Money & Life Archives

Sep

2024

What Is Money Dysmorphia?

By Janet Siroto | money, Money & Life | Comments Off

A relatively new term, money dysmorphia is when someone’s perception of their finances doesn’t align with reality, such as feeling financially insecure even when they’re managing their money well. They may feel as if they can’t keep up with their peers when they are actually on a solid financial footing. Almost one in three (29%) of U.S. consumers reported this outlook in a December 2023 survey by Credit Karma.

Money dysmorphia can be problematic because having a distorted view of your financial standing can lead you to make unwise financial decisions. It can also exacerbate financial and overall anxiety. For this reason, it’s wise to become familiar with the symptoms of money dysmorphia, as well as how to deal with its impact.

Key Points

• Money dysmorphia is when someone has a distorted view of their financial status, which can lead to feelings of inadequacy and poor financial decisions.

• Personal experiences, such as growing up with limited resources or financial instability, can contribute to money dysmorphia.

• Symptoms may include overspending, underspending, financial decision paralysis, and stress about one’s financial situation.

• Social media and reality TV showcasing images of wealth can exacerbate feelings of financial insecurity and increase anxiety.

• Strategies to manage or overcome money dysmorphia may include limiting social media, seeking professional help, and developing healthy financial habits.

Defining Money Dysmorphia

Money dysmorphia is defined as perceiving your financial status to be different from and worse than reality. It borrows from the term “body dysmorphia,” a mental health condition in which a person has anxiety over perceived physical faults, when in reality those “faults” are minor or unrecognizable to others.

Money dysmorphia is often tied to a “keeping up with the Joneses” or FOMO (fear of missing out) viewpoint. For example, you might be earning a solid income, have a tidy sum in your bank account, and be paying down your student debt, but when you scroll through social media, your perception becomes skewed. You might see images of what looks to be the entire world, minus you, living it up on the French Riviera. By comparison, your life seems inadequate.

This is money dysmorphia in action. It hits younger generations especially hard, with 43% of Gen Zers and 41% of Millennials experiencing this issue.

Signs and Symptoms of Money Dysmorphia

How do you know if you are among the ranks of those with money dysmorphia? Here’s a look at some common signs of money dysmorphia.

• You tend to underspend. Money dysmorphia can make you feel poor in comparison to others — as if you’re barely getting by. You might adopt stringent measures to stop spending money and thereby build wealth. If you are avoiding many or all social events or swearing off vacations (including that favorite weekend getaway with your BFF), even while you have adequate spending money available, you could have money dysmorphia.

• You often overspend. The opposite behavior can also be true. Some with money dysmorphia may respond to feeling poor by overspending. For instance, if you see that many people your age on social media are shopping for status watches or handbags, you might drop a chunk of change on one to feel part of the (rich) club, even if that means you can’t put money in your retirement account for a while.

• You have trouble making financial decisions. Money dysmorphia can also paralyze you in terms of making financial decisions because your money status isn’t clear. Perhaps you’ve changed jobs and need to earmark a percentage of your earnings to go into a retirement account. With money dysmorphia, you may feel unable to know how much to save because you’re so unsure of your financial picture.

• You feel stressed or embarrassed about your financial situation. Money anxiety and stress, as well as feelings of inadequacy, can be a big part of money dysmorphia. If you feel as if everyone is doing better than you, financially speaking, and that you’ve failed to “make it,” even when you are objectively doing fine financially, that is a symptom.

Recommended: How to Make a Budget

Causes and Contributing Factors

Here’s a closer look at which forces can conspire to trigger money dysmorphia.

Psychological Influences

There’s no doubt that the topic of money in and of itself can be stressful. In an April 2024 MarketWatch survey, 88% of respondents reported some degree of financial stress, and 65% (almost two out of three) said finances are their single biggest source of anxiety.

What’s more, focusing on which people have how much money can stir up many other emotions. Feelings of inadequacy, worries about one’s future, along with concerns about self-control and spending can all feed into money dysmorphia.

Social and Cultural Factors

Social media and reality TV can be a key driver of money dysmorphia by constantly showing curated images of luxury, abundance, and financial success. Constantly seeing this type of content can make you feel as if you’ve fallen short, despite the hard work you’ve put into your career and the successes you’ve achieved. Even just checking in on your friends and family through social media may make you feel that others have more and are living better lives than you are.

Personal Experiences

You might have experiences in your past that make you particularly vulnerable to money dysmorphia. Maybe you grew up in a family with limited resources, so now you feel compelled to show off your wealth. Or perhaps your family had money then lost it, and you went from feeling secure to feeling as if everyone was richer than you.

Experiences in adulthood can also feed into money dysmorphia. Maybe you started your own business and it failed or you got laid off from your first job. Even if you now have a steady income, those experiences could make you feel as if you are always struggling and everyone else is doing better than you financially, even when that’s not the case.

Recommended: What Are Fixed vs Variable Expenses?

Impact of Money Dysmorphia on Financial Behavior

As noted above, money dysmorphia can alter your financial behavior in significant ways. For some, it leads to excessive scrimping and saving due to a sense of feeling poor and wanting to hold as much money as possible. While this can produce positive behaviors (like opening a savings account to stash as much cash as possible), hoarding funds can also result in missing out on life’s pleasures.

