SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue, as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.
International Women’s Day aims to illuminate the inequalities between genders. From the gender pay gap to unequal representation in politics and media, the day is meant to be a celebration of all that women have achieved, as well as how far they still have to go.
At SoFi, we’re celebrating International Women’s Day by highlighting five of the most powerful women investors of the past and present. Read on to learn how they made their money, and how a novice investor can learn from their strategies.
By SoFi |
Comments Off on California AB-5 Law Dictates Gig Economy Workers Must Be Treated as Employees
In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more.
Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.
The gig economy has been on the rise for a while now, altering the way people find and perform an increasing number of jobs—from ride-sharing to delivering groceries to consulting on high-level projects.
And as the app-based and online technology that simplifies those transactions evolves—matching workers with the businesses and consumers who need their services—the trend is expected to continue.
But there have been growing pains. Some gig workers and their supporters have raised questions about basic protections and benefits they’ve lost out on because they’re considered independent contractors instead of employees, including overtime pay, paid sick days, and worker’s compensation insurance.
Others say the flexibility many independent workers enjoy can translate to job volatility for those who participate in what the US Bureau of Labor Statistics calls “electronically mediated employment ,” especially those who drive for a living.
Now it seems their voices were heard, at least in California, where a groundbreaking law signed by Governor Gavin Newsom in September went into effect January 1, 2020. The law is expected to change the way employers treat certain nontraditional workers, but it has seen a lot of push back from companies.
By SoFi |
Comments Off on Quantifying the Value of Extra Student Loan Payments
Barnum Financial Group recently added a student loan contribution program to the list of benefits available to their new advisors—and, during our conversations with them, we talked about how a principal payment from an employer has value beyond the amount of the actual monthly contribution.
For example, when you front-load the amount of money put down on a student loan, you can pay the loan down more quickly and reduce the amount of money that’s paid back, overall.
By SoFi |
Career, student_loan |
Comments Off on 7 Non-Traditional Employee Benefits to Look for When Job Searching
When searching for a new job, it is common to look for a position that offers a competitive pay rate, an opportunity for inter-company growth, a comprehensive health-care package, and a generous time-off policy. Additional factors such as a short commute time, specific perks for working parents, and stock options could also be enticing.
Recently, however, more and more companies seem to be modernizing and innovating their employee benefits program beyond the norm to attract and retain new workers.
While these more unusual offerings could at first seem like trivial bonuses rather than significant aid, they often result in positive impacts on an employee’s life.
According to a 2019 survey conducted by The Harris Poll, 80 percent of respondents claimed they would take a job that had benefits over a job that made 30% more in salary but did not offer benefits. When determining if accepting a job with unusual benefits is worthwhile to you, it is important to keep your individual and/or family needs, lifestyle, and budget in mind.
If you’re on the hunt for a new role, keep an eye out for the following left-of-center benefits that could help you improve your physical and emotional health, better manage your time, grow your wealth, or save money.
Americans are a migratory bunch. We move for job opportunities, to be closer to the city (or farther), to be closer to family (or farther), or just because we love to adventure. Especially for young professionals, the lure to move to where the action is can be strong.
The honest answer to “How much salary may I need to buy a home?” is really an open question that depends partially on the cost difference of items on your “must-have” list, and that can include the type and size of home, the amount of land, the location, and a host of other factors.
Career tips, money advice, workplace trends, and more.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, reside in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
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INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .