Blog - Nicholas Fainlight | Business Development Associate, Hartford, CT

Top FinTech Companies of 2017

On December 11, 2017

In Finance, Nicholas Fainlight, Technology

Financial technology companies are growing all around the globe, especially in the United States and Europe. Many of these companies make managing your finances much easier and help people get started with money management. So many fintech companies are startups seeing immense growth within their first few years of operation in the account management, payment processing, financial assets, capital, and lending markets. During 2017, there are some major fintech players that stand out way ahead of the rest.

Stripe

In the payment processing market, Stripe is becoming a major contender for the well-known PayPal. Stripe currently operates in 25 countries around the globe and allows for both business and personal transactions via the internet. With the addition of many major retailers adopting the use of Stripe for the first time in 2016, the business has grown to be a major market leader in the payment processing industry for 2017. Most people are grateful for anything that makes paying for purchases simpler.

Prosper

Prosper is a peer-to-peer lending platform that allows those in need of financing access to investors. This takes traditional bank funding and puts it on a new level. With Prosper, borrowers can find investors that are interested in funding them with unsecured personal loans for fixed terms and rates set by the platform itself. This makes lending simple for investors and borrowers alike.

Robinhood

As we see the numbers of individuals interested in becoming more hands-on with their financial investments rise, Robinhood fills the need for a free stock-trading platform. This mobile application is built with an easy interface that allows any average joe the ability to fund their account and trade stocks and learn a little bit more about investing. There are no maintenance fees or other agency costs that are traditionally required from brokerage firms.

Lending Club

Another leading fintech company in the financing market, Lending Club, has made its mark by offering both individual and small business financing options. This peer-to-peer platform assigns borrowers willing investors who can help them out. These investors can purchase notes backed by the payments made on each loan by the borrower. There are options to purchase a diverse portfolio of notes to ensure the best financial stability possible.

Fintech companies are becoming an essential part of our society’s new digital age. People want faster ways to manage their money and businesses want faster ways to receive their profits and technology has become a part of every industry. As technology continues to advance you can expect to see massive growth in the number of fintech companies popping up around the globe to satisfying the needs of individuals and businesses alike.

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The Importance of Having a Great Mentor

By Nicholas Fainlight

On December 7, 2017

In Career, Nicholas Fainlight

It does not matter what you are doing in your life, you could always be improving. To seek out the help of another is a sign of maturity and can make a serious difference in your future. Put another way, having a great mentor is a real sign of maturity and a great way to grow in whatever area of life you need to, particularly in your professional career.

Mentors provide you with new knowledge

The first inescapable benefit of having a mentor is the fact that they can provide you with knowledge that you do not currently possess. They have walked in your shoes in the past, so they know what it means to do what you are attempting to do, even if you don’t work in the same industry. You can bounce questions off of them and see what knowledge they can pass on to you.

Motivation is key

Inc.com wants all of us to make sure we fully appreciate the fact that mentors can provide us with the motivation we need to keep going and crush our goals. Simply motivating a person to stay on the right path and keep striving for greatness is a huge asset in and of itself.

No one gets to climb a mountain all by themselves. They need others who to push them along towards the summit. If you attempt to do it all yourself, you will likely not make it very far. Having a mentor means that you can get over the difficulties and struggles to see things through to the end because you have some guidance along the way.

Get unbiased opinions from them

Mentors may provide some people with unbiased opinions about the things they are doing. We all have ideas that are interesting from time to time, but we may not know what to do with that creative energy. Is the idea a good one or not? Is it actually sustainable? These are questions that can only be answered by someone who provides honest and unbiased feedback.

A mentor is a person you can rely on when it comes to getting the feedback you seek. They provide insights about the ideas and thoughts you have that you may not have been able to think of yourself. Only when you hear those thoughts can you grow and expand on the ideas you previously had. Even better, when you have an idea that is not a good one, it is a great thing to have a mentor in your pocket who can tell you that.

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6 Great Professional Sites for Networking

By Nicholas Fainlight

On December 3, 2017

In Career, Nicholas Fainlight

No matter where you are in your professional career, networking is a vital part of ensuring success. Whether you’re looking for a new job, new employees, or advice, networking is the way to meet new people. Building an online presence and creating a professional look can be incredibly beneficial to your professional career, especially if you’re just starting out in your field.

