What is going on, you guys welcome back to another video, so in recent news, Intuit has just acquired Credit Karma for seven billion dollars. Now these are actually two apps that I had on my phone. The reason why I said had was because I ended up uninstalling them throughout this past year, but I did have both of these apps. At one point I had meant by Intuit and I still use QuickBooks buy into it, which we made a video on, and I have also had Credit Karma.

The reason why I deleted mint was just because sometimes the banks - wouldn't sync up, sometimes was a little buggy for me and they sent me way too many. Damn notifications of me going over my supposed budget for that month. I just ended up uninstalling it, but they are known as one of the most popular apps on the market. Now a lot of people don't know the history behind mint.

Now they were their own independent company before Intuit actually came in and bought them out, and it's kind of unfortunate, because a lot of people are not happy about the acquisitions that Intuit is doing whenever Intuit is saying all right. We're gon na buy you out we're gon na, buy you out now they're with their prior independent company. I would see them adding more updates, making the app better smoothing out the glitches, but it seems like whenever these smaller apps or companies get acquired by a lot of these bigger monopolies. They just end up slacking on it, and US consumers really end up feeling that given what's happening right now with lawmakers and regulators concerned, that innovation is being stifled by big companies buying smaller ones.

Why is this not that you know we set a goal for the company about a year ago to double household savings for anyone. That's on our platform and the United States. Today, that's 7 % and we've set a bold goal by 2025 that we want to take that to 14 %. So, although these apps do their job, they're free for the most part - and they do a good job of holding our data and selling it to other companies for them to take over our lives, I guess they're.

Okay, we'll talk more about data acquisition, exactly why this is all happening and what the benefit is for us, but before I get started this video, I just want to cover some of the topics. We're just gon na go over exactly what this all means just break. It down into Jung boy terms, just so you guys have a better understanding of what this means and what this means to us credit card consumers, because this may not actually be a good thing. This may actually be a very bad thing, very, very bad.

So these past few months have been pretty interesting in the FinTech community and for anyone who doesn't know what FinTech means it just means financial technology, it's basically any type of technology, any type of app or any type of service that basically helps consumers or users. Just get their finances straight, it could be taxes, it could be stocks, investing credit cards just anything in that community. I feel like there's been a lot. That's been going on in the FinTech world now just recently, like a few days ago, the Darrell went down like a thousand points.

We've had interest rates on saving and checking accounts, go down from like high two point: nine percent down to like one point: six percent. You know a lot of things are happening and a lot of people are actually acquisition, amines, they're, just they're, combining they're combining forces and basically a bigger company is coming in here and saying: alright, look, you know, we don't want all the competition up in here. Maybe you guys should join forces with us this. This may not be a good thing and we're gon na go over exactly why that is towards the end of the video here's.

What you guys need to know for anyone who's into a stock trading, investing or brokerages you guys may have heard of actually Charles Schwab cutting their Commission fees, because there's so many of these free trading apps that people are going over to and really what this means Is if other businesses are cutting down expenses on where they could have made money? They're gon na find different places or different avenues of revenue where they can increase that now. Tax Services is actually a pretty big thing if anyone owns their own business, even if they don't. Even if you have your own side, hustle chances are, if you make a certain amount, you're gon na have to pay taxes at some point on it, which means almost every single American has to find some sort of tax filing service, regardless, if they go with an Accountant or not most people want to get their books in order. It's an easy way for businesses to make a lot of money.

Now guys this actually goes in pretty deep. I'm not gon na cover the whole thing about taxes and, basically, what these companies do. It's. It's just it's a rabbit hole.

I was going down the rabbit hole. I don't know how much I want to talk about in this video, but what you guys need to know is companies like turbo tax and these tax, offering services that you guys will see commercials and ads. Maybe they'll place an ad on this video for them to they actually go out there way to lobby for these bills to get passed in order for more people and governments to have contracts with them for them to use their tax providing services. Now, in most instances now in most instances, there are not in this business for the best interests of their consumers, regardless of whatever these CEOs and founders say, there is always hidden agendas within these type of businesses.

Now, for anyone who does do their taxes, you guys may agree with me on this. Taxes are just a pain in the butt. You have to figure out how much income, how much expenses you don't even know. What's deductible, what could be deductible? You have to watch out for the IRS audit if that ever happens, and it's a very stressful thing and if you guys really think about it, taxes don't have to be that difficult in an alternative universe.

The government can have a pretty good idea of how much money you're making because of the 1099s w-2s and the salary or the commission that you may receive if your employer or contractor actually deposits that form. Now there are upsides and downsides to something like this, and the argument is. We could have a very convenience free tax, providing service where the government just tells us. You owe us this much.

You pay us this much. You made us, you made this much and you just pay it. There are some issues with that now, because if you went with a service like that, where they provided you exactly how much you need to pay in taxes every year automatically, it becomes tough because a lot of the things that you would normally deduct or consider a Business expense may not be included in something like that, so TurboTax and these tax providing services normally try to argue that we should have the freedom, the ability to pay our own taxes, because the government should not be the sole entity that provides the taxes that determines Exactly what our expenses are and just be controlling that whole thing, because at the end of the day, if we allow the government to control something like that, our taxes and how much we paid to them just a little bit of corruption, just a little, you know You don't need a lot. You could just have a little a little Boop.

You know a little Boop, just a little bit of that could be enough for them to make millions upon millions of dollars. While you know we may not feel it, but we still end up paying more than we would. This is the whole thing. This is a whole rabbit hole.

Conversation, I'm not gon na go into all of this. I know there may be some experts in this field watching this video, but for me, I'm not gon na go into the rad roll is a huge rabbit hole. We're just gon na focus on exactly what this means to us: credit-card consumers. So getting back onto the topic, Credit Karma was actually looking to go public with, in the past few years, they've actually had investors with them for the past seven to thirteen years that have been just looking out to dish their money.

