stefanheule

6 ms·

1.
by stefanheule 5y ago
It's definitely not trivial, there is a lot of jargon, and a lot of regulation. We don't have any silver bullets, but we found Y combinator (the startup program) to be hugely helpful to connect us with other startup folks who have
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by stefanheule 5y ago
I won't lie, this is not my favorite aspect, but the only way to do it is have numbers be represented as a string (e.g. "10.128") and use a library to manipulate them. The number type unfortunately just does not work.
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by stefanheule 5y ago
I think you are right if you assume that people generally keep their checking account balance at exactly what they need. If that's the case, then I agree, there isn't really a point to what we offer. However, doing that is really
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by stefanheule 5y ago
Personally, I'm the former kind of person. I have enough to not suffer from a 40% downturn, and I'd rather have my emergency fund invested in the market. But I agree, not everyone is like this. Note though that you don't have
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by stefanheule 5y ago
The key difference is that we allow you to invest all your money and still give you instant access to cash. With traditional banks/brokerage accounts, yes, you can invest your money, but if you invest it all, you can't go to the A
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by stefanheule 5y ago
Thank you! 1. It's a good question, I don't think we have really looked into this, so honestly I can say much. But worth of further investigation on our side! 2. It turns out that we need a number of features (investment account,
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by stefanheule 5y ago
One of the core points of Bogleheads is to never time the market, and I actually fully live by that. This is one reason why I like what we do at Financial Choice, it removes another way for me to try and time the market: Before FC I would m
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by stefanheule 5y ago
I like your explanation of how to think about money, and I think it's the right strategy for some people. But there are also a lot of people (e.g. if you have a decent amount of extra taxable investments) you can do better your checkin
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by stefanheule 5y ago
You bring up some very good points, thank you. I agree we want to be careful to not call this a checking account, and I think we need to work on our wording here. "passive index investing and instant cash access are fundamentally oppos
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by stefanheule 5y ago
We have debated this question a fair bit at Financial Choice. I agree, the barrier does seem low, but also keep in mind that this is often the case for new companies, and the barrier is often higher than it seems for existing companies. For
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by stefanheule 5y ago
I completely agree, what a nice summary :) I also agree that this is not for everyone, and honestly one thing that's on our mind is making sure we give the users the tools to know what kind of risk they should and should not take on.