LinkedIn

Obviously LinkedIn is the most obvious on this list. LinkedIn has almost 500 million members, so you know you’ll have the opportunity to connect and follow some of the most influential thought leaders from all over the world. This website allows you to fill in plenty of relevant information on your profile about your job and education history, any publications you’ve appeared in, and various other categories. There are also lots of sites that allow you to connect your LinkedIn, including lots of job search platforms.

Levo

While this website was originally started and directed toward young professional women, anyone can join and utilize it. Like LinkedIn, you can provide a variety of information about your professional and educational background, but there’s also more room for creativity and creating a unique look to your profile.

Beyond.com

This site isn’t nearly as large as LinkedIn, but it’s definitely useful when it comes to making connections and finding job opportunities. You can search positions by industry and also check out industry-specific content. You can make an account for free and enjoy many of Beyond.com’s benefits, but you can also purchase a monthly premium membership that features a few extra features.

Google+

You may have thought Google+ was not longer relevant, but for many industries, this website is their preferred platform. Whether you use Google+ as a social site or for more professional pursuits is up to you, but you can join various communities and contribute to collections on specific topics.

AngelList

This website is geared toward investors and those looking for investments, but anyone can join and use AngelList. If you have projects you’ve worked on and significant professional experience, AngelList is a great site to utilize.

Facebook

Facebook may be the last social network you’d expect to see on this list, but it can certainly be useful for networking. There are lots of groups and pages you can follow on Facebook that encourage networking, often for specific industries and niches. Take time to explore the groups and see what fits your professional career and interests. Just remember, if you’re using Facebook for professional reasons, make sure your profile is professional!

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5 Reasons You Should Get a Side Hustle

By Nicholas Fainlight

On November 29, 2017

In Finance, Nicholas Fainlight

No matter where you are in your professional journey or what your personal finances look like, there are plenty of reasons to start some kind of side hustle. If you’re young, it’s even more of a reason to find an additional source of income! When you’re young, you usually have less responsibilities than someone older does, such as family, an established career, or something else. If you have free time, use it to devote to generating additional income; your future self will thank you.

You can pursue a passion

For many people, their day job isn’t necessarily their dream or what they’d be doing if they could do anything at all. We usually pick our full-time jobs because they pay the bills and it was the best option at the time. A side hustle allows you to pursue your passion and do something that’s more fulfilling than your day job. Even if you love your full-time job, a side hustle allows you to be more creative and be your own boss.

You’ll meet interesting people

No matter what side hustle you choose, you’ll end up interacting with people you wouldn’t have met in your regular job. You’ll make great connections that could seriously impact the future of your career and the choices you make. You could find an incredible job opportunity or friend that changes the course of your life. Do not be afraid to talk to people and expand your network, especially in connection with your side hustle.

It helps cover expenses

If you’re in significant debt, a side hustle could be an answer to your financial issues. You can find an additional source of income that fits your income, even if it’s simply freelancing online. Use the extra money you make to put toward paying off debt or to cover your rent each month. It’s up to you to decide what to do with the extra money you’re making, but it’ll definitely help ease financial stress.

You’ll develop new skills

As you work on your new side hustle, you’ll develop and hone skills you didn’t have before. Maybe you’re working at a restaurant or doing something that involves writing; there’s a big change you weren’t using those skills in your full-time job. Maybe you’ll start a side hustle that requires you to learn completely new skills; many of these skills can benefit you in other areas of your life as well

You’ll feel secure

For many people, their side hustle is the start of a full-time business venture. Even if you’re only making a small amount of money with your side hustle, you still know you have some source of income if you’d lose your full-time job. You might not make enough to cover all of your expenses, but it’s at least something, especially if you can turn it into a full-time job.

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Worrying About Debt? 5 Ways to Become Debt Free

By Nicholas Fainlight

On November 25, 2017

In Finance, Nicholas Fainlight

According to a recent study, Americans are leaving behind around $62,000 worth of debt. This number is overwhelmingly high and shows there’s a serious problem facing people living in the United States. Far too many people are in debt, for various reasons. Some of the biggest culprits are student loans, credit card debt, and mortgage debt. For most people, garnering some amount of debt is basically unavoidable, but you can keep it to a minimum and pay it off responsibly. No matter how far you are in debt, here are some tips you can take advantage of and start repairing your financial life.

