09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

6 Steps to Improving Personal Cash Flow, So You Can Be Like Your Own CFO

Picture this: It’s the end of the month, you’ve paid all your bills, and even had a little fun. You’ve made ends meet, as you always do, but your savings account isn’t growing and there’s nothing left to fund an emergency should one arise. Sound familiar? If you’re just breaking even—or worse, excess spending (spending more money than you’re taking in)—you’ve got a personal cash flow problem.

Maybe you’ve been living this way for a while, and it now feels normal. But here’s the deal: Without a positive cash flow (meaning you earn more than you spend), it’s hard to get ahead financially. Until you’re in the black, you could be shut out of good financial opportunities—including getting low interest rates on personal loans, or a mortgage loan, or even student loan refinancing. You’re also missing out on the money you could be earning by investing what you save.

The good news is, it’s possible to turn that around. You’re the Chief Financial Officer of your life, so it’s up to you to learn exactly how to improve your monthly cash flow. It will take some work, but by increasing your income and lowering your expenses—both fixed (rent, utilities, and car payments), and discretionary (entertainment and clothing)—you can make dramatic shifts in your financial life. Follow this six-step plan, and you’ll see your monthly cash flow move from negative to positive even faster than you’d expect.

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4 Money Moves to Make Before Your Next Move

You’ve been offered a fantastic new job with the company of your dreams—and, on top of that, it’s thousands of miles away. Along with the excitement and anticipation that comes from uprooting your life and starting over, you’ve got to think about how this will affect you financially.

Should you accept the position, you’ll need to make some major financial decisions and changes. So you can breathe easy while working on the other aspects of the move that will keep you busy—like packing away your whole kitchen into a few boxes—try these four money moves to help you avoid any financial bumps on your road to relocation.

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Is MBA debt worth it?

How One MBA Grad Became a Total Minimalist—and Paid Off $90K in Debt

Joe Mihalic is a changed man. In 2011, he led the typical the Harvard-MBA lifestyle, with a lucrative job at a big tech company, a house in the suburbs, two cars and a motorcycle, and frequent travel—but he felt trapped. “I wasn’t working at a company I loved or in a job I loved. I wasn’t living a life I loved,” Joe says. So he changed his life drastically, becoming a minimalist. And that decision led him to pay off $90,000 in student loan debt in just seven months.

Joe, who lives in Austin, Texas, chronicled his journey to payoff success in his blog No More Harvard Debt. His posts resonated with many young grads, and his blog went viral in 2012. Now debt-free and an operations manager at a company he loves, Joe says he’s found inner peace. But he hasn’t let go of his frugal lifestyle— his work shoes attest to that. While paying down his loans, he wore the same shoes, even as holes appeared in them. Today, he won’t buy a new pair of shoes until the soles wear out.

Joe didn’t take every possible road to pay off his student loans—for example, he didn’t refinance, or take advantage of a student loan forgiveness program. But his “all in” approach offers many takeaways for MBA grads facing mortgage-sized loan debt.

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How couples manage their money together

Two Couples Open Up On How They Manage Money, Together

Far and away, money issues are the leading cause of stress in relationships. It makes sense when you consider that nearly 13 million Americans withhold financial information—including bank accounts and credit cards—from the people they love.

Obviously, that’s not exactly a healthy way to engage in a relationship. That’s why, instead of allowing money issues to balloon into financial infidelity, or to become even a minor source of tension between you and your partner, it’s important to talk about how the two of you plan to manage your money as a couple.

SoFi members Jennifer Nichols and Anthony Latta learned over time what it takes to successfully combine their individual financial lives with that of their partner’s through trial-and-error in their own relationships. Here’s their advice for merging money in a relationship, from what works well to what definitely doesn’t.

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