Banking on Digital Growth
Banking on Digital Growth

Episode · 1 month ago

135) #ExponentialInsights: Going All In on the Future: Financial Literacy for Kids

ABOUT THIS EPISODE

When it comes to financial literacy, most of us are failing our children. 

Schools won’t teach it, parents are scared to teach it, and banks don’t seem to care — but they should… 

Your financial brand’s future is being shaped by the education kids are getting (or not getting) right now. 

Today, I’m excited to welcome to the show Scott Donnell , Founder at GravyStack, where he is gamifying children’s financial education — equipping parents with the tools to teach finances and saving kids from dry, boring lectures they won’t remember anyway. 

In this episode, we discuss:

Why schools and parents struggle with teaching financial literacy (and what to do about it)

The value of gamification, goal-setting and getting hands on with finance

Why banks don’t care — even when their own futures depend on it 

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts , on Spotify , or here

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

...you're trying to help families and kidsdon't ever say entrepreneurship business, don't say sales, don't saychores, don't say allowance, don't say work like kids need to have fun setgoals and then reach those goals. Mhm mm mm. You're listening to bankingon digital growth with James Robert lay a podcast that empowers financial brandmarketing, sales and leadership teams to maximize their digital growthpotential by generating 10 times more loans and deposits. Today's episode ispart of the exponential insight series where James robert interviews theindustry's top marketing sales and fintech leaders sharing practicalwisdom to exponentially elevate you and your team. Let's get into the showgreetings and hello, I am James robert ley and welcome to episode 1 35 of thebanking on digital growth podcast. Today's episode is part of theexponential insight series and I'm excited to welcome scott Donald of theshow scott is the founder of gravy stack a Fintech with the mission tomake banking fun for your family and this is a focus that I'm justpersonally passionate about myself scott and I, we also have some very biggoals. We have big visions, he wants to use his businesses to help a billionpeople reduce suffering and find healing. And then number two, he wantsto give away a billion dollars to help reduce suffering and find healing aswell. Now that sounds a lot like our one BX BTR purpose, which is to makethe world a billion times better by guiding a billion people beyondfinancial stress towards a bigger, better, brighter future. So it's gonnabe a fun conversation scott. Welcome to the show buddy, good to be here, man,like mine, you know, definitely. And when we first connected and you werejust, you know, just downloading your brain, I was so excited abouteverything that's all up there just now and still, what is yet to come beforewe get into this whole idea around Fintech, which I think, you know, forthe dear listener, they're going to get a lot from it because if you thinkabout a bank, you think about a credit union, they're talking Fintech, theydon't know how it all works, you know, do we collaborate with them? Do webuild it ourselves? Do we, do we launch something? So to get behind the sceneswith that. But before we get there, what are you excited about right now,personally, professionally, it's always your pick. What am I excited about? My five yearold just learned how to tie shoes, shoelaces. My uh, my one year old juststarted walking and uh now he's climbing up on the couch and we'retrying to keep him from dying every second, It's amazing, you know, I gottatell you so, two things, number one, when your kid learns how to tie shoes,you're like, ah, that's one less thing that I have to do for them? They'rebecoming more independent. And then number two, when you get them out ofdiapers, you're like, okay, we've closed that chapter in our lives now,we're moving on and then I would say number three, very close to that iswhen you finally get them all potty trained, you're like done. We've, we've,we've really reached a whole new level of capability. I've got to share thiswith you so I don't want to jump right into gravy stack the banking app. Butas we've been building this family fund, you know, banking app to teach kidsfinancial capabilities, we have to gamify everything. And as we're goingthrough this process, we've got all these financial planners and wealthmanagers helping us out. We've come up with a list of 150 life skills thatschools aren't teaching our kids and with all of us brainstorm for like twoweeks like, okay, wow. Yeah, they're not teaching delayed gratification.They're not teaching all the financial principles, you know, the budget saving,debt, loans, investing, they're not teaching how to tie a tie, change a car,tire negotiation, public speaking apprenticeships, you know, the best wayto learn is to watch somebody do something that you might want to besomeday, right? Like there's just this...