Create an emergency fund

While first saving before paying on debt may seem counterproductive, it’s a step you must take. Create at least a month or two of savings that’s enough to cover your monthly payments. This way, if an emergency ever arises, you’ll have money to still cover your debts and make payments that month. An emergency fund gives you peace of mind and allows you to fully focus on getting rid of debt.

Make a stable budget

Before you begin tackling debt, make sure you set a realistic budget. Evaluate your lifestyle and monthly expenses and plan a budget that takes into account what you need to spend money on each month. Identify areas of your lifestyle where you can cut back; avoid going out to eat as much, buy cheaper groceries, or downsize to a smaller apartment. Avoid going on an expensive vacation or buying lots of new clothes or a car. Once you make your budget, stick to it, and avoid unnecessary spending.

Avoid more debt

Once you establish your budget, avoid getting into more debt. Do not use credit cards and only purchase something if you actually have the funds to pay for it. Debt for school or a mortgage are sometimes unavoidable, but do all you can to minimize the amount you’re paying.

Craft a solid plan

After you establish a budget, take a good, long look at the debt you currently have. See if you can consolidate or refinance anything to lower your interest rates. Determine how you want to pay off your debt, whether it’s the highest interest rate first, the lowest total amount of loan, or some other way that works for you. Put as much extra money toward your debt as you can each month. You might have to live simply for a few months or even years, but it’ll be worth it to be debt-free.

Find a side hustle

Sometimes, you just don’t make enough money to pay more on your debts or cover all your expenses. If you’re at this point, it’s time to look into getting a second job or some kind of side hustle. Start a blog about something you’re passionate about, have a yard sale, get a second job, or do some freelance work online. Find any way you can to generate more money to put toward your debt.

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Saving Doesn’t Have to Be Hard: 3 Tips to Get You Started

By Nicholas Fainlight

On November 21, 2017

In Career, Finance, Investing, Nicholas Fainlight

The value of saving money is pretty apparent to most people, but the actual process of doing so is a lot more difficult. As human beings we often do not actually want to save up the money we have worked so hard to get. The temptations to spend that money are all around us and it can sometimes be challenging to see the future benefits of saving it. While saving may be more difficult than spending, there are some tips on saving that can take away at least a little of the pain of doing so.

Save money from windfalls

Windfalls of cash do not happen often to the average person, but many can claim the event has occurred at least once in their life. Take the idea of a tax return as an example; most people can relate to this because so many of us elect to have a tax return come our way at the end of the year and end up with a decent sum of money.

When that money does come in, consider banking it rather than spending it. The government and economy might benefit if you spend it, but you as an individual would be better off pocketing as much of it as you can muster. A possible exception to this rule would be if you have significant debt to pay off. Then, using a windfall to get out from debt could be equally beneficial, just remember to save the money you would have used for that debt.

Use the 24-hour rule

Is one day really too long to wait on a purchase? Not when you are using the 24-hour rule to help eliminate wasteful spending. This rule says that before you make a purchase, you must wait at least 24 hours to decide if it is really something you truly need. Establishing this rule for yourself can cut out so much of the wasteful spending many of us are prone to doing. After a single day of cooling off, many purchases will seem completely unnecessary. It can also be beneficial to carefully think about how you’ll use this item, whether it’ll make you feel good for a little bit or if it’s a long term investment.

Unsubscribe from services you do not use

If you have a cable subscription but practically never use it, why do you have cable? Likewise, if you subscribe to any other services that you honestly do not get your money’s worth out of, get rid of them. It may seem like just a few dollars here or there each month, or each year, but subscriptions can add up to serious amounts of money over time. Besides, if you are not getting the intended value out of these subscriptions, then there is really no reason to hang on to them. It is fairly easy to rid yourself of these subscriptions once you put your mind to it. Spend some time today figuring out what you can cut out.

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4 Tips for Finding the Best Deals on Black Friday

By Nicholas Fainlight

On November 15, 2017

In Finance, Nicholas Fainlight

From new homeowners and aspiring professionals to young students and teenagers, Black Friday appeals to all age groups. Everyone loves a good deal and this is the day to find them. With these simple tips, you’ll have a better time searching for a stunning product with an affordable price this season and cut down on wasting time in random stores.

