It is fair to say that there hasn’t been a better time than the present to start an online business. E-commerce, blogs, services – irrespective of the niche, it is more than possible to go about creating a multi-million dollar empire with some dedication, hard work, and ingenuity. Meet Sam Jacobs – the 18-year-old American prodigy who has successfully cracked the code behind e-commerce marketing and made more than millions of dollars in the process.
Sam got his start back in his early school days on a much smaller scale when he was just selling candy bars. Realizing his potential as he grew older, he channeled his entrepreneurial spirit by taking the leap at the age of 16 and starting a Shopify dropshipping business. For the first few months, as Sam recalls, he had to put in a lot of effort and grind relentlessly to take his dropshipping venture off the ground. For the first few months into his business, he hardly saw any success, but his determination to keep going in the face of zero results eventually led him to prominence. During the period when he turned 18, Sam’s sales catapulted to over a million dollar, and since then, he hasn’t looked back.
Besides successfully running his own e-commerce business, Sam founded two other companies where he continues to serve as the CEO. With that, he has also been mentoring and educating thousands of others who are interested in becoming entrepreneurs and exploring the scope of business in the e-commerce space. Through his website and an Instagram page, he teaches and inspires his followers to explore the path of entrepreneurship.
Owing to his personal background, Sam realized the importance of working hard at a very young age. Today, he credits all his success to his family and friends who showed faith in him. For his exceptional work, he has been featured in some of the leading publications across the world, and in all of them, he has spoken about having the right mindset and the will to put in efforts.
He advises the next wave of entrepreneurs to find the ‘WHY’ factor and the reason that drives them to wake up every morning. “Once you have identified this WHY in life, the next step is to break it down into small goals and work towards achieving them,” says Sam.
Just like any other entrepreneur, Sam too has faced his fair share of difficulties in reaching the pinnacle. However, it was his perseverance that brought him results. Sam’s ingenuity to achieve so much helped him in getting endorsed by the likes of Tai Lopez and Grant Cardone among other renowned personalities. Besides, he frequently flies across the United States to share his entrepreneurial experience and speak on the art of making money online.
The story of Sam Jacobs sets an example that the path to discover the sweet spot of success is not an easy one, but the ones who sail through the rocky waters, survive in the long run.
How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That
Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®
What’s Keeping Millennials From Accessing Credit?
The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.
Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.
The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:
- Payment history
- Amount owed
- Length of credit history
- Credit mix
- Hard credit inquiries
You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.
The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.
The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.
Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.
It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.
How Credit Bureau 2.0 Fixes Those Problems
Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.
Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.
The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.
Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”
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