NGPF Podcast: Abby and Katie of ClassEquity on the power of classroom economies
What's a classroom economy and why should you consider it for 2022-23?
Abby and Katie saw the power of a classroom economy as new teachers. They thought it was so powerful in building community and developing financial skills that they decided to create a company, ClassEquity. In this podcast, you will hear Abby and Katie's entrepreneurial journey, their approach to product development, the importance of listening to teachers and how their lifelong friendship has made them ideal co-founders.You will also learn about best practices to bring a classroom economy to your students. Enjoy!
- 0:00~1:34 Introduction
- 1:34~4:48 Early money lessons
- 4:48~6:25 First jobs
- 6:25~9:33 Experience working as a teacher
- 9:33~13:46 The start of ClassEquity
- 13:46~18:06 Early adopters using the app
- 18:06~23:28 Building community within the classroom
- 23:38~26:12 Teacher ideas for stores and fines
- 26:12~26:32 A word from NGPF
- 26:32~29:38 Student and teacher feedback
- 29:38~31:01 Growing a start-up focused on middle school teachers
- 31:01~32:37 Complimentary relationship as co-founders
- 32:37~34:01 Future updates to the app
- 34:01~36:40 Creating the first version of the app
- 36:40~37:41 Cost of using the app
- 37:41~38;15 Working on LMS integration
- 38:15~38:55 Getting started
- 38:55~40:25 Tips for using the app
- 40:25~41:23 How the “money” portion works
- 41:23~42:45 Progression of implementing the classroom economy
- 42:45~44:57 Using bonuses and fines
- 44:57~45:53 Using ClassEquity in high school
- 45:53~46:47 How fines work
- 46:47~47:37 The elevator pitch
- 47:37~48:53 Conclusion
“It’s a safe space where students can manage their money but it’s low lift for teachers because it’s all digital. We have heard great things about building a community within the classroom so come for the financial literacy benefits and stay for the community building.”
More NGPF podcasts available here!
About the Authors
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
Ren has been working part-time at NGPF since 2014, interning through high school and college. With his knowledge growing alongside NGPF, after graduating from college in 2020, he joined the team to work full-time. He is also the producer of the NGPF podcast. During his free time, he likes to try out coffees from different roasters across the world.
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