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Ken Rees

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Teetering: Why So Many Live On A Financial Tightrope And What To Do About It Kindle Edition

by Ken Rees (Author) Format: Kindle Edition

4.6 12 ratings

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Nearly half of American adults walk a financial tightrope. They live paycheck to paycheck, in constant danger of job loss or unexpected expenses. Following decades of rising income instability and falling savings—not to mention the twin economic upheavals of the Great Recession and the COVID-19 pandemic—they have become the new normal.

Rather than treat “Tightropers” as victims or blame them for their financial decisions, Teetering lets them tell their own stories of setbacks, sacrifice, and perseverance, and provides original research into their unique pressures and needs.

Tightropers deserve support at all stages of their lives to build savings for both daily emergencies and long-term retirement. Teetering shows how legislators and regulators can make a difference without unintended consequences and how financial technology innovation can help Tightropers manage their money in uncertain times.

Teetering makes the case for urgent action by financial institutions, investors, regulators, policymakers, employers, and influencers to recognize and address the financial forces that have pushed the American dream out of reach for so many. It proposes common ground solutions that work regardless of political leaning and provides a roadmap for how innovators can serve this growing need and how banks and others can start saying “yes” to their customers again.

Print length

281 pages
Language

English
Sticky notes

On Kindle Scribe
Publisher

Radius Book Group
Publication date

March 2, 2021
File size

10247 KB
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Editorial Reviews

Review

“Ken Rees has a unique perspective forged from experience and empathy. As an innovator, he has launched many product and service offerings and these have provided him with the insights that make Teetering so important.”
- Robert L. Johnson, Founder and Chairman of The RLJ Companies, and Founder and former Chairman of Black Entertainment Television (BET)

“Teetering introduces us to a vast segment of underserved Americans that have been ignored by Silicon Valley innovators for too long. Ken Rees issues a wake-up call for the fintech community and highlights exciting opportunities for innovation and growth that can make a difference in the lives of millions.”
- Ron Suber, fintech innovator and former CEO of Prosper

“Ken Rees has spent the past two decades serving millions of customers that most banks and their regulators don’t understand. Teetering offers an important message about how to responsibly and profitably bring these people back into the traditional banking system and improve the financial prospects of struggling Americans.” Bill Isaac, former Chairman of the FDIC

About the Author

Ken Rees is the founder and CEO of Covered Holdings, a company that uses newly available data sources and analytics to disrupt traditional financial services available to underserved Americans. A leading financial technology innovator for over two decades, Rees is passionate about serving the underserved. He was founder, CEO, and Chairman of the Board of Elevate, a company he took public in 2017. Elevate is a leading provider of online credit in the US and UK, and has originated over $7 billion in credit to over 2 million non-prime consumers and saved them more than $5 billion over what they would have spent on payday loans. Prior to Elevate, Mr. Rees was the founder and CEO of CashWorks, a financial technology company acquired by GE. Earlier in his career, he ran CSC Index's West Coast financial services consulting practice. Mr. Rees is a well-known speaker and writer in the financial technology industry. He has delivered keynote speeches and other presentations at industry conferences such as Money 20/20, LendIT, Finovate, and Lend360, as well as to the Federal Reserve Bank. He has been profiled in the popular Corner Office column of the New York Times, and his opinion pieces have appeared in the Wall Street Journal, American Banker, and Business Insider, among other publications. In 2012, he was selected by Ernst & Young as an Entrepreneur of the Year, and in 2017 he was named an Innovator to Watch by Bank Innovation. He graduated from Reed College with a degree in mathematics and earned his MBA in finance and statistics from the University of Chicago.

Graham Rowat, an Earphones Award-winning narrator, is a television and theater actor who is best known for his stage performance in Dracula, Beauty and the Beast, and Mamma Mia.

Product details

ASIN ‏ : ‎ B08CYBFVR2
Publisher ‏ : ‎ Radius Book Group (March 2, 2021)
Publication date ‏ : ‎ March 2, 2021
Language ‏ : ‎ English
File size ‏ : ‎ 10247 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 281 pages

Best Sellers Rank: #2,976,633 in Kindle Store (See Top 100 in Kindle Store)
- #576 in Financial Services
- #1,367 in Financial Services Industry
- #1,677 in Social Classes & Economic Disparity

Customer Reviews:
4.6 12 ratings

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Ken Rees

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KEN REES is a respected financial technology innovator who is passionate about serving the underserved. Over the past two decades he has founded and grown multiple companies, launched numerous financial products, and served millions of American “Tightropers.”