...list just goes on and on and on. Sowhat my wife and I are doing is we're just, we're gonna map out for our kids,like, alright Reagan's five. Sawyer's three owns one, Starting one of thebest books, I'm reading ages 6-12, you just have to look it up, it's calledages 6-12. I'll send you the notes on it. It's, it's like that's the time oflife. Okay. Where your kid is like they're reaching for you all right.Like they're reaching their hand up for you and you have this beautiful windowwhere they don't need you every second. You're not like wiping butts andfeeding them and you know everything. They are getting to be more independent,but they still absolutely, you're their best friend. You're their superhero.That is a very special time of life and you need to take every second advantageof that, right? Like I just dropped four meetings yesterday so we could goto the aquarium. You know, like that's the kind of stuff like my son got hisbible at school like two weeks ago and I had a huge meeting with like one ofthe main heads of marvel and other people for one of our other companiesand I just dropped it. I'm like, I'm coming and I like drove straight there.My wife texted me like that we have a whole list of things we want our kidsto do and we want to do with them from ages 6 to 12 because that's suchformative years and that's going to set you up for the rest of your life tobecome, you know, incredible guides and coaches and SAGES for your kids later.You don't don't say friend because you want your kids friend. Yeah, you kindof do, but it's not like that. Like you're still the parents so you can bea coach and a guide. I like guide, you know, like it's, I want to be the obiwan Kenobi and that's a, that's a bit of a big conversation. I mean even evenin uh last night's discussion this morning over in Dubai it, we talkedabout that. It's this idea and I had a conversation with the ceo of a $6billion bank. You know, he's going through the training program and wewere talking about this idea of guide ship and that's where I think theselight bulbs start going off that it's not doing something for someone. You'reshowing the way you're paving the path, you're walking the journey along withthem. But at the end of the day it's your, they're empowered to do whateveris that you are trying to help them do to see what they can't see just yet. SoI like that idea of guide ages 6 to 12. I got to check that out. I've got oursare now 11, 97 and five. Beautiful and it really is, it is, it is probably themost fun. I think that we're having his parents the most fun that we're havingas a family. Um and and I'm just excited because I'm seeing my kids,each one of them has a unique personality. They're they're, they're,they're beautifully unique, but still they need that, that guidance and Iknow that's been a big area that you've been involved in with with some of theother ventures that you've done in the past and, and, and, and how has thatinspired you? You know, when, when you look at at what you're doing here withgravy stack, what inspired you to begin this journey of launching a Fintechfocused on families, a Fintech focused on even families with kids. You don'thave a formal background in banking and I appreciate that probably more than alot of people know because you're seeing things from a different angle,you're not jaded by the traditional banking space. So what what was theinspiration here? I will say this though, my, my grandpa barney beaks,MMA up in Washington state. I live in phoenix now, but my grandpa is stillalive. He's 88 he was Reagan's bank chair. Ronald Reagan back in the late80s. He started in the West Bank, which was one of the top small business banksin America for decades, 88 branches. I think they sold up without the WellsFargo in like 2000 and one. So I grew up shredding papers as a kid right?Like I was working my butt off and uh so I do have it in the blood, but Idon't, I mean I was 15 when I was 16 when that happens. So, you know, I, Ididn't get to see all of the leadership side or how the inner workings of thebanking system. I just remembered a...

