this podcast, that a lot of money really does go unclaimed. Take the time to look and to ask. And that goes for any opportunity.
Episode Links:
Anna’s website - www.annagifty.com
Follow Anna!
Instagram - @annagiftyo
Twitter - @itsafronomics
LInkedIn - @annagifty
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