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Entrepreneurship is booming in America. According to the U.S. Census Bureau, a record 5.5 million new business applications were filed in 2023. While entrepreneurship is often portrayed as being exhaustingly hard, its many upsides are clearly enticing more and more people to dive in.

What are the benefits of being an entrepreneur? They can range from setting your own hours to having unlimited earning potential to realizing a personal dream. Some people nurture an idea for an innovative product or service for years and then set to work bringing it to life. Others are on a mission to help their community or a specific segment of the population.

Still others set out with the simple goal of making a lot more money than their current 9-to-5 gig pays.

Whatever your motivation, the benefits of becoming an entrepreneur can have a major positive effect on your life. Here, we’ll take a closer look at the perks of starting your own venture. They just may motivate you to take this next giant step in your career and charter your own path.

Read on to learn:

•   What is an entrepreneur?

•   How does entrepreneurship work?

•   What are the benefits of being an entrepreneur?

What Is an Entrepreneur?

An entrepreneur is a person who starts their own business to bring their dreams to life. Whether they envision opening a better coffee bar or developing a fitness app, they invest time and capital in their business ideas and work diligently to make them successful. Entrepreneurs often partner with other investors, employ workers, and take risks as they seek success.

Typically, an entrepreneur is an inherent problem-solver with a can’t stop, won’t stop attitude. In addition, many are brimming with confidence and conviction that their idea is a terrific one. They refuse to stay discouraged and just see the word ‘no’ as a temporary setback at worst.

The U.S. is full of success stories of entrepreneurs, whether that means the likes of Microsoft’s Bill Gates, Amazon’s Jeff Bezos, or any of the folks who win on Shark Tank. Many of these experienced numerous failures and pressure to give up from family, friends, and potential investors but persevered.

While the wealthiest entrepreneurs are popular symbols of accomplishment and can make it look easy, the truth is that most entrepreneurs have spent countless hours and tremendous sweat equity behind the scenes to become successful.

How Does Entrepreneurship Work?

Entrepreneurship is the opposite of 9-5 jobs. Instead of punching a clock or working on a project for a company, you depend on your own efforts to bring in some type of income. The grind can be brutal, especially at first when you probably aren’t making money.

However, entrepreneurship means more than wanting to work for yourself. To live as an entrepreneur, you need an idea for a business, service, or product to focus your efforts. For example, you might see an opportunity to succeed with a superior product or be the first to serve a niche market. Ideally, you’ll start earning money to put in your bank account for savings or to invest back in the business.

As an entrepreneur, you bet on yourself, which means you invest as much of your time and money into your business aspirations as possible. You might leave your job to pursue your dream or put in hours before or after your day job to get your business going. Either way, successful entrepreneurs often reach a point where they grow their company enough that they must dedicate all their time to it, hire others to take on some of the workload, or partner with investors.

In addition, some entrepreneurs even create social change through their business efforts.

Benefits of Being an Entrepreneur

Now that you understand how entrepreneurship works, here are some pros of being an entrepreneur.

1. Ability to Work from Anywhere

One of the key benefits of becoming an entrepreneur is you typically have the ability to work from home or anywhere else you may be. Since you can run many types of business online, you often only need a laptop and internet access to work as an entrepreneur. A work-from-home budget can be an economical way to launch your venture. So, whether you prefer your living room, a coffee shop, or a beach (as some digital nomads do), you have the freedom to set up shop wherever you like without necessarily paying rent for a workspace.

2. Having a Flexible Schedule

In addition to working from anywhere, you choose when you’ll work as an entrepreneur. As a result, you make your own hours,which may give you room for family time, exercise, or errands during the day.

Worth noting: Since the “office” never closes, some entrepreneurs are known to toil 16-hour days (or longer) to realize their aspirations. For this reason, setting your own hours can be a double-edged sword that may lead to overwork and burnout for some. Proceed with your eyes wide open, and remember that work-life balance can be valuable.

3. Ability to Make Key Decisions

As an entrepreneur and business owner, the buck stops with you, which is another empowering benefit of being an entrepreneur. You’ll decide how the business runs, the product or service to focus on, and the target market you’re trying to reach. You pick your team, your partners, and your company culture as the business grows.

Recommended: Can I Use a Personal Checking Account for Business?

4. Growth in Leadership

A successful business requires an able leader. In all likelihood, entrepreneurship will give you opportunities to develop as a business owner and manager. You can learn new skills and expand your knowledge.

As a result, as you continue your professional journey, you’ll get the chance to become an effective boss, operations manager, and business development wrangler. All of which are pros of being an entrepreneur.

5. Ability to Give Back to Your Community

Success as an entrepreneur usually means growing your business to the point where you hire employees. As a result, your efforts may contribute to creating wealth and economic opportunities in your community, helping others support their families and accomplish their dreams. Additionally, successful business owners and entrepreneurs can invest in other companies and donate to charity, benefiting those around them. There’s one more way this can be an upside of entrepreneurship Your business mission may be one that uplifts others. Perhaps you’re developing a healthier snack food, for instance, or an app that helps people reduce their stress levels.

