Tips for Acing a Grant Application and Getting People To Care About Financial Literacy with Jailan Griffiths (Global Head of Purpose at Nasdaq) and Three Grant Winners
In this episode of Money Rehab with Nicole Lapin, Jailan Griffiths, the Global Head of Purpose at Nasdaq, discusses the work of the Nasdaq Foundation. The Foundation aims to advance financial literacy and entrepreneurship, especially in underserved communities. Griffiths shares insights into the Foundation's grant programs, initiatives for increasing investment access among underrepresented groups, and the importance of inclusive investing to address wealth gaps.
The episode also features advice from grant recipients on financial literacy, wealth-building strategies like investing early, and teaching children the value of money. Compelling tips for crafting successful grant proposals through mission alignment and networking are also provided.
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1-Page Summary
The Nasdaq Foundation's Purpose and Initiatives
Empowering Underserved Communities and Promoting Inclusive Investing
The Nasdaq Foundation aims to "make markets work better for more people", as stated by Jailan Griffiths. It provides access to technology and resources that support underserved communities through financial literacy and entrepreneurial programs. Griffiths highlights the Foundation's focus on research examining inclusive investing as a means to address the wealth gap.
Grant Programs for Financial Literacy and Entrepreneurship
The Foundation offers quarterly grants targeting local organizations providing financial education and entrepreneurship resources. Nicole Lapin notes the collaborative, nimble approach allows funding of diverse impactful initiatives quickly.
New Investor Initiative: Overcoming Barriers to Market Participation
A key initiative is forming long-term partnerships to increase access to investing, especially for underrepresented groups. Griffiths describes a pilot program with Commonwealth providing seed funding and investing platforms to over 860 low-to-moderate income individuals to encourage first-time investors.
Financial Literacy and Wealth-Building Advice
Start Investing Early and Utilize Accessible Vehicles
Judy Herbst advises starting investing modestly through savings accounts or employer retirement plans, leveraging compound growth - particularly beneficial for younger investors.
Teach Children Financial Concepts for Lifelong Skills
Gayle Villani recommends introducing age-appropriate financial education, like allowances tied to chores, to help children understand money's value.
Crafting Compelling Grant Proposals through Alignment and Relationships
Herbst emphasizes aligning with the funder's mission when applying, sharing her success securing NASDAQ grants for financial technology initiatives. Perry notes building relationships through networking and feedback can yield future grant opportunities.
1-Page Summary
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Counterarguments
- While the Nasdaq Foundation's focus on financial literacy is commendable, it may not address deeper systemic issues that contribute to economic disparities, such as access to quality education and healthcare.
- Grants for financial literacy and entrepreneurship are beneficial, but they may not reach all underserved communities equally, potentially leaving gaps in support.
- Quick funding of initiatives, though efficient, might overlook the need for thorough evaluation of long-term impact and sustainability of the programs supported.
- Long-term partnerships to increase access to investing are positive, but they may not fully consider the risk profiles of low-to-moderate income individuals or the volatility of financial markets.
- The advice to start investing early assumes that all individuals have disposable income to invest, which may not be the case for many in underserved communities.
- Teaching children financial concepts is important, but this approach may not be as effective without addressing the financial challenges their families face in their daily lives.
- Crafting grant proposals that align with a funder's mission is strategic, but it could lead to organizations prioritizing the interests of funders over the needs of the communities they serve.
- Emphasizing the importance of networking for securing grants may disadvantage smaller organizations or those led by individuals with fewer resources or connections.
Actionables
- You can start a financial literacy book club with friends or family to discuss and learn about investing and entrepreneurship. Gather a small group interested in improving their financial knowledge, choose books that cover financial literacy and investing, and meet regularly to discuss the key takeaways. This can help demystify financial concepts and encourage collective learning and accountability.
- Create a personal "investment simulation" using a spreadsheet to track hypothetical investments over time. Without using real money, research and select a diverse portfolio of stocks, bonds, or other investment vehicles you find interesting. Update your spreadsheet weekly with the current values to observe how investments can grow over time, which can provide a hands-on understanding of compound growth and the stock market.
- Volunteer your time with a local organization that focuses on financial education for underserved communities. By offering your skills, whether it's administrative support, marketing, or simply helping out at events, you contribute to the cause and gain insight into the process of financial empowerment initiatives. This experience can also provide networking opportunities and a deeper understanding of the challenges and successes in this field.
