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Are you ready to take your professional growth to the next level in 2024?

Whether you’re hoping to get a raise, clinch that promotion, or switch careers, the beginning of a new calendar year can be a great time to sit down and reflect on where you’ve been, where you want to go, and how you’re going to get there.

Why bother setting professional development goals? Without a specific direction in mind, it can be easy to fall back on what you’ve always done, or just take any opportunity that comes your way without thinking critically about what you want. This can leave you feeling unsatisfied and rudderless in your professional life.

Even if you’re just starting out, you have more agency over your work life than you might think. Setting clear and specific goals can set you on the right path, help you take control of your career, and lead you to the job you’ve always dreamed of.

To help unleash your full potential, here’s a look at four examples of career goals to consider for this year.

Get That Raise

When was the last time you got a pay increase? If it’s been longer than a year, it may be time to speak up. To build a case for a bump up in pay, consider doing some research into the going rates for your job in your area. If your compensation is below par, you can use this information as leverage for requesting an increase.

You can also increase your odds of getting a raise if you can effectively communicate your value to management. Rather than say you need more money, you might point out the hours and dollars you’ve saved the company, how you’ve improved productivity, or the additional responsibilities you’ve taken on since your last pay increase.

Asking for a raise isn’t easy, but you can do it. Even if the answer is no, you’ve started the conversation. This gives you the opportunity to ask what specific actions would be needed to merit a raise. If tight budgets are the issue, you might ask about a one-time bonus, either now or after a set time period.

Recommended: Guide on What to Do When You Get a Pay Raise: 12 Tips

Build Your Professional Network

The saying “it’s not what you know but who you know” has some truth to it. So in addition to polishing your professional skills, consider making 2024 the year you focus on expanding your professional community. You can build your network by attending networking events and connecting with other like-minded professionals via social media. You might also ask colleagues, friends, and family members to introduce you to contacts that may be a good professional fit.

Meeting professionals and keeping in contact with them can help you learn more about the industry, including job opportunities down the line. Individuals in your network may also be willing to serve as mentors and help you develop important career skills.

Climb the Ladder

Earning a promotion enables you to assume a more important role in your company, earn a higher salary, and gain a heightened sense of accomplishment. If your goal is to land one, start taking extra measures to become a prime candidate for your desired position. That might mean going above and beyond in your role, seeking out opportunities to get noticed, and demonstrating your leadership skills.

If you haven’t recently had a performance review with your manager, the new year is a great time to set one up. Let them know that you would like to discuss your career path, and come prepared with data on what you’ve accomplished and a clear ask on where you’d like to go next.

Recognize that while you may not get what you’re asking for tomorrow, you’re taking an important first step in the process. This meeting will allow you to get clear on what you’d need to do to earn a promotion, and discuss a timeline for next steps.

Recommended: Working Remotely Could Hurt Your Chances to Get Promoted

Move On

Not getting any traction on a pay bump or promotion? This might be the year to pursue a more challenging role at a different company. If you’re ready to move on (and, ideally, up), start scoping LinkedIn and networking with recruiters or HR representatives in your field.

Not happy with your current career? Pursuing an entirely different career path might be your main professional goal. You could find greater satisfaction and happiness in a new career, as well as a higher salary and more opportunities. Consider what your ideal career is and how you can reach it from your current job. What challenges seem exciting to you? What are you well-prepared to do, and what would you rather avoid? What other experiences can you draw on as examples of your skill set — for example, previous jobs, volunteer work, side hustles? Reach out to professional connections you have in other industries to determine whether they might be a good fit for you.

Recommended: New Year, New Goals: Set and Achieve Your Career Resolutions

Tips to Achieve Your Career Goals

Whatever your professional objective for the coming year, here are some steps that can help you get there.

•   Write down your goal and steps involved. It’s important to get your goal out of your head and down on paper. In addition, think through and list out the steps you’ll need to achieve it. This will help you remember and accomplish each step. Post your list where you will see it often.

•   Set deadlines. Turn “some day” into a specific day by setting deadlines for each step in your plan. Deadlines will keep you on your toes, and give you a sense of accomplishment as you meet your targets.

