25 - Scott Gillaspie discusses his Startup: Incentive Financial

Description Scott Gillaspie talks about how his life experience has led him to launch his startup Incentive Financial Highlights (02:25) Scott points out a great idea from 12 Rules for Life – a rational mind can be trap because you over-rationalize every possible outcome. You can’t know every possible outcome so you’re better off taking a leap of faith at some point. (13:00) Scott tells his story about how he was being asked to do things that weren't always best for the client in corporate banking. (17:00) Scott talks about his experience after resigning from corporate banking when he started talking to potential investors with his new startup. One of his investors said “I don't really care what your idea is.... I'm investing in you, not your company”. (19:00) If someone says "Hey, go start your own company… everybody is going to support you. It’s going to be great”, then they are lying to you. (27:15) 20% of Alabamians go to “buy here, pay here” car dealerships making subprime auto loans. Buy here, pay here car dealerships are not reporting positive payment history (they are not legally obligated to report positive pay history), which prevents many from improving their credit scores and escaping the high costs of having bad credit. (35:15) Matt asks Scott the question “what is good capitalism?” Summary Scott Gillaspie is a young man on a mission. With a double major in finance and economics and after working in the corporate banking world, Scott is completely focused on building his startup Incentive Financial to address what he calls a mispricing of risk with some subprime borrowers starting in the subprime auto industry. He wants to build a business where everybody wins (his company, the borrowers, the dealers selling the vehicles) after growing increasingly frustrated with doing things that didn’t always align with the best interests of his customers in the corporate world. He wants to demystify the complexity of the financial system (which is designed that way on purpose) and do everything he can to improve the lives of his customers for the long-term. Links - Scott’s bio https://www.linkedin.com/in/scott-gillaspie - John Oliver – the horrors of subprime auto lending https://www.youtube.com/watch?v=4U2eDJnwz_s Books - 12 Rules for Life https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/B0797Y87JC - The Richest Man in Babylon https://www.amazon.com/Richest-Man-Babylon-Original-1926