SoFi Blog

At SoFi, we think a lot about how we build products to help consumers make good financial decisions. But we thought it’d be interesting to hear how others in the fintech space in San Francisco were considering these questions, too. So earlier today, we hosted a breakfast for members of the press at our new downtown engineering office space in San Francisco to discuss just that along with representatives from Robinhood, Wealthfront, Digit, and Plaid. The panel was moderated by Kristen Berman, co-founder of Irrational Labs with behavioral economist Dan Ariely and co-founder of the Common Cents Lab with Duke University. Here’s a quick recap.

A duchess once said: “You can never be too thin or too rich.” Many people would disagree with the first part, but very few would argue with the second. However, while you can’t have too much money, you might have too much cash.

How much cash should you have?

“My partner doesn’t really need to know I splurged on these shoes, so I’ll intercept the credit card bill from the mail before he sees it.”

“My bonus was a bit more than I anticipated, so it won’t hurt if I don’t tell my wife and have some fun with the extra money.”

A one-time money secret may seem like a minor relationship infraction, especially if the amount in question is a small one. But as I know from conversations with my clients, one fib can lead to another, snowballing into long-term deceits, such as secret credit cards or hidden bank accounts. Little flakes of dishonesty can severely ice over a relationship, especially when debt accumulates or credit scores fall.

It’s that time of the season when we start to set the list of New Year’s resolutions for ourselves: eating better, exercising more often, and saving some extra money. But what about those selfless resolutions that impact those around us and who we care about most? Being more kind is a start, and so is minding your “P’s” and “Q’s”; however, these types of actions often fall flat as the year rolls along.

It might be time to consider some steps you can take that protect those you love. As troublesome as it sounds, buying life insurance is one of the most selfless decisions you can make for protecting your family. Unlike other resolutions, purchasing life insurance isn’t about you; it’s about the ones you love. And there are a few important tips and tricks that can help in the search for the right kind of coverage.

So what is life insurance anyway?

From the sleep deprivation to the midnight feedings, your first child will represent a major—albeit wonderful—shift in the way you live. What’s more, your beautiful addition will also represent a shift in the ways you spend and save.
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Raising a child is expensive—the USDA’s most recent report (2013) estimates the total cost from birth to age 18 at $245,340. So planning for your first child means also examining your finances and your future financial goals.

Here are nine ways to prepare financially for baby in just nine months.