Podcast: Teach Your Children the Value of a Dollar

Parents, is your teen college ready? Are you feeling overwhelmed, stressed out, or excited about your teen applying to college? Do you know what colleges are looking for? And if your kid gets in, do you know what you'll pay for it? College admission has never been so competitive or expensive. Shellee Howard will take you on a journey to help you and your teen get college ready. Now here's your host, Shellee.

Hi, this is Shellee Howard with College Ready, and I am so excited to share a special guest today, Travis Adams from Gravy Stack. He is a father of 3 boys and a girl, founder of Gravy Stack, and he helps kids and families experience real financial independence. And he— oh, I didn't know this— owner of a summer camp. We're going to jump into that one for sure. So welcome to the show, Travis.

Awesome. Thanks to be— or nice to be here. I can't speak today. Nice to be here, Shellee Howard.

All right. So, you know, parents are probably going, what is Gravy Stack? Can you maybe share a little bit about what that is and why you created it?

Sure. So, GravyStack is a true financial literacy platform for kids and families. And the best way to explain it is for kids, it's fun and it's almost like a video game, like you want to play it. And for parents, it's not an extra thing that you have to add to your list that's going to make your life more complicated because we're all busy as parents, but it's basically a platform that parents can partner with to help their kids get to financial independence, but it makes it easy and fun and actually brings you closer together to your kids. So it's, you know, my kids have already been— we've been testing it out and doing things like that, and it's like, it's fun. It brings you together, but it's not a burden on parents. We give you a roadmap to 100 missions that helps your kids get to their certificate of financial independence in a really fun and meaningful way.

How did you even think about doing this? Like, I know you're a father, so maybe there's something there, but was there that, that thing that motivated you to actually create an app?

Yeah, so great question. So the short, the short story is, so my good— one of my best friends, Scott Donald, who's also a founder of GravyStack, um, he and I launched a company, um, in the height of the pandemic called My First Sale. And so My First Sale is a— it's an Etsy-like platform for kids and families to learn the basics of entrepreneurship and how to start a real business. It's a one-stop online shop, just like Etsy. You can go have a business or service, kids make real money. So we started that off and we started to notice some patterns. And we, and we got to this point where we were like, okay, at the end of the day, like, how are we actually helping kids? What is the need that we're meeting? And they were like, oh my goodness, we had this aha moment of like, we're actually teaching kids how to make and manage money. And then we were like, oh, this is way bigger than just, you know, teaching entrepreneurship or setting up a one-stop online shop. And that's where Gravy Stack was born. Fun story, I get asked, how did y'all come up with the name Gravy Stack? And so Scott and I were texting back with one another and we were like, Okay, what do we name this? We came with a bunch of names, but we couldn't land on anything. We wanted it to be fun. And so that's where Gravy came from. It's like, yeah, just, it's got to be fun for kids or kids don't care, right? And so Gravy being also the extra, right? Gravy train. And then, and then Stack. And we both texted one of the words to each other and then we put them together. But Stack came from the idea or the reality that kids don't see money move anymore. And so part of learning about money is actually seeing the money move. And a lot of kids actually think that when they give money, cash, to mom and dad and put it in the proverbial piggy bank or whatever, that it just disappears, right? They don't see where it goes. And in some cases, they think mom and dad steals their money. So, which happens, right? If you're a parent, it's like, oh, I have I have a $20 bill in here in my wallet. I think I need to tip somebody, you know, I'll pay them back later. So it really does happen for kids, and kids are smart, as we all know. So that's where GravyStack was born. And so it's really— and again, the other thing too is, you know, there's a lot of debit cards out there for kids even, but we say it's, you know, it's better than allowance and more than just a debit card. It's actually It's a true platform that helps parents and kids really learn to be financially literate. And at the end of the day, it's financial independence. So we're talking about college today to kind of tie it together. It's about becoming financially independent so that before kids ever step on a college campus, like, they are going to be way ahead when it comes to earning money, saving money, spending money and even sharing and being generous with their friends and kids or those in need.

