5 Tips to Grow Wealth While Managing Debt: Expert Advice from FinTech Innovator

Most people think you need to be completely debt-free before you can start building wealth. According to former financial services lawyer and FinTech innovator Feli Oikonomopoulou, that's a costly mistake that keeps Americans from achieving financial freedom.

As founder and CEO of WealthMeUp, a gamified financial wellness platform, Feli brings a unique perspective to wealth building. With over 30 years of experience at major institutions including Bank of America, Merrill Lynch, the European Investment Fund, and the Central Bank of Greece, she's witnessed firsthand how different approaches to debt and investing can dramatically impact long-term financial outcomes.

Her message is clear: you don't have to wait until you're debt-free to start building wealth. In fact, starting small while managing debt can put you in a much stronger position when those debts are finally paid off.

Here are Feli's five top tips for building wealth while managing debt:

Tip 1: Start investing small amounts immediately, even with existing debt

The biggest mistake people make is waiting for the "perfect" financial situation before they start investing. Feli's advice? Start now, even if you can only afford $10 or $20 per week.

"As far as you have some money, start small," Feli recommends. The reason is simple: you don't want to finish paying off your debt only to realize you have to start building wealth from zero.

Here's why starting small works:

• Compound interest works best over time
• You build the habit of investing regularly
• Small amounts feel manageable and sustainable
• You avoid the "all or nothing" mentality that keeps people from starting

Consider Gail from California, who asked whether she should wait until her debt in collections was resolved before investing. Feli's response was definitive: start investing now while working on debt resolution. This way, when the debt is finally settled, you've already built some equity instead of starting from scratch.

The key is balance. Never miss a debt payment, especially given the interest that accumulates, but if you have even small amounts available, put them to work through investing.

Tip 2: Prioritize high-interest debt while saving small amounts for investment

Not all debt is created equal, and your strategy should reflect this reality. High-interest debt—particularly credit cards—should be your top priority, but that doesn't mean you can't save anything for investing.

Lindsay Ward asked a crucial question: if credit card debt carries a 20% interest rate, should you pay that to zero before investing anything? Feli's answer highlights the math behind smart money management.

The investment vs. debt payoff calculation:

• Credit card debt typically charges 18-25% interest
• Well-diversified investment portfolios average around 10% returns
• Always pay high-interest debt first, but consider small investments simultaneously

Even while aggressively paying down high-interest debt, setting aside small amounts for investing serves multiple purposes. It builds the investing habit, provides some financial cushion for emergencies, and ensures you're not completely starting over once the debt is eliminated.

This approach also helps break the cycle of relying on more debt when unexpected expenses arise. Having even small investment accounts can provide alternatives to credit cards during financial emergencies.

Tip 3: Understand the difference between good debt and bad debt

One of the most important concepts for wealth building is understanding that not all debt works against you. Feli emphasizes the distinction between good debt and bad debt, a concept that should influence both your payoff strategy and your comfort level with borrowing.

Good debt typically includes:

• Mortgages: Secured by real estate that often appreciates
• Student loans: Investment in education that increases earning potential
• Business loans: Used to generate income or build assets

Bad debt typically includes:

• Credit card debt: High interest rates on depreciating purchases
• Personal loans for consumption: Financing lifestyle rather than assets
• Auto loans: Secured by depreciating assets (though sometimes necessary)

Understanding this distinction helps you make better decisions about which debts to prioritize and when taking on debt might actually support your wealth-building goals. A mortgage, for example, can be part of a wealth-building strategy, while credit card debt for vacation expenses works directly against your financial goals.

Feli notes that in Europe, where she lived and worked for many years, credit limits are much more conservative—typically around $3,000 to $5,000 rather than the high limits common in the United States. This cultural difference helps explain why Americans often struggle more with debt management and why understanding good vs. bad debt becomes crucial for financial success.

Tip 4: Automate your payments and savings to remove willpower from the equation

One of the most powerful strategies for building wealth while managing debt is removing the need to make daily decisions about money. Automation helps ensure that both debt payments and investments happen consistently, regardless of how you're feeling on any given day.

Automation strategies that work:

• Set up automatic minimum payments on all debts
• Schedule automatic transfers to investment accounts
• Use apps that round up purchases and invest the difference
• Automate savings transfers on payday before you see the money

This is where technology tools like WealthMeUp can be particularly valuable. Instead of relying on willpower to invest regularly, the platform automatically invests cashback and rewards from your everyday purchases. Rather than receiving cashback that you might spend, those funds go directly into a diversified investment portfolio tailored to your risk tolerance and values.

The automation approach addresses a key challenge that many people face: investment decisions can feel overwhelming, leading to analysis paralysis. When the process is automated and tied to purchases you're already making, investing becomes effortless rather than another task to manage.

Mark from Florida exemplified this challenge, explaining that he lives paycheck to paycheck with damaged credit but keeps hearing he should be building wealth. Feli's response focused on finding even small amounts—$10 per week—that could be automated for investment, making wealth building possible even in challenging financial circumstances.

Tip 5: Use technology tools to simplify both debt management and wealth building

The final tip focuses on leveraging technology to make both debt resolution and wealth building more manageable. Different tools serve different purposes, and the key is finding platforms that support your specific financial goals.

For debt management:

• Solo helps you respond to debt collection lawsuits properly
• SoloSettle connects you directly with collectors for settlement negotiations
• Automated payment systems prevent missed payments that damage credit

For wealth building:

• Investment apps that start with small amounts
• Platforms that align investments with your personal values
• Tools that provide financial education alongside investing

Tina from Colorado raised an important concern that many people share: she had downloaded investing apps but felt overwhelmed and afraid of losing money. Feli's advice emphasized finding trustworthy platforms that provide education and avoid anything promising quick returns or overnight wealth.