Money dysmorphia can also trigger the opposite problem — spending more than you can afford in an effort to keep up with your peers or due to a constant fear of missing out. Blowing your savings on a status buy could make you feel rich in the short term, but make it impossible to stick to a budget and result in steep credit card debt.

Having a distorted view of your financial picture can also cause you to make poor financial decisions. For example, if you can’t tell if you’re doing okay or going broke, you might not feel you can contribute toward an emergency fund. Not socking away money in that kind of account could be a liability down the road.

Strategies for Managing and Overcoming Money Dysmorphia

If, as you read about money dysmorphia symptoms, you’re thinking, “That’s me!”, here’s advice to help you handle the situation.

Limiting Social Media

Taking a break from social media, reducing the time you spend online, or weeding out accounts that make you feel financially inadequate can help with money dysmorphia. You might adopt one of these habits for a specific period of time, such as two weeks, and then see if you even miss that content.

You might also make some changes in who you socialize with offline. If you have friends who spend lavishly, you can get sucked into a game of keeping up. You might decide to go out to dinner with big spenders only a few times a year and otherwise meet up with them for more wallet-friendly activities, like a free concert or walk in the park.

Seeking Professional Help

Working with a finance professional can be a good way to get clarity on your financial situation and potentially help you resolve money dysmorphia. You can get an unbiased opinion of how well you are budgeting, saving for the future, and managing debt, as well as tips on enhancing your efforts, if needed.

Alternatively, you might decide to see a therapist or psychologist to work on emotional issues related to money. Another option is to work with a financial therapist, who blends knowledge of personal finance and human behavior to work on overcoming money dysmorphia, achieving financial discipline, and other issues.

Developing Healthy Financial Habits

Honing your financial habits may also help you avoid or overcome money dysmorphia. A good start is having a budget that works for you. There are many budget techniques and tools to help you understand how much money you have coming in, where it goes, and how to balance your finances. A good budget can clearly spell out how much money you have available for discretionary spending (“fun” money). It may also help you realize just how well you are doing financially or allow you to see that your goals are within reach.

You can create a budget and track your spending with pen and paper, or you might download a budgeting and spending app to your phone to simplify the process.

The Takeaway

Money dysmorphia occurs when a person feels as if their financial situation is different from the reality. For example, if you are earning a steady income and saving for the future but see lots of millionaires living it up on social media, you might feel as if you are struggling financially in comparison. This can lead to issues such as overspending to keep up, being miserly in an effort to build wealth, or being unable to make financial decisions. Fortunately, a few smart strategies can help you manage or overcome money dysmorphia and find your financial footing.

Having the right banking partner can also help you track and grow your money and feel more confident about your finances.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

How do I know if I have money dysmorphia?

Signs of money dysmorphia include overspending to “keep up with the Joneses” or economizing too much because you think you are financially unstable compared to others. You might also have anxiety and uncertainty about your financial standing, which can cause you to miss out on opportunities that would help you build wealth and secure your future.

Can money dysmorphia be treated?

Yes, money dysmorphia can be treated. You can work on adopting healthy money habits (which could include avoiding social media, a possible trigger for money dysmorphia) and/or seek help from a financial advisor or therapist to move past this issue.

What resources are available for those struggling with money dysmorphia?

If you are struggling with money dysmorphia, you might benefit from working with a financial planner to help you budget and save wisely. This process can also help you track your progress, which can be reassuring. Or you might work with a mental health professional or financial therapist to explore the emotional underpinnings of your money dysmorphia and develop coping strategies.

Photo credit: iStock/Riska

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SOBNK-Q324-034

Sep

2024

What Is Doom Spending?

By Janet Siroto | money, Money & Life | Comments Off

Doom spending is spending money to cope with stress when the future seems uncertain or troubling, such as when the economic or political outlook appears grim. For example, a person might be feeling anxious about how high their housing costs are and what will happen in an upcoming election. To distract themselves from these worries, they might splash out on a special sushi dinner, concert tickets, or new clothes. The thinking here? “What’s ahead looks dicey; I might as well enjoy myself now.”

If you can relate to this, read on to learn more about the causes of doom spending and how not to let it harm your financial standing.

Key Points

• Doom spending is when individuals spend money to cope with stress and anxiety about the future, such as a gloomy economic or political outlook.

• A significant portion of Americans, especially the younger Gen Z and millennial generations, engage in doom spending.

• Psychological triggers for doom spending may include stress, anxiety, impulse control issues, and societal and peer pressure.

• Doom spending can lead to increased debt and reduced savings, negatively impacting financial stability.

• Strategies to break the cycle of doom spending may include creating and sticking to a budget, setting up automatic savings transfers, and seeking alternative stress relief methods.

Understanding Doom Spending

Doom spending is a phenomenon in which people may overspend in response to stressful times. For instance, when the world is filled with political and economic uncertainty, consumers (especially younger ones) may feel there’s no point in saving. A voice inside their head may ask, “Why bother?” Instead, they decide to live in the moment and go shopping as a distraction and mood lifter.

A November 2023 survey by Qualtrics on behalf of Credit Karma found that 27% of all Americans engage in doom spending, and it’s especially prevalent among younger adults. In fact, 43% of millennials and 35% of Gen Zers admit they have spent money in this way.

