SoFi Blog

The holidays are a time for families to get together and share joy and thankfulness. But they’re also a time for mom or dad to probe their adult children about all kinds of “fun” topics like who they’re dating, when those grandkids will be on the way, when they’re going back to school for that master’s degree, and—you guessed it—how they’re dealing with money.

We wanted to learn more about the conversations parents have with their adult children around money, so we surveyed 1,003 parents in the United States—ages 36 to 65—during the month of November, and found some surprising results.

Monthly expenses add up quickly; including rent or a mortgage payment, car payments, student loan payments, and more. You routinely pay these bills each month, and then, almost as an afterthought, you try to figure out what’s left over to save for a rainy day or invest for financial growth. The concept of paying yourself first shakes up that routine.

When you pay yourself first, your top priority is to put a predetermined amount of money into personal savings and investment accounts. Depending on your expenses and income, the amount you save will vary.

When you focus on investing in your own financial wellbeing first, it helps to ensure your discretionary spending doesn’t cut into your financial growth. When you make paying yourself first a priority, it often makes sense to set up automatic transfers from your paycheck to your savings or investment account. If you’re ready to make yourself and your financial future a priority, these tips and strategies could help.

Do you dream of a white picket fence and kids running around in the backyard? Or maybe hanging out on the stoop of your own urban brownstone in the heart of the action? Perhaps lounging in your oceanfront condo? Owning a home is a cornerstone of the American Dream, and the appeal is easy to see. A home is a place to make your own and perhaps raise a family. It can provide security, both financial and emotional. And as the saying goes, renting means you’re paying someone else’s mortgage.

Even though a fair amount of people aspire to own a home, not everyone is able to make that dream come true. The homeownership rate among Americans is 64% , down from close to 70% before the 2008 recession. Purchasing a house is one of the biggest expenses you’ll have in your life, and it’ll take some careful planning. That’s compounded by the fact that housing prices are on the rise in many parts of the country.

Saving enough for a down payment can seem intimidating, especially when you might have to balance that with student loans, retirement planning, and other financial commitments. But being a homeowner is possible if you think ahead and make the right savings and investment plan to buy a house.

The air is crisp, the leaves are changing—it’s time for jack-o-lanterns, spiderwebs, witches, horror movies and…Halloween! As all things spooky enter the spotlight, there’s no better time to face your fears. And if investing is one of them, we’re here to let you know that investing doesn’t have to be scary.

In one survey, SoFi found that 56% of millennial women say that fear holds them back from investing. But investing, as part of an overall financial plan, can help you grow your wealth. When armed with the proper information and assistance you can conquer your stock market fear. That way you have more time for Halloween costumes, candy, and trick-or-treating.

Jumping into a nine-year-old bull market can feel overwhelming and you may question whether you’ve already missed the boat. Recent market volatility might also make you a bit anxious. Yet, despite what you might have heard about unstable financial markets, it’s important to consider the stock market in the long-term as opposed to focusing on the daily ups and downs.

And even if the market continues its rollercoaster ride, or takes a slight dip, as long as you’re investing money for the long haul, your account is likely to grow thanks to the power of compound interest.

So what are you waiting for? The sooner you start investing, the sooner you take a great first step in planning for the future. Here are seven investment tips for beginners on how to invest your money wisely in today’s conditions.