What Are Your Thoughts - Ep. 2
Here are the notes on the topics discussed:
1. Dietbet - Getting paid to lose weight.
You literally pay money into a pot of money and "bet" that you can lose a certain percentage of your body weight within the contest's duration. For instance, below is a photo of a contest where you put $35 into the pot. There are over 6,000 people that did this. The total pot is over $180,000.
If you lose 4% of your body weight between May 24 - Jun 24, you get your $35 dollars back, PLUS you share in the winnings and split the money of the people that put the $35 in but didn't lose the weight. It's simple - you lose the weight, you probably get $35 plus an extra $20-$30. If you don't lose the weight, you forfeit your $35 buy-in. What we like: it holds people accountable because they have skin in the game. What we DON'T like: it doesn't necessarily build long term habits. What we would like to see: incentives in the financial world to save money. Contests for people that want to save X% of their income are then rewarded if they accomplish the goal.
2. The best way to start investing (or if you're a DIY investor)
It's frustrating for to see people that aren't sure how to start investing. Here are a couple of our favorite places to get started or to be a DIY-er:
Acorns (disclaimer: I use this platform):
Basically, they set up an investment account for you and invest "round-ups" into a low-cost portfolio. You buy something for $1.25, and they automatically invest $0.75 for a "total purchase" of $2. It's out of sight and out of mind.
Betterment (I also use this for my personal accounts as well as clients' accounts):
Super simple. You can set up savings of any amount and anytime throughout the month. They pick portfolios of low-cost investments so the investors doesn't even have to think about anything except savings.
3. Using a standard Gmail address as a business email
If you see a person representing themselves as a financial professional and they use a non-business Gmail, run fast. Come on. What a joke.