Do your research

Sometimes, advertisements show up early to entice potential customers with crazy price drops. With plenty of the nation’s most popular stores offering unbelievable discounts, it’s vital you remain attentive and choosy. It’s easy to get swept up in the hype of Black Friday, but you’ll make more satisfying purchases by looking at advertisements, websites, and online forums. Research stores that had good deals in the previous years and keep them on your radar. Likewise, spend some time asking friends what they have bought on Black Friday before and whether or not they were satisfied. With this extra information, you can easily fine-tune your search for the best deals on Black Friday.

Show up early

Whether you enjoy the camaraderie of shopping at midnight or you simply want to find a great deal, getting to the store early is undeniably a great way to find deals. Not only will you be one of the first people to scour the shelves for something interesting, but you’ll also have more time to move on to the next store if you don’t find something valuable at your first stop.

Get online

Sometimes, the best deals are online. You may not have to even leave your house to make the most of this year’s Black Friday. Many websites also offer free shipping for Black Friday, making it easier to enjoy those deals. The best tip for online shopping is to make a list of the websites you typically visit before Black Friday rolls around, so you don’t forget to look at all the possibilities. Likewise, consider setting a budget for yourself in order to avoid overspending on items that aren’t actually worth your money. When shopping online, it’s easy to see hundreds and thousands of potential deals in a day, making it vital to ensure you only pay for the best products.

Find smaller stores

As exciting as it can be to visit a popular chain like Walmart, Target, or Best Buy, you can also find great deals at smaller stores. With these locations, you’ll still have a chance at finding an item that suits your tastes, and your wallet. It’s hard to compete for the best TV when visiting your town’s most popular stores. By checking out the smaller stores on Black Friday, you’ll support local businesses while enjoying an easier shopping trip.

Man using a tablet with an icon that says finance pulled up, image used for Nicholas Fainlight blog about finance apps

5 Apps for Managing Your Finances

By Nicholas Fainlight

On November 10, 2017

In Finance, Investing, Nicholas Fainlight

Everyone looks forward to receiving compensation after working hard. However, due to rising expenses, many people see their compensation vanish within a few days. Struggling with your finances is difficult, but there are ways that you can receive help. Thanks to the age of technology, there are multiple financial apps currently available to help manage your finances and get things under control.

Mint

Mint allows you to manage your monthly expenses, bank accounts, and credit cards under one joint account. You can view your net worth at any time. Mint calculates your spending each month, so you can keep track of your budget. It also provides different charts to help manage your finances without any issues. Mint will also send you notifications when you have upcoming payments.

Penny

Penny will interact with you and answer any questions you may have about your finances. It helps you keep track of your finances by showing you information about your daily spending and what bill payments are soon due. Penny also includes different financial charts and graphs to help you get a clear understanding of your financial situation.

BillGuard

BillGuard helps users understand their spending habits, while also protecting their financial information from fraudulent activity. This app can sync with your bank accounts, which allows you to see your overall balance, with a breakdown of every transaction. BillGuard also checks with you to make sure you made those transactions and not an impostor. If something is wrong, the transaction will be flagged until you speak with your bank or the merchant. BillGuard also includes analytics, such as spending per category, which gives you an enhanced look at your finances.

Expensify

Expensify is available on your phone, as well as the internet. The user interface is easy and divided into multiple sections; SmartScan, Track Time, Track Distance, and Add Expense. Track Time allows you to keep a tab on your daily earnings. The popular SmartScan option allows you to take pictures and electronically save receipts. You can also add your credit or debit card to Expensify and track your balances from there.

You Need A Budget

You Need A Budget (YNAB) emphasizes being flexible. You’ll be tasked with assigning your money to a specific category, such as food, gas, and utilities. With YNAB’s structure, you’ll be able to easily recognize patterns in your spending and see which areas need to be improved.

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The Importance of Risk When It Comes to Finance

By Nicholas Fainlight

On November 3, 2017

In Finance, Investing, Nicholas Fainlight

Risk is involved in every aspect of life. The risk of taking your first steps is falling; the risk of asking a person on a date is rejection; the risk of interviewing for a job is failure; the risk of parallel parking is hitting another vehicle. So, it is guaranteed that creating a business or investing in something financially, as well as physically, involves considerable risk.

What is risk? According to Google, risk is the possibility that something unpleasant or unwelcome will happen. However, according to the business dictionary, risk is a probability of damage, liability, loss, or any other negative occurrence that is caused externally.

