March 7, 2025 • 30 mins
ROBIN DISCUSSES HOW THE TREASURY PROVIDES RESOURCES TO HELP MICHIGANDERS PLAN FOR SECONDARY EDUCATION, AND THE FOSTERING FUTURES SCHOLARSHIP TRUST FUND.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to Light Up the D. We'll focus on what's
happening in our community from the people who make it happen.
Here's your host, iHeartMedia Detroit Market President Colleen Grant.
Speaker 2 (00:13):
Good morning and welcome to another episode of Light Up
the D. I am your host, Colleen Grant. Thanks so
much for joining me this morning. Our guest today is
Robin Lott. She is the Bureau Director for the Office
of post Secondary Financial Planning the OPFP, within the Michigan
Department of Treasury. THEPFP includes the Section five twenty nine
(00:33):
prepaid tuition and investment based plans such as Michigan Education
Trust also known as MET and Michigan Education Savings Program MISP.
You might be familiar with both of them, but as
well as the Fostering Futures Scholarship Trust Fund, which we're
going to be talking about today as well, and the
Financial Empowerment Initiative. The collective mission of the Bureau is
(00:56):
to assist Michigan families and students to achieve higher education
and financial wellness goals, so super important initiative that she
gets to focus on every day. She's been in her
current role since August twenty twenty and works closely with
the Deputy State Treasurer and the State Treasurer on policy issues.
She previously served as the MAT Executive Director from ninety
(01:18):
seven to twenty twenty and is a graduate of Northwood
University with a BA in Business Administration. Please join me
in welcoming our wonderful guest today, Robin Lott. Thank you
so much for joining us.
Speaker 3 (01:30):
Robin, thank you, Colleen, And you didn't have to read
all of that, but it's okay.
Speaker 2 (01:34):
Well it's funny because I'm reading everything about you and
I'm like, how do I even condense all this down?
And you know, there's like a million other things in there,
folks that we could have talked about that Robin has done.
That really just amazing, and all of it kind of
leads to how are you helping people with their post
secondary financial planning and helping people get to that position
(01:55):
where their future is on a good path. And that's
why I really wanted to talk to you today because
you're doing good work all the time, and so thank
you for joining me.
Speaker 3 (02:04):
Absolutely my pleasure, and it's really good to be here
because it is such an important topic for our residence.
Speaker 2 (02:10):
It is, so let's talk about that. What is the
primary purpose of the Office of post Secondary Financially Financial Planning?
What do you do and why is it? Why is
it so meaningful for you to be doing your work.
Speaker 3 (02:21):
You know, it's amazing that when you speak to people,
they either don't have a plan or they just don't
know how to come up with a plan, and they're
not thinking about when their child is ready to go
to college, how they're going to actually make that happen.
So many families are thinking, oh, well, I'm not going
to worry about that my child to get a scholarship,
(02:43):
or my child's not going to college, not understanding that
you need to have that as an option for a
young person who's growing up and maturing right and ultimately,
like I was tease my family, I have two children
and my ultimate goal was to get them out of
the house.
Speaker 4 (03:00):
There's no option you have to do something beyond high school.
Speaker 3 (03:03):
And so some families are thinking about it, obviously, but
a lot of families are not. And so our goal
is to try to get that on the radar of
the family, the topic on the on their radar, so
they're starting to nurture those conversations at home and help
their young ones, make some goals.
Speaker 4 (03:19):
And make some things happen.
Speaker 2 (03:21):
Well, having had three kids, I can attest that it
is a like an overwhelming feeling thinking about, you know,
eighteen years from now, there could be tens and tens
and tens of thousands of dollars that we have to
figure out and trying to figure out how do I
have it so that my children don't end up with
a huge amount of debt after school, and how do
(03:42):
we pay for it with knowing what our income is.
Speaker 5 (03:45):
It's just somewhat overwhelming.
Speaker 2 (03:47):
Exactly how do you guys help people tackle that so
that it feels manageable sooner, so that when that time comes,
they actually feel like they're ready for that next step.
Speaker 3 (03:56):
And so that's where the Michigan Education Trusts kicked in
right in nineteen eighty six, the law pass that established
MET as a prepayt tuition program. We didn't have Section
five to nine back in those days, but it was
the main premise was to or objective was to encourage
moderate income families to save so that they would have
minimal debt that they'd have to take out when the
(04:18):
child goes to college. And by doing so, they offered
state tax deductions and tax benefits as a way to
motivate that family.
Speaker 2 (04:26):
So, yeah, to talk a little bit about that, like
what does that mean for a family, Like they actually
they get help because they made plans.
Speaker 3 (04:33):
So for every dollar they put in under the MET program,
they can deduct it from their state income tax on
the federal and state level. When they go to pull
those moneys out to pay for college education, they don't
pay tax on the earnings portion of it. So and
there's other flexibilities built in. So if child Aid did
receive a full scholarship, then you can transfer their money
(04:54):
to the next child and so on and so forth.
Anyone in the immediate family can use it.
Speaker 2 (04:59):
So it can you say that again, because I think
that's a huge thing that people like don't realize, Like
if I put it in there, what happens if they
don't go to college?
Speaker 3 (05:08):
Or it's transferable, So immediate family member. The definition of
that is broadly defined to include first cousins. So if
I have nieces and nephews that are my children's first cousins,
I can actually transfer it to them as well. It
won't go unused as long as I can aspire some
young person to go and at the end of the day,
that's the toughest thing inspiring the young person to do something.
Speaker 2 (05:30):
Why don't we talk a little bit about what is
a five to twenty nine program?
Speaker 3 (05:33):
Sure Section five to nine is the number of the
Internal Revenue Code that gives us our tax status and
gives us our tax benefits that we can pass on
to the account owners. So that's all it is, Section
five and that didn't come out until nineteen ninety five.
So pre five to nine was the Michigan Education Trust,
which is the prepaid program that basically allows you to
(05:56):
lock intuition. There were several states around the country that
had pre paid pro when five to nine kicked in.
Speaker 4 (06:01):
I think it was about nineteen ninety.
Speaker 3 (06:03):
Five that authorized now what we know as investment based
direct SOL programs and advisor sold programs, which basically work
really similar to an IRA. You're putting your money in,
you're selecting from a host of investment options, but the
same premise is that you get your eligible four tax
deduction which is limited to ten thousand single filer I'm sorry,
(06:26):
five thousand single file er ten thousand joint but you
can save up to five hundred thousand dollars that can
be used and it'll grow tax free, tax deferred, tax free,
as long as you use it for higher education. So
those are the three main things under section five to nine.
And then we later they rolled out I think in
twenty sixteen five to nine A, which is able same concept,
(06:48):
but now you're allowing families that have disabilities, a person
who has a disability to save for any of the
expenses that's related to the disability.
Speaker 5 (06:57):
Wow.
Speaker 3 (06:58):
So if I need a wheelchair, or I I need
something to get me to work, or anything in that nature,
I can use my savings for that, and the amount
I'm saving will not be included in my Medicaid eligibility.
Oh wow, So it at least encourages me. And I
also am eligible four A tax deduction. So those are
the section five to nine Section five two nine eight.
Speaker 2 (07:19):
At what point should a person start considering saving for college?
