First Impressions Of Financial Finesse: Intern Insights

June 26, 2017

To wrap up our series of posts highlighting a specific part of our company culture that helps to make Financial Finesse one of America’s best places to work, we are sharing a contribution from one of our interns, who shared her first impressions of Financial Finesse after working with us over her spring break. This is just one part of our celebration of recent recognition by Inc., who listed us as one of the Best Workplaces in 2017 and Entrepreneur, who named us to the Small-Sized Companies: The Best Company Cultures in 2017 list. Here’s what she had to say:

I remember when my dad first interviewed at Financial Finesse – he told me that is was an interesting experience. He told me that the meeting room is mostly outdoors and everyone wasn’t dressed very fancy, that they were in more comfortable attire. When I heard this, I immediately knew that this would be no ordinary job for my dad. And I was correct.

When walking into the El Segundo office, it is not like a normal office building. There are no cubicles and it’s not absolutely silent with only the sound of people typing away. The overall idea of the company is for people to get their work done, no matter how it maybe.

There are many employees that work there, but lots live around the country because their job permits it. Employees who work in the main office are allowed to work from home as their job allows it, but most who live in the LA area come in most days. Dogs are also allowed (as long as they behave) which makes the environment more friendly. Overall, it’s a great place for people who like to collaborate with others, but are also very self-sufficient.

After watching videos that promote the company, I saw the passion behind the work that many of them do. When seeing the Creator (Liz Davidson) speak about why she created this company, I learned that her main goal was really to help people with their finances by decreasing their stress and anxiety as well as make them confident and knowledgeable about their finances.

Financial Finesse also has a Think Tank, where they put out reports and studies from data they have collected on their Financial Wellness Assessment, which the director of it, Greg Ward, oversees. He explained that he likes “seeing [financial wellness] improve the lives of the employees,” showing his passion for helping improve people’s financial situations.

The overall thing that I found common was the love and dedication that the people put into this company.

Madison Starobin is the daughter of Dan Starobin, our Senior Director of Operations. She interned in our marketing department over her spring break. Madison is a junior at Cleveland Charter High School’s Humanities Magnet program in Los Angeles and plans to pursue a career in communications. When she’s not studying, she likes to make friendship bracelets and listen to her dad’s sage advice.

Bite the Travel Bug Back

September 15, 2015

 

I love to travel. Big trips are great, of course, but I’ve come to appreciate weekend getaways just as much. Earlier this year, I was browsing Groupon and found a hotel deal for $49/weekend night in Las Vegas. Considering Vegas is one of my favorite cities, I couldn’t pass it up.

Continue reading “Bite the Travel Bug Back”

4 Financial Planning Tips For Irregular Income Earners

June 17, 2015

Both my wife and I earn irregular income as freelance writers. Our yearly income can vary significantly depending on what type of projects, contracts, or gigs we land. Many of our friends in Los Angeles earn their living in a similar fashion in fields like editing, sound design, acting, post-production, or line producing. Salespeople, farmers, contractors, small business owners, and artists will all recognize the challenges of financial planning while earning variable income. Continue reading “4 Financial Planning Tips For Irregular Income Earners”

The Non-Planner Perspective

May 15, 2015

I began paying rent when I was about 21 years old while living with a roommate. I was making pretty good money for my age and a couple of years later, decided it was time for my own space. Of course, with that, came more financial responsibility. Continue reading “The Non-Planner Perspective”

Why You Need to Talk to Your Kids About Money

May 01, 2015

I know that many people are hesitant to discuss money with their children — or their spouses/partners for that matter. I have talked about this with one of my pastors and he told me that people will come to him for help with all sorts of issues ranging from drug abuse to infidelity in a marriage, but money issues still remain a taboo topic for a lot of people. Many parents are embarrassed by their past money mistakes and do not want to discuss these with their children.

