5 Companies Helping Young People Take Control Of Their Finances
There's no reason anyone should have to go broke getting an education, but that's the unfortunate reality for many of today's young people. On top of outrageous student loan debt, youth also have to face the challenges of ruthless job and housing markets, which can make financial stability seem like a pipe dream. The groups included here are all out to change this, offering expert guidance to help millennials get on the path to economic wellbeing. This video was made with Ezvid Wikimaker.
5 Useful Financial Resources for Young People
| Name | Description |
|---|---|
| Prodigy Finance | Focuses on fintech to redefine the student loan market, using an innovative and borderless model to assess clients' potentials, not just their current circumstances and credit histories |
| Broke Millennial | Run by writer and speaker Erin Lowry, it's a series of resources that assist millennials with getting their financial life together |
| Laurel Road | Helps thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance billions in federal and private school loans |
| MyBnk | Creates and delivers innovative, high-impact financial education programs, helping to build young people’s money knowledge, skills, mindsets, and habits at key transitional moments |
| Millennial Money Man | Run by Bobby Hoyt, who paid off his student loans in 18 months, the site teaches millennials how to make more money, save more money, and pay off debt so that they can live their best financial lives |
The Mission of Prodigy Finance
Quick Tips for Being Frugal
- Make a budget and plan expenses in advance
- Keep track of your daily spending habits
- Reduce your usage of water and electricity
- Maintain an emergency fund
- Save up by storing money in an adult piggy bank
- Cancel services you no longer use
- Think of prudent alternatives, e.g., cooking instead of eating out, or making a gift instead of purchasing one
How MyBnk Works
In Depth
Young people increasingly face the burden of an uncertain financial future, and as a result can be easily overwhelmed. Fortunately, there are many companies that seek to help. Whether it's a group using the latest in finance technology, or fintech, or advice from someone who has paid off their entire student loan, consider the companies listed here in no particular order.
First up at #1, we have Prodigy Finance, which was founded on the philosophy that funding shouldn't be a barrier to education. The company recognized that traditional banks often fail to serve the needs of international borrowers. Prodigy Finance has made it its mission to make quality education accessible, using fintech to redefine the student loan market.
The company's use of a borderless model assesses each client on a holistic view of their potential, not just current circumstances and credit history. Prodigy Finance works with private entities that invest in tomorrow's leaders while earning a financial return. The company additionally offers a scholarship in order to assist qualified applicants.
The company additionally offers a scholarship in order to assist qualified applicants.
Coming in at #2 is Broke Millennial, founded by Erin Lowry to help millennials get their financial life together through her blog, books, lectures, and workshops. Lowry graduated college debt-free, moved to New York City, and managed to save money. She seeks to impart her knowledge about learning to invest, and developing the skill for negotiation, to her audience.
Broke Millennial offers a course called the Get Your Financial Life Together boot camp, for actionable advice on how to improve one's financial health. Classes on topics such as, How To Budget and Save Money, or How to Pay Off Your Debt, are designed to empower people who feel overwhelmed by money.
Next up at #3, we have Laurel Road, which began originating student loans in 2013, and has since helped thousands of professionals consolidate and refinance more than $4 billion in federal and private school loans. As an innovator in the fintech sector, Laurel Road is focused on creating seamless, personalized experiences for its customers.
As an innovator in the fintech sector, Laurel Road is focused on creating seamless, personalized experiences for its customers.
Laurel Road offers a suite of online graduate school loan products, personal loans, and mortgages that help simplify lending through technology and personalized service. In April 2019, Laurel Road became part of KeyBank, one of the nation's largest banks that offer financial services. The company strives to be a trusted partner by supporting its customers at every financial milestone.
Arriving at #4 is MyBnk, an organization created to address the issue of young people engaging with money from an ever earlier age while facing a financially challenging future. The company's mission is to bring financial education and enterprise to life for young people. MyBnk takes a holistic approach to education, using case studies and games to bring money to life.
MyBnk is dedicated to providing financial education for all ages. One of its programs, The Money House, is an accredited literacy program aimed at preventing youth homelessness. Qualified participants gain practical financial planning skills to pay their living costs while they make informed choices about their future. There are no lectures, rather, engaging activities involve students in every aspect of their learning.
MyBnk is dedicated to providing financial education for all ages.
Finally at #5, we have Millennial Money Man, founded by Bobby Hoyt to teach millennials how to make and save more money, and pay off debt so they can improve their financial wellbeing. Hoyt is a former teacher who began his blog after paying off his student loans, and has since grown his audience large enough to make a full-time living.
Millennial Money Man is designed to teach personal finance without any pressure or criticism. Those looking to improve financial health can find a collection of resources for making more money and increasing savings. Hoyt seeks to ease the struggle of being in debt while providing a positive and informative environment.
