SoFi

There are many reasons why you might need to hire a lawyer, from purchasing real estate to launching your own business to getting a divorce. When these moments hit, it’s time to get a good attorney involved to help you sort out the situation.

However, hiring a lawyer can take some know-how, and if it’s your first time tackling this, you may need some guidance. Personal referrals may be a good place to start, but it’s also vital to work with an attorney who has expertise that’s relevant to your particular legal situation.

Fortunately, there are plenty of resources that are available to help you find the right professional at the right price.

Here are some tips and tactics to help you navigate the process of hiring an attorney.

Finding the Right Attorney

Most lawyers concentrate in a few legal specialties (such as family law or personal injury law), so it’s important to find a lawyer who not only has a good reputation, but also has expertise and experience in the practice area for which you require their services.

Below are some simple ways to begin your search:

Word of Mouth Referrals

One of the best ways to find a lawyer is through word of mouth. Ideally, your family and friends may have worked with someone that they can refer you to. Better still if their situation is similar to yours.

But even if a recommended lawyer doesn’t have the right expertise, you may still want to contact that attorney to see if they can recommend someone who does.

You might consider asking your accountant for a recommendation as well, since these two types of professionals often refer clients back and forth.

Recommended: How Much Does a Will Cost?

Local Bar Associations

Your local and state bar associations can also be a great resource for finding a lawyer in your area.

County and city bar associations often offer lawyer referral services to the public (though they don’t necessarily screen for qualifications).

The American Bar Association also maintains databases to help people looking for legal help.

Your Employer

Many companies offer legal services plans for their employees, so it’s worth checking with your human resources department to see if yours does.

You’ll want to understand the details, however, before you proceed. Some programs cover only advice and consultation with a lawyer, while others may be more comprehensive, and include not only advice and consultation, but also document preparation and court representation.

Recommended: Credit Card Debt Collection: How Does It Work?

Legal Aid or Pro Bono Help

Those who need a lawyer, but can’t afford one, may be able to get free or low-cost help from the Legal Aid Society. You can often find out who to contact by searching online and typing “Legal Aid [your county or state]” in your computer’s search bar.

Consider reaching out to local accredited law schools as well. Many schools run pro bono legal clinics to enable law students to get real world experience in different areas of law.

Online Resources

There are a number of online consumer legal sites, such as Nolo and Avvo , that offer a way to connect with local lawyers based on your location and the type of legal case you have.

Nolo, for example, offers a lawyer directory that includes profiles of attorneys that clue you in on their experience, education, fees and more. (Nolo states that all listed attorneys have a valid license and are in good standing with their bar association).

Martinedale-Hubbell also offers an online lawyer locator, which contains a database of over one million lawyers and law firms worldwide. To find a lawyer, you can search by practice area or geographic location.

Doing Some Detective Work

Once you’ve assembled a short list, it’s a good idea to do a little bit of sleuthing before you pick up the phone.

This includes checking each attorney’s website. Does it look sloppily done or professional? Is there a lot of style but little substance?

By perusing the site, you can also get details about the lawyer or firm, such as areas of expertise, significant cases, credentials, awards, as well as the size of the firm. Size can actually be an important consideration.

A solo practitioner may not have much bandwidth if they have a heavy caseload to give you a lot of hand holding if that matters to you. However, their prices may be more budget-friendly than a mid-sized or larger firm.

While larger firms may be more expensive, they may have more resources and expertise that makes them the better option.

You may also want to make sure the lawyers on your consideration list are in good standing with the bar, and don’t have any record of misconduct or disciplinary orders filed against them.

Your state bar, once again, is a good place to get this kind of information. Some state bar websites allow you to look up disciplinary issues. The site may also have information on whether the attorney has insurance.

You may also be able to search the state bar’s site by legal specialty, which can help you confirm the lawyers you’re looking at really do have expertise in the area of law you need counsel in.

The Martindale-Hubbell online directory can be helpful here as well. It offers detailed professional biographies and lawyer and law firm ratings based upon peer reviews, which may help when choosing between two equally qualified candidates.

Asking the Right Questions

Many lawyers will do a free initial consultation. If so, you may want to take advantage of this risk- and cost-free way to get a sense of the attorney’s expertise and character. This is also a good opportunity to get a sense of the costs.

