Music offers a surprising array of benefits to listeners. Some songs are energizing, some are relaxing, and others, research suggests, can even improve physical and emotional health and manage pain.

Music can even teach us some valuable lessons about money. While you may not want to comb your Spotify playlists for stock market advice, you might find a few financial nuggets of wisdom embedded in your favorite songs.

Here’s a selection of songs from various eras and genres that are all about money, whether saving or spending it. They might nudge you to think more about your finances and relate to other people’s struggles and triumphs with their cash.

So if you’re like Rihanna and you’ve got your mind on your money, check out these 13 songs about finance that span the decades.

13 Songs About Saving Money

In each song on this list (arranged chronologically by release year), the artist shares a different viewpoint on personal finance. Some singers glorify money; others show us that there are more important things in life. Some singers tout the independence that money gives them and the hard work that got them there; others dream of making more.

No matter what money lessons you take from the music, one thing’s for sure: These 13 songs about saving money (or spending it) are likely to get stuck in your head for the rest of the day.

1. “Pennies from Heaven” by Bing Crosby (1973)

The oldest finance song on our list comes from the legendary Bing Crosby and the film of the same name. “Pennies from Heaven” reflects the general feelings of the time. Released during the Great Depression, the song yearns for the financial freedom of the Roaring ’20s yet provides hope that the country will weather the storm.

2. “Sittin’ in the Sun” by Louis Armstrong, Jack Pleiss, & His Orchestra (1953)

The next saving money song on our list comes from the legendary Louis Armstrong. “Sittin’ in the Sun” is so powerful that it made it on an album of his greatest hits. Armstrong paints a simple picture of sitting in the golden sunshine and counting one’s money. He speaks of the comfort of knowing what’s stored in his bank account.
Though Armstrong likely had a different point to make, his song is a reminder that having an emergency fund socked away is never a bad idea.

3. “Can’t Buy Me Love” by the Beatles (1964)

One of the Beatles’ biggest hits takes a more scathing view of money. Sure, it can buy you diamond rings, as Paul McCartney points out. But the one thing money can’t get you — no matter how much of it you have — is love. It’s a simple but crucial lesson: Money’s necessary for survival and can get you nice things, but the most important things in life can’t be bought.

4. “Money” by Pink Floyd (1973)

A well-covered hit from the Dark Side of the Moon album, “Money” starts with the “ka-ching” and register sounds of retail transactions. It’s a haunting sound once you know the lyrics that soon follow: The song serves as a reminder that money and greed can be bad. The lesson to walk away with? While it’s important for your family’s safety, health, and comfort to have money, don’t forget to share with those less fortunate and to take time for more important things.

5. “Money, Money, Money” by Abba (1976)

“Money, Money, Money” by Abba paints a picture of a girl who works hard but is still struggling with her bills. She hopes to land a rich guy because it’s “always sunny in a rich man’s world.” But if that doesn’t work, she contemplates going to Vegas or Monaco and gambling her way to wealth. Perhaps not the wisest of financial plans, but with a fun rhythm and lighthearted lyrics, it’s easy to see why this song is one of Abba’s biggest hits.

6. “The Gambler” by Kenny Rogers (1978)

An example of brilliant storytelling, “The Gambler” could have several deeper interpretations — and may spark a debate between listeners as to whether the titular gambler dies at the end. On the surface, though, it’s a killer song about two men on a train, one of whom is a gambler sharing important advice: “You’ve got to know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run.”

7. “She Works Hard for the Money” by Donna Summer (1983)

One of the most popular songs by the Disco Queen is “She Works Hard for the Money.” It’s hard not to jump up and dance when you hear this one, especially if you can relate to the protagonist: a woman who works day in and day out to provide for herself. The lesson here? People who work hard, no matter how much they make or what line of work they’re in, deserve respect and credit for what they do.

Recommended: 5 Ways to Achieve Financial Security

8. “If I Had $1,000,000” by Barenaked Ladies (1988)

This song doesn’t take itself too seriously — just as you’d expect from a group that calls itself Barenaked Ladies. But somewhere in all the silly lyrics, you’ll notice a theme: Though the singer may splurge on a limousine or, weirdly, John Merrick’s remains, he insinuates that money wouldn’t change him or his partner. They’d still eat Kraft dinners, just more of them (and with fancy ketchup). The takeaway from this song is that money can change who we are, but we shouldn’t let it.

