The College Investor’s Robert Farrington loved his job at Target. He was also well paid. But he loved his family more. So he made the tough decision to leave and focus full-time on the side hustle that was already throwing off even more income. 

In Robert’s money story you will learn:

-The value of time and how Robert made the decision to leave a job he loved in order to spend more time with him family

-How Robert grew his side hustle from no income into his full-time business

-Advice on how to leave a job on great terms

In Robert’s money lesson you will learn:

-His take on the benefits of growing a side hustle

-The specific obstacles Robert prepared for before taking the lead in his business

In Robert’s every day money tip you will learn:

-The truth behind retail shopping myths

-Quick tips on saving money while grocery shopping

-The number one Black Friday tip

Bobbi and Robert also talk about:

-Where the idea for his website started

-His regrets about leaving his job

-The College Investor and the resources offered online

-The College Investor 6 minute audio show on Apple Music

In My Take you will learn

-How to be honest with employers about having a side hustle - while not oversharing

-How spending time with family during the holidays can be more valuable than rushing out for Black Friday Deals

 

EPISODE LINKS:

Follow Robert!!

Instagram @thecollegeinvestor

Youtube @TheCollegeInvestor

Linkedin Robert Farrington

Listen to The College Investor Podcast https://apple.co/2CqMuC3 

Learn more on The College Investor website https://thecollegeinvestor.com/ 

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Transcription

Robert Farrington:
Am I really able to say that I value the time I spend with my family and stuff when I'm missing Thanksgiving and Christmas and holidays and weekends and not able to go to birthday parties?

Bobbi Rebell:
You're listening to Financial Grownup. With me, certified financial planner, Bobbi Rebell, author of How to Be a Financial Grownup. You know what? Being a grownup is really hard, especially when it comes to money, but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey, Financial Grownup friends, get ready for an episode not really about money, but about living a rich life with your family. It's about the price of your time and the value of your time, and for many of us, not all time is created equal. Target store manager, Robert Farrington, had the money, but he wanted the time. Not just any time. Nights, weekends, and holidays, specifically, the times that most of us get to be with our families, but in retail, not so much. Fortunately, he had something else going on. More on that in a sec.

Bobbi Rebell:
First, a quick welcome to our new listeners and to our returning ones. If you like the show, take a screen grab, share it on social. Then subscribe so you don't miss any upcoming episodes, and make sure that you have it set in the settings for automatic download. With that, let us get to Robert Farrington's story. He now runs a little site. It's actually a really big deal website called The College Investor. And for you early stage entrepreneurs, it was a side hustle with literally zero income. Yes, zero income, no money coming in for the first two years, but that was a while back. He'll tell you more about it.

Bobbi Rebell:
Now, it is his full-time business and it is growing. You're going to love this story. Here is, the College Investor. It's Robert Farrington.

Bobbi Rebell:
Hey Robert Farrington. You're a financial grownup. Welcome to the podcast.

Robert Farrington:
Hey. Thank you so much for having me. I'm excited to be here.

Bobbi Rebell:
You are ... And this is trademarked, my friends. You are America's student loan debt expert. You're also the founder and editor of The College Investor, so you have a lot of knowledge to share with us.

Robert Farrington:
Whew. You kind of scare me when you say it all, but yeah. I'm excited to share with you.

Bobbi Rebell:
So give us a quick summary of what The College Investor is and then we're going to move into your money story.

Robert Farrington:
Sounds great. So, The College Investor was started by me as a side hustle in college, because I wanted to share my thoughts on how to invest. But everybody that I knew was like, "That's cool Robert, but I have student loans and other things and I just can't get there yet."

Robert Farrington:
So over the last few years, we've kind of incorporated more about getting out of student loan debt, getting out of debt in general, and how to build wealth so you can start investing even in your early 20s, or in college, so that you can build wealth and set those financial footprints in motion for your future.

Bobbi Rebell:
So, this is where it gets really cool and exciting, because you've been working on this for a very long time. You are married. You have two young children, the oldest one going into kindergarten. You were full time at Target until a year ago and this was your side hustle. And then you were able to make the decision to flip the switch and take your side hustle full time. And that's your money story. Tell us more Robert.

