The Millennial Report: On Financial Literacy Education

The Millennial Report: On Financial Literacy Education



from the Nasdaq market site in Times Square I'm Brad Smith and you're watching the millennium report today we have a very special guest with us we've got angel rich who is the CEO and founder of the wealth Factory here to discuss how she is taking aim at revolutionising financial literacy education and we're going to dive into all of that more throughout today's segment but before then let's toss it over to Justin to see how you can get involved with today's segment okay good morning Facebook listen we watched out the most interactive and fun experience you can have so I want you to do three things for me I want you to like when you hear something that you enjoy I want you to comment with your questions and finally we want you to share this video with your friends take it away –bread awesome thanks Justin and as mentioned in the lead in joining us now we have an jewish CEO and founder of the wealth factory angel great to have you here today thanks for having me absolutely now let's talk about first and foremost a recent Forbes article that came out featuring you which W is the next Steve Jobs who we all look up to a a millennial level as the epitome of innovation what does really a compliment like that mean to you it was actually breathtaking I woke up and I looked at my facebook and I had a bunch of friends congratulating me on the article say hey Forks just called you the next Steve Jobs and I was like what is happening and I just started screaming you know because it was quite surreal to to receive such an honor like that on was somebody that I look up to and I secretly in the back of my mind kind of always felt that way since I've seen the movie but to have someone else said especially Ford's in particular was amazing and still sort of surreal yeah when our leading business publication like that comes out and calls calls you such and gives you such a great compliment and then can follows it up with a great story as well you know kudos to you and force for recognizing your talent and bringing that to the forefront let's talk a little bit about some of your personal personal inspirations in business before we dive into before we dive into your app so let's talk about your personal inspirations who do you look up to in business right now well I've all the way sort of looked up to Warren Buffett I like his approach to sort of market volatility and diversification when it comes to building his start portfolios I think that the way that he also dives into real estate to kind of expand the breadth of his product mix is great as well obviously I did look up to Steve Jobs but I also looked at Meyer Richard Branson and Jeff Hoffman of Priceline jeff hoffman has actually become a mentor of mine well and this his entire thought process to life and innovation and inventions and giving back to people at the same time has been very inspiring to be able to learn that from him kind of firsthand absolutely that speed case Steve Case yes absolutely now your app has some serious accolades from the likes of the Department of Education from the office of Michelle Obama herself so tell us about credit stacker yes so credit stacker essentially is a play on a match three game but instead of swapping around diamonds or candy you swap around credit types that represent bill payment so you pay off your debt achieve a high credit score and learn from the multiple choice questions and we essentially picked apart the Fair Isaac credit reporting system and applied game mechanics to it to simulate credit management it's literally the only credit game in the world available on Google Play in iOS we quickly scale to 40 countries and we've translated it into foreign languages at the end of this month we're very excited to announce that we're releasing credit stack esada which is going to be an expanded version that has more animations and more levels involved in the game to extend gameplay absolutely how's the pickup been you know has it been received so far it's been amazing we were invited to the White House I didn't know that we were going to Michelle Obama's office until we were getting on the elevator it was I was like where we go so I actually led a meeting with the entire Michelle Obama's team with joining forces from Michelle Obama's office in her chair they like you can sit here I'm like it's happening uh-huh so that was amazing and then we actually launched the mobile version of the product on the White House national stem to earth Wow in DC and Baltimore from there we won best learning game in the country by Department of Education we wanted that solution in the world by JPMorgan Chase for reducing poverty recently I want Google speech competition and tomorrow I'm going down to Houston as a finalist and the Black Enterprise stage competition well good luck tomorrow as well we have no doubt that you'll you'll make the case for certain even broader when we think about gamification you've used gamification to really kind of fill the gap where education has almost failed for for quite some time in teaching those core financial principles that a lot of us need to effectively make that transition into adulthood and managing our own finances and our own money and and really gaining wealth at the end of the day – but but how do we translation gamification into application as the next step yeah I completely agree with you that's actually why before starting my company I became a global market research analyst for Prudential Financial so I'm the author of the first ever african-american financial experience study the reason that there's currently blacks and life insurance commercials I was able to prove that blacks are more life insurance at an equal or higher value than other races and when Obama was bringing the troops home in 2010 he actually called on Prudential and they called on me to do the research and I came up with a plan for employment housing education and then I conducted about 70 other financial behavioral studies because I wanted to really figure out the key variables that would actually move behavior within people from all different type of demographics and learning styles and so we sort of took that research and embedded it within the game to be able to simulate that that sort of behavioral economics play if you will but hiding it in a game so you're intrinsically learning the information without necessarily really realizing that you're learning it on because you're motivated by external rewards so we basically wanted to trick people into improving their financial behavior by teaching them the skills necessary