Speaker 4 (07:23):
Oh? For college?
Speaker 3 (07:24):
I always tell folks the minute that child is born
and has a Social Security number. So now I gotta
tell you a story about my grandbabies. So I have
a thirteen year old right now, Isaiah. When he was born,
obviously I was my first grandchild.
Speaker 4 (07:35):
I'm like, oh my god, I'm gonna be Gigi. Oh
my god, I gotta open up. I gotta practice all
this stuff I've been preaching everybody.
Speaker 3 (07:42):
That means you gotta have a MET account, you gotta
an MASP account because they both work well.
Speaker 4 (07:46):
METS for tuition, MESPS for the room and board. And
I did it right.
Speaker 3 (07:52):
But the two weeks after Who's Born, I don't know how.
I was doing a television interview down here in Detroit.
I think it was Channel four and I looked up
on the screen and they had a picture, and I'm like,
how did you all find out? But I use that also,
but it's just perfect. So now every Christmas, I give
(08:13):
this young man a print out. It's like a gift
certificate that I get offline. I updated with all of
his account information, his balances as a way to further motive,
further motivate him that you are a going to do
something beyond high school. Doesn't have to be college, but
it has to be something beyond high school, and b
you have something to help you pay for it. Now,
(08:33):
as Gigi, my goal is not to pay for the
whole thing, Okay, I'm just giving you something to help
you out to minimize what you may have to borrow.
Speaker 4 (08:42):
But I'm counting on you, young man.
Speaker 3 (08:44):
To get a scholarship to figure it out, even if
it means working, you know, right, that's the goal. So
he looks at it every Christmas and he just does
this with his eyes. He raises his eyes and looks
at me like, that's a lot of money. I'm like,
but I've been saying even for you since you were born,
so ideally, to answer your question, it's best to start
(09:05):
as soon as you can.
Speaker 2 (09:06):
It's funny that you bring up that story because people
will say, what do your kids want for Christmas? And
my husband will say, they'll want they want money for college. Literally,
like they don't need more presents, they don't need more socks,
they don't need anything. They just need some money for
college because you know, we know it's coming out there.
And then when you are able to give that gift
(09:27):
and they actually go to college and they realize that
they're not going to have debt or a less debt
even you know that that's just that's an enormous gift
to be able to give.
Speaker 3 (09:37):
Absolutely, and the gift that keeps on giving, right it is,
I mean, I went through a thing with my nieces
and nephews that I was giving them little gifts at Christmas,
and at the end of the day and cleaning the house,
they leave half of them. I guess they didn't like them.
No older they got. So I cut it like, okay,
I'm opening up I open up accounts for them and
put money in there. And I said, but here's my deal.
(10:00):
If you don't go to something beyond high school, I'm
going to transfer yours to your sister or your brother, right,
and so, you know, you just try to motivate the
young people.
Speaker 2 (10:10):
Yeah, but it's it is the long term gift fortunately, exactly,
it really is. Hey, let's talk about the fostering future
scholarship Trust Fund work that you do, because it's not
just about encouraging people to you know, to save so
that they have a long term plan if their child
decides to have some post secondary education, but it's also
about really helping people who might need a hand.
Speaker 5 (10:33):
Absolutely, So you guys really do that. Talk to us.
Speaker 4 (10:35):
About that absolutely. So what we discovered.
Speaker 3 (10:39):
What I discovered in my pursuit of a benefit, so
to speak, a charitable benefit, I discovered that there are
youth in this state, in this world that grew up
in foster care. Not that I didn't know that already,
but until you actually attend something called a kid Speak
(10:59):
session and hear the story's firsthand, it just blew me away.
And so that became my new passion is to help
the youth who've experienced foster care in Michigan. And what
I've found is that many of them are in foster
care by no fault of their own. Is something that
the parent did or did not do that put them there,
(11:19):
or it could have just been a misfortune both parents
were killed in a car accident or whatever the case
may be, and they ended up in foster care. What
we found is nationally, about seventy five percent of those
youth have a desire to do something beyond high school.
They want to live, they want to pursue, they want
to give back, they want to help others, But only
(11:41):
ten percent have the nerve or the fortitude, actually I
shouldn't say fortitude. They have the desire to go on
or to actually make it happen. So they have the desire.
Ten percent actually go to higher education, and less than
three percent were actually graduating.
Speaker 5 (11:56):
Oh my gosh.
Speaker 4 (11:57):
And so We.
Speaker 3 (11:57):
Saw a big need there and thought, well, well, there's
this charitable component of MET we're trying to develop, why
can't we create something where we can give money to
those youths.
Speaker 4 (12:08):
So there's only two criteria.
Speaker 3 (12:09):
The student had to be in Michigan Foster Care at
the age of thirteen and above and attend a public
or not a public a Michigan college or higher education
institution because it doesn't have to be a college. Those
are the only two criteria to make a student eligible
for the Fostering Future scholarship. And what we do is
partner with the Department of Health and Human Services and
(12:31):
they get some federal funds that they pass on to us.
Pan of funds that don't ask me for that acronym.
It's something for families, needy families. There's some federal funds
that come through them that they then pass on to
us to help provide these scholarships. And currently a student
is eligible for a three thousand dollars scholarship per year.
(12:52):
But to supplement that, the staff at MET, Michigan Education
Trust and myself we put on a fundraising event and
we put on three of them throughout the year.
Speaker 4 (13:02):
So April eleven.
Speaker 3 (13:03):
We're actually going to be in Kalamazoo at the Radison
Park Hotel Radison Plaza Hotel.
Speaker 4 (13:09):
In June, I think it's June.
Speaker 3 (13:12):
We will be in Lancing at the Capitol Lawn. We
do pizza part party on the Capitol Lawn every year.
And then in Detroit, which is like the Grandmama of
it all right, we do the Rooster Tail this year
and that date for that, yeah, September twelfth, It's a
Friday night. We hope everybody comes out and supports the youth.
(13:33):
And at those events, we rely on sponsorship dollars. You know,
it's one hundred dollars a person to come and enjoy
the evening. We all of those proceeds go toward and
we have some great I'm sorry, I'm bouncing all over one,
two three. At those events, we actually have a lot
of opportunities. We have sponsorship opportunities, you can donate, just
(13:55):
write a check or we also have silent auction raffle
type prizes that all those proceeds, all the items have
been donated and so all the proceeds from those raffle
items go towards and iHeart has been a wonderful supporter
in that they usually help us identify the big prize, right,
So it's really a great time, a good evening, a
(14:15):
great opportunity to network and learn about all the different
pieces that help these youth become successful. The Blue Baby's Initiative,
which is with Saba Jebrai and the Park West Foundation,
they do huge things within the city of Detroit and
the outskirts to help those youths.
Speaker 2 (14:36):
Yeah, well, that's it's very kind of you to mention
us being involved. And you know the only reason is
because you guys are doing such good work, and it's
when you feel like there's a missed population in the
in the spectrum of people who should have the option
to go to college, Like you said, not everybody's going
to go, and some people go to trade school, some
(14:56):
people go to college, some people won't go at all.