Robert Farrington:
Yeah. So about three years ago, I started earning more than my Target job. You know, we were just stashing the money away and didn't really have any plans to leave because you have to understand, I have loved working at Target. It was a great company to work for. I had been there a long time. I was comfortable there. I was probably one of the top performers in my area, so life was really good at Target. But there is one big drawback about working in retail and that is that you have to work nights and weekends, and holidays.

Bobbi Rebell:
Even if you were the manager by then. You were pretty senior.

Robert Farrington:
Right, but I also believe in being a leader, so I would still work my weekends with my team. I would work a night a week with my team and then as the leader, I definitely had to be there on Black Friday and throughout the holiday season. It meant having Thanksgiving lunch at like 12:00 and then going to work at 2:00 in the afternoon on Thanksgiving day, so that we're ready to go when the store opens.

Robert Farrington:
That really became hard as my kids were getting older.

Bobbi Rebell:
Okay, so tell me about the conversation that you had with your wife when this decision was made.

Robert Farrington:
It really was a series of decisions. First off, it was like, this is a cool side hustle. Let's not change anything. And then it was like, wow this is really becoming more of a thing and we can live off this business income on the side. And you don't need to work there. Finally, I really had to think about what we valued as a family. So my wife and I were talking and you hear these things like, "Show me your money and show me your time, and it will tell you what you value." So, am I really able to say that I value the time I spend with my family and stuff, when I'm missing Thanksgiving and Christmas and holidays and weekends, and not able to go to birthday parties.

Robert Farrington:
So, it was really really hard to leave something I was so comfortable with, but at the same time I also wasn't living my truth in that I wasn't necessarily doing exactly what I valued. And we could afford it. I could afford the life I wanted to, and said that I wanted to. And that really was a big part of our conversation with my wife.

Robert Farrington:
The second thing is, is contingency plans. We always had these conversations. I run an online business, so it's like, what happens if the internet goes out tomorrow? Right? Are we going to be financially okay if suddenly there is no income stream. So, it really was about planning and making sure we had enough saved and if the internet did stop tomorrow and I left my day job, would we be okay financially? And we kind of checked all these boxes and once those were all yeses, it was setting a timeline up for when does it make the most sense to leave?

Bobbi Rebell:
They knew about the side hustle right?

Robert Farrington:
It was one of those things. I never hid it, but I was never fully overt about it. It had been on my LinkedIn profile for a decade. My peers, every now and then, I'd get student loan questions from my peers. They'd be like, "I'm trying to pay off my student loans. Can you help me?"

Bobbi Rebell:
Yeah, but did the Target management know that this was producing more income than they were paying you?

Robert Farrington:
I never shared that, so I'm 99% sure that they had no idea. In fact, I know most of them didn't because when I left and afterwards, they had a little going away party for me and like, "We wish you the best of luck. We hope this all works well for you."

Bobbi Rebell:
So they had no idea?

Robert Farrington:
Yeah, and I never hid that. So that's the interesting thing. If no one asked, I was very candid. I've been candid even for the last seven, eight years online. On different podcasts and interviews and stuff, so it's out there.

Bobbi Rebell:
Did they ever think maybe we should pay him more? If he can make more from a blog, maybe we're underpaying him? Was there any kind of conversation like that, ever?

Robert Farrington:
It's hard, because I was extremely well paid. It was a nice six-figure ... I don't think people realize what you make at Target, but I was, with my bonuses and stuff, I was probably making about $180,000/year when I left.

Bobbi Rebell:
Wow. So, let's go back to quitting. So, how did you actually quit?

Robert Farrington:
So, I really did think about this and planned it out. Because I also, like I said, I wanted to leave on really good terms. I didn't want to burn any bridges, so I actually, my wife and I finalized our plans for leaving in February, or March of last year. We said we're going to leave in September. And I thought this was very respectful from the workload that was going on at Target, but it was also enough time that they could have enough leeway to have everything in place before the holiday season.

