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With the cost of higher education out of reach for many, more young people are flocking to high-paying trade jobs that don’t require a bachelor’s degree. Many of these jobs not only pay well, they are typically in high demand through unpredictable job markets or economic conditions.

What Is a Trade Job?

A trade job is a profession that doesn’t require a college degree, but rather a specialized skill or skill set obtained through a trade school or on-the-job experience and training. Popular trade jobs include construction managers, technicians, dental hygienists, mechanics, commercial pilots, and real estate brokers.

Pros of a Skilled Trade Job

A skilled trade job can be an attractive career path for a couple of reasons:

Educational Requirements

Unlike careers that require a college degree, which can cost hundreds of thousands of dollars and take four years to complete, trade jobs can often be obtained with less than two years of specialized education and at a fraction of the cost. Some trade jobs do not require any supplemental education at all, allowing trade workers to earn a living without being saddled by any student loan debt.

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Job Security

Many trade jobs are in high demand due to the specialized knowledge and skilled physical labor needed to perform them. They are also potentially at lower risk of outsourcing or automation because they require a physically present human.

Cons of a Skilled Trade Job

On the other hand, there are negative connotations with some trade jobs, including:

Physically Demanding

Trade jobs that involve a lot of labor, like HVAC technicians, construction workers, and mechanics can take a physical toll over the course of a long career.

Potentially Dangerous

Certain trade jobs have high injury and mortality rates, particularly ones that involve the operation of heavy machinery or working in hazardous environments.

25 Trade Jobs That Make the Most Money

Despite conventional wisdom that a bachelor’s or master’s degree is required to earn a good salary, trade jobs can pay very well. In fact, some of the highest-paying jobs in certain states are skilled trades.

Here are 25 of the highest-paying trade jobs in 2022, according to data from the U.S. Bureau of Labor Statistics:

1. Transportation, Storage, and Distribution Manager

•   2021 Median Annual Salary: $98,230

•   Requirements: High school diploma or equivalent; 5+ years of work experience

•   Job Description: Supervising and coordinating the transportation, storage, testing, and shipping of materials or products in accordance with government regulations.

•   Duties:

◦   Supervising workers involved in receiving or shipping

◦   Inspecting warehouse and equipment safety

◦   Analyzing logistics and collaborating with other departments

2. Elevator/Escalator Installers & Repairer

•   2021 Median Annual Salary: $97,860

•   Requirements: High school diploma or equivalent; apprenticeship; license (certain states)

•   Job Description: Assemble, install, maintain, and fix elevators, escalators, chairlifts and other moving walkways and equipment. In addition to understanding the mechanics and components of each system, they are typically involved in the physical repair or replacement of parts, as well as testing equipment to ensure it meets specifications.

•   Duties:

◦   Assembling elevators, escalators, and similar units

◦   Conducting preventative maintenance and inspections

◦   Maintaining service records

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3. Nuclear Power Reactor Operator

•   2021 Median Annual Salary: $94,790

•   Requirements: High school diploma or equivalent; long-term on-the-job training; U.S. Nuclear Regulatory Commission license

•   Job Description: Responsible for controlling and maintaining the systems that generate and distribute power to businesses, homes, or factories. This can include electricity generated through gas, nuclear, hydroelectric, wind, or solar energy.

•   Duties:

◦   Monitoring voltage and electricity grids

◦   Adjusting control rods and electricity output

◦   Recording systems data

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4. Radiation Therapist

•   2021 Median Annual Salary: $82,790

•   Requirements: Associate degree (preferred) or certificate; state and national license

•   Job Description: Administer radiation therapy to patients with cancer and other illnesses.

•   Duties:

◦   Explain treatment plans to patients

◦   Calibrate and operate radiation machinery

◦   Monitor patient and keep records of treatment

5. Subway and Streetcar Operator

•   2021 Median Annual Salary: $81,180

•   Requirements: High school diploma or equivalent; moderate on-the-job training; local transit training program (varies by location)

•   Job Description: Operate subways and aboveground street cars, ensuring passengers safely move from one location to another.

•   Duties:

◦   Operate train controls

◦   Make announcements and provide verbal directions to passengers

◦   Ensure overall passenger safety

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6. Nuclear Medicine Technologist

•   2021 Median Annual Salary: $78,760

•   Requirements: Associate degree from an accredited nuclear medicine technology program; state license; long-term on-the-job training

•   Job Description: Prepare and administer radioactive drugs for imaging or treatment, typically within hospitals, medical labs, and care centers.

•   Duties:

◦   Explain medical procedures to patients

◦   Prep and administer drugs to patients

◦   Maintain and operate imaging equipment

7. Gas Plant Operator

•   2021 Median Annual Salary: $77,850

•   Requirements: High school diploma or equivalent; long-term on-the-job training

•   Job Description: Oversee the day-to-day operations of industrial power plants used by utilities, oil and gas, and manufacturing companies.

•   Duties:

◦   Maintaining equipment and machinery

◦   Ensuring compliance with safety and regulatory standards

◦   Supervising employees and contractors at the plant

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8. Dental Hygienist

•   2021 Median Annual Salary: $77,810

•   Education Requirements: Associate degree; state license

•   Job Description: Examine patients for oral diseases and provide preventative care and education about oral hygiene.

