Latest / Financial Survival Network / Kudosy is Revolutionizing Financial Education -- Tyler Nicholls #5802

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Kudosy is Revolutionizing Financial Education -- Tyler Nicholls #5802 · Financial Survival Network

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  You're listening to Carrie Letz's Financial Survival Network, where you get valuable information you
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  just can't find anywhere else to thrive in today's trying times. You need the
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  Financial Survival Network now more than ever. Go to Financial Survival Network dot com
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  and get your free newsletter in gift Financial Survival Network now more than ever,
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  and welcome. You are listening to watching the Financial Survival Network. I'm your
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  host, Carrie lets Well. Financial education, or lack thereof, is one
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  of the greatest problems confronting the United States and the world for that matter,
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  because the basic financial tools are generally not taught in school. You learn them
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  by the seat of your pants, whether it's opening a bank account your parents
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  take you to the bank for the first time. I mean, I guess
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  now on the internet you could open up a PayPal account when you're But all
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  these things you need to learn, and there's no great way of teaching them.
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  You know, guys like Robert Kiyosaki, Rich Dad or dad has made
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  great strides and teaching you, but the actual practical learning is still up to
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  you. But there's a new app called Kudosi. I've got the originator of
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  it on with me now, Tyler Nichols. Tyler, you're established software developer.
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  He came across this concept. You saw avoid in the market, and
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  you said, you know what, there's an app for that. Actually there's
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  not an app, but I'll create it. So you created an app to
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  really teach all levels financial education. Just give us a little background on you
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  and how you came up with the concept. Yeah, awesome, Thank you
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  so much for having me. But yeah, that's exactly right. I was
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  doing some research a number of years back and found that every year the United
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  States is spending more and more money on financial education, and in fact,
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  in twenty twenty three, it's projected we'll spend three point eight billion dollars on
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  it across the economy. But what's interesting is we also do studies to determine
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  the financial literacy rates of the country, and our financial literacy rates are actually
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  going down. So it's incredibly ironic that we're trying to teach people how to
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  spend money better, but yet we're not spending that money very effectively. We're
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  we're not actually moving that needle, and so I wanted to help move that
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  needle. I think that it's a big problem for the country in the world
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  at large, to your point, and I also think like it's a big
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  problem even for individuals. You look at the statistics and something like twenty to
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  forty of all divorces occur because of financial issues, and it has the ability
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  to tear apart families and all these sorts of things. So I wanted to
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  create a solution here. I saw that there was a need and I wanted
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  to come in. And as I was doing that, I saw a couple
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  observations and tried to like fill that gap. So it's just like all other
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  education in the United States were spending more and more money on it and getting
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  less and less of a return. I'll tell you this, Okay, I'm
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  going to relate this to personal thing with me. Twelve years ago, I
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  wanted to learn podcasting. Wasn't listening to podcasts. There weren't a lot of
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  people doing it then, And I did an internet search and I find this
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  guy, the podcast answer Man answer Man, Cliff Ravenscraft. I sign up
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  for his course. It was eight hundred bucks. I found an affiliate link.
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  It was a thousand, but I found an affiliate link for eight hundreds,
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  so I saved money. Right there, and it was an eight week
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  course with basically getting on the what was then the equivalent of a Zoom call.
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  We didn't really have zoom that much then and online there were like twelve
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  of us and he went down the basics of it. And prior to that,
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  I was doing my podcast and I was getting maybe thousand downloads a month,
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  which I thought was incredible. Took the course and overnight I'm getting twenty
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  fifty hundred thousand downloads a month, and that was like, they weren't teaching
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  that stuff in college. Now they teach podcasting in college, believe it or
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  not. So the point is that where the public education system fails, private
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  private sector has jumped in with two feet and you can learn more from these
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  online courses then you can learn it a semester in college. And so I
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  think you're really on the right path here. So what age groups is this
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  aimed at? Yeah, so really Kudosi is it's called Kudozi Family Wallet,
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  and it's it's designed for the whole family. It especially helps families with young
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  kids. So kids that are ages three to thirteen especially are really kind of
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  a sweet spot for that app. So they can learn at a young age
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  the correct principles that will help them the rest of their life. Yeah.
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  So you know, like I one time, go back. I'm a little
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  bit older than you, and I had an Apple two plus computer. I
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  couldn't do much on it, but it had it had this game called Lemonade
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  Stand, and I had my niece and nephew in my apartment, and basically
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  you had to figure out how much to spend on your stand, how much
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  to spend on ingredients, what to charge, and then when you screwed up,
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  it went bank and you went bankrupt, and the whole Lemonade Stand like
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  blew up. And I didn't realize it then, but that was actually a
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  financial education at its most rudimentary. Yeah, absolutely, I there have been
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  some interesting studies that showed like the most effective way to learn financial principles is
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  not death by PowerPoint, but hands on experience doing it. And so Kudozi
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  really aims to gamify the whole experience and make it fun and interesting and compelling.
