Between 6%+ mortgage rates and post-pandemic real estate values, many Americans have found themselves priced out of the homes they'd want to own.

The cost of insurance, property taxes and upkeep are also deterrents, and can be especially daunting when the overall cost of living is already so high. Some people don't even want to buy a house, choosing the flexibility and freedom to move over the wealth-building potential of owning.

In other words, whether by necessity or choice, the path to homeownership has changed. Renting has become a bigger part of many lives, with the typical age of a first-time homebuyer jumping to 40 from 33 in the past five years, according to the National Association of Realtors (NAR).

Some of the shift is straight math. Typical rents have eased up since a pandemic spike, but mortgage rates are still double what they were in most of 2020 and 2021.

But it's also about wanting to be in safe neighborhoods that are near strong schools and good jobs. Among the 14 million U.S. households renting single-family homes and condos, 41% rent because they're unable to buy in the same neighborhood, according to a survey taken by the Center for Generational Kinetics (CGK) in late 2025.

Then you have people who just aren't interested in buying, according to Stephen Kates, a financial analyst at Bankrate. Like 40% of the tenants surveyed by CGK, they like the convenience of a rental and not having to worry about home repairs and surprise bills. They may also recognize that property prices aren't expected to appreciate nearly as much as they did during the pandemic, Kates said.

“For some people, the growth of the stock market has shown them that renting and investing might be a better option, depending on your lifestyle,” he said.

In practice, renting for longer periods can change the calculus on living conditions, too. According to Zillow's 2026 Housing Trends report, renters are increasingly looking for rentals based on comfort and quality-of-life amenities like high-speed internet, gyms, and common spaces.

So what?

At the end of the day, NAR surveys show that most renters still hope to buy a home, according to the trade group. But with an extended timeline, the challenge becomes finding ways to build wealth outside of real estate.

Steven Brown, a director at the Aspen Institute's Financial Security Program, said investing and saving for retirement become all the more important for renters, especially when an employer is matching 401(k) contributions.

If you're not investing in a home, “keep clear about what your financial goals are and figure out a way to put your money into assets that accrue value,” he said.

Related Reading

Renting vs. Buying in Today's Market: How to Decide (SoFi)

Financial Influencer Shares If Buying a Home Is a Waste of Money (TheStreet.com via MSN)

What US Cities Are Seeing Rental Prices Drop in 2026? (USA Today)

OTM20260812SW

And even though nobody wants to spend more, sometimes we just don't have the time — or mental energy — to obsess over coupons or budget apps.

So how can you keep more of your paycheck even when you have zero time to think? Here are five low-effort ways to cut your bills even when you're feeling overwhelmed:

1. Switch to annual billing. If cash flow isn't a problem, paying for subscriptions or memberships by the year rather than the month is one way to get the exact same thing for less money.

With an annual subscription to YouTube Premium, for example, you'd pay $159.99 per year instead of $191.88 with a $15.99 monthly subscription, saving 17%. On Amazon Prime, the annual plan comes with a 23% discount. And if you're trying to level up a skill (like your Spanish) Super Duolingo is 43% cheaper with an annual plan, at $95.99 instead of $167.88 with a monthly subscription.

Make sure you can get a prorated refund if you cancel early so there's no chance you'll erase the savings.

2. Hit ‘pause. Speaking of monthly memberships and subscriptions, if you have some you don't use all that regularly, you can avoid the hassle of cancelling (and perhaps re-establishing them later,) by pausing or freezing them temporarily. Whether it's a streaming service, an app, a gym, or a newspaper, pausing removes the pressure to decide and gives you the chance to see how much you miss it. Just make sure to put the cancel-by date on your calendar before the pause is scheduled to lift.

3. Use those free loyalty programs. Signing up for a free loyalty program can be a no-brainer, depending on your willingness to give some basic personal information.

Most grocery stores simply require signing up once with your name and phone number. After that, entering your phone number (or having the cashier scan a bar code in your e-wallet or on your keychain) gets you all the sale prices and/or access to digital coupons or other rewards. Same goes for gas stations, pharmacy chains, theaters, pet stores, and more.

Many fast-food chains and retailers also offer online/in-app loyalty programs. And then there are miles and point programs for airlines, hotels, and clothing retailers, which you can usually belong to whether you have a branded credit card with them or not. The key is to choose free ones that are hassle-free. You might even get a decent-sized discount just for signing up.