9. “Mo Money Mo Problems” by Notorious B.I.G. (1997)

Perhaps the clearest finance lesson from these songs that talk about money hails from this hit from Notorious B.I.G. The takeaway, after all, is right there in the title. As we hear in the song, “It’s like the more money we come across, the more problems we see.” Money can solve a lot of problems, but don’t forget that it can bring on new problems you might not be expecting.

10. “Bills, Bills, Bills” by Destiny’s Child (1999)

How could we put together a list of songs about saving money without featuring Beyoncé? This song, which came out when Bey was still in Destiny’s Child, is all about female empowerment. In it, the protagonist is in a relationship with a man who is using her for her money — and she’s having none of it. The song is a healthy reminder that, while it’s OK to treat friends, family, and partners to nice things, you shouldn’t let yourself be taken advantage of.

11. “Billionaire” by Travie McCoy feat. Bruno Mars (2010)

“Billionaire” is a song that many of us can relate to. Most people will never become a billionaire, but it’s fun to imagine what we’d do if we had that much money. While the song is playful and isn’t packed with useful tips, it’s a reminder that it’s OK to have big financial dreams. Some may be unrealistic, but you need a big dream to keep you motivated and working hard.

12. “Thrift Shop” by Macklemore & Ryan Lewis feat. Wanz (2012)

Macklemore’s brand of humor is on full display in “Thrift Shop.” In it, the rapper criticizes spending money on designer clothes when there are so many better finds in thrift shops. Sure, it’s fine to splurge on yourself now and then, but being frugal — whether it’s shopping at thrift stores, packing a lunch, or borrowing books and movies from the library — is a great way to save money and build your wealth.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

13. “Budapest” by George Ezra (2014)

The final entry on our list of songs about saving money comes from George Ezra and carries a message similar to “Can’t Buy Me Love.” In “Budapest,” Ezra promises his love interest that he would abandon all his wealth and belongings if it means he could be with the one he loves. This song is yet another reminder that possession may be nice but our relationships with people are even nicer.

Recommended: How to Get Better with Money

The Takeaway

Music can entertain us, energize us, relax us, and even heal us. It can also teach us — about life, about love, and yes, even about money. These 13 songs about finance are just the tip of the iceberg. So turn on the radio or dig through your music streaming service, and put in those earbuds the next time you’re working on your budget. You may be inspired to spend smarter, save more, and do what it takes to achieve your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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.

Photo credit: iStock/Talaj

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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SOBNK-Q424-043

Whether a $40,000 salary is considered good can depend on a variety of factors. For a recent grad in a small town where the cost of living is low, that might be an annual income that pays the bills. In addition, the $40,000 figure represents earning more than the federal minimum wage ($7.25/hour) in 34 states and districts.

But a $40,000 salary is not typically enough for a household to live comfortably in most parts of the United States. According to the U.S. Census, the median salary was $80,610 in 2023. What’s more, in 2024, a $40,000 salary would be below the United States Census Bureau’s poverty threshold for families of up to six people. Here’s a closer look at the $40K salary figure.

How Does a $40,000 Salary Compare to the American Median Income?

Here’s a look at how earning a $40,000 annual income compares to that of your fellow Americans.

•   According to the U.S. Census Bureau, the median household income in 2023 was $80,610.

A $40,000 salary could successfully contribute to the Census Bureau’s picture of the median household income, when combined with a second income from a domestic partner.

Could this salary be considered good? Consider the following:

•   As an individual, you may find that $40,000 is a good entry-level salary.

•   Couples living the DINK lifestyle (which stands for dual income, no kids) and who each make $40,000 would be well above the median household income. Plus, they would have the additional costs of raising children as part of their budget.

$40,000 Salary Breakdown

It can be helpful to know what a $40,000 salary translates to as a monthly budget, weekly paycheck, or even hourly rate. This may help you decide if $40K is a good salary.

Here’s how it breaks down:

•   Monthly income: $3,333.33

•   Biweekly paycheck: $1,538.46

•   Weekly income: $769.23

•   Daily income: $153.85^*

•   Hourly income: $19.23^**

^*Based on 260 working days a year
^**Based on 2,080 working hours a year

And remember: That’s before taxes; that’s not likely to be the amount that’s deposited in your checking account when you are paid. If you are single and make $40,000 a year, your federal tax bracket is at 12%, but you may also owe state, city, and even school district taxes as well. It’s important to keep that in mind as you plan and assess how to pay bills and save with this salary.

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

Can You Live Individually on a $40,000 Income?

It is possible to live individually on a $40,000 income. In fact, you may be able to afford the average monthly expenses for a single person and work on your saving and investing goals.

