Sophia Amoruso and SoFi Collaborate to Empower Women with a Financial Guide

June 1, 2023 : Sophia Amoruso and SoFi have joined forces to develop a financial guide tailored specifically for women, aiming to bridge the gap in financial literacy between men and women, particularly in investing. The collaboration between Amoruso and SoFi is driven by their shared passion for empowering women to take control of their finances, encompassing investing, saving, and retirement planning. Having experienced financial setbacks herself in her twenties despite her entrepreneurial success, Amoruso is dedicated to helping women avoid similar mistakes and achieve financial independence.

Lauren Stafford Webb, Chief Marketing Officer of SoFi, highlighted the significance of money as a barrier to women’s ambitions and emphasized the need for accessible financial guidance. Despite women representing over half of the workforce and a significant portion being breadwinners, many perceive investing in the stock market as too risky. However, research has consistently shown that women often outperform their male counterparts when they invest. Both SoFi and Amoruso seek to promote success and independence across all aspects of women’s lives by empowering women in their financial journey.

Amoruso, known for her successful brands, considers content creation her strongest talent. With a vast audience interested in wealth-building and career development, she aims to make financial concepts accessible and easily understandable. SoFi’s platform aligns with this vision, demystifying banking, borrowing, and investing for a diverse demographic, particularly women. The opportunity to educate people on topics rarely discussed resonates with Amoruso’s natural inclination to share and aligns with SoFi’s mission.

According to SoFi’s research, most women create budgets, review spending habits regularly, and consider themselves financially literate. However, SoFi’s latest guide, “Making Money On Your Money,” intends to provide comprehensive financial education for women at all stages of their journey to financial independence. Recognizing the individual nature of personal finance, the guide explores core topics such as investing, debt, spending, saving, financial goals, and budgeting. It aims to familiarize readers with these concepts, whether they are just starting or already have a financial plan.

Amoruso’s contribution to the guide stems from her experience as a 22-year-old community college dropout with limited financial knowledge. Having learned through interactive experiences and practical advice, she understands the value of providing relatable examples that readers can apply to their lives. Amoruso emphasizes the importance of learning about money early in one’s career to better manage finances and make informed spending decisions. While acknowledging the satisfaction of rewarding oneself, she warns against excessive splurges that can drain bank accounts.

Democratizing financial information is a key objective for Amoruso, particularly for underrepresented groups such as women and people of color (POC) who have historically been excluded from wealth-building opportunities. She believes that a privileged few have held the keys to understanding money and aims to pass on her knowledge gained through her exposure to financial concepts not commonly taught to middle-class backgrounds.

Amoruso’s top tip for women is to focus on investing, emphasizing the power of compound interest in building wealth. The guide offers detailed insights into investing options, managing debt, spending wisely, and effective savings strategies. It includes interactive elements such as worksheets, quizzes, and additional resources to help readers implement their learning. SoFi’s CFP, Kendall Meade, recommends utilizing high-yield checking and savings accounts like SoFi’s high-yield checking with a 4.2% APY to maximize returns.

In addition to the guide, Amoruso plans to continue the conversation around financial literacy and transparency through content shared on her social media platforms. By leveraging her reach and influence, she aims to empower more women with knowledge and resources to take charge of their financial futures.