Robert Farrington:
I decided that we're going to give a month notice, so I actually told my boss in August. And I probably gave about five and a half, six weeks notice. But I was fully ... You hear these horror stories like, if they were going to walk me out that day or something crazy, I was fully prepared to leave that day. But I was going to be very respectful, and so when my boss came in August, I would say she comes like once or twice a month. When she came in, I just pulled her into my office and said, "I have something really important to share with you." She had no idea what was coming. I said, "Hey. So I have some big changes I want to tell you. I am going to be resigning and I'm going to be pursuing my own endeavors outside of Target. Spending more time with my family."

Robert Farrington:
And the look of shock, she actually texted me like four hours later. So I told her at probably 4:00 in the afternoon, so this was like 8:00 at night. She's like, "I cannot believe this. This is crazy. I'm totally shocked." I totally caught her off guard. But I gave them, like I said, almost six weeks notice. So, I felt like I left in the most respectful and terms possible. Which I also think is the best way to possibly leave if you are going to leave.

Bobbi Rebell:
What was the reaction around your store?

Robert Farrington:
Most of them were pretty excited for me. I think all my direct reports actually were much more aware of everything then anybody else above me. And so, it was less of a shock, but same thing. I'm also very diligent in how you let people know, so make sure you have a very strong hierarchy of letting my senior managers know. And then just announcing it downward. Clear communication before I even let them know. So, I don't think I let them know until about a week and a half after I let my boss know. So my boss already had some plans in place, and we were able to share some very specific plans, which I think is really important when you transition in any workplace.

Bobbi Rebell:
Are there things you would do differently, looking back?

Robert Farrington:
I honestly would probably do it sooner. It's one of those things, I was so worried about all these random variables. And I probably gave an extra year or two to Target. And like I said, it's a great company but at the same time, what could I have done in those extra year or two when I could have left longer. That's the only real regret I have.

Bobbi Rebell:
So what is the lesson for our listeners?

Robert Farrington:
I think the big lesson is, if you grow this side hustle with your time and energy outside of work instead of watching TV shows, or doing whatever non-productive things you're probably doing outside of work, you could turn this into a full-time job that you're passionate about, you love, and it works with your schedule. So, I think it's definitely a clear path that you can actually achieve if you want to put the time and effort into it.

Bobbi Rebell:
Alright, let's talk about your everyday money tip. We're going to tap into your knowledge as a retail expert, having seen it all, from the grassroots level. Tell us what people can do to save money and be better shoppers at stores, not necessarily just Target, but stores like Target. What can they know about pricing, about sales, and so on?

Robert Farrington:
Yeah. Let's debunk some of these myths first. So first off, I always love these Buzzfeed articles that come out. What digits are the last ones that you know what the markdowns are?

Robert Farrington:
Well, let's talk a little bit about math. So almost every price in retail ends in 99 cents, right? So, when you mark something down half off, it's always going to end in eight. Because that's just math. And so when you mark it down 75% off, for the third time, or the second markdown, it's going to end in a four. So, these math strategies that they say are secret hacks, is really just the math of the sales. It's true.

Bobbi Rebell:
Yeah.

Robert Farrington:
I think people just need to realize that. I think the best thing ... The other thing that people need to realize is that, almost every store Target included, puts the same things on sale every two weeks. So it just alternates, so if you're a regular grocery shopper, you'll notice this a lot. Especially in food, because one week it'll be Coke on sale, the next week it'll be Pepsi on sale. And then it goes back to Coke on sale. Then it goes back to Pepsi on sale. And it's the same sale. It's just goes alternating every other week. And you see this in almost every major retailer, so one, if you have really strong brand allegiance, align your shopping habits with your sale week and you'll probably find that you're going to get that same sale every time you go in because it will line up with your shopping habits.

Bobbi Rebell:
So you said you always have to work, you've always had to work the holidays and especially Black Friday. What's your number one Black Friday tip?

Robert Farrington:
The number one Black Friday tip is that all the ads come online about a month before Black Friday. So you can plan out all your shopping ahead of time. And you have to realize that the door busters at every store, there's only about 10 to maybe 50 of that item. And so, if there's one thing that you really really really really can't live without, if you're not the first 10 to 50 people in line, you're probably not going to get it. So don't waste your time going out there.

Robert Farrington:
The second thing though, that's really emerged over the last couple years is online shopping. So at the same time, a lot of these companies are trying to compete with each other and they're moving their Black Friday sales online and they're moving them on to the week before Black Friday. So you can get a lot of the same great deals online, but without even going to the store, about a week before you even shop.