Your location will have the largest impact on how far your dollars will stretch. Areas with a lower cost of living will likely be easier to afford for an individual on a $40,000 income.

As an individual, you can help your salary go further by looking for ways to save money, like:

•   Having a roommate or renting out a room in your house if you own one

•   Cooking at home instead of eating out

•   Buying a used car or, depending on where you live, relying on public transportation

•   Finding a higher-yield savings account

Best Places to Live on a $40,000 Salary

If you can afford moving expenses and aren’t tied to a specific location for work, you can make your dollars go further more easily in certain locations in the United States. These are places with a lower cost of living. Here are the five cheapest cities to live in the U.S. this year, according to U.S. News:

•   Fort Wayne, Indiana

•   Huntsville, Alabama

•   Wichita, Kansas

•   Springfield, Missouri

•   Davenport, Iowa

However, there’s more to moving than just the expenses and the job. Before packing up a rental truck, consider whether you are comfortable leaving behind friends, family, and familiar places.

Recommended: Emergency Fund Calculator: Estimate Your Safety Net

Worst Places to Live on a $40,000 Salary

A $40,000 salary might not go far enough in a city with a high cost of living. U.S. News research indicates these are the most expensive cities to live in:

•   Los Angeles, California

•   Miami, Florida

•   San Diego, California

•   Salinas, California

•   Santa Barbara, California

And if you were expecting to see Honolulu, Boston, and Santa Barbara (which often have reputations for being pricey), you’d find them a bit farther down the list but in the top 10.

Tips for Living on a $40,000 Budget

So how can you (and possibly your family) live on a $40,000 budget? It’s important to cut costs, look for deals, pay down your debt, and build up savings for an emergency.

But living on a small salary doesn’t mean you have to completely give up entertainment. Remember that it’s OK to treat yourself to the nice things in life from time to time, as long as they are within reason. Everyone needs some fun in their life.

Here are some important tips for living on a $40,000 budget:

Carefully Tracking Your Expenses

First things first, get an understanding of your current spending habits. Your bank may offer tools that make this easy to analyze or you can download apps or check websites that make this easier.

Consider what bills you have every month, whether they are set up on auto pay, and, if so, when do they process? (This will help you schedule your bills and avoid getting hit with late fees.) Make a list of all your recurring expenses (mortgage or rent, student loans, car payment, phone, insurance, and utilities), and then analyze how much on average you’re spending on more variable expenses like groceries, gas, clothing, and entertainment.

What can you cut? What bills can you negotiate down? Where can you reallocate money toward savings?

Recommended: 20 Commonly Forgotten Monthly Expenses

Getting on a Budget

Now that you have an idea of what you’re currently spending, it’s time to design a budget around what you should be spending.

Start by plugging in necessary monthly expenses; these are things you must pay for each month, like your home, insurance, and food. Only once you can see that these basic needs are met should you begin to budget for things like dining out or new clothes, also known as wants vs. needs.

Not sure where to start? Do some online research on how to make a budget. There are different techniques including a line item budget and the 50/30/20 budget rule.

Use the 50/30/20 budget calculator below to get an idea of how your budget could be broken down.

You might also check out what tracking and budgeting tools your financial institution offers. Many (especially online banks) offer a suite of tools.

Getting Out of Debt

As you consider how to manage daily life on a $40,000 salary, it’s wise to pay attention to the role that debt plays in your personal finances. Mortgage and student loan debt are structured to be paid off over decades, and can be considered by some to be good debt, as the interest rates are often relatively low and timely payments build your credit history. The rates on credit card debt, however, can be high and therefore more detrimental to your finances (and mental health). If you have serious credit card debt, it is wise to cut back expenses as much as you can so you can focus on paying off your debt.

You can tackle your debt using the snowball method or the avalanche method. You may also consider a balance-transfer credit card or a debt consolidation program, depending on your situation. A debt counselor who works for a nonprofit, like the National Foundation for Credit Counseling (NFCC ), can be helpful as well.

Saving Your Money

If you are debt-free (house, car, and student loan payments aside) and still have wiggle room in your budget after accounting for necessary expenses and a little bit of fun money, you can allocate some of your $40,000 salary toward your saving goals. These might include vacations, a house down payment, renovations, or a wedding. An emergency savings fund is often a good place to start.

Recommended: Emergency Fund Calculator

Investing Your Money

After you have gotten a handle on your expenses, designed a budget, and opened a savings account, you might consider if there is enough leftover from your $40,000 salary for investing. This may not be possible if you live in a city or state with a high cost of living.