I love that. So at College Ready, we, we talk about the 3 buckets. We talk about the academic fit, the social fit, and the financial fit. And we're one of the only ones I know in the world who really talks about return on investment for college. And so when I saw what you were doing, I could not wait to partner with you because I do believe the big tragedy in why people owe so much money in college debt is because we're asking our 17-year-old to sign a document that they may owe hundreds of thousands of dollars and they have no idea what debt is. Yeah, it would be like asking your teenager to buy you a home without you being involved. That's terrifying to me, or even a car for that matter, right? So I know that when both of my kids graduated without college debt and adulted, it was so simple because they didn't have to wear that backpack for a good portion of their young adult life. So when I figured out how could I have done this even better, because you obviously weren't around when my oldest was doing this, we had those conversations, but they were hard. It's hard to tell your child, yes, NYU is a brilliant school, but does it make sense for you for $88,000 a year? Because the student has no concept of what $88,000 a year is. So what I love about your program is you're going to teach them, will that make sense? So how are you doing it and who are the people, who are the the children that this would most benefit?

Yeah, so, um, to, to real quick, just to my quick story on that. So I went to a university here in Texas, and, um, um, and the first— when I, when I stepped on campus, I still remember just unloading my stuff, and, and we walked over and we just said, hey, we're going to take a trip to the financial aid office. And, and I signed a bunch of papers, and I was— and, and what I didn't realize at the time, and not even to blame anybody. I just didn't know. Um, and, and I, I knew it was a loan. It's like, oh, you'll pay that back later, right? Um, but I, I was so ignorant. So I was— I'm definitely— I've experienced what you're talking about. Um, and the way— the how with GravyStack, and for parents and kids looking at getting ready for college, is really it's the— for everything that kids need to know is really simple. And so we start with learning the value of a dollar. So how does a kid learn the value of a dollar? So when you say it's $88,000 to go to NYU, they quickly can connect the dots in their head of like, wow, 'cause right, if you don't know the value of a dollar, that doesn't mean anything. I just want to go to New York. I have friends going there. You know, they're highly ranked, right? All those things. But if you say $88,000 and your kid knows the value of a dollar, it's gonna compute real quick. And your kids are gonna have some opinions even maybe that you don't have that are even more insightful than parents have, right? If they can connect the dots. So, a value of a dollar, it's earning a dollar, right? The way you learn what a value of a dollar is, is you actually go out and earn a dollar. $1 at a time, one gig at a time, one job at a time. Um, and so that's, that's how we do it. And then I think, what was the second part of that question you asked?

Um, who would be the— or when is the best time to start talking to kids? Because that's the big question, right? When will they get this? Like, uh, the age, the, the attitude, like, how do you know?

Yeah, so I think it's never too early to start. And I think a lot of fears that parents have and insecurities that we have as parents is like, well, I, I don't know, you know, because I didn't, you know, most parents don't know. And then we feel shameful that we are acting like we don't know because our parent— our kids need us to help them. And so that's the great thing about GravyStack is we, we have a really clear journey and map laid out for parents and kids. So I'm not guessing. So like the first level that the kids get to play is all about savings. And when they finish level 1, they're going to master savings. Like, and savings is something that I don't care if you're 8 or 18, you need, you can learn that right now. My 6-year-old's begging for, he's seen parts of the game and he's begging to play it. So he's a 6-year-old, can go on and play Gravy Sack now and start learning about saving. And so I think that's one. You just need a resource and don't feel shame if you're a parent like, "I don't know where to start." It's just starting with the basics and they can start as early as 5 or 6, honestly, to learn about spending, saving, and cheering, and the value of a dollar. Certainly as they progress, because some of the things in Gravy Sack is just in real life things. We want kids to learn by doing. In fact, that's how everybody learns. We have Google to regurgitate information or a history fact. You can search that on your phone if you don't know the answer. But the way the kids learn is by doing things, practicing things, failing, and then trying again. And that's a big thing with our family, like, hey, let's celebrate failure as much as we can and try again. And so our platform allows parents the visibility to see what kids are doing. We already have the 10 things they need to master about savings. So parents, y'all don't have to do anything, just get them on there. And then there are some fun interactions between parents and kids where you get to see their progress, you get to affirm them, but you don't have to do much work at all other than you're going to have some fun conversations with your kids. So I hope that answers the question.