Continue reading “Why You Need to Talk to Your Kids About Money”

7 Ways to Exercise Without a Gym Membership

June 22, 2014

Deciding to start an exercise routine can pay off physically, mentally, emotionally, and even financially, but sometimes it’s hard to see the financial benefit when you’re paying for a gym membership that costs $50 a month. If your budget is tight and you need to save money, there’s no reason to pay for a gym. Use these tips to get a great workout without the ongoing financial burden of a monthly membership fee. Continue reading “7 Ways to Exercise Without a Gym Membership”

Is A Degree Worth It? How It Can Impact Your Career

June 15, 2014

With the cost of an education rising year after year, is it still worth it to get your college degree? Although it may not seem worth spending $50,000, there are real benefits to doing so. With all of the grants and financial aid available, the cost is often not as high as you would expect either. Here are some benefits to getting a college degree or going back to school for even more education: Continue reading “Is A Degree Worth It? How It Can Impact Your Career”

4 Ways The CFPB Can Help You With Financial Issues

May 20, 2014

Are you dealing with a challenging financial issue? Whether it’s a decision you need to make or a mess you need to get out of, the Consumer Financial Protection Bureau (CFPB) exists to help. Its mission is “To make markets for consumer financial products and services work for Americans – whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.” How can the CFPB help you? Continue reading “4 Ways The CFPB Can Help You With Financial Issues”

The Risk of Not Taking Risk

April 17, 2014

Back in college in the late 90’s, I learned a valuable lesson about managing risk when I got caught up investing in the dot com bubble. It was so easy to put up two thousand dollars and see it double or triple overnight. But the bubble burst a few years later and I was left with less money in my account than when I started. I cashed out of day trading, fortunately realizing before I had lost too much that this was not a viable long term strategy. Continue reading “The Risk of Not Taking Risk”

How to Prepare Your Tax Return Stress Free

April 12, 2014

Have you completed your tax return yet? The tax deadline is just a few days away so if you haven’t filed, it’s time to gather your documents and prep your return. If filing your income taxes stresses you out, you can keep your stress level in check with a few simple tricks. Use these six strategies to file your tax return accurately and effectively. Continue reading “How to Prepare Your Tax Return Stress Free”

Debt Collector Rules of Contact: Do You Know Your Rights?

March 30, 2014

It’s stressful enough being contacted by a debt collector. It can be an absolute nightmare when you’re dealing with one that’s breaking the law. Unfortunately, many people do not know the difference. Unaware of their rights under the Fair Debt Collection Practices Act, consumers are unnecessarily victimized by illegal tactics that shady debt collectors count on being able to get away with. Don’t let them. Continue reading “Debt Collector Rules of Contact: Do You Know Your Rights?”

How Creditworthy Is Your Facebook Page?

March 11, 2014

Wherever you fall on the social media spectrum — between Twitter power user and Facebook holdout — do you know how your social media activity (or lack thereof) is affecting your creditworthiness? If not, it’s time to find out.

What is a social media-based credit score?

In the interest of finding new and improved ways of predicting creditworthiness, the social media-based credit score was born. This is an alternative credit scoring model that includes in its calculations information from your social media profiles, activity, and connections. At its best, a social media-based credit score can help borrowers who would not qualify for loans via traditional scoring models. At its worst, a credit score based on social media can hurt someone whose activity and/or connections are questionable.

Why is social media considered a valid indicator of creditworthiness?

They say the best indicator of future behavior is past behavior. Thus, the value of the traditional credit score is based on how you have handled lines of credit in the past. However, it is absolutely possible and common for people to change their ways. That’s where a social media-based credit score comes into play, basing creditworthiness on character as revealed via updates, job history, and with whom you choose to associate.

Does FICO use social media to tabulate its credit score?

Currently, FICO does not incorporate social media data into its scoring model. In turn, it does not influence your score through the three major credit reporting bureaus that use the FICO model — Equifax, TransUnion, and Experian. However, FICO has not ruled out the inclusion of social media data in the future. Earlier this year, FICO Senior Consumer-Credit Specialist Anthony Sprauve told The Wall Street Journal, “There could come a time where certain social media could be predictive and we’re looking at that, but it isn’t yet.”

Which credit scores incorporate my social media activity?

It was about three years ago when the social media-based credit score first came onto the scene. Since then, a number of small lenders have adopted this alternative scoring model, like Kabbage, Kreditech, and Lenndo.

Which social media platforms are used in a social media-based credit score?

Since there is no universal social media-based credit score, every lender that utilizes social media data does so according to its own unique formula. That said, the most common social media platforms currently accessed include Facebook, Twitter, and LinkedIn.

How are my social media profiles accessed for calculating a social media-based credit score?

Your authorization is required for lenders to access your social media profiles.

What elements of my profile or activity go into a social media-based credit score?

Again, each lender that utilizes this alternative scoring model uses its own unique formula. However, the information that tends to carry the greatest weight includes education, job history, number of connections, quality of connections, and location and seniority of connections. So while you certainly want to be mindful of what you post to your social media platforms, you should be equally concerned that your friends on Facebook, connections on LinkedIn, and the people you’re following on Twitter are doing the same.

