Why I’m Joining Digit
The story of why I’m joining Digit is the story of my upbringing.
In 1970, my mother and father moved to the United States with only a few dollars in cash so my father could pursue his PhD. My sister was born in 1977, and that same year, my father bought a new Chevrolet Caprice Classic for $5,000 cash (which he would sell 20 years later for $500). In 1980, I was born and my parents purchased their first home.
By the year 1981, my father was 40 years old and his net worth was effectively zero — less than zero, if you count the mortgage. Over the next 25 years, and with a great deal of focus every day to keep his feet under him financially, my father was able to save for retirement. He paid for college for my sister and me, supported my mom as she went back to school, and built a home for my grandparents in India. At 65, he was in a position to happily retire.
Even with his humble beginnings, my father was able to accomplish a lot. Times were different then, and sadly, his story is increasingly rare in the current financial environment of this country.
Today, we face over $1.5 trillion (yes, with a T) in student loan debt, the price of housing has seen a sharp increase, and wages have largely stagnated over the last few decades. It’s no wonder only 39% of Americans have enough savings to cover a $1,000 emergency.
In the U.S., income has become more variable as corporations have shifted risk from themselves to their workers. You see it when your shift gets cut, your wages rise and fall due to tipping behavior of your clientele, or you get laid off to boost short-term profits. Income variability, coupled with expense variability, creates stress and diverts attention from other important aspects of life.
As a result of all this, fewer people are financially healthy, and it’s much more difficult to achieve financial health. First, you need to know what to actually do — pay bills on-time, grow savings, manage debt, invest, and plan ahead. Then, you need to have the time and discipline to do it every day for a long time. This is incredibly burdensome — it’s hard enough to keep New Year’s resolutions into February.
When I moved out to San Francisco after college to start my first full-time job, I was armed with philosophies and tools I learned from my father to start myself off on the right foot. By joining the Digit team, I hope to contribute in some small way of my own to easing the burden of achieving financial health. Digit has helped people save for goals big and small, from bills to travel to weddings. With the recently launched Digit Pay, customers can now chip away at credit card debt effortlessly. These are the types of financial outcomes I want to enable for everyone.
When I first met Ethan and the team, I was blown away by their focus and enthusiasm for Digit’s mission to make financial health effortless for everyone. The results are evident in the success of our customers, who have saved over $1 billion with Digit. This was a huge accomplishment, and we’re looking forward to the next great milestone we can help our customers achieve.
I am humbled by the opportunity to partner with each current and future team member to help improve the financial lives of our customers.
Vishwas Prabhakara
Chief Operating Officer, Digit
P.S. We’re hiring. If you don’t see a position listed that’s a fit for you, please reach out to me if you’re ready to meaningfully help people improve their lives.
