SoFi Blog

Living as an engineering student for years, on a student budget, requires a very special set of financial survival skills. Ingrained habits like living frugally, postponing major expenses, and maybe not looking too hard at your debt balances while your loans are in deferment are necessary for getting through when money is tight.

As a newly-minted engineer, you should enjoy the rewards of completing this stage of your education, because you’ve certainly earned it. But don’t let the frugal mindset that propelled you during your college years start to withdraw as those first hefty engineering salary paychecks roll in. Even if you don’t see yourself becoming a big spender, when the transition from student to full-time employment happens, it’s easy to just tear up your student budget without creating a new one.

For borrowers who are eligible, the decision to refinance student loans is typically a no-brainer. Not only does refinancing allow you to choose between lower monthly payments and a shorter payment term, but it also lets you consolidate your monthly bill and – most importantly – save a significant amount of money over the life of the loan.

But even if you’re excited about the idea of sticking it to your student loans, you may be concerned about how much work will be involved in the refinancing process. Which is understandable, given that most important financial transactions involve a mountain of paperwork and multiple calls to an unhelpful customer service center.

U.S. stocks are strong; developed world stocks are rallying, but still uncertain; and despite some investors’ fears, emerging markets are still appealing. Here’s what’s been happening in the market over the past few weeks.

Becoming an entrepreneur is one of the most rewarding—and terrifying—things you’ll ever do. I started my own business, a business-planning software company initially based in Palo Alto, California, three years after graduating from business school. I’ve succeeded through several decades, but it wasn’t always easy given that I struggled with student loan and mortgage payments, and took care of my family at the same time. But today, I’m financially secure, my business is healthy, and I employ more than 60 people at our new location in Eugene, Oregon. Because I’ve dealt with startups and entrepreneurs for a long time, I’m well equipped to outline what you can expect if you’re planning to start your own business.

B-school has given other entrepreneurs exactly what it gave me: business fundamentals, including basic finance, marketing, and administration. An MBA program also teaches you how to plan and, most importantly, how to understand cash flow. But what school doesn’t teach you is how to wade through the entrepreneur clichés to get to the unvarnished truth.

You have to earn the right to call yourself a New Yorker, and one of the ways you can do that is by suffering through the challenge that is finding housing in New York City. It’s a badge of honor you can wear with pride once you do—I mean, New York is one of the only cities in the world where people willingly pay over $1,000 a month for an apartment that has a shower in the kitchen.

But even as one of the most expensive cities in the world, it may make financial sense to buy sooner rather than later in this city. You only need to stay put for three years to make buying in Queens worth the price, four and a half years for Brooklyn, and seven and a half years for Manhattan, according to a study done by StreetEasy.

The desire for space and affordability sends some first-time homebuyers to New Jersey, Long Island, or quaint towns along the Hudson River (all of which still come with steep price tags). But for those committed to staying within the five boroughs, the question remains: Just how the heck do you navigate being a first-time homebuyer in New York City?