4. Make it a game. Do you love Candy Crush Saga or watching Jeopardy? With some reframing, spending less money can be a fun mental exercise that taps into your competitive side and requires no time at all. Make your plan in the shower or while you're exercising.

Challenge yourself to forgo one higher-cost item you usually indulge in (a high-end organic item at the grocery store or an expensive hair conditioner.) Or, consider what you love about that discretionary spend and try a similar experience for less. If it's going out with friends, could you trade in a cocktail for a beer?

Other ideas:

•   Try a pantry challenge: How long can you get by without buying any new non-perishable foods?

•   Skip the small toy reward every time you take your (hopefully cooperative) toddler to Walmart.

•   Take the subway or bus instead of using a ride-hailing app.

Maybe set a point value for each success and see if you can best your score each month. Or challenge your partner to a contest: Who can get more points by the end of the week?

5. Ask about discounts. Discounts apply to more than just seniors. When you're scoping out entertainment or other activities — movies, museums, amusement parks or even national parks — check to see if you qualify for discounted admission rates because of your job, where you live, or anything else. Same goes for restaurants, retailers, airlines and hotel chains. You never know when being a veteran or servicemember, a student or teacher, or living in a specific city or county, could save you money. But you have to ask.

OTM2026081001

Most think of it as scraping by — having just enough income to cover the bare necessities. But it can also mean choosing to live without any breathing room in your budget, regardless of how big that budget is.

Both scenarios involve needing your next paycheck to cover all of your obligations. But the first is about subsisting while the second reflects a lifestyle and mindset.

To understand why this distinction is so important, here's some broader context: A consistent majority of U.S. adults consider themselves living paycheck to paycheck, according to PYMNTS Intelligence, a payments industry researcher that's been tracking this for years.

But what's really interesting are the reasons why. When PYMNTS looks at their income, debt, and spending habits, it assigns them a status. And as of July, only 30% of those people had no alternative. Another 37% were in the category by choice, and for 32%, it was a mix of both.

In fact, the percentage living paycheck to paycheck by choice has grown from 28% in January, while the percentage without a choice has shrunk from 38%.

“A consumer living paycheck to paycheck by choice has agency. … They're making trade-offs, but how they do it is under their control,” PYMNTS CEO Karen Webster wrote on Jan. 21. “A consumer living paycheck to paycheck by necessity has no such degrees of freedom.”

So what?

You don't have to be struggling financially to be caught in a paycheck-to-paycheck mindset. In addition to income, your lifestyle and priorities can drive this cycle, and it's a natural human tendency to spend what you make.

If what keeps you feeling stretched to the max is the cost of your kids, schooling, vacations, or social activities, know that there are serious tradeoffs to falling into this pattern: A high overhead can leave you more vulnerable if the economy sours or you lose your job, making it harder to avoid accumulating credit-card debt.

Related Reading

Paycheck Boost Gives Low-Income Workers a Breather (The Wall Street Journal)

Rising Health Insurance Costs May Take A Bite Out Of Your Paycheck (Minnesota Public Radio)

The American Affordability Tracker (Urban Institute)

OTM20260810SW

Headline consumer inflation figures will probably dominate most headlines this week, but Wall Street will pay closer attention to the core and supercore measures. These strip out components that tend to be more volatile, in order to try and isolate the underlying inflation trend. Will the data show a second straight month of cooling, or are price pressures going to intensify again? Expectations are leaning toward the latter, but any major surprises could shake things up dramatically.

The PPI release will complement that picture by offering a look at what businesses are seeing, often serving as a leading indicator for where consumer prices might be headed. Tame data here could help give confidence that though the overall inflation progress has been stagnant, it wouldn't necessarily be getting worse, either. Though if input costs surge, the stock market could be in for a tough time.

Rounding out the week, Friday will give some more insight on the American consumer. Retail sales will show how household spending is holding up, while the University of Michigan's preliminary August Consumer Sentiment survey will give us a fresh read on America's thoughts and feelings about inflation. A surge in inflation expectations would be fuel for the Fed's rate hike fire.

On the Docket

Monday

•   Earnings

◦   Large & Mid-Caps: Simon Property Group (SPG), Ferguson Enterprises (FERG)

Tuesday

•   6:00am ET | July NFIB Small Business Optimism: This measures how small business owners feel about current and future economic conditions.