From a finance point of view, risk is the probability that an investment’s return will be less than expected. However, risk also offers the chance of reward. For example, a reward could be an increased return compared to a lower expectation. Financial risk is comprised of multiple categories: basic risk, capital risk, delivery risk, exchange risk, interest rate risk, political risk, settlement risk, underwriting risk, and much more.

Examining financial risk includes looking at daily finance operations, such as cash flow, transactions made by the business, and the business’ financial systems set in place. You may consider things like which clients owe the company, how the company plans to retrieve the money, insurance, and its coverage, as well as whether the business can extend credit to customers and how.

When calculating financial risk, external factors like interest rates and foreign exchange rates should be considered. Those factors can affect company competitiveness with services produced abroad; changes in interest rates and exchange rates can immediately affect debt repayments.

All businesses should extensively discuss risk management within the business’ strategic management. Doing so allows the company to identify and tackle any risks before they become an issue, which will in turn aid the chances of reaching defined business goals.

Once the risks have been pinpointed, there are several ways to address them: accept it, transfer it, reduce it, and eliminate it. Acceptance of a risk might happen if the costs are too high to handle it in any other way. The risk could be dealt with by transferring, which typically takes place with the company insurance. Reducing a risk is merely introducing safety measures to keep the risks from occurring, and eliminating the risk could be something like changing the production process. Once the risks have been determined and the type of management has been decided, take steps to put the measures into place.

Risk management is not a one time kind of deal; it requires consistent monitoring and should often be reviewed to ensure the management approach is successful. Set the plan in stone by creating a risk management policy that will identify the company’s approach to risk, and it’s management. The CEO’s and the board should all be on the same page before moving to the management policy phase.

All choices in life and business involve risk to some extent. By understanding what risk is and how to manage it, business and employees are more likely to meet their financial goals.

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6 Tips for Preparing for the Job Hunt after Graduation

By Nicholas Fainlight

On October 30, 2017

In Career, Nicholas Fainlight

Graduating college is a joyful, but also daunting time. You’re ready to take a break from constant homework and stress, but you’ll miss your friends. You want to start being an adult, but you might also not really know how to. Often, the most stressful part of the end of college is finding a job. You know you need to have some kind of job, ideally one that pays all the bills and allows you to rent an apartment, travel, and do fun stuff with friends. Maybe your first job isn’t the best, but you need to start somewhere. For many, the job after graduation is the first professional, full-time job they’ll have. Instead of feeling nervous about finding a new job, follow these tips in order to make job hunting easier.

Be realistic

When you first begin searching for a job, you might feel excited and optimistic. You’ll want to retain this feeling for as long as possible, so it’s important that you don’t go into your search thinking you’ll land the perfect job in the perfect place right away. No job is perfect and you’ll need to build your way up from an entry level position. For some people, this isn’t that path the follow and they do get a fantastic job right away, so don’t completely lose hope. However, there’s also nothing wrong with getting an entry-level job. You need to work and you can make the most of it.

Focus

Searching for a job is like a full-time job. You need to constantly check job sites and company pages to look for openings, fill out applications, exchange emails, and schedule interviews. If you’re waiting to hear back from an interview, keep applying at other places! Even if it’s taking longer than you anticipated, stay focused on finding a job.

Update your resume

A mistake many people make is never updating their resume and then sending the same copy to dozens of potential employers. Before applying to any jobs, update your resume. Include internships, volunteer experience, and jobs you had in college. Then, feature the most pertinent information depending on what job you apply for, such as relevant classes or volunteer work.

Create an online presence

Employers love to see that you have some kind of professional, online presence. Do a purge of your social media and get rid of any posts that you wouldn’t want your boss to see, then make your accounts private, unless you want to use them for professional purposes. Create a LinkedIn account if you don’t already have one and consider creating a website to feature some professional blogs you write while job searching.

Network

Most professionals will tell you about the incredible power of networking. Always take advantage of opportunities to build your network and meet new people. You never know who might have a connection that could turn into a future job or some other great opportunity. Make sure to take advantage of any career services your college offers or the alumni network.

Enhance your skills

While you’re searching for a job, you’ll have some free time. Spend this time productively. Consider volunteering and working a part-time job, but also make sure you enhance your marketable skills. Learn something useful, such as some coding or educate yourself on a specific topic by reading and keeping up with industry news.