in the game so so when we think about funding and and some of your competitors out there you know I read it through the story but let's talk funding there's a significant gap in you know what your competitors have received and what you've received you know what were the exact numbers yes so I was actually interesting in a little whatever on since the article my competitor has actually raised 190 million dollars well in the article stated seventy-five it's actually a hundred and ninety million now and we've only raised two hundred and fifteen thousand well and so to the point of the research we've actually had two research studies conducted on our products where financial literacy rates go up by 42 percent after 12 weeks 25 percent after an hour and we beat our competitor in that competition where we want best learning games with the Department of Education we're also international mobile have been tested for special needs and actually go after the underserved community who I would be meets financial literacy team the most so it is quite interesting how a product that is not as heavily validated as ours continues to raise money while we have every sort of validation possible and we still kind of struggle with those disparities so I guess knowing that mentally when you're going into pitches how do you keep that in your head keep that in the back of your mind but still prepare to give an effective presentation as well well I liken it to everything that goes up must come down and so I believe though while they might be first in the market in terms of a financial education technology product I feel we're going to be the people that last long run so we might have a little bit of a hard time in the initial beginning but once we're able to firmly put ourselves into the school systems and be able to get over that funding threshold where we will be expanding across the world internationally not just focus on America we believe at the end of the day we will be that financial literacy product that people relying on and come back to because we have the research to actually validate how our product improves people and that's not something that you can just do kind of overnight where it takes a long time to develop that research and development into a product absolutely for some of the viewers out there that might be watching today who are starting their own businesses you know perhaps they're in this same millennial category that we find ourselves and you've got this experience giving great pitches on amazing stages what piece of advice would you give to them as they might prepare for some type of pitch competition that they find themselves in we know that you won the case competition as well so what walk us through that what what piece of advice would you give them I would say just be as confident as possible recently in October we actually came in 9th in the world while world's largest business competitions on 43 north the state of New York we were told that we had the best pitch in the history of 43 north however for whatever reason we came in ninth and not in the top eight that received a half a million dollars in a bus although we also came and we also won the People's Choice Award okay so sometimes you just have to be resilient you know you have to know what your worth is sigh it definitely was a down period for about a month like what just happened on but about six weeks after that we want best learning games with Department of Education and even though that didn't come with any money it kind of it picked my confidence back up because I knew we had the best product and so I think that no matter what happens you just have to remain confident inside people ask me all the time you know how is it being a young black female doing this and I'll add a fourth one onto a pretty young black female that in itself is a whole nother thing that goes along with it and I tell people be the Trojan horse no get inside be that horse and destroy people tend to underestimate you so use it to your advantage let people underestimate you and get all of that information from them build your company up to a sizable point and just take them over and so that's kind of been my approach absolutely now less than one-fifth of vc-backed companies are women-led you know how do we start to close that that gap which is really considerable right now yes that's kind of why I'm wearing my a block tech matter Jeff lactic because not only the numbers actually did a little bit more dismal than that only four percent of companies are represented by black women well and even worse only point zero two percent of funding went to black women last year well despite black women having the most successful ventures out of the entire world also diverse companies tend to outperform other companies by thirty five percent so it doesn't make sense why why the numbers why the funding is not going towards minorities and women when obviously minorities and women are actually outperforming you said the status quo so just from a business perspective it would make sense to invest more in women and minorities so now I'm you know at this stage in your career with so many accomplishments so many accolades what is next you know what's what's kind of what you have your sights set on now as the next major and the benchmark that you want to make sure that you hit well we're in the process of raising a million dollars we would like to close this in the next 60 to 90 days obviously with the Forbes article coming out we have a ton of investors coming at us we still welcome more the merrier always always and it's been going really well and so we would like to get that close launch credits takasaka at the end of the month and continue to explain that game across the world and start building out the other 11 games that we have planned we've already designed the next game is called crash we're actually working with PayPal on that one and we plan to release that in August so we have games that walk people from birth to retirement and we plan to simulate an app along with each one of those so we would like to get those games out and raise the funding to be able to do that that's not and PayPal listed here on NASDAQ as well so they're one of our good friends part of the Nasdaq family and Amazon as well who rang the opening bell who you Australia you actually have a book available on Amazon right now on the history of the black dollar tell us about that and what kind of went into writing the book were there any interesting stats stories that came out of your research yes that is actually my pride and joy I've been reading black history books since I was a child and I've always wanted to