6. Choosing Who to Work With

As an entrepreneur, you might start your business slowly (a benefit of side hustles) or go in full tilt right from the start. Regardless of how you get going, you’ll determine who your partners and colleagues are, which can make for a very agreeable work life. Whether you occasionally speak with consultants, hire workers, or bring investors on board, you decide who gets involved with your business. Your independence as an entrepreneur allows you to intentionally create a work culture that fits your preferences. It’s empowering to have the ability to say “no” to working with someone who doesn’t fit your vision.

7. Being an Entrepreneur is Rewarding

One of the many benefits of becoming an entrepreneur is seeing success unfold, thereby proving the validity of your ideas and the impact they can have. Whether you develop a shampoo that people love or a service that helps disadvantaged students, knowing that your endeavor is finding an audience can be hugely rewarding.

In terms of finances, turning a profit on your business can be life-changing. Once you run payroll and address your business costs and responsibilities, the money you’ve earned can go into your bank account.

Whether you want to put money earned back into the business for more growth or use it to get a new car, seeing money roll in from your business can be incredibly satisfying. Instead of having a set salary, you’ll see how your very own efforts can drive your income and net worth.

8. Being Able to See the Fruits of Your Labor

Success as an entrepreneur is multifaceted and fulfilling: You could obtain financial freedom, see your business grow through meeting customers’ needs, mentor employees, and launch related (or unrelated) ventures. That feeling of having created something that clicks with an audience and builds a following is uniquely satisfying and can definitely boost your sense of pride and self-esteem.

Recommended: Common Signs That You Need to Make More Money

9. Creating a Positive Impact

Entrepreneurship goes beyond making an appealing product and profitable business. Your leadership can inspire others to pursue their dreams. Additionally, your company can create economic ripple effects, allowing others to achieve financial success and benefiting your city and beyond.

10. Income Is Decided by You

As an entrepreneur, you manage the money (at least during the start-up period). As your business evolves, you might get to decide whether you want to create jobs with better pay or scale your business quickly. You’ll also allocate funds and determine your own paycheck.

It’s a balancing act that you will be in charge of. For example, you might be less concerned with becoming a millionaire than you are with retaining quality employees for the long haul through robust compensation.

11. Networking Opportunities

Most successful entrepreneurs keep strong connections with others who are also starting their own ventures. For instance, you can learn from those who already had to rent workspace, run payroll, or deal with licensing arrangements. In the future, you might be the one tapped by a newly minted self-starter for that very same kind of information.

You’ll grow professionally through peer, mentor, and mentee relationships. No one knows it all, and tapping your network can be an effective way to solve business problems and find the right people to hire or consult.

The Takeaway

There are a myriad of benefits of being an entrepreneur, such as deciding your own schedule, boosting your earning power, and having the opportunity to impact people around you. However, successful entrepreneurship requires tenacity, willingness to learn from failure, and comfort with risk.

The beauty is that anyone can become an entrepreneur. Whether you start your business as a side hustle or leave your job to take the plunge, you have the power to create your own opportunity. You’ll get the chance to make important decisions, such as determining the location of your business, deciding how many employees to hire, and choosing the right bank account for your earnings. Being an entrepreneur can help you grow professionally, personally, and financially.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What are the drawbacks of being an entrepreneur?

The drawbacks of being an entrepreneur include not having a guaranteed wage or salary, possibly investing more hours into your business than you would at most jobs, and the real risk that your endeavor may fail. As a result, you might put all your time and money into a business venture only to end up with nothing to show for it.

Can anyone become an entrepreneur?

Anyone can become an entrepreneur; no specific certification or education is necessary. However, in some cases, business experience, a college degree, and professional training programs can increase your chances of being a successful entrepreneur.

How long does it take to become an entrepreneur?

One of the pros of being an entrepreneur is that it’s possible to become one quickly if you have a business idea plus sufficient available hours and capital to start your venture. However, finding success as an entrepreneur usually takes years of hard work.

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*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Thinking about relocating to Ohio? The average salary in the state is $60,320, according to the U.S. Bureau of Labor Statistics. For comparison, the average salary in the U.S. is $63,795, per 2022 data from the National Average Wage Index.

Of course, an individual’s income is dependent on a number of factors: Age, occupation, and education level can all play a role.

Average Salary in Ohio by Age in 2023

As in other states, the median salary in Ohio tends to increase with age and experience and decline in the retirement years. This can be good news if you have an entry-level position and are looking to earn more.

Here’s a look at the median salary in Ohio by age range:

Age range	Median Salary
15 to 24	$38,314
25 to 44	$75,119
45 to 64	$81,640
65 and over	$49,081

Source: Schoolaroo

Salaries also often rise with your level of education, as the Census Bureau data below shows:

•   No high school diploma: $29,967

•   High school diploma: $36,589

•   Some college/two-year degree: $42,903

•   Bachelor’s degree: $59,928

•   Graduate/professional degree: $73,752

Regardless of where you are in your career path, it’s a good idea to stay on top of your finances. Online tools like a money tracker can keep tabs on where your money is coming and going and provide valuable insights.

