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SoFi Blog

Tips and news—
for your financial moves.

4 Ways To Save Up for a Down Payment (Without Giving Up Your Avocado Toast)

A wealthy real estate mogul recently told millennials to stop buying avocado toast if they ever want to buy a house, and the internet went berserk. The advice was poorly received, because many felt that it was out of touch with the current financial environment. For one, the millennial generation has only ever known income stagnation, wages that haven’t kept up with inflation, and skyrocketing college and real estate prices. Two, the assertion that we can’t stop shelling out for fancy breakfast foods buys into the shallow narrative that millennials don’t know the meaning of hard work or the value of a dollar.

While I largely side with the outraged denizens of the interwebs, I’ll play devil’s advocate here: Clearly, Avocado Man was hoping to make a point about frivolous spending, but he veers off track when making the assumption that this is a trademark of the millennial generation. Current times have seen people of all ages spend more on “stuff” than ever before.

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Here’s the Real Reason You Need an Emergency Fund—And How To Make It Happen

The most commonly doled out piece of financial advice may well be, “Start an emergency fund.” You’ve undoubtedly been on the receiving end of this wisdom before, but even though it’s valid advice, it can be hard to implement. This is especially true when no one actually tells you why you should invest in emergency savings, or how exactly you go about building up that financial safety net. At SoFi, we’re committed to helping our members plan for their future—and part of maintaining secure financial footing is working to ensure that you can handle the unexpected expenses life brings.

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5 Key Pieces of Finance Advice for All Med School Grads Starting Residency

Congrats—it’s finally over. You’ve graduated medical school, made it through Match Day, and are ready to start residency, on the road to finally becoming a fully fledged doctor.

But hold on, you’re not there yet. Odds are you finished med school with loans and some debt. The average med student graduated with $190,000 in debt last year, according to the Association of American Medical Colleges. And while the average doctor can make quite a bit of money—pediatricians earn an average of $204,000 and orthopedic specialists make $443,000, for example—the average resident does not.

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I Tried the ‘Portfolio Career’ Trend and Here’s What Happened

When I was laid off from my corporate marketing gig in the fall of 2015, I had no idea what I wanted to do with my life. All I knew was that I didn’t want to go back to the handcuffed existence I’d spent so much time working within.

One day, while surfing the internet, I saw a part-time internship listing for a local fitness company. Even though I knew my eight years of work experience and MBA made me overqualified, I applied. My thought was that it seemed fun and could bring in a paycheck while I figured things out. As luck would have it, the owner agreed to hire me (with a Director of Marketing title, no less) for five hours a week of work.

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How to Financially Care for Your Parents As They Get Older

Think about your best memories of your parents while you were growing up for a moment. Maybe it’s the year they finally bought that bike you wanted for your birthday, or all the times you opened the freezer to see it stocked with mint chocolate chip ice cream, because mom knew it was your favorite.

It’s worth pondering as you take in your parents now, as they grow older. You might be wondering when you’ll be returning the favor of taking care of them, and more importantly, how.

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