And scott, very good friend of cbs, jordan goodman joins us again. Welcome to the show. Lets talk about spend now and pay later in this Financial Literacy. You know, terry we talk about this in any way imaginable. But it seems like the more that we talk were just not finding a solution. And these kids in college and universities are mounting debt. What is missing . I think part of it is the culture weve created in terms of things are important. Getting access to stuff, right. You see it, you need it now. And i think one of the things that we really have to start doing is capturing and educating our youth. And educating everybody frankly, about financial we call it Financial Literacy. So our purpose is really building trt solving important problems. And one of the very important problems we think is youth early on are not getting the insight, the background in terms of financial skills in general. And i think that some of it comes from lack of insight, a lack of perspective often from the surroundings that theyre in. So we have to we literally have to deal with some of that. Gabrielle, talk about you. Have you always been responsible in terms of your spending . As someone who is a millennial and being raised in a generation where there is very much a spend now, pay later, its not important to be comfortable with what youre doing with your money. I understand that our impact is much larger than our moment right now. I remember being young and being able to work my way through college. I paid for my own graduate school. I remember what it was like when i was standing outside and i was renting they came by and the bank was saying hey, this house is foreclosed on. I made that decision right then that i was going to be financially literate. That i wasnt going to let the debt of my parents and grandparents impact my own opportunity for success. So talk about you know a little bit technology. What role does technology and other things that are at our disclosure that could help kids navigate this. Because you know its not easy getting out of debt. Technology is a way that were going to democratize Financial Literacy. If were going to reach in a generation, we have to talk to them in a tongue thats native to them. We need to have more apps out there offering virtual Financial Assistance to help this generation understand what it means for them. Millennials are experienced based generation. We dont want someone to teach at us from a stage. We want someone to be a part of our education process. Do you think that millennials understand how this issue is just so dramatically impact their living, their buying and their voting . Not right now. Millennials have a very in present moment. I mean, but it makes sense. Because were in a generation that if we dont respect our own money, we have no problems taking someone elses. So as a generation, we have to understand the importance of that Financial Empowerment right now. And not kicking the can down the road. Were a generation thats inherited quite a bit of debt. I believe we need to put off those have an opportunity to build wealth not only for ourselves, but for generations to come. Before we bring jordan in, who is your financial expert, terry, does media institutions, parenting play a role in this . Because you know what, you can have parenting where parents can be wealthy and the kids have no appreciation. They spend it. They spend it frivolously. And then you have people who feel theyre too poor to set an example. And both situations are dangerous. What is the ideal situation of creating a mindset for Financial Literacy before the child ever gets to grade school, high school or college . Thats a great question. And the question youre raising is very complex. So i think together, the community, the media, the parents, we are all in this together. And i think that the corporate companies, organizations as well have a big role to play. And thats why i say think about the number of millennials entering the workforce and were fortunate enough that weve got 80 percent of our workforce is millennial. So we have spent a lot time studying the patterns of millennials. What engages them. And because of this now, everything now, you have access now, youre a millennial. And its helping to understand and drive that education early in the gate. So were getting into youth education, which is in the grade schools to talk about credit, to talk about how wisely to use that. To understand how financial things work. And were surprised to see how many dont have a basic understanding of even how a bank account works. Let alone the credit card and Interest Rates associated with establishing credit and debt. So as an organization one of the issues that we know thats a huge issue this Student Loan Debt. 1. 