Recommended: U.S. Average Income by Age

Average Salary in Ohio by City in 2023

Where you live in Ohio can make a difference in how much money you earn. The more populated a metropolitan area is, the higher incomes tends to be. Let’s take a look at the median salary of households in 11 major cities in Ohio:

City	Household Median Salary
Akron	$46,596
Canton	$37,627
Cincinnati	$49,191
Cleveland	$37,271
Columbus	$62,994
Dayton	$41,443
Indian Hill	$218,073
Mansfield	$40,996
Springfield	$45,113
Toledo	$45,405
Youngstown	$34,295

Source: Census Bureau

Average Salary in Ohio by County in 2023

Another way to look at salaries in Ohio is by county. The ten most-populous counties in the state have the following median incomes:

County	Household Median Salary
Franklin	$71,070
Cuyahoga	$60,074
Hamilton	$68,249
Summit	$68,360
Montgomery	$61,942
Lucas	$57,265
Butler	$77,062
Stark	$63,130
Lorain	$67,272
Warren	$103,128

Source: Census Bureau

Recommended: How to Calculate Your Net Worth

Examples of the Highest Paying Jobs in Ohio

Ohio has high-paying jobs in many different sectors, such as medical, business, aviation, and technology. As a result, the state has opportunities for introverts and professionals who love working with people.

Here’s a list of the highest-paying jobs in the state:

Profession	Average Salary
Cardiologist	$500,440
Surgeon	$448,480
General Pediatrician	$237,860
CEO	$232,120
Airline Pilot	$221,190
Computer Systems Manager	$164,820
Architectural/Engineering Manager	$156,870
Physicist	$153,730
Sales Manager	$151,900
Financial Manager	$149,310

Source: BLS

In contrast, the lowest average salaries in Ohio appear primarily in service industries. Baggage porters and bellhops, cashiers, short order cooks, childcare workers, and housekeeping cleaners are examples of jobs that make an average of less than $30,000.

If you’re looking to maximize your salary, online tools like a budget planner app could help. Besides monitoring spending, it helps you set a budget and track your progress.

The Takeaway

Pay depends on many different factors, including age, occupation, education, and location. In Ohio, the average salary is $60,320, according to BLS data. That’s slightly lower than the national average salary of $63,795. The state is also home to plenty of jobs with six-figure salaries, especially in the medical, business, aviation, and technology fields. Ohioans enjoy a cost of living that’s lower than the national average, which can help workers stretch their wages even more.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is a good average salary in Ohio?

A good salary is one that meets your basic needs while leaving you with some money for savings. Pew Research Data found that in order to be considered middle class in Ohio, you need to earn $61,664 a year.

What is the average gross salary in Ohio?

In Ohio, the average gross salary — or money earned before taxes and other payrolls deductions are taken out — is $72,146 a year, per data from Talent.com

What is the average income per person in Ohio?

The average income per person in Ohio is $60,320, according to data from the U.S. Bureau of Labor Statistics.

What is a livable wage in Ohio?

A livable wage in Ohio for a single adult is $40,352. Households with multiple people will need more. For example, if you and your spouse both work and have one child, you could get by on around $82,409 a year in Ohio, according to MIT’s Living Wage Calculator.

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Job growth is an important consideration when choosing a career. Some of the fastest-growing jobs, according to the Bureau of Labor Statistics (BLS), include nurse practitioners, wind turbine service technicians, and data scientists.

Whether you’re preparing to enter the job market or switching careers, it’s good to know which industries and fields have the brightest hiring outlook. Keep reading for a breakdown of the fastest-growing jobs in 2024 and beyond.

What Is Considered a Fast-Growing Job?

The BLS regularly projects which occupations will see the highest growth. The most recent data available predicts changes from 2023 to 2033. Some occupations grow faster than others as demand for those jobs rises. A fast-growing job is one that’s expected to grow at an above-average rate. Our list includes both on-site roles and remote opportunities. (Here’s a great roundup of more work-at-home jobs for retirees and stay-at-home parents.)

Who Should Consider a Fast-Growing Job?

Fast-growing jobs are appealing to a wide range of people because it can be easier to find a position when there are more openings to go around. Companies may also be more likely to offer signing bonuses to attract talent.

However, it’s important to consider whether the current demand is sustainable over the long term. After large numbers of people rush to fill jobs in a specific industry, hiring may then taper off.

The economy is another consideration. A job that’s fast-growing in a healthy economy may be less so in a downturn or recession. In-demand jobs that are connected to entertainment, travel, or recreation, for example, may be less attractive if people are cutting back their spending on trips to the movies, vacations, or costly hobbies.

Recommended: Does Net Worth Include Home Equity?

Pros and Cons of Being in a Fast-Growing Job

Every job has advantages and disadvantages, and fast-growing fields are no exception. Considering the potential benefits and drawbacks can help you to decide if pursuing a fast growing job makes sense for you.