Whether you’re able to arrange a face-to-face meeting or just speak over the phone, here are some key topics and questions you may want to address:

•   Do they have experience in the area of law that applies to your circumstances?

Further, you may want to get the percentage breakdown of their practice areas. If you need someone to help you with setting up a business and understanding business loans, for example, and that’s only 10% of what they do, that practice may not be the best fit.

•   Do they work with people in your demographic? If the practice only represents high net worth clients, and you’re not in that income bracket, they could be a mismatch. You can also get a sense of their typical clientele by asking for references from clients.

•   How much time can they commit to you? And, how do they like to communicate: phone calls? Email? Ideally, you want a lawyer who can make you a priority and is able to respond to your questions in a timely manner, rather than leave you hanging for days or weeks.

•   What are the fees and how are they charged? This is an important one so you can budget properly, and it’s something to ask about whenever hiring a professional (say, a financial advisor). For example, they may charge hourly, or they may work on a contingency basis, meaning if you successfully resolve your case they get paid.

Also find out if they require a retainer (an upfront fee that functions as a downpayment on expenses and fees), as well as what is included in their fees, and what might be extra (such as, charges for copying documents and court filing fees). Ideally a lawyer will explain their fees and put them in writing.

You may also want to use this meeting or conversation to judge the lawyer’s character and personality, keeping in mind that chemistry counts.

The attorney you’re interviewing could have all the right credentials and awesome experience, but in the end, if their personality strikes you as a little prickly, or the vibe is off, even if you can’t exactly put your finger on it, you may want to trust your gut, walk away and keep searching.

The Takeaway

Choosing an attorney is an important decision. As much as you want to just get on with what may be a challenging or stressful situation that you need legal help with, it’s a good idea to invest some time, cast a wide net for referrals, then create and carefully vet your short list.

Finally, you’ll want to have an open conversation with any lawyer you are considering to make sure you feel he or she is a good fit for you and that you understand, and can afford, all the fees involved.

Whether you’re looking for a lawyer to help you buy a home, start a business or facilitate any other life transition, it’s a good idea to get your finances in order as well.

One simple move that can help is to open an online bank account with SoFi. With a SoFi Checking and Savings account, you can earn a competitive annual percentage yield (APY), spend and save, all in one account.

Another perk: SoFi Checking and Savings doesn’t have any account fees to nibble away at your hard-earned money.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOBK0523051U

Read more

Just like having your home in order can make life easier and less stressful, having your financial house in order can save you time and worry. It can also help you spend less, save more, and work more effectively towards your financial goals.

Your “financial house” refers to all the aspects that go into your financial wellness, including the information found on your financial statements, any debt you have, your budget, and your retirement planning and accounts.

Getting your financial house in order typically involves taking stock of what you have, getting rid of things (or accounts) you don’t need, creating a budget, and setting up a few systems to make it easy to achieve your financial goals.

Below is a simple step-by-step for doing a financial clean-up.

1. Taking Stock

You can’t organize what you have if you don’t fully know what you have, so a good first step is to track down all of your financial statements and accounts, or access them online. If the password or log-in is long forgotten, you can reset your accounts or call customer service lines to get access.

You can then make a master list organized by category. This might include:

•   Assets This includes traditional and online bank accounts, retirement savings, and other investments.

•   Liabilities These are loans, such as mortgages, credit card debt, student loans, or other forms of personal debt.

•   Income This would include all sources of income, such as salary, investments, and alimony.

•   Fixed expenses These are bills you pay every month, such as rent, mortgage, and utilities.

This step can help you discover unpaid bills, as well as savings accounts or retirement accounts you may have forgotten about.

2. Clear the Clutter by Going Paperless

Electing to go paperless on bills and bank statements is not only good for the planet, but can also help you keep your finances in order by creating less physical mess. Getting bills in the mail and seeing them pile up can also evoke a sense of dread. In addition, some banks offer benefits to customers who sign up for paperless billing.

When you go paperless, you can designate a day for tackling monthly expenses. Then, on that day only, you can open those emails and pay them. If you prefer a paper trail, you can print out your receipts and file them away.

3. Consolidating Accounts

Having abandoned 401(k) accounts or multiple saving accounts across different banks can be confusing and hard to keep track of. If this is the case, it might be time to consolidate and simplify.