Financial experts say these generations may be especially vulnerable to feelings of hopelessness and doom spending, as they came of age in a time of economic uncertainty and are living in an era with high housing costs, massive student debt, and considerable inflation (consumer prices rose approximately 20% between January 2020 and January 2024). Many may find that they currently have a lot less in their bank accounts that they’d like.

While there is nothing wrong with occasional rewards, doom spending can result in credit card debt and a reduced ability to save for the future. In the Qualtrics/Credit Karma study, about one-third of Americans reported an increase in debt in the past six months, and nearly half said the amount of money they’re saving has gone down.

Recommended: What Are Fixed vs. Variable Expenses?

Psychological Triggers Behind Doom Spending

Here’s a closer look at some of the causes of doom spending.

Stress and Anxiety

Stress and anxiety can trigger doom spending, and there’s little doubt that they are rampant right now. According to the American Psychological Association (APA), many people in the U.S. have been negatively impacted by the trauma of the pandemic, global conflict, racial injustice, inflation, and environmental challenges around us. All of those issues can swirl together and create a feeling of future doom.

According to a June 2024 Axios Vibes/Harris Poll survey, a majority of millennials and Gen Zers agree that it is better to treat themselves now rather than hold off for a future “that feels like it could change at any moment.”

Impulse Control Issues

Shopping can bring joy in a few different ways. Research has shown that purchasing an item you desire can empower you with a sense of control. It can also flood your brain with dopamine, a “feel good” neurotransmitter.

When people feel that the future is gloomy, they may crave that “feel good” flood even more and, therefore, easily give in to impulse purchases. Spending money in this way can be a relief and a release. It’s a distraction that lets you treat yourself and temporarily escape your worries.

Societal and Peer Pressure

Social media can exacerbate doom spending by driving you to spend money to “keep up with the Joneses.” It can also lead to FOMO (fear of missing out) spending and YOLO (you only live once) spending.

Because the future seems cloudy and so expensive, you may not bother to plan for it. Instead, you might follow a friend’s, coworker’s, or social media influencer’s lead and spend money on the latest trendy purchase or experience. It can create a feeling of belonging and help you escape all the doom-driven anxiety.

Consequences of Doom Spending

The consequences of doom spending can be mild or more significant, but typically include the following:

• Blowing your budget. Additional spending can make it hard to stick to a budget. If you’re buying more non-essentials, you may come up short when it’s time to make your student loan payment. Or you might have to stop contributing to your retirement plan so you can make ends meet.

• Credit card debt. Credit card debt in the U.S. reached a record high in the second quarter of 2024 (hitting $1.142 trillion). That’s a whole lot of swiping and tapping going on, and doom spending may be a contributing factor. Shopping with credit cards can feel as if purchases don’t cost anything since no hard cash changes hands. But if you go overboard with doom spending, you may get an eye-watering bill. Given today’s ultra-high credit card interest rates (currently averaging over 20%), it can be hard to get out from under credit card debt once it starts racking up.

• Ability to save. When you spend money on fun treats and impulse purchases to relieve stress and buoy your spirits, it may well be “borrowed” from money you were going to save. Whether those dollars were earmarked for an emergency fund, retirement account, the down payment on a house, or other purpose, doom spending can set you back in terms of your short- and long-term financial goals.

• Increased stress. Knowing that you’ve overspent can heighten the anxiety you are already feeling. Many people feel guilty about spending money, and a doom-triggered spending spree can create more worries about your financial future.

Strategies To Manage and Prevent Doom Spending

If you’ve been doom spending (or tempted to), these strategies can help you reign in the impulse.

Setting a Budget

A good budget helps organize your money and keep your spending on track; it can provide guardrails for how your income will be spent and saved. There are many different types of budgets, so you may need to experiment to find the method that works best for you. One popular approach is the 50/30/20 budget rule, which says that 50% of your take-home pay should go to needs, 30% to wants, and 20% to savings and/or additional debt payments. With a budget like this in place, you know just how much (30%) can go toward fun expenditures and can stick to that figure.

Once you determine how much you want to put towards savings each month, it’s a good idea to set up an automated transfer from your checking account to your savings account for the same day each month (perhaps right after you get paid). That way, the money gets whisked away and won’t sit there, tempting you to spend it.

You can set a budget and track your spending with pen and paper, or you might want to download a budgeting and spending app to your phone to simplify the process.

Self-Control Techniques

Being aware of what triggers you to doom spend can help you stop. For example, if you know you tend to shop on Sundays when you start feeling anxious about the week ahead and life in general, fill your calendar. You might set up a standing date to go walking or running with a friend or take on a volunteer gig or side hustle so you are too busy to spend.

Many people impulse buy online or on social media. If you tend to overspend in this way, consider disabling one-click shopping. It’s also a good idea to delete your credit card details from your devices — that way, it won’t be so easy to mindlessly spend while scrolling.

Recommended: How to Stop Spending Money

Seeking Professional Help

If you feel your doom spending isn’t yielding to the above techniques, you might want to enlist the help of a professional. A financial planner could help with budgeting or a therapist could guide you to uncover and address the emotional aspects of your spending.

