Putting money into a savings account…that’s pretty boring. Going to Vegas and winning at the blackjack table…now that’s a rush! Unfortunately, gambling at the casino is eventual financial suicide and we all know it…so it’s best to just stay away from the tables.
But what if you could meet your savings goals, and then by doing so, you’d actually have a chance at winning games with cash prizes?? Believe it or not, it’s absolutely possible with a new start-up called, “‘Long Game”.
A new start-up out of San Francisco, Long Game is one of the first apps that actually makes saving fun. Sure, Mint can help you track your money, and Digit gets you to put a few pennies into savings here and there, but admit it, your life is still pretty dull even with these technological advances in your financial life.
You need to grow up you know it. It’s time to build up a savings account for your unknown future emergencies and your upcoming large purchases. Not a few pennies, not even a few dollars….tens of thousands of dollars.
Long Game is key to getting you there. Let me explain how and why.
What Long Game Does For You
The process is actually pretty simple:
- Open an account with Long Game and deposit some money, you’ll earn 0.1% – a common savings account interest rate
- Set savings goals in the app and hit them
- You’ll earn coins for the money you deposit and the goals you hit
- Use those coins to enter drawings and play games to give yourself a chance at winning hundreds of dollars (and maybe even $1,000,000 according to the site)!! The more coins you submit in the drawing, the better chance you’ll have at winning.
How Is This Possible?
Sounds a little sketchy, right? I mean c’mon, how does Long Game get the money for all these prizes? You must be paying for it somehow, right?
The setup is actually pretty simple.
Most banks earn 3% (at least) on your money that’s sitting in the bank. They give you 0.1% to park it there, and then they lend it to someone else, which yields them much more than 0.1%.
Most banks pocket all the earnings, but Long Game found a few banks that want to help people win in life. So these banks give Long Game a portion of those 3% earnings. Long Game then sets up games for you to win and earn some of those gifted bank dollars!
It’s really pretty ingenious actually.
- You get the chance to win some decent money,
- Long Game makes a few bucks (I assume), and
- The banks get loyal customers that are flooding their accounts with money because they’re suddenly pumped about saving!
Beautiful. Simply beautiful.
The One Disadvantage and the Many Positives of Long Game
So is there a downside to Long Game? I can personally only think of one.
There are high-yield saving accounts out there that can pay you 1% or more on your money, but you know what? What’s better? Making 1% on $100 (and still being bored out of your mind and saving practically nothing each month) or getting pumped about saving money, putting thousands of dollars into your account, and truly winning with your finances? I don’t know about you, but if I were struggling to save money, I’d choose the latter…
Other Kick-Butt Reasons to Get Started With Long Game
So yeah, you could win some money through Long Game, but is that it? Is that the only draw? Nope, not even close.
- Long Game is FDIC insured, so don’t worry about your money – it’s not going anywhere.
- You get 300 free coins when you set up your account and link to your bank
- In your 1st week, get up to 3 free coins for every $1 you deposit and 40 free coins for every $1 Autosaved
This all means that you’ve got more incentive to get started with a bang, and better odds of winning prizes out of the gate.
What About You? When Will You Get Started With Long Game?
There’s really not much of a downside here. If you’re still listless with money and just can’t seem to get any of it into the bank at the end of each month, I’d say it’s time to try something new. You never know, you might just get hooked (which means that you’ll just want to save more money so that you can earn more coins to have a better shot at winning more games!) and save more money than you ever thought possible!
Sure, you might become a Long Game addict, but at least it’s an addiction that’s helping you win at your financial life!
Are you ready to get started with Long Game? Why or why not? Give us your opinion in the comments below!