One of the things “mainstream” (as opposed to “alternative”) (and I use those quotes deliberately, because those labels should actually be reversed) financial services rarely consider is how much wealth is found underneath the mattress, especially amongst the un- and underbanked. This story, an estimate of how much is hidden…
So Much Debt, too few Goals
The Great Recession came about, in part, due to consumers’ eyes being larger than our stomachs. We wanted instant gratification, and it was available in spades. The instant gratification paradigm is in tension with that of delayed gratification. Delaying gratification requires frugality and planning. That planning is the process of…
What’s the Sweet Spot for Green Dot?
Last week our friends at Green Dot finally filed for an IPO. This is exciting news in a recessionary environment, but especially for a company which has seen significant growth during this recession. Green Dot’s revenues have roughly doubled every year since 2007, as did their operating income. The JP…
Will Obama help the underbanked?
The Obama administration certainly has the industry under fire: banks are likely to lose 70% or more of the fees they currently make from overdraft fees. Sunday, Citibank settled with New York AG Cuomo to keep a million low-end checking accounts open and free for a year at an approximate…