•   8:15am ET | ADP Weekly Employment Change: This survey offers insight into weekly private sector employment trends.

•   10:00am ET | July Existing Home Sales: Most home transactions in any given month tend to come from the existing market, and as a result set the tone for the broader housing market.

•   Earnings

◦   Large & Mid-Caps: Lumentum Holdings (LITE), Cardinal Health (CAH), Super Micro Computer (SMCI)

Wednesday

•   7:00am ET | Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•   8:30am ET | July Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers.

•   2:00pm ET | July Treasury Statement: This summarizes the U.S. federal government budget by tracking government revenues and expenditures.

•   Earnings

◦   Mega-Caps: Cisco (CSCO)

◦   Large & Mid-Caps: Coherent (COHR), Amcor (AMCR), Trimble (TRMB)

Thursday

•   8:30am ET | Weekly Jobless Claims: This high-frequency labor market data gives insight into initial and continuing filings for unemployment benefits.

•   8:30am ET | July Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.

•   Fedspeak: Cleveland Fed President Beth Hammack will take part in a moderated Q&A at the Dayton Area Chamber of Commerce's Government Affairs Breakfast series. Richmond Fed President Thomas Barkin will discuss the economic outlook and monetary policy at an event hosted by the Greenville Chamber of Commerce.

•   Earnings

◦   Mega-Caps: Applied Materials (AMAT)

◦   Large & Mid-Caps: Tapestry (TPR)

Friday

•   8:30am ET | July Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.

•   10:00am ET | August University of Michigan Consumer Sentiment: Consumer feelings about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.

Note: Companies with at least $200 billion in market capitalization are classified as “Mega-Caps,” while others are shown in the “Large & Mid-Caps” sections.

Want to see more stories like this?
On the Money is SoFi's flagship newsletter
for all things personal finance.

Check it out

OTM2026081002

It's times like these when you most appreciate having money set aside for unexpected expenses. A financial cushion can help you avoid being derailed by a sudden emergency that might otherwise require taking on credit card debt.

But gauging whether you've saved enough can be tough. You hear people suggest saving for a “rainy day,” but you can't know what's going to fall from the sky — or exactly how much it will cost to deal with.

To remove some of the guesswork, we looked at real-world examples from the Federal Reserve's latest annual Survey of Household Economics and Decisionmaking, released in May. The survey showed 59% of Americans experienced at least one major unexpected expense in the previous year.

Vehicle trouble was the most common, with 30% of Americans needing a sudden repair or replacement. Home or appliance repairs weren't far behind at 22%, followed by unexpected medical care at 21%. For all three of these surprises, the median bill (aka the most typical bill) was between $1,000 and $2,000, though it wasn't uncommon to spend $5,000 or more.

Among the other findings:

•   18% of Americans had to repair or replace a phone or computer, typically spending $500 to $1,000.

•   10% had sudden legal expenses, taxes, or fines that typically cost $2,000 to $5,000.

•   Almost half of all respondents had some other type of unexpected expense costing at least $2,000.

So what?

Setting an emergency savings goal isn't an exact science. Saving at least three to six months' worth of your basic living expenses (at least $16,000, based on average U.S. expenses) is a standard benchmark designed for crises like losing a job, which can become a persistent drain on your budget. At the same time, many emergencies are a one-time financial hit.

To build an emergency fund that matches your life, consider where your less predictable expenses tend to spring from. Then, start building a fund at your own pace:

Be realistic: Tripling your monthly expenses doesn't have to be your initial goal if that's too daunting. To get the ball rolling and develop the saving habit, maybe start with a goal of $500 or $1,000. That would still cover many unforeseen expenses and would give you some breathing room in your budget.

Automate the habit: Setting up an auto-transfer so that a portion of every paycheck is diverted to a separate account or fund can help you put money away before you have a chance to see it (and mentally spend it). Consider a high-yield savings account (like SoFi's) to maximize the interest you're earning on your savings.

Bank your windfalls: Did you get a tax refund, a work bonus, or cash from selling your old bike? Try to put at least a portion of it straight into your savings.

Related Reading

Is $5,000 Enough for an Emergency Fund? (SoFi)

Are You Saving Enough? A Look at Average Balances Across Ages (Investopedia)

Bankrate's 2026 Annual Emergency Savings Report (Bankrate)

OTM20260807SW

Lately, it seems like both the bulls and the bears are getting louder. July's market washout in semiconductor stocks was a point for the bears' version of events, while bulls are being emboldened by more impressive tech earnings and market strength from other sectors.

