Living paycheck to paycheck makes it hard for people to save money or pay off debt. The high cost of living, combined with increasing amounts of student loans and credit card debt, has made things even more difficult. While debt is a reality for many people, it doesn't have to be a life sentence. There are ways to manage debt and even start saving for the future.
In this episode, George and Ryan are joined by Hussain Zaidi, CEO and Founder of Budge. Hussain is a serial entrepreneur with over 20 years of experience in wealth management and fintech. Frustrated with the inability to offer the same quality service to his clients who had little investable assets, Hussain launched Advizr with the mission to "turbo-tax" the financial planning process for underserved clients. The acquisition of Advizr by Orion Advisor Services allows Hussain to build a financial services experience for 65 million households living paycheck to paycheck.
Specializing in comprehensive financial planning for the mass-affluent client, Hussain talks with George and Ryan about how Budge helps employees manage debt and savings directly from their paycheck, how Budge will provide services in the future, and why there’s a need to create a framework for paycheck allocation.
Key Takeaways
[01:00] - Hussain’s career history and how Budge came about.
[03:24] - The concept behind the foundation of Budge.
[07:05] - How Budge adapts to the needs of their clients.
[08:42] - What the worker's experience looks like using Budge.
[10:53] - How Budge will provide services in the future.
[14:11] - The need for a standardized framework for paycheck allocation.
[18:17] - What Budge can do for advisors.
[21:30] - How big asset management firms fail to integrate paycheck management.
Quotes
[04:25] - "When you look at the majority of the country, they don't have investments. There's a huge trillion-dollar asset management industry that doesn't know how to solve the issues for people who don't have assets to manage." ~ Hussain Zaidi
[11:42] - "In the future, we can send money to bill payments. We can send money to your investment account or your favorite charity. You can imagine Budge becoming the primary place where people make money decisions before it even gets to their Chase account." ~ Hussain Zaidi
[14:11] - "When you think about paycheck allocation, everybody gets a 50/30/20 rule. It is so generic. This provides an incredible opportunity for research and developing systems." ~ Hussain Zaidi
Links
Hussain Zaidi on LinkedIn
Hussain Zaidi on Twitter
Budge
Orion Planning
Citi
Eric Clarke
Paychex
Vanguard
Charles Schwab
ADP
Connect with our hosts
Ryan Donovan
George Svagera
Subscribe and stay in touch
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0082-OAT-1/12/2023
