Life & Career Archives | Page 81 of 87

Sep

2022

Guide to Quality of Life

By Bob Haegele | Financial Independence, Life & Career, money | Comments Off

Quality of life is surprisingly tough to describe, but most of us know we want to make the most of ours. Broadly speaking, the “quality of life” definition is a subjective perception of one’s overall well-being that includes both positive and negative aspects of our lives. When we say we want a better quality of life, most of us know what that means: We are seeking a “good life,” with positive finances, a comfortable lifestyle, happy professional and personal lives, and not too much stress.

In other words, quality of life includes many realms — our work, our money, our personal connections. All of these elements (and more) are things we can boost if we want to improve our quality of life.

Read on to learn:

• What is quality of life?

• What factors influence quality of life?

• What are financial and other ways of improving quality of life?

What Is ‘Quality of Life’?

What does quality of life mean? It is a subjective measure of one’s overall well-being. It typically includes several components. For example, quality of life includes personal finances, physical and mental health, and relationships. All of these components can positively or negatively influence one’s perceived quality of life.

This means that focusing on one of these aspects at the expense of others could reduce your quality of life overall. For example, suppose you accept a job promotion that brings a hefty salary increase, which you imagine will boost your quality of life. You begin to daydream about a new car and luxe vacations. While higher pay can improve your finances and quality of life, it can also have some hidden downsides. What if you wind up working more, sleeping less, and spending less time with loved ones? You might find your stress levels increase and your quality of life therefore decline. .

In this way, it’s obvious that finding the right balance between personal, professional, and financial factors is important to achieving a good quality of life.

What Factors Define Quality of Life?

As noted earlier, quality of life is not a singular measure but instead captures many aspects of your life. Factors that define quality of life can include:

• Physical health

• Sleep habits

• Mental health

• Physical safety

• Job satisfaction

• Work-life balance

• Leisure time

• Financial resources

• Caring, adequate healthcare

• Personal and professional relationships

• Transportation and ease of mobility

• A comfortable home

As you can see, quality of life captures almost every aspect of our lives.

How Can Finances Affect Your Quality of Life?

Finances can have a major impact on your quality of life. This is simply because money can improve many (but not all) aspects of quality of life.

For example, if you don’t have a lot of money, you might be forced to live in a small, cramped house with your family of five and have a long commute to work. In this case, finances are negatively affecting your quality of life. Perhaps you can’t afford healthy food, a gym membership, or vacations. In that way, finances might also reduce your physical and mental wellness, which are important factors in your quality of life.

But perhaps you get a raise and can afford to move into a bigger house that is closer to your job. Your finances are now positively affecting your quality of life. You can afford to eat better and pay for a yoga class, too. There can be many examples of how money can affect and improve nearly every aspect of our lives.

Financial Ways of Improving Quality of Life

There are many ways to improve your quality of life through financial means. This includes having job security, setting savings goals, and more. Here’s a closer look:

Having Job Security

Having job security can enhance your quality of life. Perhaps the most obvious way is that it makes your income stable. You know exactly how much you will make every month and can budget accordingly.

But job security can improve your quality of life in other ways. Consider a job that isn’t secure, where you could experience a loss of income at any moment. That could hurt your mental health by potentially sending your anxiety and stress soaring.

If you don’t have job security, you might want to consider seeking a new job, training for a different career, or starting a side hustle to bring in more money. These are ways to create stability and improve your financial health.

Knowing Your ‘Why’ Financially

Knowing your “why” financially means you understand where you find fulfillment in terms of money and your overall life direction. You have identified what your financial goals are, and you recognize the most valuable benefits of the money you earn. In this way, you have clear goals that you can pursue. This kind of clarity can represent a form of financial self-care.

For example, perhaps you value and deeply care about education. This might lead you to open a 529 plan to help you save money so your child can attend college. Or maybe you want to make the world a better place, so you work hard so you can donate to a favorite charity.

Until you know your “why,” it is difficult to know how to direct your efforts and how to achieve your financial goals. Once you figure out your motives and goals, you are likely on a better path to improving your quality of life. Invest the time and introspection in figuring this out.

Setting Savings Goals

Setting and achieving your savings goals is a great way to improve your quality of life financially. There are many savings goals you may want to set — an emergency fund, a down payment on a home, retirement, etc.

Some goals will be short-term financial goals, others will be farther into the future. Not only does hitting your goals allow you to achieve dreams like having a destination wedding or buying a house, it can also build your sense of confidence and personal agency. You can see your progress and reach your aspirations.

It’s important to set specific, achievable goals rather than generally having a desire to save money. Getting specific allows you to take specific steps to achieve your goals while also holding you accountable for them. By specifying dollar amounts and automating savings on payday you can make improving your financial quality of life that much easier.

Increasing Your Financial Knowledge

Increasing your financial knowledge means learning about money and how it works. Achieving financial literacy can deepen your knowledge about all things finance, such as budgeting, saving, and investing. The more you learn, the more you will be able to tweak and optimize your finances to help your money go further.

There are many ways to improve your financial literacy, which can include reading articles, subscribing to newsletters and podcasts, and taking online courses. You can also likely find a wealth of articles on your bank’s website or app as well as many apps that help you manage your money and learn smart tactics.

Investing Your Money

Historically, the stock market is a great way to build your personal wealth and quality of life. But people are sometimes hesitant to start investing because they don’t think they have enough cash or enough knowledge. That’s a common money misconception: You don’t need much money to start investing, and it’s a great way to build wealth.