...giant building with 1000 people in blahblah blah. But it's in the blood, I got to say. But for me, um my wife's ateacher, she was a first grade teacher for five years before we had our firstkiddo. Uh we just celebrated 10 years of marriage last month. So we're verythankful for that, thank you. Uh and she spent a bunch of money on herstudents and I was like, hey, that's a whole paycheck. You just blew on yourfirst graders. And so I said, okay, we gotta fix this. So I started apex fundrun and I'm sure many of your listeners have probably given to an apex fund oneat their elementary middle school. It's like a leadership fitness program to,if you've ever given to a fun run it might be us. Um, and we just startedteaching kids leadership, character fitness. We bring in athletes to teachthis two week program for schools that ended up raising like $50,000 onaverage for schools we have now we have, we've sort of like five or 6000 schoolsacross America. We have 120 franchises in 38 states. It's just grownmagnificently over the last 10 years. But in doing so We saw a lot of theholes in the public education. We serve private charter in public schools. Butwe've seen a lot of the holes right? Like my three things and my mentor,Mark Tim, he's, he's on our board, he's also on my biotech board for happy. Um,he said there's three things every kid has to learn that 100% agree. It'sother than like your core values as a family and faith, The three things ishard work, personal responsibility and the value of a dollar. And we just, Iwas laughing the other day, we've been, we've given 30 million live lessons tokids now live in person. We've watched how they learned, I know every littlepiece of how a kid has to learn something to make it stick, learn bydoing challenge based, action based, you've got to make it fun. You can't,if you're listening and you're a bank right now, please don't ever give outanother blog or a pdf print out or something stupid like that, like Gameof five people like that's the future. Um, and so we're basically turningFortnite into banking. Uh, it's the apprentice, It's almost theapprenticeship, it's like learning by doing, it's the experience that yougain through that process right there. That's right. That's right. And we havethis uh, wake up moment last year I was, we just built a house, you know, beensuccessful. Finally built our dream house next to my best friend mike nextdoor, we share a yard, We got the pools and hot tubs and everything. We havelandscapers and people help with groceries because I'm like totallystrategic coach, delegate only focus on my genius, right? Absolutely. And we'resitting there having a dinner with my buddy Mark who was flying in, you know,he flew in on his playing with his, his wife and they got six kids that arekind of grown up now He lives on 132 acre farm right in the outside ofIndianapolis and he basically said, man, I'm so proud of you, I hope those kidslearn hard work and I, it struck me like a dagger and I was like, wow, he'sexactly right. Next day we're all in the yard pulling weeds, like we're, youknow, we're setting up all these boot camps for our kids to learn some hard,real stuff like these kids have to learn it right? Like I do come fromfour generations of mega successful people that don't pass it on, they giveit away to charity and ministry and you kind of teach him to fish and I'm sothankful for that. Like I was hard work was, was how I got going and so that'sreally kind of the impetus of all of this. I got to find a way to get kidsto understand from a financial perspective the value of a dollar workethic and personal responsibility, you know, let's talk about that, the valueof a dollar first and foremost and really I think work ethic, they go handin hand together. If I think about This idea of there's a knowledge gap andmaybe even a respect gap, a relational gap that people have with money andthis comes back to things once again...

...that I didn't learn, like I was 18years old, reading the millionaire next door and rich dad, poor dad, both bookstransformed my whole perspective about what the future could be, had someearly success that got to my head, struggled with it, kind of lost it alland then had to redo it all again. Um but then you start reading like, youknow, William waddles, You start reading uh Florence, Scovel, shinn youstart reading um uh napoleon hill, this idea because of diamonds, baby. Yeah,this whole big Ziegler, that's right. So where's the gap here? And and andwith what you're doing to bridge this gap through technology because it's notabout the technology, technology is just a tool to be a guide of sorts.Where's the gap and what are you doing to bridge this gap around just moneyand mindset and knowledge the value of a dollar. Yeah, so one of the mainprinciples that we hold dear at gravy stack is kids need to learn both how tomake and manage money. A lot of people get it wrong, they start with spending,they start with debit cards, they start with here, here's a debit card kid umthat to me is a weapon. Um, and why would you give someone a weapon withoutproper training. And so for us it's all about teaching kids like how to earn,right, learn through earn and making money and revenue streams and goingthrough the different challenges and things that we have set up To take kidsfrom 0 to 100 and understanding the value of a dollar, right? Like one ofmy partners Trav who you've talked to, his son has one of those debit cardprograms out there for kids that you pay a couple bucks a month. And he wentto the arcade and blue 80 bucks and, and, and, and Travis had to cut him offand he came home, he's like, what's going on bear? Like and he's like dad,I had it. It was in there. I mean why not? You cover all my needs? They thinkabout kids like they got all their needs covered, right? Like food. Mostof them food shelter clothing is covered. They're not thinking aboutthat stuff. They're thinking about when you give them a debit card. Um, that'sfun money, right? And it's hard for them to learn the principles of savingand delayed gratification and you know, through the three jars model. Anotherthing that I have a real pet peeve is by the way is why do we have checkingaccounts if no, no kid that can't drink yet is ever going to write a check.Okay, They won't This world is changing so fast. And we actually interviewedhundreds of families. We have these core core group of hundreds of familiesthat were always passing everything by like check this out. Check thesefigures screens out. What do you think about this? Would you do this? And weasked the kids before we talk to the parents by the way because the kidshave to fall in love with it. We, we found out that the moment momand dad took their piggy bank money and put it into a bank account that thekids never saw again or never logged into. Why would they? It's it's anaccounting ledger. It's boring as heck. Okay. The kids thought that mom and dadstole it almost all of them. All right. Thinkabout that. Physical, this is one of the biggest problems we have today isphysical cash is disappearing, right? And we have to teach our kids, we can'tjust pull it and put into account say look now it's somewhere else. Like thekids go what? Like I have points in my video games. I have, I'm getting pointsfor candy crush. I'm getting points. It's, I'm getting stickers at school.Like what's the difference? Like I don't understand like they just, itjust disappears. And the kids mind the idea of currency from their perspective.That's I think because currency is points currency is stickers, currencyisn't coin. Physical dollars. I got to tell you. So our oldest, you know, hewanted to donate some money to like an...