3 trillion of Student Loan Debt is out there. With an average debt of 35,000. Thats just phenomenal. So you think about how am i going to pay that off . What am i going to do . And the thing about that debt, you will always face challenges and unexpected that will continue to add to that debt. Its not as if that debt is always going to be 35,000. What i want to do, ive got to take a break and come back to our very informed and experienced guests. And then were going to come back with the top of the show with jordan goodman. He is the worlds foremost expert on this issue. Welcome back to the show. Im your host armstrong williams. Terry mcclemont is joining us. And jordan goodman is patiently waiting. Jordan, you have been listening to this. We cannot emphasize enough the importance of this topic. We look forward to hearing your perspective on it. Well, youre right. I mean, people have to learn about these things. Parents dont feel comfortable talking about it. There are some things being done. We cant be completely gloomy why do you think parents are so uncomfortable talking about it, terry . I think its a complex issue in terms of parents talking about it. I know with my own children, ive got a 16yearold and an 8yearold. And there are so many things going on in their life, how do you single out this one thing as something to talk about and teach them the importance of this issue alone, along with everything thats going on out there in the world. Jordan, what do you think from your experiences as a financial expert, what works best to teach kids and adults about this responsibility to financial responsibility. My son, who you have met, who is now 26, from very early on, i would have him put the card in and take it out and make deposits as well as withdrawals. Its not money comes out. Youve got to put it in. When he was a senior, we had a group of his friends, like seven of his guy friends, and actually did a session, we sat them down, actually had them write checks to each other and deposit them. They were seniors in high school. They had never written a check in their life. I actually gave them the real Life Experience of doing it. There is a website which is called jump start coalition. Org. Its a Nonprofit Group thats a good Central Location for all kinds of personal finance education. Armstrong, the problem is not curriculum. There is loads of curriculum out there. Its a matter of getting it to the people and having them use it we heard terry talk about the 35,000 and how its added on. How does someone actually get out of debt . And also, the psychological impact that that debt has on you . I think that couple of different stages. The first is to take responsibility that you took a choice to go to college. Now, more and more millennials are choosing to go to vocational schools, community colleges. But for a generation that by and large is degreed, we have to take responsibility that this wasnt fced on us. More and more of us went to fanny mae and said help pay for our career, but we signed our names. You have to look at your debt in a forceful way and be intentional about it. You dont get out of debt on accident. You have to take time. Start putting money away every single month. You have to make sacrifices in the shortterm to make sure that youre going to be financially stable in the long run. This idea that the government is going to come in and forgive debt is a farce. And as a generation, were only setting ourselves up for its an interesting psychological question, terry. And thank you for that, gabrielle. That was excellent. People dont seem to think that they can save money when they are in debt. Because to them, the two are contradictory of each other. That is a very contradictory question. But i think it is possible to save money while youre in debt. But talk about youre in debt, of course. But why is it important for you to convince yourself psychologically that you can save money and squirrel away while youre still in debt . And im going to come to jordan on this. But its interesting. Your body language is saying a lot about this question. Psychologically, i think you have to think that i can. You can get overwhelmed with the burdens of day to day life, you literally have to step back and say, i know ive had own life. Im not a millennial. You look like a millennial. Thank you very much. So its the power of thinking, i can. We all have to incur. I had student debt, not to the same size of the student debt today. Like the average has increased significantly. And when i got out of college, i thought how am i going to do this . How am i going to get a car . All of these initial things that you got. It was the literally was the attitude of i can figure this out. You know, jordan, its interesting. We are a debtor nation. Were always in debt. And yet, the question that students would assume is that its only asked of them well, you can be in debt, but you can save money at the same time. All of us are in debt. America is in debt. So talk about the two . You cant do only one at a time. What i like to say is youre getting your debt down while youre getting your equity up at the same time. If you wait to pay off your debt, savings investment, and real estate. Let me give you some specific factual things armstrong to help people get out of student debt. The first thing, you can consolidate your debt with the federal Consolidation Program run by the department of education. You can consolidate them into one. There is a website that can help people do that. Consolidate college. Com can help you go through that process. The second thing is the idr program. If you work for the government, state local or federal, a Nonprofit Group where you have whats called hardship provisions, you can pay pretty much the minimum on your Student Loans for ten years, after that the rest of it is forgiven. The third thing you can do is refinance your Student Loans. You can refinance on federal and private loans into one loan and lower Interest Rate as low as two percent through a place called sofi answers. So paying two percent instead of five, six, ten percent, those are