What safeguards are in place to ensure the accuracy of a social media-based credit score?

Unlike your FICO score, a social media-based credit score requires no validation. Here’s the difference. The three major credit reporting bureaus each generate their own unique FICO-based credit score. This score is based on the listings within your credit reports, which vary from bureau to bureau depending on which agency your creditors use to report your activity. These listings on your reports are required by law to be verified, not because they are used to tabulate a credit score, but because they are used to tabulate a credit score that the bureaus share with third-parties.

This is not the case with social media-based credit scores as they are tabulated and used by the lenders alone (i.e., not passed on to a third-party). Currently, there is no regulatory body overseeing the social media-based credit scoring model. However, the practice has been noted by the Consumer Financial Protection Bureau as well as the FTC, which is planning a series of seminars on alternative scoring models this spring.

Can current or potential employers access social media-based credit scores?

Since each social media-based credit score is unique to the lender that creates it, there is no universal number for an existing or future employer to access. However, some employers do use traditional credit scores to make hiring decisions, particularly in the finance industry. As for social media, employers are increasingly keeping a watchful eye on social media sites, not only of their current employees, but also prospective ones. For this reason, be ever-mindful of what you post for public view.

Can we expect a future in which social media-based credit scores are the norm?

This is too soon to call, but it’s certainly well within the realm of possibility. So whether you agree with the social media-based credit score or not, it is best to start building an online profile that won’t come back to haunt you. After all, it’s one thing to suffer the short-term, embarrassing consequences of an ill-advised update now and then, but quite another for social media activity and/or connections to have long-term negative effects on your finances.

 

This entry is a guest post by Meredith Simonds, the personal finance blogger for Credit Info Center. Check them out on Facebook. You can follow her on Twitter @creditinfocentr and on Google+

5 Ways to Impact Your Healthcare Expenses

February 17, 2014

Although the Affordable Care Act may not have immediately impacted your healthcare expenses, the insurance landscape is still uncertain and providers may eventually increase rates for coverage. Even if your expenses are already low, it’s still a good idea to try and decrease what you pay for healthcare in order to offset any potential price hikes that may be around the corner. Here’s a look at five ways to keep your medical costs low this year. Continue reading “5 Ways to Impact Your Healthcare Expenses”

Go Simple. Go Small. Go Now.

February 03, 2014

A lot of people have asked me how my wife and I are able to live together and travel around on a small, simple boat only 25 feet long. It’s true that it’s not a lot of space and doesn’t have many creature comforts. And when it comes to boats, there’s always something bigger and fancier with more complex systems to tempt you.   Continue reading “Go Simple. Go Small. Go Now.”

11 Ways To Boost Your Credit Score

January 27, 2014

One of two things hold you back from better credit — inaction or the wrong action. So it’s either time to start doing or to start doing it right. Here are 11 ways to do that: Continue reading “11 Ways To Boost Your Credit Score”

How to Educate Your Kids on Proper Money Management

January 19, 2014

When it comes to money, kids today are presented with a world of choices that most of us parents didn’t have to worry about when we were young. You certainly didn’t have to think about the latest iPod or iPad, $100 tennis shoes, or any other purchases of that magnitude. Depending on your age, credit and debit cards may not even have been around when you were younger – if you grew up when I did, you either had money or you didn’t. Continue reading “How to Educate Your Kids on Proper Money Management”

6 Ways to Save on Holiday Get Togethers

December 20, 2013

The holiday season invariably presents a variety of ways to separate your money from your wallet. There’s entertainment like shows and concerts, gift giving for friends and loved ones, and let’s not forget about tipping and gratuity – you can’t forget your child’s teacher, your dry cleaner, or even your postman. Although you never want to look cheap, it is important to save money during the holidays wherever you can.  Continue reading “6 Ways to Save on Holiday Get Togethers”

How to Dispute a Credit Card Purchase

December 04, 2013

Have you ever paid for a service with a credit card and just weren’t satisfied? Or bought something and found yourself unable to return it because of some obscure policy? If your answer to either of these questions is “yes,” take solace in the fact that you’ve got some recourse. As long as you made your purchase with a credit card that provides a dispute process – which almost all do – you may have a way to get your money back. However, there’s a right way and a wrong way to engage this process. To learn more about how to properly dispute your credit card purchases, read on. Continue reading “How to Dispute a Credit Card Purchase”