...animal fund or something like that.He's really big into the wild Kratz loves animals. Like he's saying alreadysaying, Dad, I want to start a Youtube channel about animals because he'sgoing to be able to mix his passion. I'm like, man, I love your thinkingbecause he's already thinking monetization. Like he's thinkingcreator economy, right? And we're, and we're pretty like tech agnostic backhome. Like we're like, we're before the pandemic. I mean my kids were playinglike Nintendo eight bit. Um, and you know, for the reason being we want tojust kind of protect that one got to the age of responsibility, then we canstart introducing, so he wanted to make a donation. So he has the ipad, he'slike, so what do I do? And he goes, do I pay with amazon? Do I? Is there likea slot to where you could put a dollar in? Like, and I have this thing film,It is so cute and just to see him working through this and then, and thenmy, my, my oldest daughter, you know this idea of how to make money,entrepreneurship, It's a big personal subject of his passion for me becauseyou're right, I think financial education, financial literacy, it'slike how to spend, how to manage, what does that even matter if you don't evenhave it to spend and manage to begin with in the first place. So the two ofthe oldest ones they got together, they pulled their money and they bought asnow cone machine, uh, this past summer and, and I'm like, that's your capital,that's your investment. How many snow cones did they make 0? Why? Because dad's not gonna pushthem to go out. Like you've got that first step, but you need to get thatnext level up to get the drive. Now I'll go sit out in the driveway withyou, you know, but it's that it's that idea of, you know, trying to help thembut still not do it for them. So I've got a million things to say on this. Bythe way, we started doing business affairs 10 years ago. Children'sbusiness fairs dot org, Children's business fair to order if you guys wantto launch a business fair in your local neighborhood or it's an unbelievablecommunity builder. If you're a bank, like if anyone listening this is,there's like 800 of them going on around the world now for free. You setup some tents and some tables and you invite the local kids or your customers,families, they come and they set up a booth and then guess what? They bringall the audience because you just have them email 10 to 20 of their family andfriends or post on social, hey come out saturday from 10 to 1. We got abusiness fair going on, I'll be at this booth and then kids sell whatever theymake, you could be brownies or cartoons or we had kids paper airplanes for adollar. We had a girl sitting on a girl sitting on a stool giving advice for $3.She was eight years old, right? The cutest thing ever. So we've been doingthis for 10 years just for fun. I'm the M. C. Kids learn about profit. Theylearned about how to make a pitch, they learn about their costs, they learnedabout how to sell to, you know, safely to a stranger. So it's just anunbelievable model, like it's called Children's business fares. And then welaunched, by the way, my five year old Reagan gets to do her first businessfair this year, she's selling flowers in november, it's here in Arcadia inphoenix. But when kids learn this stuff there like I can't tell you we've knownfor 10 years, I get dozens of emails and texts every year, Kids going intocollege and their parents go, Yeah, that was, that was free. My kid made$300 in three hours on average. That's what they make and they didn't learnanything better from 0 to 18. That was like the best thing they learned and Ikept hearing this year after year after year. And so we launched last year welaunched my first sale dot com basically helping kids digitized that.So let's take you through our course, 200 bucks and then you can launch yourown page on our site, Like and like basically an Etsy page and sell to allyour family and friends and people can rank you with like thumbs up, they cangive you know, tips, they can buy your product and kids basically sell outthere, making thousands in the first couple weeks and then they're done well,that is an unbelievable learning model for kids. And so we were sitting aroundin january and one of our, one of our...

