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.
Meet Our Winner, Denny
Denny is a 42-year-old dad, husband, and IT professional. He’s been working in IT for 22 years, and outside of work he and his family live on a small hobby farm in the country where they grow their own fresh fruits and vegetables and produce eggs.
Denny has been responsible with his money, but as we all know, life is expensive— especially when you’re supporting a family. As Denny’s mother and mother-in-law aged, it became clear that they would need family close by to support them.
In order to care for them, Denny used his savings to purchase the two properties next to his house so that his mother and mother-in-law could continue to live independently.
But in order to get the new houses in livable condition, Denny and his family had to stretch their budget. Sometimes, this could even mean relying on credit cards to pay for repairs and upgrades.
Pouring so much money into the properties for his mother and mother-in-law, however, left Denny and his family stressed about money and struggling to make a significant dent in their credit card balances. Always paying more than the minimum on his bills wasn’t enough.
And worse, a project to add a third bedroom to their two-bedroom bungalow was put on hold, which meant that Denny’s two children were stuck sharing a room in their small home.
Many of us know, that when it comes to finances, it seems like when it rains it pours. This was definitely true for Denny and his family. As they worked to ensure that their parents would have a safe and comfortable retirement near the family, Denny’s wife was diagnosed with breast cancer.
New medical bills added both emotional and financial stress to Denny’s life, and he continued to rely on credit cards to help cover costs.
Denny’s Plan For His Winnings
Denny first became a SoFi member when he applied for a personal loan to pay off one of the high interest credit cards that was eating into his budget. When he joined SoFi, he never imagined winning $50,000, but that is exactly what happened in the 50x50x50 Sweepstakes.
That $50,000 certainly won’t be squandered. With his winnings, Denny will be able to eliminate his credit card debt completely. That means that Denny will be able to focus on his family without the stress of credit card debt hanging over his dead. Denny plans to put the money he will be saving on credit card payments into his savings. Oh, and with that savings, Denny and his family will finally be able to add that second bedroom for his kids.
“It’s very rare in life to get this kind of financial restart,” Denny told us, “It is a life-changing event for our families.”
How SoFi Money Can Help You Get Your Money Right®
While not all of us will have unexpected luck like Denny, there are things each of us can do to take care of our financial future.
SoFi Money, a cash management account, can help you take control of your finances with easy-to-understand financial insights. Those perks allow you to focus on what matters: taking care of your finances and your family.
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates are a bank.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.