You can move old savings into more frequently used accounts by transferring money from one account or bank to another. You may also be able to roll over your 401(k) from a former employer into a new employer’s retirement plan.

While this step isn’t necessary, tidying up accounts can save you the hassle of dealing with statements and notifications from several different financial institutions.

4. Tackling Debt

Once you’ve taken stock of your overall financial picture, you will likely have a better sense of how much money you owe. This can feel overwhelming, but also empowering. Once you know the numbers, you can deal with them head on, and come up with a debt reduction plan.

You may want to first determine “good” debt, such as student loans and mortgages vs. “bad” debt, like high-interest credit card debt and personal loans. When paying off debt, it can be a good idea to prioritize bad debt first.

There are a number of different ways to make paying off debt feel manageable, such as the snowball method or avalanche method. The key is to find an approach you feel you can stick with and to simply get started.

As you knock off debts, you’ll have fewer minimum payments to juggle. What’s more, you’ll be able to funnel the money you once spent on interest towards your financial goals.

5. Creating a Budget

After you’ve taken stock of all of your accounts and bills, you may want to go one step further and set up a monthly budget.

To do this, it can be helpful to pull out the last three months or so of your bank statements. You can then use them to figure out how much is coming in each month (your average monthly income after taxes are taken out) and how much is going out each month (your average monthly spending).

If the numbers are tight (meaning there’s little or nothing left over to put into savings), or you see you are actually going backwards, you may next want to create a plan to cut your spending.

This might include getting rid of certain monthly bills, such as streaming services you no longer really care about or quitting the gym and working out at home.

You may also want to set monthly spending targets, such as how much you will spend on nonessential categories, such as clothing, eating out, and entertainment, each month.

6. Setting Goals

Setting some financial goals can help motivate you to stick to your budget and put money into savings each month.

If you’re saving up for something fun (like, say, a vacation), you might be more inclined to cook at home instead of ordering in. Money goals can function like a compass that guides the direction of spending.

Not sure of a goal? Here are some common financial goals you may want to consider working toward:

•   Creating an emergency fund.

•   Paying down debt.

•   Increasing retirement savings.

•   Saving for a downpayment on a home.

•   Putting money towards something fun, like a vacation or new wardrobe.

Goals won’t always look the same person to person, but having one (or two) can help guide your financial plan, making it easier to spend and save with confidence.

7. Automating

Saving, spending, and paying bills doesn’t have to mean reinventing the wheel every month. You can significantly reduce the amount of work involved in money management simply by relying more on automation.

One of the benefits of automating your finances is always paying your bills on time. This can save you money by avoiding late fees. Having a history of on-time payments can also help improve your credit.

In addition to setting up autopay for your regular bills, you may also want to automate savings. This means having a portion of your paycheck (and it’s fine to start small) automatically transferred from your checking account into your savings or retirement account after you get paid.

This ensures that saving will happen each and every month, since the money will be taken out before you have a chance to see it — or spend it.

Automation won’t take all the work out of keeping your financial house in order, but it can eliminate many of the chores — and many of the choices — you have to deal with each month.

The Takeaway

Getting your financial house in order isn’t as complicated or time-consuming as many people assume. And, you don’t have to do it all at once. You may want to set aside an hour or so one day a week to focus on financial house-cleaning, and just take it one step at a time.

Tidying up your financial home can take work, but you don’t have to go at it alone. A SoFi Checking and Savings Account can make the complicated a little easier. With SoFi, you can earn a competitive annual percentage yield (APY) and save and spend, all in one account. And SoFi Checking and Savings doesn’t have any account fees which could eat away at your savings.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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 .

SOBK0523055U

Read more

You’ve likely heard about the 1%: Those people who’s net worth is among the top 1% in the nation. Just how wealthy are these individuals? Recent data shows that while the median U.S. income is $70,000 a year or so, the 1% can earn up to $955,000, or just a hair under a million dollars a year.

If you are curious about what it takes to be among the 1% or have your sights firmly set on joining their ranks, read on. Here’s a closer look at how the wealthiest people in America got their plus some of their most effective strategies for financial success.

What Does it Mean to be in the Top 1%?

