6 Money Moves From Fintech Founders That Will Help You Achieve Your Financial Goals
Making money moves is one of the most popular new year’s resolutions every year.
While creating a budget, paying down debt, and investing in the stock market tend to get a lot of buzz, there are many other less obvious money moves you can make to ensure 2022 is your best financial year yet.
Some of the most impactful actions you can take are actually in personal finance niches like real estate, taxes, medical bills, and business finance.
Six fintech founders who are experts in these niches reveal their best money tips to help you improve your finances this year.
1) Don’t wait too long to start your homeownership journey.
“The most common mistake I see people make is that they wait too long to start their homeownership journey primarily because of their general lack of understanding into the different types of homeownership.
Amazing homes in desirable areas can be affordable. Real estate is an integral component of building wealth, and the longer you wait, the more money you’re theoretically “wasting.” The beauty of today’s world especially with growing startups is that regardless of your credit score, living situation, or even income, there are still opportunities allowing you to get started today.”
-Eric Chebil, Founder & CEO at Cher, the first real estate marketplace helping first time homebuyers and renters achieve homeownership by saving them time and money by co-owning homes together whether that be living or investing together.
2) Negotiate your medical bills so that you don’t overpay.
“Americans pay over $400 million in medical bills each year. To ensure you’re not paying more than you should, negotiate with your provider. You can often get a discount on services simply by asking.
Also, if you can’t pay your bill in full and on time, ask the provider if they’ll allow you to make smaller, more manageable payments over an extended period of time.”
-Chris Blakeley, Co-Founder and COO at Repaytient, a company that offers hospitals and patients modern billing and payments solutions, including interest free payment plans that allow patients to pay their rising healthcare expenses in a budget friendly manner.
3) Save thousands of dollars with tax credits, especially if you’re a parent.
“As you get ready to file your taxes, make sure you take advantage of the expansion of tax credits for the 2021 tax year – especially if you are a parent.
The American Rescue Plan increased eligibility and increased the dollar amounts of key credits like the Child Tax Credit and the Child and Dependent Care Credit. This could mean thousands more dollars in your tax refund for the average household!”
-Clare Herceg, Founder & CEO, Let’s Get Set, a company that democratizes access to wealth-building for hardworking Americans via its mobile-first app that helps parents secure and deploy tax credits ($12 billion of which they miss each year).
4) If you’re struggling to pay your mortgage, ask your lender for help.
“If a family is struggling to pay their mortgage they should work with their lender/loan servicer to come up with an affordable plan to keep their home. Oftentimes homeowners act like ostriches and put their heads in the sand! But unfortunately, ignoring the situation will only make matters worse. With foreclosure moratoriums ending, they need to take action now.”
-Wayne Snell, Chief Investment Officer at Crowd Capital, whose mission is to offer families facing financial hardship and at risk of foreclosure a second chance to keep their homes and regain their financial health while creating a socially responsible investment opportunity.
5) Diversify your investments by adding real estate to the mix.
“If you’ve always wanted to invest in real estate, now is the time. Anyone who is 18+ can invest thanks to SEC regulations that democratize investment opportunities!”
Eve Picker, Founder & CEO of Small Change, a real estate crowdfunding platform, where everyone can build wealth and invest in the projects, developers, and cities they love, for as little as $200.
6) Future proof your business by tracking cash flows regularly.
“When business owners track cash flows regularly, they’re better equipped to identify and address cash flow gaps that may happen in future.”
Eric S Quick, Co-Founder and CEO, PocketCFO, a SaaS-based financial intelligence platform that builds financial literacy and provides business owners real-time data to make informed business decisions.