NEW YORK--(BUSINESS WIRE)--Two former Citi and Goldman Sachs bankers have launched Status Money (statusmoney.com) - the first and only personal financial management (PFM) website that lets everyone anonymously compare their finances to millions of other people for free.
Most people still manage their finances alone. But in isolation, they can't see how their finances compare to those of other people - so they unknowingly overpay for financial services and lose millions of dollars to high interest rates, hidden fees, and wasteful spending.
Status aims to help everyone save money by harnessing the collective knowledge of the crowd. It pools financial data and securely reveals to each Status member how their finances compare to those of anonymous people like them - these are people their age, that live in their city, and have a similar income, credit score, and housing situation.
With Status, everyone can now find out if they pay higher interest rates than people with similar credit scores, if they spend more on rent or restaurants than people with similar income, or if they earn less money than people their age. They can even create their own custom groups to compare the cost of living in different cities or see how much homeowners in their city are paying on their mortgages.
Status also shows members how their finances rank compared with other people and reveals the distribution of wealth across the US. For example, someone with a net worth of $50,000 will see that they rank in the top 23% among all Americans (better than 77% of the country) and that the top 1% has a net worth of over $1.2 billion.
"Most people don't even track their own interest rates, and they certainly don't know if their rates are competitive compared with other people," said Majd Maksad, Founder and CEO of Status Money, "Status can save people hundreds of dollars just by showing them if they're earning low interest rates on their savings or paying high interest rates on their debts."
Status makes it easy for everyone to manage their finances by automatically analyzing their accounts and providing them with insights in natural language. It can help them improve their interest rates, track their spending and income, and maximize their net worth.
Starting today at statusmoney.com, everyone can use Status to:
- Compare their finances to millions of people
- Get data-driven recommendations that help them save money
- Create customizable trackers that help them manage their spending and income
- Track their net worth and see all their financial accounts in one place
- See their credit score without affecting it
"I believe that everyone deserves access to information that can help them make smarter financial decisions," said Maksad. “That's why we created Status and made it absolutely free."
Status is the personal financial management website for the 99%. It creates a new level of financial transparency and can help millions of people manage their financial lives. It was founded in May 2016 by Majd Maksad, the previous Head of Decision Management for Citi Global Digital Payments, and Korash Hernandez, previously a Vice President at Goldman Sachs.