🎁 What you need to know about gifting stocks

Saturday,
December 9, 2023

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The week in review

• The 30-year mortgage rate fell to 7.17%, its lowest level since August. Refinancing applications rose 14% week-over-week.

• Moody’s downgraded China’s credit outlook from stable to negative as it anticipates potential government bailouts due to rising debt levels and lower economic growth.

• October JOLTs data is out, and it's supporting a soft-landing narrative. Job openings in the U.S. reached their lowest level since March 2021, but are still up 22% from pre-pandemic levels.

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

What you need to know about gifting stocks

Instead of giving the typical toys, video games, and clothes this holiday season, have you considered giving shares of the companies that make the products?

While toys might break, and batteries can run out, stocks may help the gift receiver take a first step in getting their money right. Plus, you don’t have to brave the crowds during holiday shopping!

For 2023, the annual gift tax exclusion is $17,000 per person ($34,000 per married couple).

The gift that keeps on giving

You can simply buy an actual stock certificate to gift it. Some financial institutions allow you to create a custodial account to transfer or buy stocks into. SoFi does not offer gifting of stock at this time.

Learn more about how to budget better this holiday season with SoFi’s Holiday Spending Guide.

This week's top stories

Remember cable bundles? They’re coming to streaming
Many streaming services are exploring a joint bundle of their services at a discounted rate in an attempt to keep subscribers hooked.
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Gold prices are at record highs, but the driving force may surprise you
We might expect an economic downturn, or market turbulence to be behind a rally in precious metals. Here’s what you need to know about why the precious metal hit a record high last week.
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The generation with the biggest financial burden? Millennials
Two recessions, a pandemic, a red hot housing market, high interest rates, and soaring childcare costs are some of the reasons America’s millennials are the most financially unwell generation of the moment.
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Deep dives from SoFi Learn

What actually causes inflation?
We all learned a lot about what inflation feels like over the past years. But why do prices rise to begin with? Read on to learn about 7 factors that cause inflation.
Read more >>

How to save money on hotels for your next trip
Lodging is one of the biggest expenses of a vacation. But hotel prices aren’t static, so you might be able to save money if you’re smart about your bookings.
Read more >>

Interest on credit cards can add up fast. If you want to learn how to avoid interest on credit cards, here are some options.
Even if you can’t avoid interest entirely, there are ways to reduce the amount of interest you pay on a balance you’ve accrued.
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