...mentors was like, man, that's anawesome model, but you can't scale it very fast because a lot of parents arescared, right? This is the biggest thing I found out his parents have zeroaround 20 plan to teach their kids financial literacy and financialcapabilities and when it comes to selling or business or entrepreneurship,those are like turn off words because mom and dad go, oh man, I'm too scaredto launch my own business much less for my kid or help my kid do it. And soit's a huge turn off. In fact, don't ever use these words, if you're tryingto help families and kids don't ever say entrepreneurship business, don'tsay sales. Don't say chores, don't say allowance, don't say work like kidsneed to have fun, set goals and then reach those goals. In fact, back toyour snow cone deal. Well you should, one of my best things is forget themoney. You just say all right, what do you want? You want an airport, you wantairpods, you want a video game, you want to bike. Let's set a goal. Andthen all we're gonna do is we're gonna do the math and figure out snow conesto goal. We did that, we did, we back it out to break even and thenprofitability so that they could go and achieve that. Now this is where delayedgratification came into play because my oldest son, he wanted, I don't evenremember what it's like. It's like he wants something every Something newevery week, every other week. But I have a deal with him. I'm like give it10 days. You think about it, you come back and visit me in 10 days and if thefeeling is still 100% Dude, you're, you're golden. Go ahead. But if it's90% or if it's 80%, if you're not 100% sure, give it another 10 days,technology has transformed our world and digital has changed the wayconsumers shop for and buy financial services forever. Now, consumers makepurchase decisions long before they walk into a branch. If they walk into abranch at all, but your financial brand still wants to grow loans and deposits.We get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand. Marketing and sales leader, but it doesn't have tobecause James robert wrote the book that guides you every step of the wayalong your digital growth journey, visit www dot digital growth dot com toget a preview of his best selling book banking on digital growth or order acopy right now for you and your team from amazon inside, you'll find astrategic marketing manifesto that was written to transform financial brandsand it is packed full of practical and proven insights you can start usingtoday to confidently generate 10 times more loans and deposits Now back to theshow. Mhm And I've seen him talk himself out of things so frequently nowbecause it's like, it's not 100% like you need, it's like, it's like theancient wisdom, like let your yes, mean yes and your no mean no, you need to be100% about it and you're right, it's the idea of goal setting because now wecan really go down a rabbit hole with that. That's another area ofopportunity, is how, how to number one, how to set goals, number two, how totrack in progress measurement against that. I mean, you know dan's coming onthe podcast again, we're gonna be talking the gap to gain principle andand so it's this idea of uh progress is greater than perfection when it comesto measuring goals because that's where I think so many get overwhelmed and toyour point, don't talk entrepreneurship, don't talk sells because because if I'ma parent and I haven't had that skill set, you're already putting me adam atwhat I would feel or perceive as a disadvantage, but I like the idea ofgoals and helping to set those goals and then measure against that. Can yougo deeper there? Yeah, so this is one of our number one thing's for forfamilies in our banking app that we're basically, we're launching at christmas,we we realize that there's long term goals, their short term goals, kidshave to have ownership of those goals...