While many people might think “top 1%” and immediately imagine a CEO whose salary is in the tens of millions, the top 1% in terms of net worth aren’t necessarily the people who earn the most.

Net worth refers to the value of the assets a person owns (which includes checking and savings account balances, the value of securities such as stocks or bonds, real property value, the market value of automobiles, etc), minus the liabilities (or debt, like mortgages, loans, credit card balances) they owe.

A deeper view of the top 1% indicates that this wealth accumulation is spurred by more than one source: Income, investments, tax breaks that help the wealthiest keep more of their money, property, and more. All of these help make up the resources a household or individual has socked away as net worth.

Recommended: What’s the Difference Between Income and Net Worth?

The Income and Savings of the 1%

Having a high net worth isn’t just a matter of earning more. It can also mean saving more. Consider these numbers:

•   The median household in the U.S. has $11,700 in savings.

•   The top 1% of American households have a median savings of $1.1 million.

•   The lowest 20% of income earners have no savings, as you might expect, as they may be living paycheck to paycheck.

These numbers indicate that not only do high-wealth households make more money, but they also know the value of keeping some of it in a secure location, where it’s likely insured and earning a high-yield interest rate.

Is There a Formula for Becoming Part of the 1%?

There’s no one formula for joining the 1%, but several factors appear to play a role in the rise of many one-percenters. These include:

•   Saving. Many people who save through traditional 401(k) retirement plans and other vehicles may receive a match from an employer. You might choose to save the minimum amount required to get that match, but saving more — the max allowed in a 401k and additional after-tax contributions — builds net worth faster.

•   Starting early. The earlier you start saving and investing, the more you stand to gain due to compound earnings, which is when any returns you earn are reinvested to earn additional returns. This “interest on interest” can help your wealth snowball over time.

•   Income consistency and growth. The more you earn and the more that grows over time, the more likely your household will be to enter the top 1% of wage earnings. There are some in-demand careers (like software engineers and data scientists) where average Big Tech salaries are in the range of $200,000 per year. But regardless of your particular job, staying consistently employed and saving is a path to building wealth versus leaving the work force or deciding to forego savings for a few years to, say, travel more.

•   Frugality. You’ve heard that Warren Buffett wears outdated suits and lives in a house he paid $31,500 for in 1958. He’s worth approximately $113.3 billion. He also buys reduced-price cars, doesn’t spend big on expensive hobbies and he even clips coupons. Not all 1% are spending lavishly on yachts and third and fourth homes. If you want to be a part of the 1% and you didn’t invent the best thing since sliced bread, it may be helpful to stay motivated to save money vs. overspending.

Recommended: How to Stop Overspending

•   Family history/Luck. Having a head start can certainly help. However, research indicates that 79% of 1%-ers are self-made. Finding the right solution for a big problem at the right moment can lead to a big windfall in a new company, or, starting the next Facebook or Amazon is a little bit luck, a little bit skill.

Recommended: Investing vs. Saving: How to Best Grow Your Money

Moving Towards the 1%

Thomas Stanley, author of The Millionaire Next Door, identified the seven characteristics of people who become big accumulators of wealth—and thus have a chance to build the wealth it takes to be in the top 1%. These common traits include:

1. They live below their means.
2. They allocate their money, energy, and time in ways that contribute to building wealth.
3. They believe that financial independence itself is more important than appearing to have a high social status.
4. Their parents did not provide money for their basics in adulthood.
5. Their adult children are self-sufficient economically.
6. They understand how to target economic opportunities.
7. They choose the right occupation.

Not all of these are factors one can fully control—and not everyone has a knack for targeting economic opportunities. In addition, many people choose an occupation around a passion, not around wealth-building. That doesn’t mean you can’t get there—or get close.

The Takeaway

Being part of the 1% appears to take a combination of luck, talent, hard work, and determination. Being diligent about saving is also a key way to grow your net worth over time. The more you can sock away, the better off you will likely be in the future.

Looking to start saving? SoFi Checking and Savings is an online banking account where you can spend and save all in one account. You’ll earn a competitive annual percentage yield (APY) and pay no account fees, which can help your money grow faster

With SoFi Checking and Savings’s Vaults feature, you can set up recurring deposits to help you reach your savings goals faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK0523052U

Read more

If you’re expecting a baby or just beginning to think about expanding your family, it’s an exciting time, full of new experiences and lots of love to be shared. Oh, and new responsibilities and expenses too.