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The Nasdaq Foundation's purpose and initiatives
The Nasdaq Foundation focuses on advancing economic progress for all, as highlighted by its investment in initiatives that foster financial literacy, support underserved communities, and promote inclusive investing.
The Nasdaq Foundation's mission to advance economic progress for all
Empowering underserved and under-resourced communities through financial literacy and entrepreneurial support
The Nasdaq Foundation's purpose is to make markets work better for more people, which it achieves through various strategies including product development. By utilizing technology that powers global markets, the foundation provides access to a broader population, especially underserved and under-resourced communities.
NASDAQ's contributions aren't limited to technological solutions. Through its anti-financial crime offerings, the organization works towards making markets safer for more people. Additionally, NASDAQ encourages its employees to engage in philanthropy and volunteering, ensuring they contribute purposefully within their communities.
Fostering inclusive investing and breaking down barriers to market access
Jailan Griffiths from the Nasdaq Foundation highlights the organization's goals for high-impact work. Griffiths discusses the expanded reach of their programs which assist communities by introducing them to various ...
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The Nasdaq Foundation's purpose and initiatives
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Clarifications
- NASDAQ's contributions through anti-financial crime offerings involve initiatives and tools aimed at combating financial crimes such as fraud, money laundering, and other illicit activities within the financial markets. These efforts are designed to enhance market integrity, protect investors, and maintain trust in the financial system. By providing solutions to detect and prevent financial crimes, NASDAQ contributes to creating a safer and more secure ...
Counterarguments
- While the Nasdaq Foundation aims to advance economic progress for all, there may be challenges in reaching truly all segments of the population, especially those who are not digitally literate or have no access to technology.
- Initiatives that foster financial literacy are crucial, but they must be tailored to different learning styles and educational levels to be effective.
- Supporting underserved communities is a noble goal, but the impact of such support can be difficult to measure, and there is a risk of creating dependency rather than sustainable development.
- Promoting inclusive investing is important, but there may be structural barriers in the financial system that prevent full inclusivity, which are not addressed solely through foundation initiatives.
- Empowering communities through financial literacy and entrepreneurial support is valuable, but it may not be enough without addressing systemic issues such as inequality and lack of access to capital.
- Utilizing technology to provide market access assumes that technology is inherently neutral and accessible, which may not be the case for everyone.
- Anti-financial crime offerings are essential, but they must be balanced with the need to protect individual privacy and civil liberties.
- Encouraging employee philanthropy and volunteering is positive, but it should not substitute for fair wages and good working conditions.
- Introducing communities to various support organizations is helpful, but the quality and con ...
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The Nasdaq Foundation's grant programs and opportunities
The Nasdaq Foundation actively contributes to fostering entrepreneurship and financial literacy by providing grants and partnerships aimed at increasing market participation and education. Nicole Lapin, alongside others, sheds light on the Foundation's initiatives that focus on collaborative and impactful funding.
Quarterly grant program for local organizations providing financial literacy and entrepreneurship resources
The Nasdaq Foundation has established a quarterly grant program specifically designed to target and support local organizations that deliver financial literacy and entrepreneurship resources to communities. This nimble funding mechanism allows the Foundation to address a diverse range of initiatives with significant social impact.
Collaborative, nimble approach allows funding of a diverse array of impactful initiatives
The entrepreneurial center operated by Nasdaq creates vital opportunities for budding entrepreneurs. The Foundation emphasizes collaboration with partners and networks to augment the grant programs' effectiveness and reach. An increasing number of applications signifies the growing capacity of the Nasdaq Foundation to support entities focused on financial education and entrepreneurial skills.
Lapin stresses the importance of entities like the Nasdaq Foundation, noting their crucial role alongside grant aggregators such as Grants.gov, Grantspace.org, or GrantStation.org. The grant program's flexibility allows for prompt response to unique and emerging needs within different communities.
New Investor Initiative: Long-term partnerships to increase access and overcome barriers to market participation
The Nasdaq Foundation is not just about immediate financial support but is committed to establishing long-term partnerships aimed at dismantling the barriers to market entry and capital access, with a particular focus on underrepresented communities.
