Peter Pham’s Biggest Spending Mistake

Question: What has been your biggest spending mistake?

Peter Pham: College. You know, I was in college and I was one of those first credit card you get not really knowing a lot and ran up my credit card debt quite a bit. Essentially, paid for my college experience, but regretfully not understanding interest rates. I mean, compound interest, penalties, and minimum payments don't last forever. That was the big, big mistake and I hope to educate as many people as possible to not get in the same trap. Coming out of that, I've learned a lot around how credit cards work and how the credit card industry actually is a profitable industry. For me, now, it's how do I get the most out of my mileage? I travel a lot; I use my credit card a lot and so I'm kind of getting back by making sure I have the best credit card in my wallet and being sure I'm earning the most amount of points.

Recorded on November 4, 2009

The founder of Billshrink on getting caught in the trap of credit card debt.

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As you vote, keep in mind that we are looking for a winner with the most engaging social venture pitch - an idea you would want to invest in.

Lumina Foundation and Big Think have partnered to bring this entrepreneurial competition to life, and we hope you'll participate! We have narrowed down the competition to four finalists and will be announcing an audience's choice award and a judges' choice award in May.

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Thank you to all of the contestants who spent time submitting applications, and best of luck to our final four competitors.

Finalist: Greater Commons - Todd McLeod

Greater Commons, founded by Todd McLeod and Andrew Cull, is an organization that helps people live happier, more successful and fulfilling lives through agile learning. The current education system is inefficient and exclusionary, in which many students who end up earning a degree, if at all, enter a career not related to their field of study. Greater Commons solves this problem and gap in post-high school secondary education in a variety of ways. Passionately and diligently, Great Commons helps others obtain skills, knowledge, wisdom, motivation, and inspiration so that they may live better lives.

Finalist: PeerFoward - Keith Frome

PeerForward is an organization dedicated to increasing the education and career success rates of students in low-income schools and communities by mobilizing the power of positive peer influence. PeerForward works with partner schools to select influential students as a part of a team, systemizing the "peer effect." Research in the fields of sociology of schools, social-emotional learning, adult-youth partnerships, and civic education demonstrates that students can have a positive effect on the academic outcomes of their peers. PeerForward is unique through its systemic solutions to post-secondary education.

Finalist: Cogniss - Leon Young

Cogniss combines technology and best practice knowledge to enable anyone to innovate and share solutions that advance lifelong learning. Cogniss is the only platform to integrate neuroscience, through which it solves the problem of access by providing a low-code platform that enables both developers and non-developers to build sophisticated education apps fast, and at a much lower cost. It addresses the uneven quality of edtech solutions by embedding research-based learning design into its software. App creators can choose from a rich set of artificial intelligence, game, social and data analytics, and gamification to build their perfect customized solution.

Finalist: Practera - Nikki James

Practera's mission is to create a world where everyone can learn through experience. Today's workplaces are increasingly dynamic and diverse, however, costly and time-consuming experiential learning is not always able to offer the right opportunities at scale. Many students graduate without developing the essential skills for their chosen career. Practera's team of educators and technologists see this problem as an opportunity to transform the educational experience landscape, through a CPL pedagogical framework and opportunities to apply students' strengths through active feedback.

Thank you to our judges!

Our expert judges are Lorna Davis, Dan Rosensweig, and Stuart Yasgur.

Lorna Davis is the Senior Advisor to Danone CEO and is a Global Ambassador for the B Corp movement. Lorna has now joined B-Lab, the non-for-profit that supports the B Corporation movement on an assignment to support the journey of large multi nationals on the path to using business as a force of good.

Dan Rosensweig joined Chegg in 2010 with a vision for transforming the popular textbook rental service into a leading provider of digital learning services for high school and college students. As Chairman and CEO of Chegg, Dan commits the company to fulfilling its mission of putting students first and helping them save time, save money and get smarter.

Stuart Yasgur leads Ashoka's Social Financial Services globally. At Ashoka, Stuart works with others to initiate efforts that have mobilized more than $500 million in funding for social entrepreneurs, engaged the G20 through the Toronto, Seoul and Los Cabos summits and helped form partnerships with leading financial institutions and corporations.

Again, thank you to our incredible expert judges.