If you keep your money in a savings account, for example, it likely won’t keep pace with inflation. Even high-yield savings accounts don’t usually earn as much interest as the rate of inflation. If you want your money to grow over time, whatever your goal might be, investing is one of the best ways to achieve that. You might work with a financial professional to get started or, to save money in fees, try a robo advisor, an algorithm that can help you economically pick stocks that fit with your financial goals.

Non-financial Ways of Improving Quality of Life

Money plays a big role in improving your quality of life, but in some cases, your quality of life depends on things money can’t buy. Keep reading to understand some of the most important aspects to consider.

Having Time to Yourself

So many of us lead always plugged-in lives with very little downtime. While it may not be fodder for an amazing social-media post, having time to yourself can have many benefits. It can help you unwind and can ease stress. Many people engage in meditation, which can reduce negative emotions and increase self-awareness.

If meditation doesn’t interest you, there are still plenty of ways to benefit from time to yourself. You could go hiking on a nature trail, exercise, or even just stream some movies or TV at home. There’s no shortage of things you can do alone and still have a good time. You may find your life feels more relaxed and rewarding when you build in some pockets of “you” time.

Recommended: 15 Creative Ways to Save Money

Having Meaningful Relationships

Humans are social creatures, and that means we need other humans. This dates all back to our primate ancestors, who often lived in groups for the sake of survival.

While most of us today aren’t worried about being hunted by lions, tigers, or bears, we still depend on one another. Healthy relationships are associated with several benefits, such as less stress, healthier behavior, and even living longer.

In terms of improving quality of life, you may want to put some effort into prioritizing your personal relationships. Perhaps you and your college roomie schedule a Zoom call for the first Friday of every month, or you meet your work mentor regularly for coffee. Or you and your partner might agree to have an unplugged, no-texting-allowed evening every now and then or pursue a new hobby together to strengthen your bond.

Exercising and Staying Healthy

Your physical health is a key part of your quality of life, and it doesn’t have to be expensive to maintain. You can easily spend money on gym memberships or a personal trainer. However, there are ways to be healthy without spending much.

You can go running, walking, biking, or do a home workout (you can find all sorts of classes, from kickboxing to Pilates, online).

Eating well is another part of good health. Check out the produce at local farmers’ markets; search online for Meatless Monday recipes to help cut back on high-fat forms of protein. You might partner with a friend on these pursuits to have extra support.

Getting Good Sleep

Another ingredient in the quest for a better quality of life: getting a good night’s sleep. Sleep needs vary from person to person, but most adults need seven or more hours of sleep per night. It’s also important to maintain a consistent sleep schedule.

There are many benefits of quality sleep, and they all improve your quality of life. These include getting sick less often, reducing stress, and lowering your risk of health problems, such as diabetes and heart disease.

If you want to improve your sleep hygiene, as it’s called, look into ways to improve your bedtime habits. Try turning your phone off so you aren’t tempted to reply to texts or check the latest news. Keep your bedroom cool; between 60 and 67 degrees Fahrenheit is considered optimal, according to the Cleveland Clinic. Waking up well refreshed can help contribute to a better quality of life.

The Takeaway

Quality of life is a subjective measure of our overall well-being. Typically, both financial and non-financial factors contribute. For instance, if you have a well-paying job that is also super stressful, your quality of life might not be great despite having plenty of spending money. To optimize your quality of life, it’s wise to consider both your money habits and your financial goals, as well as such aspects as mental and physical health, career stability, and the quality of your personal relationships.

One way to improve your quality of life is to have the right banking partner. When you open a SoFi online bank account with direct deposit, you’ll earn a competitive APY and pay no account fees, which can help your money grow faster. Plus, you’ll have access to a suite of tools that can make budgeting and saving that much simpler.

It’s easy to bank better with SoFi.

FAQ

Do you need to be rich to have a high quality of life?

There are many factors that affect quality of life. Having a lot of money can help you have a high quality of life but it certainly doesn’t guarantee it. People with a lot of money may wind up with more stress. It’s possible to achieve a high quality of life without a hefty bank balance.

Why is quality of life important?

Quality of life is important because it touches every aspect of our lives. It involves our physical and mental health, finances, job satisfaction, free time, and much more. Having a high quality of life means having an overall satisfaction across all of these realms.

How can we achieve quality of life?

There is no one way to achieve a high quality of life; it very much depends on personal circumstances, both financially and in other realms. To optimize yours, you might start with improving your finances, sleeping and exercising more, or deepening your personal relationships. In general, you can start by identifying the areas of your life that you feel are most lacking.

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Sep

2022

How to Roll Over Your 401(k)

By MP Dunleavey | Budgeting & Goals, Building Your Career, Growing Wealth, invest, Investing, Life & Career | No Comments

It’s pretty easy to rollover your old 401(k) retirement savings to an IRA, a new 401(k), or another option — yet millions of workers either forget to rollover their hard-won retirement savings, or they lose track of the accounts.

According to a 2021 study by Capitalize, some 24 million 401(k) accounts seem to be forgotten or “lost”, with an average balance of about $55,000 in these dormant accounts.

Given that a 401(k) rollover just takes a couple of hours and, these days, minimal paperwork, it makes sense to know the basics so you can rescue your 401(k), roll it over to a new account, and add to your future financial security.

How Does Rolling Over Your 401(k) Work?

Many people wonder how to rollover a 401(k) when they leave their jobs. First, you need to know the difference between a transfer and a rollover.

A transfer is when you move funds between two identical types of retirement accounts. For example, if a person moves money from an old 401(k) to a new 401(k), a traditional IRA to another traditional IRA, or from an old Roth IRA to a new Roth IRA — that’s a transfer. It’s the most direct way to move funds from one tax-advantaged account to another.