...and so, and you can't just have it belike something that they necessarily right out or it's ethereal out there,you have to make it concrete. And so we have progress bars in our app like kidsare setting, save goals, spend goals and share goals, right? Save goals likethese are long term savings goals were showing them like, you know,diversified portfolio everything, but also, you know, rainy day funds, carfunds, college funds for teenagers. Um and then you're seeing progress towardsthose goals spend goals are for us spend goals are less than 500 bucks onaverage. They're like, you know, 50 to $150 things that they want to getparents listening to this, stop buying your kids stuff like show them how toearn and reach those and they will be set for life, you know, like you, wewonder why we're raising a bunch of kids who vote certain ways and don't dothe work, we want them to and they're like lazy or they're just they don'thave this responsibility. Stop giving them stuff. I know it's easier to payfor, but the harder thing is to figure out, Ok, how can I keep, how can I makemy kid independent? How can I make them a self starter? How can I make themteach them grit? It's stopped giving them stuff like maybe for a birthdayand christmas, but you've really got to help them learn to earn. And so for us,we we we not only have spent goals, we also have shared goals. Like one of thepieces of our app is We have, we're plugging into charity navigator whichhas like seven million nonprofits, any 5163 across North America, they canplug it in and they reach, you know, a percentage of everything they make youwatch the flow of money in our app and you see it go to where it needs to goand they're getting closer and closer on their progress bar to reach thatgive goal and when they give it, there's confetti and their scriptpoints and there's all these things that they're earning by doing it, notjust funds and that's what helps kids want to reach those goals at the end ofthe day, so you want to create self starters, you gotta, you got to getkids out and going, that's a great point about like even gifting my wifeand I are whole gifting strategy has transformed over the years to wear forbirthdays? That's pretty much like maybe one gift um for christmas, it'stypically I think three or four and they're not, sometimes it's just close,right? Like just like that, what what do you need versus what do you want?Because there's a difference, there's a major difference there and I think ifwhat you want is what you want, that's ok, you go and figure that out andwe're going to help support you in that setting that goal, working towards it.But ultimately it's got to be your drive your motivation and I think it'sit's helping to, I think you said encourage the motivation or help tobuild that self starter. It's to help that self starting capability kick inversus just being so passive and uh waiting for someone to do it for themwhen you think about this whole journey that you've taken. Uh and and like Isaid, I'm so excited to see this come to reality is what have been thebiggest lessons that you've learned of just, you know, starting a Fintechbecause I'm a bank, I'm a credit and I'm listening to this. Like I want todo something similar, but what do I need to be aware of? What are theroadblocks? What are the challenges? What are the struggles that you've,you've kind of had to work through just yourself here? Yeah. So first of all,anything in thin tech, double the money and triple the time is like baselinefor anybody marching through tech, it's not easy. It's always evolving. Um, oneof the biggest things I've realized, like I said before is that families donot have a plan. Um, and there's a lot of reasons for that, right? Like inschool we like schools are failing our kids, blah blah blah. Well think aboutit from a teacher's perspective, man, like a teacher is doing everything thathe or she can to help the kids with the...

...resources at their disposal. Okay. Wedon't blame teachers for anything. Teachers are like heroes in my book.Like they should, we should double their pay somehow and stop having allthe bureaucracy and hierarchy. Like my, my wife had a first grader with some,some extra needs and there were seven people from the district in one of themeetings and it's like, what the heck? Just give my wife an extra 500 bucks tohelp that kid and it'll get solved in an hour, right? Like it's ridiculous.The, but you think about teachers, right? Like they're never going totouch this money idea because it's almost like telling the kids what toeat. Like there's rules against what teachers can tell kids on what to eatbecause of nutrition and diet. And you know, they just can't do that withmoney. They don't even want to because they don't even personally know all therules themselves and how are they gonna tell a kid what to do in their familywith money. Parents feel the same way because they don't want their kids, Alot of parents make the mistake. I think of not telling their kidsanything because they don't want their kids to know how much money they'vestocked away. You know, maybe they don't have much say it. But if they,even if they do, they don't want their kids thinking it's all theirs, theywant their kid not even knowing about it until it comes college time and look,I just have, I got thousands and thousands of dollars for you to drop oncollege. Well the problem there is parents don't have a map. What it doesis it leaves the kids like drowning in ignorance. And so what we're trying todo with this is give a Eagle Scout model where the kids, the parents arebringing the kids along right with some of the challenges. We're setting up,like they're actually going to be like buying a fake house on Zillow and goingthrough that process. They're going to learn everything about car loans andlike what you can buy a car on craigslist, but there's downsides. Youcan get auto loans where you can pay it in cash and save up, but you got to,You know, down payments and like we're really teaching. Like, Hey, there'slike 40 types of taxes in your state. You don't even know about, let's do achallenge where we learn all the taxes. Like mom and dad's have very are veryuncomfortable telling their kids. And when I say kids, I mean teenagers like8-20, it's like kind of our market here. Um, they don't tell them what their networth. They don't tell them what their house is worth. They don't tell themwhat they make And you know, you don't have to tell your kids your network,but you know what you can do is tell them how you make money, why you needto make money, what it covers for the family. Why don't you pull up astatement in your bank and just go over with your kids. Hey guys this month Imade, we made $9,000 and we spent seven. Okay, here's how it all worked. Youneed to know this because as you're growing up, it's gonna start withmaking a couple $1000 and you're going to spend it in a certain way. Like thisis how we budget as a family. Like have these conversations with your kids. Andif you think that that's a conversation to have when they're older, I want youto subtract five years from every age. You think you need to have theseconversations at because they're smart enough to get it. Okay. One of mymentors, his name is tom Barnett, He owns 100 Burger Kings in town. He andhe and he's awesome. He's like one of the coolest parents I've ever met. Likehe had five rules for his kids. That was it. Everything else is like, Itdoesn't matter like five rules and uh, don't lie, cheat, steal, disrespect ordisobey right? It's five. Everything else that's like a puppy in a store.Like if they break a window, they break a window. Like, so just, he's anamazing, amazing parent. But one of the things he said to me, um was alwaystreat your kids several years older than they are because they are smartenough to get it right. You have no idea what your kids are watching. Youdo. Like your eight year old, your 10 year old like they're watching andthey're learning everyday, way ahead of what you think they are doing, right?Like my, my three year old and my two year old when he last year, he was twoyears old. He was like, you ever tried to like read books to your kids beforebed and you're exhausted and you're like, you're gonna skip some sentences.Yes. He has a two year old, he's barely talking and he's, he knows this 25 pagebook by heart all of a sudden reading...