Providing seed funding and resources to low-to-moderate income individuals to pilot retail investing programs
Griffiths outlines the criteria for grant eligibility, noting the necessity of being a 501(c)(3) nonprofit organization and directs interested appli ...
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The Nasdaq Foundation's grant programs and opportunities
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Clarifications
- A 501(c)(3) nonprofit organization is a specific tax-exempt entity under the IRS code. These organizations must operate for charitable, educational, religious, scientific, literary, or other specified purposes. Being a 501(c)(3) allows organizations to receive tax-deductible donations and ...
Counterarguments
- While the Nasdaq Foundation's quarterly grant program is commendable, it may not reach all deserving organizations due to limited resources or awareness of the program.
- The effectiveness of the Foundation's collaborative approach could be limited if partner organizations do not align closely with the Foundation's goals or if there is a lack of coordination among stakeholders.
- The focus on financial literacy and entrepreneurship might overlook other critical areas of need within communities, such as healthcare, education, or housing.
- The flexibility of the grant program, while beneficial, could lead to a lack of focus or dilution of impact if not managed carefully.
- Long-term partnerships are essential, but they require sustained commitment and resources, which may be challenging to maintain over time.
- Providing seed funding to low-to-moderate income individuals is a positive step, but it may not be sufficient to overcome the systemic barriers that prevent market participation.
- The New Investor Initiative's focus on inclusivity is important, but it may not address all the complexities of financial inequality, such as differences in financial education or access to investment advice.
- The success of the nati ...
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Financial Literacy and Wealth-Building Tips and Advice from Grant Recipients
Nicole Lapin introduces insights on investing, building generational wealth, teaching kids about money, and crafting successful grant applications from grantees of the Nasdaq Foundation's program.
Importance of starting early, even with small amounts, to build investment habits and leverage compound growth
Griffiths and Judy Herbst underline the importance of commencing one’s saving and investing journey early, emphasizing the transformative power of compound growth.
Utilizing savings accounts, money market funds, and employer-sponsored retirement plans as accessible investment vehicles
Herbst advises listeners to start modestly, noting that savings accounts can be a smart investment choice. She encourages listeners to seek out savings accounts with higher returns to make money work more efficiently. To encourage a habit of investing, she also reveals personal advice she received: divide a bonus into thirds—allocating for investment, debt repayment, and personal enjoyment. This strategy highlights the power of compound interest, especially advantageous for younger individuals, although specifics about money market funds and employer-sponsored retirement plans were not detailed in the provided content.
Teaching children financial concepts, from allowances to understanding the value of money, enhances lifelong financial skills
Gayle Villani advocates for initiating financial education at an early age, tailoring learning to children's developmental stages, such as connecting an allowance to household tasks to instill a sense of responsibility and understanding of the value of money.
Crafting compelling grant proposals by aligning with funder priorities and building relationships, even after initial rejections
Leveraging ...
Here’s what you’ll find in our full summary
Financial Literacy and Wealth-Building Tips and Advice from Grant Recipients
Additional Materials
Counterarguments
- While starting early with investments to leverage compound growth is beneficial, it may not be feasible for everyone due to financial constraints or lack of financial education at a young age.
- Savings accounts and money market funds typically offer lower returns compared to other investment vehicles like stocks or real estate, which might be more suitable for long-term wealth building.
- Employer-sponsored retirement plans are beneficial, but they may not be available to all workers, particularly those in part-time, freelance, or gig economy roles.
- Teaching children about money is important, but there is no one-size-fits-all approach, and some methods may not be effective for all children due to differences in learning styles and socioeconomic backgrounds.
- While aligning with funder priorities is crucial for grant proposals, it can sometimes lead to mission drift if organizations change their objectives too much to secure fu ...
Actionables
- You can create a family investment challenge where each member, including children, contributes a small amount of money to invest in a stock or fund they choose, tracking progress over time to learn about investing and compound growth together.
- Set up a monthly meeting to discuss the investments, what everyone has learned, and make it a game by rewarding the person whose pick performed the best. This not only makes investing a family activity but also instills financial literacy in a fun and engaging way.
- Organize a "financial storytime" with your kids using storybooks that introduce money concepts, followed by a craft or activity that reinforces the lesson.
- For example, after reading a book about saving money, help your child create a piggy bank from recycled materials. This hands-on activity helps children understand the value of saving in a tangible and memorable way.
- Develop a "grant match" game where ...
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