What is Julep...and Why?

Updated: Apr 27

I started Julep after years of helping my 3 young adult children and their spouses navigate the world of personal finance:

"How many exemptions do I put on this form?"

"What’s title insurance? Do I have to get it?"

"Should I lease or buy this car?"

And scores of others. Now, my kids were all smart, well-educated young people, each enjoying early success in their chosen careers. But just like almost all students, they didn’t learn personal finance in school. What little they DID learn about personal finance, was often arcane and riddled with jargon, and our decisions about money can literally affect the rest of our lives. So, they came looking for help.

I asked myself, what do people who don’t have parents that worked in finance for 30 years do to get answers to their questions about personal finance? I had retired about a year earlier, at 60, after a long career in management consulting to the financial services industry, having started and successfully run two companies. I wasn’t bored or restless, but I was curious.

At my wife’s urging, I began exploring the world of personal financial management. What I learned was eye-opening: consumers spend almost $3 billion a year on personal finance apps, tools, and advice, and there are millions of web pages, blogs, podcasts, and videos devoted to personal finance. Amidst all that advice, 60% of American households live paycheck to paycheck, and 50% don’t have enough cash on hand or credit available to pay for a major car repair.

The statistic that really got my attention was the fact that 73% of consumers say that money is the single-biggest source of stress in their lives. Personal financial worries actually make people sick!

What about all those apps and blogs and podcasts? Don’t they help?

"There’s too much information."

"I don’t know who to trust."

"They’re all trying to sell me something."

And, most revealing,

"It’s not relevant to my situation."

There had to be a better way.

When we looked at other finance apps, we found three basic types. Budgeting apps, where users sort their expenses among scores of categories. But who really needs all that complexity? Investing apps come in various shapes and sizes, but with one common element – you need money to invest. And savings apps, that provide you with rewards for adding money to a savings account. Fine, but too simplistic.

Julep is different. We created Julep to do three things: (1) provide practical, easy-to-understand, personal finance information, (2) conform that information to the user’s unique situation and personality, and (3) reduce people’s stress about their money. In short, we created Julep to promote “financial wellness.”

Since most people don’t want to spend hours managing their money, Julep presents financial information in short (less than 10 minutes), interactive activities that users can do at their own pace. By asking users to complete a short quiz, answer some questions about their priorities and attitudes towards money, and linking their financial accounts, Julep provides a roadmap of financial management strategies curated to the user’s unique situation.

And finally, Julep applies psychological concepts to personal finance. These concepts equip users to understand better their relationship with money, and most importantly, to feel better and more confident in their financial decisions.

Julep uses a variety of tools. In addition to curated activities, Julep analyzes linked accounts to help the user better understand their financial situation. Budgeting is simplified, with users sorting transactions into Needs and Wants. Challenges and Goals help users stay on track with their financial plan. And financial coaches are available to answer questions and provide encouragement.

People’s financial questions and problems, and the stress they create, are real. Julep will give you the information and tools to ease that stress and set you up for financial success.

Welcome to Julep!

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