in consumer applications for financial services
We’d all like to feel better about and more in control of our money, but the most important step you can take to really understand your finances has very little to do with money, it’s entirely mental. If you, like me, have ever turned to the internet to figure out how money works, you were probably immediately inundated with all sorts of competing advice such as “it's not how much you make but how much you save” or “everyone can save $1,000 by avoiding lattes for a year,” or “you should invest in penny stocks to instantly become a millionaire,” and other types of questionable advice. It's hard to make sense of all the information that's out there if you don't already know what you want for your money. We don’t all start out at the same place financially. You may have to pay rent in New York City, make your income freelancing, or have a six figure loan from a liberal arts degree, but the one thing we do have in common is that we can gain control of our finances and be more comfortable thinking about the best ways to use our money by learning the basics of how money works. Here are a few resources I used to understand how to think about my money and what I should be doing with it:
To Understand Saving read The Millionaire Next Door by Thomas Stanley and William Danko Regardless of where we live or our financial background, we all ultimately want to have enough money to not have to worry about money. The Millionaire Next Door introduces the reader to average people with regular jobs who figured out how to make their money work for them without having trust funds or superhuman abilities, but by first changing how they thought about their money and then how they used it. Reading about ordinary janitors and teachers who became financially independent without winning the lottery, inheriting money from mommy and daddy, or eating ramen noodles everyday for ten years helped me clear the mental hurdle that wealth was reserved only for certain people and that being financially savvy required some sort of superhuman intelligence.
To Understand Spending read I Will Teach You to Be Rich by Ramit Sethi If you want to live your life without obsessing about money all the time, I Will Teach You to Be Rich is a necessary and vital guide. We all have different goals. I for example, don’t think life is worth living if I can’t have coffee as many times as I want, but I also don’t believe in buying expensive clothes. You might be partial to an Equinox membership but hate spending money on travel. This book helps you decide what’s important to you and then set up an automatic financial plan to help you spend money on things you love and cut down on things you don't care about. I Will Teach You to Be Rich basically sets up the foundation of your money skills by making you think about what you want to use your money for, and what you ultimately want to achieve.
To Understand Investing: If You Can by William Bernstein This is technically not a book but a free pdf (by the founder of Efficient Frontier Advisors) that provides young adults with an easy way to understand investing. Investing seems like a complex, scary world, but Bernstein sets up the basics of investing in an easy to understand manner. Even more fun, he introduces a week-by-week guide through all the books he used to understand money and if you read The Millionaire Next Door you'll already be one step ahead of Bernstein’s program. Knowing how money works is vital to helping us feel better and more confident about tackling our finances. Books on money might not be the obvious choice, but they’re the fastest way to learn from the best, set up a solid financial foundation, and also roll your eyes the next time you come across an article advising you to save money by skipping your latte.
Etinosa Agbonlahor lives in New York City and tweets here.
Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: email@example.com
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!