Why Your FICO Score Doesn't Matter

Screen Shot 2018-10-30 at 12.13.32 PM.png

Everyone and their mom is talking about the improvement of FICO scores. The truth is FICO like other algorithms are always a work in progress. It’s great that our scores might jump up twenty points, but FICO is an algorithm that was released in 1989…So FICO is the same age as Emma Stone.

Seventy- seven percent of Millennials check their credit scores more than once a year. Millennial women are hyper-aware of their spending habits. Over 40 percent of millennials report setting aside money on a monthly basis. Of course, your FICO scores matters but at the end of the day, Millennials suffer from is DIYing their finances.

Because we live in the age of technology we try to use the best tech tools to control all of our money habits: We use robot-advisors, credit scores, budgeting, and read self-help money books.

All of these resources are tools, but we all need an extra pair of eyes. Here are the top Financial Firms that help Millennials with their finances and they won’t break the bank:

1.For the Corporate Type- Irvine Wealth Planning Strategies.

Matt Fizell, COO explained that IWPS has a Money Coaching Module offering for $750 a year with multiple planners following the fiduciary code. IWPS specializes in divorce and group corporate financial planning, this company is geared to help folks on the go.

2. For the tech-savvy folks-Hello Grove

Hello Grove is a casual company that is based in San Francisco. If you like Betterment but also want to talk to a real human, this is the place for you. With offerings as $600/ year for financial planning, it’s perfect for the advanced DIY’er.

3. For the person that just got a pay raise- Facet Wealth

Facet Wealth helps clients on a range of incomes but the goal is to build wealth and a legacy. Their programs range from $480 a year to $5,000 per year. For Facet Wealth it’s all about creating a sophisticated plan with less of the pages and cost.

4. For the Wellness folks- Worth Winning:

Have you ever received money advice from an Olympic Athlete? Four-time Olympian and 3-time Olympic medalist oh and did we mention that she’s CFP? Lauryn Williams helps focus professionals and athletes help their finances look more like Lebron James instead of Allen Iverson.

5. For People of Color- Dead Day Job Army

It’s tricky talking about diversity and money. The goal for this platform is to help the POC get clear on their financial goals while working their day job. What’s excellent about DDJA is they recognize that “follow your passion” and “fail forward” sounds nice, but that’s not an option for people of color.

6. For the Rebel Type -Stash Wealth

You’re earning more money than your parents did at this age, but you still need a little more of push. You also want to be financially savvy, but you might not agree with all the “ethical” mistakes of some banking industry. We get that. Priya, Rob, and the SW team what know that you’re not that average, so you need don’t need financial planning for your dad.