It's a compelling tug of war between the two camps, and in situations like these it can be useful to take a step back and evaluate things more broadly. Ignoring the constant barrage of headlines can help us decide if we can remain optimistic or if we should be more cautious.

So let's parse through current economic and market conditions with that lens to assign some grades.

Macro Messages

A pulse check on the economy should include three main components: growth, inflation, and jobs.

This year GDP growth has been solid, but not incredibly impressive. The latest data, for the second quarter, showed 1.5% growth quarter-over-quarter, lower than it was in the first quarter and three of the last four. This year's growth was undoubtedly affected by rising oil prices, a force that should abate with a resolution to the conflict in Iran … as long as that happens at some point in the near future.

Importantly, GDP growth for the third and fourth quarter of this year is expected to be stronger, and as we know, the market cares more about expectations than current conditions (more on that later), so despite a lukewarm reading in the second quarter, things are looking up for the rest of 2026.

Things are also moving up for inflation, but that's not what we want. Again, rising oil prices are having an outsized effect here, but inflation was above the Federal Reserve's 2% target before the war began, and Chairman Kevin Warsh has clearly communicated his intolerance for inflation that's above target. Inflation is a problem and a headwind for the economy. Pressure on the Fed to hike rates is growing, but any higher interest rates would also act as a dampener on the economy.

The last piece of the economic report card is jobs, which remain quite stable despite lots of fearmongering about a weakening labor market. Monthly job growth has been a little jumpy over the past two years, but 2026 data has been mostly positive. The 3-month average is 111,000, which I view as healthy. Add this to an unemployment rate of 4.2% and it's difficult to find signs of weakness.

Using these three metrics – GDP growth, inflation, and jobs – I give the economy a grade of A-. There are some concerns, but things are mostly strong and stable despite the many headwinds over the course of 2026. I've been impressed with the resilience of our economy.

Markets Know First

That said, there are many market participants who will tell you that the market sniffs things out long before the economic data will show it — and they're right. So let's take a look at what the market is telling us from an earnings and trading perspective.

Over long-term periods, markets follow earnings. If a company is not producing solid earnings growth or cash flow, or not managing its margins properly, markets will adjust accordingly. Short-term, post-earnings movements in stocks are informative, but as a long-term investor, they aren't the real message. The real message is in earnings strength, and right now, earnings are stronger than they've ever been.

However, you can see from the chart above that when earnings do turn down, the market (light blue line) tends to turn down beforehand. So the question is: are we in a period when the market is consolidating ahead of more downside to come?

Of course, no one knows for sure what the future holds. But the market looks broadly positive right now. There was a rather dramatic washout in momentum during July that took semiconductor stocks down almost 30%, but that pullback was relatively contained to tech stocks and appears to have run its course.

It's important to note that even when tech stocks were in a volatile stretch, the broad S&P 500 did just fine. Other sectors performed well, which is an important indication of positive sentiment from investors.

Current market conditions don't suggest a bigger pullback coming, in my opinion. Cyclical sectors such as Energy, Financials, and Materials are among the leaders quarter-to-date, and the S&P is up almost 4% this quarter.

Valuations remain stretched according to many metrics, but the technical setup (measures of market strength, momentum, and overbought/oversold conditions) looks healthy. In fact, many would suggest that the current move upward in the S&P could send it to 8,000 soon.

Though there is much to be excited about, there are also things to be watchful of and surprises that could change the course of events. The best we can do is work with the information we have and add a sprinkle of intuition. At present, these are both telling me the likely direction for stocks is upward. Market grade: A.

For educational purposes only. This content is not investment advice or a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance does not guarantee future results. Any third-party information or links are provided for informational purposes only and do not constitute an endorsement or affiliation by SoFi.

Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth's advisory operations, services, and fees is set forth in SoFi Wealth's current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Liz Thomas is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.

OTM2026080701

Inflation has Americans paying an average of 37% more for “limited-service” meals and snacks today than they did six years ago, according to the Consumer Price Index. Dollar menus have vanished, and the average combo meal costs over $10. It's not just burgers and fries, either. Social media is filled with posts shocked by the price of tacos, fried chicken, sub sandwiches, and more.

