SoFi Blog

Tips and news—
for your financial moves.

What Does Achieving Financial Freedom Mean to You?

Remember the last time you bought a lottery ticket with the dream of winning big? Before the numbers were even drawn, you might have fantasized about how you’d spend your new fortune. Whether you realize it or not, a big part of that fantasy is conceptually being financially free, and the great news is you don’t have the win the lottery to achieve financial freedom.

What financial freedom looks like is different for everyone. For some, it might be financial independence from parents or a romantic partner. For others it might mean living a lifestyle where they don’t have to restrict themselves financially.

Even though all of our visions are different, and everyone’s path will vary a little depending on their own situation, there are some things we can all consider while trying to attain our dream.

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Sick of Student Loan Debt and Fed Up with the Shame: How Millennials Really Feel

There’s no sugar coating the current state of student loan debt. It is grim, especially when you read the numbers: Over 44 million Americans hold nearly $1.5 trillion in student debt. Much of the people who owe this debt are
millennials .

The millennial generation is constantly facing backlash, whether it is about the amount of student debt they owe or their “frivolous” spending habits on things like $5 coffees and avocado toast. However, maybe it is possible to have your avo toast and pay off your debt, too.

We wanted to find out how millennials really felt about the stereotypes against them and what they think about their student loan debt, so we polled over 1,000 millennials (ages 22-35)1 across the U.S. to get their opinions and found some surprising statistics.

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Pros & Cons of Paying off Student Loans Early

How many college graduates have responded to travel invitations or big life purchases with, “Sure, as soon as I pay off my student loans.” It’s a burden that can saddle a graduate for years after the last day of classes, but what if smart planning could erase that debt sooner rather than later?

But we should first mention that this member’s story is just an example we can learn from—and what worked for them might not work for someone else. Following in her footsteps might not yield the same results, because everyone’s finances and debt payoff strategy is different. But the key takeaways from these members’ repayment approaches might help if you’re currently crafting a plan to knock out your student debt.

Erika Jimenez, a member of the SoFi Community, is an MBA graduate who left grad school with around $50,000 in debt. At first, she said she was resigned to paying it off over the next nine to 10 years. But after paying for three years and only making a $10,000 dent in her total balance, she decided it was time to revisit her options.

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A Look at Andrew Yang’s Universal Basic Income Plan

If you’ve kept up with the democratic debates or campaigns recently, you may have heard the term universal basic income, or UBI, tossed around.

The program’s biggest proponent, democratic candidate Andrew Yang, says that a universal basic income will be key to protecting the American economy in the future, especially as more jobs are replaced by automation and technology. His plan for a “Freedom Dividend ” would give Americans $1,000 a month, which he argues would increase productivity and boost economic growth.

Here’s a look at what universal basic income is, Yang’s proposed plan, and how adopting a UBI could possibly affect you in the future.

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August Monthly Market Commentary

As many of us enjoyed the final month of summer, plenty of attention was focused on a somewhat bumpy August which delivered political turmoil, escalations in a trade war, and concern in the fixed income market. Overall, the stock markets ended the month down slightly, so sit back and catch up on some market moving news.

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