Last year, a brand of digital-native finance enthusiasts gained notoriety for using free apps like Robinhood to aggressively trade an eclectic mix of stocks. Amongst these retail investors, there were winners and there were losers. Despite the fun and games (and the memes, of course), experts widely agree that this strategy of buying and selling stocks is not prudent for those of us with investment horizons in the decades rather than the days. The better strategy? In short: save, buy, hold, and let compound interest do the rest.
One New York based fintech with $3 billion in assets under management is making it even easier for people to make prudent investment decisions with a long-term perspective. And they have their sights firmly set on the Miami market.
Meet Stash, a financial platform that enables consumers to invest, bank, and save all in one place. With Stash, users can make unlimited trades with no investment minimums and no add-on trading commission fees. Users pay as little as $1 a month to gain access to Stash’s investment tools.
According to Stash, the platform is particularly popular in the Miami market. You might have seen their “great things take time” advertisements around town over the last few weeks.
This week, Stash announced that it is partnering with Year Up, a national nonprofit that helps young adults learn the skills necessary to land jobs with a proven path to career success. 20 participants will each be given a free year of Stash, $1,000, and a variety of financial literacy workshops and seminars – including a special video from City of Miami Mayor Francis Suarez.
Year Up has a strong presence in South Florida, having spent years collaborating with Miami Dade College. Now, its Miami-based program is focused on accelerating talent in the tech space.
Lauren Anastasio is Stash’s Financial Education & Advice Leader. She spent more than six years at J.P. Morgan, advising some of America’s highest net worth individuals how to invest their money. Now, she relishes the opportunity to share her knowledge with a general population, as well as the 20 young people selected for the pilot.
“My passion lies in helping people who don’t have access to traditional financial resources like accountants and estate planners, and enabling them to utilize this advice to make a meaningful difference in their lives,” Anastasio told Refresh Miami.
Anastasio noted that in American culture, “we are very reluctant to teach financial skills within the home, and it’s not a part of our public school curriculums.”
“But it’s something that young Americans truly need,” said Anastasio.
Young Miamians are in particular need for this advice. Private universities in Miami cost as much as $75,000 a year, and the Miami-Dade county average student debt is $36,177 with a $310 monthly payment. Florida is in the top 20% of states with the highest student loan debts. Upwards of 8% of borrowers in Florida owe $100,000 or more in federal student loans.
Using Stash’s tools, Gen Z can move towards saving for the long term. For instance, when users pay with Stash’s Stock-Back Card, they are rewarded with a percentage of their purchases back in stock. So when a user buys a coffee at Starbucks with the card, they’re given a portion of $SBUX alongside their venti.
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