“A select few items are a decent deal and everything else is ridiculous,” one user said in a Reddit thread last month. “For these prices, you can go to a non-fast food restaurant and get a better burger,” another user wrote. “I used to order fast food a couple times a week as a treat. Now I order fast food a couple times a month, if that,” a third wrote.

Although the CPI shows prices are rising even faster at full-service restaurants, the expectations for fast food are different. When you remember getting a hamburger or small fries for $1 or $2, it's harder to stomach the inflation — even if it's hitting everywhere else too.

Fast food prices “have crossed a psychological threshold,” Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University in Canada, wrote in March. “Fast food is stuck in the middle — too expensive to be cheap, not good enough to be premium.”

There appears to be a limit to what people will tolerate. Traffic has been declining for the “quick serve” industry as a whole, according to data from Revenue Management Solutions (RMS), a restaurant software company. And 62% of people surveyed by LendingTree in 2024 said they were eating fast food less due to the rising prices.

The truth is that our relationship with fast food is, well, complicated.

On the one hand, a combo meal at a quick-service restaurant is still less than half the price of an entree and beverage at a casual dining restaurant as of May — $10.29 vs. $22.97, according to RMS. And fast food is losing fewer customer visits than other restaurant categories including fine dining and fast casual, according to a YouGov survey taken last year.

And yet, as fast food chains face higher costs for food, labor, utilities, and payment fees, consumers are bearing the brunt of it.

“McDonald's for three or four people is $35. That changes my mindset,” said Joel Libava, who advises aspiring owners of food and other franchises. “I'd rather pay $50 or $60, go to a full-service place, and have more of an experience.”

A recent McKinsey survey sheds more light on Libava's mindset: Consumers are unhappy with both the cost and portion size of the fast food they’re buying, which can change the calculus on when to upgrade to a sit-down meal. Gen Z, for instance, tends to prioritize meals at sit-down restaurants over fast food restaurants. This is likely because eating out is an opportunity to socialize, McKinsey speculated.

So what?

The traditional value proposition on fast food is shifting. If you’re not sure it’s worth the money — but you still need a backup plan on crazy days, here are some strategies to help you strike the right balance:

Ditch delivery: Delivery charges, in-app price markups, service fees, and tips can easily double the price of an order, turning a $10 combo meal into a $27 luxury, according to math from RMS. If you're craving fast food, picking it up yourself is the single fastest way to shave money off the bill.

Opt for convenience stores or delis instead: You don't need a fast-food chain for quick, hot food. Convenience stores and grocery delis also have ready-to-go meals, and in fact, 44% of diners in a Tillster survey said convenience stores now offer better quality food than traditional fast-food establishments.

Work the value menus and apps: Ordering standard combo meals off the main menu board is often where sticker shock hits hardest. To keep your tab down, stick to sub-$5 value menu items or download chain-specific apps, where brands may concentrate their best discounts, freebies, and rewards.

Related Reading

Local Burger Chains Are Winning the Fast-Food Wars (The Wall Street Journal)

The New Math of Eating Out: Is It Still Worth It? (SoFi)

Frozen Meals That Taste Better Than Takeout, According to Shoppers (Eat This, Not That)

OTM20260805SW

The first month of a new quarter is always dominated by earnings results from the previous quarter. Artificial intelligence remains the top theme driving stock market performance, so in July that meant the most intense scrutiny was on how much Big Tech is investing in AI.

The reactions to the massive capital expenditures were mixed — Amazon and Microsoft stocks popped, while shares of Alphabet, Apple, and Meta fell — and there were other reasons for sharp volatility during the month. Memory stocks continued to lead the charge, and some speculative investors bet on even more upside by borrowing against their stock holdings or buying leveraged ETFs to further increase exposure.

Take memory companies SK Hynix and Samsung (accounting for nearly half of the entire KOSPI index at their peak), which are domiciled in South Korea. Retail investors invested billions of dollars in leveraged single-stock ETFs of the companies, and they were only introduced in late May.

Leverage cuts both ways, however. Once the AI trade began to wobble in late June, that set off a period of margin calls and forced selling, with volatility in the KOSPI spiking to levels comparable with the S&P 500 during the Great Depression.

This deleveraging cascade reached a crescendo in late July when Situational Awareness Limited Partners, a hedge fund that was highly exposed to AI stocks, was forced to get out of its positions because it had used leverage extensively (at its peak, it was nearly 4x leveraged).