Pros of Fast-Growing Jobs	Cons of Fast-Growing Jobs
More room for advancement at a faster pace	Accelerated job growth in newer industries may not be sustainable over the long term
Higher salaries if demand for qualified workers outpaces supply	Fast growth does not always translate to higher pay, especially in fields that don’t require higher education
Opportunity to get in on the ground floor of a new industry or sector that’s poised for long-term growth and development	May be more demanding in terms of the time involved and scope of duties

What to Expect in a Fast-Growing Job

One of the main advantages of a fast-growing job is that it may be easier to get hired when demand is high. Employers may also offer higher pay or enhanced employee benefits to attract talent. If a high salary is important to you, check out this list of the highest paying jobs by state.

On the other hand, landing a bigger entry-level salary isn’t guaranteed. Fast-growing tech jobs, for instance, will pay more than food service jobs even if demand is at a similar level.

If you do manage to snag a higher salary with a fast-growing job, it’s important to think about what you’ll be required to do in exchange for those paychecks. For example, accepting a role with a clean energy startup could pay well, but if the company is small, you might be expected to work well beyond the standard 40-hour week.

No matter the size of your paycheck, it helps to stay on top of your budget. A spending app lets you see all of your money in one place.

Top 10 Fastest-Growing Jobs in 2024

The BLS collects data on job growth and employment outlook across a variety of occupations. We’re breaking down the fastest growing jobs through 2033.

You may also be interested in our list of trades that make the most money.

1. Wind Turbine Service Technician

Median annual pay: $61,770

Job growth outlook: 60%

Job description: Install, repair, and service wind turbines. May work full-time or on-call for emergency repairs.

Job duties:

•   Install wind turbines

•   Make necessary repairs to turbine equipment

•   Complete regular maintenance and service to keep turbines operating properly

Pros:

•   Technical or trade school degree may be the only required education

•   Opportunity to travel

•   Job growth should hold steady as the industry develops

Cons:

•   Long on-the-job training period

•   Candidates must be comfortable with heights

•   Higher potential for accidental injury

Recommended: Jobs That Don’t Require College

2. Solar Photovoltaic Installers

Median pay: $48,800/year

Job growth outlook: 48%

Job description: Also called PV installers, solar photovoltaic installers are responsible for assembling and maintaining systems that convert sunlight into energy. They may also connect the system’s solar panels to the electrical grid. This job may be salaried or hourly.

Job duties:

•   Measure, cut, and assemble the support structure for solar panels

•   Install solar modules, panels, and support structures, then activate and test the system.

•   Perform routine PV system maintenance

Pros:

•   Significant job growth is expected through 2033

•   Higher education may not be required

•   There may be opportunities for advancement in the field

Cons:

•   Requires lifting and handling heavy equipment

•   Candidates should have strong math and communication skills

•   Must be comfortable with heights

3. Nurse Practitioner

Median pay: $126,260

Job growth outlook: 46%

Job description: Nurse practitioner (NP) is one of the fastest-growing healthcare jobs. NPs can act as primary care providers or specialty care providers in doctor’s offices, hospitals, and other healthcare facilities. NPs may specialize in a particular type of care, such as geriatrics or pediatrics.

Job duties:

•   Assess patients to determine care needs

•   Determine how to improve or manage patient health

•   Develop strategies for implementing a plan of care

Pros:

•   High earning potential (an all-in-one money tracker tool can help you stay on top of your money game)

•   Well above-average job growth

•   Opportunity to specialize

Cons:

•   Potentially a highly stressful job

•   Requires advanced education

•   May require working long shifts

4. Data Scientist

Median pay: $108,020/year

Job growth outlook: 36%

Job description: Extract and analyze data. May collect or categorize data, offer interpretations of data, or create visual representations to showcase their findings. These individuals typically work in an office setting or from home. Because this role doesn’t require much interaction with customers or colleagues, it can be a good job for antisocial people.

Job duties:

•   Collect and organize data

•   Test data and use it to develop algorithmic models

•   Analyze data to create recommendations for business entities

Pros:

•   Competitive pay and outstanding earning potential

•   Opportunity to work a flexible schedule or remotely

•   May appeal to people looking for a creative-adjacent job

Cons:

•   Some aspects of the job may be tedious or boring

•   Hours can be long and require the completion of menial tasks

•   Master’s degree or higher may be required for certain jobs

5. Information Security Analyst

Median pay: $120,360/year

Job growth outlook: 33%

Job description: Information security analysts review an entity or organization’s security measures and develop strategies for protecting and safeguarding data. This is one of the fastest-growing IT jobs as more companies turn their focus to increasing cybersecurity in order to prevent fraud or data hacks. This is a strong option if you need a job that will pay off your student loans.

Job duties:

•   Analyze security measures in order to look for potential flaws or weak spots

•   Develop cybersecurity strategies to enhance a company or organization’s data safety

•   Maintain security software, including encryption and firewall services

Pros:

•   Job growth may be sustainable long term as more companies seek to step up their cybersecurity efforts

•   Salary ranges are competitive compared to other fast-growing jobs

•   May offer opportunity for remote work

Cons:

•   Some jobs may require a master’s degree or higher

•   May be required to complete tasks on short notice

•   Potentially stressful and high-pressure

6. Medical and Health Services Manager

Median pay: $110,680/year

Job growth outlook: 29%

Job description: Responsible for managing their facility and coordinating medical and health services for patients. Should be up to date on the latest laws, regulations, and technology in healthcare.