But to have there be a portion of children who
like that's not necessarily something that has been planned for
for them, you know, like, because your whole job is
planning helping people plan for that, and then there's nobody
nobody there planning for them, right, you know, so that
you actually fill that gap with what you do with
fostering Futures Scholarship TRU test Fund is just such an
(15:19):
important service to a group of you know, a group
of people who don't have that prepared for them.
Speaker 3 (15:25):
Absolutely, and then it I mean, if you ever come
to one of the events and I know you're coming next,
you're coming in September.
Speaker 5 (15:31):
I am coming in.
Speaker 3 (15:33):
When you hear some of the testimonials and you see
some of the testimonial little cards we've done on the tables,
it's amazing the attitude, the positive attitudes these students have.
It's just that they've had something happen to them that
was out of their control. So it's not just us,
you know there. It takes a total village village right Yeah,
(15:53):
to help these these youths. But it's such a great
feeling when you see that and you hear about oh
I graduated from Wayne State University and now I'm a
social worker. Oh I graduated from Wayne State. We have
our first doctor now and she's a medical doctor.
Speaker 5 (16:09):
Wow.
Speaker 3 (16:10):
We have so many success stories down this path that
it's just exciting to help them.
Speaker 5 (16:17):
How do students apply for that?
Speaker 3 (16:19):
They go online to the Fostering Futures Dashmi dot com.
There is a one page application they fill out. We
then verify with DHS that that student did in fact
spend time in the Michigan foster care service or system,
and then usually it's a go. And our partner is
the my student aid folks used to be called the
(16:40):
Student Scholarships and Grants Division. They're now in the new department,
my lead, and they still do the disbursement of the
scholarship to the college on behalf of men. Okay, so,
but we do the fundraising component.
Speaker 2 (16:54):
Knowing that there are like I just mentioned a minute
ago that there this is the lack of somebody planning
for their potential financial needs with regardless going to college.
What are some of the other obstacles that a student
might face in that situation.
Speaker 3 (17:08):
Oh, sometimes it's just a matter of being bounced around
so much. So they might attend one high school and
then before the semester's out, they might get moved to
a whole another high school. I know there's been some
issues that have flared up whereby because this high school
didn't keep good records and pass on the information of
this high school. The student may have gotten all the
way to becoming a high school senior and finds out
(17:30):
they can't graduate because they don't have enough credit. So
there's a lot of obstacles, not just that, but emotionally,
can you imagine. I have one young lady. I'll never
forget her story. She said that she turned eighteen on
April some date in April, waiting she was about to
graduate high school in June. First week of June. She
(17:54):
came home to her foster parents' house after school on
her birthday. All her stuff was outside on the lawn.
They put her out because they said state funding stop.
Speaker 4 (18:05):
Who does that?
Speaker 5 (18:06):
You know?
Speaker 3 (18:07):
She then, being persistent as she was, he was soquiked
she's houch surfed if you ever heard of that, CouchSurfing
until she could get out of high school and get
to a college that had some campus based assistance that
could help. And I think that was the main story
that stuck with me because I couldn't imagine putting myself
(18:29):
in that position, you know, seventeen years old, and Rashley
being eighteen and being thrown out right where I thought
I was in a place of comfort and a place
of security because of money. Because of money, Are you
kidding me right now?
Speaker 5 (18:41):
Yeah?
Speaker 3 (18:42):
Yeah, But there's that there's abuse there's some great foster
care people out there that take students in and there's
some great success stories about that. Some of them turn
into adoption, but there's some bad ones out there as well,
where they're only doing it for the money and there's
not a good situation. But regardless of all of that,
(19:03):
if they've spent some time in foster care, we want
to help us.
Speaker 2 (19:06):
Yeah, definitely want to help them. Hey, what are what
are campus coach programs?
Speaker 4 (19:11):
So campus coach programs are pretty sweet.
Speaker 3 (19:13):
When we first stood up the fundraising piece, we found
that there was four that I.
Speaker 4 (19:18):
Won't be able to name them.
Speaker 3 (19:19):
I think it was Western Michigan was the first U
of M and Arbor MSU and I want to say
Wayne at a program Wayne State. And what they do
is when you when the student fills out that free
application for Federal student Aid the FASTPA, they can check
a box and say, yes, I've experienced foster care or
I used to be in foster care. That sends a
(19:41):
signal to a person on campus who makes contact with
the student and pulls them into their circle and says, hey,
we can provide twenty four to seven coaching to you,
meaning I'm going to be your on campus, off campus parents,
so to speak. Oh wow, I'm going to help you
identify resources when the college closes down for Christmas and
there's nowhere for you to go, which is a lot
(20:02):
of times how we lost students. Yeah, they're on the street,
they have nowhere to go. Boston parents is done with them.
So this campus coach would find housing for that student.
Some campus coaches are so beautiful, they might take them
home to make sure that this student can come back
to school when school opens up.
Speaker 4 (20:21):
Since then, the programs have grown.
Speaker 3 (20:23):
We've got seventeen campus coach program slash resources if you will,
where they connect with the students, they collaborate with them,
they make sure they have the resources they need. They
give them a lot of training and help them with
the life.
Speaker 4 (20:38):
Skills that they're going to need.
Speaker 3 (20:39):
Seventeen now, Yeah, seventeen now, and what we've seen is
a stark increase in the number of students.
Speaker 4 (20:45):
Who graduate college.
Speaker 3 (20:46):
I would imagine so, yeah, because they've had this support
system that they didn't have before.
Speaker 2 (20:50):
Yeah, just one of those things you don't think about,
you know, when school's closed for holidays, you don't think
about that, right If people just go home to your family, right.
But if you don't have a family, right, go home too.
Speaker 3 (21:00):
Or if your family you're going home to a soul
dysfunctional you know, yeah, it's not a good place.
Speaker 4 (21:06):
For you to be.
Speaker 2 (21:06):
This is why what you're doing is so important and
why we're talking today. So just let's take one minute
to stop down and we're talking about the Fostering Futures
Scholarship Trust Fund. And how do if somebody's like that
is for me to help, where would they help?
Speaker 3 (21:22):
They would they would go online. We're gonna give them
my phone number, go online.
Speaker 5 (21:27):
Whatever you want to do. Let's just make sure they
get to you.
Speaker 3 (21:30):
Go online to the Fosteringfutures dashymi dot com and make
contact with us there. Or they can call our office
at five one seven two four one three three zero
one and leave a message because that number is not
always you know, going.
Speaker 4 (21:50):
To be picked up, but we'll get you. They will
find us.
Speaker 3 (21:54):
And we will we will definitely respond. They can either
help us identify sponsors, they can help us raise money.
They can certainly we always looking for volunteers to assist
at the event, and they can help us get people
to attend.
Speaker 4 (22:06):
That's really where we are and they can help us
with raffle items.
Speaker 2 (22:09):
We're always looking for fle items and it's only one
hundred bucks a ticket for this a wonderful event at
the Rooster Tale in September or September twelfth. So if
this is something you're interested in again fostering futures hyphen
Ami dot com or five one seven two four one
thirty three zero one five one seven two four one
thirty three zero one, let's continue on. I did want
to stop though, So what are some of the things
(22:32):
you're working on with financial empowerment?
