Orillia native Jay Seabrook and his business partner Kevin Cochran are offering students, stuck inside during the pandemic, free access to their online Enriched Academy financial education portal, as well as webinars for adults.
The online program skyrocketed after the duo pitched their concept on CBC’s reality television show, Dragons’ Den, in 2012. Since then, it has become a major hit for parents who want to teach their children about managing their money.
“It was an unbelievable business experience and still the hardest thing that we’ve ever done in terms of being nerve-racking,” Seabrook recalled of that life-changing Dragons' Den appearance.
The then financial education program being offered through a DVD box set has evolved into an online program geared towards teenagers and young adults; there are also programs aimed at adults.
The young adult version of the Enriched Academy program is typically $199, but because of the COVID-19 pandemic, Seabrook and his company have decided to offer the program for free.
“We know there is more money stress than ever right now and we also know that in some cases people have time on their hands to do it,” Seabrook said.
The program starts off acknowledging the limited information that some people might have when it comes to their finances.
“Half of Canadians are literally working paycheque to paycheque and if people lose their jobs, which a lot of people just did, people become very stressed financially and that’s why we created this,” Seabrook said.
The program then moves into teaching how to manage credit effectively, earning and paying interest, money defence and powerful exercises on how to reduce spending and manage net worth.
“It can change your life if you start tracking your net worth and our program provides the tools for people to do that themselves,” Seabrook said.
The information in their financial education program is easy to absorb and understand, Seabrook says, adding the information is coming from first-hand experience.
Seabrook’s profession might surprise his former Park Street Collegiate Institute teachers and classmates, as he referred to himself as a D+ student who spent some time in the principal's office.
After graduating in 1996, Seabrook got himself into even more trouble - but this time it was financially.
“At one point, I had $10,000 in credit card debt, making minimum payments, on top of a maxed-out $40,000 line of credit in my early 20’s living in Orillia,” Seabrook remembers.
“The reason I figured it out, and you can ask any of my teachers at Park Street, it wasn’t because I was smart; I had good mentors and started developing an understanding of how to do it," he said.
The now 43-year-old is living in Vancouver where he works as the COO of Enriched Academy and Vice President of Dominion Lending Centres Inc.
Seabrook’s goal when he and his business partner started their journey was to get their financial learning program into schools and in the hands of young people, which is currently making progress as they are working closely with Ontario school boards.
