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Should I build a personal finance site for engineers?
Before I transform my live financial education class to an online product, I'm trying to determine if engineers would use an online product that helps them develop a financial plan. The plan lays out timeline to pay debts, improve credit score, budget expenses, save money, and build wealth through owning rental properties (property managed by third party). We're doing this successfully now, but want to scale it online. I think engineers would be a terrific initial segment. Am I right or wrong?
- yen223 12y agoI'd certainly like a good personal finance site, but there's one challenging aspect: personal finance works differently depending on which country you are located. Example: Where I'm from, we don't have 401k's, we have something called the EPF. Overcome this, and the world is your oyster. Also, why limit this to engineers? Is there something about the way we engineers handle our finances that's different from the general population?
- rhopen 12y agoI really hadn't thought about making the material relevant across borders. I've been helping people in the US and the issues here are pretty complicated, e.g., taxes, federal student loans, and social security. Given that 95% need help, I figured this is a huge market. Like all "lean startups," I'm in search of early adopters and my hypothesis is that engineers would fit nicely - smart, problem-solvers, analytical, solid income, and detail oriented.
- matthewjames 12y agoI think that you could scale this idea better. Setup a Google Docs workflow, start with defing your abstract and key features and continue from there. They key is to differentiate, how will you become different and provide more value, than say a service like Mint? Do you have any other team members or are you flying solo?
- rhopen 12y agoA key part of the "product" I'm envisioning will be education (video, documents, workbooks, webinars). With our current students, we have been educating them about the financial issues in the US (macro issues like the federal debt, shift from employers bearing the risk of funding retirement to employees, taxes, rising cost of college, social security running...) and personal financial issues (credit card debt, budgeting, improving credit score). And then we take a completely different approach to building wealth and that is to invest in rental properties. The appeal here is you leverage your money through mortgages. And investment is securitized with the physical asset. Essentially we've set up a timeline showing our students how to get on track financially (pay off bad debt, live within their means, increase their income, increase savings, and acquire properties). We show them how to take cash flow from property 1 and add that to their savings to get property 2 and so on. And then there is a date in the future when cash flow = monthly expenses. It's a shockingly short timeframe that inspires them to implement the plan. It's working and it's really inspirational. My challenge and frustration is scaling this. btw, i have some info on my site at www.FiRevolution.com. So, to answer your other questions. Very different approach than other personal finance sites. And right now flying solo with a few advisors. All self funded to date.