Speaker 3 (22:34):
So financial empowerment is something new that's been on my radar,
and we've been working with the State Treasurer to try
to provide tools for families to become more aware and
educated on areas of financial literacy. So we stood up
a thing called My Money Matters, and I think it's
(22:55):
actually a my Money men Michigan dot gov slash My
Money Matters and my is m I right, My Money Matters,
and it gives you opportunities to have a financial checkup,
create your money personality. It has a budget tool out
there to help you, and it has a lot of
things that it can serve up to you, So you
(23:16):
want to register first so that you can go in
and take the check up. It'll ask you some basic
questions to just figure out where you're at, and it
doesn't ask you for your Social Security number or anything
like that, so it's just basically your email address. It's
going to ask you your name, it's going to ask
you I can get asked you when you were born,
(23:37):
the year you were born, just to get a flavor
for who you are, and then I'll ask you other questions.
Are you employed, are you retiring? You know that kind
of thing, and then it knows from those answers the
types of topics you may be interested in, and it
serves it up to you in emails. Opportunities for webinars
will pop up articles that you might want to be
(23:58):
reading to further expand your your knowledge.
Speaker 4 (24:02):
In those spaces.
Speaker 5 (24:03):
And this is for anyone.
Speaker 4 (24:04):
This is for anyone basically ages.
Speaker 3 (24:06):
It says thirteen and up, but I would recommend it
for like eighteen enough because some of the questions to ask.
When I signed up Isaiah on my thirteen year old,
I was like, really, you know.
Speaker 4 (24:16):
Goodwill he not employed?
Speaker 3 (24:20):
But it asked the basic questions to get a feel
for who their audience and then it But you could
be thirteen.
Speaker 2 (24:26):
Yeah, there's some entrepreneurs out there, you know, you know.
Speaker 5 (24:31):
At a young age what are like.
Speaker 2 (24:33):
So you can get some financial like tips, some planning
and how to manage your money better exactly.
Speaker 3 (24:39):
First, you know, just establishing where are you financially okay,
and then giving you some of those tools. Have you
actually sat down and written up a budget? Do you
have a spending plan? Do you understand the needs versus
the wants so that you're not constantly chasing that check
every two weeks check the check?
Speaker 4 (24:57):
Right, I've been there before. Now oh yeah, I can't
do this till I get paid on Thursday. But just
getting a better grasp on where you're at and where
you want to be and then helping you get there.
Speaker 2 (25:07):
Yeah, So this is a great, great service because if
you find that you're just kind of always chasing the
dollar and can't quite see them to get ahead, sometimes
you just need somebody to help you kind of plan
better exactly, you know, And it sounds like that helps
you kind of get an idea of how to plan
better with what you got.
Speaker 3 (25:23):
And then for folks more in my age, bracket is
also going to help me decide when I'm really ready
to retire and how to best manage my funds in retirement. Right,
Do I have a will? Do I have a what
do you call it? Power of attorney? Have I thought
(25:43):
about those things? And if not, here's some tools to
help you start thinking about them and to get you
where you.
Speaker 4 (25:49):
Need to be. Yeah, it's sort of created to or
meant to meet you.
Speaker 5 (25:54):
Where you're at? Right? And where do people find out? Again,
just to make sure everybody.
Speaker 3 (25:57):
So that one is my money matters? Am I money matters?
But it's really Michigan dot gov slash, am I money matters.
Speaker 5 (26:06):
I'm kind of getting that.
Speaker 4 (26:07):
That's great Michigan dot gov slash.
Speaker 2 (26:10):
Earlier we were talking about what a what a five
to twenty nine program is? Can employers get involved in
five twenty nine programs?
Speaker 4 (26:17):
Absolutely?
Speaker 3 (26:17):
We were just talking about that this morning before I
came down here. Employers are very much needed to help
get and get the message to the employees. And the
way the best way they can do that is off
P payroad deduction. Oh right, because out of pocket, out
of sight, out of mind, And that's the way I'm
(26:38):
saving quite frankly for my grandchildren.
Speaker 5 (26:40):
Yeah, you never see it. It just goes right into it.
Speaker 3 (26:42):
And I tease them all the time they get paid
before I do, because immediately twenty five dollars as little
as fifteen. But I have twenty five dollars a pay
period going right into my five two nine accounts, and
it adds up so quickly over the years that as
well as what you've put it in. Right, and with
(27:02):
the MET it's prepaid. It's the lawyers hate for me
use the word guaranteed, but it's secured, yeah, by the
assets of the trust. It's secured by MET, meaning I'm
never going to lose my principle with met MISP, I
can I can diversify because I can select among twelve
or fifteen investment options.
Speaker 4 (27:20):
I can have a very low.
Speaker 3 (27:22):
Risk, moderate risk, and aggressive and I can use that
for my benefit to further make sure that I have
the money in the future. But again, twenty five dollars minimum,
right and fifteen dollars if you go on payroll is
the minimum, and we waste that on you know, Starbucks coffees,
true guess coffees a week the day it's fifteen bucks right.
Speaker 2 (27:42):
There, right, over eighteen years. I'm telling you it does
add up. Yeah, No, it's definitely, definitely worth fifteen or
twenty five bucks.
Speaker 5 (27:51):
Great, great way to start.
Speaker 3 (27:52):
Absolutely, And the other way the employers can help is
to get creative and set up something like it can
be an employee benefit, you know, challenge the employees to
save by offering them some match fir. It's like they
do for four oh one k. Now, we don't have
what they call it tax free. It doesn't have this
(28:14):
tax free status for employer matches right now from the
federal level. But still it's it's an absolute wonderful way
to engage the employees and get them thinking about saving
for college and getting them too.
Speaker 5 (28:29):
Save for the right. Why do you love what you do,
Madam Lot.
Speaker 4 (28:37):
I don't know. It's it's all about how long you've
been helping others? Too long.
Speaker 3 (28:43):
So I celebrated forty five years with the State of Michigan,
not all.
Speaker 5 (28:47):
With met congratulations, thank you, fantastic.
Speaker 4 (28:49):
But with Treasury.
Speaker 3 (28:51):
Out of those forty five years, thirty seven have been
with Treasury. And I think I got bit by the
helping people bug. When I'm at an event and someone
comes up to me and says, Oh, that met program
helped us.
Speaker 4 (29:06):
We graduated DA DA DA. My parents took.
Speaker 3 (29:09):
That out and now their parents and they're saving for
their children. And then the flip side of that, I
come to one of those fostering events and I meet
these youth that say that three thousand may not sound
like a lot to you, but it helped me not
have to take out a loan, because quite frankly, I
was scared to death when I was told I had
to take out a five thousand dollar loan.
Speaker 5 (29:31):
What right?
Speaker 3 (29:32):
And so it's just the sheer satisfaction of knowing that
you've helped someone, and you've helped someone in a way
that is going to help them.
Speaker 4 (29:43):
For the rest of the right. It's a long term
when right there, it's got my heart.
Speaker 5 (29:49):
I love it.
Speaker 2 (29:51):
Our guest today has been Robin Lott. She's the Bureau
director for the Office of post Secondary Financial Planning at
the Michigan Department of Treasury. Thank you so much for
joining us today, Robin. I always appreciate talking with you.
Speaker 4 (30:03):
Thank you, Colleen, thanks for everything you're doing for my pleasure.