•   Duties:

◦   Taking dental x-rays

◦   Assisting dentists in providing teeth cleaning and plaque removal

◦   Educating patients about oral hygiene techniques

9. Sonography Technician

•   2021 Median Annual Salary: $77,740

•   Requirements: Associate degree; state license

•   Job Description: Operate sonographs that produce images of the inside of a body in order to assess and diagnose medical conditions.

•   Duties:

◦   Prepping and administering sonograph exams

◦   Reviewing images and test results for quality

◦   Analyzing diagnostic information and providing summaries for physicians

10. Electrical Line Installer and Repairer

•   2021 Median Annual Salary: $74,530

•   Requirements: High school diploma or equivalent; long-term on-the-job training

•   Job Description: Install and repair electrical power systems and telecommunications systems.

•   Duties:

◦   Installing, inspecting, and testing power lines, and equipment

◦   Identifying defective devices, transformers, and switches

◦   Stringing power lines between buildings and structures

11. Construction Manager

•   2021 Median Annual Salary: $72,010

•   Requirements: High school diploma or equivalent; 5+ years of experience

•   Job Description: Supervise and coordinate the activities of construction workers.

•   Duties:

◦   Overseeing construction projects from start to finish

◦   Scheduling and supervising on-site contractors

◦   Preparing and monitoring budgets

12. Aircraft Technician

•   2021 Median Annual Salary: $65,550

•   Requirements: Certificate of completion from a Part 147 FAA-approved aviation maintenance technician school

•   Job Description: Repair and perform maintenance on aircraft and aircraft equipment.

•   Duties:

◦   Diagnosing mechanical and electrical issues

◦   Repairing aircraft components

◦   Testing aircraft parts with diagnostic equipment

13. Boilermaker

•   2021 Median Annual Salary: $64,290

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Assemble, maintain, and repair boilers, vats, or other containers used to hold liquids and gas.

•   Duties:

◦   Reading blueprints to determine where to position boiler parts

◦   Assembling boiler tankers using welding machines

◦   Cleaning boiling vats and replacing broken valves and pipes

14. Wellhead Pumper

•   2021 Median Annual Salary: $63,740

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate power pumps and equipment used to extract oil or gas from an oil field well.

•   Duties:

◦   Assembling pumps and attach hoses to wellheads

◦   Operating pumps and monitoring flow

◦   Transferring oil to storage tank or truck

15. Electronic Engineering Technologist

•   2021 Median Salary: $63,640

•   Requirements: Associate degree (preferred); certificate from accredited program

•   Job Description: Assist electrical engineers with the design and development of communications equipment, computers, medical devices, and other electric-powered equipment.

•   Duties:

◦   Designing and assembling electrical systems

◦   Observing onsite systems placement and performance

◦   Performing quality control and identify issues

16. Real Estate Agents

•   2021 Median Salary: $61,890

•   Requirements: High school diploma or equivalent; licensing exam

•   Job Description: Help clients buy, sell, or rent their properties.

•   Duties:

◦   Generating lists of properties for sale or rent and showing them to clients

◦   Advising clients on prices, mortgages, and market conditions

◦   Facilitating buyer/seller negotiations and final purchase or rental agreements

17. Respiratory Therapist

•   2021 Median Salary: $61,830

•   Requirements: Associate degree

•   Job Description: Provide care for patients having trouble breathing.

•   Duties:

◦   Examining patients and recording symptoms and conditions

◦   Consulting with physicians on treatment

◦   Performing diagnostic tests

18. Building Inspector

•   2021 Median Salary: $61,640

•   Requirements: High school diploma or equivalent

•   Job Description: Review building plans to ensure construction meets local and national regulations and ordinances.

•   Duties:

◦   Monitoring construction to ensure compliance

◦   Inspecting electrical and plumbing systems to ensure they are up to code

◦   Issuing violations for non-compliant work

19. Millwright

•   2021 Median Salary: $60,330

•   Requirements: High school diploma or equivalent

•   Job Description: Install, dismantle, repair, reassemble, and move machinery in factories, power plants, and construction sites.

•   Duties:

◦   Repair or replace malfunctioning equipment

◦   Clean, adjust, and calibrate new machinery

◦   Move machinery and equipment

20. Electrician

•   2021 Median Salary: $60,040

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Install, maintain, and repair electrical power, communications, lighting, and control systems.

•   Duties:

◦   Identify and repair electrical problems

◦   Install wiring and equipment for electrical systems

◦   Ensure compliance with National Electrical Code

21. Plumber

•   2021 Median Salary: $59,880

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Install and repair gas and water piping systems in homes, factories, and businesses.

•   Duties:

◦   Identify and repair plumbing problems

◦   Installing pipes and plumbing fixtures

◦   Clean drains, remove obstructions, and repair or replace broken pipes and fixtures

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22. Mining Roof Bolter

•   2021 Median Salary: $59,770

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate machinery to install roof supporting bolts in underground mines.

•   Duties:

◦   Drill bolt holes into roofs

◦   Perform safety checks on bolting equipments

◦   Extract loose rock from bolting support

23. Broadcast, Sound, and Video Technician

•   2021 Median Salary: $49,050

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate and maintain electrical equipment used for television broadcast, radio programs, live concerts, and films.

•   Duties:

◦   Setting up and operating equipment

◦   Monitoring and adjusting audio and visual quality

◦   Repairing equipment and fixing recording issues

24. HVACR Technician

•   2021 Median Salary: $48,630

•   Requirements: High school diploma or equivalent; 6 months to 2 years at a trade school or community college that offers heating, air conditioning, and registration programs.

