As many of us are planning our New Year’s Resolutions, it seems safe to say that Financial Resolutions usually make the top of the list.
This year, TomoCredit, an SF based startup, wants to help millions reach their highest credit score, as FAST as possible. TomoCredit is targeted towards GenZ and Millenials and aimed at helping those who don’t have any credit history/bad credit.
The TomoCard has some unique features that make it the best credit card of 2023 to help build credit fast. Here are 5 key features:
Weekly Autopay — this means on-time payments and 0 balance every week. Because of the weekly payoff, your healthy spending habits are being reported more frequently to all 3 credit bureaus (Experian, Equifax, TransUnion). Frequent reporting = credit building FASTER.
0% APR/interest — yes, you read that right
Up to $10,000 credit limit
SSN not required to apply!
Free benefits worth over $500!
So, what are you waiting for? Start your 2023 with Tomo.
This New Year, TomoCredit, a fintech startup based out of San Francisco, CA, wants to help you build credit even if you don’t have a credit history! (or if you simply need to rebuild your score).
The Tomo card, better known as “GenZ’s favorite credit card”, lets you build credit without having ANY credit history. The card also has 0% APR/interest and since it is MasterCard “World Elite,” there are a ton of perks for members, including: $1000 cell phone protection and Lyft/DoorDash/HelloFresh credits. Talk about a win-win!
The Tomo card also features weekly autopay, which allows users to boost their credit FAST. What better way to start the New Year than with good credit?! The Tomo card reports to all 3 credit bureaus — Equifax, Transunion, and Expedia.
So if you plan on buying a home, car, or any other expense requiring a loan, this card will help you reach your credit score goals.
Check out how we are on a mission to help millions of others reach their financial and credit score goals by visiting our website: tomocredit.com
Crypto has been viewed upon as speculative instruments, not payment mechanisms. While Bitcoin was originally intended to be a new world currency, it has transitioned to more as a hedge against inflation and a store of value. In a sense, spending Bitcoin would be a lot like spending Apple stock. Sure, you can spend it, but it would also be fairly regretful if the remainder of your holdings kept going up. The psychology behind this prevents users from making this a true payments system (unless you had a ton to get rid of).
However, with the advent of Stablecoins, the game has changed. Stablecoins are cryptocurrencies that maintain a $1 peg, which means that they are not meant to be speculative assets. Newer networks allow pretty amazing interest rates on top of these, but in general, these should not be any different than the $1 in your bank account, your credit balance, or in your wallet.
Stablecoins come in many forms, asset backed (like USDC), algorithmic (like UST), or a combination of both. In general, there are some controversies on how a stablecoin can maintain a peg even during volatile market conditions. But why is this so hard to spend today?
Take an example of how you’d have to do it:
01 Send to a crypto exchange To spend your crypto, you must first take it off any wallet or protocol you have it in, that means sending it to an exchange.
02 Trade to USD That’s right, just like any other crypto asset, you need to convert crypto on an exchange. Some offer free conversions from USDC, but otherwise you have to pay fees too.
03 Send to a Bank account Even with the benefits of crypto instant settlement, you still need to withdraw to your bank account after you sell on an exchange, which can take an extra day or two.
How TomoCredit is Solving the Payments issue
Tomo is a crypto wallet
We think making the core product a crypto wallet is important, that way you can have the safety of a custodial wallet.
Choose which coins to spend
We default to your stablecoins, but if you prefer to spend other crypto assets, you can choose them as a default.
Autopay automatically converts and pays off your card
No need to worry about trading or withdrawing, Tomo will automatically convert coins that are needed to pay off your credit balance. Spend your credit card like you normally would.
Empowering female tech employees amid the growing number of anti-abortion laws in the U.S.
After almost 50 years since the historic Roe v. Wade decision in 1973, more and more states have been looking for legal loopholes to put in place to make it harder for people to access abortion care. This trend exploded in September 2021 when The Texas Heartbeat Act (SB8), which bans abortions after six weeks, went into effect.
