| |  | | July 11, 2025 | | | | | | | | Don't Have Access to a 401(k)? How to BYO Retirement Savings | By Lindsay VanSomeren
Americans are contributing record shares of their paychecks to their 401(k)s. But an estimated 59 million private sector workers don't have access to a workplace retirement plan, making it more challenging to build wealth and financial security for the future. If you're in that group, take heart. Workplace accounts can provide a big retirement boost — especially when there's an employer match — but you can get ahead without one, too. Here's how.
| | | | | | | | Your SoFi Toolkit | | You don't need access to a 401(k) to get a "match." SoFi IRAs offer a 1% match on every eligible dollar you roll over. ¹ | | | | | | | | | GET FIT: A 3-PART CHALLENGE | | | | Part 3 - Endurance: Build Your Financial Safety Net | | | Ready to buff up your finances? This week, On The Money is featuring "exercises" designed to kickstart your financial fitness.
Parts 1 and 2 of the challenge focused on spending and budgeting.
Today's exercise: Contribute to your savings.
Every little bit you save adds up, and something is always better than nothing. Regardless of how much you contribute today, it's the mindset that's most important.
Savings gives you a financial buffer that can help you avoid taking on credit card debt if you have a sudden car repair or medical bill — or lose your job.
A solid starting goal could be $500 to $2,500, but ideally you'll want to have enough saved to cover three to six months' worth of living expenses.
Keep this savings in a separate but easily accessible account to help you resist the urge to spend it.
One smart option is a high-yield savings account from an online bank like SoFi. Just make sure there aren't any monthly maintenance fees or minimum balance requirements.
Financial wellness is a marathon, not a sprint. If you completed all three parts of this challenge, take a moment to celebrate! You just took three powerful strides toward improving your financial health — now keep running with it.
| | | | |   | | It's a TACO Summer | Trade policy is back in the news again. In a move that echoes the Liberation Day announcement, the Trump administration has begun sending out formal letters to countries outlining the "reciprocal" tariff rate they can expect to pay starting August 1.
Unlike the first go around, however, the latest trade news was met with little more than a collective shrug from investors, largely because of the widespread belief in "TACO," which stands for Trump Always Chickens Out. In a nutshell, it's the idea that the administration has a very low tolerance for significant economic pain and will back down from its most aggressive threats when faced with a sharp negative market reaction.
It's unclear how much of the potential economic impact from tariffs has been priced in, but it's hard to argue that the risks have fully been internalized.
Bloomberg Economics estimates that the 2025 tariffs would reduce GDP by 2.9% and raise core PCE prices by 1.7%. Including the sectoral tariffs on strategically important goods such as semiconductors, copper, and pharmaceuticals that are planned in the future, the GDP and core PCE estimates intensify to 3.7% and 2.2%, respectively.
Read more | | | | | | | | | Informed investment decisions start with informed insights. Here's what's making headlines:
☕ Starbucks (SBUX) has received proposals from investors interested in buying a controlling stake in its China business, according to people familiar with the matter. Starbs has 7,700+ stores in China, where it's been struggling to brew up sales growth. (Bloomberg)
🤖 Nvidia (NVDA) became the first public company to hit a $4 trillion market cap, beating Apple (APPL) and Microsoft (MSFT) to the milestone during Wednesday trading. The tech titan's value has surged in recent years, fueled by the AI gold rush for its computer chips. (CNN)
💉 The weight-loss drug boom continues: Telehealth service Hims & Hers (HIMS) announced plans to offer generic semaglutide in Canada, where Novo Nordisk — the maker of Ozempic and Wegovy — is set to lose its patent. (CNBC) | | | | | | |  | | Hikes in endowment taxes could spur revenue shortfalls at universities, sending tuition prices higher. (CNBC) | | | | | | | | | | | Intel, insights, and inspo for your money. | | On the Money cuts through the noise of day‑to‑day financial news to bring you a more thoughtful point of view on what's important in this moment — and how it impacts your bottom line. We value your trust above all. | | | | | | | | | | Did you find today's newsletter valuable? | | | | |
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