Millionaire Me

input page
results page
advice page

Inspiration

We're all recent grads and we found out a lot of us have different levels of financial literacy, yet we all have the same goal of financial security and wealth. We want to give everyone who earns a living to acquire the same opportunity to access this knowledge, as the earlier you get the knowledge when you enter the job market, the better! We also wanted to demonstrate that becoming a millionaire is a more reachable goal than most people think.

What it does

Based on inputted personal information, it generate a custom financial plan based on user-specific data. Investment Strategy: Advice on investing in ETF with S&P 500.

How we built it

We used reactJS for frontend, tailwind for css styling, node and express for backend. We also used a lot financial formulas including loan amortization, future value formula, average 10 year returns on an ETF.

Challenges we ran into

It was hard initially to chose our tech stack because of the many options availbale to us. Having started with Next.js, we realized it was taking up too much time to set up, so we decided to simply switch to React, which was known by most teammates. This sped up the process. Relearning TailwindCSS took some time at the beggining, but once we got used to it, the site became more user-friendly and pretty.

Accomplishments that we're proud of

We are proud of completing our project entirely, implementing nearly all the features we wanted. Our web app is clean looking and easy to use, and provides the user valuable feedback about the personal finance journey. We collaborated very well as a team and we were effective

What we learned

-Deploying the application (frontend and backend) requires more intricate setups than developing localhost compared to a solely react application -TypeScript could have definitely helped us at the beginning to catch errors earlier in development instead of at runtime -Inflation is definitely a big game changer when thinking about a specific amount. As an example, using our current assumptions of 2% inflation if you want to get a million dollars, in 20 years it would be 1.5 million dollars to have the same purchasing power as today's million dollars -Financial modeling is challenging as what it is trying to model is highly volatile (inflation, stocks, income, etc)