A rollover is when you move money between two different types of retirement accounts. For example: You might rollover a 401(k) to an IRA.

💡 Recommended: What Is an IRA and How Does It Work?

Bear in mind, rollover accounts can be different, but must have the same tax treatment. You can’t rollover a tax-deferred traditional 401(k) to a Roth IRA without doing some kind of Roth conversion.

Steps to Roll Over Your 401(k)

Here are the basic steps, with more detail to follow:

1. Decide whether you want to roll it over to an IRA (a common option); transfer the funds to another employer’s 401(k); or set up an account like a self-directed IRA.

2. Set up the rollover account. Remember that rollovers have to be apples to apples in terms of tax treatment: a tax-deferred 401(k) to a traditional IRA; a Roth 401(k) to a Roth IRA.

3. Contact your former employer or 401(k) plan sponsor to initiate the rollover. (Depending on which rollover option you choose, the process or paperwork may be slightly different.)

4. Generally, the funds are sent to you in a check although they can be wired to a rollover IRA at a new institution, for example. Either way, you have 60 days to deposit the funds in another tax-deferred account, or you will owe taxes on the money and possibly a penalty.

Benefits of Rolling Over Your 401(k)

Once you understand how to roll over a 401(k), it’s easy to understand what the advantages are. First and foremost, by doing a rollover, you ensure that you are in charge of your retirement funds (which is important, after years of investing in your 401(k)).

Other pros include:

• Your investment account costs will likely be lower once you do a rollover, because leaving your savings in your old 401(k) when you’re no longer an employee means you may pay higher account management fees. Fees matter, and can substantially reduce your savings over time.

• You may have more investment choices. Typically, when you do a rollover from a 401(k) to an IRA at a new institution, your investment options increase which might improve portfolio returns and could further reduce fees.

• If you don’t want a self-directed portfolio, where you choose the investments in your rollover, you may be able to choose a robo-advisor or automated portfolio so there’s less for you to manage.

• If you have more than one 401(k) from various jobs, you can consolidate them as part of the rollover process.

Disadvantages of Rolling Over a 401(k)

Since you want to avoid retirement mistakes, it’s also important to consider some of the reasons why a rollover may not be the best idea.

• First, if you have a lot of appreciated company stock, you may be able to pay a lower tax rate on the gains if you transfer the stock to a brokerage account.

• While a rollover account at a different institution may provide more investment options, if you keep your 401(k) where it is, you may be able to buy investments at the cheaper institutional rate.

• If you do a rollover, you may lose some of the federal legal protections that come with 401(k) plans. For example, the money in your 401(k) is typically protected from creditors or collections, whereas the money in an IRA is shielded by state laws, which can vary.

• In some cases, your employer may allow you to withdraw funds from your 401(k) without paying the usual 10% penalty, if you are 55 or older when you leave your job.

Pros and Cons of Doing a 401(k) Rollover

Pros	Cons
Potentially lower investment fees, which can impact savings over time.	If you have company stock in your 401(k), it might save on taxes if you transfer the stock to a brokerage rather than doing a rollover.
More investment choices; more control over your portfolio.	Investment options may cost less in a 401(k) vs. an IRA.
The option to switch to a robo advisor if you prefer an automated approach.	Keeping your 401(k) may offer legal protection from creditors or collections.
Ability to consolidate accounts.	Keeping your money in your 401(k) could give you penalty-free access before age 59 ½ vs. an IRA.

When Is a Good Time to Roll Over a 401(k)?

Once you know how to roll over a 401(k), and you’ve decided that’s your next step, doing it as soon as you leave your job is likely the best time. But you can generally do a rollover any time. It’s your money. If you decide to do the rollover five years after leaving your job, that’s a better time than never.

That said, if you have a low balance in your 401(k) account — for example, less than $5,000 — your employer might require you to do a rollover. And if you have a balance lower than $1,000, your employer may have the right to cash it out. Be sure to check the exact terms with your employer.

In most instances, you have 60 days from the date you receive an IRA or 401(k) distribution to then roll it over into a new qualified plan. If you wait longer than 60 days to deposit the money, it will trigger tax consequences, and possibly a penalty. One rollover per year is allowed under the rules.

5 Things You Can Do With Your Old 401(k)

If you’re still asking yourself, But how do I rollover my 401(k)?, here are five possible choices that might make sense when deciding how to handle your old account.

Option 1: Leave Your 401(k) Where It Is

Is it ever a good idea to let sleeping 401(k)s lie? Sometimes, yes.

For instance, maybe your old job was with a super-hip, savvy startup that chose a stellar plan with multiple investment options and low administration fees that stayed in place even after you left your job. This is rare! But the point is: If you’re happy with your portfolio mix and you have a substantial amount of cash stashed in there already, it might behoove you to leave your 401(k) where it is.

Other than that, you probably want to make sure you’re in charge of your money — not your former employer.

Also, besides any additional fees you might end up paying, racking up multiple 401(k)s as you change jobs could lead to a more complicated withdrawal schedule at retirement.

Option 2: Roll Over Your 401(k) Into an IRA

If your new job doesn’t offer a 401(k) or other company-sponsored account like a 403(b), don’t worry: You still have options that’ll keep you from bearing a heavy tax burden. Namely, you can roll your 401(k) into an IRA, or Individual Retirement Account.

The entire procedure essentially boils down to three steps:

1. Open a new IRA that will accept rollover funds.

2. Contact the company that currently holds your 401(k) funds and fill out their transfer forms using the account information of your newly opened IRA. You should receive essential information about your benefits when you leave your current position. If you’ve lost track of that information, you can contact the plan sponsor or the company HR department.

