TomoCredit co-founder and CEO Kristy Kim knew she was going to be an entrepreneur since she was 10 or 11 years old—but things didn’t fall into place until she attempted to buy her first vehicle after college. “I would say the pivotal experience that led me to Tomo… was [that] I wanted to buy my first car while working as an investment banker in San Francisco,” she says.

Kim, a first-generation Korean immigrant who graduated from the University of California, Berkeley, applied for an auto loan at a Lexus dealership and was rejected right away. After struggling to figure out why and where to go for answers, Kim eventually realized it was because she had no credit history in the United States.

“I am well educated, worked hard to get a job and got a job, and I was making a six-figure income,” she says. “I did all the right things as an immigrant I was told to do. And then here I am not having [any] credit history in the U.S., so I am getting rejected within seconds of applying for an auto loan.”

Kim realized she wasn’t alone: So many students, immigrants, women and other members of marginalized communities struggle to secure leases for apartments, make big purchases such as cars or get approved for mortgages due to their lack of credit history or low credit score. In 2018, she founded TomoCredit in hopes of helping others understand and improve their financial wellness.

TomoCredit offers a credit card that’s designed to help users build their credit score as quickly as possible and receives a small fee from merchants for every purchase made with the card. To apply for it, all individuals need is a valid Social Security number or individual taxpayer identification number. TomoCredit uses alternative data sources such as bank account information to process card applications (so a traditional credit score isn’t necessary) and helps users build their scores using a weekly autopay option.

The credit card is built on Kim’s realization that a wealth of transaction records detailing spending habits exists in individuals’ bank account summaries—data that might make them credit-worthy. To launch TomoCredit, Kim found an engineer to analyze the formatting of bank account data and eventually zero in on patterns related to account balances with the goal of training an underwriting model, a structured process used by lenders, insurers and investors to evaluate and assess the risk associated with providing financing and determining the terms and conditions of transactions.

Once it gained momentum and knew how to approach the datasets, Kim shared the findings with risk managers at banks such as Citibank and Wells Fargo and asked if it was valuable for helping individuals gain access to credit even if they don’t have any credit history. Because many big banks are set in their ways and have processes that benefit the broader population, she knew starting her own company would be the only way to provide the best service to the overlooked communities she wanted to serve.

“I have a best shot at being the A-plus service for the segment of consumers who don’t have good credit or a good credit score but good cash flow and want to get help on how to improve their credit,” she says.

Since the company started, it has evolved to offer memberships that consumers can choose based on their needs and also has an AI-powered credit assistant that provides TomoScores. The cash flow-based credit score helps businesses evaluate the creditworthiness of borrowers who lack a traditional credit score.

“Whether it is paying off your credit card or researching your auto loan interest rate, come to us because we can offer you more personalized advice…. Unlike other companies, we’ve been training our underwriting model over the past six years with 6 billion-plus transaction data,” Kim says. “We’ve been training our model to give you personalized [financial] advice based on your own income level and own spending patterns.”

Every week, the TomoCredit team chats with about 50 customers over the phone to gather feedback about what other features it can add to help them reach financial goals. (For example, a user might request to dispute credit report errors via their online dashboard.) In the future, Kim hopes to continuously provide more tools and resources for customers and become their long-term “financial co-pilots”—rather than just a short-term solution.

While TomoCredit continues to innovate, Kim says the company still follows the same mission it started with, which her staff is happy to remind her of when things get stressful. “It’s not about one single feature or one single business model, one unhappy customer, one happy customer,” she says. “Eventually, we are doing this because we believe that the market and the credit system will eventually change in the way that we desire.”

Even though change to the credit system is slow, it is happening, Kim says. The evidence is in more acknowledgment of better underwriting or the need to use more AI and datasets. “My team is like, ‘Kristy, you know what? Maybe you don’t feel it every day, but definitely things are moving in the right direction.’”

Kim thinks that increasing credit access will remain a benefit to America’s economy despite any changes in the political system, thanks to capitalism and lenders’ appetite for expanding their businesses. “No matter who’s in the White House or where we are in the political environment, increasing credit access to consumers is always important and then it benefits everybody,” she says. “It not just benefits the consumers, it benefits lenders, too.” 

Have bad credit?

Here’s Kim’s advice.

Don’t be afraid to know where you stand. Everyone has to start somewhere! “Sometimes people get scared or overwhelmed to even start because they feel like, ‘Oh, my stuff is terrible,’” she says. “So, it doesn’t give them joy to look at it.”

Find the right financial partner. Kim says some customers are more comfortable sharing their data with a company that uses an AI model like TomoCredit, which they find less judgmental. “We really want to be a place [where] there’s no stigma,” she says.

Be patient. Your credit score won’t improve overnight. She says that while many times it feels like you’re not making progress, there’s beauty in continuing to move forward.

“Then later, you see that you made a big difference,” she says.