...at one time and he's like dad, youmissed this sentence and he quotes the sentence, okay. These kids are waysmarter than we give them credit for. So have these conversations with thekids and what our goal is with gravy stack is to really gamify this bankingexperience and getting kids to really take ownership and giving parentsalmost like a A map right here. All the things you can do to get your kidsready for the real world. And if they finish the 100 challenges by age 12,great, okay. Yeah. That's our thoughts. I like the Eagle Scout because it issomething that they're collaborating on. And and it's that collaboration. Ithink that's where the real secret is because, you know, sometimes you're theteacher, sometimes you're the student. But through either experience there'salways a lesson to be learned. And then the other thing too, as you're talkingthrough this, I'm a bank, I'm a credit union. You know, I've I've been aroundfor, you know, 50 100 150 years from your perspective, what could I be doingeven better to truly transform the lives of people, kids in thecommunities that were serving, where might I be getting it wrong right now.Um A lot of banks and this is not a Idon't want to slap any bank because they have their models and theirbusiness models, but a lot of banks don't even care about that nextgeneration because there's a percentage of families who literally just set upan account for their kids and it's all about deposits. And those deposits arehow we make our money. Kids don't make money and so they don't they're just bya by product there. An afterthought what I want to proposes this idea thatthat's kind of how we got into this this mess a little is because kidsreally are the future, right? Like you should be watching how kids interactwith money all the time, you should be having conversations with your clientsabout how they're raising financially smart kids, do a business fair in yourlocal community, you want to grow, like, have 1000 people come out to a fairthat you run okay, And then offer opportunities for these kids to learnmore. Okay, like that's a very easy way for a local bank to be like in thecommunity, Diehard, amazing. Like ask these families, Okay, what are youdoing with your kids? How are your kids learning money? Give them 10 simplesteps by age, age specific, come up with what you think could be a coupledozen things they can do with their kids. And can you give an incentiveprogram for it, Can you give $100 Can you give a $550? I don't care. Figureout an incentive program. Maybe there's a, you know, you get to come in and bethe ceo for the day of the bank, right? We have kids running our business. Idon't even think I told you this, we have kids under 18 as our ceo like amonth at a time because we want this thing run and thought out by kids,they're giving us ideas all the time. Like let me tell you this story, stevejobs who I don't want to become steve jobs. I've had a lot of people tell me,I'm like Elon musk and steve jobs. I'm like, okay, well those guys are crazyand they really have changed the world in incredible ways and I've got fivebusinesses and millions and millions of people were impacting. But I also wantto be like a, I want to help my kids, I want to be a good family man, a goodhusband. Like I got priorities here. But what I really admire about stevejobs, for instance, Back in the early 90s, we all growing up had macintoshcomputers in elementary school. Why? Because they gave them at cost todistricts all across north America. What they were doing is they werewatching first graders use a computer. They were watching a they were watchingfive year olds and seven year olds, touch the screen in the nineties. Okay, that now we havean iphone. Okay, that's what led,...