Speaker 1 (30:07):
This has been light up the d a community affairs
program from iHeartMedia Detroit If your organization would like to
get on the program, email Colleen Grant at iHeartMedia dot com.
Here are all episodes on this station's podcast page.
Welcome to Light Up the D. We'll focus on what's
happening in our community from the people who make it happen.
Here's your host, iHeartMedia Detroit Market President Colleen Grant.
Speaker 2 (00:13):
Good morning and welcome to another episode of Light Up
the D. I am your host, Colleen Grant. Thanks so
much for joining me this morning. Our guest today is
Robin Lott. She is the Bureau Director for the Office
of post Secondary Financial Planning the OPFP, within the Michigan
Department of Treasury. THEPFP includes the Section five twenty nine
(00:33):
prepaid tuition and investment based plans such as Michigan Education
Trust also known as MET and Michigan Education Savings Program MISP.
You might be familiar with both of them, but as
well as the Fostering Futures Scholarship Trust Fund, which we're
going to be talking about today as well, and the
Financial Empowerment Initiative. The collective mission of the Bureau is
(00:56):
to assist Michigan families and students to achieve higher education
and financial wellness goals, so super important initiative that she
gets to focus on every day. She's been in her
current role since August twenty twenty and works closely with
the Deputy State Treasurer and the State Treasurer on policy issues.
She previously served as the MAT Executive Director from ninety
(01:18):
seven to twenty twenty and is a graduate of Northwood
University with a BA in Business Administration. Please join me
in welcoming our wonderful guest today, Robin Lott. Thank you
so much for joining us.
Speaker 3 (01:30):
Robin, thank you, Colleen, And you didn't have to read
all of that, but it's okay.
Speaker 2 (01:34):
Well it's funny because I'm reading everything about you and
I'm like, how do I even condense all this down?
And you know, there's like a million other things in there,
folks that we could have talked about that Robin has done.
That really just amazing, and all of it kind of
leads to how are you helping people with their post
secondary financial planning and helping people get to that position
(01:55):
where their future is on a good path. And that's
why I really wanted to talk to you today because
you're doing good work all the time, and so thank
you for joining me.
Speaker 3 (02:04):
Absolutely my pleasure, and it's really good to be here
because it is such an important topic for our residence.
Speaker 2 (02:10):
It is, so let's talk about that. What is the
primary purpose of the Office of post Secondary Financially Financial Planning?
What do you do and why is it? Why is
it so meaningful for you to be doing your work.
Speaker 3 (02:21):
You know, it's amazing that when you speak to people,
they either don't have a plan or they just don't
know how to come up with a plan, and they're
not thinking about when their child is ready to go
to college, how they're going to actually make that happen.
So many families are thinking, oh, well, I'm not going
to worry about that my child to get a scholarship,
(02:43):
or my child's not going to college, not understanding that
you need to have that as an option for a
young person who's growing up and maturing right and ultimately,
like I was tease my family, I have two children
and my ultimate goal was to get them out of
the house.
Speaker 4 (03:00):
There's no option you have to do something beyond high school.
Speaker 3 (03:03):
And so some families are thinking about it, obviously, but
a lot of families are not. And so our goal
is to try to get that on the radar of
the family, the topic on the on their radar, so
they're starting to nurture those conversations at home and help
their young ones, make some goals.
Speaker 4 (03:19):
And make some things happen.
Speaker 2 (03:21):
Well, having had three kids, I can attest that it
is a like an overwhelming feeling thinking about, you know,
eighteen years from now, there could be tens and tens
and tens of thousands of dollars that we have to
figure out and trying to figure out how do I
have it so that my children don't end up with
a huge amount of debt after school, and how do
(03:42):
we pay for it with knowing what our income is.
Speaker 5 (03:45):
It's just somewhat overwhelming.
Speaker 2 (03:47):
Exactly how do you guys help people tackle that so
that it feels manageable sooner, so that when that time comes,
they actually feel like they're ready for that next step.
Speaker 3 (03:56):
And so that's where the Michigan Education Trusts kicked in
right in nineteen eighty six, the law pass that established
MET as a prepayt tuition program. We didn't have Section
five to nine back in those days, but it was
the main premise was to or objective was to encourage
moderate income families to save so that they would have
minimal debt that they'd have to take out when the
(04:18):
child goes to college. And by doing so, they offered
state tax deductions and tax benefits as a way to
motivate that family.
Speaker 2 (04:26):
So, yeah, to talk a little bit about that, like
what does that mean for a family, Like they actually
they get help because they made plans.
Speaker 3 (04:33):
So for every dollar they put in under the MET program,
they can deduct it from their state income tax on
the federal and state level. When they go to pull
those moneys out to pay for college education, they don't
pay tax on the earnings portion of it. So and
there's other flexibilities built in. So if child Aid did
receive a full scholarship, then you can transfer their money
(04:54):
to the next child and so on and so forth.
Anyone in the immediate family can use it.
Speaker 2 (04:59):
So it can you say that again, because I think
that's a huge thing that people like don't realize, Like
if I put it in there, what happens if they
don't go to college?
Speaker 3 (05:08):
Or it's transferable, So immediate family member. The definition of
that is broadly defined to include first cousins. So if
I have nieces and nephews that are my children's first cousins,
I can actually transfer it to them as well. It
won't go unused as long as I can aspire some
young person to go and at the end of the day,
that's the toughest thing inspiring the young person to do something.
Speaker 2 (05:30):
Why don't we talk a little bit about what is
a five to twenty nine program?
Speaker 3 (05:33):
Sure Section five to nine is the number of the
Internal Revenue Code that gives us our tax status and
gives us our tax benefits that we can pass on
to the account owners. So that's all it is, Section
five and that didn't come out until nineteen ninety five.
So pre five to nine was the Michigan Education Trust,
which is the prepaid program that basically allows you to
(05:56):
lock intuition. There were several states around the country that
had pre paid pro when five to nine kicked in.
Speaker 4 (06:01):
I think it was about nineteen ninety.
Speaker 3 (06:03):
Five that authorized now what we know as investment based
direct SOL programs and advisor sold programs, which basically work
really similar to an IRA. You're putting your money in,
you're selecting from a host of investment options, but the
same premise is that you get your eligible four tax
deduction which is limited to ten thousand single filer I'm sorry,
(06:26):
five thousand single file er ten thousand joint but you
can save up to five hundred thousand dollars that can
be used and it'll grow tax free, tax deferred, tax free,
as long as you use it for higher education. So
those are the three main things under section five to nine.
And then we later they rolled out I think in
twenty sixteen five to nine A, which is able same concept,
(06:48):
but now you're allowing families that have disabilities, a person
who has a disability to save for any of the
expenses that's related to the disability.
Speaker 5 (06:57):
Wow.
Speaker 3 (06:58):
So if I need a wheelchair, or I I need
something to get me to work, or anything in that nature,
I can use my savings for that, and the amount
I'm saving will not be included in my Medicaid eligibility.
Oh wow, So it at least encourages me. And I
also am eligible four A tax deduction. So those are
the section five to nine Section five two nine eight.
Speaker 2 (07:19):
At what point should a person start considering saving for college?
Speaker 4 (07:23):
Oh? For college?
