SoFi Blog

Tips and news—
for your financial moves.

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8 Things to Buy at End-of-Summer Sales

Summers are short and can feel like they’ve ended before they’ve hardly begun. If you’re sorry to see the summer go, one way to keep your chin up can be buying next year’s summer stuff on sale this year. Yep, it might feel a bit illogical to buy cool summer stuff when the weather turns cool, but the retailers are looking to unload. That’s when you swoop in and triumph. Buy now, keep your money later. Once the weather heats up again, you’ll be good to go.

Think of it this way: Retailers want to get it out the door, and you want to save your hard-earned money. It could be a win-win situation for everyone. Retailers typically like to stay one step ahead in both fashion and season, so if you can work it like the models on the runway, you might be able to buy next summer’s wardrobe in September when the end-of-season deals beckon.

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5 Things to Consider When Rates are Low

Paying off debt can be exhausting. It’s already overwhelming to take out a $10,000 loan, for example. But you also have to pay interest on that $10,000. Over the years, that interest means you could end up paying hundreds or even thousands of dollars more than you originally borrowed.

There’s no easy way to say it—higher interest rates make paying off debt more difficult.

The good news: Due to some recent activity from the Fed, it might be possible to lock down lower interest rates than what you may currently be paying.

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Mortgage Rates are Low—Should You Consider Refinancing?

Waiting around for a good mortgage rate can make you feel a little like a ballplayer who’s been warming the bench—except there’s no coach to tell you when to get in there and play.

It’s up to you to decide if the timing and terms of any new loan are right for you.

If you’ve been sitting on the sidelines for a while, wondering when and if to jump in and refinance, you’ve probably noticed that mortgage rates are fluctuating with economic news but are still lower right now than they have been since late 2016. Simply put, right now the market’s hot, and it might be time to start the mortgage refinancing process.

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How SoFi Money Gave One Member a Financial Restart

This year, SoFi gave one lucky member the opportunity to win $50,000 with our 50x50x50 Money referral sweepstakes.

Members who referred friends to SoFi Money® received $50 for themselves, $50 for their friend, and the chance at a $50,000 grand prize.

What would you do with an extra $50,000? While many might fantasize about using a $50,000 windfall to buy a fancy car or make a downpayment on a home, prize winner Denny is using his money for a much-needed financial reset to pay off debt and take care of his family.

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5 Tips to Be Your Own Boss

After a rough day at the office, have you ever wondered what it would take to be your own boss? As someone who’s been there, I have a few suggestions. It may sound great—no boss breathing down your neck or annoying co-workers to contend with—until you realize how much you relied on that steady paycheck and benefits.

First and foremost, you need something you can sell to others. That might be your time, in the form of expertise or services, or it could be a product that you make or resell. Or you could ditch the traditional 9-to-5 by joining the gig or sharing economies.

You’ll also need to think through lots of practicalities. What business model will allow you to make enough to cover all your expenses and still set aside some savings? Where do you work best? At home, in a coffee shop, at a coworking space? If your employer was previously providing health insurance, where will you get it now?

Being your own boss can be extremely rewarding, but it’s not without its own challenges . When you’re in charge, who’s going to cover for you when you get sick or want to take a vacation? Who’s going to provide matching contributions to your retirement fund?

There are many things to mull over and they may differ with each person and scenario. To get you thinking about how being your own boss might work for you, here are some things to consider from people who are making working for themselves work.

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