09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

7 Effective Ways to Navigate Major Life Milestones—Financially and Otherwise

There’s everyday finances, and then there’s the big hurdles—changing careers, starting your own practice, having a baby, or buying your first house. For major life milestones like these, you’ll need a plan, so big events not only go over smoothly, but impact your wallet in ways you can anticipate.

As a financial wellness expert, I often counsel people experiencing major life transitions. Although most who come to me know they have to adjust their financial lives accordingly, they either don’t know how, or are using strategies that don’t work for these situations.

The good news is, I’ve got a seven-step plan to help anyone steer a course to success through any major life milestone. Walk through this, and you’ll be in a much better spot to enjoy accomplishments and avoid financial stress along the way.

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The Biggest Misconceptions About Good Debt vs. Bad Debt

What If Everything You Thought About “Good” and “Bad” Debt Is Wrong?

Most people have been taught that certain kinds of debt are “good,” and that others are “bad.” But these days, debt doesn’t necessarily fit into neat categories. While years ago, people might have stuck with the same job for the long haul (and in fact, more than 40% of Baby Boomers stayed with their employer for 20+ years), today’s economy is much more fluid, with millennials more willing to act on job opportunities and move from company to company. So all that old school financial advice? It doesn’t apply so much anymore.

Take a look at some of the biggest misconceptions about good debt vs. bad debt, and use the facts to get a better handle on your finances. You can consider this your personal debt payoff planner.

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3 people who refinanced their student loans and saving over $10K

3 People Close To Paying Off Student Debt Discuss Their Payoff Strategies and What They’ll Do Next

Life, interrupted. That’s what millennials with student loans are discovering as they try to meet their financial goals, such as buying a home.

But there’s a way to eliminate that debt faster. Refinancing your student loans to reduce interest rates is a strategic move savvy borrowers are making to save money over the life of their loans. Then they can turn their attention to saving for retirement and improving their quality of life.

We talked to three of our members, each with a different set of life circumstances, who were tired of putting their dreams on hold. For James Hilton Harrell, Melonia Bennett and Josh Grant, refinancing their student loans with SoFi has help put them on the path to a brighter financial future.

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