Millennials have seemed to master a lot of things. They’ve been the first generation to adopt transportation methods that are now making it much easier to get from point A to point B, thanks to companies Lyft and Uber. They’ve also been early adopters of technology that makes it easier to exchange funds among friends, thanks to companies like Venmo. But there’s one thing that nearly all millennials are terrible at – saving money for the future.
Millennials aren’t buying cars or homes in the same numbers as previous generations, in part due to the fact that millennials are not saving at the same rate that their parent’s did thirty or forty years ago. It’s not because millennials don’t want to buy homes – roughly 80% of millennials would like to purchase real estate, per a study by Apartment List. Unfortunately, that same study indicates that over than 65% of millennials ages 18-34 have saved less than $1,000 for a down payment. And over 40% haven’t saved anything at all for a home!
Thankfully, in a world designed for spending, Rize was designed to help millennials save by creating a clear differentiation between ‘money for today’ and ‘money for tomorrow.’ Rize’s platform is centered around ‘goals’ that give your savings a purpose. Create as many goals as you want, all within their streamlined dashboard. Put your savings on auto-pilot by moving money from your checking account to your Rize account on a schedule you choose. Earn interest at 0.9% APY, or 15 times greater than the national average. The best part about Rize (and what makes it unique) is that you pay what you want for their service. Excuse me?! Yes, that’s correct. If you want to pay $1/month, pay a dollar. If you think their services are worth $5/month, go for it. If you want to give their platform a spin for free, you can do that too, no strings attached. Justin Howell (the finance guy) and Kirk Voltz (the design guy) started working together in 2015 because they both agreed that saving should be easier and just this past spring the launched into a public beta to begin gathering feedback from early adopters. To learn more about the beta and discover how Rize is helping millennials save for the future they crave, check Rize out for yourself.
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