Latest news with #Frich
Finextra
18-06-2025
- Business
- Finextra
Frich launches tool that estimates anyone's salary from Instagram posts
Gen Z-focused social finance app Frich has rolled out an AI-powered "financial reality check" feature that claims to reveal what people earn based on their Instagram profiles. 2 Called Frich Scoop, the feature lets users upload screenshots of anyone's LinkedIn and Instagram profiles to receive a speculative "scoop" revealing estimated income, lifestyle costs, and financial red and green uses AI image analysis to combine professional and personal online personas, providing users with estimated annual income, monthly lifestyle burn, and projected years to millionaire status - all presented in a shareable, Spotify Wrapped-style claims that it is taking on the growing disconnect between what people see on social media and financial reality in an effort to encourage healthier conversations about firm also insists that it only analyses publicly available information voluntarily shared on social platforms and that no personal data is stored and all screenshots are discarded immediately after processing. "We're not claiming to know anyone's real financial situation," says Katrin Kaurov, CEO, Frich. "This is about understanding how we present ourselves online and what signals we're sending. It's meant to be fun and insightful, not invasive."
Yahoo
09-05-2025
- Business
- Yahoo
Gen Zers should avoid these 6 money mistakes, says a young CEO who watched her friends flounder financially
Frich CEO Katrin Kaurov highlights the common financial pitfalls many Gen Zers face. Her experience as a young model taught her financial independence early. Kaurov says common errors include relying on buy-now-pay-later apps, and waiting too long to start investing. Money mistakes can start early, and Gen Zers are at risk of making some big errors, according to Katrin Kaurov, the CEO and cofounder of social financial platform Frich. She says modeling between the ages of 14 and 24 taught her to manage her money in a way many that age do not have to. "I would spend three months in Milan, three months in London, and three months in Hong Kong," Kaurov told Business Insider. "So I basically had to become financially independent and be an adult at the age of 14, 15, 16 when everyone else was going to parties." When she moved to New York in her 20s, Kaurov realized this wasn't the norm. She saw her friends flounder when it came to their finances. They had no clue how to manage their money, yet seemed to be living lavish lives on social media. Kaurov and her friend Aleksandra Medina founded Frich in response to what they saw, aiming to help young people learn "radical transparency and honesty" around money. "Money shouldn't be lonely and sad and anxiety-inducing," Kaurov said. "We know that money is behind every decision that you make in life, and it doesn't have to be scary." Here are some of the biggest mistakes Kaurov thinks Gen Zers are making, and what they can do to fix them. Social media, especially TikTok, is full of financial advice. Not all of it is good. Kaurov said that while TikToks and Instagram Reels are great for opening up the conversation about money, much is "not really verified." "You see a 17-year-old TikTok who is like, this is how I built a seven-figure business overnight, I'm 17 and I'm already retired. I think it creates very unrealistic portrayals of how people are managing money," she said. "It creates an idea that Gen Z has it together with money, when in reality, most people don't." Young people shouldn't compare themselves to these posts, Kaurov said, and instead think about their own goals and aspirations. Gen Zers are racking up a lot of credit card debt. They need to get real about this if they're going to face all of their challenges, Kaurov said, such as saving enough for a down payment on a house. Social media, again, plays a part here. "Especially in cities like New York or London, it just seems like everyone is having dinners out every night and they go on these amazing trips," she said. "It just makes you wonder, wait, why am I always broke? Am I doing something wrong?" You never see whether your peers are in debt, "which most of them are," Kaurov said. "You never really see the truth. Maybe their card is getting declined at the restaurant." Kaurov said people can create budgets with too much enthusiasm and optimism for how little money they will spend from month to month. She said a budget should be about creating a realistic guideline for spending and saving — and if it's too restrictive, then rethink it. "Trial and error is crucial and will allow people to find what kind of budget works best for them." Kaurov recommends young people set aside about 30 minutes a week for a "money date." "The same way we review our fitness goals and our career goals," she said. "Review what you're doing with money, what are your goals, where are you going? "Having a money date when you actually review what you're spending on, and go step by step." Buy-now-pay-later (BNPL) services such as Klarna and Affirm have made it easier than ever to spend. Kaurov warned that relying on them can be catastrophic. "Recently, I went to a bar and I saw that you could pay for your drink with Afterpay," she said. "I was essentially taking a micro loan to have a drink." It's a sign that things have gone too far, Kaurov said. "That is one thing that I would really highlight for people to be careful." When it comes to investing, "You just need to get started," Kaurov advised. She waited years to start investing, but said it doesn't have to be daunting. Kaurov said she started micro-investing — setting up automatic investments every week — and it only took about five minutes. "Things are not as hard and scary as they look," she said. Kaurov added that being in your 20s really works in your favor because even small contributions, like $50 a month, add up over time. "I always like to compare that to running a marathon. You're never going to do it on day one." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
