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Navigating Needs vs Wants: Your Guide to Smart Budgeting
https://www.sofi.com/learn/content/needs-vs-wants/
Budgets typically require you to categorize your expenses by “needs” versus “wants.” While that sounds straightforward enough, it’s not always easy to do. There may be times when you want something so badly (say, a leather jacket or trendy sneakers), it feels like a need. Or, you might dismiss a real need, like taking a […]
How to Reduce Taxable Income for High Earners
https://www.sofi.com/learn/content/how-to-reduce-taxable-income-for-high-earners/
If you’re looking to reduce the amount of income tax you’ll need to pay, there are numerous strategies to consider. Familiar moves include contributing to tax-deferred retirement and health-spending accounts, deducting certain taxes and interest, and making charitable donations. More complex maneuvers include timing investments to offset gains with losses. Because each person’s situation is […]
What Does Annual Income Mean When Applying for a Credit Card?
https://www.sofi.com/learn/content/what-does-total-annual-income-mean/
When you apply for a credit card, the credit card issuer will ask you for your annual income. They want to be sure you have the means to pay your bills on time. Issuers may ask you to calculate your income in specific ways. For example, they may ask for net income or gross income […]
Understanding Budgeted Income Statements
https://www.sofi.com/learn/content/budgeted-income-statement/
A budgeted income statement is a tool that allows businesses to estimate how well they will perform financially in the coming months and year. It looks like a regular income statement except that it estimates the expected revenue, net income, and expenses for an upcoming period instead of analyzing past performance. A budgeted income statement […]
403(b) vs Roth IRA: Key Differences and How to Choose
https://www.sofi.com/learn/content/roth-ira-vs-403b/
What’s the Difference Between a 403(b) and a Roth IRA? A 403(b) and a Roth IRA account are both tax-advantaged retirement plans, but they are quite different — especially regarding the amount you can contribute annually, and the tax implications for each. Generally speaking, a 403(b) allows you to save more, and your taxable income […]