•   Job Description: Install and perform maintenance on heating, ventilation, cooling and registration systems for buildings and private residences.

•   Duties:

◦   Installing, testing, and repairing HVACR systems

◦   Replacing or repairing defective parts

◦   Conducting overall system maintenance and performance improvements

25. Masonry Worker

•   2021 Median Salary: $48,040

•   Requirements: High school diploma or equivalent; apprenticeship or on-the-job training

•   Job Description: Use brick, concrete, and natural and manmade stones to build structures, walls, or walkways.

•   Duties:

◦   Design blueprints and calculate materials needed

◦   Break or resize materials into required shape

◦   Align, construct and polish finished structures

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The Takeaway

Many trade jobs can offer competitive pay and job security, without a significant upfront educational cost. Moreover, they provide an opportunity to help make a difference by solving real world problems.

Choosing the right career path is an important step toward achieving your financial goals. It’s just as important to practice smart financial habits, like setting spending limits, staying on top of your credit score, and establishing long-term goals.

SoFi can help you track your money like a champion, with tools that make it easy to monitor your credit score, set up savings goals, and pay off debt sooner.

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FAQ

What skilled trades are in demand?

According to the Bureau of Labor Statistics, medical sonographers, respiratory therapists, industrial machinery mechanics, security and fire alarm installers are expected to experience the greatest job growth over the next ten years.

What are some of the best trades to learn that pay well?

Transportation managers, elevator installers, nuclear power reactor operators, and radiation therapists all earn a median salary above $80,000.

What are high paying trade jobs that require no degree?

HVACR technicians, real estate agents, subway operators, and plumbers all pay above-average salaries and require no formal degree.

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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.

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People with introverted personality traits tend to prefer working independently instead of collaboratively with others. Thankfully, there are plenty of jobs that offer that environment, and many don’t require a college degree.

Introverts can find and excel in a variety of high-paying, low-stress jobs — if they know where to find them.

Why It Can Be Difficult for an Introvert to Find Work

Job postings almost never explicitly state “This job is great for introverts!” On the contrary, many job postings use buzzwords and phrases like “cross-collaboration,” “being a team player,” and “working in a fast-paced environment,” which can all be red flags for an introvert. This is because, unlike extroverts, introverts tend to seek out environments that don’t involve a lot of public speaking, group discussion, or collaboration. Instead, they prefer to work independently on tasks that play to their individual strengths and preferences in a more low-stress environment.

It’s a misconception that working remotely is a viable solution for every introvert, when in fact many remote jobs still require a good amount of virtual interaction and collaboration with others.

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What Makes the Ideal Job for an Introvert

According to conventional psychology, introverts prefer to spend time with just one or two people, rather than larger groups or crowds. They’re not necessarily loners; in fact, many introverts have highly acute social skills. However, introverts tend to gravitate toward situations and environments where they feel less pressure to react or respond quickly, or to engage with multiple people.

Therefore, an ideal job for an introvert allows them to:

•   Work independently

•   Work alone or in quiet spaces that allow them to think

•   Focus on one task at a time

•   Engage one-on-one instead of in large groups

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What Kind of Work Does Not Fit an Introvert

Jobs that require a lot of collaborating with or presenting to large groups of people are generally not suited to people with introverted tendencies. Introverts tend to want to avoid group brainstorms or jobs that force them to regularly verbalize their thoughts and feelings to multiple people at once.

30 Jobs for Introverts Without a Degree

Finding a rewarding job as an introvert doesn’t necessarily require a college degree or a lot of deep exploration. You simply need to find jobs that suit your interests and cater to the personality traits of an introverted person.

Here are 30 jobs for an introvert that do not require a college degree, according to the Bureau of Labor Statistics:

1. Web Developer

•   2021 Average Salary: $77,210

•   Primary Duties: Design, code, and develop websites and oversee site performance and functionality.

2. Farmer or Rancher

•   2021 Average Salary: $73,060

•   Primary Duties: Oversee the production of crops, livestock, and dairy products.

3. Blogger

•   2021 Average Salary: $69,510

•   Primary Duties: Write original copy for personal or business websites.

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4. Plumber

•   2021 Average Salary: $59,880

•   Primary Duties: Install and repair piping fixtures.

5. Postal Service Mail Carrier

•   2021 Average Salary: $52,440

•   Primary Duties: Collect, sort, and deliver mail to businesses and private residences.

6. Craft Artist

•   2021 Average Salary: $49,960

•   Primary Duties: Create original works of art for sale and exhibition using a variety of materials.

7. HVACR Technician

•   2021 Average Salary: $48,630

•   Primary Duties: Assemble and repair heating, cooling, and ventilation systems.

8. Drywall Installer

•   2021 Average Salary: $48,350

•   Primary Duties: Cut and hang panels of wallboard inside buildings.

9. Delivery Truck Driver

•   2021 Average Salary: $48,310

•   Primary Duties: Pick up, transport, and deliver packages or goods from one location to another.

10. Carpenter

•   2021 Average Salary: $48,260

•   Primary Duties: Design, construct, and restore building structures and frameworks built from different materials.

11. Embalmer

•   2021 Average Salary: $47,780

•   Primary Duties: Prepare the bodies of the deceased for interment.

