#273 - Adam Moelis, Yotta Savings - Almost Half Of American’s Can’t Come Up With $400 In An Emergency And 78% Of People Live Paycheck To Paycheck

<p>In episode 273, we welcome our guest, Adam Moelis, co-founder and CEO of Yotta Savings, which allows users to save money, earn over 2x the national average in interest and get weekly chances to win additional prizes up to $10 million through weekly random number drawings</p> <p>In today’s episode, we’re talking about how to use behavioral psychology to encourage American’s to save. We start with a somber look at the average American’s financial picture. Then Adam explains the history of lottery or prize-linked savings accounts and why the idea was mostly banned in the U.S. until 2015. He discusses the experience of going through Y Combinator’s first remote batch and then explains the lottery program, which offers users a chance to win between ten cents and ten million dollars.</p> <p>As we wind down, we hear about the company’s’ experimentation with customer acquisition with influencers and why they’ve focused on the social aspect of the app.</p> <p>Please enjoy this episode with Yotta Savings’, Adam Moelis.</p>