Jill on Money with Jill Schlesinger
by Audacy
Latest Business Ideas
Fee-Only Financial Planning Service
This business idea involves creating a fee-only financial planning service aimed at individuals seeking expert advice on complex financial products like annuities. Many people find financial products confusing and may not be aware of the optimal strategies for managing their investments, especially when it comes to surrendering annuities or re-investing in more lucrative options. By providing impartial, expert advice without the conflict of interest that comes with commission-based models, a fee-only financial planner can help clients navigate these decisions. The target audience would include retirees or pre-retirees who may have significant investments in annuities or other complex products and need guidance on how to manage their assets effectively. This service could leverage online consultations, webinars, and a subscription-based model for ongoing financial advice.
From: Annuity Decision Headache
High-Yield Savings Account Comparison Tool
The podcast suggests using high-yield savings accounts as a safe investment for liquid assets, especially for those who have received a lump sum like an inheritance. Entrepreneurs can create a comparison tool that helps users find, compare, and apply for high-yield savings accounts based on their specific needs, such as interest rates, fees, and customer reviews. This tool could target individuals who are newly financially empowered, like those receiving inheritances or severance packages, helping them make informed decisions about where to park their cash for optimal returns while maintaining liquidity. This business idea could also incorporate educational content on the importance of managing liquid assets effectively.
From: How to Invest Inheritance?
Dollar Cost Averaging Investment Strategy
The podcast discusses the benefits of a dollar cost averaging investment strategy, particularly for individuals who have received a lump sum of money, such as an inheritance. This strategy involves investing a fixed amount of money into various funds on a regular basis, rather than trying to time the market. The aim is to mitigate the risk of market volatility and reduce the impact of potential losses. This approach is especially suitable for someone like Michael, who is concerned about losing a portion of his inheritance. By investing $25,000 to $50,000 monthly, he can gradually position himself in the market while maintaining a level of comfort regarding his financial exposure. This idea would be highly actionable for digital entrepreneurs looking to create investment advisory platforms or tools that automate dollar cost averaging for clients.
From: How to Invest Inheritance?
Personal Finance Coaching App
This idea proposes the development of a mobile app that connects users with certified financial planners for personalized financial coaching. The app would provide tools for users to input their financial data, goals, and concerns, receiving tailored advice and support from professionals. This tackles the frequent issue of financial anxiety and lack of knowledge faced by everyday individuals. The target audience includes millennials and Gen Z entering the workforce, retirees seeking to manage their savings, or even families looking for effective budgeting strategies. Implementing this could involve early-stage partnerships with certified planners, utilizing API integrations for secure data management, and offering subscription models for continuous support. The app could also feature educational resources, reminders for financial tasks, and a community forum for peer support.
From: Can I Continue to Coast?
Financial Literacy Online Courses
This idea focuses on creating online courses dedicated to financial literacy, specifically targeting individuals who find financial conversations overwhelming. The platform would offer structured modules that assist users in navigating personal finance, investment basics, and retirement planning. Entrepreneurs can implement this by leveraging existing expertise from certified financial planners who can co-create course content and provide personalized feedback through virtual consultations. This addresses a significant problem where potential investors and individuals managing finances feel lost or intimidated by complex financial topics. The target audience includes young professionals, those approaching retirement, or individuals transitioning careers who seek financial knowledge and security. The platform could use tools like Thinkific or Teachable to build courses, with options for live webinars or community support groups to further enhance learning.
From: Can I Continue to Coast?
Community for Early Retirement Planners
Build an online community platform for those interested in early retirement planning and financial independence, where members can share experiences, strategies, and advice. This could take the form of a subscription-based service that provides exclusive content, webinars with financial experts, and interactive tools for goal tracking. By transforming the early retirement journey into a collaborative experience with peer insights, it alleviates feelings of isolation that may accompany financial planning. Target audiences include young professionals and middle-aged individuals who seek to escape the traditional work-life cycle. Specific features could include forums, mentorship programs, and resource libraries that cover various aspects of financial planning.
From: Am I on Correct Path?
