This app is helping save Black families instead of spending on Black Friday

Instead of shopping for bargains this Black Friday, Tanya One Court wants you to use her GoLuster.FF app to open a savings account for a child and help young savers through sports-based quizzes, memes and GIFs. Introduce to financial literacy.

As the founder and CEO of Goalsetter.co, One Court is a black woman running a financial technology company that focuses exclusively on children. While her app is for all children, she hopes her work will help reduce the wealth gap between blacks and whites.

The Forest Court said, “None of us can ignore the fact that the money gap contributes greatly.” She said she understands that an app cannot “reverse 400 years” of oppression, racial inequality and economic weakness. “But it can reverse a component that has absolutely contributed to the wealth gap – the lack of financial education and how to build wealth,” she said.

According to a 2019 Federal Reserve report, the typical white family owns eight times the wealth of the typical black family. The report stated that at the end of 2019 the average wealth of white households was $ 188,200, while the average wealth of black families was $ 24,100.

The original idea for Golasattar stems from a conversation Van Court had with his 15-year-old daughter Gabrielle about money when she was 9 years old.

“I asked Gabriel what she wanted for her birthday, and she said ‘an investment account and a bike,” Van Court said. “I said, ‘Perfect.’ He had a child goal and a big goal – a short-term and long-term goal. “

As she pointed to her daughter’s answer, she thought: “What if every child understood the key financial concepts, learned delayed gratification and practiced by saving the things they needed most? What if we were to give them to the consumer?” Can we avoid the mentality we often have as adults? ” Impose them before they ever know about money? “

Van Court was teaching Gabrielle about money, hoping she would not make mistakes as a young executive. Even though he earned a great salary and held a million dollars in stocks and stock options, he lacked financial literacy and lost it all when the tech bubble burst in 2001.

So as soon as his daughter’s birthday came, he made her an offer. At the time, Van Court was working at Nickelodeon, where he led his digital preschool and parenting businesses.

“I said, ‘If you save $ 100, I’ll match you with $ 100 and we’ll open an investment account,” said Van Court, who lives in Brooklyn, New York. “He asked, ‘What is an investment account?’ I explained in 8-year terms. “

Gabrielle did extra work and academic work to make money, but when she earned just $ 30, she decided that instead of getting the items for her birthday, she would ask people to give her $ 70, so that she would have the investment. Have enough money for

The Goalsetter app helps children learn how money works and lets families set long-term and short-term savings goals.Goalsetter

Inspired by Gabrielle, Van Court is convinced that there is a fun way to teach children about money. She left corporate America to develop her app. She knew that she had expertise, as she had developed products for mothers, who found that, in general, she handled money for her children.

“I came from Nickelodeon, where I ran Noggin.com and NickJr.com,” Van Court said. “I came with domain expertise and experience in how you engage mothers and children as well as educate them.”

Venture capitalists from whom he sought funding told him that fintechs focused on children were not good investments. Then, other companies like her – but not owned by black people or women – popped up and were funded by the same venture capitalists. She doubled down and asked for funding again.

This time, he said, they told him, “Now you have well-funded contestants, so we can’t fund you.”

Van Court turned to family, friends and organizations such as the Stanford University Black Alumni Association and Pipeline Angels, an organization that invests in women entrepreneurs.

Today, the Goalsetter app has been downloaded more than 60,000 times, Van Court said. The average family using the app has saved about $ 200, and recently Goalsetter saved their second family more than $ 10,000.

Her children offer debit cards, cashola, sports-based financial literacy quizzes and a feature called “Learn Before You Burn”, which automatically deposits a children’s card on Sunday morning if they have spent the week Has not finished its financial literacy quiz. Once they take the quiz, the cards are turned back on. There is also parental control which allows them to turn the card on or off. Financial education is from kindergarten through 12th grade.

When Kimba Dunham heard that Van Court had developed an app to help children become more responsible, they signed up their two children. She said that her family never taught her about money and that she got a credit card in college and paid off so much debt that it took her a decade to recover.

Dunham said, “Once I had children and they were old enough to understand money, I realized that I had no vehicle to help them.”

Her daughter was not learning about money, and Dunham said that she put money on the card herself and let her daughter spend it. When she turned into a goalscorer, everyone’s behavior changed.

“We talk about money now,” Dunham said. “Goalsetter allows us to connect with money in a way that is very useful. … You can tell family and friends to donate what they are saving for. It gives them money. Allows to be strategic and more thoughtful. “

Her two teenagers have had the app for a few years, and her son has had a debit card for a few months. She prefers that her son have to take a quiz to use his Cashola debit card.

“I see that being more intentional in how he spends it,” Dunham said.

His son, 14-year-old, Neil Mpela, said that he loves the app and his Cashola debit card.

“It opened up a new world, because I could take money and invest,” said Neil, who wants to become an architect. Through the ‘Litz’ quiz I learned more about interest and how much you can save over time. Since you have to do the quiz, it gives a good insight into your head, and I believe that when If I get it, I can make good money decisions. ” Big. “

Teddy Williams.Courtesy Sable Williams

Sable Williams, also of Brooklyn, said she learned of Goalsetter when she started using GoalCards – digital gift cards for her children.

“We use the app to manage their work,” said Williams, the girls’ mother, ages 7, 9 and 12. You can assign work to each child and give the amount. … they can automatically receive $ 5 a week. Or you can control it, and if they only do part of their work, you can only give $ 3. “

Williams said she uses the app for birthday parties and gifts. “I ask people to give away their goalcards,” she said. “You can send a link with a birthday invitation and people can send money. I also give GoalCards to friends for children’s birthday gifts.”

But her favorite feature is the literacy quiz, which she said she can’t find on any other fintech app for children that she researched.

Now all of her children use the Goalsetter app, but she said that her oldest, Teddy, 12, uses the features more, taking quizzes and using debit cards.

“I love Goalsetter a lot because it taught me things I never knew about money,” said Tede. “I know that money is a lot more than saving and spending. I know it’s about compound interest and the rule of 72 and austerity.” The rule of 72 allows you to find out how long it will take for your savings to double.

When she wanted to save for a game, she worked extra and took extra quizzes.

“Now I’m saving for a new laptop,” said Teddy, who is also saving for dance accessories further and has learned to set priorities.

Van Kort is working on a number of ideas and partnerships, talking with banks and some schools and developing mutual funds to invest children. They already have “credit-lit”, a score children get for taking a financial literacy quiz. Van Court hopes to work with the credit bureaus to use the score to give better interest rates and other financial terms to children as young as 18 years old.

She said that she would do whatever she could to close the money gap and to buy expensive cars, shoes and clothes to ensure that children do not fall into the consumer trap, achieving a successful presence. Be inspired by insecurity.

The Forest Court said, “You spend your last money trying to buy self-respect.” “We’re trying to undo it. You don’t need red colored shoes. Instead, you need to save and put money in the stock market.”

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