When it comes to creative, forward-thinking ways to support our kids, St. Paul Mayor Melvin Carter is onto something special with the CollegeBound St. Paul program. If you haven’t heard about it, let me break it down for you—and why it’s a big deal, not just for St. Paul but for communities all across Minnesota.
But first, let me tell you about my nephew.
A Tale of Gohenry and Big Dreams
I’ve got kids with big dreams and energy to match—and let me tell you, keeping up with them is a full-time job. A couple of years ago, my wife and I decided to try out Gohenry, one of those prepaid debit card apps for kids. We set it up so they could earn money by completing chores and learn how to manage it. I even gave them my “Dad wisdom” speech: “Every dollar you save is an investment in your future.”
Fast forward to last summer, and my kids are proudly showing me their Gohenry app. I check their savings balances... and most of it is gone. They’d been using the money to buy snacks, apps, and who knows what else. That’s when it hit me: kids don’t just need tools to save—they need a vision for why saving matters. That realization was a game-changer for me. I sat down with my kids, and instead of lecturing them about saving, I asked them what they dreamed of doing in the future. I started using their Gohenry app as a teaching tool. Helping kids understand the power of financial planning doesn’t just teach them about money; it teaches them about purpose.
That’s exactly what makes Mayor Carter’s CollegeBound program so brilliant. It’s not just about setting up accounts; it’s about giving kids a clear narrative for their future, one that says, “This money is here because we believe in you, and we want you to dream big.”
What Is CollegeBound St. Paul?
The CollegeBound St. Paul program automatically sets up a savings account for every baby born in the city of St. Paul starting in 2020. Each account comes with a $50 seed deposit from the city—no hoops, no forms, no fine print. It’s as automatic as it gets. For families with lower incomes, there are even additional bonuses and matching funds to help grow these accounts over time. The idea is simple: give every child a head start, regardless of their family’s financial situation.
Why This Matters
Let’s keep it real. We live in a world where the zip code you’re born in can dictate your opportunities. Programs like CollegeBound are a way to level the playing field. When I first heard about it, I thought about my own upbringing in Providence, Rhode Island. If someone had told my mom, “We’re setting up a savings account for your son’s future,” she might have cried right there on the spot. Because for families who are just trying to make it to the next paycheck, saving for college—or any big dream—can feel like a luxury they can’t afford. CollegeBound takes that burden off families and says, “We’ve got your back.”
The Ripple Effect
Here’s the thing about programs like this: they go beyond the dollars in the account. Studies show that kids with even a small amount of savings for college are three times more likely to enroll in college and four times more likely to graduate. But it’s not just about college. These accounts are about giving kids options. Maybe they use the money for a trade school, a business venture, or some other career path. Whatever their choice, the message is clear: “You have a future worth planning for.” And let’s not overlook the impact on parents. Knowing there’s an account set up for their child often inspires families to save more, even if it’s just a little at a time. That’s the magic of this kind of initiative—it builds community-wide momentum.
Why Minnesota Needs More of This
St. Paul is leading the charge, but imagine if every city in Minnesota followed suit. Imagine if every child in Maple Grove, Brooklyn Park, or Osseo started their life with a savings account that said, “We believe in you.” The cost to cities is relatively small compared to the long-term benefits. These accounts can grow through public-private partnerships, community donations, and grants, making them sustainable. Plus, the psychological impact on families and communities? That’s priceless.
Bringing It Closer to Home
As a father, I think about how something like this would’ve changed my kids’ early years. Sure, my wife and I worked hard to save, but having that extra boost—knowing someone else cared enough to invest in our children’s futures—would’ve been a game-changer.
It’s about more than money; it’s about dignity. Programs like CollegeBound remind us that every child, no matter where they come from or how much their parents earn, has unlimited potential. And let’s be real—when kids succeed, we all win. A more educated, empowered generation strengthens the economy, reduces poverty, and creates a ripple effect of success that touches Everyone. So what’s stopping us from making this a reality across the state? If Mayor Carter can do it in St. Paul, why not here in our neck of the woods?
Comentarios