Job duties:

•   Create and execute policies, goals, and procedures for facility

•   Ensure facility complies with laws and regulations

•   Recruit, train, and manage staff

Pros:

•   Competitive salary

•   Flexible hours

•   Room for advancement for those interested in leadership roles

Cons:

•   Hours may be long

•   May be required to have a bachelor’s degree, a license, and/or work experience

•   The job has a high rate of injury and illness

7. Physician Assistant

Median pay: $130,020/year

Job growth outlook: 28%

Job description: Responsible for examining, diagnosing, and treating patients under the supervision of a physician. PAs can work in a variety of settings, including a hospital, doctor’s office, outpatient care center.

Job duties:

•   Examine and diagnose patients

•   Prescribe medication

•   Educate patients on their health issues

Pros:

•   Can be rewarding to help care for patients

•   Competitive pay, particularly for jobs at outpatient care centers and hospitals

•   Can work in a variety of specialized areas, such as dermatology, pathology, or emergency medicine

Cons:

•   Work can be physically and emotionally demanding

•   May be required to work nights, weekends, or holidays

•   Must have a bachelor’s degree or higher and be licensed

8. Computer and Information Research Scientist

Median pay: $145,080

Job growth outlook: 26%

Job description: Use expertise and experience to improve existing technologies and create new ones. The work can help fuel innovation and solve problems in science, medicine, and business, among other fields.

Job duties:

•   Develop and/or improve computer software and hardware

•   Create new computing languages and tools

•   Design and oversee experiments on software systems

Pros:

•   Opportunity to work on cutting-edge projects

•   Ability to help create innovations and improvements

•   Can specialize in various fields, including artificial intelligence or robotics

Cons:

•   Much of the work is online, which could be an issue for extroverted people

•   Most jobs typically require a master’s degree or Ph.D.

•   May work long hours

9. Physical Therapist Assistant

Median pay: $64,080/year

Job growth outlook: 25%

Job description: Collaborate with physician therapists to help patients regain their mobility and manage their pain. PTAs may also be responsible for cleaning and setting up treatment areas or moving patients around the facility.

Job duties:

•   Treat patients through exercise, massage, and other interventions, under the supervision of a physical therapist

•   Record the patient’s progress and share progress with the physical therapist

•   Help move patients in and/or out of treatment area

Pros:

•   Solid earning potential

•   May have the option to work part-time

•   Helping patients recover can be professionally rewarding

Cons:

•   Often requires standing for long periods of time

•   Moving patients could put strain on the body

•   May be required to work nights and weekends

10. Operations Research Analyst

Median pay: $83,640/year

Job growth outlook: 26%

Job description: Evaluate a company’s operations using advanced analytical and mathematical techniques, and recommend ways to increase efficiency and solve problems.

Job duties:

•   Analyze data to identify or solve operational problems

•   Provide recommendations to decision makers

•   Document and present finding to support recommendations

Pros:

•   May have opportunities for advancement

•   Often work on teams, which can be a good fit for extroverts

•   Can help businesses operate more efficiently

Cons:

•   Advanced education and training are often required

•   Role can be demanding

•   May be required to work in the office

Fastest-Growing Jobs by 2025 Outlook

The fastest growing jobs in 2024 include all of the options listed above. Other jobs projected to have above-average growth through 2033 include:

•   Occupational therapy assistants

•   Actuaries

•   Financial examiners

•   Home health and personal care aides

•   Veterinary assistants and laboratory animal caretakers

•   Veterinary technologists and technicians

•   Logisticians

•   Veterinarians

•   Substance abuse, behavioral disorder, and mental health counselors

•   Epidemiologists

Which job skills will be most in demand in the future? According to the World Economic Forum, the following skills will be highly sought after by employers within the next few years:

•   Analytical thinking

•   Creative thinking

•   Resilience, flexibility, and agility

•   Motivation and self-awareness

•   Curiosity and lifelong learning

•   Technological literacy

•   Dependability and attention to detail

Some of these are “soft skills,” meaning they’re based around communication and self-management. However, it’s clear that technological skills and computer skills will continue to be an important consideration for employers in the future.

The Takeaway

The Bureau of Labor Statistics regularly publishes lists of jobs with good potential for recent grads and career changers. This year’s list of the top fields for job growth include energy, healthcare, computers, and data science. It’s a wide range, with something for everyone. And while some roles require a college degree, others welcome high school grads.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is the most needed job in 2024?

According to the Bureau of Labor Statistics, nurse practitioners are among the fastest growing jobs for 2024 and beyond. That’s due largely to increased demand for healthcare providers during the pandemic era, but it was also one of the fastest growing jobs pre-COVID.

What job has the highest future growth?