In the short-term, it remains to be seen if any downside remains for AI stocks. The longer-term fundamental story is mostly unchanged, however, as analysts' capex expectations have been revised even higher through 2029. With the benefit of hindsight, we may even look back at this moment and say it marked the bottom.

No Guidance? No Problem, Say the Bond Vigilantes

Amid the upheaval in the stock market, the Federal Reserve was debating what to do on the monetary policy front. In Kevin Warsh's second meeting as Fed chairman, the Federal Open Market Committee left its benchmark interest rate unchanged at a target range of 3.50%–3.75%. But there were several takeaways nevertheless.

For one, though markets had priced in no change — giving it roughly 70% odds – three officials dissented in favor of a 25-basis-point rate hike. Their general thinking was that inflation remains elevated and monetary policy isn't restrictive enough to get it back down to the Fed's 2% target, especially in light of the ongoing AI demand and oil price shocks.

The post-meeting press conference, however, was where things got extra interesting. Just like the June meeting, Warsh noted that officials were united in their fight against inflation and that forward guidance was a mistake in non-crisis situations. But question after question from reporters focused on trying to gauge if or when he might support an interest rate hike — in effect trying to suss out the chairman's so-called reaction function to economic data. He wouldn't say.

Investors weren't pleased with the lack of clarity. By refusing to lay out his thinking, Warsh sparked some doubts regarding his inflation-fighting credibility. Would he actually support a rate hike if conditions required one? Given he was nominated to the chairmanship by President Trump, who has advocated for rate cuts, some suspect the answer could be no. Bond vigilantes got the message, sending long-term bond yields soaring as they priced in higher inflation expectations.

Market Recap

Macro

•   The United States and Iran resumed fighting after the prior month's memorandum of understanding fell apart.

•   In a 9-3 vote, the Federal Reserve left its benchmark interest rate unchanged at a target range of 3.50%-3.75%.

•   Though the unemployment rate declined to 4.2% in June, job growth unexpectedly slowed to 52k.

•   Core consumer prices declined in June for the first time since May 2020.

•   Oil prices surged 21.7% to $85/bbl, as vessels transiting the Strait of Hormuz plummeted to near-zero.

•   Boosted by intervention from Japan's Ministry of Finance in the last two days of July, the Japanese Yen appreciated from a value of 163 against the dollar to 157.

Equities

•   Value stocks outperformed growth stocks by 8.5 percentage points, the style's best relative performance since February 2001.

•   Energy stocks rose 12.6% in July, the sector's best month since January and second-best since October 2022.

•   South Korea's equity market finished July with realized 30-day volatility of 97.8%, easily the most on record and rivalling what the S&P 500 saw during the Great Depression.

Fixed Income

•   The 2y-10y Treasury yield curve spread widened from 29 basis points to 44 basis points, as investor inflation expectations rose.

•   While 1-year inflation expectations fell from 2.15% to 1.92% in July, 10-year expectations rose from 2.37% to 2.43%.

•   Beginning the month at 2.70%, High Yield bond spreads finished the month at 2.79%, while Investment Grade spreads rose from 0.74% to 0.78%.

View PDF

Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth's advisory operations, services, and fees is set forth in SoFi Wealth's current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Mario Ismailanji is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.

Please understand that this information provided is general in nature and shouldn't be construed as a recommendation or solicitation of any products offered by SoFi's affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It's important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20260XXXXX

According to a recent survey by Bank of America's private bank, stocks make up less than a third of wealthy Gen Z and Millennial portfolios, on average. That's significantly less than the 46% they hold in Gen X portfolios or the 58% they occupy for older folks.

In fact, younger millionaires hold almost as much money in less traditional investments as they do in stocks, the survey showed. The most popular of these new asset types: crypto. But they also invest in real estate, collectibles, gold, and even sports teams.

A big part of it is math. Most of the Gen Z and Millennials surveyed are drawn to investments with a higher-return potential, and say that's no longer just stocks and bonds.

But their investment choices are also a form of self-expression. While the appeal for older investors tends to be diversification, many Gen Z and Millennials said they've chosen less traditional investments to chase their passions, give their money purpose, or simply have fun.