3. Once your money is transferred, you can reinvest the money as you see fit. Or you can hire an advisor to help you set up your new portfolio. It also may be possible to resume making deposits/contributions to your rollover IRA.

Option 3: Roll Over Your 401(k) to Your New Job

If your new job offers a 401(k) or similar plan, rolling your old 401(k) funds into your shiny, new 401(k) account may be both the simplest and best option — and the one least likely to lead to a tax headache.

That said, how you go about the rollover has a pretty major impact on how much effort and paperwork is involved, which is why it’s important to understand the difference between direct and indirect transfers.

How to Roll Over Your 401(k): Direct vs Indirect Transfers

Here are the two main options you’ll have if you’re moving your 401(k) funds from one company-sponsored retirement account to another.

A direct transfer, or direct rollover, is exactly what it sounds like: The money moves directly from your old account to the new one. In other words, you never have access to the money, which means you don’t have to worry about any tax withholdings or other liabilities.

Depending on your account custodian(s), this transfer may all be done digitally via ACH transfer, or you may receive a paper check made payable to the new account. Either way, this is considered the simplest option, and one that keeps your retirement fund intact and growing with the least possible interruption.

Another viable, but slightly more complex, option, is to do an indirect transfer or rollover, in which you cash out the account with the express intent of immediately reinvesting it into another retirement fund, whether that’s your new company’s 401(k) or an IRA (see above).

But here’s the tricky part: Since you’ll actually have the cash in hand, the government requires your account custodian to withhold a mandatory 20% tax. And although you’ll get that 20% back in the form of a tax exemption later, you do have to make up the 20% out of pocket and deposit the full amount into your new retirement account within 60 days.

For example, say you have $50,000 in your old 401(k). If you elected to do an indirect transfer, your custodian would cut you a check for only $40,000, thanks to the mandatory 20% tax withholding.

But in order to avoid fees and penalties, you’d still need to deposit the full $50,000 into your new retirement account, including $10,000 out of your own pocket. In addition, if you retain any funds from the rollover, they may be subject to an additional 10% penalty for early withdrawal.

Option 4: Cashing Out Your 401(k)

One recent review of 401(k) accounts found that 21% of Americans who left their jobs during the pandemic also cashed out their 401(k) accounts. Generally speaking, withdrawing these retirement funds is not a good idea, and here’s why.

Because a 401(k) is an investment account designed specifically for retirement, and comes with certain tax benefits — e.g. you don’t pay any tax on the money you contribute to your 401(k) — the account is also subject to strict rules regarding when you can actually access the money, and the tax you’d owe when you did.

Specifically, if you take out or borrow money from your 401(k) before age 59 ½, you’ll likely be subject to an additional 10% tax penalty on the full amount of your withdrawal — and that’s on top of the regular income taxes you’ll also be obligated to pay on the money.

Depending on your income tax bracket, that means an early withdrawal from your 401(k) could really cost you, not to mention possibly leaving you without a nest egg to help secure your future.

This is why most financial professionals generally recommend one of the next two options: rolling your account over into a new 401(k), or an IRA if your new job doesn’t offer a 401(k) plan.

Option 5: Rolling Your 401(k) Over to a Self-Directed IRA

A self-directed IRA, sometimes called a SDIRA, is an unusual type of retirement account — and it’s not widely available. That’s because these types of accounts aren’t just for traditional securities, but for alternative investments normally not permitted in traditional IRAs: i.e. real estate, collectibles (like art and jewelry), commodities, precious metals, and more.

These accounts are considered self-directed because, first, they are only available through certain financial firms that will custody SDIRA accounts, not manage them. Second, SDIRA custodians can’t give financial advice, so all the due diligence and asset management falls to the investor.

While you can consider doing a rollover to a SDIRA, be sure that setting up such an account makes sense for your current holdings, or whether a traditional IRA or Roth might do just as well.

The Takeaway

It’s not difficult to rollover your 401(k), and doing so can offer you a number of advantages. First of all, when you leave a job you may lose certain benefits and terms that applied to your 401(k) while you were an employee. Once you move on, you may pay more in account fees, and you will likely lose the ability to keep contributing to your account.

Rolling over your 401(k) — to a new employer’s plan, or to an IRA — gives you more control over your retirement funds, and could also give you more investment choices.

There are some instances where you may not want to do a rollover, for instance when you own a lot of your old company’s stock, so be sure to think through your options.

If you know that moving your 401(k) money over to an IRA is the right thing, SoFi makes it super easy. Once you open an investment account with SoFi Invest and set up a traditional or Roth IRA account, you can transfer the funds from your old 401(k) and either keep the same (or similar investments), or choose new ones.

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

How can you roll over a 401(k)?

It’s fairly easy to roll over a 401(k). First decide where you want to open your rollover account (usually an IRA), then contact your old plan’s administrator, or your former HR department. They typically issue a check that can be sent directly to you or to the rollover account at a new institution.

What options are available for rolling over a 401(k)?

There are several options for rolling over a 401(k), including transferring your savings to a traditional IRA, or to the 401(k) at your new job. You can also leave the account where it is, although this may incur additional fees. It’s generally not advisable to cash out a 401(k), as replacing that retirement money could be challenging.

Does SoFi allow you to roll over your 401(k)?

Yes, you can rollover funds from a 401(k) to a rollover IRA with SoFi.

To initiate the rollover, set up an account with SoFi Invest, and contact your 401(k) plan administrator or the HR department of your previous employer.

