The Sofi and Jayson Tatum Foundation host the first of many financial literacy workshops for first-time home buyers in St. Louis

Last year, we developed a mission to build the Sofi General Wealth Fund to democratize the opportunity to gain families to sustain wealth. Through these initiatives, we focus on empowering underserved communities to correctly figure out money and achieve their ambitions so that we can help close the generational wealth gap in America.

So far, Sofi has committed more than $2 million for these reasons, including supporting underfunded school athletic programs, providing resources to reduce maternal mortality, and helping parents develop family financial plans and funding for improving women’s financial independence. We meet the needs of our community of personal missions because we understand how closely your financial independence is to your ambitions.

One of the first programs we launched in the fund is a low-income first-time homebuyer grant program in partnership with six-time NBA All-Star Jayson Tatum and his foundation. We are committed to deploying $1 million in resources and assistance to help first-time home buyers achieve home ownership in St. Louis. Jayson matched our donations, abandoning a total of $2 million in support of his hometown’s low-income first-time home buyers.

“I grew up in St. Louis and I have witnessed first-hand the importance of financial stability and home ownership to families like me. Through partnerships with Sofi, and their partnership with their Generation Wealth Fund in our region, we are providing my hometown with the tools and knowledge to control their financial futures. I am proud to give back to me to be my community.” – Jayson Tatum

On April 5, we brought the program to life, in partnership with Jayson Tatum Foundation for our first financial literacy workshop, as well as our program’s executive partner Beyond Housing. During the workshop, Sofi’s expert Brian Walsh SofiCFP®, Director of Consulting and Financial Planning, and Sofi Mortgage Officer Kara Whitman, were coaching the day during the day. 160 aspiring home buyers By the expected expectations in the process.

Brian Walsh provides guidance on the financial steps every home buyer should take, including how to protect their income and address any existing debt they may have, while Kara Whitman leads them through the home purchase process, including how to evaluate their mortgage options and how to resolve the steps! The event ends with two experts and offers an hour and a half group chat to answer enthusiastic inquiries from attendees, making sure they make them feel competent and capable of addressing the process!

According to a recent study, 86% of U.S. tenants say they want to buy a home but can’t afford it. The biggest challenge for first-time home buyers is actually getting on the pace, which is often hampered by high upfront fees (down payments, settlement fees). The goal of the program is to obtain Nearly 100 families By the end of the year, enter their first homes, aiming to provide them with their support in educational resources and financial aid to end costs.

While all of this may sound influential, you might wonder how this workshop and program relate to creating wealth that has passed down from generation to generation…One of the long-standing ways to build wealth and financial stability is through real estate: value appreciation is often appreciated over time, and sometimes cash flow can be even provided to families if they choose to turn it into a form of passive income.

If you are a first-time home buyer in the St. Louis area, check out the Home Buyer Grant Program. Otherwise, if you want to learn more about how to get MoneyRight®, head to Sofi to see how we can help you achieve your ambitions.

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