Episode Transcript
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Speaker 1 (00:00):
Buenosia's Boston Autra Episodio mass con gran recurso. And we're
(00:05):
here because I've received hundreds of emails just asking about
a very specific and particular topic, and it's money.
Speaker 2 (00:13):
We're all struggling.
Speaker 1 (00:14):
We need to find exactly where our money is and
I have some resources for you. And at the same time,
we need to learn how do I just in how.
Speaker 2 (00:24):
To manage our finances.
Speaker 1 (00:26):
So with us today I have a very very special woman,
not because she has excellent background when it comes to
law and her MBA at Harvard University, but also because
she has built a platform that us in our community Latinos,
that we need to tap into and bring those resources
(00:47):
to our kids and to our family as well as
to our businesses. So with us today, I have the
pleasure of welcoming our Treasurer of Massachusetts, Deborah Gulbert.
Speaker 2 (00:58):
Welcome, bien Benida.
Speaker 3 (00:59):
Thank you so much for having us today. I really
appreciate it.
Speaker 1 (01:03):
I was looking forward to this conversation because I believe
that oz Latinos and Hispanic have been taught to give
away as a cultural factor, to give away our resources
because it's part of our love.
Speaker 2 (01:17):
And I don't know if you're familiar with this, but.
Speaker 3 (01:19):
Actually it's quite similar in my faith also.
Speaker 1 (01:23):
It is right, it's like a part of our culture
is just giving. We're very giving, but at the same
time we have to learn and we have to use
the tools that we are provided to help our community,
because if you start giving, you're not able to grow.
And one of the things that I admire about you
(01:44):
is not that you're the treasure of Massachusetts as a
big task to take on as a woman. That's you know,
I feel very proud about that, but also your mom,
you're a volunteer and you have been the president for
these Adoption for Adoptions.
Speaker 2 (02:02):
We love organics.
Speaker 4 (02:03):
It was for a long time until twenty eighteen.
Speaker 2 (02:06):
So tell me a little bit about that.
Speaker 4 (02:10):
Oh boy, that's a long story, I know.
Speaker 2 (02:13):
Going back.
Speaker 3 (02:14):
So, first of all, my two children I also have
two older children, but my two children with my husband Michael,
were adopted and they were adopted through Adoptions with Love.
And to fast forward a few years later, that organization
had some financial problems and it looked like it might
(02:37):
actually go under and in fact, my oldest daughter, my stepdaughter,
was an accountant at the time and she helped come
in and go through all the books.
Speaker 4 (02:48):
I took over.
Speaker 3 (02:49):
As acting executive director, and although it looked like the
agency was going to have to close, it didn't and
we completely turned it around. So then I became the
president of the board and an executive director and a
deputy executive director or co executive directors took over and
(03:09):
it exists today placing children with loving families and creating
families on the adoption triad.
Speaker 1 (03:18):
That speaks a lot to me because I believe that
when you have a purpose, whatever you do, there's a
lot of meaning behind it, and with that comes your
career in the private industry. And Stop and Shop. Your
family has owned and and you were part a big
part of the growth of that company.
Speaker 3 (03:40):
Well I'm not going to take credit for that, because candidly,
the company was founded over one hundred years ago, and
so that was but the business started as an immigrant
family in the North end of Boston in the eighteen hundreds.
And it was my mother's great grand great great grandmother,
now my great great grandmother, my mother's great grandmother, who
(04:01):
opened our first store on the corner.
Speaker 4 (04:03):
Of Princeton Say, another woman women.
