People at Ramp are not pleasant from my experience, go with Brex. High ego from social media, bad execution. And no im not from Brex, I wanted to use Ramp and never got a response from their high brow new grad PM who wouldn't care to explain what makes them different from Brex. Avoid douchebag companies, have had a great experience with Brex.
Ramp raises $300M
41–49 of 49 posts
Re: Ramp raises $300M
#42Went to their website. Their demo video starts by saying > Ramp is the only spend management platform that helps you spend less. Am I the only one extremely put off by this? You can have your puffery about how you're the best, but don't insult my intelligence. I'm also instinctively cautious about "AI" powered accounting. The way the AI powered receipt recognition is presented makes the AI seem much more powerful tha…
You are not supposed to think twice about the Marketing Department lies; the wager is that more people are attracted by the Trump style bravado than those who are turned off by it. Would be nice if that calculus changed, though
It might be a marketing failure, or you’re just not the target customer. If they’re targeting startups with runaway spending problems, “...the only X that helps you spend less” sounds super appealing.
At the end of the day, all that matters is the solution, how it works, and how it applies to and benefits you getting conveyed is all that matters
Re: Ramp raises $300M
#43Earlier quoted context omitted.
Until it's right there when you need it. It's not called an emergency fund for nothing
Any way you slice it 6 months living expenses earning no interest is a huge expense. For the average person putting that away at 30 means delaying retirement by around 2 years. Worse you need to keep adding money in to keep up with inflation. It’s reasonable to keep 6 weeks of living expenses on hand, but the rest doesn’t need to be in cash as long as you can quickly liquidate it.
Agree, the only requirement is sufficiently liquid, feel free to earn as much as possible given that constraint
Re: Ramp raises $300M
#44Earlier quoted context omitted.
Until it's right there when you need it. It's not called an emergency fund for nothing
Any way you slice it 6 months living expenses earning no interest is a huge expense. For the average person putting that away at 30 means delaying retirement by around 2 years. Worse you need to keep adding money in to keep up with inflation. It’s reasonable to keep 6 weeks of living expenses on hand, but the rest doesn’t need to be in cash as long as you can quickly liquidate it.
If you can't withdraw money from your mutual fund, or put a charge on your credit card, paying rent for 6months is the least of your worries.
Re: Ramp raises $300M
#45Earlier quoted context omitted.
Keep as much as you need to give you time to liquidate other things (like stocks or mutual funds). Especially with inflation as high as it is, keeping that much money in a checking account is just boneheaded.
>Keep as much as you need to give you time to liquidate other things And what if there's a crash and your savings takes a 40% haircut?
Then as long as you had 6mo of living expenses, you'll still have 3mo left over. Plus all the extra months you got from previous appreciation.
Re: Ramp raises $300M
#46Earlier quoted context omitted.
Not sure how they are in the US, but I've gotten 0.01% last year on my cash savings account. It's not worth keeping money there. The time you spend moving it from there to your primary account eats the interest.
You can quite easily get .5% from anything called a High Yield Savings account. They are FDIC insured. You used to be able to get as high as 1.5%, though with fed rates dropped to 0 that has gone away. But .5% is still 50x higher than .01 (and many multiple times higher after a few years of compounding interest). If you have a 15k rainy day fund, you're easily throwing out 1k a decade by keeping it in checkings. I us…
> You used to be able to get as high as 1.5%,
How young are you?
https://www.bankrate.com/banking/cds/historical-cd-interest-...
Re: Ramp raises $300M
#47Went to their website. Their demo video starts by saying > Ramp is the only spend management platform that helps you spend less. Am I the only one extremely put off by this? You can have your puffery about how you're the best, but don't insult my intelligence. I'm also instinctively cautious about "AI" powered accounting. The way the AI powered receipt recognition is presented makes the AI seem much more powerful tha…
Businesses don't like smart customers.
Re: Ramp raises $300M
#48Earlier quoted context omitted.
Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.
Checking account earns no interest. That's a foolish waste of money
Geez people - “checking account” should have been a relatively obvious figure of speech meaning “bank account”, or “cash and cash equivalents”.
https://en.wikipedia.org/wiki/Cash_and_cash_equivalents
When you pull a balance report for proving personal or business funds, your bank includes checking, money market, savings, etc., the literal type doesn’t matter as much.
(Also, for replies saying the 6 months worth should only be in a higher return higher risk account — things that can lose significant value — well, ideally, no, that’s what you do with everything beyond your six months cash and cash equivalents reserve, or carefully understand your risk exposure and ensure black swan deviations would still leave you above your reserve.)
Re: Ramp raises $300M
#49Earlier quoted context omitted.
Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.
Why would you want that in a checking account rather than an instant access cash saving account though? Savings interest rates suck atm, but might as well get whatever you can on it.
Because it was a figure of speech for “bank account”.