From diapers to childcare, from toys to medical costs, there are myriad costs associated with parenthood. There are many ways you can plan and get on track for affording these costs. Here, you’ll learn some of the best techniques to make your money go further and pay for the expenses that go along with welcoming a baby.

The Costs of Having a Baby

The exact cost of having a baby varies depending on health insurance, state and local cost of living, level of prenatal care, and a number of other factors. But according to the most recent report from the U.S. Department of Agriculture (USDA), a middle-income family in 2022 could expect to spend between $15,438 to $17,375 per year per child.

For couples who conceived naturally, without the added costs of fertility treatments or adoption, that first expense might include a trip to the pharmacy for a pregnancy test. From there, they grow to include prenatal care for mom and baby and an ever-expanding checklist of purchases, to-dos, and decisions—all within the next nine months or so.

Here’s a look at some of the common expenses that can crop up, from pregnancy through baby’s first birthday.

Before Birth

Parents-to-be may find that some of the biggest costs of having a baby happen before the baby is born. Prenatal care, for example, can begin within weeks of conception. It can bring associated diagnostic tests. Regardless of health insurance, extra services like 3D ultrasounds may not be covered.

A typical parent-to-be might also have a shopping list that includes a car seat, stroller, crib, diapers and wipes, more diapers and wipes, a changing table, clothes, toys, a baby monitor, bottles, and more diapers and wipes.

Depending on mom’s preference for breastfeeding or formula feeding, the list might also include a breast pump and related supplies or formula (or sometimes both).

During Birth

When it comes time to welcome your new bundle, the average cost is reported, on average, to be around $18,865. Natural, vaginal births are usually the most affordable, with costs increasing alongside complications or procedures like c-sections, and actual costs swing widely by state.

After Birth

Once mom and baby leave the hospital, they start to create a new normal for two. For mom, it can include postpartum doctor visits to monitor healing or remove stitches, and for baby it can include regular, frequent checkups, starting within three to five days of birth

If both parents decide at some point to return to work, the cost of daycare might be the next large, recurring expense. Combined with groceries, bills, and other aspects of pre-baby life that still go on, the thought of managing it all might feel overwhelming.

Here are some ways it’s possible to cut corners, get creative, and save money.

💡 Recommended: 15 Creative Ways to Save Money

Finding Extra Money for Baby

More and more employers are offering paid maternity (and paternity) leave, but beyond 12 weeks of unpaid leave offered by the Family and Medical Leave Act (FMLA), receiving pay while caring for a newborn isn’t guaranteed.

For many Americans, that means saving up for a baby is more important than ever. Some people take out adoption loans to help cover costs for a new baby.

Facing a heap of new expenses while at the same time losing income may be a scary thought, and getting through it could require a heart-to-heart between partners and a lot of teamwork. But here are some strategies that may help budget for a baby.

1. Starting a Stockpile ASAP

One way to save early and often is to think of those nine months between the start of a pregnancy and the due date as time to stock up and save. Consider the financial difference between adding one box of diapers or wipes to a regular grocery trip vs. waiting until the baby arrives.

Adding items to your inventory a bit at a time—especially when they’re on sale—could be a lot easier on the wallet than an emergency trip when they’re needed ASAP. The same strategy could be used for cash, too. Every day, week, or month, parents could set aside as much as possible in an emergency fund. Having a specific account dedicated to baby’s needs could mean that the regular budget for paying bills and other grownup expenses isn’t as heavily affected.

2. Cutting Extra Costs

If a new, baby-friendly budget is in the works, parents might want to consider ways to cut costs — starting with areas that are the least painful. Take fees, for example. Eliminating credit-card fees, ATM withdrawal fees, or late-payment penalties are some of the easiest ways to improve cash flow. If bills tend to be incurring late fees, automatic drafts or reminders are potential ways to help make sure they’re on time.

Some other, not-so-painful ways to cut costs might include looking at where unused subscriptions can be canceled and valued ones can be lessened but still exist. For instance, there are ways to save on streaming services, and you might also look into new ways to shop. Consignment and second-hand stores are often filled with gently used baby items, from outgrown clothes to books, which can yield savings.