Yeah, so, you know, as my listener might be thinking, so what makes this app any different than anything else out there? Like, why would we pick this over something else?

Yeah, great question. So number one is it's fun for kids and it's not lame. Okay, so, um, That would be the first and foremost. And again, it's, it's very much kid-centric and teenager-centric. Number 2, there's a clear journey. So, you know, again, a lot of— there's a lot of debit card for kids companies out there that preach financial literacy, but they're not really— the onus is still on the parents. Like, there's not, there's not really a roadmap, right? So number 2, there's a clear roadmap for parents and for kids so that you can actually see and and measure your progress to financial independence along the journey. And then 3, we really promote the, um, the uniqueness of the kids. And so if you're a kid and you're interested about— it could be anything— so around money, let's just say, um, you're interested in real estate, you're interested in crypto, you're interested in these other things there are opportunities for kids to continue to progress beyond just the first 10 levels of financial independence. And so it helps bring out whatever the gifts are in your kid. You know, science proves, you know, DNA is scientific evidence that every, every person is completely unique. No two people have the same DNA. And that's just scientific evidence that like every single person is unique, one of a kind throughout history. Like, that's fascinating. And so our platform really promotes the uniqueness of every child, every kid, every teenager, every kid getting ready for college. Heck, every college student, once they're in college, GravyStack's going to be a great place to be.

So, so the platform itself, I cannot wait to play it myself, but I'm not, I'm not a youngster, so I'm not ready yet. But when I think about The unique opportunity to watch money move. That's hard to visualize without seeing the app, but I wanted to share, see if you could share with parents. I know I've listened to you, you talk about the app before and how checking accounts where you write a physical check to our, this next generation, they're gonna be like, Is that like a dial rotary phone? Like, whoa, what is that? You know? And so how have you made it current and so that these, uh, children and young people will see the value that it's not, um, like their parents' way. It's more, you know, valuable to them where they're at.

Yeah. I think part of it's communicating and visually like showing kids like, Again, because I mean, I'm a visual, I have ADHD, I'm a visual person. If you show me a bunch of text, I'm like, I don't, you know, I just, it's not appealing or interesting to me at all. So I guess first, it's just like visually pleasing for, and the funny thing is too, as we've been showing parents the platform, Every parent's like, I want this for like my own account, right? So it's like showing, it's not telling people, it's showing them, right?

I love that.

If you're thinking about a statement, like even today I was going over our kids' statements, but we don't use that word because statement is boring. We show, you know, money moving and it's just It's, yeah, show, show, don't just tell is how we do it.

Brilliant. Yeah. And there's a lot of kids with short attention spans now with the internet and getting everything so rapidly. So I think that that is huge. The other thing that, um, I've heard you say before, I think is valuable, is when these kids get to different levels, each level they're going to get more opportunity. So it's not a game that's going to be stagnant or I beat it, I'm done, I'm financially literate. It. So maybe can you talk briefly about the different levels and what they could look forward to?

Sure. So, um, the first 4 are saving, earning, spending, and sharing. And then we have other ones that are like, you know, borrowing, protecting— just, just kind of the basic ones that we all need to know. And again, again, if your kid is 18 or 8, it doesn't matter. Most 18-year-olds have not learned this. Unless you've been very diligent as a parent, and that's probably like 2% of parents because we're busy and we just don't know what we don't know. But it really, yeah, once you get past the first 10, it really is going to be anything. So again, like I said, it could be about NFTs, it could be about crypto, it could be about real estate, it could be about side hustles or Investment 102. 102, whatever, you know, the next level investing. Um, um, but yeah, I mean, those are a few that just come to mind. Um, uh, how do I, you know, it could be— and I can't share too much because there's a lot we are working on building, so you'll just have to get on the app and see it.