The key is looking for platforms that are transparent about risks, provide proper diversification, and offer educational resources. Scam platforms typically promise unrealistic returns or pressure you to act quickly, while legitimate services focus on long-term wealth building and proper risk management.

Making wealth building accessible to everyone

One striking statistic Feli shared highlights a significant gap in investing behavior: 80% of women drive consumer spending, but only 36% of users on major investment platforms are women. This disparity suggests that traditional investment platforms haven't successfully engaged half the population.

The solution isn't necessarily that women don't understand investing; often they do. Instead, the issue is that investing often falls to the bottom of an already overwhelming to-do list. This is where embedding investing into everyday activities, like shopping, can make wealth building more accessible and automatic.

WealthMeUp addresses this by partnering with lifestyle brands that women already shop with, automatically investing cashback rather than leaving those funds available for additional spending. The platform also creates investment portfolios based on personal values, allowing users to support companies with female leadership, environmental initiatives, or other causes they care about.

Taking action despite financial challenges

Throughout the conversation, several listeners asked variations of the same question: how can I build wealth when I'm already struggling financially? The answer consistently came back to starting small and being realistic about what you can afford.

Whether you can set aside $10 per week or $50 per month, the important thing is starting the process and building the habit. Compound interest works best over time, so even small amounts invested consistently can grow substantially over years or decades.

For those dealing with debt in collections or facing lawsuits, the first step is resolving those immediate challenges. Solo can help you respond to debt collection lawsuits properly and negotiate settlements that work with your budget, freeing up mental energy and potentially some cash flow for wealth-building activities.

Your wealth-building journey starts today

Building wealth while managing debt requires a balanced approach that addresses both challenges simultaneously. By starting small with investments, prioritizing high-interest debt, understanding the difference between good and bad debt, automating your finances, and leveraging technology tools, you can make progress on both fronts.

The key insight from Feli's extensive financial experience is simple: don't let the perfect become the enemy of the good. You don't need to wait for ideal conditions to start building wealth. Even while managing existing debt, small consistent actions compound over time to create meaningful financial progress.

Remember, as Feli says, wealth building isn't just for the rich. It's for anyone willing to start where they are and take consistent action toward their financial goals.

To Connect With Feli and WealthMeUp:

Website: wealthmeup.ai
LinkedIn: https://www.linkedin.com/company/wealthmeup/
Instagram and TikTok: @wealthmeup.ai
Email: hello@wealthmeup.ai
Feli’s personal email: feli@wealthmeup.ai

Transcript

Hannah (00:36):

Hello everybody. Welcome to this week's episode of the Debt Hotline. My name is Hannah with team Solo and like I said, super excited to welcome our special guest, Feli Oikonomopoulou. I hope I said that right, Feli, correct me if I'm wrong, but we're super excited to welcome our special guest to talk a little bit about five tips that you can use to grow your wealth while managing debt. We've got some great questions that have been submitted to the debt hotline regarding this topic and I'm really excited to introduce Feli again. So I'm going to take a moment to read her bio and then ly, I'd love to give you a moment to introduce yourself and fill in any gaps that I might've missed. So Feli Oikonomopoulou is the founder and CEO of Wealth Me Up, which is a gamified rewards-based financial wellness platform that helps people integrate investing and financial literacy into their everyday lives.

She's a former financial services lawyer, turned FinTech innovator and she's very passionate about using technology to close the wealth gap and make smart money decisions accessible to everyone before becoming an entrepreneur. Feli served as a legal counsel and vice president at the Bank of America, Merrill Lynch, where she advised on banking, finance, capital markets and emerging areas like sustainable finance, FinTech and digital assets. She's also held legal roles at major institutions including the European Investment Fund, the Central Bank of Greece and Link leaders in Luxembourg, in Paris, Feli, did I miss anything? Is there anything else you'd like to add to that bio?

Feli (02:08):

I think that was so perfect. Thank you so much for that. Thank you so much for having me. No, excellent, excellent buy on introduction. The only thing I would like to add is that because I have lived and worked in so many different countries, this really gives me a different perspective that I hope to offer today on how debt or investing is approached in different countries and what I found surprising when I came to the US with respect to how to manage debt or investments.

Hannah (02:37):

And you are from Greece and originally spent some time living in the UK, right? Yes. How long have you been living in the United States?

Feli (02:45):

That's my third year,

Hannah (02:46):

So three years. And we were talking a little bit about this before we started recording, but you said that the culture surrounding debt and credit is very different in Europe versus the United States. Do you want to touch a little bit on that before we jump into our topics?

Feli (03:01):

That's again my general feeling. I told you that I was not a specialist per sound debt, I'm more on the investment side, but one thing that stood out is really the credit limit and that in Europe, at least in the countries where I was, you would never be allowed to borrow a lot of money, especially if this cannot be justified by your income, by your assets and so on. So a credit limit of around three or 5,000 would be the most I would see and here in the US you can even buy a car on credit. So this is a huge difference that I think that kind of push unavoidable people to accumulate more debt that is so easy. And then in Europe it was never the case that you would not repay the credit card, you had a credit card to repay, not really to borrow on money that you don't have in most of the cases. Again, that may be a generalization, but this is something that really stood out to me when I came to the us.

