Episode Transcript
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Speaker 1 (00:00):
Hey, Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. On today's Deep Dive,
we are joined by Dr Walter Kimboll. This deep dive
(00:22):
is brought to you by Master Party. If you missed
our previous episode, Dr Walter Kimbro is the president at
Dillard University and he spoke about his eighteen years in academia.
Dr Kimbro, welcome back. We're excited to have you on
today's Deep Dive. Thank you all right. So in our
last episode, we talked about your journey in academia, some
of the incredible moments that you've done, including um getting
(00:46):
a one hundred and fifty million dollar debt erased from
the books of your university, which is really unprecedented and
quite an achievement. But today I want to talk about
sort of the mindset that you're seeing in terms of
young students, are young leaders that are entering into university.
How is the education system helping them think about financial wellness,
(01:06):
financial literacy and building generational wealth. So I think that
we're missing the boat for a lot of young people
when they get ready to come to college. And this
is the most important thing I think I can tell people.
There is free money for people to go to college.
You hear in the news a lot people are saying
all this debt. There are scholarship programs that leave money
(01:28):
on the table every year because people don't want to
take the time to write the three hundred or five
hundred word essay. And it drives me crazy. So you
see people graduating with debt that they shouldn't have to
graduate with because they won't take the time to every
week they should be looking. There are lots of websites,
their platforms. People make it really easy, but you do
(01:49):
have to put in some work. So students should look
at that to say this is part of my job,
because it is a job that that can generate real money. This,
I mean, that's gotta be the thing. So that's that's
I mean. There's massive wealth and income inequality in our
in our in our country, and so a lot of
black families don't have the ability to save like they should.
(02:09):
But if they do, still get a five twenty nine
and every year have some family members put some money
in the five twenty nine, so at least you start
off with some money for college. I mean, so you
can be doing that the entire time. Just don't buy
an extra pair of whatever it is. Put some money
in their five twenty nine. So that's what the family
and the relatives can do. But then the student the
family has to say, it is your job to look
(02:31):
for other scholarships. If you come in with the scholarship,
your job is to keep scholarship. You need to study.
If it says you have to maintain a three point oh,
that means you can't go out every night. You better
keep your three point oh. That is your job. I
think you got to keep saying that over and over
again because I watched my personal experience. People lose scholarships
(02:52):
and then they come back to the institution and say,
can you give me some more money? You lost the scholarship.
It's hard, yeah, And that's that. It sounds a fella
you know, all right exactly? That's I mean, life doesn't
work like that. You've got to do your part. I'm
giving you this, giving you this, your job is to
keep it. But then there's some other scholarships that if
you say, well, I still need more money, here's a
(03:12):
list of places go get that money. But there is
money out there. People are leaving money on the table.
I love to hear you say that and say that
with such passion because you know, I can think about,
you know, how hard it is to get into college,
and you've got to really attack all the pillars. You've
got to as those standardized tests, and you have to
go after fundraising like it's part of the job. Because
(03:34):
I do think there is a lot of money out there.
I do think there's a lot of opportunity, and you know,
our community likes to play. The lot of this is
a lot of this is when you can get free
money for writing UM. An essay question for you on
that as well is you know, I always think about
when you're entering college, you're looking for these scholarships. Are
there ways that you can get scholarships in your second year,
(03:54):
your third year or is it only in the first year. No,
you can get scholarships, and a lot of the big
scholarships start when you first started college. But that's when
you dig in. So for example, UNCF dot org. I
tell students go on UNCF dot org every week because
there are new scholarship opportunities. The third Good Marshall College
Fund another HBCU focused scholarship go on their website. If
(04:16):
they just check those two every week, they will find
scholarships that are just for sophomores, that are just for juniors,
and just for seniors, completion grants. There are lots of
different scholarships that are out there, those opportunities, and you
can find them. Sometimes random people will do scholarships on
Twitter that you'll see celebrities and say, hey, I'm giving
some money for this, Why for that? Apply for everything.
