Americans at nearly every rung of the economic latter struggle to save money, leaving many living paycheck to paycheck. Yotta, co-founded by Adam Moelis and Ben Doyle, helps people win prizes by saving money “up to $10 million through weekly random number drawings.”
: We talk to our customers regularly. This is the best way to stay close to the problems they face and how we can serve them most effectively. I’ve spent a lot of time studying personal finance more broadly, but nothing beats talking to people directly to understand their financial life.
The fundamental issue is that human nature makes it very easy to do things that are fun in the short run but bad for you in the long run. Vice versa, we are bad at doing boring things in the short run, even if they’re great for us in the long run. Saving is boring and has no short-term payoff but pays off in the long run. Gambling is fun but is detrimental in the long run.
We wanted to build a product that made saving fun in the short run so that people would find it easy to build the habit of saving and scratch the itch of the chance to win big without losing a ton of money buying lottery tickets.: Why don’t more financial institutions make a greater effort to serve or offer financial products to the underbanked?: It’s harder and can be less economical. One of the ways banks make money is a percentage of deposit sizes.
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Neobank Startup Yotta Brings Innovation To Americans’ Financial Lives Through Lottery-Style SavingsAmericans at nearly every rung of the economic latter struggle to save money, leaving many living paycheck to paycheck. Yotta, co-founded by Adam Moelis and Ben Doyle, helps people win prizes by saving money “up to $10 million through weekly random number drawings.”
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Neobank Startup Yotta Brings Innovation To Americans’ Financial Lives Through Lottery-Style SavingsAmericans at nearly every rung of the economic latter struggle to save money, leaving many living paycheck to paycheck. Yotta, co-founded by Adam Moelis and Ben Doyle, helps people win prizes by saving money “up to $10 million through weekly random number drawings.”
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