A financial therapist could also be helpful. They merge money know-how and an understanding of human behavior to resolve issues such as doom spending.

The Takeaway

Doom spending is a way of coping with stress by spending money. When you feel as if the world is uncertain and anxiety-provoking, you may find relief by shopping. But this can negatively impact your finances and create more money worries. Fortunately, there are several strategies that can help you control doom spending and stick to a budget.

The right banking partner can also help by giving you tools to help you track and grow your money.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

What are the common signs of doom spending?

Common signs of doom spending include:

• Making impulsive purchases in response to feeling stressed or anxious about the future

• Feeling temporary relief or pleasure after spending but later regretting the purchase

• Frequently buying things you don’t need

• Neglecting to save for the future

How can I break the cycle of doom spending?

Here’s a look at some strategies that can help you break the cycle of doom spending:

• Create a monthly spending budget.

• Set up a recurring monthly transfer from checking to savings.

• Uncover your spending triggers and work to avoid or eliminate them.

• Practice mindful spending by pausing before each purchase and assessing if it’s truly necessary.

• Seek alternatives for stress relief, such as exercise or hobbies, to replace spending as a coping mechanism.

• Work with a financial advisor or psychologist/therapist

Are there tools or apps to help manage spending habits?

Yes, there are a number of online tools and apps that can help you manage your spending habits, set up a budget, and monitor financial goals. Popular options include YNAB (You Need a Budget), Goodbudget, and EveryDollar. You might also check with your bank to see what tools they offer to track and organize your finances.

Photo credit: iStock/YakobchukOlena

SOBNK-Q324-033

Sep

2024

Can I Cancel a Personal Loan After Signing?

By Ashley Kilroy | Money & Life | Comments Off

It is possible to cancel a personal loan after signing the loan agreement. But ultimately, it depends on the lender’s terms and when you choose to cancel. Some lenders offer a “cooling-off” or grace period, giving you a little time to cancel the loan, while other lenders might be less flexible. The details of your loan agreement should outline your options when it comes to canceling your personal loan.

Before you decide, here’s what you need to know about personal loan cancellation and some other strategies to consider.

Factors to Consider Before Canceling a Personal Loan

Whether you can cancel a personal loan hinges on the loan details and when you choose to cancel. Personal loans can often be canceled if they’re not yet approved and the agreement hasn’t been signed. However, once the agreement is signed, you’re in a binding contract.

Some lenders offer a three-day grace period, in which you can cancel the loan for any reason. If the money hasn’t been deposited in your account yet, you might still be able to back out. To cancel, you’ll need to give the lender written notice as soon as possible.

Before deciding to cancel after signing, here are a few things to know:

Check for Additional Fees

If it’s past the cancellation period, early repayment could be an option. Certain lenders may charge a prepayment penalty, while others don’t.

Even if there is a fee, paying off the loan early can sometimes be the right financial move. Just compare the interest savings with the cost of the early payment fee to decide what’s best for you. A personal loan calculator can show you how much interest you can save by paying off your loan.

Adjust the Loan Terms

If you need to adjust the terms of your loan, consider a loan modification. This involves altering the existing loan agreement with the lender’s approval. Borrowers often seek one if they’re facing financial difficulties and want to avoid defaulting on their loan.

What Happens If You Decline a Loan?

If you apply for a personal loan and get approved, you don’t have to accept the offer — you can decline it. However, before you do, there are a few things to consider.

First, check if the loan you’re applying for has an application fee. Most lenders don’t charge one, but it’s important to verify. If there is a nonrefundable fee, be sure this is the lender you want to go with before applying.

Also, remember that submitting a personal loan application usually triggers a hard inquiry on your credit report, which can lower your score by a few points. Unlike soft checks, these hard checks add up and can further impact your score with each application. This can make it harder to get approved for new credit, and these inquiries stay on your report for two years.

How to Cancel a Personal Loan After Signing

If you’ve already signed your personal loan agreement and need to cancel, here’s how you can get started:

Review Your Agreement

Take a close look at your loan agreement to find your lender’s personal loan cancellation policy.

Know the Rules

Remember, loan agreements, repayment rules, and laws can differ depending on the type of loan.

Check for a Grace Period

See if your lender offers a short window to return the borrowed money. If the funds are already in your account, find out if you can give the money back. Keep in mind you might have to pay interest and possible penalties for early repayment. Your loan agreement should have all these details.

Prepare for Repayment

If you can cancel, be ready to repay the full loan amount, which will likely include extra fees and might end up costing more than what you originally received.

Understanding the Three-Day Rule

The three-day cancellation rule, also known as the “right of rescission,” is a consumer protection law from the Truth in Lending Act. It gives you three business days, including Saturdays, to change your mind about a loan.

However, this rule only applies if you used your primary home as collateral. It’s typically for mortgages or home equity loans, but it may apply if your home secures your personal loan.

Recommended: Guide to Personal Loans

Does Canceling a Personal Loan After Signing Affect Your Credit Score?

Canceling a loan typically does not affect your credit score as long as you don’t make a habit of it. However, the timing of your personal loan cancellation matters. If you stop the process before a hard credit inquiry, your score likely will stay the same. This is because when you apply for a loan, your lender conducts a hard inquiry, which will show up on your credit report and can slightly lower your score.

