Quick update; Last month, the Federal Reserve raised its benchmark interest rate by 0.25%. SoFi has followed after a delay. Now, their savings and checking accounts earn 1.25%. I hope that as the Fed raises rates, SoFi savings rates will go up too. This is a big win for savers, retirees, and anyone looking to earn a bit more. The downside is auto loans, student loans, home loans, and credit cards will become more expensive. This is why it is important to earn more, have an emergency savings account, pay off debt, and invest the rest to offset the high inflation we are seeing.
With any gains you may make, think of donating some to help the refugees and people of Ukraine. Over 10 million, more than the population of NYC, have been displaced from their homes. Civilians are being shelled and killed while trying to flee burnt cities. Make sure to see if the money donated is actually helping the people of Ukraine. Billions will be needed to rebuild once the war is done. We have written a few posts on our site on how to donate.