...that's how you evolve. You have towatch the next generation bank and interact with money so that they can beable to grow with you and you can build in systems, it's different foreverybody, right? Like if you're a small credit union or you're a hugelarge branch or you're more tech related, you have to watch yourcustomer, you have to listen to your customer, you have to see how theyinteract with stuff and then build products and build systems that servethem. That's how banks are going to make it that right there. I thinkthat's like the big takeaway from all of this conversation and if you stuckaround to the end, you've got it because it comes down to this, you haveto go all in on the future. And what I mean by that is you have to ask firstand foremost like like what's going on? What are people's questions? What arepeople's concerns? What are their hopes, their dreams Number two, you then haveto listen to what those answers are and then you have to learn. And what I meanby learn is that comes through the observation, back to your point of themacintosh and observing these kids because when you ask and you listensometimes you might not get the full truth, but when you learn throughobservation, that's where the real the real magic happens. And I can thinkback to the conversation at the conference, I was speaking out thismorning in Dubai um the banks historically have launched productswithout any type of market research. They think that we need this. So weneed this therefore the market. But we bridge that gap. It's really like humancenter growth by putting people at the center of all of your thinking, All ofyour doing scott? This has been such a great conversation. If someone wants tocontinue the conversation with you, what's the best way for them to reachout? Say hello, learn a little bit more about what what you're doing with with,with with gravy stack, what's the best way for them to do that? Yeah, gravystack dot com. You can head there, join our wait list. Um we're getting a bunchof people on board to launch our first product by christmas. Um that's thebest way you can interact with us. We're also on social media gravy stack.Um we we use the gravy stack is the name because we don't want to soundlike we want to sound fun right? It has to sound like a video game for theseteens like gravy gravy train and stacks of money. So we just put it together.Gravy stack, you will not forget it, I will say that. But yeah, go to gravystack dot com and I want to end with this real quick that the best advice Ican give to banks and anybody who's in this space, what I've, what I'velearned in the last few years, like my my network, my network, my vision isall dependent on your vision and I think that you know, our biggestproblem in our society as leaders without vision and without vision,people perish. And so how can you as a bank and how can you as a localcommunity support is what you really are. How can you have a vision thatextends past the next 10 years, the next five? What is your vision for thenext generation? What is your vision for these families? Like people areattracted to vision? I cannot tell you how many world class people have hired,who only joined us and you know, we just hired a guy who just gave up amillion dollars in stock and Paypal. Okay to join us, it's because of thevision that we set and your vision has to always be growing and always begetting clear for the future and the more that you let that out to yournetwork, the more people are caught up in it. That's what you can do as agreat leader of the local bank or a local community organizations thatright there and I wrote about this in banking on digital growth, even usethat old, that old ancient wisdom where there's no vision, the people perishbecause it's this idea of when you, when you think about leadership,leadership is about casting that vision, crafting it around a purpose that'sgreater than even the mission. It's about empowering and elevating otherpeople. That's what it is attractive. That's what is going to really propelyou forward because leaders lead into...

...the future. Manager's managed in thepresent moment. But we need both sides of the equation to continue to makeprogress on this journey scott. This has been so much fun man, thank you somuch for joining me on another episode of digital growth. All the best as youcontinue forward on your own journey here. Thanks man, I had a lot of fun asalways and until next time be well do good and make your bed. Thank you for listening to anotherepisode of banking on digital growth with James robert. Ley like what youhear, tell a friend about the podcast and leave us a review on apple podcasts,google podcasts or Spotify and subscribe while you're there to geteven more practical improvement insights, visit www dot digital growthdot com To grab a preview of James Roberts, best selling book banking ondigital growth or order a copy right now for you and your team from Amazoninside you'll find a strategic marketing and sales blueprint framedaround 12 key areas of focus that empower you to confidently generate 10times more loans and deposits until next time, be well and do good.

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