People are always making a ton of money off of simple ideas. Take the guy who invented the little plastic thing on your iron, for example. That plastic reinforcement that keeps the cord pointed up and away from your hot iron surface was patented by the inventor. He gets a small cut of every iron sold in the United States.
But there’s an even simpler idea that has made David Zalik more than $2.5 billion with his company GreenSky Credit. The guy is a genius but he hates the limelight. I’ve read about him on Wikipedia and in Forbes Magazine. Here’s his story.
David Zalik Did Not Graduate From High School Or College
Before founding GreenSky Credit, David Zalik was a college dropout. He was able to attend Auburn University at the age of 14 after being singled out as a math prodigy. Technically, he did not graduate high school, and he dropped out of college as soon as he found an avenue to financial success.
Beliefs And $10 Million In Loans
David Zalik took his family’s Atlanta-based property and used it as collateral for a $10 million loan to fund the founding of GreenSky Credit. He envisioned a way to connect to homeowners which are the most profitable demographic in the country. And he would connect with them using a simple smartphone app.
Super Easy To Use
The app allows you to take a picture of your drivers license to automatically upload information. All you have to do is fill out your Social Security number and check a box to allow GreenSky Credit to perform a credit check, and, just like that, you have a home improvement loan.
Everyone Is Happy
Homeowners are happy to upgrade their homes while keeping some cash in their pockets. Contractors are happy to push the app and even cut GreenSky Credit 6% of the loan amounts. And traditional banks fund the loans to take on all the liability while also cutting GreenSky Credit 1% of the spreadsheet at the end of the year.
David Zalik assumes no risk, owns only the transaction and makes billions.