Bobbi Rebell:
Let's talk more about what's going on with The College Investor. So this is your full-time passion project, slash income, slash growing company. You've got a whole staff there now. You're managing that now. What are you priorities? Where is your growth going to come from? What can people expect and look forward to there?

Robert Farrington:
So if you want to know anything about getting out of student loan debt, and starting to invest, The College Investor has it for you. We have pretty much every topic around student loan debt covered and you know, sadly as much as I don't want this to be the growing reason for our growth, student loan debt in America is growing and it's such a problem for most people. So we have your answers. We have tools and resources that can help you. If you don't like to read, you can also listen to The College Investor audio show. It's a podcast where we change our written articles into a short digestible audio show for you because I know-

Bobbi Rebell:
You love that. Love short.

Robert Farrington:
Yeah.

Bobbi Rebell:
Yes. I love that.

Robert Farrington:
Short. I mean, I think I beat you because my average show time is like six to eight minutes because we're just talking about the daily article of the day.

Bobbi Rebell:
But that's perfect. That's what people need because everyone's busy. Alright, where can people ... People can obviously reach you at The College Investor, but tell me your social channels et cetera.

Robert Farrington:
Yeah. You can go to thecollegeinvestor.com. You can go to The College Investor audio show. You can find us on YouTube at The College Investor and you can find us on Instagram at The College Investor.

Bobbi Rebell:
Love it. Thank you Robert.

Robert Farrington:
Thank you for having me.

Bobbi Rebell:
By the way, that pricing math that Robert thinks is so obvious to everyone, I had no clue. What about you?

Bobbi Rebell:
Here's my take on what he had to say. Financial Grownup tip number one. If you have a side hustle, follow Robert's path and be open about it at work. You don't have to be too open. When I went to write my book, How to be a Financial Grownup, the first thing I did was tell my managers and get their okay. Don't hide things. But then also, don't work on it during your work hours and you can be open about your plans, but you don't have to share the whole big picture and all your grand plans.

Bobbi Rebell:
Financial Grownup tip number two. I love that Robert chose family over spending time working on the holidays. The same can be said for shopping. Before you race out to get one of those amazing, say Black Friday deals, remember that Robert said, and a lot of you know this already, there are very few available. So, you'll have to get here really early and spend a lot of time, invest a lot of time, to get it. So is saving money really worth cutting into your family time on a holiday? Maybe look online, a different day, ahead of time and set a price alert. Then, if you get that alert, you can spend five minutes buying it online and get back to being with your family. Or, maybe what you have is fine and you don't buy it at all.

Bobbi Rebell:
Before we wrap up, tell me, I want to know, what's your best retail shopping tip? DM it to me. And please, take a minute to follow me on social media. I am @bobbirebell1 on Instagram. bobbirebell on Twitter, and Bobbi Rebell on Facebook. The website to get more information about the show, bobbirebell.com/financialgrownuppodcast and for the show notes and more about Robert and the The College Investor, go to bobbirebell.com/podcast/robertfarrington and thanks to The College Investor's Robert Farrington for bringing us all one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK media production.

Andy Hill was so in love with his then future wife that he literally used his student loan money to buy her the ring she wanted- and oops did not tell her. He shares what happened when she did find out, and what he would do differently now that he is a financial grownup. Bonus: His tips on how to start a 529 account for your kids.

In Andy’s money story you will learn:

-The big mistake Andy made with his student loan

-The emotional backdrop to that mistake

-Why Andy did not talk to his girlfriend (now wife) about the decision

-His biggest regrets and what he would do differently

In Andy’s money lesson you will learn:

-The options Andy wish he had considered

-His advice on the best ways to communicate about money in a relationship

In Andy’s everyday money tip you will learn:

-HIs take on 529 plans and how he did his research

-The factors to consider in choosing a 529 plan

-Why Andy chose his plan for his children’s college savings

In my take you will learn:

-How to plan for expenses related to life events, like getting married!

-The cost of not just engagement rings, but weddings as well

-Recent changes to how 529 plans can be used

-Resources to get more information about 529 plans

Episode Links

Andy’s website:

Marriagekidsandmoney.com

Get Andy’s e-book : Young family wealth playbook

Listen to Andy’s podcast! 