Speaker 3 (04:06):
And it wasn't just that she made sure that every
friend or neighbor they had had a job, and the
women in the neighborhood created a home for the elderly,
which continues to exist today as Hebrew Senior Life. So
I never really my career at Stoppin Shop never truly
(04:27):
took off, even though I was in the stores from
the time I was a little girl, because my mother
was and ultimately was president and chief operating officer. But
she started in the florist's department at the Memorial Drive store,
and I was a little girl going into the office
with her, and so I spent my whole life growing
(04:49):
up within the company. Unfortunately, we went through a hostel
takeover in nineteen eighty eight, which was was actually began
in eighty seven with the October eighty seven crash of
the stock market, and I only had officially I had
graduated at Harvard Business School in BC Law School and
had officially been with the company for two years when
(05:11):
this took place, although I'd had roles there through. I
worked there part time while I was in high school,
and I was a member of the Retail Clerks Union
which today is UFCW.
Speaker 2 (05:23):
Is that how you got into public service?
Speaker 3 (05:26):
Well, yes, because my mother was the greatest person for
me to ask advice for and she suggest She said
to me, well, what do you want to do? And
I said, I want to do something that helps people.
And she suggested that I pick three women to go
speak with in different areas and to have them talk
(05:48):
with me about what they thought were avenues for me.
So I chose former Lieutenant Governor Evelyn Murphy, who today
sits on my Economic Empowerment Trust.
Speaker 2 (05:58):
I love.
Speaker 1 (05:59):
She just got recently in award two from Better Or
Business Journal.
Speaker 3 (06:03):
And then I picked State Senator Lois Pines, who's retired now.
And the third person I picked was Marion Hurd, who
was CEO of the United Way at that time. So
I went to breakfast with Lois Pines at a little
diner in Newton Center, and before I even got out
of there, she was calling Brookline Town Hall to see
(06:27):
if papers were available for me to run for local office.
And I was sort of overwhelmed by her doing that,
and she said, you've got to do this, You've got
to do this. I said, well, shouldn't I run for
town meeting first? I think women always do that. You
want to start at the bottom and work your way
up because you don't think that you can do something
big and so then so I had breakfast with Lois
(06:51):
and yes, indeed I did get papers to run for
town meeting. I had lunch with Evelyn Murphy, who said,
get involved in a governor's campaign and with your background
and experience, try to become part of the cabinet and
then you can leverage out of there and run for governor.
She was much more ambitious. For of course, I never
(07:13):
made it to dinner with Marion Herder. Today i'd be
CEO of the United Way.
Speaker 1 (07:17):
Wow, they imagine what was the biggest challenge that you
face at that time?
Speaker 3 (07:27):
Oh, in terms of running for office in localist.
Speaker 1 (07:31):
In general, if you imagine as a woman, and obviously
for us in our community as latinas, I'm just trying
to inspire our women to jump and try to get
into those opportunities.
Speaker 2 (07:44):
For you, what was the most challenging part of.
Speaker 3 (07:47):
Well, one of the things that I talked to women
about a lot is we have an imposter syndrome. And
what that means is you don't think you're good enough,
you don't think you have the qualification, you don't think
you have the background, and what I want to share
a story. This is absolutely true. So I ran for
(08:08):
town meeting and won. And before I even ran for
town meeting, people were approaching me and saying and at
the time it was called selectmen, not board of not
select board, and people are already saying to me, you
need to run for the Board of Selectman. I'm like, well,
I can't. I haven't even been a town meeting member.
And they're like, guys, don't think that way. They're like, oh,
(08:31):
there's a lieutenant governor's race.
Speaker 4 (08:33):
Why don't I run for that?
Speaker 3 (08:35):
And so I did run for the following year to
the Brookline Board of Selectmen. And this is a true story.
After I won, the following morning, I was supposed to
go in and get sworn in, and I called my
father and you'd have to think about this.
Speaker 4 (08:52):
This was a nineteen.
Speaker 3 (08:55):
Ninety eight I was in my forties, I had kids,
I'd done tons of things, and I called my father
that morning and.
Speaker 4 (09:04):
He was meeting me there to watch me be sworn
and I.
Speaker 3 (09:07):
Said, Daddy, do I know how to do this job?
