That's a seriously fucked-up webpage without Javascript =/ http://i.imgur.com/Lr53m7u.png
The internet hates people who don't run javascript.
Want a steady income? There's an app for that
11–20 of 73 posts
Re: Want a steady income? There's an app for that
#12Re: Want a steady income? There's an app for that
#13Amidst all these verbose vignettes of precious characters, what DOES Even DO? Oh, ok, there's one paragraph in there that sheds some light: "The app then holds back an “Even cushion” — a savings account it manages for the user. In the demo I saw, the app, drawing on a sample bank account, reported that “if you earn less than $380, Even will automatically boost your paycheck. If you earn more than $380, Even will auto…
It reads like a precocious high-schooler wrote it. I stopped reading when I got to that paragraph.
Re: Want a steady income? There's an app for that
#14The article opens with the story of Heather Jacobs, a masseuse whose income is volatile, and it implies that she's a prototypical Even user. But she actually seems to be an undesirable user, from the company's point of view.
It sounds as if she's struggling not just to budget but to earn enough money to pay for all her expenses, both recurring and unexpected. (She says she's often "desperate" around the end of the month.) That's exactly the kind of user that Even should try to avoid.
I'm not necessarily faulting the woman for not being able to make enough; I'm just saying that Even's ideal user should be someone who, over time, earns enough to cover their expenses, but either has trouble sticking to a budget or would prefer the convenience of an app to handle budgeting for them.
For instance, my parents (one a teacher, who got paychecks from September to May, and the other a landscape, who earned little during the winter months) could have used an app like this when I was growing up. Between the two of them, they made ends meet, but they struggled to figure out how much to save so they'd have a reserve during the months when their incomes dipped.
One thing I am curious about, which the article doesn't touch on: What happens if I have a surplus in my Even account (which the article says is kept in a savings account), and I run into a huge unexpected expense? What are my options for tapping into that surplus?
If I have the same access to it as a regular savings account, does that kind of defeat the point of the app (to prevent people with poor willpower from spending their surplus instead of saving it)? Or is it treated like a withdrawal from a 401(k), with penalties for taking the money out earlier than scheduled?
Re: Want a steady income? There's an app for that
#15> If you have no money saved, Even will boost your pay with interest-free credit. You'll automatically pay the credit back the next time you earn more than your average pay.
... then later
> ... Even is not a lender and Even does not provide loans.
I'm guessing this is to stay on the right side of lender regulations, but talk about being slippery with semantics!
Re: Want a steady income? There's an app for that
#16tl;dr App called "even" allows people with incredibly variable income (case study is on a massage therapist, lots of money one week, little the next) to even out their income. They evaluate their income history, then offer a stabilized value, say $380/week. Weeks they make more, the application takes it and puts it aside. Weeks they make less, it either pulls it in from a reserve, or an instant loan is made. Costs us…
So its a very basic personal economy management tool that automatically takes loan and restrict withdraws. Sound risky.
Re: Want a steady income? There's an app for that
#17TL;DR?
Sets aside money when you make more than your average paycheck, uses the money that was set aside when you make less than your average paycheck
Re: Want a steady income? There's an app for that
#18The article opens with the story of Heather Jacobs, a masseuse whose income is volatile, and it implies that she's a prototypical Even user. But she actually seems to be an undesirable user, from the company's point of view. It sounds as if she's struggling not just to budget but to earn enough money to pay for all her expenses, both recurring and unexpected. (She says she's often "desperate" around the end of the mo…
> It sounds as if she's struggling not just to budget but to earn enough money to pay for all her expenses, both recurring and unexpected. (She says she's often "desperate" around the end of the month.) That's exactly the kind of user that Even should try to avoid.
I'm not entirely convinced of that. She could also be the very type of customer that they'll want for their expansion (i.e. into a budgeting service). They could evolve to help people both stabilize their incomes and learn how to budget better to improve overall stability
Re: Want a steady income? There's an app for that
#19The article opens with the story of Heather Jacobs, a masseuse whose income is volatile, and it implies that she's a prototypical Even user. But she actually seems to be an undesirable user, from the company's point of view. It sounds as if she's struggling not just to budget but to earn enough money to pay for all her expenses, both recurring and unexpected. (She says she's often "desperate" around the end of the mo…
I think the fact that her pay fluctuated from between $90 and $700 is what makes her the "prototypical" user. I'm sure if she had a few high paying weeks, she wouldn't be desperate at the end of the month.
Also, I checked out their website and it seems that you can withdraw all of the money that you have in Even if you need it immediately. And they put a pretty big emphasis on the fact that when you start, you get hooked up with an Even employee to help guide you through your finances and using the app. It isn't just a download and go setup. It seems to me that there is a lot of human interaction involved with actually using it.
Re: Want a steady income? There's an app for that
#20tl;dr App called "even" allows people with incredibly variable income (case study is on a massage therapist, lots of money one week, little the next) to even out their income. They evaluate their income history, then offer a stabilized value, say $380/week. Weeks they make more, the application takes it and puts it aside. Weeks they make less, it either pulls it in from a reserve, or an instant loan is made. Costs us…
So its a very basic personal economy management tool that automatically takes loan and restrict withdraws. Sound risky.
What is the risk you are referring to? On the surface it sounds like a decent app for someone who lacks financial skills.