Follow Andy!!

Twitter @andyhillmkm

Instagram: @AndyHill 827

Facebook @andyhillMKM

 

Learn more about 529’s: 

Link to the SEC website:

https://www.sec.gov/reportspubs/investor-publications/investorpubsintro529htm.html

Link to the FINRA website Saving for College

http://www.finra.org/investors/saving-college

College Savings Plans Network

http://www.collegesavings.org/

SAVING FOR COLLEGE

https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan

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Transcription

Andy Hill:
I took advantage of these student loans that I was using for my MBA program at the time, and just took a little bit extra from my student loans in order to pay for my wife's engagement ring. That's kind of how I started off my marriage with a little bit of debt, also with a little bit of love, as well.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner, Bobbi Rebell, author of How To Be A Financial Grownup, and you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're gonna get there together. I'm gonna bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey friends, they say love is blind. That was certainly true for our guest today. Before we get to him, quick welcome to everyone, especially our new folks, we keep the episodes, just so you know, to around 15 minutes. You can fit it easily into your busy schedule while you're running errands and so on.

Bobbi Rebell:
A lot of regulars, though, say they enjoy listening to a few at a time, especially if they are commuting. The idea, do what works for you. You get to hear an inspiring, and hopefully entertaining money story, and then get some specific advice, money tips, things that you could do right away.

Bobbi Rebell:
Today's story is definitely entertaining, heartwarming, but you also might get that sinking feeling in your stomach, like, "Oh, no! He did not!" We've all been there, so into our loved ones that we just want to get them exactly what they want. Budgets, whatever, we find the money, even if we find it in our student loans? Yes, I'm talking to you, Andy.

Bobbi Rebell:
Let's roll the interview.

Bobbi Rebell:
Hey, Andy Hill, you're a financial grownup, welcome to the podcast.

Andy Hill:
Thanks so much for having me, Bobbi.

Bobbi Rebell:
Congratulations on the success of your podcast, marriage, kids, and money. Nominated for the most important podcast awards that there are, the 2017 Plutus Awards. You were nominated for best new personal finance podcast, so congratulations!

Andy Hill:
Thank you so much, yeah. It was a great honor, and look forward to keep on bringing exciting material for all those people out there who are married with kids that love talking about money, or just want to give their families a better opportunity in the future.

Bobbi Rebell:
Well, I am a hopeless romantic, in addition to focusing on money, and you brought with you a money story that is both romantic and financial, having to do with your engagement. Tell us what happened.

Andy Hill:
Yeah, so back in, oh, this is maybe in my mid-twenties, I met an incredible girl named Nicole and fell in love with her. When you fall in love and you start to see the opportunity for marriage coming up, the first you think of, as a guy is, "Man, I got to get this ring thing going."

Andy Hill:
Me, not making that much money at the time, was probably making $35,000 a year, I said, "Well, I better start saving a little bit of money to make this thing happen." Unfortunately, since we were dating long distance from California to Michigan, my bank account was a little light, we'll say, but my love for her was continuing to grow. I know I had to take advantage of this moment and go for this engagement.

Andy Hill:
We looked at rings together at the store, and we found the ring that she liked, with the type of the style, I found out it was about $5,000.

Bobbi Rebell:
Ouch!

Andy Hill:
Yeah. That was about $4,500 more than I had.

Bobbi Rebell:
Okay.

Andy Hill:
I decided to go for it anyway because I was in love, and I wanted to move this thing forward. The way that I went about it was I took advantage of these student loans that I was using for my MBA program at the time, and just took a little bit extra from my student loans in order to pay for my wife's engagement ring. That's kind of how I started off my marriage with a little bit of debt, also with a little bit of love, as well.

Bobbi Rebell:
Oh my goodness. That is such a big no-no though. Let me just ask you, taking it back a little, did it occur to you to either wait and save up more, or maybe downsize the ring a little bit, or find ... I don't know if that was maybe the best interest rate you could get on student loans versus taking out a different kind of loan. It's certainly better than a credit card, we know that.

Bobbi Rebell:
Any other considerations at the time?

