1/ Figuring out which problems to tackle first with @MaybeFinance has been challenging.
Ultimately we want to help people be in control of their finances and their future without the need for a middleman (i.e. a financial advisor).
Ultimately we want to help people be in control of their finances and their future without the need for a middleman (i.e. a financial advisor).
2/ But one of the reasons this problem hasn't really been solved well is just how varied each individual/family is when it comes to their finances.
It's very much solvable, but it just means we'll have to build this in phases and the first few phases will absolutely fall short.
It's very much solvable, but it just means we'll have to build this in phases and the first few phases will absolutely fall short.
3/ Not that they won't be useful, they will. But this isn't something we can build in a few weeks or even a couple of months.
Generally speaking here are the phases I've laid out in my head...
Generally speaking here are the phases I've laid out in my head...
4/ Financial Dashboard
This is about data centralization. Connecting all of your accounts from all the places.
We'd report on the data, but not offer insights or advice.
This is just "get it allll in one place so you aren't logging in to half a dozen accounts".
This is about data centralization. Connecting all of your accounts from all the places.
We'd report on the data, but not offer insights or advice.
This is just "get it allll in one place so you aren't logging in to half a dozen accounts".
5/ Path to Financial Independence
One of the biggest reasons folks want a tool like Maybe is to understand what their path to financial independence is. Once we've got all of the data (phase 1), we can then work with customers to show them that path to independence/retirement.
One of the biggest reasons folks want a tool like Maybe is to understand what their path to financial independence is. Once we've got all of the data (phase 1), we can then work with customers to show them that path to independence/retirement.
6/ Financial To-Do List
One thing that makes managing your finances so difficult is that you don't know what you don't know.
Lots of ways to optimize tax savings, for instance, but knowing what to do and when is very complicated.
We'll generate monthly to-do lists for you.
One thing that makes managing your finances so difficult is that you don't know what you don't know.
Lots of ways to optimize tax savings, for instance, but knowing what to do and when is very complicated.
We'll generate monthly to-do lists for you.
7/ Investment Optimizations
Based on your financial goals, risk profile, etc., we can show you ways to optimize your investments (rebalancing, tax loss harvesting, asset allocations, etc).
Based on your financial goals, risk profile, etc., we can show you ways to optimize your investments (rebalancing, tax loss harvesting, asset allocations, etc).
8/ Simulations/Forecasting
Playing "what if" to any given financial opportunity and having it percolate throughout all the previous phases.
Playing "what if" to any given financial opportunity and having it percolate throughout all the previous phases.
9/ One of our big goals is help you be financially literate. The major downside to roboadvisors is that you still don't actually know what's going on.
In a decade you'll still be saying, "I don't actually know what's going on with my money".
We want to actually equip you.
In a decade you'll still be saying, "I don't actually know what's going on with my money".
We want to actually equip you.
10/ Being your personal finance dashboard is a massive undertaking and it'll take quite a bit of time to really get to the point where it encompasses all we'd like to do.
11/ As we start tackling these phases we'll almost certainly figure out ways to add value faster or solve problems more simply.
We'll also find certain parts to be much more difficult than we imagined.
We'll also find certain parts to be much more difficult than we imagined.
12/ But I believe that each person being in control of their finances and understanding how the various parts work ultimately means everyone can become financially independent sooner and enjoy life on their own terms.
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