Version 3

Coming up: The System won't just earmark money for your goals, it will actually send it where it needs to go automatically

 
 

The goal has always been to automate your money...

We want to put your finances on autopilot. Here's what that looks like:

  • Credit card purchases: You spend $15 on your credit card at lunch. We earmark $15 of your spending money for your credit card bill, then send it to your credit card next payday.

  • Emergency fund: Every payday, we set aside a pre-approved percentage of your paycheck. At the next payday, we automatically send it to your System Savings Account.

  • Debt payoff: Every payday, we set aside a pre-approved percentage of your paycheck. At the next payday, we automatically send it to your credit card until your debt is paid off.

  • Investment: Every payday, we set aside a pre-approved percentage of your paycheck. At the next payday, we automatically send it to your System Target Date Investment Account.

  • Bills: We notify you if there's a bill of yours that we can automatically pay for you, like a phone bill. With your approval, we can set aside the money for that bill and pay it for you automatically.

 
 

Version 3 FAQ

What are you doing that's new?

Most financial management products want to “empower” you with pie charts to track your spending, tools to create a budget, and advice on how to save money. Maybe you’ve tried these. There’s a reason this approach doesn’t work: they all place the burden on you to devise a financial plan, execute it, and stick to it week after week. 

Instead of all that, we create a plan tailored to your situation, and then we execute it for you…so you don’t have to!

What's the difference between you and Mint?

Mint is a tool while The System is a service. Mint is where you go to see all your balances and transactions in one place. The rest of it is a bunch of budgeting tools, which means it’s up to you to create a financial plan, set it up, and stick to it. 

By contrast, The System does all the work for you. We crunch the numbers, figure out the best way to get you where you need to go, then we execute that plan with every paycheck. Do It For Me is the new Do It Yourself.

Wait - you're going to move my money? That's just crazy.

The System uses a series of smart, automatic transfers, the same as you’ve probably set up at your own bank. We do it via ACH, the same way PayPal (and every bank on earth) does. It’s extremely safe and it’s been around forever. And you can always hit “pause” on The System if you want.

Will my money and my information be safe?

Your data is safe: All communication with your financial institutions is encrypted, and your login data is never saved or stored.

Your money is safe: We use the exact same 128-Bit Encryption that your bank (and everyone else’s bank) already uses to secure your account. Our savings accounts are FDIC insured up to $250K, and our brokerage accounts are SIPC insured up to $500K.

Are you a bank?

No, but we connect to your bank. Think of us as a smart layer between your bank and everywhere your money needs to go.

Is it a pain to set up?

It’s set-it-and-forget-it, so everything is automatic: 
1) Link us to your bank and credit card and we’ll figure out your income, your bills, and what’s left over.
2) We make a plan where a portion of every paycheck is set aside for upcoming bills/debt/investment/savings and the rest is guilt-free spending money.
3) You approve it, and we put the plan in motion. Voilá!

Can I change my plan?

Yes! If your income or bills change, or if you want to adjust your spending or savings amounts, just return to the set up screens (via the menu) and make your changes. The System will re-run its algorithms and adapt to your changes.

How do I save up for something specific, like a vacation?

The Splurge Fund acts as a buffer to cover unexpected expenses and splurges beyond your Spending Money. If you don’t use it, it continues to grow. So, if you have a particular goal like a vacation or a fancy new watch, let your Splurge Fund grow enough to cover it.

How much does it cost?

The System is totally free for the first 6 months. After that, we think you’ll like it enough to pay for it. 

We’re tying the cost to something many people have multiple times per week, if not per day: a Starbucks latté (grande). For $3.65 every payday, we’ll optimize and automate your finances.

How can I trust you to do what's best for me?

If you’ve read up on personal finance, you know it’s all a bunch of generally agreed-upon rules, ratios, and best practices. The System applies these principles to your money. These are fundamental concepts, like: 

  • You shouldn’t invest in the stock market until you maximize any tax-advantaged accounts (like IRAs and 401(k)s).

  • You shouldn’t contribute to a tax-advantaged account until you’ve paid off any credit cards or other high-interest debt.

  • You shouldn’t pay off any credit card debt until you have enough savings to cover an emergency.

That’s just to give you a hint of how we think. Using the fundamentals and best practices of personal finance, The System is a sophisticated engine that is your own automated personal money manager.

What if I don't get a paycheck? Does this work for couples/families?

Right now, The System is optimized for single, salaried individuals. Why? Because that’s the simplest situation to develop for, to be frank. 

Support for people with irregular pay and couples/families is certainly on our roadmap. You’ve got to start somewhere, right?