Serial entrepreneur Evan Leaphart didn’t realize the importance of a solid credit score until he started seeking financing for his various ventures. Today, he is the founder and CEO of Kiddie Kredit, a family-oriented digital platform that aims to demystify credit and shine a light on how your credit score affects your financial future.

“I hadn’t realized how critical my credit score was until I tried to get a business loan and even buy a house,” Evan says. “I built Kiddie Kredit as the solution I wish I had had myself.”

Evan’s focus on entrepreneurship stems from his belief that it can play a key role in helping close the economic gap in our country. That’s because when you start your own business, you’re not judged on potential past mishaps, as you might be when someone else is scrutinizing your background.

But even if you have a great idea, it can be hard to get it off the ground if your credit score isn’t where it needs to be.

“The common financial denominator for all households is their credit score,” Evan says.

Kiddie Kredit, which is focused on kids 12 and under and their parents, uses the concept of chores and other activities to demonstrate how credit works. For example, users get “paid” in “Bamboo Bucks” for daily chores or other activities, like getting a permission slip signed, and lose them if they miss a milestone as a way to show how just one missed payment can ding your score. And the longer they’ve completed a certain chore, the higher that part of their score, just like with credit.

While Evan expects Kiddie Kredit to have a positive effect on future generations, he’s equally passionate about today’s entrepreneurs, as a mentor and co-founder of the Black Men Talk Tech Unicorn Ambition Conference, designed to help other startups grow their businesses through connections and actionable insight.

In today’s episode, Evan talks to Ana and Jamie about the importance of credit literacy, how he was able to move the needle on fundraising, his potential next steps as his core audience advances to their teen years and, on a lighter note, how cool artwork sparks important conversations on video calls.

Key Takeaways

  • Realizing what positively and negatively affects your credit is the fundamental building block for financial success.
  • If you don’t understand how credit works, it’s easy to make minor mistakes that have massive ramifications, even among those with substantial salaries.
  • As an entrepreneur, you must understand your own product inside and out and take it as far as you can on your own before seeking help.

Quote

“While my lower credit score was due to my own mistakes, at the same time, I didn’t know what I didn’t know until I needed it. Understanding your finances is something you need to know on a daily basis, yet it’s rarely taught.” – Evan Leaphart

Links

Carson Group is dedicated to helping advisors work with clients at all ages and stages to advance financial literacy. Schedule a consultation to learn how we can help you grow your business and drive impact.

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