Hannah (04:09):

No, I think you're right and I would just add to that in the US I think that the financial system is set up a little bit to not really favor consumers. It's more favoring the financial institutions that offer credit to consumers. And so a lot of consumers will go into these deals, maybe not always super educated and I don't think that US consumers go into these takeout credit and loans thinking I'm not going to pay this back. I think that's always the plan that they're going to pay it back, but life happens and just the way that interest and debt is set up in the US it can be hard to stay on top of everything, especially in today's economy. Things are a little crazy right now and so I think it can be easy to just fall behind. I don't think anyone really goes into it thinking, oh, I'm just going to buy a car with all this credit and never pay it off.

I think people want to pay their debts. I think there is a moral obligation for consumers that they want to pay it off, but life happens and when life happens, I think it's really helpful to rely on the tools that are available to you to help you resolve your debt and figure out your next step. And so that's kind of what we wanted to discuss briefly in this podcast episode. And I actually have prepared five steps that consumers can use to help them build wealth while they are managing debt because most people in the US do have debt. Most people in the US actually are dealing with credit card debt. I think the average credit card debt amount in the US in an average US household is somewhere around three to $5,000. So if that's the case for you and you're trying to figure out how to pay that off but also want to try to start investing, these tips might be for you.

Alright, so five tips to help you grow wealth while managing debt. The first is if you are being sued for debt, be sure to resolve any pending debt lawsuits. So if you've gotten to the point which most of our audience members are at this point where they have been sued for debt, if you've gotten to that point, it's really important to make sure that you respond to the lawsuit and reach out to negotiate and try to settle the case. Ignoring a lawsuit is going to be the worst option. It's going to probably hurt your credit. Even worse, make it harder for you to catch up on your debts and therefore make it hard for you to build wealth and invest. So if you're being sued, make sure that you respond solo can help you do that. We can help you create a customized response document and file it with the courts for you.

We can also help you negotiate with collectors and creditors to settle your debts and resolve your cases. So that's step number one. Tip number one, tip number two would be to prioritize high interest debt while you save small. So if you've taken out any high interest like credit cards and you're trying to manage all of that, be sure that you set aside a small amount of savings, even if it's just like $10 a week that you can use towards investing. And there are lots of tools and apps that you can use to help you know where to invest that money. pH's going to break down her app here in a minute to tell us a little bit more about where you could put those small amounts of savings, but if you're prioritizing those high interest debts to avoid having to pay that additional interest, then you should be in a good place to be able to manage that debt while still putting a little bit aside to invest.

And this also helps you build a habit to keep you from relying on more debt if an emergency comes up. Tip number three is know the difference between good debt and bad debt. So some debts are like assets like a student loan or a mortgage, they help you with your future. Your mortgage is a secured debt, so it's attached to your home student loan. It helps you get an education. These are kind of considered good debts I would say, whereas bad debts are typically credit card debts. Those debts aren't really going to, they're unsecured debts, so they're not really going to guarantee you anything tangible or physical. So it's important to learn to weigh your decisions when you're trying to decide what type of debt you want to get into. And I would say try to avoid getting into excessive credit card debt because that'll help you avoid high interest rates, et cetera, and be able to focus on building wealth and investing.

Tip number four, if possible, automate your payments. So this isn't possible for every banking institution or every banking app, but if it is possible and if your credit card allows it, try to set up automatic minimum payments and saving transfers so that you're not relying on your pure brainpower every month. Pay off your payments and you can kind of automate that and put it on the back burner while you focus on investing in strategic investing. And then tip number five would be use tech tools to help with the process. So one tech tool, like I mentioned before, if you're dealing with debt and you're trying to resolve a debt lawsuit or you have multiple debts and collections that you're trying to resolve, you can use solo to respond to a lawsuit or negotiate and settle the debt for less and save money. Other tools can help you with the investing side of things. And Feli, I wanted to give you a minute to tell us a little bit about Wealth Me Up your app and maybe how that could help people in this situation.

Feli (09:37):

Yes, thank you so much. First of all, I completely agree with the five tips, really the minimum that someone should do to get out of that but also start building a healthy and wealthy lifestyle because building wealth is for the long term is not just for tomorrow. So where our app comes in is at this stage where first of all, you don't have to deal with any debt collections. You may have debt but kind of a healthy debt and at the same time you want to start building your financial future. Yes, dream, learn, earn, invest, the whole concept, it's that you shop as usual, you shop at places that you like and it's like you go, you shop for your morning coffee, you go to the dream, you shop your clothes, you book a vacation, part of the spendings, get into an investment account. This part of the spending comes normally from the brand as in the form of cashback or reward, but instead of receiving the cashback automatically or in the form of points that you can redeem later on and spend, instead of doing that, we invest it for your future. On the background, we operate an investment platform in which we curate portfolios according to your needs. So they're completely personalized and they're very well diversified. What does this mean? Returns may not be huge next day, but also losses are not going to, they're going to be balanced and these kind of guarantees or enhances the probabilities, the probability that in the long run your money will go up steadily, so you will steadily increase your wealth and at the same time maintain a healthy lifestyle.

Hannah (11:23):

Gotcha. So can you tell me how Wealth Me Up is different from other investing apps like Acorns? Because to me when I learned about it, I immediately thought of Acorns. Can you tell us what differentiates your app?

Feli (11:37):

Yes, of course. Well Acorns is also a great tool for rounding up, your spare change, the difference is that we partner with the brands that focus on your lifestyle and we partner with them and we get cash back from them in order to invest it in your future. This means that it's not only a roundup, it's not only a few cents that we invest, but real money think like 5% on a $100 purchase. So the amounts that we invest are bigger and we target your everyday spending.

