SoFi Blog

Did you know that if you don’t negotiate your salary you could be missing out on up to $1 million dollars over a 45 year career?¹

Last year, we introduced Get That Raise—an initiative that empowers our members to go out and ask for the money they deserve, while equipping them with the tools and resources to be prepared and have informed conversations with their managers.

This year, we’re expanding on our initiative to discuss why it’s important to go out and ask and stop leaving money on the table. We’re excited to partner with Allyson Felix, the most decorated Track and Field Olympian, who lived this experience firsthand.

Most Decorated Track and Field Olympian Allyson Felix Joins SoFi for “Get That Raise” in New York City Tonight; Award-Winning Get That Raise Salary Tool To Help Americans Earn $20 Million in Raises

SAN FRANCISCO, CALIF. – October 24, 2019 – Not negotiating one’s compensation could cost an individual over $1 million dollars over the course of a forty-five year career.* To make sure that Americans are not leaving any money on the table and have the means to achieve financial independence, SoFi is celebrating the second annual “Get That Raise” initiative to encourage members to know their worth and ask for greater compensation, with the goal of helping our community receive at least $20 million in raises by next year’s event. 

For this year’s initiative, SoFi is partnering with the most decorated track and field Olympian, Allyson Felix. Felix openly discussed negotiations with her brand partner Nike, who offered to pay her 70% less than what she was making before her maternity leave. Tonight, she will join SoFi members at an exclusive in-person New York City event for a fireside chat sharing her best negotiation advice and what she learned from that experience. The conversation will be livestreamed to SoFi’s Twitter and LinkedIn at 7:15p ET/4:15p PT. 

To spread this wisdom even further, SoFi has added new features to its award-winning “Get That Raise” tool, including a more personalized action plan and a pre-populated professional presentation to take into compensation conversations to help people get that raise. There is also a “money left on the table” calculator that will calculate how much money is at stake should people not regularly negotiate. 

“We want to help people earn $20 million dollars in raises by ‘Get That Raise’ 2020, “ said Anthony Noto, CEO of SoFi. “We want to help people get their money right and accelerate the path to financial independence. Advocating for yourself and having the confidence to negotiate to earn more is the single best way to do that. There is no better model for our members than Allyson Felix, as she has faced and overcome this challenge firsthand.”

“I’m excited to partner with SoFi to help their members ‘Get That Raise’ because it’s clearly a cause I’m personally affected by,” said Felix. “From this experience I learned that my voice has power and that standing up for yourself is not only good for you, but it changes things for communities as a whole. I’m thankful that SoFi is prioritizing this conversation and equipping their members with the knowledge and resources to face this challenge head on.”

SoFi’s first-ever “Get That Raise” event was held last year on September 20th in partnership with MSNBC’s “Morning Joe” co-host Mika Brzezinski. The Webby Award-winning “Get That Raise” tool was debuted in 2019 and has been featured as a career resource in The New York Times.

SoFi members have access to membership benefits which include live experiences across the country. Member benefits also includes free career services, through an exclusive partnership with Korn Ferry, as well as access to financial planners to all members.

To explore the tool and learn more about this year’s initiative visit sofi.com/getthatraise.

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than 800,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, future home of the Los Angeles Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit SoFi.com or download our iOS and Android apps. 

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 ©2019 Social Finance, LLC All rights reserved.

*“Missing out on $1 million” calculation is based on a starting salary of $60,000 and the value after 45 years of a one-time salary increase based on a 10% raise. The output value is the sum of after-tax spending and pre-tax savings. The calculation assumes a 0.22% individual federal tax rate, a 2.50% inflation rate, a 7.00% rate of return, a 80% spending rate and a 20% savings rate. This calculation does not account for state taxes, social security benefits, or getting additional raises over time.

It happens to the best of us. You’ve got a totally watertight budget, covering every basic from housing to groceries to gas. You’ve even built in space for quality-of-life extras like a gym membership and a subscription to Spotify.

And for a few months the whole thing goes pretty well. You carefully watch where each and every hard-earned penny scurries off to, basking in your newfound feeling of fiscal control and responsibility.

So you decide to build in another, slightly loftier objective: a savings goal for a once-in-a-lifetime vacation or to finally replace that junker you’ve been driving since you were literally in college.

And then, life happens. Maybe that beater you’re still relying on to get to work suddenly requires a repair, or you discover that moths spent the long summer months snacking on last year’s winter coat while it was in storage. Maybe a bicycle stunt lands you in Urgent Care, delicately cradling a broken wrist.

Or maybe you just lose track of those far-fledged ambitions when you see something shiny and new in a storefront window—or by frittering away your cash on tiny daily indulgences, whether they’re iced Americanos or ice cream cones.

No matter what it is that gets in your way, it’s all too easy to lose sight of financial goals, especially when the payoff is fairly far in the future.

It’s natural to be tempted to satisfy your current self at your future self’s expense. But there are ways around this common financial trap and they might be simpler than you think.

This is the year. You’re in charge of throwing the big Halloween bash.

Organizing a Halloween party isn’t like hosting just any function. Everyone knows you’re expected to make the event gruesome, fantastical, and spooktacular—in addition to entertaining.

Searching for Halloween party ideas? Keep these six tricks—some appropriate for kids and some reserved for adults—up your sleeve to hold an event no goblin or ghoul will ever forget.

If you’re a high school athlete, chances are you’re considering continuing playing your sport at college. And although your ultimate reason for going to college may be to get your chosen degree and prepare for your career and overall life, sports may play a significant factor in where you choose to go.

If that’s the case for you, you may want to consider these questions:

  1. How important are sports in your college selection?

  2. How important should they be?

  3. How can you benefit by participating in collegiate sports?

  4. What are some associated challenges?

Read on to learn some answers to those questions and more.