sort of write a history book that was able to educate the Millennials on kind of exactly what happened and why this is important to you and when earlier last year for whatever reason I just woke up and started rereading all of these black history books like every three days I reread on Harriet Tubman Frederick Douglass WB Dubois Booker T Washington not just something in me just had me reading on these books and when I reread when I reread Harriet Tubman's book I realized that in 1861 blacks were making 63 cents on the dollar when they were first able to receive wages and Harriet Tubman refused to accept the wages until they were equal to white in fact she did this all the way until her 90s and she was broke and ill and that's the reason we even have a book on Harriet Tubman in 2017 blacks make 67 cents on the dollar so over those past 150 years we've only moved four cents and so I hope absolutely though that's insane yes but my vision mathematically that's insane okay and then we also consider the story that in 1754 there were only a quarter million blacks in the country and slavery was actually starting to come to an end because of the Revolutionary War however around that same time Eli Whitney invented the cotton gin and because of that cotton was then able to be produced at a cheaper and higher quality by that next year there were four million blacks in the country and then America became the number one country in the world because they were able to produce this kind there have been scientists that have equated the value of that and is something like six trillion dollars well so to know that blacks directly contributed to the growth of capitalism in America but we've only moved four cents on the dollar in the past hundred and fifty years the whole thing just doesn't make sense to me and so that is why I wrote history of the black dollar it takes people on an economic journey to describe the different periods throughout black history that directly contributed to the economics of America and then we also highlight civil rights leaders as well as rising black techstars right now that aren't getting attention you know people like Rodney Williams and Frederick Hudson and Trevor Brooks and Stephanie Lampkin you know these people that have invented amazing things and are doing amazing things but they're not getting nowhere near the amount of attention that they should and so we kind of want to bridge the two worlds together and help people understand the past as well as where the present is currently going and have baby boomers having conversations with Millennials and vice versa to figure out how we can firmly leverage you know economic empowerment in this whole tech movement as sort of the next civil rights agenda and I think people like center for global sea global policy solutions mmm see see I was just with Jesse Jackson with Rainbow PUSH I think a lot of people are starting to realize that we really have to come together on financial economic empowerment mixed together with technology as sort of the next civil rights movement so you mentioned a lot of great young leaders in tech so naturally as one of the homes of tech with so many tech leaders listed here on NASDAQ you know the Facebook's to Netflix Amazon alphabet so forth we have to ask you what's your paper your favorite piece of tech out right now my favorite piece of tech out right now I would actually have to say Alexa Alexa yeah that's my favorite too yeah I think that's cool I got some plans for Alexa you know I think that's really cool I also like the idea of watching IBM awesome oh yes oh yes it's shaping intelligence as we move forward especially when we think about healthcare and the major ramifications that it could provide for that whole industry and sector you know preventing a lot of diseases where we wouldn't have had the same Intel previously so definitely one area that excites me as well definitely eventually with the combination of our games together we believe we'll be able to in some form predict stock market okay and so I definitely see a role for artificial intelligence being involved in our company I came up with an algorithm for the stock market back in college and one comic Sites portfolio challenge and people ask me all the time why don't I just start a hedge fund which would be very easy for me to do but I think it's more important to figure out how to leverage technology to educate people on a larger level there are currently three billion people in poverty and 1.5 billion of them have smartphones so there is a huge opportunity to leverage technology for smartphones to be able to reduce poverty and increase wealth absolutely angel great to have you here on this episode of the milano report and then awesome to discuss the future of financial literacy education and we look forward to hearing great things more great things to come especially from the upcoming competition down in houston texas correct yep perfect well we'll have to have you back soon we'll have to hear the results of that ladies and gentlemen thank you for tuning in to today's episode of the million reports stay tuned for more coming from the Nasdaq market site throughout the rest of the day you

20 thoughts on “The Millennial Report: On Financial Literacy Education

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  2. How interesting that Ms Rich , who admittedly found it so breathtaking and an honor to receive a compliment as the next Steve Jobs, referred to white people as "crackers" when interviewed on the Breakfast Club. She's very smart in the tech field…but lacks wisdom in the area of discernment during a discussion that is publicized where the world is watching and listening….especially her peers and younger people who may look up to her. We can be "black" and still have class, confidence and intelligence, and not regress into public stereotypical behavior that we've been associated with, that has stained us for years.

  3. The reason why she was only able to raise $250k is because she's black! How are you going to compete with a multi-million dollar company with ONLY $250k? 😒😒😒GTFOH

  4. check out Antonio Moore on the racial wealth gap. This lady ,Rich don't even know the stats. She knows little.

  5. they need a better marketing coordinator there's no other reason they should have troubles with funding

  6. Hey Ms Rich. Please look into the JOBS Act Obama signed into law and the SEC implemented in 2016. You can raise all the money you will ever need by understanding this new opportunity. Same goes for anyone else in need of investment. Learn it, thrive and thank Obama for paving the way!

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