Choosing a Renters Insurance Deductible

If you rent, rather than own, your home, you’re off the hook for homeowners insurance. But you may still need or want renters insurance, which can help cover your assets in the event of a calamity.

Like all other forms of insurance coverage, choosing a renters insurance policy involves choosing a deductible, which will have an effect on your overall policy cost.

Let’s learn more about how a renters insurance deductible works and how to choose one that’s right for your circumstances.

What Is a Renters Insurance Deductible?


If you have renters insurance and wind up needing to file a claim, the insurance company will still expect you to pay some of the cost. That out-of-pocket expense is called your deductible, and is separate from the premium you pay on a regular basis to keep the policy active.

For example, say you have a renters insurance policy that covers up to $20,000 worth of your belongings in the event of a covered loss. If your deductible is a flat $500, you’d pay $500, and the insurance company would pay $19,500 toward replacing your belongings.

Your deductible might also be calculated as a percentage of your property coverage. So in this example, if your deductible is 2%, you’d pay $400 (2% of $20,000) and the insurer would pay out $19,600.

Your premium, on the other hand, is the amount you pay monthly or annually in order to support the policy. In the case of renters insurance, that might be about $200 a year, or around $20 or less a month.


💡 Quick Tip: Online renters insurance can cover your belongings not just at home but also in your car and on vacation.

Choosing a Renters Insurance Deductible

You may be happy to know that you have some agency when it comes to choosing your renters insurance deductible. While many policies offer flat deductible options of either $500 or $1,000, certain companies do offer lower or higher amounts. Occasionally, you may even find a program available with a $0 or 0% deductible, which means you wouldn’t pay anything out of pocket if you were to make a claim.

Paying less during a time of loss probably sounds like an unmitigated good thing. But there is a bit of a catch. Generally speaking, the lower your deductible, the higher your premium, which means you’re paying more on a regular basis for a benefit you might get if a loss occurs.

On the other hand, if you hedge your bets and go for a high deductible, your regular premium payments will be lower — but you’ll be on the hook for a lot more if you do need to file a claim.

Recommended: What Does Renters Insurance Cover and How Does it Work

How Does Your Renters Insurance Deductible Affect Your Premiums?


While the inverse relationship between deductibles and premiums is fairly standard, other factors do play into your specific renters insurance costs.

For example, your insurer may cut you a break if you have certain security equipment installed, such as an alarm system or smoke alarm. On the other hand, if you live in what’s deemed a high-risk area or your credit score could use some work, your available coverage options may be more expensive, even if you choose a high deductible.

Renters Insurance by State


Because different states have different risk levels, both for criminal activity and natural damage, the average cost of renters insurance varies depending on what state you’re in. Here are the average monthly renters insurance premiums by state, per data from the Zebra:

•  Alabama: $23

•  Alaska: $15

•  Arizona: $20

•  Arkansas: $26

•  California: $18

•  Colorado: $17

•  Connecticut: $24

•  Delaware: $21

•  District of Columbia: $20

•  Florida: $21

•  Georgia: $22

•  Hawaii: $20

•  Idaho: $16

•  Illinois: $20

•  Indiana: $28

•  Iowa: $14

•  Kansas: $21

•  Kentucky: $17

•  Louisiana: $38

•  Maine: $12

•  Maryland: $19

•  Massachusetts: $18

•  Michigan: $22

•  Minnesota: $13

•  Mississippi: $26

•  Missouri: $24

•  Montana: $19

•  Nebraska: $16

•  Nevada: $17

•  New Hampshire: $14

•  New Jersey: $19

•  New Mexico: $19

•  New York: $26

•  North Carolina: $23

•  North Dakota: $13

•  Ohio: $18

•  Oklahoma: $23

•  Oregon: $16

•  Pennsylvania: $19

•  Rhode Island: $24

•  South Carolina: $18

•  South Dakota: $14

•  Tennessee: $19

•  Texas: $32

•  Utah: $14

•  Vermont: $9

•  Virginia: $18

•  Washington: $14

•  West Virginia: $24

•  Wisconsin: $14

•  Wyoming: $11

Keep in mind that your specific monthly price will vary further based on your city and even your neighborhood, as well as many other factors. Check with your insurer for actual insurance premium prices available to you.

Recommended: Why Do Landlords Require Renters Insurance?

Renters Insurance Overview


Renters insurance can be a truly valuable tool if you suffer a loss as a renter. While it doesn’t cover the structure of your home the way homeowners insurance does — the building’s owner is responsible for those costs — renters insurance does cover your belongings in case of damage or theft. It also covers personal liability costs in the event that someone is injured while at your home and sues you.

Some landlords require renters insurance, while others don’t. But for most renters, it’s a good idea to at least consider it, especially since it’s usually pretty affordable. (Many renters insurance programs cost less than $200 per year or about $15 to $20 monthly.)

Do keep in mind that renters insurance, like all types of insurance coverage, doesn’t cover everything.