12. Paperhanger

•   2021 Average Salary: $47,610

•   Primary Duties: Cover interior walls or ceilings with decorative wallpaper or fabric.

13. Roofer

•   2021 Average Salary: $47,110

•   Primary Duties: Replace, repair, and install roofs on buildings and houses.

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14. Surveying and Mapping Technician

•   2021 Average Salary: $46,910

•   Primary Duties: Collect data and take land measurements in order to create maps of the Earth’s surface.

15. Mechanic

•   2021 Average Salary: $46,880

•   Primary Duties: Inspect, repair, and maintain automobiles and other modes of transport.

16. Bookkeeper

•   2021 Average Salary: $45,560

•   Primary Duties: Produce and maintain financial records for businesses.

17. Transcriptionist

•   2021 Average Salary: $44,030

•   Primary Duties: Transfer words, text or voice recording into formal letters, reports or other documents.

18. Software Quality Assurance Tester

•   2021 Average Salary: $41,950

•   Primary Duties: Test software to identify problems and learn how the software works.

19. Animal Breeder

•   2021 Average Salary: $40,090

•   Primary Duties: Breed and raise a variety of animals that produce meat or material.

20. Photographer

•   2021 Average Salary: $38,950

•   Primary Duties: Produce, record, and potentially edit for personal or professional use.

21. Proofreader

•   2021 Average Salary: $38,716

•   Primary Duties: Read content and correct for spelling, punctuation, and grammatical errors.

22. Landscaper

•   2021 Average Salary: $35,240

•   Primary Duties: Maintain outdoor grounds through mowing, trimming, planting, watering, fertilizing, raking, and other methods.

23. Library Assistant

•   2021 Average Salary: $34,050

•   Primary Duties: Help librarians organize library materials, assist patrons, and perform other administrative tasks.

24. Animal Trainer

•   2021 Average Salary: $31,280

•   Primary Duties: Teach animals skills such as obedience, performance, riding, security, and assisting people.

25. Medical Transcription

•   2021 Average Salary: $30,100

•   Primary Duties: Transcribe voice recordings from physicians and nurses and convert them into written reports.

26. Floral Designer

•   2021 Average Salary: $29,880

•   Primary Duties: Design and arrange decorative displays using live, dried, or silk flowers.

27. Janitor

•   2021 Average Salary: $29,760

•   Primary Duties: Clean and sterilize buildings, schools, hospitals, and other commercial businesses.

28. Crematory Operator

•   2021 Average Salary: $29,610

•   Primary Duties: Perform cremations, including the preparation and transfer of the body post-service.

29. Hand Sewer

•   2021 Average Salary: $29,930

•   Primary Duties: Sew, reinforce, or finish manufactured items usually with needle and thread.

30. Notary

•   2021 Average Salary: $28,889

•   Primary Duties: Serve as an impartial witness for the purpose of signing documents or acknowledging legal signatures on documents.

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The Takeaway

Finding a low-stress job that doesn’t require a college degree isn’t impossible for an introvert. In fact, many high-paying and rewarding jobs are well-suited to the personality traits of an introverted person.

Introvert or not, everyone can benefit from better budget planning and tools that give you back control of your finances.

SoFi can help you track and manage your spending, monitor your credit score, and get financial insights.

FAQ

Is self-employment good for introverts with anxiety?

Jobs that are conducive to self-employment can be a good fit for introverts that get anxiety working within large teams or with multiple people. However, self-employment can also create stress if it requires you to find your own clients or manage a larger workload on your own.

What is a good job for someone with introverted qualities?

Jobs that allow you to work independently and in quiet, low-stress environments are generally better for introverts, who tend to prefer solitude or limited one-on-one interaction.

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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.

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Salary vs. hourly pay are two ways that businesses classify workers, based on how and when their compensation is doled out. Hourly employees, as you might guess, are paid for every hour of work that they do. Salaried employees, on the other hand, receive a fixed amount of compensation in exchange for their labor, regardless of how long it takes.

There are pros and cons to each, both for employers and employees, and there are numerous rules and laws that can come into play as well. But it boils down to this: Hourly employees’ compensation is tied to the time worked, plus applicable overtime. Salaried employees get a fixed amount.

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What Is An Hourly Rate?

An hourly rate is the set per-hour compensation a worker or employee earns in accordance with their employment contract. That hourly rate can be any number above the federal wage floor, or minimum wage, of $7.25 per hour.

The lowest that an hourly worker in the U.S. can earn is $2.13 per hour, as set by federal law, for workers who receive at least $30 per month in tips. No matter the amount, an hourly rate is how much an employee earns for one hour of work.

What Is a Salary Rate?

As mentioned, salaried employees earn a fixed amount regardless of how many hours they work. As such, a salary rate is what an employee would earn over a fixed amount of time, such as a traditional 40-hour workweek. Since we typically discuss salaries on a yearly basis (for example, Job X pays a salary of $50,000 per year), a salary rate could be $961.54 per week ($50,000 annual salary divided by 52 weeks in a year).

The big difference, when it comes to salaried workers, is that there is no potential to earn overtime for working more than the predetermined number of hours (usually 40) as specified by their employer and applicable laws.

As for what’s a good salary, there are several factors to consider. But if you want to find out what is a good entry-level salary, you can do some research into averages in your industry and geographic area to get an idea.

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Why Are Some Jobs Hourly and Others Salary?

