The phrase “it takes money to make money” has probably been uttered by every one of us. How much money does it really take though? Do you even need to use your own money?
The answers aren’t always what you think and often people are in a better position than they believe.
Wisdom of the Crowd
Many people really don’t know their financial health or even how to gauge it. Now don’t get me wrong, there is a difference between “keeping up with the Joneses” and using your peers as a gauge to measure against.
Whether it is a bank’s metrics for lending or a credit score for an housing application approval – where do you think all these things originally stemmed from?
It’s all aggregate data that was analyzed to compile benchmark numbers to use kind of like a pass/fail line. If a person is on one side of a data point then there is a higher likelihood of a favorable outcome, etc. etc.
Yes it does feel impersonal, but we have become a data driven society, for better or worse.
The Crowd’s Got My Back
It’s no secret that I like to stay on top of my financial health. I have spreadsheets to track investments, savings, etc., which I know makes me a little finance crazy as most people don’t do this.
However, I’m really just racing against myself without knowing how I stack up against my peers.
- Am I in good shape were I can expect to get loans and approval for things or am I lagging the crowd?
- How about the interest rates I’m receiving (or paying) – are they above or below my peers?
- What is my monthly budget like compared to similar folks – am I spending too much?
In the end I’m a sucker for good information, especially when it is free. So I’m going to share something that I started using. It is called Status Money and it let’s you know your financial health by comparing it to your peers.
It’s all anonymous data, but its all data from actual people like you and me that use the service.
Best part is the service is free to sign up and you get free credit monitoring. So basically if you want to see how your interest rates, budget and overall finances stack up you now have a free simple way.
Getting Paid to Track Your Finances
Here is where I had to pinch myself, you literally earn monetary rewards on Status Money for hitting milestones. I already made $5 just from the current sign up bonus and a few more dollars for completing my profile. I wonder how much I get once I link my accounts?
This thing is kind of like mint.com on steroids and I like it!
Apparently I’m good at giving free Christmas gifts 🙂
Unwrap it here —>>> Status Money