How can you start investing? If your employer offers a 401(k) match, consider taking advantage of that. It’s basically free money, so contribute enough to snag it.

You can also look for automated investing opportunities so you don’t have to worry about building a portfolio from scratch.

The Takeaway

Whether $40,000 a year is a good salary depends on a variety of factors. For a single person just out of school, living in a relatively inexpensive town, it might be adequate. For a family of four in a major city, it is likely a challenging sum to subsist on.

With a $40,000 salary, it’s important to follow smart financial strategies, like budgeting and cutting expenses, as well as finding the right banking partner.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

Can you live comfortably on $40,000 a year?

Individuals may be able to live comfortably on $40,000 a year. Families, however, may struggle with this salary, especially in areas with a higher cost of living.

What can I afford making $40K a year?

If you are an individual living on $40,000 a year in an area with a low to moderate cost of living, you can afford typical monthly expenses like food, housing, and utilities and still have enough for some fun expenditures, like entertainment. If you are frugal and build a budget, you may also be able to pay down debt, build your savings, and even invest a little.

Is $40,000 a year considered middle class?

According to Pew Research’s most recent figures, a middle-class household’s median income was $106,100. An individual making $40,000 a year could qualify as middle class, especially if there were another wage earner in the household.

Photo credit: iStock/Prostock-Studio

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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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SOBNK-Q424-060

An advanced financial degree isn’t a requirement for taking control of your finances. In fact, you can learn much (or all) of what you need to know about finance without a financial education background at all — if you’re willing to put in the work (and, possibly, spend a little money).

Learning about how the realm of money works can boost your financial literacy and may improve how well you spend, save, and invest your hard-earned cash.

So let’s take a look at some of the easiest ways to learn finance on your own time.

Why Being Sound in Finance Is Important

Even if you don’t want to become an accountant or manage clients’ investment portfolios, learning about finance is an important practice for everyone. Knowing financial basics like how to build a budget, how to pay off debt, how ,a href=”https://www.sofi.com/banking/”>bank accounts work, and even how to do basic investing in stocks and bonds can be key to your financial stability. You’ll likely become a smarter consumer and savvier money manager, not turning a blind eye to your bank and IRA statements.

With more understanding of your finances, you’ll have more control over them. Financial literacy can help you avoid (or get out of) debt, save for important goals like a wedding or vacation, and increase your net worth through investments and home ownership. This can benefit the financial health and well-being of your family, too.

8 Ways to Learn About Finance

Wondering how to learn finance without enrolling in a four-year degree? Here are some of the easiest ways to teach yourself about finance. Dive in, and you may be rewarded with knowing how to manage your own money confidently and find your way to financial freedom.

1. Taking an Online Course

Taking an online course is one of the best ways to learn finance — and you can even do it in sweatpants. LinkedIn offers several finance and accounting courses that are ideal if you are working toward becoming a practicing financial professional, but you can also find free or affordable financial literacy classes for the average person.

Popular options for online financial courses include Coursera, edX, and Udemy. Just be sure to find courses aimed at non-finance pros. Many universities, including Massachusetts Institute of Technology (MIT) and the University of Michigan, offer some courses for free; you generally just have to pay if you want the certificate of completion.

2. Reading Books

Another way to learn about finance at a deeper level is through books. Your local library probably offers shelves of books on finance (maybe even digital versions for your e-reader), but you can also order books online or shop at second-hand bookstores.

Goodreads can be a great place to research personal finance books. Popular books for learning about finance, especially for beginners, include:

•   Get a Financial Life by Beth Kobliner

•   I Will Teach You to Be Rich by Ramit Sethi

•   Your Money or Your Life by Vicki Robin and Joe Dominguez

•   The Simple Path to Wealth by JL Collins.

3. Listening to Podcasts

If reading isn’t your thing, you can instead try learning finance basics via podcasts (or audiobooks). Listening to the top money podcasts means you can use your time efficiently: Stream the podcast during your commute to and from work, while exercising or walking the dog, or even while cooking dinner.

Some podcasts are aimed at beginners while others have more targeted audiences, usually those interested in investing.

If you’re a beginner, consider checking out:

•   So Money

•   AffordAnything

•   Freakonomics

Students may benefit from The College Investor; The Dave Ramsey Show is popular with people working to get out of debt; and investors who want to learn more about the market may want to queue up What’s News, Jill on Money, or Planet Money.

