I’m always blown away to learn about people putting their passions together to create something incredible. It turns out, many resources & places for Millennials to learn about personal finance are being created. For today’s post I’m pumped to share an interview with Michael Liebman, one of the Co-Founders of the start-up LearnLux: a new personal finance hub made for Millennials by Millennials. Learn more about Michael and what LearnLux has to offer below!
Tell us a little about yourself (background, hobbies, passions, etc.): How did you become one of the Co-Founders of the start-up LearnLux?
My name is Michael Liebman. I’m studying finance at Bentley University. I’ve been involved with business and finance since I was really young. I’ve been trading stocks since I was 16 years old, I worked at a bank from the age of 15 to 18, and I opened a Roth IRA at 17. I’m the opposite of our target market, as I’ve been super into my finances forever. LearnLux was an idea that my co-founder (and sister) and I have been working on for a long time. Before we started the company we were always conscious of the lack of the financial education that is offered and the lack of financial literacy that we all seem to have. We started a blog about 3 years ago and prided ourselves on the idea that we taught everything that they didn’t teach you in school, including entrepreneurship, personal finances, and similar topics. We realized that there was a need when we received really good feedback from our users. Besides being super into all things financial, I’m a huge Red Sox fan and I like hanging out with my friends in my free time.
Personal finance can be pretty challenging when you are feeling unsure where to start. How can LearnLux help people learn about personal finance?
LearnLux is built for the person who knows that they need to do something but don’t know where to start. We take all of the jargon out of personal finance and break down those hard to understand terms like “tax deferred growth” and “capital gains tax.” We know firsthand that people are already stressed out about their finances and we really want to empower our users to have confidence in their ability to make informed decisions regarding their financials. LearnLux is built by Millennials for Millennials. We are our own market, so it’s much easier for us to build the product exactly how we would want it to be built as users.
Give us a breakdown of how the site works. What services will LearnLux offer to people after they join?
LearnLux is a personal finance hub. We have brief lessons on all different aspects of personal finance, whether it be investing, taxes, or insurance we allow the user to go through different lessons and learn about their options and best practices for the industry. The site is extremely interactive and as you continue to the use the site it becomes more and more intuitive about you and your needs. Once you’ve finished different lessons we’ll show you different offers from financial institutions and if you choose, you can take immediate action by opening an account. We’re working on some other really cool features for our official launch at the beginning of 2016.
On LearnLux’s website it states: “Helping Millennials utilize their biggest asset: time.” Tell us a little more about that, how can time help Millennials strengthen their financial present and future?
There’s a quote that I really like that goes something like “It’s about time in the market, not timing the market”. The quote is really valuable, especially for the people in their 20’s and 30’s who have a lot of time to invest and a lot of time for their money to be in the market. Millennials need to know that time is their biggest asset and one of the greatest things that they have on their side. Even if you invest a dollar a day into an account you’ll be so much better off in the long run—and I don’t mean a savings account—I mean an investment account with Mutual Funds, ETFs, stocks, bonds and the securities that can actually earn a return for you. Debt is one of the biggest detriments to millennial investing and people need to learn about the resources that are available to them to try to mitigate their debt and then have the confidence to begin opening brokerage and retirement accounts to put their money to work for them.
What advice do you have for Millennials that are looking to/are learning about personal finance?
Stick with it. Personal finance can be a really hard topic to grasp and that’s mostly because the way that it’s presented is very boring and full of jargon. Talk to your friends about it and see if they know anything that could be of help to you. Talking about money is awkward sometimes, but your peers and parents can be some of the best resources when you’re just trying to figure out where you should start.
Give us one quote or lesson you’ve learned in life that you enjoy living by.
“The best way to predict the future is to invent it.”
This quote has always been motivating for me throughout my life. It’s helped me challenge the way things are being done and it helps me think outside the box on a daily basis. Innovation is key to our generation’s success and the quote really resonates with me because it makes you realize that the future is in your hands. There are two types of people, those who read about history in a book and those who go out and make their own. I wake up every day and think about the impact that I can make and it’s empowering.
A huge thank-you to Michael for stopping by & letting us know what LearnLux is all about! Sound like a place you’d like to go to strengthen your financial game plan? Head on over and sign up for the beta test here!