09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

What Does Achieving Financial Freedom Mean to You?

Remember the last time you bought a lottery ticket with the dream of winning big? Before the numbers were even drawn, you might have fantasized about how you’d spend your new fortune. Whether you realize it or not, a big part of that fantasy is conceptually being financially free, and the great news is you don’t have the win the lottery to achieve financial freedom.

What financial freedom looks like is different for everyone. For some, it might be financial independence from parents or a romantic partner. For others it might mean living a lifestyle where they don’t have to restrict themselves financially.

Even though all of our visions are different, and everyone’s path will vary a little depending on their own situation, there are some things we can all consider while trying to attain our dream.

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Negotiating a Car Deal

Getting a new set of wheels can mean freedom on the road, but the process of buying a car inspires a less exciting image. The tricky car salesperson, the lightning-fast dealership sales, and the complicated negotiation process can be a less than thrilling, and even downright stressful, experience for the average buyer.

The good news is the stereotypes and misconceptions of negotiating a car sale can be easily dispelled. With a little bit of prep work, some determination, and a relaxed attitude, you can be a negotiation pro at the dealership.
Read on for some car-buying tips.

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Keeping Parents and In-Laws From Meddling in Your Finances

When you get married, you also might get some tax benefits, someone to split a Costco membership with, and, of course, a whole other family. (As in, more relatives to get to know and hopefully, learn to love.) But with all the good stuff, there may also be some less than desirable aspects. You may also get more relatives who want to meddle in your finances, especially parents and in-laws.

Now, your parents and parents-in-law probably mean well, but it can be difficult to navigate the relationship if they start to get nosy about how you spend or save your money. Merging finances with your spouse after you get married is tricky enough, add in some financial tension with parental figures and you’re looking at a recipe for a marital mess.

There are multiple ways that parents may try to get involved with your finances. Some are used to giving advice freely to their child and may just want to extend the same gift of knowledge to their child’s spouse—whether they want it or not.

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pair of scissors

Should You Cut Up Your Credit Cards?

Credit cards and credit card debt are popular, real popular—and not in an enviable sort of way. You might even be dealing with some credit card debt of your own. Maybe you signed up for a credit card in college and it still has a balance hanging around. Maybe you had an emergency repair on the car and had to put it on a card. Or maybe you couldn’t resist that one really, really good sale. You’re not alone.

The typical American household carries nearly $7,000 in credit card debt and nearly half of all Americans have credit card debt.

With so many of us carrying those cards, and that debt, it’s not surprising that folks have tried extreme tactics to stop using them as a way to deal with the balances and interest rates that can make credit card debt so hard to pay off.

But before you begin slicing up those plastic playthings, read on for a few other ideas.

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How to Deal with a Friend Who Talks Finances

The cultural taboo around talking about money can make it tough to deal with friends who constantly like to bring it up. They may make you cringe with questions about how much you paid for something, how much you make, or maybe they constantly let you know what they dropped on new clothes or tech gear. Here’s a look at how to fend off uncomfortable money conversations—and have some productive ones as well.

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