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by James Robert Lay on December 15, 2020
Brief Summary of Episode #52
We all like buying new things; it’s human nature.
We know we shouldn’t spend frivolously — but we do anyway.
Why can’t saving money be as fun as spending it?
That’s the question that led Ben Soppitt, Founder and CEO at Unifimoney, to create a financial product that motivates people to save.
That brief hit of dopamine we get when we get a new toy on Amazon has no comparison when it comes to investing, right?
Investing is boring — at least, most of the time.
So it’s no surprise that even affluent young professionals aren’t investing for their future.
The problem is a lack of motivation, not a lack of infrastructure.
That’s why Unifimoney’s first step was making monthly investments a requirement to use their service.
Think of it like the gym. You know you should exercise, so you get a membership — then you never go.
What you need is a trainer — which is exactly what the investment requirement is.
But then, you get to watch those investments grow on their app, and you even get a dopamine hit from good financial habits.
Harnessing human nature and making it work for growth is proof that when it comes to growth and transformation...
It’s not about the technology. It’s about the people.
Key Insights and Takeaways
- How young affluent professionals are being gouged by traditional banks
- Why poor financial habits are caused by lack of motivation, not lack of infrastructure
- How Unifimoney makes finance fun