Speaker 3 (07:24):
I always tell folks the minute that child is born
and has a Social Security number. So now I gotta
tell you a story about my grandbabies. So I have
a thirteen year old right now, Isaiah. When he was born,
obviously I was my first grandchild.
Speaker 4 (07:35):
I'm like, oh my god, I'm gonna be Gigi. Oh
my god, I gotta open up. I gotta practice all
this stuff I've been preaching everybody.
Speaker 3 (07:42):
That means you gotta have a MET account, you gotta
an MASP account because they both work well.
Speaker 4 (07:46):
METS for tuition, MESPS for the room and board. And
I did it right.
Speaker 3 (07:52):
But the two weeks after Who's Born, I don't know how.
I was doing a television interview down here in Detroit.
I think it was Channel four and I looked up
on the screen and they had a picture, and I'm like,
how did you all find out? But I use that also,
but it's just perfect. So now every Christmas, I give
(08:13):
this young man a print out. It's like a gift
certificate that I get offline. I updated with all of
his account information, his balances as a way to further motive,
further motivate him that you are a going to do
something beyond high school. Doesn't have to be college, but
it has to be something beyond high school, and b
you have something to help you pay for it. Now,
(08:33):
as Gigi, my goal is not to pay for the
whole thing, Okay, I'm just giving you something to help
you out to minimize what you may have to borrow.
Speaker 4 (08:42):
But I'm counting on you, young man.
Speaker 3 (08:44):
To get a scholarship to figure it out, even if
it means working, you know, right, that's the goal. So
he looks at it every Christmas and he just does
this with his eyes. He raises his eyes and looks
at me like, that's a lot of money. I'm like,
but I've been saying even for you since you were born,
so ideally, to answer your question, it's best to start
(09:05):
as soon as you can.
Speaker 2 (09:06):
It's funny that you bring up that story because people
will say, what do your kids want for Christmas? And
my husband will say, they'll want they want money for college. Literally,
like they don't need more presents, they don't need more socks,
they don't need anything. They just need some money for
college because you know, we know it's coming out there.
And then when you are able to give that gift
(09:27):
and they actually go to college and they realize that
they're not going to have debt or a less debt
even you know that that's just that's an enormous gift
to be able to give.
Speaker 3 (09:37):
Absolutely, and the gift that keeps on giving, right it is,
I mean, I went through a thing with my nieces
and nephews that I was giving them little gifts at Christmas,
and at the end of the day and cleaning the house,
they leave half of them. I guess they didn't like them.
No older they got. So I cut it like, okay,
I'm opening up I open up accounts for them and
put money in there. And I said, but here's my deal.
(10:00):
If you don't go to something beyond high school, I'm
going to transfer yours to your sister or your brother, right,
and so, you know, you just try to motivate the
young people.
Speaker 2 (10:10):
Yeah, but it's it is the long term gift fortunately, exactly,
it really is. Hey, let's talk about the fostering future
scholarship Trust Fund work that you do, because it's not
just about encouraging people to you know, to save so
that they have a long term plan if their child
decides to have some post secondary education, but it's also
about really helping people who might need a hand.
Speaker 5 (10:33):
Absolutely, So you guys really do that. Talk to us.
Speaker 4 (10:35):
About that absolutely. So what we discovered.
Speaker 3 (10:39):
What I discovered in my pursuit of a benefit, so
to speak, a charitable benefit, I discovered that there are
youth in this state, in this world that grew up
in foster care. Not that I didn't know that already,
but until you actually attend something called a kid Speak
(10:59):
session and hear the story's firsthand, it just blew me away.
And so that became my new passion is to help
the youth who've experienced foster care in Michigan. And what
I've found is that many of them are in foster
care by no fault of their own. Is something that
the parent did or did not do that put them there,
(11:19):
or it could have just been a misfortune both parents
were killed in a car accident or whatever the case
may be, and they ended up in foster care. What
we found is nationally, about seventy five percent of those
youth have a desire to do something beyond high school.
They want to live, they want to pursue, they want
to give back, they want to help others, But only
(11:41):
ten percent have the nerve or the fortitude, actually I
shouldn't say fortitude. They have the desire to go on
or to actually make it happen. So they have the desire.
Ten percent actually go to higher education, and less than
three percent were actually graduating.
Speaker 5 (11:56):
Oh my gosh.
Speaker 4 (11:57):
And so We.
Speaker 3 (11:57):
Saw a big need there and thought, well, well, there's
this charitable component of MET we're trying to develop, why
can't we create something where we can give money to
those youths.
Speaker 4 (12:08):
So there's only two criteria.
Speaker 3 (12:09):
The student had to be in Michigan Foster Care at
the age of thirteen and above and attend a public
or not a public a Michigan college or higher education
institution because it doesn't have to be a college. Those
are the only two criteria to make a student eligible
for the Fostering Future scholarship. And what we do is
partner with the Department of Health and Human Services and
(12:31):
they get some federal funds that they pass on to us.
Pan of funds that don't ask me for that acronym.
It's something for families, needy families. There's some federal funds
that come through them that they then pass on to
us to help provide these scholarships. And currently a student
is eligible for a three thousand dollars scholarship per year.
(12:52):
But to supplement that, the staff at MET, Michigan Education
Trust and myself we put on a fundraising event and
we put on three of them throughout the year.
Speaker 4 (13:02):
So April eleven.
Speaker 3 (13:03):
We're actually going to be in Kalamazoo at the Radison
Park Hotel Radison Plaza Hotel.
Speaker 4 (13:09):
In June, I think it's June.
Speaker 3 (13:12):
We will be in Lancing at the Capitol Lawn. We
do pizza part party on the Capitol Lawn every year.
And then in Detroit, which is like the Grandmama of
it all right, we do the Rooster Tail this year
and that date for that, yeah, September twelfth, It's a
Friday night. We hope everybody comes out and supports the youth.
(13:33):
And at those events, we rely on sponsorship dollars. You know,
it's one hundred dollars a person to come and enjoy
the evening. We all of those proceeds go toward and
we have some great I'm sorry, I'm bouncing all over one,
two three. At those events, we actually have a lot
of opportunities. We have sponsorship opportunities, you can donate, just
(13:55):
write a check or we also have silent auction raffle
type prizes that all those proceeds, all the items have
been donated and so all the proceeds from those raffle
items go towards and iHeart has been a wonderful supporter
in that they usually help us identify the big prize, right,
So it's really a great time, a good evening, a
(14:15):
great opportunity to network and learn about all the different
pieces that help these youth become successful. The Blue Baby's Initiative,
which is with Saba Jebrai and the Park West Foundation,
they do huge things within the city of Detroit and
the outskirts to help those youths.
Speaker 2 (14:36):
Yeah, well, that's it's very kind of you to mention
us being involved. And you know the only reason is
because you guys are doing such good work, and it's
when you feel like there's a missed population in the
in the spectrum of people who should have the option
to go to college, Like you said, not everybody's going
to go, and some people go to trade school, some
(14:56):
people go to college, some people won't go at all.
But to have there be a portion of children who
like that's not necessarily something that has been planned for
for them, you know, like, because your whole job is
planning helping people plan for that, and then there's nobody
nobody there planning for them, right, you know, so that
you actually fill that gap with what you do with
fostering Futures Scholarship TRU test Fund is just such an
(15:19):
important service to a group of you know, a group
of people who don't have that prepared for them.