•   Reward yourself. Taking steps toward your career goals requires hard work and commitment. Think of small rewards to give yourself when you complete any step to help you stay motivated and on task.

•   Have a goal partner. Consider recruiting a friend or coworker to help you stick to your plan. Discuss your goals, and check in with them when you complete steps. If possible, do the same for your partner.

•   Connect with a coach. If you’re feeling unsure about your career direction, a professional coach can be a big help. Coaches are skilled at asking impactful questions to help you reflect and build more self-awareness. A coaching experience can provide clarity on what’s important to you and empower you to set realistic, flexible career goals.

The Takeaway

Setting — and working towards — goals isn’t easy, especially when it comes to your career. But the process can really pay off, both literally and figuratively.

Creating clear professional objectives prompts you to think about what you want, so you can pursue a position or career that truly satisfies you. While you may not achieve your goal overnight, simply having professional goals can give your work direction and purpose — you have an action plan and are working towards something you really want to achieve in your life.

To explore more work topics, check out SoFi at Work’s resource hub.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

When your child heads off to college, you are probably awash in all kinds of emotions. Pride, relief (yes, they got into school!), sadness, anxiety, and excitement can all swirl around you. Your baby is growing up and forging their own independent life. Will they make new friends? Like their classes and excel in them? Find their way around campus easily enough? Will they overspend, sleep through class, and stay out all Friday night?

Part of having a college student as a child means you must get used to some separation and lack of information. But that doesn’t mean you can’t continue to play a vital role in their life. Here, some wise advice about conversations to have, topics to cover, and when to help them have an amazing time at school.

Advice for Parents of College Students

Although each parent-child relationship is unique and each parent may face different challenges with their college student, there are moments that can be universal when your “baby” heads off to university life.

You’ll need to know how much to let go and encourage your child to become independent versus how much you should continue to provide support, whether that’s emotional support or financial.

Where that line should be drawn for each child and parent depends upon things like the seriousness of the problems being faced and how temporary or permanent they may be. In general, though, tips include:

•   Listen, but try not to dive right into problem solving. This may not be the moment to lead with, “Here’s what you need to do…”

•   Be mindful about how often you communicate and give your college student space while also staying available. Texting constantly and expecting quick replies will be unrealistic for many parents.

•   You may be used to getting those report cards regularly and monitoring your child’s checkups at the doctor’s office. Recognize that now, times are changing, and you may not always be kept in the loop. FERPA (or the Federal Education Records Privacy Act) gives college students new privacy rights that can be defined pretty broadly. You may want to talk to your child about signing a FERPA waiver that will give you more access to information.

Accepting that college isn’t just about education but also about your child establishing themselves as an independent adult is an important transition for both of you.


💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Parenting College Students During Summer Break

Just when you figure out how to parent your child when he or she is away from school, summer break arrives with a different set of challenges. The young adult that you watched leave for college is probably not the same person who is returning. Maybe they don’t want to chat as much as before, or don’t seem as open to talk about daily life, friendships, and relationships.

The parent-child dynamic may be less about directing your kid’s actions and more about creating a collaborative partnership.

This can include things like withholding judgment about your child’s actions and making requests rather than demands — even when you’re sure you’re right. Your child is growing up and stretching their wings, both at school and when they return. They are becoming a full-fledged adult, after all.

Analyze which rules are the most important, and focus on those, letting other ones go. One example is you might ask that he or she call you if dinner will be missed, but not try to impose a curfew.

Recognize that during summer break you’ll probably need to readjust to being together, while also focusing on enjoying your time together.

Conversations about Paying for College

As part of your evolving parent-child relationship, you’ll likely find yourself in conversations about the best ways to pay for college. As the parent, you’ll likely initiate these talks. As part of your discussions, you may want to:

•   Be clear about how much money you’re willing or able to contribute towards your child’s college expenses and how much your child will need to contribute.

•   Discuss how much college will cost once you add tuition, housing, books, and other expenses together.

•   Talk about student loans, including the differences between federal student loans and private student loans.

•   Discuss how your child working during college may help pay for expenses.