As a female, minority, andimmigrant founder of a company that employees people of color across the U.S., I’ve been angry and sad to read the news that abortion laws are now in jeopardy. When I left my home country in South Korea as a young girl, I thought America is the place where women and men are truly equal and women can reach their full potential through their careers.
Guess I was wrong. However, the good news is that now I am in charge. I am in charge of one of the fastest growing private companies in the U.S. I have the power to protect my people- especially women who refuse to live in fearof forced pregnancies and of having their bodily autonomy ripped away from them.
At TomoCredit, we believe in human rights and we believe in empowering women to be fully in charge of their own bodies, own careers, and own dreams. To help facilitate this TomoCredit will:
Cover 100% of legal expenses up to $5,000 if any employee (or their partner) suffers legal issues as a result of anti-abortion laws
Contribute up to $2500 towards travel expenses for employees (or their partners) needing to travel out of state for abortion care
Contribute up to $2500 for out-of-pocket medical costs for an employee (or their partner) in need of out-of-network abortion care
At TomoCredit women’s rights are human rights and we will continue to empower women everywhere.
In a Global Financial Literacy Excellence Center study, female participants answered 49% of personal finance questions correctly while male participants answered 56% of them correctly. Although both these scores are very low and need to be brought up significantly, the interesting findings were about the gender gap in financial literacy as the study also found that women did significantly worse in questions about borrowing, saving, earning, and investing than men. This knowledge impacts every aspect of your life from the decisions you make to the ones you don’t make.
Another result of the study is that women answered “don’t know” to 25% of the questions compared to 20% for men. This suggests that it may not only be lack of knowledge creating the gap, but also lack of confidence. Another study by GFLEC found that when the “don’t know” option wasn’t available, female participants often chose the right answer. This study credited lack of confidence for one third of the gender gap. In personal finance this may look like not wanting to invest or take risks, trusting others more than yourself, or feeling like you do not have the tools to even get started. Consider finance bros, Wall Street Suits, and khaki wearing car salesmen. These typical symbols of finance are all male and as you can imagine, they represent the male majority which can be intimidating. A way to combat this is through education and experience by seeing exactly what you can do for your finances instead of letting it stay a large unknown.
Educating yourself can be the hardest first step because it requires you to confront what you do not know. Admittedly, finance has many moving parts and can become convoluted, but you don’t need to open a Roth IRA tomorrow. The first steps can be as simple as calculating your income and expenses to stay mindful of spending. Everyone starts from knowing nothing and learns through watching and learning from others. Instead of being intimidated by people who are more knowledgeable about finance, start with videos, books, or sites that are your level and build up slowly. As we have seen, the confidence to start and trust in yourself makes a very large difference.
There isn’t one easy solution for fixing the gender gap in financial literacy. However, progress starts with empowerment and creating an environment where women can believe in themselves. Technology has made it easier to take control of your finances but we also cannot forget the women in the field who are paving the path like Tomo CEO Kristy Kim and allowing women to see themselves in the finance world. Although they may take a little longer to find, there are plenty of women in finance who you can bank with, learn from, and emulate.
Just a few weeks in, this summer has already proven to be different from the last — the previous year’s uncertainty unsurprisingly resulting in a comeback season for many who are making up for lost vacation time. This moment can feel like a second chance at fulfilling the plans that were postponed for longer than initially anticipated. However, it can also feel sudden and a little overwhelming to have so many places and opportunities open back up. Here is our guide to help you ease your transition back into a post-pandemic society.
Traveling
The TSA checkpoint travel numbers are reporting a more than 3x increase in daily traveler numbers in June of this year compared to last year, meaning that you may need to take some extra time to prepare yourself for the next time you grace the floors of your nearest airport. Before you plan that next trip though, make sure you do your research on travel guidelines and local mandates to avoid getting caught off guard. While many countries are slowly opening up their borders to Americans, keep in mind that there will likely still be requirements for unvaccinated travelers. If you are planning on traveling anytime soon, it’s best to make sure that you and those around you are protected by getting vaccinated if you haven’t already done so!