Speaker 3 (15:25):
Absolutely, and then it I mean, if you ever come
to one of the events and I know you're coming next,
you're coming in September.
Speaker 5 (15:31):
I am coming in.
Speaker 3 (15:33):
When you hear some of the testimonials and you see
some of the testimonial little cards we've done on the tables,
it's amazing the attitude, the positive attitudes these students have.
It's just that they've had something happen to them that
was out of their control. So it's not just us,
you know there. It takes a total village village right Yeah,
(15:53):
to help these these youths. But it's such a great
feeling when you see that and you hear about oh
I graduated from Wayne State University and now I'm a
social worker. Oh I graduated from Wayne State. We have
our first doctor now and she's a medical doctor.
Speaker 5 (16:09):
Wow.
Speaker 3 (16:10):
We have so many success stories down this path that
it's just exciting to help them.
Speaker 5 (16:17):
How do students apply for that?
Speaker 3 (16:19):
They go online to the Fostering Futures Dashmi dot com.
There is a one page application they fill out. We
then verify with DHS that that student did in fact
spend time in the Michigan foster care service or system,
and then usually it's a go. And our partner is
the my student aid folks used to be called the
(16:40):
Student Scholarships and Grants Division. They're now in the new department,
my lead, and they still do the disbursement of the
scholarship to the college on behalf of men. Okay, so,
but we do the fundraising component.
Speaker 2 (16:54):
Knowing that there are like I just mentioned a minute
ago that there this is the lack of somebody planning
for their potential financial needs with regardless going to college.
What are some of the other obstacles that a student
might face in that situation.
Speaker 3 (17:08):
Oh, sometimes it's just a matter of being bounced around
so much. So they might attend one high school and
then before the semester's out, they might get moved to
a whole another high school. I know there's been some
issues that have flared up whereby because this high school
didn't keep good records and pass on the information of
this high school. The student may have gotten all the
way to becoming a high school senior and finds out
(17:30):
they can't graduate because they don't have enough credit. So
there's a lot of obstacles, not just that, but emotionally,
can you imagine. I have one young lady. I'll never
forget her story. She said that she turned eighteen on
April some date in April, waiting she was about to
graduate high school in June. First week of June. She
(17:54):
came home to her foster parents' house after school on
her birthday. All her stuff was outside on the lawn.
They put her out because they said state funding stop.
Speaker 4 (18:05):
Who does that?
Speaker 5 (18:06):
You know?
Speaker 3 (18:07):
She then, being persistent as she was, he was soquiked
she's houch surfed if you ever heard of that, CouchSurfing
until she could get out of high school and get
to a college that had some campus based assistance that
could help. And I think that was the main story
that stuck with me because I couldn't imagine putting myself
(18:29):
in that position, you know, seventeen years old, and Rashley
being eighteen and being thrown out right where I thought
I was in a place of comfort and a place
of security because of money. Because of money, Are you
kidding me right now?
Speaker 5 (18:41):
Yeah?
Speaker 3 (18:42):
Yeah, But there's that there's abuse there's some great foster
care people out there that take students in and there's
some great success stories about that. Some of them turn
into adoption, but there's some bad ones out there as well,
where they're only doing it for the money and there's
not a good situation. But regardless of all of that,
(19:03):
if they've spent some time in foster care, we want
to help us.
Speaker 2 (19:06):
Yeah, definitely want to help them. Hey, what are what
are campus coach programs?
Speaker 4 (19:11):
So campus coach programs are pretty sweet.
Speaker 3 (19:13):
When we first stood up the fundraising piece, we found
that there was four that I.
Speaker 4 (19:18):
Won't be able to name them.
Speaker 3 (19:19):
I think it was Western Michigan was the first U
of M and Arbor MSU and I want to say
Wayne at a program Wayne State. And what they do
is when you when the student fills out that free
application for Federal student Aid the FASTPA, they can check
a box and say, yes, I've experienced foster care or
I used to be in foster care. That sends a
(19:41):
signal to a person on campus who makes contact with
the student and pulls them into their circle and says, hey,
we can provide twenty four to seven coaching to you,
meaning I'm going to be your on campus, off campus parents,
so to speak. Oh wow, I'm going to help you
identify resources when the college closes down for Christmas and
there's nowhere for you to go, which is a lot
(20:02):
of times how we lost students. Yeah, they're on the street,
they have nowhere to go. Boston parents is done with them.
So this campus coach would find housing for that student.
Some campus coaches are so beautiful, they might take them
home to make sure that this student can come back
to school when school opens up.
Speaker 4 (20:21):
Since then, the programs have grown.
Speaker 3 (20:23):
We've got seventeen campus coach program slash resources if you will,
where they connect with the students, they collaborate with them,
they make sure they have the resources they need. They
give them a lot of training and help them with
the life.
Speaker 4 (20:38):
Skills that they're going to need.
Speaker 3 (20:39):
Seventeen now, Yeah, seventeen now, and what we've seen is
a stark increase in the number of students.
Speaker 4 (20:45):
Who graduate college.
Speaker 3 (20:46):
I would imagine so, yeah, because they've had this support
system that they didn't have before.
Speaker 2 (20:50):
Yeah, just one of those things you don't think about,
you know, when school's closed for holidays, you don't think
about that, right If people just go home to your family, right.
But if you don't have a family, right, go home too.
Speaker 3 (21:00):
Or if your family you're going home to a soul
dysfunctional you know, yeah, it's not a good place.
Speaker 4 (21:06):
For you to be.
Speaker 2 (21:06):
This is why what you're doing is so important and
why we're talking today. So just let's take one minute
to stop down and we're talking about the Fostering Futures
Scholarship Trust Fund. And how do if somebody's like that
is for me to help, where would they help?
Speaker 3 (21:22):
They would they would go online. We're gonna give them
my phone number, go online.
Speaker 5 (21:27):
Whatever you want to do. Let's just make sure they
get to you.
Speaker 3 (21:30):
Go online to the Fosteringfutures dashymi dot com and make
contact with us there. Or they can call our office
at five one seven two four one three three zero
one and leave a message because that number is not
always you know, going.
Speaker 4 (21:50):
To be picked up, but we'll get you. They will
find us.
Speaker 3 (21:54):
And we will we will definitely respond. They can either
help us identify sponsors, they can help us raise money.
They can certainly we always looking for volunteers to assist
at the event, and they can help us get people
to attend.
Speaker 4 (22:06):
That's really where we are and they can help us
with raffle items.
Speaker 2 (22:09):
We're always looking for fle items and it's only one
hundred bucks a ticket for this a wonderful event at
the Rooster Tale in September or September twelfth. So if
this is something you're interested in again fostering futures hyphen
Ami dot com or five one seven two four one
thirty three zero one five one seven two four one
thirty three zero one, let's continue on. I did want
to stop though, So what are some of the things
(22:32):
you're working on with financial empowerment?
