In episode 273, we welcome our guest, Adam Moelis, co-founder and CEO of Yotta Savings, which allows users to save money, earn over 2x the national average in interest and get weekly chances to win additional prizes up to $10 million through weekly random number drawings
In today’s episode, we’re talking about how to use behavioral psychology to encourage American’s to save. We start with a somber look at the average American’s financial picture. Then Adam explains the history of lottery or prize-linked savings accounts and why the idea was mostly banned in the U.S. until 2015. He discusses the experience of going through Y Combinator’s first remote batch and then explains the lottery program, which offers users a chance to win between ten cents and ten million dollars.
As we wind down, we hear about the company’s’ experimentation with customer acquisition with influencers and why they’ve focused on the social aspect of the app.
Please enjoy this episode with Yotta Savings’, Adam Moelis.