Financial Lifestyle Startup | Hacker News Reader

Financial Lifestyle Startup

7 pointsginkoutest8 comments

I have an idea for a startup and would love some feedback!

I plan to start a company that focuses on these four ideals: 1. Reducing/Managing Debt

2. Increasing Savings (at least the 10% of income recommended by experts)

3. Income Growth

4. Investing

At a very small fee (think, $10/month or so), the service my company provides allows you, as the customer, to essentially outsource having to tackle the above four necessities to achieve financial freedom.

Of course everyone's situation is different. We would do a routine financial health checkup for every new client, devise a strategy tailor-made for you, and then seek to optimize as many (if not all) of the above ideals for you with very little effort on your part.

What're your thoughts on this idea? For you personally, what service in particular do you feel would be of great benefit to your financial health, whether planning for a short term goal, long term retirement, not having to deal with the headache of financial matters (which is a leading cause of divorce and other societal issues), etc.?

I am open to any and all suggestions or criticisms.

How is this different from a financial advisor?

How are you going to make money at that price point with the level of service you outline here?

A financial advisor charges a much heftier fee, requires significant effort on the client's part (since they are simply being advised by another person), and are limited in the amount of optimizing they can do in 1-on-1 sessions.

There would be several ways to make money beyond the small client fee, such as by offering businesses involved with these services (loan companies, etc.) clients, etc. There would also be premium services offered to wealthier clients who want to further optimize things such as their investing portfolio, medical tourism packages, etc.

I’d add: what’s your target market? It reads a bit “everyone”, which I don’t thinks it’s a great idea.

The target market would be those from ages 18-35.

Seems a great idea. If you manage to do a US version and an international version would be great.

Thanks for that tip! If we were to roll out both a US version and an international version early, is there anything in particular you would want to see different between the two?

Of course the US market has way more average citizen debt than a lot of other places, so the two markets would undoubtedly have to be approached from different angles.

Sounds good. Build it for 10 Users . All the best

Thanks for the feedback!

For you personally, is there anything that would make this service more compelling? That is, is there anything you feel is missing?

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