💰 The Consumer Savings in Congress’ New Bill

Saturday,
August 20, 2022

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The Week in Review

• US stocks fluctuated over the course of the week, with investors taking a deep dive on the Fed’s July meeting minutes after their release on Wednesday. The market is looking for clues as to where the central bank is headed in terms of rate hikes given soaring inflation. Analysts say the Fed is wary of the risk associated with pushing rates too high, as well as the downside if they aren’t aggressive enough.

• Homebuilder confidence, existing home sales, and MBA weekly mortgage applications all continued to fall this week. The NAHB/Wells Fargo (WFC) Housing Market Index dropped to its lowest level since May 2020. Multiple challenges are facing the sector including rising interest rates, persistent supply chain problems, and elevated home prices.

• Investors may have largely been in a holding pattern. It’s another busy week of earning data, especially within the retail sector. The market will be studying how consumer spending is holding up amid inflation.

For more economic news and how it affects your money, visit the SoFi app.

What’s the Difference Between APR and APY? With One You Are Charged Money, And With The Other You Earn Money.

APR and APY both have to do with interest, but in dramatically different ways. One saves you money if it is lower, and the other earns you money if it’s higher.

Annual percentage rate (APR) is an important part of researching your options when choosing a financial institution for borrowing money.

With a loan, the interest rate (APR) is a percentage charged by a lender for the use of money, with calculations based upon the loan’s principal. A lower APR means you pay less in interest over the life of the loan.

On the other hand, annual percentage yield (APY) is an important part of saving money. In the context of a savings account, a financial institution agrees to pay you a certain amount of interest (APY) based upon the money you have deposited in that institution.

A high APY means your money earns you money just by sitting in your account.

SoFi members with direct deposit can earn 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). That means you’ll earn more interest in one week than you would in one year in a big bank’s savings account. Set up direct deposit with SoFi here.

This Week’s Top Stories

Before you buy a new car or plan any renovations around your house, read this. The new spending bill awaiting President Biden’s signature includes a series of tax incentives and rebate programs. Individual consumers could qualify for benefits valued up to $10,000 or more when the various tax breaks and incentives are combined.
It’s part of the legislation’s focus on climate change. In a bid to reduce emissions and diversify the nation’s energy needs, things like solar energy and electric cars are being incentivized. Here’s a comprehensive look at the numbers and how you could qualify.
Read more >>

Some hotels are offering parents traveling with babies solutions to common vacationing challenges.
At some resorts, parents are checking into child-proofed rooms outfitted with amenities like bottle warmers, baby gates, and cribs. Of course we can’t forget to mention – the baby butler.
Read more >>

The cycling boom associated with COVID-19 has fizzled out. It made sense when working out at home was the only option, but now that gyms have reopened and inflation is spiking it’s a whole new landscape.
Peloton’s (PTON) issues have been well documented as the company looks to reset following the pandemic’s cycling boom. What’s going on at bike shops and cycling-focused gyms?
Read more >>

Deep Dives from SoFi Learn

The FIRE movement, which stands for “financial independence, retire early,” is gaining popularity.
Discover the definition of financial freedom and 17 tips for achieving financial independence.
Read more >>

Amid conflicting economic data, there is one sector of the economy that appears to be sending decidedly “hard landing” signals.
SoFi’s Head of Investment Strategy explains what you should consider in the current climate before making investment decisions.
Read more >>

The concept of “making your money work for you” doesn’t need to feel mysterious.
Read on to identify eight steps that can help you learn how to make the most of your money.
Read more >>

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SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

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