Of course, when you have at least $3 million in investable assets (the threshold to participate in Bank of America's survey) there's more room to take chances — and investing in highly volatile assets like crypto does require a greater risk tolerance.

But this trend isn't just among millionaires: 71% of all Gen Z investors surveyed by the World Economic Forum in 2024 had at least a one-third of their portfolio in crypto. In the U.S., EMarketer forecasts that Gen Z will be crypto's fastest-growing segment, representing 33% of U.S. crypto owners by 2028 — up from 14.4% in 2021.

So what?

Investing is increasingly personal. If you're more likely to invest based on your interests or social scene, growing your money becomes a lifestyle choice as much as a financial decision.

But when your money is tied up in your identity, your enthusiasm can obscure the risks. So remember:

New is not always better. Crypto, private markets, collectibles, and AI-powered investing tools have expanded investors' options — but every investment comes with its own risk of loss, fees, and trade-offs. Make sure you understand those before jumping in.

Diversification is one of your best defenses. Pouring a lot of money into a single exciting asset class might magnify gains, but it can also magnify losses. Spreading your money across a mix of investment types can help reduce risk over time.

Strategy is important. If you invest in sneakers, trading cards, or funny digital tokens because they’re more fun than a traditional index fund, ask yourself how they fit into your long-term financial goals. Not every endgame has to be the same, but you want to be clear on your reasons.

The market will keep changing. Investing today looks very different than it did 20 years ago, and it will likely look very different 20 years from now too. Staying curious can help you avoid feeling overwhelmed or rushed when new opportunities arise.

Related Reading

How Younger Generations Are Redefining Wealth Through Crypto and Collectibles (VanEck)

How Real People Are Making Sense of Crypto (Investopedia)

The American Dream, Backed by Bitcoin? (SoFi)

OTM20260803SW

Without question, the main event this week comes Friday when the July employment report drops. Nonfarm payroll growth, wage growth, and the unemployment rate will all be sliced and diced by economists and investors. Labor data has generally improved this year, so another positive report could solidify expectations for a rate hike next meeting.

There are some other data drops coming before Friday's main event, however. The July ISM Manufacturing and Services PMIs will shed light on new order activity, supply chain delivery times, and price pressures facing businesses, while the JOLTS data will provide some insight on job openings, hiring, and quits rates.

Of course, the second-quarter earnings season is ongoing throughout all of this. Most of the tech behemoths have reported, but 139 companies accounting for about 15% of the S&P 500's market capitalization are lined up this week. From semiconductor players shining a light on AI demand to industrial and consumer bellwethers offering a read on the rest of the economy, there remains a lot to digest.

On the Docket

Monday

•   10:00am ET | July ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.

•   10:00am ET | June Construction Spending: Construction data is a leading indicator of business activity.

•   5:00pm ET | July Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.

•   Earnings

◦   Mega-Caps: Palantir Technologies (PLTR)

◦   Large & Mid-Caps: Vertex Pharmaceuticals (VRTX), Marriott International (MAR), Williams Companies (WMB), ONEOK (OKE), Diamondback Energy (FANG), TKO Group Holdings (TKO), ON Semiconductor (ON), EchoStar (ECHO), Loews (L), Tyson Foods (TSN), SBA Communications (SBAC), Clorox (CLX), Alexandria Real Estate Equities (ARE)

Tuesday

•   8:30am ET | June Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.

•   10:00am ET | June Job Openings: A key measure of business demand for labor is the number of job openings, since reducing openings is easier and preferable to layoffs.

•   10:00am ET | June Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

•   Earnings

◦   Mega-Caps: SpaceX (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck & Co (MRK), Arista Networks (ANET), Amgen (AMGN)

◦   Large & Mid-Caps: McDonald's (MCD), Gilead Sciences (GILD), Booking Holdings (BKNG), Pfizer (PFE), Duke Energy (DUK), Marathon Petroleum (MPC), Cummins (CMI), Emerson Electric Co (EMR), TransDigm Group (TDG), Apollo Global Management, Inc (APO), WW Grainger (GWW), Ametek (AME), Rockwell Automation (ROK), Devon Energy (DVN), IDEXX Laboratories (IDXX), Prudential Financial (PRU), Sysco (SYY), Archer-Daniels-Midland (ADM), Public Service Enterprise Group (PEG), Waters (WAT), Kimberly-Clark (KMB), NRG Energy (NRG), Qnity Electronics (Q), Fidelity National Information Services (FIS), Expeditors International of Washington (EXPD), International Flavors & Fragrances (IFF), DuPont de Nemours (DD), Broadridge Financial Solutions (BR), Ball (BALL), Kimco Realty (KIM), Jacobs Solutions (J), DaVita (DVA), Healthpeak Properties (DOC), Leidos Holdings (LDOS), Assurant (AIZ), Zebra Technologies (ZBRA), Revvity (RVTY), Pinnacle West Capital (PNW), Aptiv (APTV), Wynn Resorts (WYNN), Gartner (IT), Henry Schein (HSIC), Paramount Skydance (PSKY), Mosaic (MOS)

