FEATURED BLOG POST

Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

Read More

Here’s the Real Reason You Need an Emergency Fund—And How To Make It Happen

The most commonly doled out piece of financial advice may well be, “Start an emergency fund.” You’ve undoubtedly been on the receiving end of this wisdom before, but even though it’s valid advice, it can be hard to implement. This is especially true when no one actually tells you why you should invest in emergency savings, or how exactly you go about building up that financial safety net. At SoFi, we’re committed to helping our members plan for their future—and part of maintaining secure financial footing is working to ensure that you can handle the unexpected expenses life brings.

Read more

Self-Employed? Here’s Why You Need a SEP IRA

Being self-employed is great: You have more freedom and flexibility, and working for yourself can be financially rewarding. As a self-employed person, you have another big opportunity: setting up a Simplified Employee Pension (SEP) IRA. With this move, you can potentially save even more for retirement than you could with a 401(k), and get started saving towards your biggest financial goal—financial independence.

A SEP IRA is ideal if you’re a successful professional with no employees who wants to shelter your income from taxes and invest for retirement. When you’re self employed and receive 1099 income, you pay both the employer and employee portions of Social Security and Medicare taxes. Contributing to a SEP reduces these along with federal and state income taxes. While it gives you the flexibility to decide how much you want to save each year, it also gives you much higher contribution limits than the $5,500 limit of a traditional IRA—and it can be just as easy to set up. It can be a powerful wealth management tool.

Read more

7 Simple, Expert-Approved Ways to Boost Your Credit Score

If you’re saddled with too much credit card debt, you’re not alone—far from it. A recent study based on Federal Reserve and Census data found that 38% of households carry a credit card balance, and that their average balance is $16,048. When you consider that the median household income is $55,775, it’s pretty clear that credit card debt is a problem for many people.

Since the amount you owe determines 30% of your FICO score, reducing your debt can improve your credit. Here are a few tips on how to be a smart credit card user.

Read more
Which retirement account is best: Roth IRA, Traditional IRA or SEP

Which Retirement Account Is Best for You: Roth IRA, Traditional IRA, or SEP?

You might not believe it, but when it comes to retirement, Uncle Sam has your back. The proof is in the tax advantages you get by contributing to individual retirement accounts (IRAs).

Understanding how IRAs can help grow your retirement nest egg—and benefit you on tax day—is a smart money move. Even if you’re paying off student loans and have other debt obligations, allocating some money toward retirement during your early working years is crucial. The earlier you start, the longer your money has to grow. Your sixty-year-old self will definitely thank you for investing as much as you can now.

You can still make a contribution for the 2016 tax year, but you must open an account and contribute by tax day, which is April 18, 2017. Deadlines can be daunting, but don’t worry. We’ve got you covered.

Read more
How a Roth IRA Withdraw Can Help You Buy Your First Home

Should You Use Your Roth IRA to Buy Your First Home?

As a young professional, there are many worthy financial goals competing for your paycheck dollars, including saving for retirement and buying your first home. If you’re aiming to do both, there’s a chance you’ll have to sacrifice one for the other at some point—especially if you’re paying back student loans.

On one hand, the earlier you start saving for retirement, the longer your money has to grow. On the other hand, saving for a down payment on a home in today’s market can take years—and the longer you wait, the more you’ll need. But there’s one tool that can help you save for both, without having to plan your whole life before you turn 30: A Roth IRA.

Read more
Page 2 of 3123
SSL Encrypted
Equal Housing Lender