(04:38):
That's just to be a part of something they do
every week. Scholarships, Okay, I love that. You know, we've
just gone through a global pandemic, We've had the social
justice movement, and so I think there's a lot of
talk where people are saying, oh, everyone's offering more money
to you know, black communities. Have you actually seen it
started to trickle downs in terms of increased scholarships, increased
(04:59):
funding and trying to help these diversity and social justice efforts. Yes, absolutely,
absolutely they are. There are more grants that are going
to those scholarships. Even on top of that, um there
are some companies that are realizing to say, we have
this nice, flowery language about diversity, but when we look around,
our company is not diverse. I just had a conversation
recently with a CEO of a major um building company,
(05:22):
mechanical Engineers, based out of Kansas City. He's gonna come
visit us, and you know, he said, if you've got
some students who still don't have an internship for this summer,
we're going to create those internships. I mean, you're saying
people pop about the woodwork saying we could do better,
and I think that's a great thing. So there will
be tangible scholarships, but there will be just some opportunities
(05:42):
that will lead to meaningful careers for people too. So
it's time for students particularly, they should be see us
and really be sharp and be on your game because
that the window is still there and that we don't
know how long it's gonna last. Because qushing back now
saying all right, there's too much this black stuff. I'm
tired of this black So I mean they have to
understand that too. But there there still are people out
there right now saying here are some opportunities for you.
(06:05):
They got to take advantage of them and do well,
because when they do well, they opened the door for
other students at their institution. That's right, that's right. Okay,
So it's been quite a few years since I was
in college, and I feel like the experience has dramatically changed.
How do you feel about what college will look like
in ten years? Yeah, I don't know. I mean I think,
(06:26):
you know, um, people maybe ten years ago overhyped the
idea that everybody would just be one or online in college,
nobody would need brick and mortar. But you know, college
is still the best halfway house in America. People want
their kids to get out of the house. I have
a fifteen year old and a thirteen year old. They
(06:46):
both have to go far away. My daughter's fifteen says,
I think I want to go to Stand for Good,
that's California goal. Since he was eight, says he wants
to go to Howard. I'm like, cool, that's DC. Everybody's
leaving my house, so it will be no online learning
at my house leaving. So I think there's always gonna
be a place for that. I think there will be.
(07:08):
I think what we're doing for online is to really
go after people who have some college that are still
an affinity for that institution. They were very involved there
but didn't graduate. Those are the folks I think we
can bring back through online. So I think there's mixed
modalities that we can use for higher education. But for
that traditional as student, they still want that experience. And
the pandemic showed that a lot, because you had iv
(07:29):
Belague students saying I'm not paying six it doll nowege
for the University of Phoenix, I want all the stuff,
and so there was that was a real pushback for
people to say no, all these traditional A students don't
want that online. They want out of class. They want
the clubs, organizations of sports, and you can't replicate some
of those things just online. It's tough. It is tough.
(07:50):
It is tough, you know. I feel like my generation
as while I come from the first generation immigrant parents
that came to Canada, you know, and they went into
the medical field. But oftentimes, like we were taught, you
go to college, you get a job, you work in
that job for the next, you know, fifty five decades
of your life. Do you feel like that's changed for
a lot of students. I think the buzzwords of entrepreneurships,
(08:12):
everybody wants to be a CEO UM and how does
the university sort of look at that. Yeah, No, that's
changed a lot. I mean, so for this generation, they'll
have multiple career so it's not that's not gonna be
an issue. The other part of that, though, is that
half of it, and I can't think of the exact statistic,
but at least half of students in college now will
be working in jobs in five or seven years that
(08:33):
don't even exist right now. And that's what's happening the
rate of change in the country. There are jobs that
people I mean when I was in college, there weren't
people who were saying I want to be a podcaster. Nope.
So there are lots of things that now that don't
exist right now that will in five years and students
so we have to hire and prepare them very broadly
(08:54):
that that liberal arts tradition. Can you speak well and
right well, and present well? Can you think critically? The
those skills are gonna be very important because I can't
just say major in this for this job that doesn't
even exist yet. So we've got to make sure that
all the basic skills are really sharp and tight so
that when those new careers open up, they are prepared
to do those kinds of things. So that's where the
(09:15):
future of work is moving that they'll do lots of
different things. They'll move around. It's not like you know,
fifty years ago where you work one place and get
a gold watch. Like I said, I'm not even doing that.
I'm moving on and doing something different and I'm a
gen xer. But they're gonna work just lots of different jobs.
So we have to prepare them for that kind of
world of work. Okay, and again I'm fascinated with how
(09:37):
you know, these students approach building wealth, saving wealth. And
you know, again I come back to this whole big
question of students that do you find more and more?
I mean kids have to have a job when they're
working through college or are they you know, it's the
gig economy picking up for kids in college as well.
Does that help? Yeah? I don't think. I mean, you know,
once again, particularly schools like hbc US two thirds of
(09:59):
HP see you students a pell grant elsvile, which means
they come from families that earn less than forty dollars.
