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Let’s break down these key differences. With savings accounts, your money stays protected — a $10,000 deposit remains $10,000, plus the interest you earn.
Education: A 529 savings plan can help you grow the money you’re planning to use for a child’s future high school or college expenses without paying taxes on the investment earnings. Some ...
Learn more in our guide to saving and investing to find the best approach for your golden years. Sources 401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000 , IRS.
Some investments, like high-yield savings accounts, allow for quick access to money if emergencies come up. Meanwhile, stocks should probably be part of a long-term investment plan instead.
SoFi was founded in 2011 as a student loan refinancing company. In 2019, SoFi — , short for Social Finance — expanded into investment services, offering a user-friendly platform to new investors.
Dig deeper: Saving vs. investing: Which strategy works best for growing and protecting your wealth? Is a financial advisor worth it for retirement planning? Yes, in most cases.
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