Ep11: Taking Action With Technology – with Pluto Money
Download This Episode Bios: Tim Yu and Susie Kim are the co-founders of Pluto Money, a mobile app making personal finance doable, engaging and approachable for the Snapchat generation. They met while at UCLA, and were inspired to start Pluto upon graduating because of the financial struggles they endured as college students. They’re on a mission to financially empower college students and other young people across the nation by leveraging technology, design and behavioral science.
Show Description: Today I talk with Pluto Money co-founders Susie Kim and Tim Yu’s financial troubles in college, and where they idea for Pluto Money came from. We talk about behavior around spending habits in College. We don’t start saving for retirement while we’ve got student debt and loans and school to pay for? So why do we save? What’s the purpose of it. GoPluto is an app being created by millennials for millennials, with the purpose of changing around you and your habits. As you age, you’re naturally going to have changes in your lifestyle and goals with your money. We talk about how Pluto helps you reach goals, manage your spending money, and start saving towards goals now, and future goals when you get there.
Join Tim and Susie on their first ever podcast, and also my first time having two guests simultaneously!
- Susie’s turning down acceptance to her dream Arts & Language program in London/Italy and why
- Tim’s amazing internship with Expedia, and not saving any of it for the next school year
- Pluto’s Target – Younger people with smaller amounts of Discretionary Income to spend better
- 6:00 – The Mission of Pluto Money
- 7:25 – Goal Based Saving
- 8:20 – What Is Your Saving For?
- 9:00 – Bite-Sized Steps to Reach Goals
- 10:30 – Behavioural Finance
- 12:00 – Motivation and Meditation
- 13:20 – Where to Start – Don’t Get Overwhelmed, Keep it to One Thing At A Time
- 15:00 – Opportunity Costs – Because You Can, Does It Mean You Should?
- 17:05 – You Don’t Have To Know It All To Start
- 18:26 – Pluto Money – Money around Millennial Lifestyle and Goals
- 19:45 – Are College Kids Broke? It’s A Fallacy. We have 209 Billion dollars, just in college students
- 20:15 – Details in How Pluto Works for You
- 23:30 – Understanding Fixed and Variable Expenses
- 24:45 – Realistic Goals for College Students (Don’t Save For Retirement in College, DUH)
- 25:14 – Managing Money Is About Putting It Where It Matters
- 26:15 – Starting With Baby Steps
- 27:18 – How Pluto Money App Works – The Heavy Lifting Done For You
- 29:40 – Tips and Tricks behind Money from Tim and Susie For College Age / Recent Grads
“Spending To Be Happy Today Ain’t A Bad Thing, As Long As You’ve Got Enough To Be Happy Tomorrow” – Pluto Money
- Stop saving money because you’re supposed to! Save for a pre-meditated purpose. Comment below with what you’re saving for! Or share it in in the Financial Ginger Facebook Group!
- If you want to do better with money, First consider Why Do I Want to Be Better With Money? Write the answer down and put it somewhere you’ll see. Tweet it at me @FinancialGinger @GoPluto_io
- What is something you want to take action on? Consider how much do you need to know to get started? Get that base amount and get going on it.
- Start investing somewhere with a few dollars to get some practice in investing. Simple places to start include PlutoMoney along with -WealthFront, Betterment, Stash, and Acorns.
- Finish your Degree!
–Sign up here for GoPluto to get notified when Pluto’s invite-only beta launches on the App Store soon! Pluto truly simplifies how you manage your money. Automatically save for your goals when you complete simple, personalized challenges based on your finances
-Here’s an exclusive app invite code for you awesome TheFinancialGinger Podcast listeners: GOGINGER
Contact and Links from Show
[email protected] – Open to any questions, feedback, ideas or even just a hello!
Brian J Fog – Stanford Behavioural Research (creating habits)
Connect with Tim and Susie on:
Facebook – www.facebook.com/plutomoney
Twitter – www.twitter.com/gopluto_io