09-05-2025
- Business
- Business Insider
Gen Zers should avoid these 6 money mistakes, says a young CEO who watched her friends flounder financially
Money mistakes can start early, and Gen Zers are at risk of making some big errors, according to Katrin Kaurov, the CEO and cofounder of social financial platform Frich. She says modeling between the ages of 14 and 24 taught her to manage her money in a way many that age do not have to. "I would spend three months in Milan, three months in London, and three months in Hong Kong," Kaurov told Business Insider. "So I basically had to become financially independent and be an adult at the age of 14, 15, 16 when everyone else was going to parties." When she moved to New York in her 20s, Kaurov realized this wasn't the norm. She saw her friends flounder when it came to their finances. They had no clue how to manage their money, yet seemed to be living lavish lives on social media. Kaurov and her friend Aleksandra Medina founded Frich in response to what they saw, aiming to help young people learn "radical transparency and honesty" around money. "Money shouldn't be lonely and sad and anxiety-inducing," Kaurov said. "We know that money is behind every decision that you make in life, and it doesn't have to be scary." Here are some of the biggest mistakes Kaurov thinks Gen Zers are making, and what they can do to fix them. 1. Believing everything on social media Social media, especially TikTok, is full of financial advice. Not all of it is good. Kaurov said that while TikToks and Instagram Reels are great for opening up the conversation about money, much is "not really verified." "You see a 17-year-old TikTok who is like, this is how I built a seven-figure business overnight, I'm 17 and I'm already retired. I think it creates very unrealistic portrayals of how people are managing money," she said. "It creates an idea that Gen Z has it together with money, when in reality, most people don't." Young people shouldn't compare themselves to these posts, Kaurov said, and instead think about their own goals and aspirations. 2. Not getting real about credit card debt Gen Zers are racking up a lot of credit card debt. They need to get real about this if they're going to face all of their challenges, Kaurov said, such as saving enough for a down payment on a house. Social media, again, plays a part here. "Especially in cities like New York or London, it just seems like everyone is having dinners out every night and they go on these amazing trips," she said. "It just makes you wonder, wait, why am I always broke? Am I doing something wrong?" You never see whether your peers are in debt, "which most of them are," Kaurov said. "You never really see the truth. Maybe their card is getting declined at the restaurant." 3. Making budgets too restrictive Kaurov said people can create budgets with too much enthusiasm and optimism for how little money they will spend from month to month. She said a budget should be about creating a realistic guideline for spending and saving — and if it's too restrictive, then rethink it. "Trial and error is crucial and will allow people to find what kind of budget works best for them." 4. Not setting aside enough time Kaurov recommends young people set aside about 30 minutes a week for a "money date." "The same way we review our fitness goals and our career goals," she said. "Review what you're doing with money, what are your goals, where are you going? "Having a money date when you actually review what you're spending on, and go step by step." 5. Reliance on BNPL apps Buy-now-pay-later (BNPL) services such as Klarna and Affirm have made it easier than ever to spend. Kaurov warned that relying on them can be catastrophic. "Recently, I went to a bar and I saw that you could pay for your drink with Afterpay," she said. "I was essentially taking a micro loan to have a drink." It's a sign that things have gone too far, Kaurov said. "That is one thing that I would really highlight for people to be careful." 6. Waiting too long to start investing When it comes to investing, "You just need to get started," Kaurov advised. She waited years to start investing, but said it doesn't have to be daunting. Kaurov said she started micro-investing — setting up automatic investments every week — and it only took about five minutes. "Things are not as hard and scary as they look," she said. Kaurov added that being in your 20s really works in your favor because even small contributions, like $50 a month, add up over time. "I always like to compare that to running a marathon. You're never going to do it on day one."
