There are over 80,000 videos on YouTube dedicated to showing people the process of assembling furniture from Ikea, and those aren't even the funny ones.
The Swedish retailer is notoriously known for its cost-effective products that appeal to Millennials and people living on tight budgets alike, as well as the grueling task of figuring out how to put the furniture together that always accompanies a purchase. As much as the retailer's products are chic and economical, they're also admittedly kind of a pain. With their latest business decision, the company hopes to combat this issue.
Last month, Ikea announced that they would be purchasing the startup company TaskRabbit and hopes that by the time the merger is complete, Ikea customers would directly be able to hire "Taskers" when they purchase their furniture.
The deal is one of mutual benefits for both companies.In a statement released by the company, President and CEO of IKEA Group, Jesper Brodin said, "We will be able to learn from TaskRabbit's digital expertise, while also providing IKEA customers additional ways to access flexible and affordable service solutions to meet the needs of today's customer." Stacey Brown-Philpot, CEO of TaskRabbit agreed, saying "With IKEA Group ownership, TaskRabbit could realize even greater opportunities; increasing earning potential of Taskers and connecting consumers to a wide range of affordable services."
TaskRabbit began 2008 as "an innovative sharing-economy on-demand platform," where users are connected with "Taskers" to help them complete a wide array of projects, from home improvement to housekeeping to yes, moving and putting together your furniture, which is a highly-demanded task in New York City. The service was grossed around $50 million since its inception.
TaskRabbit services have already been implemented in Ikea branches in the United Kingdom, where customers are able to book the services at fixed prices in locations surrounding the London area. The hope is that the success of this program will play out similarly when it comes stateside.
The deal, which was made at an amount left undisclosed by the companies, was done in hopes of Ikea expanding its outreach to online consumers (a market Amazon currently dominates), as well as an attempt to better utilize the "gig-economy" that is quite popular among the top purchasers of Ikea's products.
However, there are some downfalls in signing up with the service, such as the requirement that the furniture must be anchored to the wall as Ikea suggests in its retail package. If this is not done, the Tasker will not complete the assembly. The safety reasons behind the decision are quite logical after the scandals of dressers falling over and injuring people (particularly children), but it's fairly impractical to expect customers likely living in rented units to create more damage to their homes simply to purchase what they originally thought was cost effective furniture.
It will have to be seen whether or not the pros of having someone assemble your furniture make it a better buy than investing in a sturdier piece. At the very least, it's something worth experimenting with when the service is fully rolled out in shops throughout the end of the year.
Perhaps the next time you head to Ikea for a home purchase, the only thing you'll have to stress out about is how many meatballs you should order.
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.