So they are not coming from families that have any
kind of real wealth. So there isn't money that's been
saved up for college, so they're dependent on pell grants,
loans and other grants. And that's the challenge. That's where
I keep saying, you've got to find ways to get
free money. And it really starts earlier. I think if
(10:22):
I go talk to middle school students, I said, you
want to make your mama happy, you tell her you're
gonna go to college for free. You just go home
and tell her that. Now, all you gotta do is
get good grades and get good test scores. But there's
still lots of schools that will give students good scholarships,
you know, if they do well academically. So there still
is that opportunity that's there. But so many of our
you know, families, like I said, you know, black folks
(10:43):
have one tenth of the wealth, so it's sort of
hard to be able to go you don't have, you know,
generational wealth that's being passed down for you to be
able to go to school for free. That's just a
challenge for us. So we've got to look at where
their opportunities and like I said, those scholarship opportunities are real,
but we've got a dog at they pursue them. So
Dr kimbro I think preparation starts in middle school. It
starts early. We need to instill in our kids in
(11:06):
our community the idea that you're going to go to college,
you're going to get this education, and that it's valuable.
But I think oftentimes people in our community don't have
the funds to even take the standardized prep courses. Are
there scholarship opportunities available for that? There are some, but
that's when we start looking for opportunities for local organizations
(11:26):
and groups to do some of that work. That they
can generate opportunities to help with test preparation. And that's
that's not just for you know, middle schools, for high
school students and then preparing for a C T and
s a T because you have a good enough score
that does translate into real dollars. And there are people,
you know, particularly a lot of white families. I don't
here in New Orleans. They pay people a lot of
(11:48):
money to do test prep. Yes, our kids can't do
that same thing. For professional school. We you know, we're
helping students who want to go to law school. They
have to have high ls AT scores. We found a
way to be able to give them that kind of
test basically for free, whereas if they went out to
Capitan it would cost some that's a lot of money. Yeah,
there's a lot of money it is. So we've got
(12:08):
to have That's when different community groups need to come
in and say, are there some experts that we can
do test prayer that are willing to do this as
their service and that community group where at church sponsors
these classes. That's a real opportunity that I think we're missing.
But you can have success doing that, and I know
there are some grassroots groups that are doing that all
across the country. We need more people focusing on those
(12:30):
kinds of things as well. Yeah, okay, so you mentioned
and I want to make sure that people get the
resources you mentioned. You mentioned the third Good Marshal Fund
scholarship and another. Can you re mention those because I
want people to take some notes, write it down. If
we're talking about any money, it translates into opportunities that
will change your life, and I just want to make
sure people clearly know. Can you say those again? Right? So,
(12:52):
I mean then there are a lot of them, but
I always send students to particularly HBCU students Unity New
York College funds, so UNCF dot org lots of scholarships there.
The third Good Marshall College Fund also HBCU focused scholarships there.
So those are two the start. But then if you
do google searches, like I said, there are people that
are creating apps that will have different scholarship opportunities. That's free.
(13:16):
You don't have to pay for any of that stuff.
So it's just digging around. You know. Young people don't
how to dig around in front here. And this is
what I love hearing you say, like you gotta do
the work. Nobody gives away free money for nothing, like
even you know, you got to do the work. And
it really does pay off because you know the fact
that you're saying, yeah, it would keep me up at
night as the president if I was sitting there knowing
(13:36):
that there was unclaimed money that my kids could have
gone after. So do the work exactly. I mean when
I hear about things, I mean I do mass emails
all of my students, you know, and they're different like
religions and nominations. United Methodist Church. If you're United Methodists,
I tell the students I'm United Methodists. They have money
that's left on the table every year. I know it
(13:56):
for a fact. They're just like every year there is
unclaimed money. I'm like, have you went to church regularly?
You know you got membership. I'm not saying you go
every wee can sing in the choir, but you can
claim I'm a member of this church. Get this money, yes,
get this money, absolutely absolutely. I love that. I love
the passion with which you speak, and you know these
are important messages. So thank you so much, Dr Kimbro.
(14:18):
Thank you for so much for coming to a podcast.
Thank you for your tenure at your school. Thank you
for leaving so many brilliant minds, and we know that
so much more is left to come for you. Can
you tell our audience where to find you on social media?
Hip Hop Prayers, Prayers with the Z both Twitter and Instagram,
and then Walter M. Kimbro LinkedIn and Facebook. You can
find me those four places. Thank you so much. All right,
(14:40):
money Movers, that's all the time we have for today,
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(15:01):
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