Page 38 - A Guide To Financial Health v2
P. 38
Chapter 05: Secret to success
Stagnating → Healthy
Many solution providers profit when their customer is stagnating—when
people only need their service because they are stuck and cannot save
money. This misaligns the relationship between the provider and their
customer: The provider has no interest in helping the customer succeed at
saving money, because then the customer won't need to pay for the solution
anymore. A healthy approach aligns the solution provider's goals with the
individual's such that the provider makes more money when the customer
saves money. This way, the provider is motivated to actually help people
save.
STAGNATING EXAMPLES: on-demand pay providers, payday lenders,
credit cards