If you cancel the loan after it’s approved, the initial application may have already impacted your credit score. That said, canceling the loan at this point won’t result in extra harm to your credit score.

The Takeaway

You can cancel a personal loan after signing the agreement, as long as your lender allows you to do so. While some lenders offer a grace period — giving you the option to cancel for any reason without fees — other lenders may not be as flexible. That’s why it’s important to check your loan agreement to understand your options.

Remember, before making any decisions, be sure you understand the process and any fees or costs involved. Familiarizing yourself with these details will help you make an informed decision about whether to cancel your personal loan and how to go about it.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Can a personal loan be canceled after approval?

Whether you can cancel a personal loan after approval depends on the lender’s terms. Some lenders offer a grace period for cancellation, while others have stricter policies. Check with your lender to see what options are available.

Does canceling a loan affect your credit rating?

Canceling a loan affects your credit rating, but only if the lender has already done a hard credit inquiry. If you cancel before the inquiry, there’s no impact. If you cancel after approval, the inquiry may have slightly lowered your score, but canceling the loan won’t cause further damage.

Is there a grace period for canceling a loan?

Certain loans offer a three-day grace period in which you can cancel for any reason without fees or interest (as long as you return the money). After this period, canceling may not be possible. It all depends on the lender’s terms and timing.

Photo credit: iStock/pixdeluxe

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPL-Q324-012

Sep

2024

Does an MBA Degree Increase Your Salary?

By Pam O’Brien | Going to College, Money & Life, Student Loans, student_loan | Comments Off

Earning an MBA, or a Masters of Business Administration, degree can increase your salary, teach you specialized skills, and provide you with new career opportunities. But getting your MBA is expensive, with an average cost of $62,600 for a two-year program vs. $59,684 for a master’s degree in general. A degree from a top-tier school can be considerably more, with tuition and living expenses totaling $200,000 for the program.

Just how big of an MBA pay increase you’ll get in return depends on a number of factors, including the school you attend, the field you’re in, and your previous work experience. Here’s what to know about an MBA salary increase and how much you might expect to receive.

Value of an MBA Degree

An MBA degree can make you more marketable to employers, which can in turn help you land a better job and a higher salary, research shows. And while earning your degree can come with a hefty price tag, taking out MBA loans is one option to help you pay for it.

The median starting salary of recent MBA graduates in the U.S. is $120,000, according to the 2024 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC). That’s significantly more than the $69,320 starting salary of grads with a bachelor’s degree. Knowing how much you might earn could help you determine if an MBA is worth it.

An MBA can also help you advance in your career. The majority of employers in the GMAC survey said that MBA grads typically perform better and move up the ladder faster than other employees. That places them in high demand in the workplace. One-third of employers from across the globe reported that they plan to hire more MBA graduates in 2024 than they did in 2023.

Average Salary Increase with an MBA

Overall, MBA grads reported a median salary increase of 33% after earning their degree, according to the GMAC’s most recent Enrolled Students Report. Full-time MBA students had a 42% increase in salary, while those who worked and studied for their MBA at the same time said their salary increased by 29%.

However, the amount your salary might increase once you have an MBA depends on the field you’re in. Here’s a closer look.

Salary By Industry and Job Function

The following industries tend to pay well for those who have earned an MBA, making them some of the best jobs for MBA graduates.

Finance

Many MBA grads pursue a career in finance, and it can be lucrative. The average salary for an individual with an MBA in finance is $145,257, but the amount can be as much as $195,000, and that’s not counting possible commissions and bonuses.

Technology

Another hot field for those with an MBA is technology, especially as AI becomes more prevalent. The average salary for MBA grads in tech is about $118,000 a year. However, your MBA salary increase could run higher still and may even include a signing bonus.

Consulting

Those who work as consultants and have their MBA average about $83,797 annually, but the base pay can be as much as $117,000. A consultant’s salary may go up dramatically within a few years, especially if they work at a big firm.

Healthcare

Healthcare management is a popular job for MBA graduates. The average earnings are $88,000 per year, although it’s not uncommon for those in healthcare management to bring home a six-figure salary.

Marketing

After graduating with an MBA in marketing, your annual earnings will be approximately $130,721 on average, and they could be as much as $165,000. That’s well above the average marketing salary for those without a degree, which is $81,330.

Business

The salary for a business analyst with an MBA is $104,629 a year, although it can be as much as $128,000.

Accounting

If you earn an MBA in accounting, you could earn an average starting salary of $126,598. Your pay could even be as high as $166,000.

Factors Influencing MBA Salary Potential

In addition to the field you choose to work in, how much you’ll earn after getting your degree is influenced by such things as the MBA program you choose and your previous work history and salary.

These are the three major factors that can affect MBA salary potential.

School Reputation and Rankings

Although it’s likely to be pricier, going to a top-rated school to get your MBA can pay off in multiple ways. These schools tend to have robust networking programs and employer recruitment opportunities. Some colleges may help prospective graduates find internships and jobs. Also, grads from top 10 schools tend to earn more than those who attend other programs.

