This week's Money Buddy
Shymika Stephenson-Davison founded PreCollege Solutions, a College Readiness Consulting & Coaching Company. She earned her bachelor's at Northwestern State University and her master's in business administration from Texas Woman's University, along with a certificate in Non-Profit Management and Youth Development. With nearly fourteen years of expertise in college admissions, scholarships, and youth development, she contributes to outlets like Yahoo and Real Simple and co-authored "You Can Go To College For Free." She has spoken at numerous College Readiness conferences and summits.
How does your job impact your financial situation?
Your job isn't just about earning money—it’s also about how much it costs you. Have you ever stopped to think about whether your paycheck is truly benefiting you, or if you're just working to afford the things required to keep your job? For example, are you stuck in a cycle where your car payment, gas, and maintenance costs eat up your earnings just so you can get to work? If you’re commuting long distances, that’s not just money out of your pocket—it’s also hours of your time that could be spent on things that matter more to you.
For college students, this concept is even more important. An off-campus job might pay a little more than an on-campus one, but when you factor in the transportation costs and time spent commuting, is it really worth it? Sometimes, the convenience of working close to where you live or study outweighs a slightly higher paycheck. And if you’re working just to cover your living expenses, make sure you’re not accidentally spending more just for the ability to earn that income. Take a step back and evaluate whether your job is actually improving your financial situation—or just maintaining the status quo.
What other options are available for education?
College isn’t the only path to success, and in today’s world, alternative education routes are becoming more popular—and often more cost-effective. Certificate programs, trade schools, and employer-sponsored training can provide valuable skills without the hefty price tag of a traditional four-year degree. Many industries, especially in the trades and tech fields, prioritize hands-on experience over formal education, making alternative routes even more attractive.
Even if you’ve already started down the college path, don’t overlook other ways to gain an education. Some companies offer tuition assistance programs, and there are options to take college credits through exams like AP, CLEP, or the PSAT National Merit program to reduce costs. The key is to evaluate what career path you want to pursue and determine whether a traditional college degree is the best (and most cost-effective) way to get there.
What plan do you have to pay for college?
Paying for college isn’t something you can just “figure out later.” It requires a solid plan. Whether you're a student or a parent, the first step is understanding what financial resources are available—scholarships, grants, work-study programs, and savings. Student loans should be a last resort, not the go-to option. If you’re still in high school, treat applying for scholarships like a part-time job—it can pay off way more than any hourly wage you’d earn elsewhere.
Parents, having an honest conversation with your kids about what you can and can’t afford is crucial. One strategy discussed in this episode is the “two-for-two” plan—letting the student be financially responsible for the first two years while the parents step in for the last two. This ensures the student is committed and actively seeking ways to minimize costs. The bottom line? Don’t go into college blindly—have a plan, explore all available funding options, and avoid unnecessary debt whenever possible.
Enjoy your week and get out there and have a money talk!