Hannah (12:12):

So you partner with specific lifestyle brands and then when people purchase something from those brands, you guys help them invest money that's more than just rounding up to the next dollar, right?

Feli (12:27):

Exactly, exactly. And the difference there is that everyone is different. Everyone is different financially, but everyone is also different from a values perspective like where you want your money to go. So we really curate an investment portfolio that fits your needs and your values and your money goes there is managed by us and in the future we can also help you do more things with your money. We invest your cash back and rewards, but we also help you start building an investment habit like the habit of investing regularly, which is basically a tip that I would add to the ones that you did. You did like debt management, but also investments should actually be a habit, something that naturally comes. You don't really need to think about too much, but you should put it in your life every week and take care of it because it compounds, it piles up and it really makes a difference 10 or 20 years from now.

Hannah (13:26):

I love that and I think that that's super important to make investing a habit, not just something that you do occasionally when you're in a good spot financially, it should be a part of your everyday financial practices. I wanted to point out this stat that's on the Wealth Me Up website, which is wealthmeup.ai, but you can also download the app on your mobile right to use it there and I think that's kind of really how it's designed to be used, but I wanted to point out this stat on here it says that 80% of women drive consumer spending, but only 36% of users on major investment platforms are women. So there's this huge gap between consumer spending and investing specifically for women. And as a woman myself, I think it's really important to know about this and have these tools available to be able to know how I as a woman can invest and use my money. Smart. Any thoughts on that Feli? Because you're also a woman so I'm sure you have something to say about it.

Feli (14:28):

Yes, that's true and the whole app and concept is a product of the fact that I'm a woman and I wanted to see opportunities in my everyday spending and lifestyle in order to invest because investing is just not made for women in the current environment. That's how I felt. It's true that women drive the majority of consumer spending. 14 trillion is spent by women is put to the economy by women, but women are not as represented when it comes to investments. And this is like a vicious circle because as a result, investment platforms target more men do not target their products to women and CPG companies like retail companies target more women where this leads us like women spend more but do not invest for the future. Which means because investing compounds, which means that even if we bridge the wage gap, if we don't bridge the investment gap, the wealth difference is going to just continue and accumulate between genders.

So the way that we have found to address that is by embed finance and investing where your everyday lifestyle and attention is. And this is why compared to Acorns that you mentioned before, we intentionally partner with brands that where primarily women want to shop about. What we found out is that especially in the US, it's not that much. There is this myth that women don't know about investing and it's really a myth in my experience, women do know and understand investing. It's not really a priority in the to-do list given that women have to take care of so many things that at the end of the day investing is really at the bottom of this list. That's why we try to bring it to make it part of the list and part of the things that you would anyway do, and this is how you make investing or finance really accessible to everyone.

Hannah (16:31):

I love that. Make it a part of your everyday life like you said because if you're already spending money on brands that you love, you might as well figure out a way to couple that with investing. So I love that. Wealth Me Up is doing that. Well we've got about 10 minutes now to cover some questions. We have several that have been submitted beforehand that I wanted to bring up and Feli, we would love to get your thoughts on these questions and your expertise. Okay, so first question is from Gail in California it says I want to start investing but I still have debt in collections. Is it better to wait until I'm debt free or can I start with small investments now? What would you say Feli?

Feli (17:12):

Yeah, well my recommendation is invest start now. I mean as far as you have, paying off debt is the first priority and never miss a payment on debt, especially given the interest that it's going to accumulate. That is huge. But as far as you have some money, start small even with like $10 per week, can you do that $20 per week? Start small and start investing? Why? Because what you don't want to happen is that one day you have your debt rebate and that's excellent news but you have nothing in savings or investment. So you literally have to start from, it's better when your debt is repaid that you already have built some equity by way of investing.

Hannah (17:57):

Yeah, I agree with that. I think that there are ways to pay off your debt even if it has gone to collections at this point while still setting aside even a little bit to save towards investing. And I would say that as far as debt collections go, if you have debt and collections Gail, you can definitely contact us at solo and we can try to help you resolve those debts. You can use our negotiation platform called Solo Settle to negotiate and settle the debt online without having to call or wait on hold, wait on collectors to accept your settlements. So that's also a really good way to try to resolve the debt, get on a payment plan if it's in collections and then use the excess money that you have to set aside towards investing. Let's from Lindsay Ward, it says if credit card debt carries an interest rate of say 20%, would you pay that off to zero before investing anything?

Feli (18:53):

Definitely repay your debt first, especially credit card debt because you should think about it this way. What is the return that an investment can make you and on average again if you do well diversified portfolios, on average it's going to be like 10%. So it's still lower than what you're going to pay in credit card debt and credit card debt has the biggest interest rate. You should always repay that first and then or on the side start investing.

Hannah (19:27):

I would add one of the tips that we shared earlier, which is automate your payments If you do have a credit card that has high interest, if there's a way for you to automate your monthly payment so that you're not accumulating more interest in having to pay that additional interest on top of just the regular credit card statement, that could be a really good way to avoid having to pay extra for the credit that you're taking. And it would also probably allow you to set aside some for investing as well. And then I would also echo use tools like wealth me up if you're already spending and using credit card debt to buy things, then you might as well invest at the same time. Alright, this one is from Mark in Florida it says my credit is trash and I live paycheck to paycheck, but I keep hearing I should be building wealth. What does that even look like for someone in my position?

