SoFi Blog

Paying off debt can be exhausting. It’s already overwhelming to take out a $10,000 loan, for example. But you also have to pay interest on that $10,000. Over the years, that interest means you could end up paying hundreds or even thousands of dollars more than you originally borrowed.

There’s no easy way to say it—higher interest rates make paying off debt more difficult.

The good news: Due to some recent activity from the Fed, it might be possible to lock down lower interest rates than what you may currently be paying.

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 Checking and Savings® 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.

After a rough day at the office, have you ever wondered what it would take to be your own boss? As someone who’s been there, I have a few suggestions. It may sound great—no boss breathing down your neck or annoying co-workers to contend with—until you realize how much you relied on that steady paycheck and benefits.

First and foremost, you need something you can sell to others. That might be your time, in the form of expertise or services, or it could be a product that you make or resell. Or you could ditch the traditional 9-to-5 by joining the gig or sharing economies.

You’ll also need to think through lots of practicalities. What business model will allow you to make enough to cover all your expenses and still set aside some savings? Where do you work best? At home, in a coffee shop, at a coworking space? If your employer was previously providing health insurance, where will you get it now?

Being your own boss can be extremely rewarding, but it’s not without its own challenges . When you’re in charge, who’s going to cover for you when you get sick or want to take a vacation? Who’s going to provide matching contributions to your retirement fund?

There are many things to mull over and they may differ with each person and scenario. To get you thinking about how being your own boss might work for you, here are some things to consider from people who are making working for themselves work.

Earlier today, we announced that we’re partnering with Hollywood Park in a 20-year agreement that makes us the exclusive naming rights partner of the new SoFi Stadium, the future home of the Los Angeles Chargers and the Los Angeles Rams.

In addition, SoFi will be the official partner of the teams as well as a partner of the performance venue and surrounding entertainment district. You can check out some pictures of what it will look like here.

Opening summer 2020, SoFi Stadium is the centerpiece of Hollywood Park, a 298-acre world-class sports and entertainment destination being developed by Los Angeles Rams Owner/Chairman E. Stanley Kroenke. SoFi Stadium will hold year-round sports and entertainment events, and will be the host of Super Bowl LVI in 2022, the College Football National Championship game in 2023, and the Opening and Closing Ceremonies of the 2028 Olympic Games.

SoFi Stadium will have a seating capacity of approximately 70,000, expandable up to 100,000, with 260 luxury suites, more than 13,000 premium seats, and over three million square feet of usable space.

And most importantly, we’ll have a 27,000 square foot SoFi-branded VIP activation space inside the stadium which will be utilized for special events, including a dedicated SoFi lounge for you, our members, to access, one of the exclusive opportunities the company plans to offer you as part of this partnership.

“We’re thrilled to be introducing SoFi Stadium to the world, through our partnership with Hollywood Park,” said Anthony Noto, CEO of SoFi. “This is a giant leap toward achieving our company’s mission of helping people get their money right by reaching our members where they are. The partnership with this transformative project taking shape under Stan Kroenke’s leadership is the perfect opportunity to drive awareness and trust in the SoFi brand as we continue to grow and reach members on a national level.”

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.

If there’s one thing most of the 2020 Democratic presidential candidates seem to agree on, it’s that it’s time to make college tuition more affordable for Americans.

For some, that means tuition-free community college, expanding Pell grants for students who come from a lower-income background, or even making tuition completely free for undergraduates attending public colleges and universities.