Let's get straight to the point. We know why you're here - you want to know exactly how much money people around you have & what they do with it. And we're here to give you exactly what you want.
But one more thing from our side before we dive right in. It's literally never too late to start working on these things. That's why we believe comparison can be good. You notice you're falling behind, and with this information at your disposal, you can get the right tools to catch up!
So as we go through the averages in each category, remember that this is your sign to get f*ckin rich. We'll list a tool under each question that we think is a good fit for anyone that catches themselves below the average. Let's do this!! And remember - we got you ☺️
Frichies really are f*ckin rich. The average answer here was $3.2K. That's a really good start, but as you continue on your money journey, your first step should be saving enough for a 3-month emergency fund (that's 3 months of bare bones expenses; think rent, bills and food).
Recommendation from Frich:
If you're falling behind, we'd recommend you to sign up for the Zynlo Savings Account. Get free match(1) on your round ups from each transaction AND earn 25x higher interest on your checking account* compared to the national average.
Here the average Frichie answer was $4.1K.
Remember, the earlier you start investing, the more time you have for your money to grow. Just to illustrate - if you had the Frichie average of $4.1K in the stock market and you never added another dollar, following average historic stock market returns adjusted for inflation, in 30 years you'd end up with $31.2K. That's right. Your money would 8x without you doing anything. But if you had waited until later in life and only had the money in the stock market for 10 years, you'd have $8k. Still better than nothing, of course, but by simply adding time to your investments, you'd change the return from 2x to 8x.
Recommendation from Frich:
Our general tip would be to avoid cherry picking individual stocks (unless you're a professional or feel comfortable of the thought of losing all the money you've invested).
But if you're looking for alternative investment options as well, we'd recommend Public. Invest in stocks, bonds, options, crypto and more - all in one place. And as a gift from us, when you sign up, you can collect your free stock of $25.*
To receive your gift, you'll need to:
1️⃣ Enter code FRICH in the Rewards hub in the Public app
2️⃣ Fund your account with $20
📈 Collect your free stock of up to $25*!
The answers really veried here, but the most important part is that you should try to be consistent and automize your finances! Whether it's $25, $100 or $10,000 - automization is key. As for Frichies, the average answer was about $200.
Recommendation from Frich:
If you don't yet feel comfortable with the idea of investing, we'd recommend trying out Acorns. Their simple tool will automize investing with small amounts to get you started!
And FYI, when you go to the Compare page of the Frich app, you can see how you compare to people like you in these categories:
💸 rent
💸 salary
💸 credit score
💸 daily spending category by category
Plus, these are constantly available on the app! Remember - comparison isn't always bad :)
*More Spending Account: A minimum opening deposit of $10 is required to open this account, and the minimum balance needed to obtain the Annual Percentage Yield (APY) is $.01 as of 02/01/24 and is subject to change without notice. Competitive rates are reviewed periodically.
1 ZYNG automatically rounds up debit card purchases to the nearest dollar and transfers that amount from your ZYNLO More Spending Account into your ZYNLO Tomorrow Savings Account. ZYNG will match roundups at 100% for the first 100 days. After 100 days, ZYNG will continue to match roundups at 100% if you maintain an average daily balance of $5,000 in your More Spending Account ($3,000 average daily balance for the Today Spending Account.). Spending Accounts that maintain less than the minimum average daily balance will be matched at 25%. Match dollars will be deposited in real time based on the average daily balance (ADB) of the previous statement cycle. ZYNLO More Spending with ZYNG Round Up and Match return is estimated using a $5,000 average daily balance, 20 monthly transactions, an average of $0.44 per roundup, and a 100% match.
All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1828849), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC.Alpha is an AI research tool powered by GPT-4. Alpha is experimental and may generate inaccurate responses. Output from Alpha should not be construed as investment research or recommendations, and should not serve as the basis for any investment decision. See public.com/#disclosures-main for more information.
*Terms and Conditions apply.
תגובות