Frich Reveals: Let's Talk Numbers
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 ☺️
How much do you have in your savings right now?
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).
<div class="frich-tip">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.</div>
How much do you currently have in investments?
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.
<div class="frich-tip">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). </div>
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*!
How much do you invest each month?
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.
<div class="frich-tip">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!</div>
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 :)
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