We review FlexScore
Motivation for Better Financial Behaviors
by Paige Estigarribia
|Correcting Credit Report Errors|
Have you been looking for a tool to help you track your finances and your financial progress towards your goals? We took a look at FlexScore - a new online tool designed to provide advice to the average consumer on their financial position and decisions. According to authors Jeff Burrow and Jason Gordo, in the book FlexScore: Financial Advice for the Rest of Us, "Your Flexscore is a number that encompasses everything you own, everything you owe, and everything you're doing with your money - all based on the goals you set for yourself."
So what do we think? Here's the lowdown:
How it Works
To start, you must complete a free sign-up with FlexScore. During sign-up, you are asked a series of questions related to your financial picture. Your FlexScore is actually made up of a maximum of 1000 points. The first 500 points are part of building your nest and the second 500 points are funding the nest. The questions you answer range from your banking information, to financial goals, savings, retirement, investments, and insurance among others. The more honest and accurate you are with the information you provide, the better picture Flexscore will have of your finances. Once you complete the questions, you receive a FlexScore, and you can see how your financial picture is relative to others.
How it Can Benefit You
FlexScore uses a special algorithm to add points to your score for good financial decisions, and subtract points for poor financial decisions. And FlexScore offers free financial analysis so that you can see how you can improve your score, and how your score will be impacted by the decisions that you make. FlexScore even offers action steps that you can take to improve your score!
How Does FlexScore Make Money?
FlexScore makes money in two ways: from some of the companies mentioned in the articles that are on their sites, and from financial planners, who use a version of FlexScore for planning with their clients. Individuals can sign up and use FlexScore for free.
What We Think
Many folks better accomplish goals when they take small steps towards a larger overall objective. And FlexScore's innovative algorithm is a great way to see how positive and negative actions affect your financial goals and objectives. FlexScore makes it easier to see your progress towards your goals, and it even gives you ways to reach them. If you are the type of person who is squeamish about providing a bit of information about your entire financial picture, you might want to weigh the benefits of FlexScore. According to Burrows, their site has the same security that banks use, and the more information about your finances that FlexScore has, the more they can help guide you in the right direction towards a higher FlexScore.
Plus, FlexScore is a great way to stay motivated towards reaching your financial goals. Big or small, FlexScore can give you a realistic picture of your finances and also provide meaningful steps that you can take towards financial progress. Taking the recommended steps can increase your FlexScore, and show you progress that you can see and keep track of. We think FlexScore is a unique tool that can ideally give you a better, and easy-to-understand picture of your finances.
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