three specific things people can do. Were going to take a break and were going to come back to pastor and his wisdom. Im sure were going to have time to continue this conversation. Maybe im just off my clock. But well find out when we come back. You know, gabrielle, we got to raise the bar as of whether or not millennials feel they need help in eradicating their debt. And also, some debt is better than other debt. Absolutely. So pwc did a study and it came up that only 27 percent of millennials have actually gone out to find financial help. Were a generation is in denial of how much we actually need this information. I was running a focus group for a local credit union. Over the course of the year, we were interviewing millennials to determine what they felt in terms of financial freedom. They were desperate to learn about Student Loans, they were embarrassed to ask for help. They didnt want to go to a local credit union and talk to the teller. Because they time or they didnt want to look ignorant. We are a generation that is desperate for information, but we may be too embarrassed to ask for help. We talk as if millennials are very responsible. They have a conscious. Its my responsibility to pay this money back. But thats not necessarily an attitude of how they look at debt. They may see it as somebody elses problem and not theirs. I actually think that they some may see it as a problem as somebody elses but others see it as their problem that over time will help solve. Because we have helped generations solve problems over many different generations. So we think about all of the debt thats out there. There are companies who are taking steps to help solve problems. I would like to mention one of the things that were doing as an organization. We saw this student debt issue. And there that. But i think the student debt is becoming staggering for the millennial generation. 35,000 when you come out of college, thats a huge obligation out of the gate. So at 35,000, 1. 3 trillion worth of debt. 40 million americans with debt burden. Thats a huge number. So we have just introduced a benefit that will start in 2016 for our new hires, our associates and Senior Associates that will give them 1,200 a year for the first six years theyre with us. Which could go down to paying off about ten thousand dollars of that debt, when you think of the time value of money. So were thinking that its something that we, companies also have to look at to attract talent and help with this issue as well. Jordan, are we making enough progress . Can we do a better job at this . We can definitely do a better job. Progress. So there is about seven states in the country that have required personal finance education to graduate from high school. We can do a lot better in that area. I think parents play a role. What happens, employers give people a 401 k packet and say you pick between these 50 funds. People dont have a clue what to do. Employers have a role. It can be done. But not enough is being done yet. Were fortunate to have this discussion. I want to go and come back to pastor bernards one minute of wisdom. Hopefully well have enough time to get some final thoughts on each of our guests. Because were appreciative of you bringing your expertise to this conversation. The power to have differences and yet unite those differences under one banner, i think its amazing. Here we are, we are representative of god. An American Society has allowed us to prosper in our religious beliefs. We only have very little time, about a minute. But quickly. I just think that in our country, we have got, weve got a little bit of divide going in terms of those who have access to the best schools, the best universities, to food. So i look at it is there is underserved and people who have served. People who have found the opportunity to educate, get a good job, have the obligation to help those who have not had the opportunity. Gabrielle, you would probably say youve been both, the underserved and you can see upward mobility that you can be part of that one percent some day. Absolutely. We owe too much to know this little about financial education. And i believe we have such an opportunity in front of us with companies coming in, taking a leadershiprole with technology coming in and empowering this generation, that together we can experience financial freedom. My man, what, you dont get to say anything. Okay. Well, just go to my website. Money issues. Com. Thats my man jordan. Listen, you guys have been terrific. Weve got to have a show in the future, the have and the have notes. Good day everybody thank you for joining us. Good morning. Im diane macedo. Im ryan smith in for kendis gibson. Here are some of the top headlines were following this morning on world news now. President obama is ordering 250 additional military personnel mostly Army Green Berets to syria to help local forces there battle isis. A live report coming up. Three federal agents recovering after being shot outside a kansas motel over the weekend. Two Marshall Service deputies and an fbi agent had been trying to serve a warrant when the shooting started. Initials are expected to announce a grand jury indictment today of quarterback johnny manziel. The former Cleveland Brown is accused of beating his exgirlfriend in january. The browns cut him last month. The two pilots of that solar airplane are taking a much needed rest in San Francisco after completing half of their