School and Work
The idea of returning to work and school in person can be overwhelming, to say the least. Schools across the country are re-opening their doors to students and teachers after more than 1.5 years of offering remote learning. The academic rigor of online learning has not been easy, so it will take some time to transition back to the routine of in-person classes. Students should know that their schools’ mental health resources are there to help them with this. The same goes for anyone returning to working in person. Make sure to know the details of your company’s transition period and what services and resources are available for you to make this easier on you. Don’t be afraid to ask questions and voice your concerns — chances are, there are others thinking the same thing.
Budgeting
Going out more usually means spending more money. It’s awesome if you were able to develop healthy saving and spending habits during quarantine! Make sure to keep this same energy once your friends are inviting you out every weekend, you don’t want to undo all your hard work. Overspending will be easy, but if that happens don’t get discouraged! There are many ways to manage your budget and build mindful spending habits, just take a look at our previous blog posts for tips.
Investing. Budgeting. Debt. For many who have never dabbled in the field of personal finance, these finance phrases can seem intimidating — but fear not! The field of personal finance presents beneficial knowledge in regards to managing an individual’s monetary resources. With summer break upon us, it provides a perfect opportunity for you to learn and work independently. Here are our top 5 personal finance book recommendations that are a great place to start.
Rich Dad Poor Dad
This book, written by Robert T. Kiyosaki, explores the author’s learning experiences from two father-figures and their different money-management strategies. It delves into the concepts of smart investing, earning money without necessarily having a high income, and how to maintain long-term acquisition of wealth. No matter what age group, this insightful book offers diverse perspectives on the concept of earning money and is an excellent read for those interested in developing their long-term personal finance skills.
Broke Millennial
Geared more towards the younger generation, Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry presents a variety of tips for those who are just beginning their journey towards financial independence. It covers topics such as investing, budgeting, planning, avoiding credit card debt, and much more. If you are a beginner looking to learn about these personal finance concepts, this book is for you!
I Will Teach You to Be Rich
I Will Teach You to Be Rich by Ramit Sethi is another resource that is perfect for college students or individuals starting out on their personal finance journey. It provides helpful advice on paying off loans and other debts, how to navigate late fees, and basic investing knowledge. It also gives recommendations on making future large-scale purchases in life such as property and vehicles. Overall, it is an excellent educational read for the younger generation who are beginning to face these real-world financial decisions.
The Millionaire Next Door
Thomas J. Stanley’s The Millionaire Next Door: The Surprising Secrets of America’s Wealthy is a helpful book that has had a significant impact on people’s understanding of what it truly means to be “rich” in America. It consolidates research findings revealing traits shared by those who have accumulated notable amounts of wealth, such as their saving practices, financial habits, and more. This book is a great fit for anyone looking to increase their wealth and develop healthy personal finance skills to do so.
Your Money or Your Life
Another resource for students in college or beginners to personal finance, Your Money or Your Life,by Vicki Robin and Joe Dominguez, shares nine steps that can be taken to achieve financial independence. It goes into detail about avoiding debt, maintaining living expenses, and keeping in mind the importance of your financial impact on the planet. This book promotes healthy as well as sustainable financial habits and is a great read for those who want to practice effective and responsible lifestyle choices.
After the age of 20, you may find yourself slowly becoming your parents whether you’ve inherited their loud booming laugh, sense of style, or even that one annoying tendency. We know the basics of heredity and can possibly draw a punnett square for eye color, but how much do our parents’ experiences and attitudes affect our day to day lives? We do know that poverty and coming from a low income household greatly affects children in many aspects of their lives. But, it turns out that it’s not just household income that affects children. Your parents’ financial literacy and attitude also impacts your financial literacy and attitude towards money.