Ken is founder and CEO of Covered, a disruptive fintech dedicated to providing affordable healthcare financing to people who struggle with less-than-prime credit scores. Before that, he was founder and CEO of Elevate, a leading online lender that he took public on the New York Stock Exchange. Additionally, he was the founder and CEO of CashWorks, a financial technology company acquired by GE.

He is a frequent speaker and writer on financial technology and financial inclusion topics and has been profiled in the New York Times and his opinion pieces have appeared in the Wall Street Journal, American Banker, and Business Insider among other publications.

In 2012, Ken was selected by Ernst & Young as an Entrepreneur of the Year and was named a 2017 Innovator to Watch by Bank Innovation.

He lives in San Francisco, CA with his wife and dog.

Customer reviews

4.6 out of 5

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John

Good insightful read!

Reviewed in the United States on May 20, 2021

Verified Purchase

This book is the most thorough study of the underserved Tightropers, in contrast to the overserved Safely Stable Americans, I have ever read. Coming from meager beginnings, I enjoyed the deep dive Mr. Rees and his co-author, Ms. Cleaver, took into not just the data but also the stories and motivations behind why Tightropers make certain decisions. Also, the way the authors worked to dispel rumors and long-held incorrect notions about Tightropers. This book will help me personally and professionally explain income inequality to my friends and colleagues in the Safely Stable set of Americans. Thank you both for a good read!

One person found this helpful

Helpful

Diana Y. Paul, author of Things Unsaid

Teetering: A Seesaw of Banking

Reviewed in the United States on March 30, 2023

Teetering is an account of banking and the over 40% of American workers who can barely survive on their paychecks due to heavy debt, banking indifference, student loan usury, and lack of health insurance. A powerful indictment of gross negligence and structural greed in a system that does not serve the communities we all are part of. A cocktail of data and personal stories woven through Teetering are a scathing, gimlet-eyed account of our financial system and its weaponization against whole generations of "disposable" human beings. Moreover, the banking system and fintech are a reeking urinal cake that the onlooker can't ignore, no matter how much energy is exerted. Teetering compels us to be distressingly aware of a banking system that is provoking crisis. A must-read, especially in the light of the onslaught of international bank failures around the globe!

Helpful

William J. Paisley

Understanding and addressing the structural problems of the financially insecure

Reviewed in the United States on May 2, 2021

I reached adulthood at a time when success came fairly easily — get a college education, work hard, and save, save, save (that final advice drilled into me by my Depression-tested mother). TEETERING examines why that formula no longer works and how still following it has created Tightropers, a massive group (nearly 42% of adults) composed primarily of Millennials and GenXers.

These Tightropers find themselves facing structural walls composed of bricks such as job insecurity, massive debt (often college related), medical expenses, high child care and eldercare costs—cemented together with an inadequate safety net.

Neither “Right” nor “Left” in perspective, TEETERING provides many “just right” solutions calling on public and private entities to work together to enact and carryout solutions for Tightropers.

By the way, readable and relatable stories told by Tightropers are woven into this insightful book. The stories show Tightropers are more than the name of an anonymous group. They are individuals managing the best they can. Somewhat amazingly, the storytellers are optimistic about the future and how they can survive current financial (often unexpected) problems.

TEETERING opened my eyes to the proposition that we need to find ways—policies and operational plans—to help Tightropers and their children achieve financial security for their lives impact all of us.

2 people found this helpful

Helpful

Beth Rees

An insightful look at the problem through stories

Reviewed in the United States on May 8, 2021

I found Teetering to be an eye-opening insight into the overlooked plight of over 40 % of Americans whose income classifies them as non-poor but who live perilously close to poverty. This is not a dry study focusing on bleak statistics, since the author’s findings are illustrated in real life stories he has witnessed. His proposed action steps to alleviate the hazards facing what he calls “tightropers” need to reach a wide audience. They challenge many current ideas about what government and the private sector should do. Particularly urgent are his findings about current and proposed policies that can make the problem worse. It’s a very readable and succinct message that needs to be heard.

2 people found this helpful

Helpful

Anthony Marlar

The human spirit is alive and well

Reviewed in the United States on May 11, 2021

A great insightful read about the plight of many fellow americans. The author both relates and communicates clearly what is happening at too many kitchen table households. "Where does all the money go???" Education, Groceries, healthcare, car payments, the occasional emergency expense and very minimal leisure activities equal the balancing act we have perfected.

I see Teetering as an inspirational look into the resourcefulness and kindness of a large segment of society. The plight of the Tightroper is examined in a way that recognizes the financial obstacles to overcome and the innovative ways to help.

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Teetering: Why So Many Live On A Financial Tightrope And What To Do About It Kindle Edition