Before applying to an MBA program, do your research to see where recent alumni have ended up and which companies have recruitment relationships with the school. For instance, certain coveted employers might always attend a particular school’s job fairs. If a university has connections to companies you might be interested in working at, you may want to apply to their MBA program.

Specialization and Concentration

Every MBA program offers different classes, internships, and hands-on opportunities, and it’s important to look for ones tailored to your goals and career path. Choose a program with specialized concentrations in the field you’re most interested in. For instance, some MBA programs specialize in healthcare while others focus on finance.

If you’re currently in a field that you want to pivot out of — moving from marketing to consulting, say — an MBA could help with career change without going back to an entry-level job.

Work Experience and Performance

The more work experience you have, the more likely you are to score a higher salary once you get an MBA. This is especially true if that experience is relevant to the area of study you’re pursuing. Most people going for their MBA have about five years of experience on the job. And some MBA programs require students to have a certain number of years of work experience before they apply.

Your work performance is also a key factor in what you might earn after you obtain your degree. As mentioned above, employers in the GMAC survey found that MBA grads tended to be better performers on the job. High achievers are more likely to command a higher salary.

Maximizing Your MBA Salary Prospects

In addition to choosing the right MBA program, there are other steps you can take to land a good job and a higher salary when you graduate. Here are a few strategies that can help you get ahead.

• Take advantage of networking opportunities. Get to know your fellow classmates and connect with teachers and faculty members. Go to school gatherings, job fairs, and networking events. Find people who are in the field you’re in, and get to know them.Then make a point to stay in touch with the contacts you make. These people can be valuable resources over the course of your career.

• Apply for internships. Many MBA schools offer internship programs, and they typically expect students to take advantage of them if possible. An internship can give you real-world experience and also connect you to key contacts who may be able to help you find a job when the time comes.

• Seek out alumni. Make a list of the companies you’re interested in working for, and then search out any alumni of your school who work there. Ask to meet with them for coffee or an informational interview. Solicit their career advice. If you make a solid connection, they may keep you in mind for future job openings.

Choosing the Right MBA Program

It’s important to find an MBA program that fits your interests and goals. Look for programs that offer concentrations in the areas and fields you want to pursue. Then review the curriculum and the courses offered to make sure they appeal to you.

In addition, learn where graduates of the MBA program have ended up. What companies do they work for and what kinds of jobs do they have? You might even reach out to ask how they felt about the program and if they would recommend it.

Location

Where the school is located is also a prime consideration. If you’re working and going to school at the same time, you’ll need to find a program in your area. You could also explore top online MBA programs if you want to take advantage of a particular school’s offerings when you’re unable to attend it in person. These programs tend to cost $10,000 less than in-person ones, but you may miss out on networking opportunities.

If you’re a full-time student and you have the opportunity to move to attend school, you could choose an MBA program near the area where you hope to work. For instance, if you’d like to be employed in Silicon Valley, a school nearby might be a good choice for you. It may be easier to get an internship there as well as a job after graduation.

Cost

Of course, the cost of an MBA program is likely to be one of the most important factors in your decision. Beyond the tuition, find out the true cost of getting an MBA at any school you’re interested in. This includes living expenses, books, transportation, and so on.

How to Pay for Your MBA

There are a number of ways to pay for your MBA, such as scholarships, grants, and student loans. You may want to consider both federal and private student loans. Federal loans include Federal Direct PLUS loans for graduate students from the Department of Education. The maximum amount you can borrow with these loans is the cost of attendance, which is determined by the school minus any other financial aid you may have, and the loan’s interest rate is fixed.

Private student loans may have fixed or variable rates, and the MBA loan rates you might qualify for depend on your credit history, among other factors. These loans are offered by banks, credit unions, and online lenders. Be aware, though, that with private student loans, you will not have access to the same federal protections and programs you would with federal loans, including income-driven repayment plans. Also, if you refinance federal student loans with a private loan, you could pay more interest over the life of the loan, depending on its rate and term length.

Recommended: Scholarship Search Tool

The Takeaway

Earning an MBA may help you fulfill your career dreams and earn a higher salary. Research shows that the degree can increase your salary by about 33%, depending on such variables as the school you attend and the field you work in. But getting an MBA can be costly, averaging more than $60,000 for a two-year program, up to $200,000 for top-tier schools. So you’ll want to weigh the pros and cons.

If you decide that earning an MBA makes sense for you, there are ways to help cover the costs and develop a solid budget. You can explore all options, including scholarships, grants, and federal and private student loans, as well as refinancing your existing loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What is the average starting salary with an MBA?

The median starting salary with an MBA is $120,000, according to the Graduate Management Admission Council’s 2024 Corporate Recruiters Survey. That’s far higher than the $69,320 starting salary of graduates with a bachelor’s degree.

Is an online MBA worth the investment?

Whether an online MBA program is worth the investment depends on the program you choose and what you hope to get out of it. Online programs offer greater flexibility and are typically less expensive than in-school programs. According to one estimate, online MBA programs tend to cost about $10,000 less. However, with an online program, you may not have access to all possible networking opportunities or the opportunity to speak with professors face to face. You may also feel less connected to the school and the overall experience.

How long does it take to recoup MBA program costs?