Recommended: 7 Tips to Managing Your Money Better

4. Utilizing YouTube and Other Visual Media

Podcasts are great for on-the-go learning, but if you want to sit and watch financial content so you can take notes, YouTube can be a great place to start. Here are some of channels with financial literacy video content you may want to check out:

•   The Financial Diet or Two Cents for general personal finance content

•   Wealth Hacker for investing and passive income advice

•   Bigger Pockets for real estate investing.

5. Hiring a Financial Professional

While learning about how to use a checking and savings account is important, more complex topics like debt consolidation or investing in the stock market may be too intimidating for some.

If you find yourself too busy to learn or just struggling with the concepts, consider hiring a financial professional. Some financial professionals offer specific services like tax preparation and wealth management; you can also hire a financial consultant who can offer advice on all areas of your finances, from paying down student loan debt to building an emergency savings to refinancing a mortgage. This process, beyond providing guidance, can also help you build knowledge about the areas of finance about which you are most curious.

Recommended: What Is Financial Therapy?

6. Taking an In-Person Class or Seminar

How to learn about finance if you find yourself easily distracted? In-person classes at a local college or even seminars and workshops in your area could be a good option.

You can check out nearby universities and community colleges to see what classes they offer. If you have hired a financial advisor, they might be able to recommend upcoming seminars in your area. Finally, your local library may also host workshops.

7. Subscribing to Business and Investing Publications

Beginners can likely get by on podcasts and YouTube content, but once you advance to more complex investing concepts, you might want to subscribe to one or two business and investing publications, whether in print or digitally. Popular financial magazines include Barron’s, The Economist, Kiplinger’s, Forbes, and Money. The Wall Street Journal is a popular resource for monitoring investments.

Many investment apps now offer access to news about the market. If you are using an app rather than a traditional investment firm, see what information they offer access to before signing up for any subscriptions.

Recommended: 5 Ways to Achieve Financial Security

8. Follow a Finance Blog

If a newspaper delivered on your doorstep feels too archaic, you can instead use finance blogs to learn basic topics and stay on top of the latest news. One good place to start: See what your bank or investment management firm offers. Many have top-notch blogs covering an array of topics.

You may also find blogs that suit your particular needs, whether that’s understanding annuities, managing finances for a single-paycheck family, or estate planning. If you read a book on money that you like or listen to a podcast that you find valuable in one of your key areas of interest, search for more intel on the expert involved. They may well have a finance blog that can deepen your knowledge.

The Takeaway

Learning about finance when you don’t have any background in the subject can feel intimidating. Fortunately, there are numerous resources you can tap, including online courses, podcasts, books, blogs, publications, and apps. What’s more, many of these options are free, and a fair number are tailored to complete beginners.
Taking some time to learn the basics of personal finance — from budgeting to getting the best rate on your savings to building wealth through investing — can yield rewards, both right away and many years from now.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

Is finance easy to learn?

Finance can be easy to learn if you are willing to seek out informative content from books, podcasts, videos, blogs, and even professionals and then invest some time soaking up knowledge. Learning about finance requires dedication and sometimes a little investment — but knowing how to manage your money can pay off in the long run.

What should I learn first about finance?

Some of the most fundamental personal finance concepts include building a budget, opening a bank account, and understanding your credit score. Once you have mastered those more basic concepts, you can then focus on things like retirement planning, debt consolidation, and real-estate and stock-market investing.

Can I make finance a career without a degree?

Having a degree of some kind (ideally in finance but even in mathematics or other allied areas) is very helpful for building a career in finance. Completing internships and/or industry courses outside of a college setting can put you on the right path, though you may still need a certification for a specific job in finance. For example, Certified Public Accountants and Certified Financial Advisors have completed specific programs to earn their credentials. That said, self-taught individuals might be able to build careers by creating financial educational content, like podcasts and blogs.

Photo credit: iStock/fizkes

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOBNK-Q424-036

Though car prices have eased from their pandemic highs, getting a new set of wheels still doesn’t come cheap: As of September, 2024, the average price of a new car was $48,397, while the average used car was listed for $25,361. One way to get around these high costs is to purchase a high-mileage vehicle — those with 100,000 miles or more on them. But is this a wise idea?

Conventional wisdom once held that 100,000 miles was a critical turning point in a vehicle’s value and reliability. In other words, the advice was to proceed with extreme caution. But today, a well-cared-for high-mileage vehicle can still be a smart purchase — if you know what to look for when buying a high-mileage car.

Is It Wise to Buy a High-Mileage Car?

Buying a high-mileage car can be an easy way to save money. In fact, if the price is right, you may be able to buy a used car with cash, meaning you won’t have to worry about monthly car payments and high interest rates.

