Q: Where can I access the Get That Raise tool?
A: Visit www.sofi.com/getthatraise
Q: What is Get That Raise and why should I use it? Is it free? Do I need to have a SoFi product to use it?
A: Get That Raise is a free online tool that anyone can use to find out how much money they could be leaving on the table by not asking for a raise. At SoFi, our mission is to help our members get their money right, and that means getting your career right, too. We believe it's not just about saving your way to financial independence, it's earning your way there. That's why we created Get That Raise. You do not need to have a SoFi product to use it, but in order to get your action plan, you will need to create a free sofi.com account.
Q: I did this last year, why should I use it again?
A: This year’s tool is new and improved compared to last year’s. We’re now able to estimate for you how much money you could be leaving on the table if you don’t negotiate for a raise. It’s also faster and easier to complete, with all-new, personalized action plans. We’ve also announced a collective raise goal for our community to earn $20 million in raises by Get That Raise 2020. We hope your raise contributes to that goal!
Q: I have already received my Money Left On the Table number, why should I create an account?
A: Creating an account is free. Once you create an account, you have only a few more questions to answer to get a personalized action plan and a boss-ready presentation to help you make your best case for a raise with confidence. You can return to your Raise Profile anytime to update your answers and review your action plan.
Q: Why should I use the Get That Raise tool instead of another salary tool?
A: Get That Raise is an award-winning tool that has been featured in the New York Times and goes further than other salary websites. It not only tells you how your salary compares to your peers, it gives you:
- An estimate of how much money you could be leaving on the table if you don’t negotiate for a raise
- A personalized action plan to help you make your strongest case
- A boss-ready presentation that you can use to support your ask.
Q: How do I access the PDF of my presentation?
A: You can access your PDF in two ways: when you completed your action plan, you received an email from SoFi with a link to download your presentation. Didn’t get the email? Check your spam folder! You can also access it anytime by logging in and going to your Raise Profile.
Q: How did you calculate the Money Left On the Table number?
A: Here is a summary of how the calculator works: We estimate the future amount of money saved and spent over a specified period of time-based on the current salary and potential raise entered. This is based on saving 20% of the salary increase and spending the remainder. We assume that your new salary grows by inflation and broadly considers federal taxes. We also assume the portion saved grows at 7% (the long-term historical return of the S&P 500) and is saved to a tax-deferred account.