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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Aug

2022

21 Productive Things to Do on Your Day Off

By Jacqueline DeMarco | Family Finances, Life & Career, money, Money & Life | Comments Off

Some days off are meant for purely relaxing. Others are meant for checking things off our to-do lists that we can’t get done during the course of the work week.

If you’re looking for productive things to do on your day off—including ideas that may improve your money mindset and financial fitness—we have 21 good ways to get started.

How Staying Productive Can Improve Your Money Mindset

If you have a lazy day off, it might wind up costing you. The temptation to spend when bored is real. When you have nothing to do, you may turn to online shopping, dining out, or other pricey leisure activities to fill your time.

There is of course a time and place for spending on leisure, but there’s a big question to ask yourself before spending that money. Specifically, are you plunking down that cash because you will get something out of the experience or purchase or are you simply doing so because you’re bored?

Staying productive on days off can be a form of financial self-care. It can help you avoid unnecessary spending which, in turn, can make other leisure time feel even more enjoyable.

Productive Things to Do on Your Day Off

Not sure what to do on a day off? Consider checking one or more of these productive activities off your to-do list. Any of them can help you feel more organized and in control of your finances…and perhaps even your life!

1. Planning a Vacation

Instead of going out and spending money, stay home and plan an upcoming vacation. Money will be spent on that vacation, and a little planning can go a long way to make sure the vacation goes well and that investment pays off. You might even open a travel fund account and begin saving.

2. Checking Your Credit Card Statements

Need a friendly reminder not to overspend? Review recent credit card statements to get an idea of how budgeting is going and to make sure all charges are accurate. If you’re carrying a balance, you might hatch a plan to pay it off.

3. Taking Quality Time for Yourself

We can all decide what quality alone time means to us. That may mean pursuing a hobby like painting, reading a good book, or going for a long run. There are plenty of relaxing activities to enjoy that don’t cost any money and recharge you for the work days ahead.

4. Reviewing Your Career Goals

While it may not sound fun to sit down and think about work outside of working hours, there’s a lot of value to be found in peaceful reflection. Spending time reviewing career goals when there are no Monday-to-Friday stressors or distractions can make it easier to find clarity.

5. Starting a Side Hustle

Speaking of work, a fun and fulfilling way to make career progress and some extra cash during downtime are some benefits of starting a side hustle. Think about some fun options that you would enjoy which might also allow you to try out new skills and career options.

6. Catching Up on Important Errands

Running errands isn’t always fun, but not having them hanging over our heads sure feels good. If you have a day off, spending a couple of hours in the morning to tackle them can leave the rest of the day wonderfully free. Plus, you’ll get that “I’ve got this!” boost from knowing you’re in control of those to-do’s.

7. Exercising

Earning some extra endorphins is a great way to stay healthy and feel happier on a day off. Sweat it out, and then enjoy the extra energy and mood boost that comes from a good workout.

8. Mapping Short-, Medium-, and Long-Term Money Goals

Social media’s effect on finances may have some upsides, but on a day off, why not stop scrolling and start setting money goals. Similar to setting career goals, a day off is the perfect time to think critically about any short-, medium-, and long-term money goals to set. How to get started? Review your current financial situation, reassess your budget, and make a plan for working towards your financial goals such as buying a house, paying for a child’s college education, or paying off debt.

9. Getting a Haircut

A fresh haircut can put a bit of pep in anyone’s step. A definite self-esteem booster for most of us.

10. Volunteering

Giving back to our community is a great way to spend free time. There are so many different causes worth giving back to, from food banks, to animal shelters, to beach cleanups. Volunteering can even help borrowers pay down their student loan debt.

11. Updating Your Online Resume

If you’re looking for a new job, the weekend is a great time to update online resumes on social media platforms or job searching websites. There are loads of templates online that can help you spiff up your resume, too.

12. Reading a New Book

With so many distractions on busy days, it’s hard to find the time to read. Make reading a new book (or an old favorite) a priority on your next day off. There’s nothing like the escape of a good story, whether it’s historical fiction, a murder mystery, or whatever else catches your attention.

13. Taking an Online Class

Whether you want to learn a new work or personal skill, there’s an online class out there that can help you productively use your time off. From learning how to code to cook, almost any topic is available these days, whenever and wherever you may be.

14. Spending Time With Loved Ones

Productivity can mean a lot of different things. For example, spending time with loved ones can be extremely beneficial as it helps us build a support system and provides personal gratification.

15. Unsubscribing From Unwanted Emails

Have half an hour to kill before meeting up with friends? Chip away at unsubscribing from all unwanted emails. The lack of digital clutter can be super freeing, even if you don’t achieve “inbox zero” just yet.

16. Updating Your To-Do List

Want to get things done on a day off, but don’t know where to start? Sit down with a pen and some paper (or a doc on your phone or laptop) and write an updated to-do list. Of course, it’s not necessary to tackle the entire list in one day, but do schedule when to check the most urgent items off the list.

17. Checking How You’re Doing With Your Budget

Budgets only work if you check in to make sure they’re sticking with it. A good habit is to eyeball your budget weekly to make sure it’s still on track. If not, see what spending changes need to occur the rest of the month. There are all kinds of apps to help with this; your financial institution may have a great one to use. Don’t have a budget yet? Get started by creating a line-item budget.

Recommended: Guide to Cash Cushions

18. Planning for Next Week

Get organized for the week ahead so it feels less stressful and intimidating. Do meal prep, clean up the house, organize your bills, and make sure all work clothes are washed and ready to wear.