However, cars with higher mileage are understandably more prone to mechanical issues. When buying high-mileage cars, it’s important to consider models with a clear history of routine maintenance. It’s also wise to look at automotive manufacturers that are well-known for building longer-lasting cars; Consumer Reports singles out Honda and Toyota specifically, though some people are loyal to other makes, too.

Buying a High-Mileage Car: Pros and Cons

So what are the pros and cons of buying a high-mileage car? Let’s break it down:

11 Practical Tips for Buying a High-Mileage Car

If buying a high-mileage car is right for your budget, the following tips for buying a used car could be helpful:

1. Having a Budget

Before researching used cars, it’s smart to have an idea of what you are willing to spend. This might involve analyzing your savings or discussing your car loan options with a lender.

Once you have settled on a budget that you can afford, respect that limit. Even if you see a must-have car that’s slightly over your budget, remember that you set a max number for a reason: It’s what you are comfortable paying.

2. Researching Makes and Models with Good High-Mileage Ratings

While many cars can make it to 200,000 miles and beyond when taken care of, not all cars are created equal. Research makes and models that are well-known for lasting beyond 200,000 miles; Consumer Reports is one solid, objective resource for this.

You can also use resources like Kelley Blue Book, Edmunds, and Cars.com to understand fair prices for the specific make and model you have chosen, given its mileage and condition.

Recommended: Can You Get a Car With a Credit Card?

3. Researching Reviews on the Car Model

Next up when thinking about what to look for when buying a high-mileage car: What do the experts have to say?

Once you have selected your preferred car model, read independent reviews from popular car sites (like Edmunds, Consumer Reports, and Car and Driver) and actual drivers on car forums. Doing so may help you get a feel for how this model performs, particularly once it has 100,000 or more miles on it.

While it might not cover the specific year, make, and model of the car you are considering, J.D. Power’s annual Vehicle Dependability Study can give you a good idea of automakers that excel at designing long-lasting vehicles.

If it appears that the vehicle you have chosen may not be as dependable as you thought, you may want to start your research over, focusing on a different model.

Recommended: 10 Ways To Save Money Fast

4. Researching Risks and Costs

No matter which high-mileage car you are considering, there will be inherent risks as far as reliability goes. It’s wise to familiarize yourself with the potential problems associated with a higher-mileage car. This may provide you with a better understanding of what could go wrong.

Knowing the common issues that high-mileage cars encounter can help you calculate how much to save for car maintenance.

5. Researching Car Insurance

Before you drive home in your used car, it’s a good idea to have car insurance figured out. In fact, every state but Virginia and New Hampshire legally requires you to carry car insurance if you own a vehicle.

Check out minimum car insurance requirements for your state as you research. Often, the minimum level of coverage is an adequate amount for a high-mileage vehicle.

That said, determining the right amount of car insurance coverage is entirely up to your discretion. Think about what will make you feel safe and well protected.

6. Not Being Impatient

Patience is important when shopping for a used car (as it is for many big purchases). This is especially true if there is a specific model you have in mind. It might be tempting to buy the first high-mileage car that meets your basic criteria, but it is a good idea to take your time, view multiple options, and compare them before making a decision.

If your current vehicle is nearing the end of its life, you might want to start car shopping before it is totally out of commission. That way, you are less likely to be rushed into a decision.

Recommended: Leasing vs. Buying a Car

7. Test-Driving the Car

Test-driving a car is a good idea whether you’re buying new or used. When buying new, it allows you to determine if the vehicle is right for you. Are the seats comfy? Are the controls intuitive? Can you work around its blind spots?

Checking these things for a high-mileage car is also important. On top of that, a test drive in a used car allows you to monitor for potential problems. You can visually inspect the car, but you can also feel how it drives, listen for weird sounds, and even smell for things like water damage.

8. Getting a Vehicle Inspection

Though paying a mechanic to inspect a car you don’t own might sound like a waste of money, it can be a good idea when considering a used vehicle. Private sellers and dealerships might not disclose (or even know about) every small issue. An independent mechanic inspecting a high-mileage car, however, will be able to point out potential problems and estimate your costs for repairing them.

If a dealer or private seller is unwilling to let you take the vehicle to a mechanic during your test drive, consider insisting upon this — and even offer to follow the private seller to your mechanic. If the seller is still unwilling, it is probably wise to pass on the vehicle. There might be major issues lurking under the hood.