Retirement Planning Calculator Subscription
Create a membership-based online platform that provides personalized retirement planning calculators. This could leverage algorithms to offer tailored advice that reflects users' financial situations and goals. Implement features such as tracking progress towards retirement savings milestones, analyzing various investment scenarios, and projecting required future savings. This idea solves the problem of information overload in financial planning by simplifying it into a user-friendly interface. The primary audience would be working individuals in their 30s to 50s who desire clarity on their retirement savings strategy. Tools like interactive web apps or mobile applications could be developed to facilitate seamless user experiences, along with content such as articles or video tutorials focused on retirement planning.
From: Am I on Correct Path?
Personal Finance Subscription Service
The idea is to create a subscription-based digital platform that delivers personal finance advice through live webinars, recorded sessions, and bonus content. This model is exemplified in the podcast’s promotion of Jill on Money Live. Entrepreneurs can build a similar service tailored to a specific niche within the financial arena—be it retirement planning, budgeting, or investment strategies—and offer periodic in-depth content to subscribers. The service would include a well-designed website with a membership area, integration for video and audio hosting, and interactive elements like Q&A sessions or community features. Implementation would involve planning a content calendar, recording high-quality videos and audio sessions, and setting up a user-friendly membership portal using platforms such as WordPress with membership plugins, Teachable, or Kajabi. The problem it solves is the gap between free financial advice found online and personalized, high-quality, curated content for individuals looking to plan their economic future. The target audience would include individuals approaching retirement or those seeking to improve their financial literacy. Specific strategies include leveraging an existing audience through a podcast, using social media for promotion, and offering tiered pricing models to attract different segments of the market.
From: Can I Retire at the End of This Year?
Retirement Monte Carlo Simulator
The idea is to develop a digital SaaS tool focused on retirement planning using Monte Carlo simulations. This tool would allow individual investors and self-directed retirees to run comprehensive simulations based on their portfolio, spending habits, and retirement goals. By inputting various financial parameters such as asset allocation, expected returns, and withdrawal rates, the simulator would generate multiple potential retirement scenarios. The platform would be especially valuable for those who prefer managing their own finances but need expert-level planning insights without the recurring fees of traditional wealth management services. Implementation could involve assembling a lean technical team to design the algorithm based on well-established Monte Carlo methods and integrating a user-friendly dashboard for non-technical users. In addition to core simulation features, the platform might provide personalized insights on issues like legacy planning, Roth conversion strategies, and social security optimization. The problem it addresses is the gap in affordable, high-quality financial planning tools that provide clarity on long-term financial sustainability. The target audience would be self-managed investors, retirees, and pre-retirees looking to efficiently plan their cash flow and retirement distributions. Specific tactics could include a freemium model, data visualization tools to simplify complex data, and potentially partnering with financial bloggers and influencers for outreach.
From: Husband Is Afraid to Spend
Retirement Tax Optimization SaaS
This idea proposes developing a SaaS product aimed at helping retirees and pre-retirees optimize their retirement account withdrawals to manage tax liabilities such as the income related monthly adjustment (IRMA). The platform would use dynamic modeling to simulate various scenarios involving required minimum distributions (RMDs), IRA conversions (for example to Roth), and dividend income management in order to maintain tax efficiency. Users could input their portfolio values, expected growth rates, and income sources to receive personalized recommendations on how much to withdraw annually or monthly, thus preventing the risk of higher Medicare surcharges and other tax penalties. The tool would implement current IRS regulations and tax codes to offer up-to-date advice, integrating potentially with financial data aggregators and using intuitive dashboards. It specifically solves the problem of unclear decision-making in managing taxable retirement incomes and prepares users for potential shocks in tax bills later in life. The target audience includes retirees, financial advisors looking to better serve their clients, and even DIY investors concerned about tax management. Strategies for implementation include starting with a minimum viable product (MVP) focused on retirement simulations and gradually adding features like integration with financial planning tools, thereby ensuring market viability and scalability in the competitive digital finance sector.
From: Do I Need a Financial Advisor?
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