19. Finding Networking Opportunities

Nowadays networking can all be done from home online. Hop on websites like LinkedIn and see who’s worth connecting with professionally. Send some connection requests or messages to get the ball rolling and build your career.

20. Adjusting Your Tax-Withholding if It’s Not Right

Sick of owing taxes each year? Check your tax withholdings to make sure the correct amount is being deducted from your paychecks. Adjust it accordingly if needed. That quick move could save you some money headaches when tax season rolls around.

21. Cleaning Your House

A good cleaning session can help make a home more comfortable, efficient, and enjoyable to live in. Imagine your place freshly vacuumed or the bathroom scrubbed as motivation.

The Practical And Financial Benefits of Being Productive

While it may feel counterintuitive, being productive on a day off can have many benefits. Not only can being productive help you feel better and cut down on unnecessary stressors, it can also help you save money. How? To start, being productive helps us feel less bored, meaning we are less likely to fill our time with shopping or other expensive activities. Being productive also helps us stay organized and gives us the time we need to set financial goals and manage our budgets.

Banking With SoFI

As you can see from this list, there’s no shortage of productive things to do on your day off. Whether you choose to spend your free hours taking an online class, reviewing your budget, or outside running, you can relieve stress and get organized. Feeling in control and more relaxed are terrific benefits worth pursuing and enjoying.

If setting financial goals is at the top of your weekend to-do list, it may be time to find a banking product that can better suit your needs. When you open an online bank account with direct deposit, SoFi can help your money grow faster. SoFi Checking and Savings puts tools at your fingertips to help you set savings goals, and with direct deposit you’ll earn a competitive APY and pay zero account fees. Your money can keep working hard for you even when you’re relaxing.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

What is considered wasting time on your day off?

When deciding what things to do on a day off, only you can decide what’s a waste of time or not. For one person, organizing their receipts is a waste of time; for another, it’s productive. The same holds true for reading a book. The key is to find a way to balance productivity and relaxation as you define them.

How can I productively treat myself on my day off?

If you’re wondering, “What should I do on my day off?” and want to come up with something that is a productive treat, you might consider a hike, reading a new book, or taking an online class. All have positive benefits in terms of self-care and fun but don’t cost much.

Is traveling considered productive?

Traveling and gaining new experiences and insights beyond your local community can indeed be a great way to be productive. Travel can help us learn, grow, relax, and return home with a new, refreshed perspective.

Photo credit: iStock/MesquitaFMS

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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Aug

2022

Here’s What You Can Do With Leftover Foreign Currency

By Stacey Leasca | Life & Career, money | No Comments

Traveling abroad can be life-changing. By hopping on an airplane for a few quick hours, you’ll get to experience new cultures, try new foods, see new sites, and have the chance to walk in someone else’s shoes — even if it’s just for a few short days. Heck, you may even make a friend or two along the way.

However, getting to see, do, and eat new things can get expensive. Between hotel costs, plane tickets, sightseeing tours, restaurants, and nights out on the town, that vacation to a new country could quickly become a financial mountain.

Though you’ll likely want to come home with at least a souvenir or two you purchased on your sojourn, there is one thing you’ll probably want to leave behind — extra foreign currency that merely goes to waste upon landing.

Even the best budgeters may end up with some extra cash at the end of a trip. And since you can’t spend that foreign currency back home in the United States, you’ll need to come up with an alternative plan for all those foreign coins and bills now burning a hole in your pocket.

Sure, those bills may be pretty (Have you seen the Australian dollar?), but it won’t do you any good hanging as art on the wall. And you don’t want to miss out on saving or spending that money on things you need at home.

Instead of letting it go to waste, here are a few things you could choose to do with that leftover foreign change once your trip is done and your regular life sets in again.

What to Do with Extra Foreign Currency

Using It to Pay Part of Your Hotel Bill on Vacation

This might seem obvious, but there’s nothing worse than arriving at your gate with five minutes until boarding, only to realize you’ve still got about $80 worth of Moroccan dirham or Turkish lira left in your wallet.

That’s why it’s crucial to be smart about your spending and track your expenses while you’re on your trip by creating a travel budget. A trip specific budget can help you keep your spending in check and help you make sure you don’t have any local currency left by the time you depart.

If you don’t spend all your money that’s OK too; it’s just important to keep track. In fact, the earlier you realize you’ll have leftover money, the better. Sometimes hotels will let you split your bill up, so that you can use up your extra currency and then put the rest on a credit card.

Just remember to save enough for the cab ride to the airport — Uber or Lyft aren’t available everywhere and not every cab accepts credit.

Shopping Duty Free

If you have a fair chunk of foreign currency leftover, consider making a stop at the Duty Free stores upon departure. This can be a good strategy if you are buying something you’d use ordinarily, like your favorite perfume or liquor, or if you’re still looking to buy a souvenir from the destination.

However, some countries, especially those that are sensitive to inflation, don’t accept foreign currency (except for euros and dollars) at Duty Free, so double-check that your change is eligible before you show up at the register with a cart full of goods.

Donating to Charity

Thanks to UNICEF’s Change For Good initiative , you may not have to exchange a dime. This program involves a partnership with several international airlines to help passengers donate their excess change.

On these flights, passengers receive envelopes in which they can donate their leftover foreign currency. If you’re not flying with a partner airline and still want to donate, you can mail your change to the organization.

Some airports have similar initiatives and programs that raise money for different charities around the world — all you need to do is find the box or envelope and stuff it full of your extra change. It’s a great way to do good and not let that spare money go to waste.