The Bureau of Labor Statistics projects that wind turbine service technicians are set to see the highest job growth through 2033. As the country looks to reduce carbon emissions — and demand for electricity increases — more wind turbines are expected to be built. This will likely create more job opportunities for qualified service technicians who can install and maintain the equipment.

Which jobs will be in demand in the next 10 years?

Some of the jobs that will be in the highest demand in the next 10 years include nurse practitioners, wind turbine service technicians, data analysts, information security analysts, and medical and health services managers.

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Photo credit: iStock/visualspace

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Setting up a joint bank account can make your financial life easier. But it’s important to understand all the rules and regulations, particularly should tragedy strike.

Typically, joint bank accounts are set up so that both account holders have the right of survivorship. This means that should one owner die, the remaining partner retains full ownership of the funds in the account, and the account doesn’t become part of the probate estate. However, this may not always be the case. There are also some potential tax consequences to keep in mind. Here’s a closer look at the rules that apply to joint bank accounts after the death of an account holder.

What Is a Joint Bank Account?

A joint bank account is a financial account, such as a checking account, shared by two or more individuals. It’s common for married couples to open a joint account to make it easier to manage shared income and expenses. You might also set up a joint account with an aging parent, an adult child, or a business partner.

Joint bank accounts work in much the same way as other types of bank accounts. The main difference is that both people who own the account have full control over it. Each can get a debit card, write checks, and make purchases or cash withdrawals. The money in a joint account belongs to both owners, regardless of which person deposited the funds. For this reason, it’s important to only open a joint bank account with someone you trust.

Like other bank accounts, joint bank accounts are typically insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor in the event of bank failure. That means that a joint account owned by two people is protected up to $500,000. If one of the owners dies, however, their insurance coverage no longer applies. Credit unions offer similar insurance through the National Credit Union Administration (NCUA).

Joint Bank Account Rules After Death

If two people own a joint bank account and one of them dies, the surviving co-owner will typically become the account’s sole owner. The account will not need to go through probate (the legal process of distributing a deceased person’s assets and paying their debts) before it can be transferred to the surviving account owner.

Rights of Survivorship

Most joint accounts at banks and credit unions are set up as “joint with rights of survivorship,” sometimes abbreviated to JWRS. This means that, upon the death of one account holder, the assets are transferred to the surviving account holder or equally to the rest of the owners if there are multiple people on the account. This directive would override any instructions outlined in the deceased person’s will. Some banks may refer to rights of survivorship as “tenants by the entirety.”

While this is the typical set-up for a joint account, it’s wise to check with your financial institution to make sure your account carries automatic rights of survivorship. In some cases, a bank may require you to sign additional documents to indicate this is what you and your co-owner(s) want.

What to Do When a Joint Account Owner Passes

If you co-own a joint account with someone else and that person passes away, the first step you’ll want to take is to notify the bank. You can do this by calling the customer service line and asking to speak with a representative.

Typically, you’ll need to provide the bank with a death certificate or other documentation to confirm the death. If the account includes rights of survivorship, you would not lose access to the account and the joint account would not be frozen after someone dies. The bank may offer you a choice of removing the deceased person from the account or opening a new individual bank account.

What Happens When You Inherit a Joint Bank Account?

Unlike most other assets, joint bank accounts usually don’t need to go through probate. That means you can continue using the funds in the account and won’t have to hand them over to an executor. The transfer of assets could, however, trigger certain taxes depending on the value of the estate and the laws in your state.

Recommended: What Happens to a Direct Deposit if It Goes to a Closed Account?

Tax Implications of Inheritance

Generally, inheriting assets from someone who dies can mean paying certain taxes at the federal or state level. Here’s a look at taxes associated with an inherited joint bank account.

Estate Taxes

If one of the owners of the joint account dies, a portion of that bank account will contribute to the deceased person’s taxable estate This happens despite the fact that the joint account is not subject to probate or the wishes outlined in the deceased person’s will. However, the federal estate tax in the U.S. only applies to estates that exceed a certain threshold, which as of 2024, is $13.61 million. Unless the deceased has a very large estate, it’s not likely that you would have to worry about any estate taxes associated with an inherited joint account.

Several states have their own estate taxes with thresholds that differ from federal ones. It’s a good idea to consult with a local attorney to find out whether your state is one of them and whether you have any estate taxes to consider at the state level.

Inheritance Taxes

Inheritance taxes differ from estate taxes in that they are paid by the individual receiving the inheritance, rather than by the estate itself. The federal government does not impose an inheritance tax, but some states do have them.

Even if you live in a state with an inheritance tax, however, you may be exempt from paying inheritance taxes on an inherited joint account. Generally, spouses inherit a deceased spouse’s assets tax-free. Immediate family members often pay a reduced inheritance tax rate; unrelated co-owners or beneficiaries to a bank account tend to pay the highest inheritance tax rates.

Income Taxes

When you take on sole ownership of a joint account after the death of your co-owner, you become fully responsible for paying any taxes owed on income earned by the account (such as interest or dividends). Income earned on the account prior to your becoming the sole owner would be reported in the same way it was before the person’s death. For example, if that person reported all of the income earned on the joint account, then 100% of income earned on the account prior to their death would be reported on their final tax return.