First, let’s start with what financial literacy means and why it matters for your life. Financial literacy is defined as “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.”Simply put, it is the ability and skills to make educated decisions about your money. This impacts not only how you get your money but also what you do with it. People with low financial literacy may find making big financial decisions intimidating and might enter into agreements that do not benefit themselves. Imagine going to buy a car and not knowing about interest rates, the actual value of the car, or monthly payments. In this case, you may be easily talked into a car you cannot afford, paying much more than you should, or signing documents you do not understand. Someone with high financial literacy would be able to avoid these mistakes and dodge their long lasting effects.
So how does your parents’ financial literacy affect yours? As you may imagine, your parents can only teach you what they know. If they made poor financial decisions, you may see this as normal because of lack of exposure to better approaches to saving, spending, and earning money. They may have modeled poor habits which you picked up on whether consciously or not. However, if they modeled good habits, you would also see this as normal and replicate it later in life. For example, if you saw your parent haggle, coupon, or budget as a child, it probably gave you more appreciation for a dollar. Whereas if you saw your parent put everything on a credit card and live above their means, you may not understand the connection between money and the numbers on the screen. While small splurges may not seem too important, your attitude towards money will have a drastic impact on your life as those habits add up.
Another possibility is that your parents kept much of the discussion about money from you. Many parents and cultures consider finances an adult topic and frown upon worrying children. This is financial secrecy and it can lead to children who have no knowledge of basic personal finance concepts. These concepts are only required to be taught in schools in less than half of U.S states, leading to a reliance on informal methods of learning with the highest being mom and dad. Consider this: your parents talk about major financial decisions extensively, budget, and save without showing you. How would you learn those skills? Because your parents never taught or modelled those positive habits in front of you, you start your adult life without the benefit of all of that knowledge.
The relationships between parental financial knowledge and attitude are numerous, but the important thing is acknowledging them and taking the time to reflect on your own situation. Your parents may have been too frugal, leading you to overspend in an effort to overcompensate. They may have been careless with family finances and not balanced needs with wants leading you to live above your means as well. Whatever your situation, make sure to take a step back and analyze your financial history and its impact on your life. This process is not about pointing blame but more about understanding who inspired your amazing money habits and also finding holes that need filling. Thankfully, we do have many options for filling in those gaps. You could learn about personal finance through websites such as Cashcourse, Khan Academy, or Investopedia. You could even watch videos on YouTube, Instagram, or even TikTok! Get to learning in any way that fits your needs (and attention span) so we can continue breaking generational cycles and setting our own.
As we head into summer and the weather heats up, many might be looking for affordable activities to enjoy with family and friends. Summer is a great time to enjoy the sunshine and get out of the house. All of the trips, vacations, and outdoor activities can start to add up and take a toll on your budget. Whether you’re a college student or looking for affordable activities for your family, here are some summer activities that won’t break your bank account.
Head to the Farmer’s Market: In most cities and towns, farmer’s markets where local farmers and businesses gather to sell their products are hosted on the weekends.. This is an affordable way to buy your products while enjoying some time outdoors. It’s also the perfect spot to meet up with friends and family and shop around for an affordable price.
Look up near nature trails: Check out distant or near trails in your area for its scenic view and experience the great outdoors for free! Whether you choose to hike or bike these trails, it is a great way to get outside and be in touch with nature. This is also the perfect activity to spend time with friends and family and exercise which is good for the mind and body.
Go Swimming: A nice hot summer day calls for a pool day. If your home does not have a pool, no need to fear, there are plenty of neighborhood pools, rivers, lakes, and oceans, depending on your region. Access to a cool body of water is the perfect activity to lounge and enjoy a hot summer day. This activity should cost a low fee and can even be free.
