Dear Startup Investor,
People tend to assume that everyone struggling to cover their expenses is in dire financial straits.
Yet the reality in America is that struggling financially is far from reserved for hourly workers or the unemployed…
With inflation reaching 40-year highs in 2022, the concept of “paycheck to paycheck” has been largely turned on its head.
Nowadays, even those with stable, well-paying jobs find themselves under financial duress. As of January, 48% of Americans who earn $100,000 or more a year indicated they too were living paycheck to paycheck.
Among those earning between $50,000 and $100,000, that percentage jumps to roughly 66%.
Keep in mind, this survey was conducted in January – before the war in Ukraine began – meaning these figures likely haven’t improved in the time since.
It goes without saying that paycheck-to-paycheck living doesn’t exactly lend itself to saving money…
Well, as saving becomes a trickier proposition, there are (expectedly) negative side effects. For example, in the 1990s, the average age of retirement was 60 years old. That number has since grown to 66 – and it doesn’t appear to be slowing down.
Meanwhile, one-third of Americans don’t have any real retirement savings plan at all.
Therefore, it shouldn’t come as a surprise that 39% of Americans indicated they’d be unable to handle an emergency expense of $1,000 or more. In fact, 22% of people in the U.S. have more credit card debt than they do emergency savings.
For millennials (those aged 26-41), that percentage increases to 32%.
Speaking of millennials, 95% of them are using fintech platforms to help manage their money – whether that be for banking, money transfers, investing or saving.
News flash: the future of finance is largely going to be digitally focused – and we’re not necessarily talking about crypto or blockchain (though those will surely be a factor). Ultimately, if there is anything needing to be done in a financial sense, more likely than not, there is a mobile application out there to do it.
It makes sense that the fintech market is worth a whopping $5.5 trillion dollars globally.
However, the market size and broad scope of services out there only go to underscore the importance of being able to notice when something truly unique enters the space…
Well, we think we may have found just that.
There is a startup so intriguing that the People’s Shark, Daymond John, is considering investing in it himself.
But wait. There are 81 fintech unicorns in the U.S. already. Seems like this market is saturated.
Only, it’s not!
There is tremendous upside for companies bringing something different to the table.
That’s exactly what this startup is doing. Click here to learn all about it.
The Research Team
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The minimum maximum threshold was $1900 maybe next year if put as one of my goals first I fix the 3000 dollar tax issue.