Exchanging It

Although exchanging physical money comes with a fee, this can be one way to recoup your cash if you aren’t planning on visiting the country again anytime soon.

But where can you exchange foreign currency in a pinch?

Since money exchanges have notoriously high rates, make sure to search the exchange rates before using just any kiosk.

Although it is counterintuitive, airports are known to have some of the worst exchange rates. It might be worth waiting if you know there will be another option available when you get home. It simply may not be financially worthwhile to exchange foreign currency to USD if you only have a small amount leftover.

Your local bank or credit union is likely to exchange currency for a small fee. It may be possible to deposit foreign money into your bank account. You could make a few calls before you even leave for your trip to find out who will exchange or accept your cash and for what charge. If you have enough money left over from your vacation, it could be worth the additional effort.

Recommended: Ways to Be a Frugal Traveler

Saving It for Another Time

If you know you’ll be visiting again, why not store your extra foreign currency with your passport? Not only will you be able to keep the money, but you’ll save yourself a trip to the ATM upon arrival at your destination.

This can be one of the easiest solutions to the “what to do with leftover foreign coins” problem. And it might encourage you to start planning your return visit and growing your travel fund.

Regift Leftover Coins as a Quirky Souvenir

If you’re wondering what to do with foreign coins, know that they can be a fun gift to a child or currency collector in your life. It can be an opportunity to teach kids about both the world at large and about money. Bonus points if they are from a country with a cool design on their currency — like the Egyptian pound with pharaoh Tutankhamun.

Any leftover old foreign coins or bills can be a thoughtful gift for any of your friends or family members traveling to the same spot. Bonus points if it’s for friends heading out on a honeymoon.

There’s no better way to send them on their first trip as a married couple than with a little dough lining their pockets.

The Takeaway

If you wind up with excess foreign currency at the end of a trip, you have a few options. You might save it for later, donate it to a charity, exchange it, or gift it to a friend. Depending on how much money you have, when (if at all) you plan on returning to your destination, and how much you’re willing to pay in fees, there’s an option that will likely be the right choice for you.

About traveling and fees: Your bank can make a difference in how much you pay in charges. For instance, if you open an online bank account with SoFi, you’ll have access to any Allpoint® Network ATM (there are 55,000+ globally), and you won’t get charged a fee. No fees are charged here in the United States, either.

In addition, SoFi Checking and Savings accounts earn a competitive APY with direct deposit and charge zero account fees.

Bank better at home or away with SoFi.

FAQ

Where can I donate leftover foreign currency?

UNICEF’s Change for Good program accepts donations on a number of international airlines. Leftover change may also be mailed to this program. You may also see other opportunities to donate currency at airports, benefiting various charities, as well.

Can I exchange my foreign currency at a bank?

If you’re wondering, “Where can I exchange my foreign coins and bills?” you will find that many banks offer to exchange currency for their clients. However, some will only do so for a limited number of currencies. A fee is usually involved, but it is likely to be lower than what you will pay at an airport currency exchange.

What is the meaning of leftover currency?

Leftover currency is typically foreign money that you have at the end of a trip. Before or after you return home, you can exchange it to recoup its value, donate it, or find another way to use it.

Is leftover currency legitimate?

Leftover currency is legal tender in the country you have traveled to, but when you return home, it will not be usable. Therefore, it may be wise to exchange it or donate it.

Jul

2022

Best Entry Level Jobs For Antisocial People

15 Entry-Level Jobs for Antisocial People

By Anil Sharma | Building Your Career, Life & Career, relay | Comments Off

Antisocial people tend not to like being around others, which can sometimes be a barrier to getting certain jobs. In reality there are plenty of jobs that do not require any social interaction, making them perfect for an antisocial person.

Key Points

• Antisocial individuals prefer jobs with minimal or no social interaction.

• Ideal roles for antisocial people include computer programming, farming, and writing, which require limited public engagement.

• Such positions often allow for remote work or solitary environments.

• Entry-level jobs well-suited for antisocial personalities include truck driving and craft artistry.

• These jobs provide opportunities to work independently, away from team settings or customer interactions.

What Does It Mean to Be Antisocial?

The clinical definition of “antisocial” is someone that shows no regard for others and does not want to be in the company of other people. However, in common usage, antisocial can be used to describe someone that prefers to be alone most or all of the time.

Check your score with SoFi

Track your credit score for free. Sign up and get $10.*

Why It Can Be Difficult for Antisocial People to Find Work

Most jobs require at least some form of interaction, either with customers or coworkers. This can be a struggle for an antisocial person, who would likely prefer to find work that requires limited or no interpersonal interaction.

Antisocial people may also experience anxiety about job interviews, which are typically a prerequisite in the hiring process for many jobs.

What Makes the Ideal Job for an Antisocial Person?

An antisocial person may want to find a job that requires no interaction and can be done from a quiet and isolated location at their leisure. Self-employment can be a career path for antisocial people to consider or jobs that only require interaction through virtual (email, text, etc.) correspondence.

What Kind of Work Does Not Suit an Antisocial Person?

Any job that requires a lot of engagement with others, such as customer service or retail, would likely not be a good fit for an antisocial person. At the same time, any job that requires a lot of on-the-job training or management would likely not be ideal.

15 Entry-Level Jobs for Antisocial People

Antisocial disorder is often diagnosed at a young age. For those looking to start an entry-level career, here are 15 jobs that are well-suited to an antisocial person (with salary data from the Bureau of Labor Statistics):

Computer Programmer

2021 median salary: $93,000
Primary Duties: Write and test code and scripts that enable computer software to function.