Wednesday

•   7:00am ET | Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•   8:15am ET | July ADP Monthly Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends.

•   9:45am ET | July S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

•   10:00am ET | July ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.

•   Earnings

◦   Mega-Caps: Eli Lilly (LLY)

◦   Large & Mid-Caps: Western Digital (WDC), Sandisk Corporation (SNDK), Disney (DIS), Uber (UBER), AppLovin (APP), CVS Health (CVS), McKesson (MCK), Phillips 66 (PSX), DoorDash (DASH), EOG Resources (EOG), Motorola Solutions (MSI), Allstate (ALL), Honeywell Aerospace (HONA), MetLife (MET), AmerisourceBergen (COR), Realty Income (O), Occidental Petroleum (OXY), eBay (EBAY), Block, Inc. (XYZ), Axon Enterprise (AXON), Iron Mountain (IRM), Expedia Group (EXPE), Kraft Heinz (KHC), Atmos Energy (ATO), Texas Pacific Land Corp (TPL), Corpay (CPAY), Global Payments (GPN), STERIS (STE), NiSource (NI), CF Industries Holdings (CF), CDW (CDW), Zimmer Biomet Holdings (ZBH), Host Hotels & Resorts (HST), News Corp (NWS), Solventum (SOLV), Albemarle (ALB), APA Corp (APA), Insulet (PODD), Charles River Laboratories International (CRL)

Thursday

•   5:30am ET | July Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.

•   8:30am ET | 2Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

•   8:30am ET | Weekly Jobless Claims: This high-frequency labor market data gives insight into initial and continuing filings for unemployment benefits.

•   10:00am ET | June Wholesale Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.

•   Fedspeak: St. Louis Fed President Alberto Musalem will give a speech and then take part in a moderated discussion at the Center for Public Policy Debate, followed by Q&A.

•   Earnings

◦   Large & Mid-Caps: ConocoPhillips (COP), Parker-Hannifin (PH), Howmet Aerospace (HWM), Constellation Energy Co (CEG), Datadog (DDOG), Monster Beverage (MNST), Airbnb (ABNB), Republic Services (RSG), Aflac (AFL), Warner Bros. Discovery, Inc (WBD), Sempra Energy (SRE), Targa Resources (TRGP), Becton Dickinson and Company (BDX), Keurig Dr Pepper (KDP), American International Group (AIG), Microchip Technology (MCHP), Consolidated Edison (ED), Kenvue Inc. (KVUE), Zoetis (ZTS), ResMed (RMD), Fiserv (FISV), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), Ralph Lauren (RL), Viatris (VTRS), Evergy (EVRG), Akamai Technologies (AKAM), NortonLifeLock (GEN), Trimble (TRMB), Bio-Techne (TECH), Trade Desk (TTD), Molson Coors Brewing (TAP)

Friday

•   8:30am ET | July Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month.

•   11:00am ET | July New York Fed Survey of Consumer Expectations: This is a measure of peoples' expectations for inflation, jobs prospects, earnings growth, and more.

•   3:00pm ET | June Consumer Credit: Borrowing activity gives insight into broader economic activity.

•   Fedspeak: Richmond Fed President Thomas Barkin will participate in a fireside chat at an National Association for Business Economics event on the economy, leadership and the Federal Reserve.

•   Earnings

◦   Large & Mid-Caps: Vistra (VST), Take-Two Interactive Software (TTWO), PPL (PPL)

Note: Companies with at least $200 billion in market capitalization are classified as “Mega-Caps,” while others are shown in the “Large & Mid-Caps” sections.

Want to see more stories like this?
On the Money is SoFi's flagship newsletter
for all things personal finance.

Check it out

OTM2026080302