If your mechanic uncovers problems and they are expensive to fix, you may also want to skip the purchase and continue your search.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

9. Getting a Vehicle History Report

Whenever you are purchasing a used car, whether it’s high- or low-mileage, it is a good idea to get a vehicle history report. Some dealerships and private sellers may have already ordered a vehicle history report for you to review. Even if they haven’t, consider proceeding. The cost is often negligible, typically between $25 and $40.

Why get a vehicle history report? These reports contain information about the number of previous owners, any major accidents, mileage accuracy, potential flood damage, and more helpful info for determining if the vehicle is worth the cost and what issues it may have faced in the past.

10. Paying Cash If You Can

When buying high-mileage cars, you may be able to use cash to negotiate a better car deal. Paying with cash also means you can set aside any money you would have used for a monthly car payment to use for car repairs, as needed.

Cash is also a good way to keep within your means — and the original budget you set for yourself.

11. Having an Emergency Fund for Your Car

A high-mileage car is more likely to encounter regular problems requiring potentially costly repairs. It can therefore be a good idea to have an emergency savings fund held as a savings account, ideally earmarked to include any car-related issues. Repair costs can rise significantly at the 100,000-mile mark.

The Takeaway

Buying a high-mileage car can feel like a risk, since more mileage means more wear and tear. But today’s cars typically perform well, even when the odometer reading goes well past 100,000 miles. And there is usually significant savings to be had, since mileage is a key factor in pricing. A lower price tag may mean you can pay cash and avoid the cost of financing for added savings.
Saving up to buy a used car with cash and setting aside money for care and any potential repairs means you’ll need a high-yield bank account with good savings features.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

What is the most reliable high-mileage car?

In general, Honda and Toyota manufacture some of the most reliable high-mileage cars. Other automakers that rate well on reliability include Lexus, Mini, Acura, Subaru, and Mazda. Cars models that often get ranked as longest-lasting by credible automotive sites include: Honda Civic, Lexus LS 400, and Toyota 4Runner.

What is the highest mileage you should buy for a used car?

While mileage limits can vary depending on the vehicle’s maintenance records and the brand, it can be wise to make 200,000 miles your max limit when shopping for a high-mileage car.

Is mileage more important than age?

It is important to consider both mileage and age when shopping for a used vehicle. In general, the more miles a car has, the more likely it is to need repairs. However, a newer car with the same high mileage as an older car is more likely to have newer safety systems and better fuel economy.

Photo credit: iStock/HABesen

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOBNK-Q424-037

The key difference between old money and new money is how a person obtained their wealth. Old money represents what may be called generational wealth — money that has been passed on from generation to generation in the form of cash, investments, and property. New money refers to self-made millionaires and billionaires, those who earned their money (or lucked into it, like in the lottery).

Learn more about this construct and why this distinction is made.

What Is Old Money?

Old money refers to people who have inherited significant generational wealth; their families have been wealthy for several generations.

In the past, old money would have referred to an elite class: the aristocracy or landed gentry. In the U.S., families like the Vanderbilts and Rockefellers represented early examples of old money. Today, old money families include the Waltons (Walmart), the Disneys (The Walt Disney Company), and the Kochs (Koch Industries). Should families like the Kardashians continue to generate and pass down the great wealth they have in their bank accounts or other assets, they could one day be considered old money as well.

Recommended: How to Build Wealth at Any Age

What Is New Money?

New money then refers to people who have recently come into wealth, typically by their own labor or ingenuity.

Common examples of new money include tech moguls and self-made billionaires like Jeff Bezos, Mark Zuckerberg, and Bill Gates. Someone who wins millions of dollars in the lottery or becomes famous from a reality TV series (like the cast of Jersey Shore) would also qualify as new money.

You may sometimes hear the French term “nouveau riche,” which means “newly rich.” This tends to describe people who recently became wealthy and spend lots of money from their checking account in a flashy, ostentatious manner.

Recommended: Building Wealth in Your 30s

Differences Between Old and New Money

So what is the difference between old money and new money? There are quite a few distinctions, but remember that these are all generalizations. Each person who obtains wealth is unique.

Source of Wealth

The most obvious difference between new money and old money is the source of wealth. Old money has been passed down from generation to generation. Each member of old money typically feels a fierce responsibility to protect — and increase — that wealth.

Members of new money have earned that money in their lifetime, whether for building a tech empire, becoming a famous actor, making it to the big leagues as a sports player, or even making money on social media as an influencer. Some new money members might come into money through a financial windfall like winning the lottery or a major lawsuit.