Time of India
03-05-2025
- Business
- Time of India
It's not love, it's rent! American couples are staying together because of the economy
Who would've guessed that the biggest factor keeping some couples together in 2025 wouldn't be love, trust, or therapy, but inflation? A new national survey from Self Financial found that nearly one in four Americans — 24% of over 1,000 respondents — say they're stuck in relationships they can't afford to leave. Between soaring housing prices, inflation, and the everyday cost of living, breaking up just isn't financially feasible for a growing number of people. 'While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water,' said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, in an interview with Newsweek. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How to earn a second salary with $200 [CFD] TradeLG Undo He explained that couples are relying more on each other to cover essential expenses like rent, groceries, and utility bills, turning what used to be personal partnerships into financial alliances. The financial strain is particularly severe in major cities like New York. According to the data analyzed earlier this year by Frich, a finance app for Gen Z, couples in Manhattan can save over $50,000 annually by living together, rather than splitting up and paying solo rent. That extra financial burden, commonly called the 'singles tax,' has surged 40% in the past three years, per Frich's findings. And for Gen Z, the cost of uncoupling is even steeper. Frich's survey revealed that the average breakup costs $3,862, factoring in spending on new housing, shopping sprees, emotional 'retail therapy,' and rebound vacations. One in five Gen Z respondents admitted to spending up to $2,000 on post-breakup trips alone. A single girl's night out? That'll cost you roughly $92, according to Frich. Nearly 40% of Gen Z respondents also said they'd move in with a partner before they were emotionally ready, simply to save money on rent. And 18% said they've stayed in relationships they weren't happy in for financial reasons. Money is not just keeping couples together — it's also tearing them apart. The Self Financial survey showed that 86% of respondents had argued with a partner about money, and 41% said finances contributed to their breakup. 'While staying together might seem practical in the short term, the longer the delay, the more complicated things can get financially,' Beene warned. 'The economic outlook of both individuals gets more intertwined,' Alex quoted. Masterclass for Students. Upskill Young Ones Today!– Join Now
New York Post
02-05-2025
- Business
- New York Post
‘Too broke to break up': More Americans than ever are staying in relationships — because they can't afford to be single
They've got 99 problems — and rent is one. Nearly one in four Americans say they're stuck in a relationship they can't afford to leave, according to a new national survey from Self Financial. Turns out, love isn't what's keeping some couples together — it's the shared Wi-Fi bill. The poll of more than 1,000 people found that 24% of respondents admitted they'd like to break up with their current partner — if only it wouldn't break the bank. Rising rent, sky-high grocery bills and inflation have made coupling up more of a financial strategy than a romantic one. 'While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water,' Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. 'Whether it's sharing the rent, utility bills, groceries or any other expenses, couples are increasingly having to lean on each other financially to manage the cost of living,' he added. 4 The new poll of over 1,000 people found that 24% would call it quits with their partner — if doing so didn't blow up their bank account. It's a trend that's especially brutal in high-cost cities like New York, where data analyzed by the finance app Frich earlier this year indicated that Manhattan couples can save over $50,000 per year by shacking up — instead of splitting up. That so-called 'singles tax' has soared 40% in the last three years. For Gen Z, breaking up is especially expensive. 4 The dreaded 'singles tax' has spiked 40% in just three years — and for Gen Z, splitting up can come with a seriously steep price tag. Ievgen Chabanov According to the recent Frich survey, the average cost of a breakup for a Zoomer is $3,862, thanks to post-split spending on retail therapy, rebound trips, and, of course, suddenly footing solo rent. A 'single girl's night out' costs the average person about $92, while one in five Gen Z-ers admit to dropping nearly $2,000 on a post-breakup vacation to heal their broken hearts — and bank accounts. It's no wonder, then, that 18% of Gen Z told Frich they stayed in relationships they weren't happy in, and nearly 40% said they'd move in with a partner before they were ready just to save on housing costs. 4 A solo girl's night sets the average wallet back $92 — and 1 in 5 Gen Z heartbreak survivors confess to blowing nearly $2K on a getaway to cry (and cope) in style. Gorodenkoff Productions OU Not surprisingly, the aforementioned Self Financial survey found 86% of respondents had argued with their partner over money — and in many cases, it led to a breakup. Roughly 41% said finances were a factor in their split. And delaying the inevitable might only make things worse. 4 The Self Financial survey found that 86% of couples have clashed over cash — and for about 4 in 10, money drama was the dealbreaker. Konstantin Postumitenko 'While that may seem like a smart move at the moment, the longer the separation can be kicked down the road, it can actually produce bigger, more complicated financial issues,' Beene told the outlet. 'The economic outlook of both individuals gets more intertwined.' Bottom line? Love may not cost a thing — but a breakup sure does.