Recommended: Can You Remove Yourself From a Joint Bank Account?

The Takeaway

Knowing what to do when there are two names on a bank account and one dies can help you avoid headaches during what’s likely an already trying time. As a first step, you’ll need to report the death and provide a death certificate to the bank. After that, you will likely have sole ownership of the account and can decide what you’d like to do with the money moving forward.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.60% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Do joint bank accounts get frozen when someone dies?

Joint bank accounts with rights of survivorship typically do not get frozen when one account holder dies. The surviving account holder usually retains full access to the account without any interruptions. Once the bank receives the death certificate, they will take the deceased person’s name off of the account.

Do joint bank accounts go through probate?

Joint bank accounts with rights of survivorship generally do not go through probate. This is because the funds automatically transfer to the surviving account holder upon the death of the other. The surviving account owner takes over full ownership of the account, regardless of how assets get divided based on the deceased’s will. Once the surviving owner presents the bank with a death certificate, the bank will update the account to reflect the surviving account holder as the sole owner.

Is a joint bank account part of an estate?

If one owner of a joint account dies, a portion of that account will be part of their taxable estate. This is the case even though joint accounts are typically not subject to probate or considered part of the deceased person’s probate estate. Estate taxes may apply to the deceased person’s portion if their estate exceeds certain tax thresholds.

Can creditors go after joint bank accounts after death?

Not typically. After someone dies, their probate estate is responsible for paying off any remaining debts. A joint bank account generally bypasses probate and is transferred directly to the surviving account holder and can’t be used by the estate to pay outstanding debt. One exception: If the co-owner on the joint account co-signed the outstanding debt, they would be fully liable for repayment and a creditor could go after the joint account.

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SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

​​Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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As long as people rely on indoor plumbing, we will need experienced, skilled plumbers to install, repair, and maintain the systems we use every day. Being a plumber is not only an in-demand job but one that generally pays well. A plumber’s average annual salary in the U.S. is $74,253, according to ZipRecruiter.

A plumber’s expertise spans from diagnosing and repairing leaks in people’s homes to planning commercial piping and municipal sewer systems.

If you enjoy working with both your hands and machinery, have strong attention to detail, and are a good problem-solver, being a plumber might be the right job for you. Read on to learn more about how much plumbers make per hour, how salaries vary by region, and other factors to consider before you decide to pursue a career in plumbing.

What Are Plumbers?

Plumbers are skilled professionals who install, maintain, and repair plumbing systems that supply residential and commercial properties with water and gas and carry away waste. Plumbers play a crucial role in ensuring these systems function properly and efficiently. Their expertise applies both to municipal sewers and single-home septic systems.

Plumbers diagnose and fix various issues related to plumbing systems, such as leaks, clogs, and malfunctions in pipes or fixtures. They also perform routine maintenance to prevent problems and keep plumbing systems in good working order.

In some cases, plumbers are involved in the initial design and planning stages of construction or renovation projects, ensuring that plumbing systems are installed efficiently and meet local building codes and regulations. Some plumbers may specialize in specific areas, such as commercial plumbing, industrial plumbing, or specific types of systems like hydronic heating.

How Much Does a Plumber Make Per Year Starting Out?

A plumber can make a good entry-level salary that continues to increase over time. For example, plumbers with less than one year of experience earn, on average, $50,129, while the average salary for a plumber with more than 10 years of experience is $72,740 per year.

💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What Is the Average Salary for a Plumber?

Plumbers can earn either an hourly rate or an annual salary, depending on the type of work they do. How much a plumber makes per hour can range anywhere from around $18 to $53. The average hourly pay for a licensed plumber in the U. S. as of January 2024 is $35.70 an hour, per ZipRecruiter. The current national average for how much a plumber makes a year is $74,253.

How much money a plumber makes can vary by location. What follows is a breakdown of how much plumbers make a year (on average) by state.

Average Plumber Salary by State for 2024 (Highest to Lowest)
State	Average Annual Salary
Oregon	$71,663
Alaska	$71,436
North Dakota	$71,330
Massachusetts	$70,713
Hawaii	$69,839
Washington	$68,826
Nevada	$67,543
South Dakota	$67,414
Colorado	$66,891
Rhode Island	$66,377
Mississippi	$64,771
New York	$64,056
Delaware	$62,943
Vermont	$62,526
Virginia	$62,057
Illinois	$61,927
Maryland	$60,963
Kansas	$59,681
California	$59,358
Missouri	$59,263
South Carolina	$58,742
Pennsylvania	$58,681
New Jersey	$58,636
Wisconsin	$58,089
Maine	$57,993
Oklahoma	$57,796
North Carolina	$57,529
New Hampshire	$57,054
Idaho	$56,766
Texas	$56,370
Wyoming	$56,169
Minnesota	$56,128
Kentucky	$55,885
New Mexico	$55,788
Indiana	$55,443
Michigan	$55,381
Ohio	$54,552
Arizona	$54,296
Connecticut	$54,141
Iowa	$53,673
Montana	$53,478
Arkansas	$52,843
Alabama	$52,810
Utah	$52,129
Tennessee	$52,129
Georgia	$49,197
Louisiana	$49,005
West Virginia	$45,320
Florida	$43,539

Recommended: 15 Entry-Level Jobs for Antisocial People

Plumber Job Considerations for Pay & Benefits

Plumbing has become a popular trade because of the various perks and financial advantages that come along with the job. First, the average starting salary of $50,129 is higher than in many industries. Plus, some plumbers are union members, which means that their salaries are protected by a contract and they may receive attractive health insurance and retirement packages.