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  So people are kind of in this simulation, kind of trying to figure
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  out how should I spend the currency in the app and learn more about these
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  financial principles, and I just told my daughter about it, and she's got
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  two kids five and two, and perfectly. I got an ad for something
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  similar on Instagram the other day. I don't hate it. I think it's
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  a great idea for kids seven to fifteen, but you know, younger kids,
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  you know, you learn about money at a very early age, which
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  is by necessity. So that's from somebody in your demographic loves the concept,
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  and so have you tried it out on your own kids or test marketed it?
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  How's that worked? Yeah? Absolutely so. We have been using it
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  with our family for about five years. I was using other apps and kind
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  of trying to do what what Kudosi eventually is now doing, and it is
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  incredibly effective. So one thing that I really love about it is, you
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  know, we have to talk about financial education in a very individualistic way.
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  We even coined the term personal finance. But when you think about it,
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  finances are really that personal, right. The way that I spend my money
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  affects my wife and affects my kids. There's a whole ecosystem here and I
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  can go learn all of these really awesome financial principles. But if my wife
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  goes out and spends a bunch of money, on stuff that we're not good
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  ahead or vice versa. She studies the stuff and I go spend the money.
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  We're not going to to move that needle. So so yeah, so
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  it's really designed to kind of have get everyone in on the conversation and talking
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  about these things and really making it so everyone learns these principles together. Right
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  And okay, so you're you're on kids were the laboratory for this and now
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  you've released it. When did you release it? Yeah? So we're brand
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  new. We were about four months old. Now we've launched on Christmas Eve
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  of last year. Well and wish it the best here, so feedback that
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  you've gotten reviews to give us a glimpse of how it's being received. Yeah.
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  So we have one hundred and fifty or so families using the app.
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  We have a perfect five star rating, and we are getting awesome reviews all
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  the time. People are loving it because what's also nice is it serves multiple
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  issues. Right, So, on one hand, it's important that we learn
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  these financial principles because it will benefit us for the rest of our lives.
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  We all know this is important, but oftentimes it doesn't feel urgent. What
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  feels more urgent especially if you have really young kids. Is I'm trying to
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  work remotely on Zoom or whatever, and my kids are just nagging me and
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  driving me crazy and all these sorts of things that is really urgent, right,
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  And so what's awesome is this blends the two together because within the app,
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  kids can earn trudeaus, which are this fictional currency within the app that
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  the parents get to decide they have a family economy that they get to control.
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  And as the kids do good things, they behave well, they serve
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  other people, they build their talents. Parents can give those kids kudos,
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  which means you're able to have your kids want to behave well, to do
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  good things. And so parents are finding their screaming last, Their kids are
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  cleaning their room on their own, they're doing all of these things. But
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  then also they're getting the benefit of the added benefit of learning these cool financial
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  principles that will help them forever, and they get to have more financial conversations.
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  And it's just been super cool to see all of these users, most
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  of which I don't even know who they are at this point, and it's
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  just super exciting to see, you know, they're seeing all the value of
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  it and they've been given us awesome reviews about it all right and so right
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  now it's free, which is we like that? That's our favorite for letter
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  word on the people. Hey, if you got a question for Tyler or
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  mysel Off about this, shoot us an email k l at Klutz dot com.
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  The website who Dozy kudosy dot com. You'll find a link to it
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  in the show notes this interview on Financial Survival Network dot com. Like it?
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  Let us know what you think about it. I am intrigued by it.
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  If you got grandchildren out there, children, that's our demos a little
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  older than new parents. But I know there's a lot of you out there.
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  Download it, lay it. Let us know what you think they did
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  it help? Did it make a difference because you can't start financial literacy for
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  your kids financial education soon enough. Tyler, we want to reach you,
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  connect with you on the web. What's the best way to do that?
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  Yeah, you can email me at Tyler at krudozi wallet dot com. We
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  also have a presence on YouTube and and you can yes find us there.
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  And the app is available live today called Kudosi Family Wallet. It's available on
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  Apple the Apple App Store and it's coming soon to Android, and I just
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  downloaded it, so I'll be playing around with it and I'll give you my
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  thoughts. And I think I think, Tyler or you might have the first
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  financial application that goes viral on the web, on well whatever, on your
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  phones, on your tablet. Probably it's the kind of thing you want to
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  put on your tablet for your kids, given my choices, but however you
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  have to do it. Check it out, Hey, any questions comments?
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  Tyler myself again the email addresses kl at karr Letz dot com. Tyler wishing
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  the best of luck on this really a noble undertaking open succeeds beyond your wildest
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  dreams. Thank you so much. I appreciate that. Thanks for listening to
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  carry Lets's Financial Survival Network, your solution to today's trying times. For the
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  latest, go to Financial Survival Network dot com. Financial Survival Network now more
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  than ever. W