Federal laws and regulations determine whether some jobs can be exempt from overtime pay rules — in other words, salaried. This is to protect some workers from being classified as salaried when they may end up working many more hours in a given week than the standard 40.

Depending on the state you live in, there may be additional rules that stipulate why a position may pay hourly vs. salary.

The Big Difference Between Salary vs Hourly Pay

It’s all about overtime. Whether or not a worker earns overtime pay is the single biggest difference between a salaried employee and one who is paid hourly. Overtime pay is paid out at a rate of 1.5 times the normal hourly rate, which is commonly phrased as “time and a half.”

Another way to describe salary vs. hourly pay is “exempt” vs. “non-exempt.” “Exempt,” in this sense, means exempt from overtime wages. Non-exempt employees are owed overtime wages for working more than 40 hours per week.

There are situations in which an employer may end up paying a salaried employee more for working more than 40 hours per week, but it depends on the specific agreement or contract between the two parties.

Additionally, salaried jobs tend to be more administrative, “professional,”or “white collar,” and may offer more or better benefits than hourly jobs. That’s not always the case, but if you’re climbing the corporate ladder and become a salaried employee, you may notice that the entire compensation package is a bit beefier than packages for hourly workers.

Salary Pay

As noted above, salaried employees earn a fixed amount regardless of how long they work. There are some obvious pros and cons to salaried positions, too:

Pros of Salary Pay

The clearest advantage of a salaried position is that an employee will earn the same amount of money during a given time period no matter how long they work. So, if they end up working 30 hours in one week, they still get paid the same as they would have if they worked 40.

Also, as discussed, salaried jobs often have better benefits, such as employer-sponsored health insurance and paid vacation days. Salaried jobs can also be a bit more secure than hourly positions, and may offer workers more opportunities for advancement.

Cons of Salary Pay

Salary pay can be double-edged: While you’ll be paid for 40 hours even if you work only 30, you’ll earn the same if you work 50 hours, too. There is no chance for overtime pay if you work more than a standard week. That can be a big drawback for some workers.

Similarly, depending on the specifics of the position, it may be harder to keep your personal and professional life separate. Salaried positions may provide more benefits and job security, but that comes at a cost of more demanding work that may encroach on your personal time.

Hourly Pay

Hourly workers earn their paycheck by the hour. That, like salaried positions, can have pros and cons as well:

Pros of Hourly Pay

It’s worth stating again: The biggest plus to an hourly job is that you are eligible to earn overtime pay. That doesn’t mean hourly workers always will get overtime — many employers go to great lengths to make sure that they don’t — but it’s a possibility. And that can help ensure that you’re not working 50- or 60-hour weeks, which may be more common for salaried employees.

Also, hourly workers may earn double their standard wages on certain days, like holidays. And depending on the industry, working overtime may be standard or expected. That can help push an hourly worker’s earnings above salaried workers’, in some circumstances.

Cons of Hourly Pay

A big disadvantage to hourly-paying jobs is that they can be less secure than salaried positions. Turnover can be high, for example, and if the economy takes a turn for the worse, hourly workers may see their hours reduced, or their positions furloughed or eliminated. Further, hourly jobs aren’t usually very flexible, and may not offer paid time off or sick days to workers, either.

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The Takeaway

Salaried workers receive a fixed paycheck regardless of the number of hours worked, whereas hourly workers are paid based on the number of hours they clocked. The big differentiator between the two is that salaried workers are not eligible for overtime pay, which is 50% more than their standard hourly rate. Each type of employment has its pros and cons, but usually, salaried positions are more secure.

Regardless of how you’re paid, it can be helpful to keep your finances in order by using a budget planner app, complete with a debt payoff planner to help you get ahead. That’s where SoFi enters the fray: Use it to track your spending, monitor your credit score, and more!

Looking to get a handle on your finances? SoFi’s money tracking app can help.

FAQ

Is it better to be paid a salary or an hourly rate?

Generally, salaried positions are often seen as more prestigious, and can offer more job security and benefits. Many workers feel it’s better to be paid a salary because one receives a predictable paycheck. But it ultimately depends on the position and the employee’s personal preferences.

What is the advantage of salary pay?

The biggest and most obvious advantage of salary pay is that you have a fixed paycheck coming your way no matter how much (or little) you worked during a given time period. Of course, that can be a disadvantage, too, if you regularly work more than 40 hours per week.

Which are the budget challenges of being a salaried employee?

Salaried employees are, in a sense, on a fixed income; they’re earning the same amount all through the year, and can’t go for a bigger paycheck by working overtime. If they don’t receive an annual raise annually, they may see their effective pay decline due to inflation, which can end up straining their budgets.

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While bad financial decisions can set you back, it’s important to remember that mistakes can also be an opportunity to learn and grow. While you can’t go back and undo the things you’ve done (or do things you didn’t do), you can acknowledge where you went wrong and change your behavior moving forward.

Below, we look at some of the most common financial missteps people make, as well as what you can do to overcome them.

15 Bad Financial Decisions

Here’s a look at where things can go wrong, and how you set them right.

1. Not Paying Down Your Credit Card Debt

Just making the minimum payment on your credit cards each month can drain your pockets and damage your credit. The reason: When you carry a balance, interest keeps on building, making the total balance higher, and even more challenging to pay off. Debt also shows up on your credit report and can have a negative affect on your scores.