Photo courtesy of Kristy Kim. This article originally appeared in the September/October 2025 issue of SUCCESS® magazine.

Expert Tips From A Self-Made Millionaire & Financial Expert

By Kai Novak – Tech Innovation Specialist

This guide will show you how to unlock financial freedom with expert tips from self-made millionaires and financial experts who’ve built empires from scratch. Whether you’re debugging your budget like a glitchy app or optimizing your income streams for peak performance, these strategies blend timeless wisdom with modern hacks to supercharge your wealth-building journey. As a 32-year-old software engineer who’s seen how smart systems can transform chaos into clarity, I’m excited to share insights that have helped countless innovators turn side hustles into seven-figure successes. Let’s dive in and code your path to prosperity!

In today’s fast-paced digital world, achieving millionaire status isn’t about luck—it’s about adopting proven habits that compound over time. Drawing from real-world advice shared by self-made titans, we’ll explore actionable steps to elevate your finances. Expert tips from a self-made millionaire and financial expert emphasize consistency, mindset shifts, and strategic risks that pay off big.

Bootstrap Your Business for Full Ownership

One of the most unconventional pieces of advice from self-made millionaires is to bootstrap your ventures whenever possible. This means funding your startup with your own savings or revenue rather than seeking outside investors right away. By doing so, you retain complete control and avoid diluting your equity. As Grant Sabatier, author of “Financial Freedom,” puts it, owning it all allows you to make decisions that align with your vision without external pressures.

In my own tech side projects, I’ve bootstrapped apps that grew into profitable tools by reinvesting early earnings. Start small: Validate your idea with a minimum viable product, track expenses meticulously, and scale organically. This approach not only builds resilience but also teaches you the value of every dollar earned.

Live Below Your Means to Accelerate Savings

A cornerstone habit among millionaires is living frugally, even as income rises. Financial experts stress that wealth accumulates when you spend less than you earn, creating a surplus for investments. Tom Corley, who studied 177 self-made millionaires for his book “Rich Habits,” found that 94% save at least 20% of their income annually.

Picture this: Instead of upgrading to a luxury car, channel that cash into a high-yield savings account or index funds. I keep my urban loft efficient with smart home tweaks that cut utility bills by 30%—simple automations like energy-monitoring plugs make it effortless. Apply the 50-30-20 rule: 50% on needs, 30% on wants, and 20% on savings. Over time, this habit turns modest earnings into massive wealth.

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Illustration Budget Planning: Over 103,078 Royalty-Free Licensable …

Caption: Visualizing your budget can make planning fun and effective—start today for a brighter financial future.

Automate Your Finances for Effortless Growth

Why manually manage money when tech can do it for you? Self-made millionaires automate everything from bill payments to investments, ensuring consistency without the hassle. David Bach, founder of FinishRich.com, calls this the “latte factor”—small automated savings add up exponentially.

Set up direct deposits to split your paycheck: 10% to retirement, 10% to an emergency fund, and the rest for living. Apps like Acorns round up purchases and invest the change automatically. In my workflow, I use tools like Mint to track spending in real-time, alerting me to tweaks before they become issues. Automation removes emotion, letting compound interest work its magic while you focus on innovation.

Leverage Debt Wisely as a Tool, Not a Trap

Contrary to popular belief, not all debt is bad—millionaires use it strategically to amplify returns. Good debt, like mortgages or business loans, can generate income exceeding the interest cost. A Huntington Bank study of multi-millionaires highlights leveraging debt for investments as a key habit.

For instance, borrowing at 4% to invest in assets yielding 8% nets you profit. But caution: Avoid high-interest consumer debt like credit cards. I financed my first AI side project with a low-rate loan, paying it off early from revenues. Always calculate ROI and have a repayment plan—think of debt as rocket fuel for your financial engine.

Build Multiple Income Streams for Security

Relying on one paycheck is risky; self-made millionaires diversify with side hustles, investments, and passive income. Ramit Sethi, host of Netflix’s “How to Get Rich,” advises creating streams that work independently.

Start with freelancing your skills—coding gigs on Upwork, for example—or invest in dividend stocks. Rental properties or online courses provide ongoing revenue. My gadget reviews blog generates affiliate income while I sleep. Aim for seven streams, as many millionaires do, to weather economic storms and accelerate wealth.

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36,100+ Budget Planning Stock Illustrations, Royalty-Free Vector …

Caption: Diversifying income is like building a robust network—stronger together for long-term success.

Invest Consistently, No Matter the Market

Millionaires invest like clockwork, ignoring short-term fluctuations. Warren Buffett’s mantra: Be fearful when others are greedy, and greedy when others are fearful. Consistent contributions to 401(k)s or IRAs harness compounding.

Begin with low-cost index funds via Vanguard or Fidelity. I automate bi-weekly investments into tech ETFs, riding waves without panic selling. Remember, time in the market beats timing the market—start early, stay disciplined, and watch your portfolio grow exponentially.