•   Talk about money management and how your child may feel some stress over student loan debt.

Here are some valuable topics to mention.

•   There are scholarships and grants that usually don’t need to be repaid. What’s left is the amount that typically needs to be paid for by a combination of parental contributions, student contributions, and student loans.

•   The two main types of student loans are federal and private. To qualify for federal student loans, you’ll need to fill out the FAFSA® (or Free Application for Federal Student Aid). This form needs to be filled out every year to determine eligibility for federal student aid dollars, including federal student loans.

•   Federal loans can be subsidized or unsubsidized. Students may be eligible for a subsidized loan if they have a certain degree of financial need. Subsidized loans do not accrue interest during the six-month grace period after graduation/dropping below half-time enrollment and during any loan deferments.

•   If the student drops below half-time enrollment, the grace period will begin even if he or she has not graduated yet, although there are some circumstances in which the student loan grace period can change.

Unsubsidized federal student loans do not require a demonstration of financial need, but do accrue interest during the entire loan period.

Private student loans are not funded by the government. Your child can apply with individual lenders, and each loan will come with its own terms and conditions, including repayment terms. Private loans can help fill the gap between what your child can pay with scholarships, grants, or federal loans.
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💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Saving for Your Child’s College

If you’re still saving for your child’s education, your options may include:

•   What are known as 529 college savings plans, also called qualified tuition plans, allow you to save for college while potentially offering tax benefits. Money saved in an education savings plan (sponsored by some states) can be used for tuition, fees, room and board, and other qualified higher education expenses at a college or university.

•   Prepaid tuition plans (available at some universities) offer the option to prepay tuition and fees at current rates.

•   Traditional or Roth IRAs, although more commonly used to save and invest for retirement, can be used to save for college expenses. .

•   Coverdell Education Savings Accounts allow you to set up an account to pay for qualified education expenses, but contributions are not tax deductible and are only available for people whose income falls under certain limits.

•   Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts are intended as a savings vehicle for beneficiaries under the age of 18. Depending upon your state, the funds will transfer to your child at either age 18 or 21 and do not have to be used for education expenses.

Tax Credits and College

When it’s tax time, if you claim your college-age child as a dependent, you might qualify tax credits related to education.

•   The American Opportunity Tax Credit could be helpful during the first four years of their undergraduate education. Qualifications include MAGI, or modified adjusted gross income, among other factors.

This is a credit for tuition and other qualified education expenses worth up to $2,500 per eligible student and could reduce the filer’s tax bill, not their taxable income.

•   The Lifetime Learning Credit is also a tax credit, but may be harder to qualify for. Each year, you can claim either the AOTC or the LLC, but not both.

Parent Student Loans

You may be able to take out loans for your child’s education expenses, including a federal Parent PLUS Loans, available to parents of dependent undergraduate students for the amount of attendance costs minus other financial aid.

Private lenders may also be an option. Fees, rates, and repayment options vary by lender and they don’t typically offer forbearance or deferment options like federal loans do. As another option, you may be able to co-sign a private student loan with your child.

SoFi Parent Loans

Paying your child’s tuition with SoFi’s flexible, competitive-rate parent loan may be an option for consideration as well.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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Financial decisions are difficult enough on your own. But they can get even harder when you bring a significant other into the mix. After all, you both are coming from different life experiences and may have very different (often deep-seated) views on money, including how it should be spent and whether it should be saved.

Not surprisingly, money is a common cause of stress in relationships and, if left unaddressed, it can start impacting more things than just your bank account. Research consistently shows that financial problems and disagreements over money is a leading cause of divorce.

Considering how personal, and therefore complicated, each partner’s relationship with money can be, navigating money conversations can be tricky.

A great first step is to understand that financial decision-making as a couple may not come naturally, and that’s completely fine. These conversations take practice. What follows are a few strategies to try and some ideas to keep in mind when making financial decisions with your partner.