And I mean, that's absolutely happened. He said, A lot
dumber people than you have had it. Oh, my gosh,
and then I jumped into my immerse meeting and I
felt completely confident. But I've shared that story because what
(09:28):
I've said to a lot of people and particularly women,
is you just when you have those feelings, what you
have to do is like jumping off a high diving board, hold.
Speaker 4 (09:39):
Your nose and jump because you can do it.
Speaker 3 (09:43):
And you just have to realize that many of us carry,
including me, the feeling that can I really do it?
Speaker 2 (09:52):
Well?
Speaker 1 (09:52):
We need people like you that have said the pathway
for other women too, because I believe that even star
the Office of Economic Empowerment, that was a huge deal,
especially because it's the only one in the United States.
Speaker 3 (10:08):
We've tried to help get the word out and help
others to set it up, but it required a great
deal of creativity.
Speaker 1 (10:14):
But that is what matters to us nowadays because the
challenges are that we are facing the barriers and the
boundaries that we have in knowledge with resources, and a
lot of people don't know about it.
Speaker 2 (10:29):
So what is your office all about?
Speaker 3 (10:32):
So what's interesting is that when I decided to run
for treasure the functional areas that we that are within
the Treasurer's office, I knew I had a lot of
background and experience in many of them. For example, people
don't need they don't know what the Treasurer's office does.
They know it has something to do with money, but
they don't realize, for example, that the Alcoholic Beverages Control
(10:55):
Commission is in the Treasurer's office. While in the town
of Brookline, I actually was one of the licensing authorities
and I actually helped rewrite the rules and regulations about
alcohol and licensing in the town of Brookline, so I
had experience there. The Massachusetts School Building Authority is in
the Treasurer's office, and I'd been on one of the
(11:16):
building committees and in Brookline and had to interact with
the mass School Building Authority.
Speaker 4 (11:22):
That kind of thing.
Speaker 3 (11:23):
However, I felt like I could do these functional areas.
But my goal in running for Treasurer was to help
people achieve economic stability and economic security and provide economic
opportunities for people. And I felt that the Treasurer's office
(11:44):
was great because it would have a statewide platform and
so all the kind of programs I wanted to do,
for example, getting equal pay for people and not just women,
but all those who have suffered from the wage gap,
on people of color, men, men suffer from a wage gap.
To give people the financial skills they need to survive
(12:07):
in this very complicated world. I love to use the
analogy that children think that you get in your stroller,
you get wheeled up to a brick wall in front
of a bank, and you put plastic into this little
slot and out pops money.
Speaker 2 (12:24):
You know, that's my daughter. She knows that.
Speaker 4 (12:26):
That's the whole thing.
Speaker 3 (12:28):
And so I was concerned about financial education, and you know,
I was concerned that these are not being addressed, and
we live in a very complicated world.
Speaker 1 (12:40):
It's doing something to incorporate these financial education in our
early educations.
Speaker 4 (12:46):
I'm so glad you asked that.
Speaker 3 (12:48):
So the bottom line is is that we did in
twenty fifteen a task force and I walked in in
May thirty two. Thirty three people were in the room,
experts across the field, nonprofit, for profit government. I said,
I want to report in six months on the best
approaches to get this information out to everyone. We enacted
(13:13):
everything that came out of that report, because then I said,
after the six months, and now we have to do it.
The one issue that came up is how do we
get financial education in the schools, and there is a
bill pending, and Massachusetts is way behind a lot of
places in the country. I mean, when when Southern states
(13:34):
and Midwestern states have this and we don't, and we
have such an emphasis on education exactly, and in fact,
quite candidly, with the elimination of the mcast, we're hoping
there's a space to get in. But I used to
say to people, I went to Harvard Business School, I
went to BC Law School. I'm a business person. I
(13:54):
have never, as long as I've lived been asked to
answer the question, how do you compare the rate of
speed between Boston and Albany to the rate of speed
between Boston and Philadelphia.