Cultivate a Purpose-Driven Mindset

Financial success stems from purpose, not just profit. Experts like George Kamel note that millionaires with clear goals save more thoughtfully.

Define your “why”—family security, philanthropy, or innovation? This fuels motivation during tough times. In my loft, daily affirmations via smart mirrors remind me of my mission to democratize AI tools. Journal your purpose; it aligns spending with values, cutting wasteful habits naturally.

Avoid Emotional Spending and Impulse Buys

Keep emotions out of finances—millionaires make data-driven decisions. Impulse purchases erode wealth; instead, implement a 48-hour rule for non-essentials.

Track triggers like stress-shopping with apps. I use budgeting software to categorize expenses, revealing patterns for optimization. Shift focus to experiences over things—hiking with coffee from home beats retail therapy every time.

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Amazon.com: Habits of Successful People: 50 Bestsellers in …

Caption: Adopting success habits daily transforms your financial trajectory—small steps lead to big wins.

Network and Seek Expert Advice

No one builds wealth alone—millionaires surround themselves with advisors. Collaborate with financial planners, accountants, and mentors for insights.

Join communities like LinkedIn groups or masterminds. My weekend coding sessions with peers sparked lucrative partnerships. Invest in knowledge: Books, podcasts, or courses from sites like Coursera keep you ahead.

Delay Gratification for Long-Term Gains

“Delay your consumption for 10 years,” advises one millionaire—sacrifice now for abundance later.

Skip the latest gadgets; invest instead. This builds discipline and wealth. I delayed vacations early on, channeling funds into stocks that tripled. The reward? Freedom to travel luxuriously now.

Learn from Failures as Stepping Stones

View mistakes as lessons—millionaires analyze setbacks to improve. Dennis Vong broke the habit of fearing failure, turning it into growth.

After a failed app launch, I pivoted, leading to my current successes. Keep a failure journal: What went wrong? How to fix? This mindset turns obstacles into opportunities.

Save Aggressively and Build an Emergency Fund

Prioritize a robust safety net—six months’ expenses in liquid assets. Millionaires save first, spend later.

High-yield accounts like Ally offer better returns. I automate transfers post-payday, treating savings as a non-negotiable bill. This cushion enables bold moves without fear.

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Set of Successful Business Man Habits Stock Vector – Illustration …

Caption: Infographics like this break down millionaire habits into actionable insights—print one for your workspace!

Essential Tools for Financial Success

To implement these tips, equip yourself with the right gear. Here are seven must-haves that keep my finances on track—the exact ones I use daily for seamless planning and productivity.

Start with a solid foundation using this financial planner journal to map out your goals and track progress effortlessly.

For jotting quick ideas during coding marathons, this leather notebook is durable and inspires creativity.

Monitor your health to maintain peak performance with this Oura Ring, which tracks sleep and activity for better decision-making.

Stay hydrated and energized with this insulated bottle during long work sessions—it’s leak-proof and keeps drinks cold for hours.

Diffuse focus-boosting scents with this essential oils diffuser to create a productive home office environment.

Capture notes on the go with this wellness journal, perfect for reflecting on financial wins and lessons.

Finally, organize your thoughts with this ergonomic laptop stand, elevating your setup for comfortable, efficient budgeting sessions.

To complement the financial success theme, here are five relevant books on building wealth through millionaire habits, mindset shifts, and practical strategies. Each one draws from real self-made success stories and actionable advice:

1. Dive deeper into accelerated wealth-building with Financial Freedom: A Proven Path to All the Money You Will Ever Need by Grant Sabatier—a roadmap for side hustles and smart investing.
2. Uncover daily routines that separate the wealthy from the rest in Rich Habits: The Daily Success Habits of Wealthy Individuals by Tom Corley—based on years of research into high-net-worth behaviors.
3. Automate your path to riches with The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach—focusing on simple systems for long-term financial growth.
4. Get no-nonsense personal finance tactics in I Will Teach You to Be Rich by Ramit Sethi—a six-week program tailored for young adults building wealth.
5. Learn the surprising frugal secrets of everyday millionaires in The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley—dispelling myths about true financial independence.

These tools aren’t just purchases—they’re investments in your future self.

As we wrap up, remember: Expert tips from a self-made millionaire and financial expert aren’t about overnight riches but daily disciplines that compound. Implement one habit today, and watch your net worth soar. For more on building resilience, check out our post on effective habit stacking techniques. Or dive into understanding financial literacy basics for foundational knowledge.

External resources like Forbes’ guide on millionaire habits or Harvard Business Review’s article on purpose-driven success can deepen your understanding.

P.S. Ready to map out your path to financial freedom? Grab our free Financial Independence Roadmap and start building your wealthy life today! Sign up here: Financial Independence Roadmap

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