Andy Hill:
Oh yeah, Bobbi. All these things I could've done better. Could've gotten a better opportunity to get a lower interest rate than ... I think it was 6.8% that I was paying for my student loans. I could've maybe spoken to my wife ... my future wife about it a little bit about the- [inaudible 00:04:43][crosstalk 00:04:43]

Bobbi Rebell:
So, she didn't know about this, she did not know that you went into debt to get her ring.

Andy Hill:
Nope.

Bobbi Rebell:
What would she have said if she knew?

Andy Hill:
I believe that she would've said, "That's not a good idea. We can either wait, or we can look at something that's a little bit more feasible for your actual budget."

Bobbi Rebell:
Okay, but you did not talk to her, so that's also a lesson. Just to point out. That's one of the things you talk about a lot on your podcast, is the communication aspect.

Andy Hill:
Absolutely. I preach about it all day long, but did I do it back in my mid-twenties? No. I did not. Definitely having communication with your spouse, or your future spouse is an incredible way to start the marriage, and I definitely did not do that.

Bobbi Rebell:
If you can get into the mind of 27-year-old Andy, what were you thinking at the time?

Andy Hill:
What I was thinking was, "I'm in love, and I want to make this thing happen as soon as possible. She's shown me the type of ring that she wants, and I want to make her happy." Unfortunately, I didn't think about any of the other consequences that went along with that: the interest rate, not speaking to my future wife about something that's super important. That could've been a really pivotal moment for us, actually, to speak about something that important, and I passed it up, for sure.

Bobbi Rebell:
When did she find out? Assuming it's not now, listening to this podcast? When did she find out when you had done that?

Andy Hill:
She found out about the debt that I had, as well as the ring situation a little after we got married when-

Bobbi Rebell:
Whoa, whoa, whoa, wait. The debt you had in addition to the ring. What was the other debt you had? You had $4,500 from the ring, and then what else?

Andy Hill:
It was all these student loans that I had, it was about $40,000 of student loans total, as well as a home equity line of credit, which probably equated to another $10,000, so about $50,000.

Bobbi Rebell:
Okay, go on.

Andy Hill:
Yeah, yeah, so we got married, and then with that comes the merging of the finances, right? As we were merging finances we started to have the conversations then about what my debt situation was, and what her debt situation was, and then it became our problem, and something that we worked on together, but she didn't realize until then, "Oh, so I'm now paying off the ring that you bought for me."

Bobbi Rebell:
"I'm paying off my own engagement ring. Thank you very much."

Andy Hill:
How romantic, right?

Bobbi Rebell:
That's so romantic. No. No, no, no, no. Quickly tell us how did it resolve? How did you pay all that off?

Andy Hill:
Well, yeah, so we got together and we made a plan to pay it off. We started to talk about potentially having kids in the future, and we said, "Hey, well, let's work together and pay this off." Combined we were making a little bit over six figures in a salary. We said, "All right, let's live on half, and pay this off as fast as possible," and we were able to clobber it in about 12 months.

Bobbi Rebell:
What is the lesson for our listeners from that now that you're a wise, wise old man in your thirties?

Andy Hill:
Yeah, I would say communication as early as possible in your relationship, especially when it comes to money is so important. The opportunity that I did not take advantage of was to speak to my future wife about, "Hey, this ring that you want, I love it, you love it, it would make you feel great, but I just don't have the money right now in order to make this happen. We can either delay our marriage in order to get the ring, or we can look at something that's a little bit more feasible."

Andy Hill:
That would've been a very good financial grownup conversation to have with her at that point in our marriage, for sure. Communication and just working on things as a married couple before you're even married shows the true partnership before you get into it.

Bobbi Rebell:
I love the money tip that you're going to share, because we kind of moved things forward now to the mindset of being parents, which you now are. You have two children, ages six and four. That means time to think about college and getting ready. It's never too early. Tell us your money tip.

Andy Hill:
Absolutely. When we got married we decided to have children, and one of the things as we started to get our financial grownup selves together was, "Hey, if we're gonna be helping our kids get through college we got to start saving now."