Long-Standing Traditions

Inheriting generational wealth comes with a responsibility: Old money recipients usually must protect the family’s wealth to pass on to future generations. For that reason, those who come from old money may stick to their traditional investments and ways of life. Many inherit their parents’ business and then pass it on to their own children.

Those who are self-made or come into money quickly do not have long-standing traditions to fall back on. They are often the first in their community to make multimillion dollar spending decisions. This can mean a steep learning curve and the need for guidance, which could make them vulnerable to poor advice and unscrupulous hangers-on.

Spending and Investing

How old and new money generally approach wealth management is one of their starkest contrasts.

Though they do live lavishly, members of old money can be more frugal (or calculated) with purchases than you might expect. For members of old money, spending is often more about investing than shopping for pleasure.

People who are a part of new money may feel more entitled to and excited by their funds. They may spend it more lavishly (and publicly). Some might feel that they worked hard to earn their money — and they’d like to enjoy it. They might want to show off their newly achieved status with designer watches or mega mansions.

That’s not to say that members of new money don’t invest. Famous celebrities, athletes, and businesspeople often invest in real estate or buy companies to increase their wealth. Generally speaking, new money might make riskier investment decisions for faster yields. They’re not thinking about generational wealth to protect with tried and true investment methods.

Taken to its extreme, this can have disastrous results. It’s not uncommon to hear stories of people who make a lot of money for the first time and spend it all, leading to bankruptcy and even mental health issues.

Recommended: How to Deposit a Check

Leisure

The stereotypes might be a little tired, but in general, people associate old money with traditional activities like golf, skiing, horseback riding, and polo. On the flip side, members of new money might buy courtside seats to a basketball game, a garage full of shiny new luxury cars, or even a rocketship for a joyride into outer space.

Recommended: Knowing the Difference Between ‘Rich’ and ‘Wealthy’

Social Perception

Interestingly, some of the richest people in the world come from new money. They’re today’s self-made tech giants. Yet some members of old money may consider themselves to be a higher class than the likes of Gates and Bezos.

To generalize, old money often perceive themselves — and are perceived by outsiders — to be more educated and refined.

On the other hand, the public may view members of new money as harder workers and more innovative — clear examples of the American dream.

Old and New Money Lessons

What can one learn from comparing old and new money? Even if you are not wealthy, you can learn some valuable life and financial lessons from considering the difference.

•   It’s hard to protect generational wealth. Old money is very privileged; there’s no denying it. But many families lose their wealth in just a few generations. Old money families do work hard to maintain and grow their wealth for their future generations. They are able to avoid seeing their fortune dwindle.

•   It’s important to analyze your spending. Many people who come into wealth quickly don’t take adequate steps to protect their funds and invest it wisely. Horror stories of lottery winners losing everything should be enough to serve as a reminder that — if a person comes into a large amount of money suddenly — they should take the time with a finance professional to build out their money management goals. Doing so may ensure your wealth grows, rather than runs out.

•   Stereotypes aren’t everything. Reflecting on the differences between old and new money, it’s important to note that these are merely stereotypes, and not everyone fits the bill. Just as one hopes that others don’t judge us before they know us, the discussion of old vs. new money is a reminder not to form assumptions about someone until you get to know them.

Recommended: How to Achieve Financial Discipline

The Takeaway

Old money refers to families who have maintained wealth across several generations. New money, on the other hand, refers to someone who earned their wealth in their lifetime. Key traits typically differentiate old vs. new money, but at the end of the day, both refer to members of an ultra-wealthy class.

No matter how much wealth you have — and whether you inherited or earned it — it’s a good idea to protect it in an FDIC-insured bank account that actively earns interest.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible 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

Is it preferable to be from new or old money?

It depends on whom you ask. Old money members often regard themselves as a higher class, but they also have less agency to spend their money on “fun” things, as they have to guard their wealth for future generations. While members of new money might feel freer to spend on things they want, they can be more likely to run out of money if they don’t follow good financial planning.

Does new vs. old money matter?

If you are a member of the wealthy class, the distinction might matter to you. Those with old money might feel it’s superior to new, but those with newly minted wealth may well be proud of their success in building their fortune. However, most people are not considered to be new or old money, and so this shouldn’t affect their daily lives.

How has old vs. new money changed since the terms were first coined?

Old money once referred to the landed gentry in Europe, but in today’s world, it might refer to a few families who struck it big a century or more ago in the U.S. New money is more common nowadays, with the advent of television, sports, and social media as the source of riches.

Photo credit: iStock/South_agency

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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.

SOBNK-Q424-057