To break the pattern, consider putting any extra money toward the card with the highest interest rate, while paying the minimum on the rest. When that card is paid off, you can tackle the next-highest interest debt, and so, until you’re out of debt.

Recommended: Creating a Credit Card Debt Elimination Plan

2. Putting Important Financial Decisions off to the Side

Delaying important financial decisions, such as saving, investing, and paying off debt, can cost you money and put your goals further out of reach. A good way to stop the procrastination cycle is to break down your financial goals into small to-dos that feel manageable. You might want to set aside time once a month to check in on your finances and make one small change that can help you get closer to your goals.

3. Not Protecting Personal Financial Information From Fraud

Identity theft and financial fraud is all too common these days, and not taking a few steps to protect your personal and financial information can come back to haunt you. The financial damages caused by fraud can last for months or even years. What’s more, the recovery process usually isn’t easy, and may even involve working with the IRS or Social Security Administration to clear your name.

To protect your information, it can be smart to regularly check your credit reports (and report any suspicious activity immediately). You’ll also want to avoid entering your data on websites you don’t trust or giving your account numbers or social security number to someone who contacts you by phone, email or text.

4. Overspending While You Are Young

Overspending means you’re spending everything you earn (and not putting anything into savings) or, worse, you’re spending more than you’re bringing in. This can be a costly financial mistake that puts your goals further from your grasp.

To change course, you may want to take a look at the last three months of financial statements and assess exactly how much you are spending each month and on what. This can be eye-opening, and you may immediately see some easy ways where you can cut back. Any money you free up can then be put toward savings, and little by little, it will add up.

5. Not Having Any Backup Options

A recent Bankrate study found that 56% of Americans could not afford an unexpected expense of $1,000. Without an emergency cushion, many Americans are at risk of going into high-interest debt should they face an unexpected bill or any loss of income.

It’s generally recommended to have enough cash set aside to cover all your living expenses for three to six months. In some situations, this amount should be as much as 12 months. To get there, you may want to put a percentage, say 10 percent for example, of your monthly take-home income into a high interest savings account or online bank account (online banks often offer higher interest rates than traditional banks). If that doesn’t seem doable, it’s fine to start smaller and gradually work up.

6. Paying High Amounts on Multiple Monthly Subscriptions

Subscription streaming services, box deliveries, and apps that bill on a monthly basis can add up to a significant sum. And, since these service providers typically bill automatically, you may not even be fully aware of what you are paying for each month, or that you may be overpaying for some of these services.

To cut down your monthly bills, it can be a good idea to go through your statements and tally up everything you are currently paying for on a recurring basis. Can anything go? Could you get a better deal on some of these services? It never hurts to shop around or call up a service provider and ask for a lower price.

7. Not Investing Any of Your Money

You may think you have to be rich or an expert on stocks to start investing, but this is a common money misconception. And one that can leave you ill prepared for the future. If you’re not making your money work for you in the market, it may be difficult for you to achieve your long-term goals.

While investing can be intimidating (and does come with some risk), there are easy ways to get started. If you don’t want to do the work of picking and choosing investments, for example, you might start investing with a robo-advisor. These are digital platforms that provide automated investment services based on your goals and tolerance for risk. Robo-advisors are typically inexpensive and require low opening balances.

8. Not Planning for Retirement

When you don’t plan for retirement, you forgo the factor of time that is key to achieving your goals. Giving your investments a long time to grow is vital to having a nest egg you can retire on. However, there is more to retiring than starting an IRA or contributing to a 401k. You’ll also want to consider when you want to retire, what kind of lifestyle you will want to lead, and how much money you will need. This can help you determine how much you should be putting away each month starting now.

9. Making Unnecessary and Frivolous Purchases

An iced cappuccino here, a pay-per-view there. These little extras may not seem like a big deal, but they add up. Consider that spending just $50 a week eating out costs you $2,600 a year. That sum could go a long way toward paying off your credit card or car, and help you make a big step toward achieving financial freedom.

To curb impulse buys and cut back on spending, you might want to set a weekly spending limit for “extras.” To keep to your limit, consider taking out that amount of cash at the beginning of the week and leaving your credit card at home. That way, when the money’s gone, you can’t spend any more.

10. Allowing Your Credit Score to Drop

A low credit score can keep you from obtaining loans, credit cards, housing, and even employment. Poor credit can also be costly, since the financing options available to you will be more expensive.

To start building a better credit profile, you may want to put all your bills on auto-pay, so you never make a late payment. Paying down any credit card debt can also be helpful, since how much of your available credit you are using also factors into your score. If you have an old credit card you rarely use, it can be a good idea to still keep that account open, since the length of your credit history is another factor that impacts credit scores.

11. Not Making Budgeting an Important Priority in Your Life

Budget may sound like a bad word. But not tracking how much money you’re making versus how much you’re spending can be a bad financial decision with many repercussions, including never getting ahead and feeling constantly stressed about money.

Practicing budget management on the other hand, can mean the difference between staying in debt vs. getting out of it, remaining in your apartment vs. becoming a homeowner, and working overtime vs. going on vacation. Convinced? You can start budgeting by assessing what’s currently coming in and out of your bank each month, and making a plan for how you want to allocate your income, making sure that some money goes to savings each month.