Speaker 4 (14:04):
Never.
Speaker 3 (14:05):
But if you buy a house and you take out
a mortgage at a certain rate and then unfortunately the
value of your house drops, what does that do to
your mortgage? And no one ever taught me that in school.
But I'm supposed to know a rate of speed between
two locations, Well what I have.
Speaker 1 (14:26):
Seen, And this is important for our audience, Jellos having
me Hinticke is just more important. We are not sure
how to value our money because we have a lot
of our immigrants that are still considering the dollar a pestle.
For example, if we speak to some of our neighbors
in Lawrence or in Worcester, they're telling you, oh, this
is twenty pesels and they are assuming that the peso
(14:49):
is the same value as a dollar. Like just starting there,
there's a big challenge when it comes to now explaining
a lot of how you handle, how you save the
assets that you have, what's the liability?
Speaker 2 (15:02):
Where can we start?
Speaker 3 (15:04):
So we we have a program that's and we've had
it now for three years. And I'm not good with
names of programs. I always get in trouble. For this
valor eal Grassius and so this is in Spanish and
(15:25):
it's workshop and see and Espanol, and we have it
from the fall to the spring, but the critical piece
and it's seminars, and it's online so you don't have
to go somewhere because we try to make.
Speaker 4 (15:41):
It easy for people.
Speaker 3 (15:42):
And but i will say the one element of it
that really really is helpful are the one on one
coaching sessions. And this helps people deal with their own questions,
their own concerns. And I'm also going to tell you
because there's a lot about investing and banking, and I
know from friends of mine that have come from Central
(16:05):
America or South America that there's been there's additional concerns
culturally about banking and wanting to only be in cash
and not even wanting to put the cash in the bank.
Speaker 2 (16:18):
You have a lot of mattresses.
Speaker 3 (16:19):
Right trying to say that, but I'm glad you did
instead and so.
Speaker 2 (16:25):
And it's true.
Speaker 1 (16:25):
It's just the fact that there's a lot of fraud,
and you see it with the e commerce. A lot
of people don't know this, but when you're dealing with
companies that are globalizing and they're founded in Latin America
or Central America, they have big issues because credit cards
get cloned, the fraud system is not as secure as
it is, or they have layers upon layers of blockages
(16:48):
to prevent them. Right then you come here and you
try to teach them that it's the other way around.
Speaker 2 (16:53):
How are you doing that?
Speaker 3 (16:55):
Well, these workshops, first of all, we do it with
everyone because these.
Speaker 4 (17:01):
Generations are.
Speaker 3 (17:06):
Using Venmo, they're using Zelli, they're using as I said,
cash cards, and yet they don't have the basic skills
of even understanding saving or banking. I mean when I
was a kid. Literally you opened a little teeny savings account,
even if it's only you put in a nickel a week,
(17:28):
but you learn about compounded interest, you learn about saving.
And one of the things that we do we have
a program called the Baby Step Savings Plan where every
baby born or adopted can receive it's a check on
the birth certificate forms that we can work with them
(17:48):
and we will seed a savings account. It is a
savings account for post secondary education, whether that's a vocational
or technical training, whether it's college, community college, and that program.
Speaker 4 (18:04):
Though, what's critical piece about it.
Speaker 3 (18:06):
Is we wrap financial education around the family and then
the child as the child is growing, and it's about saving,
it's about investing, it's about how you prepare.
Speaker 4 (18:16):
For the future.
Speaker 2 (18:17):
So it's going to bring that avoid debt. Yes, so
I it's going to bring that point up? Is there?
Here at CAPASA Wolston.
Speaker 1 (18:25):
We want to give people a leg up to their finances,
especially what can we do to teach them to make
their money work for them because we're very used to
how much is the hour they're working in blue collar
jobs where sometimes it's you know, fifteen dollars an hour,
if not less or higher.
Speaker 2 (18:45):
But how can we help.