Learning to be a plumber is also less demanding than obtaining a four-year bachelor’s degree. You can study to be a plumber by attending trade school or technical college. Usually, it takes anywhere between four and 24 months to complete your schooling.

Furthermore, plumbers-in-training typically can become apprentices while they’re completing their education. Apprenticeships let you work and learn simultaneously, meaning you’ll earn competitive pay while you work toward certification. For these reasons, plumbers can often finish their education with little to no student loans.

Plumbing is also a steady profession that will likely always be in demand. Even during economic downturns, residential and commercial buildings won’t stop needing running water and working toilets.

Lastly, plumbers can advance through the ranks to increase their pay and move into new roles. For example, attaining journeyman status often leads to a significant bump in salary. On average, journeyman plumbers earn $64,520, a $14,391 increase over the average starting salary.

Likewise, you could become a plumbing engineer or a superintendent to manage municipal jobs. Many plumbers also start their own businesses, which could lead to a job that pays $100,000 or more.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Plumber Salary

As with any profession, there are both advantages and disadvantages to being a plumber. Carefully considering each can assist you in determining if this is the right career for you.

Pros of Being a Plumber

Becoming a plumber can offer several attractive advantages:

•   Job security Plumbing is an essential service that is always in demand. Even during an economic recession, people will always need plumbing services.

•   Good pay Plumbers are well-compensated for their expertise from the get-go. With experience and expertise, plumbers can earn a substantial income. Plus, less need for student loans means debt likely won’t erode your earnings.

•   Daily exercise Plumbing work often involves physical tasks such as lifting, bending, and carrying equipment. This aspect of the job provides plumbers with regular physical activity, contributing to a healthier lifestyle.

•   Promotion and business ownership opportunities As a plumber gains experience and expertise, they can ascend the ranks (such as moving from journeyman to master plumber) to increase their pay and access new projects. Additionally, some plumbers choose to start their own businesses, which can be highly profitable and offer independence.

•   Variety during work Plumbers typically encounter a wide range of challenges and tasks on the job. For example, you might replace piping one day and fix a host of leaky faucets the next. This variety can keep the work exciting and engaging.

Recommended: 30 Low-Stress Jobs for Introverts Without a Degree

Cons of Being a Plumber

However, plumbers also face the following challenges:

•   Physically taxing Plumbing work often requires physical strength and endurance. Plumbers may need to lift heavy equipment, crawl into tight spaces, and crouch for hours on end. These repeated tasks can lead to strain or fatigue.

•   Lack of routine Plumbing work can be less predictable than some office jobs that follow a set schedule. The unpredictability can be stressful for those who want the same pattern in their work every day or week.

•   Working at all hours Plumbing issues can arise at any time, including nights, weekends, and holidays. Plumbers may need to be on-call or work during off-hours to address urgent situations. These situations impact work-life balance and require a degree of flexibility in one’s schedule.

•   Risk of injury Working with plumbing systems and tools can pose certain risks. Plumbers may be exposed to sharp objects, hot surfaces, chemicals, and falling pipes. Additionally, working in confined spaces or at heights can increase the risk of accidents or injuries.

•   High pressure environment Addressing leaking sewage and malfunctioning water systems can be stressful and clients may be stressed and difficult to work with. Furthermore, plumbers must navigate unpredictable environments and situations, necessitating the ability to remain composed even in hazardous conditions.

Recommended: 11 Work-From-Home Jobs Great for Retirees

The Takeaway

Plumbers make a desirable starting salary with plenty of room to advance their careers. They can enjoy the satisfaction of helping others with an essential aspect of life and rest in the fact that the profession isn’t going anywhere.

However, plumbing can impose physical wear and tear, cause injuries, and require work in extreme conditions. The tradeoff for low or no student debt and consistent, lucrative work is the tough physical labor and the possibility of working late hours.

Even after weighing the potential cons, however, you may decide that a trade profession such as plumbing can help you further your professional and financial goals.

FAQ

What is the highest paying plumber job?

The highest paying plumber job is a plumbing engineer, which requires engineering knowledge and project management skills. This position can pay as much as $112,000 annually.

Do Plumbers make 100k a year?

Plumbers at the highest levels of the profession can make $100,000 per year. Specifically, plumbing engineers (who design plumbing systems for private, public, or commercial buildings) and plumbers who own their own companies can potentially earn six figures a year.

How much do plumbers make starting out?

Plumbers with less than one year of experience earn, on average, $50,129 per year.

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Photo credit: iStock/Yaroslav Astakhov

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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