Feli (20:21):

Yeah, I understand this is a difficult situation to be, do you have $10 spare? Do you have something that you do that you could avoid doing? Or at $10 it's nothing $10 per week, do you have them? If yes, that's your answer. If no, again, what we try to do through wakes me up is embed investing in your everyday spending. So whatever you do on your everyday what you have to pay, we try to give you cash back that you can start investing with for free for you through this everyday spending. Again, will this make you rich? It won't. That's the reality. You also have to start little by little putting some money aside and start investing. Do you have $10 per week? That's enough. It really makes a difference in five years from now, 10 years from now.

Hannah (21:13):

I want to back up what you're saying Feli specifically about are there things in your life that maybe you could set aside? Sometimes I feel like I am living paycheck to paycheck, but when I take a look at my bank account and I'm like, oh man, I probably could have saved a couple hundred bucks this month if I hadn't eaten out so much. Or there are certain lifestyle choices that you can make to help you reduce the costs and make it so that you're not living paycheck to paycheck and you're able to set aside even just a few dollars every week towards investing and those little habits, like you said Feli, when you make them an everyday or a weekly habit and it's not just something that you think about every once in a blue moon, but when it's really ingrained into your everyday life, that's what ends up making the difference. And that to me is what building wealth really looks like.

Feli (22:03):

Exactly. And to your point, I mean a lot of people may have the feeling that I live paycheck to paycheck because my expenses are basically my whole income. So even this mentality of understanding your debt every month, repaying your debt and then putting aside a small amount of money to invest and see the difference can really make you rethink your whole lifestyle and whether there is some room to reallocate expenses.

Hannah (22:29):

And it seems to me like apps wealth me up are really helping you think about your everyday spending habits and then coupling it, like I said before with your investing habits as well.

Feli (22:40):

Exactly. And also we operate on financial learning tool at the same time like Duolingo for finance, where our whole aim is to teach you how finance works holistically. So how debt and equity investing works or deal with questions such as I want to buy a house, should I buy or should I rent? And all these, there is no black and white. They are very personal decisions. So we cannot even fully answer the question about leaving paycheck to paycheck if we don't have the full picture of your financial wellbeing and financial standing. These are so personal, but the rule of thumb is that do you have a lead? Can you start with a little bit, then do it.

Hannah (23:21):

Amen to that. This one is from Tina in Colorado. It says, I downloaded a bunch of investing apps but I don't know what I'm doing. I'm afraid that I'll lose money. Is there a simple way to learn the basics without getting scammed?

Feli (23:35):

Excellent question because there are a lot of scams out there. So definitely find an app that you trust, look it up before, make sure that you're not, you're not just getting to the next tool, especially move away, run away from anything that promises quick returns, big returns, become rich tomorrow. Become rich in a month. Like this is the first red flag for a scam or from a scam like app, then you don't know what you're doing. I completely agree with you, yes, no ones know what they're doing and there is no real blueprint for investing because investing is inherently uncertain. However, there are some guidelines that you can follow because we address people like you that don't know what they're doing. That's why we make it very easy for you and we personalize the investments and we curate them as well. So you go through a questionnaire and according to your financial ability, but also to your risk tolerance and values, we invest in a well diversified portfolio.

Again, the money on your behalf. So this is how we address that. I don't know what I'm doing and I really agree with you. You should not know what you're doing at the beginning. It's intimidating at the beginning. You learn step by step and you learn by doing. So that's the necessary first step to put your money. I'm afraid that I will lose my money. I hear that a lot, especially for women. Women are perfectionists, that's how I put it. They really want to know that there is a certain outcome when they do an action and there is some uncertainty with investments. If you invest in well diversified portfolios, again, you spread the risk. We all understand what this means. You don't invest in one company or you don't invest in a various asset such as Bitcoin. You're investing in funds that include multiple companies.

So if one company does not go well, the others will do. So the risk is kind of spread, so you're not going to lose your money. That means that in this case, if you invest in a well diversified way, you're not going to lose your money. There is always a risk. You may have a negative return on your money in the next year. However, historically over a 10 year period or a 20 years period, your money will go up. I think that historically over a 20 years period, there is zero possibility that your money is going to have a negative return that is not going to go up. And why this is very important because guess what? If you just have your money sitting on a bank account on a savings account, you're losing money, you're losing purchasing power because there is inflation. So investing them at least make sure that you're not losing this purchasing power. You're not losing from inflation. And according to historic returns, investing in diversified portfolios provides a 10% return on average.

Hannah (26:37):

I love that your app is specifically designed to take people's values and their personal lifestyle into account when figuring out where to best invest. So it sounds like they fill out a questionnaire as part of creating an account on the app. They fill out a questionnaire that will ask them about their values. It will ask them about maybe what kind of monthly spending habits they already have, what other kind of questions are on the questionnaire to help the Wealth Me Up team determine what kind of investment portfolio each user should have. What other questions do you guys ask?

Feli (27:14):

Yeah, no, first we care about you as a person and are you risk averse? You're not risk averse. What's your income? What's your financials? Do you have debt? You don't have debt? All this play a role in that portfolio that we are going to suggest, but then investing is really about putting my money somewhere that I believe in. Therefore we and I see that grow, I see an industry grow. So when we invest in the stock market, we don't really see that, but this is true even $5 make a difference to someone's business or to a pool of businesses. Therefore we do care about the difference that we want to see in the world. And we have curated portfolios. For example, target more the tech industry or target more environmental friendly companies or Target more the retailers where you shop. I shop from Target. I do want my portfolio and my investments to reflect my shopping habits or portfolios that I want to support more women.

