SoLo Funds

??? ?? Americans Living Paycheck to Paycheck Paid $39B in Junk Fees: 3 Ways To Avoid Them Featured insights from SoLo Co-Founder Rodney Williams in GOBankingRates: https://lnkd.in/g2htZH-d ??♀? Did you know that Americans living paycheck to paycheck paid over $39 billion in junk fees last year alone? ?? Understanding the financial burden of junk fees is crucial, especially for those managing tight budgets. Our recent Cash Poor Report highlights the staggering impact of these fees on consumers. How can we protect ourselves from being caught off guard by these costs? ?? The findings are alarming. Consumers struggling with limited budgets are subject to predatory fees that can increase borrowing costs dramatically. According to the report, many borrowers may pay up to 48% more than they initially borrowed due to hidden charges, such as late fees and application fees, which aren’t reflected in traditional APR calculations. Rodney Williams, president of SoLo Funds, shares insights on how to navigate these challenges effectively. Here are three strategies to avoid junk fees: 1. Read the Fine Print???? Many borrowers focus solely on the APR, neglecting other fees like origination, subscription, and ATM fees. Always be aware of the total cost involved when taking out a loan. Look for financial products with transparent fee structures that won't accrue hidden costs over time. 2. Always Pay Bills on Time??? Late fees are a major contributor to junk fees, costing consumers billions each year. Set reminders for your due dates to ensure timely payments. Remember, a missed payment not only incurs costs but can also negatively impact your credit score. 3. Don’t Charge What You Can’t Pay Back in Full???? It’s crucial to treat credit as a tool, not an income extension. Only use credit that you can pay off completely to avoid accruing high-interest charges. Overspending without a clear repayment plan can lead to serious financial consequences. ?? Let’s take control of our financial futures by being informed about the costs associated with borrowing. Consumer empowerment starts with knowledge!? Check out the full Cash Poor Report for more insights at SoLo Funds: https://lnkd.in/gRcvPfxb #JunkFees #FinancialLiteracy #WealthBuilding #ConsumerAwareness #FinancialWellness

Navigating Financial Challenges: What Savers and Borrowers Need to Know In today’s financial landscape, both savers and borrowers are feeling the impact of rising interest rates. With fears of a recession linked to recent tariff policies, there’s a strong possibility the Federal Reserve will cut rates this year. However, this may not bring the relief many hope for. Savers are facing lower returns, with high-yield accounts dropping to around 4.55%, while many traditional savings accounts offer minimal interest. On the borrowing side, mortgage rates have surged to 6.65%, making home purchases more challenging. Credit card interest rates remain high at 20.09%, limiting relief for those in debt. It’s essential for individuals to stay informed about their financial options and consider strategies to optimize their savings. How are you adjusting your financial plans in response to these changes? Read the full article "It's Not a Great Time to Be a Saver–or a Borrower" in the The Wall Street Journal. #Finance #InterestRates #Savings #Mortgage #CommunitySupport https://lnkd.in/gFwGw5ep

?? The current landscape of consumer lending and openly accessible financial marketplaces is, in my opinion, probably the most fun you can have if you're into economics and impact. We're talking about real time instantaneous impact on money -- at the individual consumer level. ?? I'm at and around Fintech Meetup 2025 for 1.5 days if you're in town. Let's chat about some exclusive and exciting things that industry leaders like SoLo Funds is doing this year.

SoLo Funds celebrates the strength, resilience, and achievements of women everywhere. Happy International Women’s Day—today and every day. Your contributions shape communities, industries, and the future of finance. We see you, we support you, and we celebrate you. #InternationalWomensDay

Tariffs might sound like a policy debate for economists, but in reality, they show up where it matters most—our daily expenses. And for women, who drive the majority of household purchasing decisions and run a growing number of businesses, the impact is even greater. When tariffs are placed on textiles, food, and essential consumer goods, women end up paying more for everyday necessities like baby formula, personal care products, and household items. For women entrepreneurs, tariffs raise costs on imported materials, making it harder to keep prices competitive and scale their businesses. And let’s not forget—women still face wage gaps and higher financial burdens in managing family expenses. Tariffs act as a hidden tax, increasing financial strain for those already navigating economic challenges. As we recognize Women’s History Month, it’s important to address the economic policies shaping women’s financial futures. Fair trade policies and economic equity go hand in hand, and it’s time we talk about who really bears the cost. How do you think trade policies impact financial equity? Read Robin Hartill, CFP?'s full article in Yahoo Finance: https://lnkd.in/dG7WmQMz. #WomensHistoryMonth #FinancialEquity #TradePolicy #WomenInBusiness #EconomicJustice #CostOfLiving #WealthBuilding

While we've seen significant strides in gender equality, the journey is far from over. Women continue to face systemic barriers in various sectors, and representation at leadership levels remains disproportionately low. This conundrum calls for a collective effort to not only recognize the achievements of women but also to address the ongoing disparities. By fostering inclusive environments, advocating for equitable policies, and supporting women's advancement across all fields, we can move forward together toward a more just and equal society. Read more from Lisa Z. Lindahl in Forbes: https://lnkd.in/gGJY6M2R

Women’s contributions to history aren’t just in the past—they’re shaping the future. From innovation to leadership, women have pushed boundaries, broken barriers, and redefined industries. Yet, despite these achievements, women still face wage gaps, underrepresentation in leadership, and funding disparities in business. That’s why Women’s History Month is more than just a celebration—it’s a reminder of the work still ahead. By uplifting, investing in, and supporting women, we create a future where opportunities aren’t limited by gender, but by ambition and impact. Here’s to the women who lead, innovate, and inspire. Tag someone who’s making history today. ?? #WomensHistoryMonth #WomenInLeadership #TheFutureIsFemale

As Black History Month comes to a close, our appreciation for Black excellence—especially in business and finance—only grows stronger. From pioneering entrepreneurs to today’s wealth builders, Black innovators have reshaped industries, redefined success, and created pathways to financial empowerment that will inspire generations to come. But the work isn’t done. The best is yet to come. The future of Black wealth is being built right now, and we’re here for every moment of it.

Egg prices are cracking records—and the government’s shelling out $1 billion to fix it. With egg shortages driving prices to all-time highs, the Trump administration has announced a $1 billion plan aimed at lowering costs. The initiative focuses on boosting supply, supporting farmers, and stabilizing the market. But what does this say about the broader economic picture? When everyday essentials become luxury items, financial strain hits hardest for those already living paycheck to paycheck. Eggs might seem like a small expense, but rising prices for basics highlight larger systemic issues in supply chains and affordability. Check out Molly Bohannon's full story in Forbes: https://lnkd.in/gmZdBp2N How do you think this $1B plan will impact everyday consumers? #EggPrices #FoodInflation #EconomicTrends #FinancialWellness #CostOfLiving #SupplyChain #FoodSecurity #WealthBuilding

The entrepreneurial path is a tough one, especially for those disrupting an industry like banking and financial services. With over 2M users and over $1B processed, happy to see the SoLo Funds founders emerge from these lawsuits victoriously! Special thanks to the Consumer Financial Protection Bureau for their diligence to not only protect American consumers but to also set the record straight that Solo operates above board. This is even more important in these economic times, whereby consumer credit card debt has hit $1.2T (per the Federal Reserve Bank of New York latest quarterly report Q4 2024) . (link in comments) #leadership #regulatorycompliance #banking #startups #innovation #finance #consumers #compliance #consumerfinance