Eric Blue Stresses the Need for Strong Financial Knowledge
March 29, 2023
Having strong financial knowledge is essential for achieving financial success and security. Financial knowledge refers to understanding financial concepts, products, and services, as well as how to manage money effectively.
Eric Blue realized through his own experiences growing up how little his family knew about finance. After seeing his mother struggle, despite working hard for her money, he made it his mission to discover and develop ways to help the next generation facing similar situations.
Blue’s business, Nevly, launched in 2021. Its growth has garnered attention in the fintech industry. Nevly helps users gain knowledge and improve their financial situation in numerous ways. While still in its early stages, with an official mobile app launch set for later this year, Blue hopes to be a pioneer in helping people handle finances differently.
Making Informed Decisions
Financial knowledge enables a person to make informed decisions about their finances. They can understand the risks and benefits of different financial products and services, making choices that align with financial goals.
The more people put effort into advancing their knowledge of financial topics through Nevly, the better they become at making informed decisions about their finances. There’s a level of confidence that goes along with expertise. Controlling an individual financial situation is also a healthy positive.
Managing Debt
Debt is a part of many people’s financial lives. Managing it can be challenging. Financial knowledge can help people understand how to manage debt. This could mean using debt consolidation options, debt relief, refinancing, or negotiating with creditors.
Once out of debt, Nevly strives to keep users from going down that road again. While nothing’s guaranteed, knowing what causes debt and how to avoid certain pitfalls helps.
Budgeting and Saving
Budgeting and saving remain essential when working toward financial security. Financial knowledge can help with creating a budget, tracking expenses, and finding ways to save money.
Every person has a different financial situation, so it’s important to budget and saves accordingly. Eric Blue wants Nevly to be a tool people can use online. With the development of the new app to crunch the numbers and make a unique plan for each user, it’s as simplified as can be.
Investing
Investing is essential to building wealth over time, but it can also be risky and complex if a person needs help understanding strategies. Learning the market takes time and financial knowledge can help people make informed decisions when investing. This can lead to fewer costly mistakes.
More informed decisions can lead to building portfolio wealth. The right type of investing can set people up for a better financial future.
Retirement Planning
Planning for retirement requires careful consideration of financial goals, income, and expenses. Financial knowledge can help a person understand different retirement plans, such as 401(k)s and IRAs.
The company states that it’s okay for new users on Nevly not to know much about retirement. Everyone has to learn at some point, and it’s part of building better financial health. It’s easy for younger people to brush off retirement as being far in the distance, but starting early pays off in a big way decades later.
Ensuring Data Protection
Financial fraud is a growing concern, and having financial knowledge can help a person spot potential scams and protect their money. Financial protection remains a top concern for Eric Blue and Nevly. The company stresses data protection and financial security.
Like other online banking and financial institutions operating online, Nevly has 24/7 account security with $750,000 worth of FDIC insurance per account and two-factor authentication for transactions above a certain amount.
Gaining Financial Knowledge Early
Eric Blue is a big believer in teaching people to be financially responsible early in life. Setting the right tone for young ones provides building blocks for making more informed decisions later. In an era with so many financial tools, a little effort can go a long way for the younger generation.
Those without the luxury of learning about finances early in life can still find help with Nevly. The company’s top priority is to help out all those who give them a try. They want to help people reach a point where they improve their financial health and achieve financial freedom.
Those using Nevly will have access to an asset growth program, financial planning, unemployment support, and more. Early fintech companies might offer individual solutions for these issues, but Nevly wants to provide everything in one app.
Why Nevly Matters to Eric Blue
Growing up in New Orleans, Eric Blue witnessed his mother dealing with financial struggles her entire life. She could never get ahead of her finances, and a lot of it came down to a lack of knowledge. He also didn’t have the tools to help her gain that knowledge. He knew he could use what he experienced growing up to fuel his entrepreneurial ambitions to help the next generation.
Blue graduated from college and headed to law school, eventually becoming a lawyer for a top international firm. He also spent time as an investment banker. This experience led to him founding Nevly in 2021 to leverage technology to help improve clients’ financial health.
Nevly Money officially launched two years ago, but Eric Blue slowly started developing his idea for Nevly’s business model during childhood. It wasn’t until 2018 that he got more serious about it, using his knowledge in the fintech industry to craft what has become something extraordinary.
More people can live within their means by gaining knowledge of the financial world, and simple concepts like cash flow. No one becomes a financial expert overnight. Newly will continue to develop new features and launch new products. Blue wishes he had this opportunity to have a tool like this when he was growing up. He’ll have to settle for helping those growing up in similar situations.
Nevly isn’t a finished project yet. Eric Blue believes it’s heading in the right direction, but more is still to come. He and his team are creating an app to launch in 2023 that will provide people with even more financial tools.
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