What Does Renters Insurance Cover?


Generally, renters insurance offers coverage in the following four categories:

•  Personal property: This covers your possessions.

•  Personal liability: This would take care of the medical or legal fees you might incur if someone is hurt while at your home.

•  Loss-of-use or additional living expenses: This covers the money you’d need to spend to find yourself a place to stay and food to eat if your home was, for some reason, rendered unlivable.

•  Additional coverages: These may be purchased to cover items and services that wouldn’t otherwise be eligible for coverage on your policy (such as lock replacement).

Keep in mind also that certain high-value categories of items may have coverage limits, though these can often be exceeded if you purchase a separate rider or endorsement for them. These categories may include cash, jewelry, watchers, fur clothing, and firearms.


💡 Quick Tip: It’s important to create an inventory of your personal possessions in case you ever need to file a renters insurance claim. One easy way to do that is to walk through your home and photograph all your belongings — especially anything of value.

The Takeaway


Renters insurance is a kind of insurance that can cover your belongings and personal liability if you’re a renter. Like other forms of insurance, a deductible likely applies. The lower the deductible you choose, the higher your premium is likely to be.

While insurance isn’t anyone’s favorite bill to pay, it’s the kind of thing you’re grateful for when you do turn out to need it.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

Explore renters insurance options offered through SoFi via Experian.


Photo credit: iStock/Edwin Tan

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. ("SoFi") is compensated by Experian for each customer who purchases a policy through Experian from the site.

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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How Much Does a Therapist Make a Year

The average annual pay for a mental health therapist in the U.S. is $75,895, according to employment website ZipRecruiter.

But there are many factors that can influence this number, including experience, specialty and location. If you’re interested in starting a career as a therapist, employment demand is expected to be strong so it’s likely there’s good job security.

Here’s a closer look at what a therapist does and how much money they can make in a year.

What Is a Therapist?

If you like talking with people and helping them work through issues to improve their lives, a career as a therapist might be a good fit.

Therapists generally specialize in working with specific groups of people or in certain areas. For instance, some might concentrate on working with children, older adults, or married couples, or with people who need help with issues like eating disorders or drug abuse. Therapists can work in different settings, including health practitioner offices, hospitals, schools, private practices, and home health care services.

It can be a long path to becoming a therapist. Therapists need an undergraduate degree and typically have a master’s degree in psychology or in a related field or specialty. There are also hands-on experience requirements through supervised clinical work. States have different requirements when it comes to obtaining a license, but the process usually involves filling out an application and passing an exam.

There are other skills that go beyond education that help make a good therapist. Soft skills like strong communication and organization skills, being a good listener, and having empathy and patience are also important to being successful in the profession.

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💡 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.

Therapist vs. Psychologist

The title “therapist” is often used broadly to include various professions. It’s sometimes used interchangeably with “psychologist,” but there are differences between the two.

The educational requirements are heftier for those interested in pursuing a career as a psychologist. Psychologists typically need a doctoral degree in psychology and to pass certain exams to be able to secure a license.

There is strong demand for psychologists. The Labor Department forecasts employment of psychologists to grow 6% from 2022-2032. Over that decade, there’s projected to be about 12,800 openings a year.

How Much Do Therapists Make Starting Out?

When you’re just starting out as an entry-level mental health therapist after all those years of education and clinical work, you can expect to earn an average of total pay of around $46,600 a year, according to data from Payscale. As you grow in your career and gain one to four years of experience, the average compensation increases to $50,677.

But keep in mind that there are a lot of considerations when it comes to determining a good entry-level salary, including location, experience, skill level, specialty, and demand.

What Is the Average Salary for a Therapist

Wondering how much a therapist makes after they’ve been working for a few years? The average annual salary for a mental health therapist in the U.S. was $75,895, according to ZipRecruiter. Here’s how that breaks down: $36.49 an hour or $6,324 a month.

For marriage and family therapists, the median annual pay was $56,570, according to data from the Labor Department. The growth rate for therapists in this field is expected to grow 15% from 2022-2032 — a lot faster than the average.

There’s a large range in how much a therapist can make, with ZipRecruiter seeing the top earners (those in the 90th percentile) making $118,000 annually.

Note that while some therapists will choose to bill by the hour, when it comes to compensation, there’s a difference between being paid salaried vs paid hourly.

Recommended: What Is Competitive Pay?

What Is the Average Therapist Salary by State?

Wondering how a therapist’s salary compares to the highest-paying jobs in your state? Here’s a breakdown of what the average annual salary of mental health therapists by state.