How long it takes to recoup MBA program costs is different for everyone, depending on the price of the program and the salary increase they enjoy after earning their degree. According to the Graduate Management Admission Council, it takes grads of two-year full-time MBA programs about three and a half years of working to recoup the cost. Those who enroll in online MBA programs recoup the cost in about two and a half years of work.

Photo credit: iStock/Xavier Lorenzo

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOSLR-Q324-023

Aug

2024

What Are Security Deposit Loans?

By Jackie Lam | Money & Life, personal_loan | Comments Off

When you rent an apartment or home, you typically need to provide a security deposit, often equal to one month’s rent, or the first and last month’s rent. This is cash the landlord sets aside to cover the cost of any damage you might do to the property or recoup any unpaid rent. You get it back (assuming you keep up your end of the rental agreement) when you move out. In the meantime, though, you have to come up with the cash.

If you don’t have the potentially thousands of dollars you need to secure a rental just sitting in the bank, you might consider taking out a security deposit loan. This is a type of personal loan that can give you quick access to the funds needed to secure a rental. However, these loans come with costs, as well as some other drawbacks. Here are key things to know about security deposit loans.

Understanding Security Deposit Loans

Definition and Purpose

A security deposit loan is a type of personal loan specifically structured to help renters cover the cost of their security deposit when moving into a new rental property. However, even if a personal loan isn’t specifically marketed as a “security deposit loan,” you can likely use it for this purpose. Unlike a mortgage or car loan, personal loans aren’t tied to a specific use. They’re a form of flexible funding that you can use for a wide variety of expenses, including covering the security deposit on a rental, or even to purchase new furniture for your new place.

How Security Deposit Loans Work

Personal loans for apartment deposits are available from banks, credit unions, and online lenders. They are a type of installment loan: You receive the full amount of the loan upfront, then repay it (plus interest) in monthly installments over the term of the loan.Security deposit loans typically have fixed interest rates, which means that the interest rate — and your monthly payment amount — will remain the same throughout the life of the loan.

Most personal loans are unsecured, so you don’t need to provide an asset of value (called collateral) to back up the loan. There are some secured personal loans, however, which do require collateral. If you opt for a secured loan, the lender can seize your collateral if you default on your payments. Since this lowers the lender’s risk, secured loans typically have lower interest rates and can be easier to qualify for than unsecured loans.

Eligibility and Requirements for Security Deposit Loans

If you are wondering if you can get a loan for a security deposit, here’s a look at common criteria for approval.

Credit Check and Income Verification

When you apply for a security deposit loan, the lender will typically perform a credit check to assess your past borrowing behavior (a.k.a., creditworthiness). You can often prequalify for a security deposit loan, which involves a soft credit pull and won’t impact your credit. When you officially apply, however, the lender will do a hard credit check, which can temporarily lower your score by a few points.

A positive credit history and solid credit score increase your chances of approval and may result in more favorable loan terms, such as a lower interest rate. While there’s no universal minimum credit score for a personal loan, many lenders like to see a credit score of at least 580.

Lenders also require proof of income to ensure that you have the financial means to repay the loan. This can include recent pay stubs, tax returns, and/or bank statements. Some lenders may also consider the applicant’s employment history and stability as part of the approval process.

Repayment Term and Interest Rate

Repayment terms for security deposit loans can vary widely depending on the lender and loan amount, but commonly range from six months to three years. The rate you’ll pay will depend on the lender, the loan amount, and your creditworthiness as a borrower. The average personal loan interest rate as of July 2024 is 12.36%.If you have good or excellent credit, you may get a lower interest rate; if you have poor credit, the rate could be higher.

Additional Fees and Costs

Security deposit loans may also come with fees. Some lenders charge an origination fee to cover the cost of processing the loan. These are often between 1% and 5% of the loan amount but can be as high as 10%.

Other fees you may see tacked onto a security deposit loan include late fees (which you’ll only pay if you don’t make a payment on time) and a prepayment penalty (a fee for paying off your loan early).

Not all lenders charge fees, and in some cases you may be able to negotiate with your lender for lower fees or to have them waived entirely.

Pros and Cons of Security Deposit Loans

As with any form of financing, apartment deposit loans have both benefits and drawbacks. It’s important to understand both so you can make an informed decision.

Advantages of Security Deposit Loans

• Can secure the rental: If you don’t have sufficient savings to cover your security deposit, a security deposit loan can make the difference between getting — and not getting — the rental apartment or home you want.

• Fast access to cash: Many personal loan lenders offer funding within two to five business days after approval. Some even fund the loan the same day you’re approved.

• Can help you build credit: Making on-time payments on a security deposit loan can help you build a positive credit history. Adding an installment loan to your credit mix can also have a positive impact on your credit.

• Spreads out costs: By repaying the loan over time, renters can spread out the cost of the security deposit, making it easier to manage.

• Don’t have to resort to other forms of financing: You won’t need to rely on more expensive forms of financing, such as a payday loan or a credit card cash advance.

Drawbacks and Risks

• Increases your costs: Taking out a personal loan to cover your security deposit ultimately makes that deposit more expensive. Even if you get the full amount back from the landlord when you move out, you won’t recoup the interest and fees you paid for the loan.

• Added financial responsibility: Once you take out a loan, you’ll be on the hook for keeping up with loan payments. That’s another bill to pay – on top of your new rent and other monthly costs.