Recommended: Different Ways to Earn More Interest on Your Money

3. Opening a Health Savings Account

A health savings account (HSA) is usually offered alongside a high-deductible health plan (HDHP), and when used how it’s intended could bring new parents some significant perks: Money that’s placed into the account is pre-tax (and can include employer contributions), and it can be used to cover out-of-pocket medical expenses, such as office copays. If the HSA provider issues funds via debit card, it’s one easy way to keep health expenses entirely separate from the day-to-day budget.

But it’s not just doctor’s visits that are covered by HSA funds. Depending on individual plans, some can also be used to pay for health memberships, chiropractic treatments, breast pumps, and other items not covered by regular health insurance.

And, although HSAs are traditionally offered through employer health plans, freelancers and other self-employed workers may be eligible to open an account, too.

4. Getting Creative

A newborn’s essentials list may be significantly shorter than mom and dad’s: They need diapers, clothes, food, a safe place to travel and sleep, and parent cuddles — that’s about it. The rest? The fancy diaper bag, the 100-in-1 stroller, the matching outfits, even shoes before the baby leans to walk, can be more like nice-to-haves.

To save money on needs vs. wants, parents could consider putting “gift” items on a baby-shower registry — if they’re purchased, great! No unnecessary strain on the budget.

5. Putting Your Savings to Work

One way to afford a baby is to make your money work harder for. For instance, pay attention to where you keep your savings. When comparing traditional vs. online banks, you may see that online ones can offer a better deal. Since these institutions don’t have brick-and-mortar locations to staff and maintain, their operating budget may be lower. They can pass those savings on to their clients in the form of higher annual percentage yields (APYs) and lower or no fees.

The Takeaway

One way to make your savings work hard for you is to open an online bank account with SoFi Checking and Savings®️. There are no account fees and a competitive APY to help your money grow faster. Plus you’ll spend and save in one convenient place, which can make life easier for busy parents.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

---

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBK0523048U

Read more

If your credit isn’t stellar, you may find it challenging to get approved for a traditional unsecured credit card. One option can be a prepaid or secured credit card, which can be more easily available than an unsecured credit card. However, these cards come with a few key differences. Understanding how a prepaid card and a secured card vary can help you choose the right one for your specific situation.

When you apply for a secured credit card, you will put down a refundable security deposit. This serves as your initial credit limit, and you can borrow against that initial deposit. Your borrowing history on a secured credit card is typically reported to the major credit bureaus and will impact your credit score.

On the other hand, a prepaid card serves more like a debit card without being attached to your bank account. You load it with a given amount of money and can use it to pay for purchases without affecting your credit.

Learn more about the similarities and differences, including:

•   What is a prepaid credit card and how does it work?

•   What is a secured credit card and how does it work?

•   How are secured vs. prepaid credit cards the same?

•   How are prepaid vs. secured credit cards different?

•   How do prepaid credit cards vs. secured credit cards impact your credit?

What Is a Prepaid Credit Card?

A simple way to think about what prepaid credit cards are is that they are just debit cards that aren’t tied to your bank account. Worth noting: These aren’t truly credit cards because you aren’t being extended credit; no one is lending you funds. For this reason, you may hear them referred to as just “prepaid cards” (which is what you’ll see as you keep reading).

You purchase a prepaid card (often with an activation fee) and can then use the card to make purchases. Because prepaid cards are not considered a loan, their use is not reported to the major credit bureaus. This means that they do not have a positive or negative impact on your credit score or credit history.

How Prepaid Cards Work

When you buy a prepaid card, it comes loaded with a specific amount of money on it. Generally prepaid cards are issued by some of the major credit card processing networks (e.g. Visa or Mastercard). Once you have purchased the prepaid card, you can then use it anywhere that network is accepted. Some prepaid cards only have a certain amount loaded onto them that is fixed at purchase, and others allow you to reload the card at your convenience.

Pros and Cons of Prepaid Cards

One positive thing about using a prepaid card is that it can make purchases much more convenient. It can also be more secure than carrying cash for all of your purchases.

However, a potential downside to using them is that, if you are wondering, “Do prepaid cards help build credit,” the answer is a hard no. So if you are looking for an option that can help improve your credit score, you’ll need to look elsewhere.

