The unique startup, founded and directed by two Millennials, is developing a dashboard with budgeting and forecasting analytics to help young people identify and attain their financial dreams.
REDMOND, WA / ACCESSWIRE / October 22, 2024 / Most financial services companies help older people with lots of money to make more money. Lakefront Finance has a different goal: Helping young people with little money to envision their financial goals and achieve those goals, via the startup's soon-to-launch personal finance analytics and forecasting platform.
Lakefront Finance is the brainchild of 2017 Stanford University graduates Louis Brion and Christopher Heung and stems from their own experiences as they moved from students to young professionals starting their careers in technology.
"Even after graduating from Stanford, we realized that we weren't adequately prepared to navigate the world of personal finance throughout our first jobs, and upon talking to our peers realized many were in the same boat," said Brion, Lakefront Finance's CEO.
"We noticed the overwhelming negative sentiment of younger generations on their impending economic realities: home ownership seems more and more inaccessible, saving is getting tougher, and inflation is making everyone spend more each year," he added. "Speaking openly about those financial challenges still carries some stigma, so we wanted to even the playing field and help people from any background have the knowledge and confidence to set and achieve lofty long-term financial goals."
That led them to launch Lakefront Finance in 2022 in support of their mission of empowering young people with the financial literacy and budgeting tools to live better lives. The cornerstone of Lakefront Finance's initiative is its financial dashboard, which analyzes users' income and spending and uses data visualizations and predictive analytics to provide practical advice on how to achieve long-term goals and milestones.
"Our dashboard allows people to see where their finances are, project where they could be in the future, and set goals towards making their financial dreams a reality," Brion said.
Users can connect their financial accounts to the Lakefront Financial platform to acquire a 360-degree view of their financial accounts across all of their financial providers, from credit cards and debit cards to student loans and personal loans, as well as investment accounts, and more.
From there, the platform can provide personalized budgeting advice, which can help users manage daily expenses more effectively. The platform's forecasting tools encourage users to set realistic goals, such as eliminating debt or achieving an early retirement, and provide the steps needed to achieve them. It also offers potential real-world financial scenarios and guidance on how to handle them.
"We want to help young people understand that if they don't have financial goals now, they will, and so we give them the tools to get there - to buying their first car, paying college tuition, affording an apartment, or making the down payment for a mortgage," Brion said.
Brion and Heung saw friends and classmates struggle with those goals because of the challenges that Millennials, Gen Z and now Gen Alpha have faced in the job market. They founded Lakefront Financial with young people ages 13 to 30 in mind.
"Lakefront takes a different approach to increasing financial mobility," Brion said. "We aim to improve financial outcomes not just for high earners planning their retirement, but for everyone. By providing financial awareness and encouraging better financial habits, we can help people live a better life both now and in the future."
For more information, visit lakefront.finance.
About Lakefront Finance
Lakefront Finance is a financial services company dedicated to democratizing financial accessibility for all. Founded with the vision to simplify the financial landscape, Lakefront Finance aims to empower Gen Alpha, Gen Z, and Millennials to set and achieve lofty financial goals by giving them tools to understand their current financial situation while nudging them in the right direction through personalized services and innovative visualizations designed to enhance financial literacy and management.
Contact Information
Madeleine Moench
Media and Content Manager
madeleine.moench@issuerdirect.com
SOURCE: Lakefront Finance
View the original press release on newswire.com.
