Is one of your New Year’s resolutions to improve your financial literacy? If so, we have the interview for you! Majd Maksad is an entrepreneur-in-residence at Altpoint Capital and the founder and CEO of Status Money, an Altpoint portfolio company. This app that Maksad invented combines the two worlds of social media and money. Maksad describes the app as a social app for personal finance. It supplies regular, everyday people with benchmarks and all the tools they need to be their own financial managers.
The importance of financial literacy
Understanding topics such as mortgages or interest rates is the foundation of financial literacy. Most people have little to no understanding of how money works. Things like how to save money or how to pay a credit card bill are some of the biggest misunderstandings people have. Status Money breaks down each and every aspect of financial literacy. You no longer have to feel ashamed about not knowing certain things about money management.
More about the app
It’s quite taboo for someone to ask their friends, family members or even their neighbors how much they make in a year or how much their mortgage is. With Status Money, you can ask these kinds of questions to strangers without revealing your identity. Most of the time, you can even find someone who compares to you financially and see where you stand compared to someone else.
How you can take charge of your finances
It is never too late for you to take control of your finances. You no longer have to worry about the manners of “financial talk.” Take the first step in really understanding how your money works.
For more videos on money management, check out this video!