Speaker 3 (22:34):
So financial empowerment is something new that's been on my radar,
and we've been working with the State Treasurer to try
to provide tools for families to become more aware and
educated on areas of financial literacy. So we stood up
a thing called My Money Matters, and I think it's
(22:55):
actually a my Money men Michigan dot gov slash My
Money Matters and my is m I right, My Money Matters,
and it gives you opportunities to have a financial checkup,
create your money personality. It has a budget tool out
there to help you, and it has a lot of
things that it can serve up to you, So you
(23:16):
want to register first so that you can go in
and take the check up. It'll ask you some basic
questions to just figure out where you're at, and it
doesn't ask you for your Social Security number or anything
like that, so it's just basically your email address. It's
going to ask you your name, it's going to ask
you I can get asked you when you were born,
(23:37):
the year you were born, just to get a flavor
for who you are, and then I'll ask you other questions.
Are you employed, are you retiring? You know that kind
of thing, and then it knows from those answers the
types of topics you may be interested in, and it
serves it up to you in emails. Opportunities for webinars
will pop up articles that you might want to be
(23:58):
reading to further expand your your knowledge.
Speaker 4 (24:02):
In those spaces.
Speaker 5 (24:03):
And this is for anyone.
Speaker 4 (24:04):
This is for anyone basically ages.
Speaker 3 (24:06):
It says thirteen and up, but I would recommend it
for like eighteen enough because some of the questions to ask.
When I signed up Isaiah on my thirteen year old,
I was like, really, you know.
Speaker 4 (24:16):
Goodwill he not employed?
Speaker 3 (24:20):
But it asked the basic questions to get a feel
for who their audience and then it But you could
be thirteen.
Speaker 2 (24:26):
Yeah, there's some entrepreneurs out there, you know, you know.
Speaker 5 (24:31):
At a young age what are like.
Speaker 2 (24:33):
So you can get some financial like tips, some planning
and how to manage your money better exactly.
Speaker 3 (24:39):
First, you know, just establishing where are you financially okay,
and then giving you some of those tools. Have you
actually sat down and written up a budget? Do you
have a spending plan? Do you understand the needs versus
the wants so that you're not constantly chasing that check
every two weeks check the check?
Speaker 4 (24:57):
Right, I've been there before. Now oh yeah, I can't
do this till I get paid on Thursday. But just
getting a better grasp on where you're at and where
you want to be and then helping you get there.
Speaker 2 (25:07):
Yeah, So this is a great, great service because if
you find that you're just kind of always chasing the
dollar and can't quite see them to get ahead, sometimes
you just need somebody to help you kind of plan
better exactly, you know, And it sounds like that helps
you kind of get an idea of how to plan
better with what you got.
Speaker 3 (25:23):
And then for folks more in my age, bracket is
also going to help me decide when I'm really ready
to retire and how to best manage my funds in retirement. Right,
Do I have a will? Do I have a what
do you call it? Power of attorney? Have I thought
(25:43):
about those things? And if not, here's some tools to
help you start thinking about them and to get you
where you.
Speaker 4 (25:49):
Need to be. Yeah, it's sort of created to or
meant to meet you.
Speaker 5 (25:54):
Where you're at? Right? And where do people find out? Again,
just to make sure everybody.
Speaker 3 (25:57):
So that one is my money matters? Am I money matters?
But it's really Michigan dot gov slash, am I money matters.
Speaker 5 (26:06):
I'm kind of getting that.
Speaker 4 (26:07):
That's great Michigan dot gov slash.
Speaker 2 (26:10):
Earlier we were talking about what a what a five
to twenty nine program is? Can employers get involved in
five twenty nine programs?
Speaker 4 (26:17):
Absolutely?
Speaker 3 (26:17):
We were just talking about that this morning before I
came down here. Employers are very much needed to help
get and get the message to the employees. And the
way the best way they can do that is off
P payroad deduction. Oh right, because out of pocket, out
of sight, out of mind, And that's the way I'm
(26:38):
saving quite frankly for my grandchildren.
Speaker 5 (26:40):
Yeah, you never see it. It just goes right into it.
Speaker 3 (26:42):
And I tease them all the time they get paid
before I do, because immediately twenty five dollars as little
as fifteen. But I have twenty five dollars a pay
period going right into my five two nine accounts, and
it adds up so quickly over the years that as
well as what you've put it in. Right, and with
(27:02):
the MET it's prepaid. It's the lawyers hate for me
use the word guaranteed, but it's secured, yeah, by the
assets of the trust. It's secured by MET, meaning I'm
never going to lose my principle with met MISP, I
can I can diversify because I can select among twelve
or fifteen investment options.
Speaker 4 (27:20):
I can have a very low.
Speaker 3 (27:22):
Risk, moderate risk, and aggressive and I can use that
for my benefit to further make sure that I have
the money in the future. But again, twenty five dollars minimum,
right and fifteen dollars if you go on payroll is
the minimum, and we waste that on you know, Starbucks coffees,
true guess coffees a week the day it's fifteen bucks right.
Speaker 2 (27:42):
There, right, over eighteen years. I'm telling you it does
add up. Yeah, No, it's definitely, definitely worth fifteen or
twenty five bucks.
Speaker 5 (27:51):
Great, great way to start.
Speaker 3 (27:52):
Absolutely, And the other way the employers can help is
to get creative and set up something like it can
be an employee benefit, you know, challenge the employees to
save by offering them some match fir. It's like they
do for four oh one k. Now, we don't have
what they call it tax free. It doesn't have this
(28:14):
tax free status for employer matches right now from the
federal level. But still it's it's an absolute wonderful way
to engage the employees and get them thinking about saving
for college and getting them too.
Speaker 5 (28:29):
Save for the right. Why do you love what you do,
Madam Lot.
Speaker 4 (28:37):
I don't know. It's it's all about how long you've
been helping others? Too long.
Speaker 3 (28:43):
So I celebrated forty five years with the State of Michigan,
not all.
Speaker 5 (28:47):
With met congratulations, thank you, fantastic.
Speaker 4 (28:49):
But with Treasury.
Speaker 3 (28:51):
Out of those forty five years, thirty seven have been
with Treasury. And I think I got bit by the
helping people bug. When I'm at an event and someone
comes up to me and says, Oh, that met program
helped us.
Speaker 4 (29:06):
We graduated DA DA DA. My parents took.
Speaker 3 (29:09):
That out and now their parents and they're saving for
their children. And then the flip side of that, I
come to one of those fostering events and I meet
these youth that say that three thousand may not sound
like a lot to you, but it helped me not
have to take out a loan, because quite frankly, I
was scared to death when I was told I had
to take out a five thousand dollar loan.
Speaker 5 (29:31):
What right?
Speaker 3 (29:32):
And so it's just the sheer satisfaction of knowing that
you've helped someone, and you've helped someone in a way
that is going to help them.
Speaker 4 (29:43):
For the rest of the right. It's a long term
when right there, it's got my heart.
Speaker 5 (29:49):
I love it.
Speaker 2 (29:51):
Our guest today has been Robin Lott. She's the Bureau
director for the Office of post Secondary Financial Planning at
the Michigan Department of Treasury. Thank you so much for
joining us today, Robin. I always appreciate talking with you.
Speaker 4 (30:03):
Thank you, Colleen, thanks for everything you're doing for my pleasure.
Speaker 1 (30:07):
This has been light up the d a community affairs
program from iHeartMedia Detroit If your organization would like to
get on the program, email Colleen Grant at iHeartMedia dot com.
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