So we do have portfolios that are more heavy to on companies with female CEOs or female executives. So we care about the users holistically as persons from the spending part all the way through the investing and then the learning. So it's not that the whole journey is that really you get into the app, you get into a shopping experience, we provide you with great deals, you get cash back from companies that you already recognize like shop there anyway. Then we help you start investing in where you believe in. Again, this is the first step. The whole point is that you start investing your own money. And back to Tina's point, how do I know what I'm doing first you take the first step, you start and then we educate you. We have fun ways to give you tips to learn by doing.

Hannah (29:19):

I love that and I think that's a big thing. It sounds to me like with Wealth Me Up, you kind of have an assistant holding your hand throughout the process. But what I really love about what you're saying Feli, is that you guys really care about your users, about the people who use Wealth Me Up. You want to help them, not just invest, but invest in something that they care about that aligns with their, and I think that's super, super special and very valuable. Well, I think with that we'll probably have to wrap up this episode, but Feli, thank you so, so much for joining for your insights, your expertise, and sharing a little bit about what you're up to at Wealth Me Up. Where can people find the app? What's the best way to learn more about Wealth Me Up?

Feli (30:02):

Yeah, we are live both an app store and Android currently. I mean it's always a work in progress, but currently we have over 7,000 stores on the platform. We have started accepting investments as well. You can also use the dedication tool and let us know your feedback. Also, you can find us on social media, LinkedIn, Instagram, TikTok, or just email us Hello at Wealth Me Up ai or at my personal email, failure at Wealth Me Up ai

Hannah (30:33):

And on the socials is it all just wealth me up? Is that the handle?

Feli (30:37):

Yes, yes. At Wealth Me Up, ai. Yes, and let's get your lifestyles invested.

Hannah (30:43):

I love it. Well, thanks again, Feli. Any last words before we end?

Feli (30:48):

No, thank you so much. What you're doing with Solo is amazing and it's amazing to see how many things in common they are between how you manage debt, are you one investments, start small and don't let this misconception that, oh, good debt management or investments is just for the rich. It's just for the wealthy. I will never be one of them or something like that. Let you down and let you not take this first step that will actually make you have a wealthy life, lifestyle and wellbeing.

Hannah (31:22):

I love it. Well, thank you again Feli. We really appreciate it. I'm going to just go ahead and close by saying if you have any questions about debt, you can always call us at the debt hotline at Team Solo. We have a phone number that you can call in and submit your questions. It can be anything finance related, but we do specialize in debt typically. So the debt hotline phone number is zero one six one three eight one eight one. Call and leave a voicemail and we'll be going over real questions from real people every single week. We're just trying to help as many people as we can. And if you have debt in collections or if you're being sued for debt, head on over to solo suit.com. We can help you respond to the lawsuit, negotiate your debts, and settle and save money, and then get back on track to investing and building wealth.

Thanks again everybody, and good luck with debt Management, with Building Wealth, with all of those things. Thank you. Bye.

Disclaimer: The information presented in this podcast is intended strictly for general informational purposes and should not be construed as legal, financial, or investment advice. Solo and its hosts are not licensed attorneys, financial advisors, or other certified professionals. While select guests may hold active professional licenses, their contributions are purely for educational thematic discussion. They're not delivering professional or personalized advice. Solo is not a law firm, does not offer legal representation and must not be relied upon as a substitute for professional legal counsel. It is also not engaged in debt, settlement, credit repair, or financial counseling services. SOLO provides self-directed software tools designed to support users in navigating their own legal and financial situations. Participation in this podcast does not establish an attorney-client relationship. Listeners are encouraged to consult with attorneys or licensed professionals for guidance specific to their circumstances. The opinions expressed by podcast participants are their own and do not necessarily reflect the views or official positions of Solo Suit Inc. Doing business as solo or any affiliated organizations.

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• Colorado
• Connecticut
• Delaware
• Florida
• Georgia
• Hawaii
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maine
• Maryland
• Massachusetts
• Michigan
• Minnesota
• Mississippi
• Missouri
• Montana
• Nebraska
• Nevada
• New Hampshire
• New Jersey
• New Mexico
• New York
• North Carolina
• North Dakota
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• Rhode Island
• South Carolina
• South Dakota
• Tennessee
• Texas
• Utah
• Vermont; Vermont (Small Claims court)
• Virginia
• Washington
• West Virginia
• Wisconsin
• Wyoming

Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

• 11 Charter Communications
• AAA Collections
• Aargon Agency Inc
• Absolute Resolutions Investments LLC
• ACEI Collections
• Account Services
• Accredited Collection Services
• Accredited Collection Services
• Advanced Recovery Systems
• AES NCT
• AFNI Collections
• Alco Capital Group LLC
• Aldous and Associates
• Alliance Collections
• Alliance One
• Alliant Capital Management
• Alpha Recovery Corp
• Alltran Financial
• Alltran Health
• Alorica Inc.
• Amcol Clmbia in Court
• American Coradius International
• American Profit Recovery
• American Recovery Service
• Americollect
• AmSher Collection Services
• Apelles LLC
• AR Resources
• ARC Collections
• ARM Solutions
• Arrow Financial Services
• ARS National Services
• ARSC Debt Collectors
• ARS National Services
• ARstrat
• AscensionPoint Recovery Services
• Asset Acceptance LLC
• Asset Recovery Solutions
• Associated Credit Services
• Atlantic Credit and Finance
• Atradius Collections
• Automated Collection Services, Inc.
• Autovest LLC
• Avante USA
• Avantus
• AWA Collections
• Balekian Hayes
• Bay Area Receivables
• BCA Financial Services
• BC Services
• Benuck and Rainey
• Berlin-Wheeler
• Bluebonnet Financial LLC
• Bonneville Collections
• Bull City Financial
• Bureaus Investment Group
• Cach LLC
• Caine and Weiner
• Capio Partners
• Capital Accounts
• Capital Collections
• Capital Management Services
• CardWorks
• Carmel Financial/New Coast Direct
• Cavalry SPV I LLC
• CBCInnovis
• CBCS Collections
• CBE Group
• CBV Collections
• CCB Credit Services
• CCS Collections
• CCS Offices
• Central Mediation Services
• Central Portfolio Control
• Cerastes LLC
• Choice Recovery
• Choice Recovery Inc
• CKS Financial
• CKMS Financial
• Client Services
• CMRE Financial Services
• COAF
• Coast Professional
• Comenity Bank Debt Collection
• Commonwealth Financial
• ConServe Debt Collection
• Consumer Collection Management
• Contract Callers Inc
• Convergent Healthcare Recoveries
• Convergent Outsourcing
• Couch Conville & Blitt
• Covington Credit
• CRDT First
• Credco in Court
• Credence Resource Management
• Credit Bureau Systems
• Credit Control Corporation
• Credit Management Company
• Credit Management LP
• Credit Systems
• Credit Systems
• CSIEZPay
• CTC Debt Collector
• CVCS Debt Collection
• Cypress Financial Recoveries
• D&A Services
• Daniels, Norelli, Cecere & Tavel P.C.
• DCM Services
• Debt Recovery Solutions
• Delanor Kemper & Associates
• Department Stores National Bank
• Direct Recovery Associates
• Discover Collections
• Diversified Adjustment
• Diversified Consultants
• Diversified Recovery Bureau
• DNF Associates, LLC
• Dodeka LLC
• DRS Credit
• Dynamic Collectors
• Eagle Loan
• Eagle Accounts Group, Inc.
• Eastern Account System
• EduCap
• Ellington and Associates Collections
• Encore Capital Group
• Enerson Law
• Enerson Law LLC
• Enhanced Recovery Company
• EOS CCA
• ERC Collections
• ERSolutions
• Estate Information Services
• Equable Ascent Financial
• Everest Business Funding
• Executive Credit Management
• Faber and Brand
• Factual Data
• Falls Collection Service
• FBCS
• FCO Collections and Outsourcing
• FIA Card Services
• fin rec svc (Financial Recovery Services)
• First Federal Credit Credit Control
• First Financial Bank
• First Portfolio Ventures LLC
• First Progress
• FirstPoint Collection Resources
• Firstsource Advantage
• FMA Alliance
• FNB Omaha
• Forster & Garbus
• Franklin Collection Services
• Freedom Plus
• Freshview Solutions
• Frontline Asset
• Frost Arnett
• Fulton Friedman & Gullace LLP
• Galaxy International Purchasing, LLC
• GC Debt Collection
• GC Services
• General Revenue Corporation
• GLA Collections
• Glass Mountain Capital
• Glasser and Glasser
• Global Credit Collection Corp
• Global Trust Management
• GMAC Financing
• Golden 1 Credit Union
• Grant and Weber
• Grant Mercantile Agency
• Gulf Coast Collection Bureau
• Gurstel
• Halsted Financial Services
• Harris and Harris
• Harvard Collection
• Harvest Credit Management
• Helvey and Associates
• Hollis Cobb
• Holloway Moxley
• Hosto Buchan
• Howard Lee Schiff
• H&R Accounts
• HRRG
• Hudson & Keyse LLC?
• Hunter Warfield
• IC System
• Impact Receivables Management
• Innovative Recovery
• Integras Capital Recovery LLC
• Javitch Block
• JHPDE Finance 1 LLC
• JP Receivables Management Partners
• JPMCB card
• Kenneth Eisen and Associates
• KeyBank student loans
• Kinum
• Kirschenbaum, Phillips & Levy P.C.
• KLS Financial Services
• Kramer & Frank
• Lakeside Collection
• Lending Club
• Lincoln and Morgan Kabbage
• Linebarger Goggan Blair & Sampson LLP
• Lockhart Collection Agency
• LJ Ross Associates
• LTD Collections
• Malcolm S. Gerald and Associates
• Malen & Associates
• Mandarich Law Group
• Mannbracken
• Marcam Associates
• MARS Inc. Collections
• MBA Law
• MCA Management Company
• McCarthy, Burgess & Wolff
• Meade & Associates
• Medicredit
• Mercantile Adjustment Bureau
• Merchants Credit Association
• MGM Collections
• Michael J Adams PC
• Midland Funding LLC
• Mid-South Adjustment
• Monarch Recovery
• Monterey Financial
• Moss Law Firm
• Mountain Land Collections
• MRS Associates
• MRS BPO
• MSW Capital LLC
• Mullooly, Jeffrey, Rooney & Flynn
• Nathan and Nathan PC
• National Collegiate Trust
• National Credit Adjusters
• National Credit Care
• National Credit Systems
• National Enterprise Systems
• National Recovery Agency
• National Recovery Solutions
• Nationstar
• Nationwide Credit
• Nationwide Recovery Services
• Nationwide Recovery Systems
• NCEP LLC
• NCO Financial Systems Incorporated
• North American Recovery
• Northland Group
• Northstar Capital Acquisition
• Northstar Location Services
• NPAS
• NRC Collection Agency
• Oliver Adjustment Company
• Oliphant Financial, LLC
• Oportun
• P&B Capital Group
• PCB Collections Agency
• Palisades Collection LLC
• Pallida LLC
• Paragon Contracting Services
• Paragon Revenue Group
• Payday Loan Debt Collectors
• Pendrick Capital Partners
• Penn Credit
• Perdue Brandon
• Persolve LLC
• Phillips & Cohen Associates
• Phoenix Financial Services
• Pioneer Credit Recovery
• PMAB LLC
• PRA Group, Inc.
• Pressler, Felt & Warshaw LLP
• Prestige Services, Inc.
• Prince Parker and Associates
• ProCollect
• Professional Finance Company
• Progressive Management Systems
• Provest Law
• PYOD LLC
• Quaternary Collection Agency
• RAB Collection Agency
• Rash Curtis and Associates
• Radius Global SOL
• Radius Global Solutions
• Rawlings Company
• Razor Capital
• Real Time Resolutions
• Receivables Performance Management
• Regents and Associates
• Reliant Capital Solutions
• RentGrow
• Resurgent
• Resurgent Capital Services and LVNV Funding
• Revco Solutions
• Revenue Enterprises LLC
• Revenue Group
• RGS Financial, Inc.
• RMP LLC in Court
• RMP Services
• RS Clark and Associates
• RSIEH
• RSIEH
• RTR Financial Services
• Rubin & Rothman
• Salander Enterprises LLC
• Samara Portfolio Management
• SCA Collections
• Scott Parnell and Associates
• Second Round Collections
• Second Round Sub LLC
• Selip & Stylianou LLP
• Sequium Asset Solutions
• Sessoms and Rogers
• Sherman Acquisition
• Sherman Financial Group
• SIMM Associates
• Source Receivables Management
• Southern Management Systems
• Southwest Credit Group
• Spire Recovery Solutions
• SRS Company
• Stark Collection Agency
• State Collection Service
• Stenger and Stenger
• Stillman Law Office
• Summit Account Resolution
• Sunrise Credit Services
• Superlative RM Debt Collector
• Suttell and Hammer
• Synergetic Communication
• Synerprise Consulting
• The Law Office of Michael J Scott
• Trellis Company
• Troy Capital
• TRS Recovery Services
• TrueAccord
• Tulsa Teachers Credit Union
• UCB Collection
• UHG 1, LLC
• Unifin
• Unifin Debt Collector
• Unifund
• Universal Credit Services
• US Bank Collections
• USAA collections
• USCB America
• Valentine and Kebartas
• Valley Servicing
• Vance & Huffman LLC
• Van Ru Credit Corporation
• Velo Law Office
• Velocity Investments
• Viking Client Services
• Wakefield and Associates
• Waypoint Resource Group
• WCTCB
• Weinberg and Associates
• Weltman, Weinberg & Reis
• Westwood Funding
• Williams and Fudge
• Wilshire Consumer Credit
• Wolpoff & Abramson
• Worldwide Asset Purchasing
• www.AutomotiveCredit.com
• Zarzaur & Schwartz
• Zwicker & Associates

Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

• American Express; American Express – Debt Collection
• Bank of America
• Barclay
• Best Buy Credit Card
• Capital One
• Chase
• Credit One Bank
• Old Navy Credit Card
• PayPal Synchrony Card
• Regional Finance
• Retailers National Bank
• Reunion Student Loan Finance Corporation
• SYNCB/PPEXTR
• Synchrony Bank
• Synchrony Walmart Card
• Target National Bank
• Webbank
• Wells Fargo
• Can I Pay My Original Creditor Instead of a Debt Collection Agency?
• Can I Settle a Debt with the Original Creditor?

Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

• Am I Responsible for My Spouse's Medical Debt?
• Do I Need a Lawyer for Medical Bills?
• Do I Need a Lawyer to Fight Medical Bill Debt?
• Does Bankruptcy Clear Medical Debt?
• How Much Do Collection Agencies Pay for Medical Debt?
• How to Find Medical Debt Forgiveness Programs
• Is There a Statute of Limitations on Medical Bills?
• Medical Debt Statute of Limitations by State
• Summoned to Court for Medical Bills — What Do I Do?
• Summoned to Court for Medical Bills? What to Do Next

Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

• How Arbitration Works
• How to Find an Arbitration Clause in Your Credit Agreement
• How to Make a Motion to Compel Arbitration
• How to Make a Motion to Compel Arbitration in Florida
• How to Make a Motion to Compel Arbitration Without an Attorney
• How Credit Card Arbitration Works
• Motion to Compel Arbitration in California
• Sample Motion to Compel Arbitration

Stop calls from debt collectors

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

• 1-800-390-7584
• 800-289-8004
• 800-955-6600
• 8009556600
• 877-366-0169
• 877-591-0747
• 800-278-2420
• 800-604-0064
• 800-846-6406
• 877-317-0948
• 888-899-4332
• 888-912-7925
• 202-367-9070
• 502-267-7522

Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

• 15 USC 1692 Explained
• Does the Fair Credit Reporting Act Work in Florida?
• FDCPA Violations List
• How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)
• How to Make a Fair Debt Collection Practices Act Demand Letter
• How to Submit a Transunion Dispute
• How to Submit an Equifax Dispute
• How to Submit an Experian Dispute
• What Debt Collectors Cannot Do — FDCPA Explained
• What Does Account Information Disputed by Consumer Meets FCRA Requirements Mean?
• What does “meets FCRA requirements” mean?
• What does FCRA stand for?
• What is the Consumer Credit Protection Act