Andy Hill:
We started researching 529 programs, and the cool thing about 529 programs is that you don't have to take advantage of the one that's specifically in your state. There are other programs that maybe have lower fees to consider. We did a broad research of all the programs that were available to us in the U.S.

Andy Hill:
We ended up going with our state, because it had good fees, or lower fees, through TIAA-CREF, and actually, there was a great state income tax break, as well, that helps us save a little bit of money each year as we donate into ... as we contribute into our kids' college fund.

Andy Hill:
I guess my tip would be, take a look at all the opportunities that you have to save for your kids through a 529 program, start as early as possible, but definitely take a look at the fees that are associated with it, because some of the programs might have higher fees, and they might not even be in your state.

Andy Hill:
Taking a look at that, as well as getting an understanding of the tax advantages of utilizing a 529 with your state. It's a great way to save, and it's a great way to prepare for the future college costs that we're all looking for as parents.

Bobbi Rebell:
Definitely, and I also want to just ask you quickly before we wrap up about your E-book.

Andy Hill:
Yes, have a E-book on my site called The Young Family Wealth Playbook. It is an amalgamation of all these interviews that I've done on my podcast from the 50+ self-made millionaires, financial independent rock stars, and personal finance experts, and I've taken all that information that will help individuals who are reading it to look at what they can do, all the way from the start of marriage, all the way to being parents and helping your family to build wealth.

Andy Hill:
It's seven steps that I've taken from those conversations, and it'll walk people through how they can grow wealth and create a great future for their family.

Bobbi Rebell:
So cool. Tell us where people can find you, social handles, all that good stuff.

Andy Hill:
Excellent, yeah, so I'm at marriagekidsandmoney.com. On that site you'll be able to check out the podcast, The Young Family Wealth Playbook, as well as my blog. I'm also very busy on Twitter: @andyhillmkm. I'd love to have some conversations, and thanks for checking it out.

Bobbi Rebell:
Thank you so much, Andy.

Andy Hill:
Excellent. Thanks so much, Bobbi.

Bobbi Rebell:
Oh, Andy. We can't help but be charmed by you, even though I can't believe you did that. So glad you clearly are a financial grownup now, and even more happy that your wife is still there with you.

Bobbi Rebell:
Financial grownup tip number one: remember, the ring is just the beginning of the cost of your trip down the aisle, so if you blow your budget on that, oh my goodness. According The Knot, Americans spend an average of $6,351 on just the wedding ring.

Bobbi Rebell:
In Andy's case, given that he got married a few years ago, Andy was relatively in line at the $5,000 mark. If you want to stretch for that, that's fine, but you got to keep in mind what's coming next. The wedding. The average cost of a wedding, according to The Knot, again, is over $33,000, and, of course, in New York City, couples spend even more, almost $77,000, so that's a choice. But, think about it, if you are going to spend that kind of cash, make those decisions as a couple. Andy admits he messed up by not talking to his wife.

Bobbi Rebell:
Financial grownup tip number two: 529s are a great resource for parents, and if you are sending kids to private school, you now can use them for that, as well, but there are a lot of rules, and you need to play by those rules, or you're gonna get stuck. You're gonna pay higher fees than needed, as Andy warned, you also may have penalties if you try to get the money in a non-qualified way.

Bobbi Rebell:
I will leave a link to the sec.gov website that has a very easy and straightforward explainer article. Read it. I'm gonna leave some other helpful links, as well. You need to do your homework on this, because you may not be able to get to the money in the way you want, when you want, without the penalties, so just do it with your eyes open.

Bobbi Rebell:
Thanks to everyone for joining us. If you like the promo videos that you are seeing on social media you can win one. Just share them in social media when you see them. I'll be making one for a lucky winner in July, basically based on whoever shares the most.

Bobbi Rebell:
To learn more about the show go to bobbirebell.com/financialgrownuppodcast, and, of course, stay in touch by following me on Twitter: @bobbirebell, on Instagram: @bobbirebell1.

Bobbi Rebell:
Andy, you truly became a financial grownup by learning your lesson. Glad it all worked out for you and the wife, and now your children. Thank you for helping us all get once step closer to being financial grownups.

Bobbi Rebell:
Financial grownup with Bobbi Rebell is edited and produced by Steve Stewart, and is a BRK Media production.