What Is a Secured Credit Card

If you’re looking for an alternative to a traditional unsecured credit card, you will also probably want to understand what secured credit cards are. A secured credit card is a type of credit card that requires you to apply (which likely involves a credit check). If approved, you put down an upfront security deposit to the lender. This upfront deposit will serve as your initial credit limit, and it determines the amount of money you can spend on your card.

How Secured Credit Cards Work

With an unsecured credit card, you will put down an initial deposit. Some secured credit cards have a specific amount that you must put down, and other secured cards may allow you to put down more of a deposit. As you spend money on your secured credit card, your available credit decreases. However, you can likely increase your credit line by making payments or additional deposits.

Pros and Cons of Secured Credit Cards

One of the biggest pros of a secured credit card can be that your usage is reported to the major credit bureaus. In other words, if you use it responsibly, the card can help build your credit.

Many banks that issue secured credit cards also provide a pathway to automatically increase your credit line and help you transition from a secured to a unsecured credit card. One thing to watch out for is that some secured credit cards come with high interest rates and/or fees, so it can be worthwhile to pay your balance in full each month, whenever possible.

Recommended: Secured vs. Unsecured Credit Card: What’s the Difference?

Secured vs Prepaid Cards

Here is a quick look at how prepaid cards compare to secured credit cards in a few key areas:

	Secured Credit Cards	Prepaid Cards
Secure and convenient payment method	Yes	Yes
Reports to major credit bureaus	Yes	No
Affects your credit score	Yes	No
May be easier to be approved as compared to a traditional credit card	Yes	No approval necessary

Is One Better for Establishing Credit?

If you’re looking to establish your credit, a secured credit card is definitely your better option. Prepaid cards are not considered loans so they are not reported to the major credit bureaus. This means that using a prepaid card will not have any impact on building your credit. Using a secured credit card responsibly can help you build credit, but it can take a while to build credit with a secured credit card.

Is a Secured or PrepaidCard Right for You?

Deciding whether a secured or prepaid card is right for you depends on what your overall goals are. If you’re just looking for a convenient and secure way to make purchases without impacting your credit, a prepaid card can be a great choice.

But if you’re looking to build or establish your credit, you might consider a secured credit card. Of the two, a secured card is the only one where your usage and payment history is reported to the major credit bureaus.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

Prepaid cards and secured credit cards are both options that allow people with limited or poor credit histories to make secure and convenient payments. Both options allow you to easily pay for purchases wherever their issuer (e.g. Mastercard or Visa) is accepted. But usage of prepaid cards is not reported to the major credit bureaus, so it won’t have an impact on your credit score. If you’re looking to build your credit, you will be better off with a secured card.

Once you have established a solid credit history, you might consider a credit card that lets you earn cashback rewards with every eligible purchase. If you’re in the market for a new credit card, you might apply for a credit card like the SoFi Credit Card. With the SoFi Credit Card, you can earn cash-back rewards, which you can then use for travel or to invest, save, or pay down eligible SoFi debt.

The SoFi Credit Card: So simple, so rich in perks.

FAQ

Are prepaid cards more secure?

Prepaid cards are typically issued by one of the major card issuers, like Mastercard or Visa. Each of these issuers is known for payment security. One thing to watch out for with a prepaid card is that it works just like cash — if you lose your card, you’re likely to lose all of the money that is stored on your card.

What is one disadvantage of a prepaid card?

One disadvantage of a prepaid card is that your usage is not reported to the major credit bureaus. This means that using a prepaid card will not appear on your credit report and will not have any impact on your credit score. If you’re looking to build your credit, however, you’re better off getting either a traditional credit card or a secured credit card.

What are the downsides of getting a secured credit card?

A secured credit card can be a good option if you’re looking to build your credit and are having trouble getting approved for a traditional unsecured credit card. One downside of a secured credit card to keep in mind is that you will have to put down a security deposit upon being approved. Many secured credit cards also come with higher-than-average interest rates and fees, so make sure you watch out for that as well.

---

Photo credit: iStock/Elena Uve

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

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.

The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

¹See Rewards Details at SoFi.com/card/rewards.

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.

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 .

SOCC0323005

Read more