I love it.

Those are a few of the extra other ones.

And so I know, you know, you're getting ready to launch, you're getting ready to take this to the world, and I cannot wait. Every one of my students. I'm going to encourage them at whatever age they are. And even my older two that are adulting and have no idea what crypto and NFTs are. So I think that this will be brilliant. When are you looking to take this public?

Yes, great question. So we are, we are about to have about 1,000 kids jump on this summer. To test it out, and it will actually be the app. It won't be public public, but it'll be available to our— we've got a bunch of families that are already so excited for this, and they're, they're giving us feedback now, and they're, they're testing it out. But my hope is late summer, early fall is when I, when I'm guessing we'll probably have it where anybody can download it. So in the meantime, if you go to gravystack.com and you can join our waitlist You can share it with other families. And if you, yeah, if you join the waitlist, we'll keep you posted and let you know for sure. But that's my hope. But it's been a lot and we're excited to show and let it out to all these families. And we have lots of people interested that want to come on board.

It's brilliant. So I love to tell a little story here. My oldest, he was a gamer and I'm not going to lie, it made me crazy as a parent. I was like, way too much game time. Like, there's got to be something else you can do. And he used to say, Mom, I've got straight A's. I would take a deep breath and I'm like, what do I say to that? Like, I know, but— and he would always smile kind of like, I won. And I'm like, oh, that made me crazy as a parent. And now he's an orthopedic surgeon doing his surgery by robotics and using the same controllers, right, that I used to like get so mad at him about. So something that was so innocent, and when I would want to spend time with him, I would sit and I would play these silly games because I wanted to be in his world, and it would give us a chance to talk about some grown-up stuff. This is a great opportunity for using a platform that a student, a child, is going to get excited about, where you might be able to ask questions to them. What have you learned? How can you relate this to a career? So if you have a student who falls in love with investing, nurture that. Help them to understand what real estate investing is, what other investing opportunities are there. And you may find that they see the value of flipping homes and you're like, whoa, that happened really fast. Where I talked to a lot of young adults and I asked them, what are you passionate about? And one of them asked Siri because they had no idea. And it is a true struggle for these kids to pick a major and to pick a college and to pick a career. So I love this opportunity you're giving these young people to figure out, yes, I like this, but even more importantly, I don't like this. And the failure is so important because it's going to teach them, I'm— that might not be in my radar, like that just may not be a major career for me, which will ultimately make my job easier helping them to get where they want to go and nurturing that along the way. So thank you so much. Now, if a parent wanted to get a hold of this game, this app, this opportunity, what would be the best way for them to do that?

So just go to gravystack.com, and right on our home page you can put in your email and phone number, and that's going to be your best way. You'll get updates, um, you get to kind of see what's, what's happening., and as soon as it's available to the public, you'll get an email and a text probably just saying, hey, let's go, and then you can add all your kids and go from there. And I will say just what you were saying earlier, just about like, we haven't had one parent that's looked at this and been like, they're almost relieved because they see the value in kids using this type of technology because we even have like we call it the sweet spot. It's like, what do you, what do you lose track of time doing? What do people say you're good at? And what's a problem in the world? And that's where kids— so yeah, you don't need to wait till college to find out what you're passionate about, what you love to do. And we really promote that in the platform as well, because you're right, parents will start to see patterns and like, oh wow, my kid— and that's one of our goals is for kids to try a lot of different things. And then once they figure out what they do love it can lead to something like your, your son. And, uh, yes, as an orthopedic surgeon, that's so cool.

Yeah, well, thank you. Thank you for your creation, and thank you for being on the show. And for all of those looking to get in touch with Travis and Gravy Stack, we will have that in show notes. So thank you for your time, Travis.

Awesome, thanks so much for having me, Shellee Howard.

Thanks for listening to Parents, Is Your Teen College Ready? With Shellee Howard. Make sure to check the show notes for our expert guest's contact information, links, and more details on how to get Shellee's free bestselling book, How to Send Your Student to College Without Losing Your Mind or Your Money. Thanks again for listening.