We've seen other companies like uber going this way and we've just seen a lot of companies not finding too much success going public, so really one of their best options was to actually acquire or get acquired by another FinTech company, and that would be into it now. Anyone who is not familiar with Intuit they own a pretty good amount of services under their net. They have mint, they have TurboTax, they have QuickBooks and different versions of QuickBooks. They definitely have a good variety of different financial services, but not all of this is good.

You guys, when a big monopoly or a big company ends up buying out a little guy. Usually we won't see the same type of update. We won't see the same type of performance in those apps that we once did mint is a really good example of that mint started out strong. I love their business model, but ever since I would say they got acquired but into it, not just me, but even consumers, even the reviews that you would see on this app, you would just see that it's kind of going downhill now I personally use mint, like I mentioned I personally use mint.

I've had Credit Karma, but all these apps do have their own flaws. If it's not a performance issue, if it's too many notifications, too many ads or Credit Karma, is reporting from one of the more useless credit reports or credit bureaus that I will never find myself using their score for and I still have other free services. I could use with like Discover or American Express that will gladly send me a free report. I really don't see the need for these financial services, except for the thing that these CEOs say it is meant for, and I think, between the combination of Intuit and Credit Karma.

What we will be able to do is provide consumers with real certainty on which products they qualify for we'll be able to simplify the application process and we'll be able to remove a lot of the friction that keeps you from doing the right thing for their finances And I think that's the opportunity here now they can proclaim all these things. Oh it's it's! This unique algorithm here, that's gon na set us apart, and it's gon na give you the best high yield savings rate, and I would say when you get an answer like that, it's easy for just regular consumers, just regular Joe schmo's, be like alright. That's pretty cool they're in it for my best interest, but there is always more to it. They may not always be in it for your best interest.

You guys have to think about this if they're really someone that has this entity and they have all this data on us, they know how much money we're making how much money we're spending what credit cards we have. What banks were with exactly all of our financial identity? That is a lot of powerful data and they went public. Not only would they have to do more work and find different ways to monetize himself, yet still competing with other financial tech companies. The best and easiest thing for them to do is just to give our data to other companies for them to upsell us on different products.

Look guys, you don't need a bachelor's degree in business. You don't need any type of degree at all. That's what that's, what I dropped out of college, so I'm biased on that, but I don't believe you need any type of degree to put two and two together. These type of acquisitions are not usually in the best interest of US consumers.

They have a lot of our data, they have a lot of our information and we will see more services offered to us where they make more money, not off of just affiliates but even long-term Commission. I still think it's crazy that a company was able to buy someone out for seven billion dollars, a billion billion. How so that really should give you guys an idea of how much money is in this industry, but boy, seven billion is a lot of bread. Here.

Are my final notes, I'm gon na? Have you guys make the decision for yourself and I want to hear your guys thoughts down below, but really to sum up this video? If any type of app or company is offering you a free product, you are the product. You are literally the product and they are selling you different upsells that you may not notice that you may not be benefiting to these other companies, but you are the product. The most valuable thing today is not it's not oil. It's not power.

It's not money. It's not it's not being in a presidential office, it's owning all the freaking data to all the freaking citizens in the United States. This fires me up just because this is this is crazy. A lot of people just think.

Oh seven billion dollar acquisition, I'm cool another. This is this is not good, it's not good for monopolies to happen. We should be in an economy where there's good capitalism and other companies are continuing to push themselves, but as soon as one guy by someone else and there's no competition. There's gon na be less innovation, there's gon na be less performance, less updates and when one company gets too comfortable us consumers, we don't get the full benefits you guys.

It's like us, eating, tofu and, and we've been having fried chicken our whole life. This is gon na be bland for us. It's not gon na be fulfilling it's just it's just like tofu man. It's like tofu, now guys I'm gon na throw up some screenshots from Reddit over here.

It's not just Brian Jung out here, who's throwing a little fit about this whole thing. A lot of people are actually very upset about this, and you guys should be you guys should also have a say in this. You guys should have your own opinion on what you guys think, because if all we are to these companies are just forms and lines of data where they can read and sell. Might as well just be a prostitute at this point, let's just sell our bodies, they know exactly how much money goes in and out.

Why not put something else in and out? That's that's, not a good joke. You know what? Let's not I don't know. I want to hear your guys thoughts like I said, I'm no financial expert, I I don't. I don't have a bachelor's in anything, I'm just a dude.

You know with a red glowing, mic thingy right here and and some purple lights in the back. Just just talking you know, I'm just I'm just talking, so I hope you guys enjoyed this video. I don't haven't posted a video in like a week. I've just been living life, but guys I am trying to be more consistent.

I think I say this in almost at the end of every single video guys, I'm trying to be more consistent, peace out. You know the whole thing I'm trying to be more consistent, I'm trying to be more consistent. One of the things about YouTube for me is, if I'm not feeling it like, I don't want to make a video. If I'm feeling I don't want to be flat, I want to talk about something that fires me up.

I want to talk about things that that fire me up and and that I'm very passionate about you know this. This makes me passionate, because this affects not only me but my community as well to my tribe, so guys guys hope this video isn't too long. I hope you guys are able to find some value out of this. Like always, I love every single one of you guys thank guys so much for the support, guys and girls.

I know I sometimes I get comments like. Why do you? I say guys like there's girl, guys and girls girls, too, of all of you guys. Thank you guys so much if you guys want to support the channel in any way just watch my other videos or drop a like or subscribe, or follow me on some type of social media. That's all considered support in my book, so thank you guys so much.

I love every single one of you guys and I hope you guys have a good one. Let me know down below in the comments what you guys think about the interweb.