Common Causes of Couple Money Fights

Whether you and your partner are struggling to make a particular money decision or generally don’t see eye to eye on money, know that money fights are normal and common. Here’s a look at some of the most common hot button issues for couples.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Sharing Account Information

Some couples struggle with privacy limits and may disagree about what level of access their partner should have to their financial accounts. If one partner feels they don’t have fair access to financial accounts, passwords, and paperwork, resentment can build.

Married couples in particular may find it confusing and challenging to not have a full picture of their complete financial health.

Determining Budgeting and Spending Limits

Maybe one of you likes to spend and enjoy life, while the other prefers to save for a rainy day. This disconnect happens all the time. Not all couples agree on how much they should be spending versus putting aside for the future and this can lead to anger and tension.

Dealing With Past Debt

If one partner brings a sizable amount of debt into the relationship, couples may disagree about who is responsible for paying off the debt.

You might take some solace in knowing that debts brought into a marriage stay with the person who incurred them and are not extended to a spouse. It won’t hurt the other partner’s credit rating (which is linked to their Social Security number and tracked individually). In most states, however, debts incurred after marriage jointly are owed by both spouses.

Saving and Investing

Many couples can’t agree on how much money they should save each month, as well as how they should be saving it. One partner may feel investing is the best path to a stronger financial future, while the other might be more risk averse, preferring to stash extra funds in a high-yield savings account.

7 Tips for Making Financial Decisions as a Couple

Just having a conversation about money with your significant other can be fraught. Coming to an agreement on how to manage your money is often even harder. Fortunately, these eight strategies can help you find common ground.

1. Make a Date to Talk

Your instincts might tell you to dive headfirst into a big money talk in order to get it the heck out of the way. But this may not be your best strategy. No one is their best self when they feel caught off guard. A conversation about a tough financial decision will likely be more productive when there are two calm, prepared people at the table.

Instead of bringing up the topic of money out of the blue, you might give your partner some notice. You can simply set a time to talk about the financial decision at hand. Or, you might want to turn it into a real “date” and treat yourself to a coffee at the local shop or pick up your favorite take-out dinner. Either way, the most important thing is that you have a designated time for the talk. This strategy can be applied to discussing one particular financial decision, or you can utilize it on a regular basis.

Recommended: How to Make Talking About Finances Fun, Not a Fight

2. Write It Out

Sometimes, it’s simply hard to communicate how you feel. This is especially true for topics that affect us deeply and in confusing ways, like money. If you and your partner are people that like to put their feelings down in writing, consider writing each other a letter prior to your financial “date.”

In your letter, you might include some background on how you were raised to think about money, your money stressors, and your financial goals. Focus the letter on yourself and from where your financial beliefs stem.

Not only will this help your partner understand where you are coming from, but it can also provide you with some very useful introspection about money and your system of values.

3. Be Prepared to Listen

When making financial decisions, your main objective should not be to explain your point of view. To have a truly productive conversation, you must be committed to listening, too. This is good practice in all conversations with your partner and loved ones, but especially when talking about financial decisions.

Here’s the thing about making financial decisions: It’s rarely black and white and, generally, there is no right and no wrong. Being open to listening often translates into being open to learning.

Not only is your partner’s perspective important, but you might even be able to learn something from them. We’re all learning as we go anyway, and by listening, you have a chance to learn and evolve as a couple.

Recommended: How to Budget As a Couple and Why It’s Important

4. Be Communicative

One key to having a productive and healthy conversation regarding money or a specific financial decision with your partner is to communicate your feelings, thoughts, and fears. Something that seems obvious to you may not be obvious to them, so give your partner the benefit of explaining yourself in a calm and thorough way.

When you communicate, try to stick with talking about how you feel regarding a matter and avoid making declarations about what your partner has done in the past or what you’re hoping that they will do in the future.

Making comments about how a person is spending can quickly turn accusatory, putting them on the defensive. Even when having tough conversations, do your best to remove judgment from the equation.

Also, it’s best not to assume that just because you have explained something to your partner once, that they understand what you mean and where you are coming from. Don’t lose your cool if you have to remind your partner what’s important or a priority to you, especially if your priorities don’t align on this particular issue.