• It could potentially hurt your credit. Missing payments or defaulting on a security deposit loan can negatively impact your credit, making it more difficult to secure loans or credit cards with low rates in the future.

• It may be a sign that you’re not ready to move. Going into debt to pay for a security deposit may indicate that you aren’t ready for financial independence. You might consider more affordable rental properties, partnering up with roommates, or living with family until you can save more.

• Eligibility requirements: Not all renters will qualify for a security deposit loan, especially those with poor credit or an unstable income.

Alternatives to Consider

If taking out a loan for an apartment deposit doesn’t make financial sense for you, here are some other options to consider.

• Saving up: Planning and saving for a security deposit in advance can help avoid the need for a loan. Consider setting up an automatic transfer from checking to saving for a set amount each month to build your moving fund. To fast-track your savings, you may want to cut back on expenses and/or look for ways to bring in more income.

• Applying for a rental with a smaller security deposit: Some landlords only request one month’s rent (rather than first and last), which could make it easier to cover the deposit without taking on debt.

• Negotiating with the landlord: Some landlords may be willing to negotiate the security deposit amount or offer a payment plan, allowing renters to pay the deposit in installments rather than a lump sum.

• Borrowing from family or friends: Borrowing from trusted family members or friends can be a cost-effective alternative, often without the interest and fees associated with loans.

• Getting a roommate: This will allow you to split the security deposit, as well as other moving costs, not to mention the rent moving forward.

Recommended: Personal Loan Versus Credit Card

The Takeaway

Taking out a security deposit loan to cover the deposit on a new rental can be a relatively easy way to come up with the money you need to get the keys and move in. However, you’ll need to weigh the pros and cons of taking on debt.

It might be better to assess whether you’re financially ready to make the move or consider other ways to raise the cash. If you decide that using a personal loan for a security deposit makes sense for your situation, you’ll want to shop around for the best possible deal and be sure to manage the loan responsibly.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

FAQ

Are security deposit loans only for apartments?

No, security deposit loans are not limited to apartments. They can generally be used for any rental property that requires a security deposit, including single-family homes, condos, and townhouses. The primary purpose of these loans is to help renters cover the upfront cost of the security deposit, regardless of the type of rental property. However, you’ll want to check with the lender to ensure that the loan terms align with your specific rental situation.

What happens if I move out before repaying the loan?

If you move out before repaying a security deposit loan, you’re still financially responsible for making the agreed-upon payments until the loan is paid in full. The loan is a separate financial obligation from your rental agreement, meaning that moving out does not clear your debt.

Can I use a security deposit loan for a home purchase?

No, security deposit loans (which are a type of personal loan) are specifically designed for rental properties and are not meant to be used for a down payment on a home. In fact, many mortgage lenders forbid you to use a personal loan to cover a down payment for a home, since this involves taking on two debts at once.

Photo credit: iStock/Happy Kikky

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOPL-Q324-001

What Is Money Dysmorphia?

Defining Money Dysmorphia

Signs and Symptoms of Money Dysmorphia

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Causes and Contributing Factors

Psychological Influences

Social and Cultural Factors

Personal Experiences

Impact of Money Dysmorphia on Financial Behavior

Strategies for Managing and Overcoming Money Dysmorphia

Limiting Social Media

Seeking Professional Help

Developing Healthy Financial Habits

The Takeaway

FAQ

How do I know if I have money dysmorphia?

Can money dysmorphia be treated?

What resources are available for those struggling with money dysmorphia?

What Is Doom Spending?

Understanding Doom Spending

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Psychological Triggers Behind Doom Spending

Stress and Anxiety

Impulse Control Issues

Societal and Peer Pressure

Consequences of Doom Spending

Strategies To Manage and Prevent Doom Spending

Setting a Budget

Self-Control Techniques

Seeking Professional Help

The Takeaway

FAQ

What are the common signs of doom spending?

How can I break the cycle of doom spending?

Are there tools or apps to help manage spending habits?

Can I Cancel a Personal Loan After Signing?

Factors to Consider Before Canceling a Personal Loan

Check for Additional Fees

Adjust the Loan Terms

What Happens If You Decline a Loan?

How to Cancel a Personal Loan After Signing

Review Your Agreement

Know the Rules

Check for a Grace Period

Prepare for Repayment

Understanding the Three-Day Rule

Does Canceling a Personal Loan After Signing Affect Your Credit Score?

The Takeaway

FAQ

Can a personal loan be canceled after approval?

Does canceling a loan affect your credit rating?

Is there a grace period for canceling a loan?

Does an MBA Degree Increase Your Salary?

Value of an MBA Degree

Average Salary Increase with an MBA

Salary By Industry and Job Function

Finance

Technology

Consulting

Healthcare

Marketing

Business

Accounting

Factors Influencing MBA Salary Potential

School Reputation and Rankings

Specialization and Concentration

Work Experience and Performance

Maximizing Your MBA Salary Prospects

Choosing the Right MBA Program

Location

Cost

How to Pay for Your MBA

The Takeaway

FAQ

What is the average starting salary with an MBA?

Is an online MBA worth the investment?

How long does it take to recoup MBA program costs?

What Are Security Deposit Loans?

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