Crypto Mom with Kendra Cole
Kendra Cole is the Co-Founder and CEO of The CryptoMom App, a crypto investment management platform for women, made by a woman. Black-owned and woman-run, The CryptoMom App aims to close the crypto gender gap by providing the tools necessary to make cryptocurrency more accessible and digestible to women and moms. Through their products, Kendra and her husband and Co-Founder Lord, hope to empower the next generation of female investors and change-makers to attain financial freedom, one bitcoin at a time.
Eve #wealthwednesday Highlight 73: Kendra Cole, Co-Founder & CEO - The CryptoMom App
What was your first investment?
In terms of traditional investment, I did not invest in anything until I was an adult with kids. We started with 529 plans for our daughter and life insurance. Growing up, I don't remember ever having a conversation about investing or anything about finance and money management. This is the case for a lot of women too. Studies have shown that a majority of women of all races equally say that no one had ever sat them down to talk about investing or finance. This is a huge problem that widens the gaps in wages and salaries - it stems from life and home.
When it comes to my investment in life, it was when I took a loan to go to an esthetician school. I decided to quit my radio sales job and go to the esthetician school because I've always loved skincare. My parents were completely against it and told me they weren't going to help me anymore. It was a leap of faith - investing in myself and something important to me. Looking back and thinking if I didn't do that - I wouldn't be where I am today.
Women often have confidence gaps. We had to double, triple, and second-guess ourselves. We can exercise those muscles of pushing back by investing in ourselves, taking chances out on ourselves, investing riskier, and even just exploring the world of cryptocurrency. So that It wouldn't feel risky or scary. We can have the confidence to know that we've done something like that in the past and we can absolutely do it again.
How/why did you get into your space?
There are a few stories that helped us birth this idea. First was my husband who is my technical co-founder had experience in the industry of cryptocurrency. He was a CTO of a global market-making firm for the last four years or so. At home, I would hear a lot of conversations about it but I had no clue what he was talking about. There's a lot of jargon - the idea was foreign to me. In the middle of the pandemic, I decided to try and explore the space since I've heard many things about it and seen it on my social media. I would ask questions to my husband and he would share these tidbits of information that motivated me to look up stuff myself. Eventually, I started bringing about four or five of my girlfriends and we are all on a text chain exchanging ideas and sending tips to each other.
The second was one of my daughters had a genetic blood disorder and she had to undergo a bone marrow transplant at the beginning of last year. My husband and my daughter had to go to the clinic every week. Sometimes my husband would have to take work calls at the clinic and our main nurse Cindy got super curious about crypto. Eventually, Warden, my husband, and Cindy developed this relationship where she could ask him any general questions for about 2 to 3 months. Cindy's curiosity was on fire and she wanted to explore the side of cryptocurrency, she even wanted to give his son crypto as a gift for his graduation. Unfortunately, there were a lot of obstacles in the onboarding process. It took her 3 to 4 times to get on any of the exchange platforms and she had trouble and issues navigating the apps. One day, when I was about 3 to 4 months pregnant with our third child, I took my daughter to the clinic. I arrived there and saw Cindy and the other 6 nurses telling me that they were expecting my husband instead because they have a lot of questions about crypto.
We saw a similar reaction and progress on how I and my friends first started and how Cindy and her colleagues got curious and dived into the space. There has to be something about the space and I said to myself 'How do we do more of this?'. What if I wanted to take out a loan? or If I wanted to start a college plan for the kids? Can I do that with crypto? My husband and I researched, but couldn't find anything which got us to the point where we decided to build it ourselves. That's the long origin of the story of The CryptoMom.
What role do you play in the wealth space and why is it important?
I wanted to serve as an example to my children with my experience with money, finance, and investing. I want to do something different and better for them. I wanted to make sure I'm cultivating a positive experience with money and investing in my kids.
Creating an app that is providing a gateway for women to get involved in cryptocurrency. I want to show women that you don't have to necessarily have an MBA or a long history in finance to get involved. You can start where you're currently at that is good enough.
What do you believe is the most exciting thing you’ve learned and want others to know especially when it comes to educating our kids about financial literacy?
The education part starts with reading. It doesn't have to be the same as doing your research kind of thing. Every time we want to expose our children to something - start by finding a kid's book about it. There are books like crypto for babies like alphabet books that have web 2 or 3 terminologies. Building a foundation starts at home. You can find a girlfriend or a mom friend with whom you can have a casual conversation and ask each other questions. Lean on your community. Starting with those can build confidence, ignite curiosity, and you can be a role model for your children.
Is there a person or a company that’s really inspired you?
There are a lot of women groups that cultivate an open non-judgemental community. I love We3 and My BFF community. A lot of them have discord groups where you can join and ask questions. Those two communities have been the most inspirational to me because I think what they're doing is wonderful. You can be connected to women with various experiences. expertise, and knowledge - it's an amazing movement to be part of.
What advice would you give to someone or to a mom getting started?
Start small. Investing doesn't have to be putting in $10,000 immediately. It can be small as $20 or $50. Don't be afraid of what you don't know. Crypto is here to stay and there's still a lot to learn. There is a certain amount of risk when it comes to investing so make sure to take the risk that you are most comfortable with. Grab a friend and have that journey with them instead of doing it alone.
How can we stay in touch?
You can find me on Linkedin under Kendra Cole. Right now, we have a waitlist on our website. You can go to thecryptomom.app and sign up for our waitlist to stay in contact or stay updated on the latest with our platform. Follow us on social at TheCryptoMomApp (Instagram, Twitter, and Facebook). We do a ton of educational content, women empowerment content, and things like TLDR. It's a welcoming community where we want women to join and get comfortable so when our platform is live, you are already 10 steps ahead. We know that women are the key to taking crypto to the next level and I'm honored to be part of that story.
Have thoughts on this week’s topic or questions for me or Kendra? Post your thoughts in the comment section. Until next week. 🙂
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DISCLAIMER: The thoughts and views expressed in this video do not constitute financial or investment advice.
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