Recommended: Guide to Improving Your Money Mindset

5. Crunch the Numbers

Sometimes, the numbers help guide financial decision-making within a relationship. It can be worth taking the time to figure out exactly how each financial decision would play out over the short and long term.

By breaking big costs down into monthly numbers, you and your partner can see on paper what is possible (and what isn’t). The exercise may provide a new perspective altogether or, at the very least, get you on the same page regarding the different options with your money.

If you feel at a loss for what you should be focusing on or how to accomplish your goals, you may want to hire a financial expert, such as a credentialed financial planner. Some financial guidance from a person skilled in financial planning could be just what a couple needs to step up their money game.

6. Compromise

If you’re in a partnership, you already know that compromise is key. The good news is that with money, compromising is not only possible but often ideal. For example, you don’t have to pick just one savings goal to work on at a time. Financial decisions don’t have to be one or the other. Indeed, a multi-pronged approach is often the best way to build financial security.

Also, know that there is no perfect formula for how a couple makes financial decisions. Just because your best friend and her spouse divide their finances in a certain way or prioritize certain money goals over others doesn’t mean that you have to do it this way. Part of compromise with your partner is abandoning the idea that your partnership should work like anyone else’s.

7. Put Plans Into Action

Once you’ve hashed out your money goals and fears with your honey, and made some key financial decisions together, it’s a good idea to come up with an actionable plan to make your shared goals a reality.

If you’ve decided that you want to purchase a home in two years, for example, figure out how much of a downpayment you’ll need and, then, how much money you need to siphon into savings each month to reach your goal. You might then set up an automatic transfer from your checking account(s) and into your joint savings account each month.

A fringe benefit of making financial decisions as a couple is that you have a built-in accountability buddy to make sure you follow through on your plan and don’t spend that savings on something else.

Smart Money Decisions Couples Make

Here’s a look at some smart money moves you may want to make as a couple:

•   Opening joint accounts: Having at least one joint bank account can simplify your finances and make it easier to work towards your shared goals. That said, you don’t have to merge everything. You might decide to keep individual accounts for personal use — this gives each partner some freedom to spend on themselves without having to explain their expenditures.

•   Labeling your savings: Having separate savings accounts for separate goals (even giving them labels, like a “downpayment” or “vacation” account) can help you stay on track and reach your goals sooner. Some savings accounts have a sub-savings account feature, which allows you to split funds in one primary savings account into separate categories.

•   Automate your savings: It can be smart to set up recurring automated transfers from your checking account(s) to your savings and investment accounts based on your goals.

•   Increasing your emergency reserve: Your emergency fund should be large enough to cover living expenses — for both of you and any dependents — for anywhere from a few months to a year, depending on your situation.

Recommended: Survey Says: Couples That Pool Finances Are Happier

The Takeaway

Talking about money with your partner isn’t always easy, but having honest discussions about your financial situation and goals is critical. This can help you better understand each other, make important financial decisions as a couple, and come up with a plan that can make your shared goals and dreams a reality.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Should married couples make financial decisions together?

Even if you don’t merge all of your money, it can be a good idea to work together on some key financial decisions that will impact both of your futures. Making financial decisions together can have multiple benefits, including increased closeness and trust, less conflict over money, and better financial outcomes.

How should money be split in a relationship?

There are several methods couples can use to manage money and cover their living expenses. One option is to merge all or some of your funds in a joint bank account and use it to pay for shared expenses. Another option is to keep separate accounts, but have each partner make equal payments towards shared expenses.

A third approach you might consider is to split bills proportionally based on each partner’s income. So if one partner makes 70% of the total household income, they would then cover 70% of shared expenses, while the other partner would pay for 30%.

What are financial red flags in a relationship?

Financial red flags are money issues that are either currently causing problems in a relationship or have the potential to do so in the future. While they are not necessarily deal-breakers, they are harbingers of future relationship and financial strain. If you notice any of the following six signs, it’s important to deal with them promptly, ideally before your life is too intertwined with your partner’s.

•   Unwillingness to discuss money

•   Excessive credit card or other debt

•   Flaunting their wealth

•   Severe frugality

•   Using money to manipulate or shame

•   Keeping secrets or telling lies about money

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

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