NEW YORK (PRWEB) March 31, 2020
Usefirst reshapes the experience of how people build wealth and manage their money by leveraging data science. This app encourages users to achieve their financial goals.
While everyone is expecting a recession due to the problems caused by the COVID-19 outbreak, wealth problems everywhere are escalating. People are starting to think more carefully about how to spend their money. Usefirst was created to help Americans overcome their financial problems and improve their financial status by applying data science.
Usefirst utilizes a lot of mathematics, statistics, demographics, macroeconomics and behavioral economics to predict a user’s future net worth. Almost 100 years of historical data have been analyzed to determine a number of patterns and trends. By doing so, Usefirst can determine what wealth its users will achieve after applying different financial management scenarios. The app answers when the users will have a worth of $1 million and provides them with a free personalized financial plan to help them achieve that dream.
"The data science model is a result of deep research covering mathematics, statistics, demographics, macroeconomics, and behavioral economics. Yes, it's pretty complicated itself, but please don't be afraid. All you need to do is just to connect your bank accounts, enter your assets and liabilities and answer a few questions. It won't take more than 5 minutes." said Сonstantine Ignatenko, founder and CEO of Usefirst. Constantine has been in the tech industry working on the development of different banking and financial apps since he was 17.
In these challenging times, Usefirst helps users to develop a much-needed saving habit. It offers a daily budget coach feature free of charge, while also recommending how much a user can spend each day to achieve a savings goal by the end of the month
Usefirst can determine the future wealth of a user after following several steps. First, the user connects its bank accounts and the app analyzes the transactions and financial behavior to improve the future financial health. To predict the future income of a user, the app forecasts a future inflation rate as well as a net gap-by gender income change rate, a net income-by-age change rate and other indicators. The app also predicts how the assets to liabilities balance will change over time. It includes the financial and non-financial assets and liabilities the users will probably have in the future. Finally, the algorithm predicts thousands of future scenarios regarding how the future net worth of the users will change. However, the app will display only the best-suited three to five possible scenarios.
Usefirst bridges the gap between day-to-day money management and long-term wealth management and helps users become wealthier in the long run. Userfirst can help users save money by canceling unwanted subscriptions.
Usefirst is available for free on all iOS devices only on the App Store. More features can be unlocked after purchasing a premium subscription that costs 8.3 - $14.99. For more information about Usefirst, please visit http://www.usefirst.me.
About Usefirst
Usefirst is a fintech startup that aims to reshape the way people build wealth and manage money by putting users’ financial health first. The solution can be described as a coach and doctor for money. Usefirst will introduce its consumer financial management products to the fullest extent on an incremental basis during 2020 and 2021.