WealthyWise

An innovative short quiz app aimed to help personal financial literacy with in-depth and expansive content, investment calculators, a chatbot, and a planning calendar.

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Inspiration

Our inspiration for this project came from our personal experiences with friends and family about wishing they had someone to guide them with their finances when they were younger and also discovering that around one-half of Tennessee’s population is considered financially illiterate. With banking in the state transitioning to become more digital through physical banking locations closing, it would create a divide as it makes it harder for residents to be able to open bank accounts and invest through the loss of direct interactions with professionals from physical banking, which puts more pressure on the residents to have good financial literacy to be able to complete these processes online. To ensure a safer economic future for the people of Tennessee we decided to create WealthyWise to help bolster financial literacy throughout our state.

What it does

WealthyWise utilizes an innovative approach to tailor to the needs of the ever-growing busy schedules of our audience by providing an engaging financial literacy curriculum through bite-sized quizzes as the primary learning tool. WealthyWise contains access to ten high-quality mini quizzes where our users can quiz themselves in a multitude of areas ranging from budgeting, all the way to investing in the stock market. Our users also have access to 3 secondary features: Financial Planner, ChatBot, and Rate Calculator to facilitate their experiences.

How we built it

We utilized MIT App Inventor to make our WealthyWise app. We first laid the framework as we knew we wanted a question-and-answer-based interface to help the user understand the basic financial principles and slowly built a level template that we could use for all of our levels. After all of the levels were created, we then coded additional features such as the chatbot, financial planner, and rate calculator. We built the chatbot using an OpenAI API key. The financial planner used TinyDB, a storage system that allows you to save dates after you close the app. Finally, the rate calculator was built using the compound interest formula to calculate their profits and projected capital accurately.

Challenges we ran into

We had many challenges during the process of development, the main ones being miscommunication, scheduling conflicts, and the learning curve. Starting with miscommunication errors, the development of our app was disconnected due to physical boundaries, so most of our development happened asynchronously. Another challenge was scheduling, as we all were incredibly busy with other extracurriculars. Finally, while we were developing the app, we ran into a lot of issues with learning how and what we wanted to use to make our vision come true. All in all, we ran into a lot of issues, most of which could not have been resolved without the collective ability of our team to function as a unit, resolve to finish the project, communicate effectively, and have general professionalism.

Accomplishments that we're proud of

Overall, the many problems we faced each became a valuable teaching moment throughout the entire process. With each challenge that arose, we faced it head-on, learned how to improve, and ultimately submitted an app that we were very proud of at the end of the day. This entire app development journey has been an eye-opening experience. Throughout the entire process, our team has four main takeaways: the importance of communication, time management, adaptability, and teamwork.

What we learned

Building the app would not have been possible without a dedicated team. We learned to rely on each other's strengths and covered our weaknesses. Because of this, we were able to support one another through technical difficulties and other slumps we faced. Overall, the many problems we faced each became a valuable teaching moment throughout the entire process. With each challenge that arose, we faced it head-on, learned how to improve, and ultimately submitted an app that we were very proud of at the end of the day.

What's next for WealthyWise

Our product is just the tip of the iceberg on where we can expand as personal financial literacy is an issue that is so deeply ingrained in our local community and American consumerism as a whole, therefore our prospects for scalability are massive. With now having a basic app out through MIT App Inventor, we can properly develop the full stack app with all these features to increase the efficiency of the app as we code a level lower and get more creative liberty with the general design, improve overall customizability, and create a much more seamless way to create future levels.

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