BreadVault money mangement app allows children to give backFargo, ND (WDAY TV) - We told you about the money management application for kids "BreadVault” but it's not just about teaching children the value of saving. This latest tool in financial responsibility also shows us how to give and invest in our future.
Fargo, ND (WDAY TV) - We told you about the money management application for kids "BreadVault” but it's not just about teaching children the value of saving. This latest tool in financial responsibility also shows us how to give and invest in our future.
The power of the almighty dollar can be a difficult concept to grasp at a young age.
That doesn't mean children don't know the power of giving. With Breadvault, the latest iPad and iPhone application, kids now have the power to donate their own money to a charity of their choice.
Whitney Derks, BreadVault: “Children have the hearts to give and they want to make a difference and feel like they are important and they are.”
Tied with local and national charities alike, kids can have a direct impact on changing the lives of others.
Derks: “As we begin to grow, we'll have a Fargo-Moorhead child accessing charities right here in their backyard and then we'll have maybe somebody from Billings, Montana accessing charities and non-profits in Billings, Montana.”
The concept is simple: link your bank account to the nationally recognized online brokerage firm tied to BreadVault and deposit money. There are no fees and no security risks. You will be given a debit card for each account set up.
The money you put in will be divided into three portions: save, invest and give. Based on a ratio of your choosing, that money is now in the hands and control of your children, digitally.
Derks: “Each of those kind of teaches different parts of delayed gratification which is what BreadVault is founded on.”
It's not just teaching kids to save and give but to invest as well.
Derks: “They're going to see stock market and think it's a dry scary word but it’s not. It's something they can learn about and make an investment.”
BreadVault allows you to buy real shares of real companies, an investment in a child’s own future that they control.
Derks: “Maybe when they get to college they can access those funds and be able to use it to pay for their books or pay for tuition.”
Ultimately, parents do have the final decision and must approve every monetary transaction their child makes.
For more information on how you can download the application, just log onto our website WDAY.com and follow the EasyLink.