12. Financing for Purchases Rather Than Saving

While some purchases, such as a house, usually require financing, many others can be achieved through saving instead of going into debt. Whether you want a new laptop or a high-end refrigerator, financing can make that purchases more expensive. Plus, the ease of buying on credit can make you think you can afford a lot more than your income allows.

A wiser strategy is to determine what you want to buy, how much it will cost, and when you, ideally, want to get it. You can then start putting money aside each month and when you meet your goal, buy the item with cash.

13. Using Savings to Pay Off Debt

It may seem counterintuitive, but paying off debt with your savings is not always a good idea. Draining your bank account can leave you vulnerable to financial emergencies, causing you to plunge back into debt.

A better strategy is to use a debt repayment method such as the snowball method. This involves putting extra money toward the smallest revolving debt balance each month, while continuing to make minimum monthly payments on your other debt. When the smallest balance is paid off, you can move on to the next-smallest balance, and so on. This can help you start saving money right away and motivate you to keep going.

14. Withdrawing From Retirement Early

It can be exciting to watch your retirement account grow throughout your career. And, it can be tempting to want to touch that money before you are officially “retired.” However, taking early distributions from your retirement account can be among the worst money mistakes you can make. For one reason, you will likely have to pay penalties and income tax on the amount you withdraw. For another, you will lose the opportunity to continue making gains on that money.

Remember: The main benefit of a retirement account is to let your money compound and grow over time. When you take that money out, you lose that opportunity to secure your future and take a big step backward.

15. Falling For Money Scams

You may think you’re immune to money scams, but a recent study by the Federal Trade Commission found that younger people report losing money to fraud more than older people. Some common scams include:

•   Fraudulent pet purchases

•   Emails claiming to be from Amazon asking for new payment information

•   Fake job postings requiring personal information and advance payments for training

•   Fake loan forgiveness offers

To avoid unknowingly falling for a scam, you’ll want to be suspicious of any email or offer that seems too good to be true, and avoid clicking on any links in an email or text claiming to be from one of your financial institutions. A smarter move is to call customer service or log onto your online accounts to see if the information in the email or text is correct.

Tips for Recovering From Bad Financial Decisions

If you’ve made some poor financial decisions, it might feel embarrassing or scary. It can help to remember that one accident or blunder doesn’t spell doom for your financial state forever. Here are some ways you can start turning things around.

Acknowledging Bad Financial Decisions and Taking Action

Even if you’ve made one of the worst money mistakes, a smart first step is to simply acknowledge your misstep, take a step back, and – at first – do nothing. A rash attempt to fix a problem can actually make it worse. Once you’ve accepted and assessed the damage, you can put a recovery plan into action.

Taking Steps One at a Time

Repairing your credit or paying off a mountain of credit card debt won’t happen overnight. And, if you set our sites too high, you might be tempted to give up before you even get started. A better bet is to break your larger goals into a series of small, achievable steps. Each time you accomplish one of these mini-goals, you’ll likely feel a sense of accomplishment. This can motivate you to keep going and, little by little, make it to the finish line.

Do Not Shame Yourself, but Forgive Yourself

Everyone makes mistakes. Even if you have been doing your best, it’s possible to have a credit card balance get out of hand or have your identity stolen after you accidentally clicked on a fishing link in an email.

Forgiving yourself is crucial to your emotional health and will help you take positive action to undo your mistake. A bad decision doesn’t have to define you; instead, it can be something you learn from and overcome. The mental energy spent beating yourself up can be better used to help address the problem.

Improving Your Money Mindset

If you have a positive outlook on money, you will likely make better money decisions. Having a negative view, on the other hand, can keep you from setting goals and taking positive action. For example, if you think you will never get out of debt, you may not feel motivated to even try. However, putting a positive spin on the situation – that, with a plan, you will be able to one day be debt-free – can motivate you to start (and keep) attacking your debt.

Managing Your Finances With SoFi

Though everyone tries to do their best with their money, mistakes happen all the time. No one likes losing money, but it’s vital to remember that one, or even several, financial slipups can be overcome by keeping a positive mindset and taking the recovery process one step at a time.

If you want to gain better control of your finances, help is available. With a SoFi Checking and Savings account and direct deposit, you can earn a competitive APY on your money, take advantage of automatic savings features, and avoid paying any account fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What are the consequences of poor financial decisions?

Poor financial decisions can lead to a low credit score, lack of savings, and overreliance on debt. It can also make you vulnerable to financial emergencies and limit your access to loans and credit cards with favorable rates and terms.

Do bad financial decisions lead to bad financial habits?

Yes, if left unaddressed, bad financial decisions can lead to bad financial habits. Not putting money aside for emergencies, for example, can cause you to rely on your credit card to cover a large, unexpected expense, and lead to a cycle of high interest debt that can be hard to get out of.

Can bad financial decisions be overcome?

Yes, you can overcome bad financial decisions by recognizing where you went wrong and coming up with a realistic plan to address the problem moving forward.

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Photo credit: iStock/bob_bosewell

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

​​Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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They’re calling it the Great Unretirement. Millions of people who retired in the last decade, and particularly since COVID, are seeking to return to work in the interest of gaining a little more financial security as well as other benefits like connecting with a community and creating a sense of purpose. Fortunately, since the pandemic normalized working from home, there are a lot more remote jobs on the market.