Speaker 1 (18:46):
Them investor money or you know, try to make it
or duplicate.
Speaker 4 (18:51):
So, first of all, the program that I mentioned to
you that we.
Speaker 3 (18:54):
Have you said investments, they learn, particularly with that one
on one coach, how to manage their money and what
to invest in.
Speaker 4 (19:04):
That's the safest approach.
Speaker 3 (19:06):
And I know that probably the timing of us having
this discussion is a scary time because everything's been so
volatile in the last couple of weeks. However, there are
safe harbors within that volatility. We don't want people investing
in risky investments and we want them thinking about investing
for the long term, that you do not react to
(19:31):
outside forces that may go up and down. And I
think that the coaching is the most critical piece to that,
and the fact that it is taught in Spanish.
Speaker 1 (19:42):
How can we prevent in our finances the fraud and
especially nowadays, I've seen a lot of identity theft, especially
on the I've had a side, You've had me too, Yeah,
we all have it.
Speaker 2 (19:54):
We've all had it.
Speaker 1 (19:55):
So what can we do as a community to help
each other or to pre and those circumstances.
Speaker 4 (20:01):
Well, Unfortunately, the.
Speaker 3 (20:05):
People who stalk all of us, and it's on the internet,
are probably more sophisticated than we can imagine. So the
idea is to really are the different things that are
recommended are to be consistently changing your passwords, putting in
several layers of how you are identified. So for example,
(20:28):
you log in and then they say they want a
secondary affirmation, and so doing that on multiple layers. And
I would say, really changing your password a great deal
and it should not be something My husband hates it
because we do have the same passwords.
Speaker 1 (20:46):
Want to three exclamation point he does.
Speaker 3 (20:50):
My husband would love everything to be Monday one. Like
now we know no because I got rid of it.
Oh good, but mine is about elevel.
Speaker 4 (21:01):
You know.
Speaker 3 (21:01):
They say, well you need at least eight, you need,
you need this, and you need that. I have a
lot of those. Good but it makes it hard to remember.
Speaker 2 (21:10):
So yeah.
Speaker 1 (21:11):
One funny fact that I just learned is that on
those second opt you know the capture. I don't know
if you're familiar with capture, but now there's a new way.
It's called recapture, and that recapture it enters digitally words
that are actually helping the AI system. So now it's
(21:32):
not useless to just enter all those words. It's very
very interesting. I'm going to send you that video. But
it's super cool to know that now that security or
second security format that we have is actually helping us
to digitalize everything else as far as like the books
that are in the system or they're really hard to
read because the copies are so old.
Speaker 4 (21:54):
Now, you know.
Speaker 3 (21:55):
One of the things that I've noticed recently is they say,
you've been in and out of this web site multiple times.
Speaker 4 (22:02):
Move the puzzle piece. Have you got on those?
Speaker 1 (22:05):
Yes?
Speaker 4 (22:05):
Exactly?
Speaker 2 (22:06):
And I need classes for that because it's.
Speaker 3 (22:09):
What's interesting about that is it's even before you might
log into that site. They want to know why do
you keep on coming back to our site?
Speaker 4 (22:17):
And are you a real person?
Speaker 1 (22:20):
It is important for us as Latinos and for us
as a community too, not just Latinos because we have
audiences from minority communities as well, to follow you your resources.
Where can we find all this information?
Speaker 3 (22:34):
So if you the easiest way, because you know, I
could give you a website dot gov blah blah blah Google, Yes,
Massachusetts Treasurer Office of Economic Empowerment.
Speaker 1 (22:50):
And we'll have it on the screen so you'll have
it and on our description as well.
Speaker 3 (22:54):
The Office of Economic Empowerment lists all of our programs
and all of our opportunities and keep on looking and
read through all of them because we have so many programs.
Speaker 4 (23:08):
We have a high school program.