Read a Book: Summer is the perfect time to pick up a new hobby or read that book you’ve been thinking about. Make time in your day to sit outside or choose another space to relax in and enjoy the book you have been wanting to read. This activity can be done in your own home or in public, such as the local library, park, and coffee shops. Books are usually inexpensive and great for your mind and soul.
Host a BBQ: As more people become vaccinated and guidelines are followed, family and friends can begin to gather as life returns back to normal. While restaurants and eating out becomes more of an option, hosting a BBQ is the perfect inexpensive and more affordable option to dining with friends and family. Hosting the BBQ as a potluck will further reduce the costs for everyone attending as one person is assigned to their own dish. The warm weather is perfect for a classic BBQ and an easy way to spend quality time with your loved ones.
This year, as many regions are in the process of recovery from the global pandemic that shattered our daily routines, the month of May brings a new context to the importance of Asian Pacific American Heritage Month. Officially established by Congress in 1992, APAHM is an opportunity for Asian and Pacific Islander voices to be amplified. For many API identifying folks, May is a month to bring awareness to issues close to home, such as the recent rise in Asian American hate crimes during the pandemic. For others, May is also an important month to dedicate some time to explore the many resources available in order to broaden our perspectives and learn how to support the communities around us. Here is a short list of films, television shows, books, and podcasts by API creators that we hope will carry you to the end of May and beyond.
FILM and TV. Early media representations of API individuals have a problematic history at best. Only recently are we now seeing an increase of entertainment media created by and featuring API voices. Film and television are important media for minority voices to express and navigate their identities through engaging narratives that humanize them, rather than make caricatures of them.
Minari (2021) Lee Isaac Chung’s tender film is about a Korean family’s search for the American Dream.
Better Luck Tomorrow (2002) Justin Lin’s edgy film depicts a group of over-achieving high schoolers that challenge the model minority stereotype and find themselves in a life of crime and excess.
Crazy Rich Asians (2018) Based on the novel by Kevin Kwan, Crazy Rich Asians is a contemporary romantic comedy about a New Yorker who struggles to navigate her boyfriend’s wealthy lifestyle.
Master of None (2015) Aziz Ansari and Alan Yang’s Netflix Original comedy is loosely based on Ansari’s real-life experiences as a New York actor struggling to realize his identity.
Kim’s Convenience (2016) A Canadian TV sitcom, Kim’s Convenience follows the lives of the Kim family as they run their convenience store in Toronto and features lovable characters in relatable situations.
BOOKS. Since the recent rise in violent crimes against API individuals, books provide a portal to understanding the unique and personal struggles of identity that many API deal with. Novels allow us to step into a different pair of shoes and empathize with a life that we may find to be more similar to our own than we realize.
Crying in H Mart Michelle Zauner, also known as the musician Japanese Breakfast, writes about her grieving process after losing her Korean mother, and her only connection to her Korean heritage, to cancer.
On Earth We’re Briefly Gorgeous Ocean Vuong is a prolific Vietnamese-American writer, whose debut novel is written in the form of a letter to his mother.
Pachinko Min Jin Lee’s second novel is a historical fiction about a Korean family’s immigration to Japan over four generations.
Minor Feelings Kathy Park Hong’s autobiographical book reckons with the Asian American identity through memoir, critical criticism, and history in a series of essays.
PODCASTS. Entertaining and insightful, podcasts as a media form are having a moment. API podcast hosts are taking over with witty commentary, complex discourse, and interesting interviews about the API identity.
Asian Enough From the LA Times, “Asian Enough” is a podcast about being Asian American — the joys, the complications, and everything in between.
Feeling Asian Comedians Youngmi Mayer and Brian Park navigate previously taboo topics in their Asian American households and take the opportunity in adulthood to talk about their feelings after a lifetime of holding in their emotions.
Asian Not Asian A weekly comedy podcast with a simple pitch: “Two Asian guys not from Asia talking about American issues no American cares about.”
