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