Speaker 1 (23:10):
You have one program that I love, and I can
tell you a story that you love to You have
fine mass money or find money like I found money.
Speaker 3 (23:18):
So that's not under the Office of Economic Empowerment.
Speaker 4 (23:22):
That has its own.
Speaker 3 (23:24):
Yes, and that is fine mass money is unclaimed property.
Speaker 4 (23:29):
Now unclaim property? What's that? So? For example, you've paid
a bill.
Speaker 3 (23:35):
To Comcast Exfinity, and you paid it twice by accident because.
Speaker 4 (23:41):
You know how sometimes popill harass you.
Speaker 3 (23:43):
Oh you haven't paid your bill, Well they hadn't received
it yet and maybe they hadn't put it into your account.
Speaker 4 (23:49):
So you say, I thought I paid that bill.
Speaker 3 (23:51):
Well you know what, I better pay it again because
the last thing on Earth you want to do is
lose your internet and your television.
Speaker 4 (23:58):
Yeah, so you pay that again.
Speaker 3 (24:02):
And what happens is is that you may overpay and
then all of a sudden you decide to move. So
they may send you a refund, but they may send
it to your old address and you never get the
refund after a period of time comes to us, and
multiple times a year we actually publish in all the
(24:25):
newspapers a whole section on lists of names of people
I look for all my friends.
Speaker 4 (24:32):
I become a hero.
Speaker 2 (24:33):
Yeah, of course I did that this weekend exactly.
Speaker 4 (24:36):
And there's money there.
Speaker 3 (24:38):
And I'm going to tell you at the beginning of
the pandemic of COVID, when people were stuck at home,
we were in the cloud, so people could go online
find money which they were desperate to have, and we
kept processing all those returns. So for example, recently we
(24:58):
just process one hundred and ninety one million dollars in returns.
Speaker 2 (25:03):
Wow.
Speaker 3 (25:03):
And my favorite is a total stranger came up to
me and an event I was speaking at, and he
said to me, you are the most popular person in
our household.
Speaker 4 (25:14):
And I said, I've never seen you.
Speaker 3 (25:17):
Before, jag my Bill, do you have a room for
me or something like that, and he said, my wife
wanted a new kitchen, and literally we got twenty nine
thousand dollars from unclaimed property and that was our new kitchen.
And I went, wow, that must be some kitchen. I
should definitely move into your house. I'll give you another
(25:39):
great example. We do Good Morning America's done a couple
of shows with us. One of them last year was
at a Celtics game and we were That was when
we were competing with the Mavericks and they brought their
unclaim property person to Boston and we set up tables
(25:59):
in the walkway, Yes, and we competed with them and
who could find the most unclaimed properties?
Speaker 4 (26:06):
Literally stop people.
Speaker 3 (26:08):
We returned money that night to people who never knew
that they had it.
Speaker 2 (26:12):
That is fantastical.
Speaker 1 (26:13):
We beat them, and I got you somebody else that
got money that didn't know Big Boppy. Because I got
my money, I sent it over and then he's like,
I have two things that I have to claim right.
Speaker 4 (26:23):
Now, so anybody I can find him.
Speaker 3 (26:26):
Last week he's an opening day and I said, Tom,
you're supposed to come to my office to get your
unclaimed property.
Speaker 2 (26:32):
We'll get him. Oh oh man.
Speaker 1 (26:36):
So yellow hint. This is very important to you. Go
into the Office of Economic Empowerment. Google it find all
the programs. We have a lot to learn. Still, we thank.
Speaker 2 (26:49):
You so much for everything that you're doing for our community.
It's a pleasure. It's an honor to see a woman
leading in that treasury.
Speaker 1 (26:57):
For me is very powerful too, to know that we
can achieve those roles. Don't forget to download the iheartapp
and select us Up Boston as your favorite podcast, and
we'll see everybody next week.
Speaker 2 (27:11):
Thank you very much.
Speaker 4 (27:11):
Cill