This is important because the AARP noted recently that the opportunity to work from home makes a big difference in retirees’ decision to return to the workplace. Those who previously held jobs where remote work is common may find it easiest to secure jobs post retirement, but there are also options for retirees who didn’t have computer-based jobs. With thorough research and a careful eye, the opportunities are abundant, especially in these key industries.

Education

These days continuous learning, upskilling, and reskilling are absolutely essential to success. As a means to support this need, the online learning industry is booming. It is expected to reach nearly $460 billion
by 2026 . Courses are exploding, covering everything from cooking to meditation, to data science, to creative writing. As a retired senior, you have a lifetime of expertise that you could use to help others grow their skills and help you grow your bank account.

Instructor

Almost anything you’ve mastered can be turned into an online course: woodworking, flying drones, even traveling on the cheap. Whether it’s a hobby or a profession, you might be able to convert it to profit in an online course that students can purchase. Sites like Teachable and Coursera allow would-be teachers to set up an account and create courses that could provide passive income for years.

Consultant

While returning to work is one way to invest in your later years, returning to your field of expertise may net you more money than taking a role that you haven’t yet developed the skills for. If you happen to have years of experience in a field such as business or design, taking on clients as a consultant can be a great way to share your expertise at a premium. Sites like LinkedIn and Indeed can also help, allowing you to search for job opportunities by location, contract status & experience level.

Tutor

If you have the skills to teach but don’t want to do all the back-end work of creating and selling a course, look for jobs tutoring online. Tutors are hired not only by U.S. schools and companies but also by international ones making it highly flexible and potentially highly lucrative.

International English Teacher

The more interconnected the world becomes, the more important it is for people around the world to be able to speak a common language. If you are a native English speaker, or if you speak English really well, you may qualify to teach English to students around the world . For this role, you’ll likely need to get a certificate, but once you are qualified, you can apply for jobs teaching online or even set up your own business.

Customer Service

Another effect of the pandemic is that the world got used to doing its business online, which means that there is a need for people who can support customers online. People often think of customer support jobs as dealing with angry customers. But the reality is that a lot of customer support agents find their jobs very rewarding because they’re solving people’s problems.

Customer Support Agent

Customer support agents work with customers on the phone, through a chat function, on social media, or even through email and generally help customers with things like making returns, processing exchanges and billing problems. Agents must have good communication skills, empathy, solid problem-solving skills, and enough technical aptitude to use the company’s customer support system. Other than that, they generally just need a computer and a headset.

Technical Support Agent

Technical support is similar to customer support except you will be solving customers’ technical issues. For example, the customer doesn’t know how to change their billing address on an app they use, or they can’t figure out how to use the software they bought. You will need some technical know-how, but often companies train employees and provide a knowledge base for them to use to help resolve customer problems.

Travel Agent

For a while, the business of booking people’s travel seemed to have been taken over by sites like Google. But there are still businesses, such as travel companies that work with corporate clients, and medical centers that need to book travel for patients, who hire and train individuals to manage travel booking. Being organized and having good customer service skills is important in this position, and having experience with the type of organization you’re working for can probably help, too.

Administration

Administrative jobs may be some of the best options for seniors working at home. Often these jobs require little experience, but the fact that you’ve been managing your finances, taking care of your own errands and tasks, and otherwise doing the administrative jobs required for life in the 21st century means you’re equipped for these jobs. And if you’re doing them in a specific field where you have expertise, the earnings potential increases.

Virtual Assistant

A virtual assistant tackles all kinds of tasks, from setting appointments to, writing emails, to updating clients’ social media accounts. Virtual assistant jobs are great part time gigs for seniors at home because they only require the skills you already use to manage your own life. If you’re particularly good at management, you can snag lucrative clients and really see your retirement earnings soar.

Bookkeeper

Obviously, such a responsible role requires experience. But with an accounting or business management background you can help small business clients who don’t have the budget for a full-time bookkeeper or a big accounting firm. This could include local restaurants, small shops, or individual medical practitioners.

Tax Preparer

Tax preparers work for firms like H&R Block, who train them before tax season, or independently, serving clients. A lot of tax preparation is formulaic, but to serve clients well, it is key to be familiar with all the rules that change from year to year.

Data Entry Specialist

If you can type quickly and have an eye for detail, data entry may be for you. You can generally land a data entry role without any experience, but if you go for a position in a field where you have expertise — say law, medical records, insurance or consumer packaged goods, the pay is likely to be higher.

Spotting a Scam

As with all things online, there’s always a possibility that something may not be quite what it seems, and that includes online job postings. Remote working opportunities are especially susceptible to fraud because everything is often conducted digitally with no human interaction. As you look for remote opportunities, be cautious of listings that seem too good to be true. Offering a generous amount of money for very little work, or requiring payment before work can begin are red flags. Investigating opportunities thoroughly can help you prevent becoming a victim.

The Takeaway

Opportunities for seniors and retirees to beef up their savings and retirement investments through remote online work are more abundant and varied than ever before. It may be necessary to spend some time searching to best match your interests and skills to the income you want to make and the hours you’re willing to work. And again, it’s important to use discretion when pursuing opportunities to avoid falling victim to a scam.

And when you do find the perfect remote gig to supplement your retirement income, SoFi can help you store those funds. With no account fees and an automatic savings feature, a SoFi Checking and Savings account can help you organize your savings, and get you paid up to two days sooner.

Learn what SoFi Checking and Savings can do for you.

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Photo credit: iStock/FG Trade

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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