SoFi celebrates Healthcare Hero Jose Perpignan Jr. and provides $100K to go toward his student debt.
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As studios suspend more film releases or opt to stream them, cinemas are feeling a heightened financial strain.
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Many people who are feeling cramped at home are searching for more space to work and practice social distancing. This, and other factors, have led to a spike in demand for suburban housing. Pacaso, a startup created by two former Zillow Group (ZG) employees, has come up with a creative way to fill that demand.
Pacaso is using the timeshare business model to sell partial ownership in homes. While traditional timeshares give buyers the opportunity to stay in homes by the beach or the mountains, Pacaso plans to offer stays in more ordinary suburban neighborhoods outside of cities such as Austin or Detroit.
The idea for Pacaso was sparked before the pandemic. The company’s founders, though, made some adjustments to the business model in response to people’s unique needs at the moment and see now as an ideal time to launch.
Pacaso, named for the artist Pablo Picasso, will target people who want to keep their homes in urban centers and are not ready to buy second homes, but want the opportunity to escape somewhere with more space on a regular basis. Pacaso will aim to offer homes within a two-hour drive from customers’ main residences.
Pacaso has secured $17 million in venture funding from investors including Howard Schultz, the former Starbucks (SBUX) CEO, and Jeff Wilke, an Amazon (AMZN) executive. The timeshare model is a notoriously difficult way to turn a profit, both for operating companies and buyers. However, Pacaso’s unique take on the business model could change this.
Pacaso launched last week with four homes, and has plans to be operating in 25 US markets with hundreds of homes by next year.
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.
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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.
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MBA programs are seeing a record number of applications this cycle. This is a change from the past five years, when business school applications dropped due to a strong job market and high tuition costs. Now, however, programs like the University of Pennsylvania’s Wharton School, Columbia Business School, MIT’s Sloan School of Management, and others are seeing their application numbers climb by double-digit percentages.
Some schools anticipated falling international student numbers because of coronavirus-related restrictions entering the country as well as the possibility that classes would not meet in person. Indeed, this year, many students chose to defer.
The number of people applying for business school and other graduate programs tends to swell during economic downturns as people look to bulk up their resumes when the job market is difficult. This is part of the reason for the spike in MBA applications.
Additionally, this year a number of business schools waived or loosened standardized testing requirements and pushed back application dates because of COVID-19. This spurred many who might not have otherwise applied this year to submit b-school applications.
For some already in business school, the pandemic is presenting difficulties. Some business school students are paying $80,000 per year or more for remote classes. One big appeal of going to business school is that it provides opportunities to connect with other students and start building a valuable network. Some students are feeling frustrated that their schools have not lowered tuition even though their business school experience is fully or partially online.
Additionally, some business school students are concerned about entering a murky job market that appears to be much different from when they started school. Some companies are not even going through with their typical fall recruiting efforts. Though circumstances are challenging for business students at the moment, dealing with the current economic uncertainty may be good training for the difficult situations they may face later in their careers.
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.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
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.
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Today, look for the September ISM Services Index and September Markit services PMI. PMI stands for purchasing managers’ index. This metric is based on monthly surveys of US companies about the state of their businesses and the economy. Service reports generally track transport and communication firms, financial intermediaries, business and personal companies, information technology and computing, hotels and restaurants. Along with manufacturing data, these readings contextualize underlying trends in the economy.
Tomorrow, August job openings and August trade deficit data will be released. Trade deficit measures the difference between a country’s imports and exports. Between June and July, the US trade deficit rose from $53.5 billion to $63.6 billion.
On Wednesday, be on the lookout for Federal Open Market Committee (FOMC) meeting minutes and August consumer credit. Consumer credit measures debt that people take on to buy goods and services. In July, consumer credit climbed by a seasonally adjusted annual rate of 3.5%.
On Thursday, initial jobless claims will be released. First-time jobless claims released last week came in at 837,000, marking a 36,000 decline from the prior week. Continuing claims were down by almost 1 million, hitting 11.8 million. Though recovery for the job market is still gradual, these numbers showed a somewhat encouraging trend. That said, there is still a long way to go to get back to pre-pandemic levels of jobless claims.
To round out the week, August wholesale inventories will be released on Friday. This metric measures how much stock wholesalers have that they cannot sell. A high amount of inventory means retail demand is depressed while a low amount of inventory means demand is high. From June to July, wholesale inventories climbed by 4.6%, showing that demand for retail goods fell as some states rolled back reopening measures in July due to rising COVID-19 cases.
Third quarter earnings season will begin this week. Investors will be eager to see how companies are adjusting to what some see as a “new normal.”
Tomorrow, Levi Strauss &Co (LEVI) will report its latest results. The pandemic has been hard on most clothing companies due to store closures. Jeans makers have had a particularly difficult time as many people are choosing to wear leggings or sweatpants while working from home. Due to decreased revenue, Levi Strauss cut 700 corporate jobs, or about 15% of its corporate workforce over the summer.
Paychex Inc. (PAYX) a company that provides payroll systems, human resources help, and other services to small and medium-sized businesses, will also report earnings tomorrow. The company facilitates payment for one out of every 12 American private sector employees. It recently created new systems to help employers deal with the pandemic, including COVID-19 leave tracking and screening.
On Wednesday, Lamb Weston Holdings Inc. (LW) hands in its report card. The Idaho-based company supplies frozen potatoes, vegetables, and other food products to restaurants and grocers. It is likely that the company’s restaurant business has been hampered by the pandemic, but its grocery store business saw growth. This report will give insights into how well the company was able to alter its supply chains over the last quarter.
On Thursday, look out for an earnings report from Domino’s Pizza (DPZ). Domino’s is the world’s largest pizza company by sales and has 17,100 locations in more than 90 markets. Domino’s has been at the forefront of online ordering and delivery for some time, and when the COVID-19 pandemic hit, it stepped in to fill a surging demand for food delivery. Their digital strategy has driven sales which has continued to push the company’s stock price higher.
Delta Airlines (DAL) is also expected to report earnings on Thursday. Along with other air carriers, Delta has faced severe hardships due to the COVID-19 pandemic. Last week, the Treasury Department extended loans to seven major US airlines, but Delta and Southwest (LUV) both decided to opt out and stick to funding from private markets.
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.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
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.
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