Farmer or Rancher

2021 median salary: $73,060
Primary Duties: Oversee the production of crops, livestock and dairy products.

Writer and Author

2021 median salary: $69,510
Primary Duties: Write original copy for personal or business websites.

Aircraft Mechanic

2021 median salary: $65,550
Primary duties: Repair, inspect and perform maintenance on various aircraft.

Craft Artist

2021 median salary: $49,960
Primary Duties: Create original works of art for sale and exhibition using a variety of materials.

Truck Driver

2021 median salary: $48,310
Primary Duties: Pick up, transport, and deliver packages or goods from one location to another.

Machinist

2021 median Salary: $47,940
Primary Duties: Operate mechanical- and computer-controlled equipment used to manipulate metal parts, instruments, and tools.

Embalmer

2021 median salary: $47,780
Primary duties: Prepare the bodies of the deceased for interment.

Medical Transcriptionist

2021 median salary: $30,100
Primary duties: Transfer voice recordings from physicians and other healthcare professionals into formal reports or other documents.

Proofreader

2021 median salary: $43,940
Primary duties: Read content and correct for spelling, punctuation, and grammatical errors.

Assembly Line Worker

2021 median salary: $37,170
Primary duties: Use hand tools or machinery to produce vehicles, electronic devices and other materials and goods.

Animal Trainer

2021 median salary: $31,280
Primary duties: Teach animals skills such as obedience, performance, riding, security, and assisting people.

Veterinary Assistant

2021 median salary: $29,780
Primary duties: Feed, bathe and take care of animals in need of treatment.

Janitor

2021 median salary: $29,760
Primary duties: Clear and sterilize buildings, schools, hospitals and other commercial businesses.

Crematory Operator

2021 average salary: $37,490
Primary Duties: Perform cremations, including the preparation and transfer of the body post-service.

Recommended: High Paying Trade Jobs in Demand

The Takeaway

Having antisocial tendencies doesn’t mean you can’t find a fulfilling career. In fact, many jobs offer solitude and limited people interaction, which can appeal to many antisocial and introverted individuals.

Regardless of your chosen career path, it’s important to exercise responsible spending and money habits and keep track of your financial goals.

SoFi can help you track your money like a champion, with tools for monitoring your credit score, setting financial goals and monitoring your spending.

FAQ

What jobs require no social interaction?

Computer programmers that work from home, janitors that work night shifts, and farmers and ranch-hands typically have little to no social interaction in their day-to-day work.

What is a good job for antisocial people with no experience?

Artisan jobs, online bloggers, and transcriptionists all provide strong starting salaries and require no formal degree or experience.

Photo credit: iStock/ferrantraite

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Guide to Quality of Life

What Is ‘Quality of Life’?

What Factors Define Quality of Life?

How Can Finances Affect Your Quality of Life?

Financial Ways of Improving Quality of Life

Having Job Security

Knowing Your ‘Why’ Financially

Setting Savings Goals

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.50% APY on your cash!

Increasing Your Financial Knowledge

Investing Your Money

Non-financial Ways of Improving Quality of Life

Having Time to Yourself

Having Meaningful Relationships

Exercising and Staying Healthy

Getting Good Sleep

The Takeaway

FAQ

Do you need to be rich to have a high quality of life?

Why is quality of life important?

How can we achieve quality of life?

How to Roll Over Your 401(k)

How Does Rolling Over Your 401(k) Work?

Steps to Roll Over Your 401(k)

Benefits of Rolling Over Your 401(k)

Disadvantages of Rolling Over a 401(k)

Pros and Cons of Doing a 401(k) Rollover

When Is a Good Time to Roll Over a 401(k)?

5 Things You Can Do With Your Old 401(k)

Option 1: Leave Your 401(k) Where It Is

Option 2: Roll Over Your 401(k) Into an IRA

Option 3: Roll Over Your 401(k) to Your New Job

How to Roll Over Your 401(k): Direct vs Indirect Transfers

Option 4: Cashing Out Your 401(k)

Option 5: Rolling Your 401(k) Over to a Self-Directed IRA

The Takeaway

FAQ

How can you roll over a 401(k)?

What options are available for rolling over a 401(k)?

Does SoFi allow you to roll over your 401(k)?

21 Productive Things to Do on Your Day Off

How Staying Productive Can Improve Your Money Mindset

Productive Things to Do on Your Day Off

1. Planning a Vacation

2. Checking Your Credit Card Statements

3. Taking Quality Time for Yourself

4. Reviewing Your Career Goals

5. Starting a Side Hustle

6. Catching Up on Important Errands

7. Exercising

8. Mapping Short-, Medium-, and Long-Term Money Goals

9. Getting a Haircut

10. Volunteering

11. Updating Your Online Resume

12. Reading a New Book

13. Taking an Online Class

14. Spending Time With Loved Ones

15. Unsubscribing From Unwanted Emails

16. Updating Your To-Do List

17. Checking How You’re Doing With Your Budget

18. Planning for Next Week

19. Finding Networking Opportunities

20. Adjusting Your Tax-Withholding if It’s Not Right

21. Cleaning Your House

The Practical And Financial Benefits of Being Productive

Banking With SoFI

FAQ

What is considered wasting time on your day off?

How can I productively treat myself on my day off?

Is traveling considered productive?

Here’s What You Can Do With Leftover Foreign Currency

What to Do with Extra Foreign Currency

Using It to Pay Part of Your Hotel Bill on Vacation

Shopping Duty Free

Donating to Charity

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.50% APY on your cash!

Exchanging It

Saving It for Another Time

Student Loan
Refinancing

Personal
Loans

Online
Investments