State

Average Salary

Alabama $55,535
Alaska $75,842
Arizona $65,716
Arkansas $59,437
California $72,117
Colorado $68,023
Connecticut $74,203
Delaware $68,126
Florida $55,479
Georgia $64,601
Hawaii $77,511
Idaho $62,082
Illinois $70,696
Indiana $65,737
Iowa $75,470
Kansas $65,997
Kentucky $60,521
Louisiana $65,619
Maine $66,004
Maryland $69,120
Massachusetts $79,870
Michigan $65,064
Minnesota $78,700
Mississippi $68,666
Missouri $64,585
Montana $63,047
Nebraska $62,663
Nevada $80,187
New Hampshire $64,267
New Jersey $82,592
New Mexico $74,183
New York $77,089
North Carolina $59,880
North Dakota $73,997
Ohio $73,378
Oklahoma $65,700
Oregon $78,617
Pennsylvania $64,507
Rhode Island $74,257
South Carolina $65,582
South Dakota $74,053
Tennessee $71,824
Texas $63,977
Utah $71,494
Vermont $68,905
Virginia $69,153
Washington $77,294
West Virginia $55,583
Wisconsin $81,874
Wyoming $66,016

Source: Zippia

Therapist Job Considerations for Pay and Benefits

Helping people better themselves and overcome problems can be a very fulfilling line of work. And there’s a need for more people to work in the mental health field.

For example, employment growth for substance abuse, behavioral disorder and mental health counselors is expected to increase 18% from 2022-2032, according to the Department of Labor. Because of these strong employment growth projections, being a therapist likely comes with job security.

Becoming a therapist can also bring scheduling flexibility, especially if you run your own practice. Being able to set your own hours can result in a better work-life balance. However, some therapists might have to offer after-hour sessions to work around clients’ schedules.

Working one-on-one with people and forging relationships can also be a satisfying perk, but it can also be emotionally stressful. That’s why this profession might not be the best fit if you tend to be more introverted.

Recommended: 15 Entry-Level Jobs for Antisocial People

Pros and Cons of Therapist Salary

The educational requirements for a therapist are higher than other professions, which could mean you graduate with a hefty debt load that can put pressure on future earnings.

However, your earnings potential increases as you gain more experience and the pay is higher than other occupations. The Labor Department reported that the median weekly earnings of full-time workers were $1,118 in the third quarter of 2023 The average weekly pay for a mental health therapist in the U.S. was $1,459 in November 2023, according to ZipRecruiter.

The pay and benefits can differ depending on where a therapist works. For instance, joining a bigger practice or hospital could bring about additional benefits like retirement savings plans and health care benefits compared to smaller or a solo practice.

The licensure requirements to become a therapist can be time consuming. Each state has its own licensing requirements that you’ll have to navigate. There can also be continuing education requirements in order to maintain your license.



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

The Takeaway

Becoming a therapist can be very rewarding on a personal, professional, and financial level. Be prepared for the path it takes to get to this career: an undergraduate degree, a master degree in a specialized area, clinical experience, the state license and exam process, and continuing education.

To help decide if this is the right career path, evaluate what’s important to you in your career and if it’s financially feasible. For some workers, a $100,000 salary is good, while others might need more or less depending on their cost-of-living.

Take the time to evaluate your budget. The education requirements could mean taking out student loans, which can put strain on your budget. Online tools like a money tracker app can help you create a spending plan that’s right for you.

FAQ

What is the highest-paying therapist job?

According to the Bureau of Labor Statistics, a therapist can earn upwards of $111,800 a year.

Do therapists make $100k a year?

While a typical mental health therapist makes around $75,895 a year, it is possible to earn $100,000 or more a year. Salaries often vary depending on experience, specialization, and location.

How much do therapists make starting out?

Early in their career, a therapist earns an average of $46,600 a year, according to Payscale. But with more experience, compensation can increase to $50,677.


Photo credit: iStock/LightFieldStudios

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.

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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How Much Does a Real Estate Agent Make a Year?

According to the Bureau of Labor Statistics, the median pay per year for a real estate agent in May 2022 was $52,030. However, agents can earn much more if they buy and sell properties in a high-income area with expensive real estate, such as New York or California, or if they build a highly successful business.

Here’s a look at what real estate agents do, the different types of agent jobs possible, how much they earn, and the factors affecting their salaries.

What Are Real Estate Agents and What Do They Do?

Real estate agents help buyers and sellers conduct transactions involving residential or commercial property. They usually work under a broker, who takes care of the management and branding of a real estate group. The real estate agent’s role is to find clients, help them search for properties, and then guide the price negotiations between the buyer and seller. In addition, they may help coordinate the legal transactions involved and prepare documentation.

Real estate agents are licensed professionals in the states where they work. The real estate agent is usually paid through commission, which is a percentage of the property’s sales price. How much commission they earn depends on the brokerage, the state, and property values. Some agents are licensed brokers, meaning they can work independently.


💡 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.

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The Different Types of Real Estate Agents

There are different types of real estate agents depending on their licenses and the types of property they work with. The main types of agents are realtors, brokers, listing agents, buyer’s agents, commercial agents, and residential agents.

Realtor

A Realtor® is a licensed real estate agent who is a member of the National Association of Realtors (NAR), which requires them to adhere to a code of ethics.

Broker

Brokers are licensed as such and tend to earn higher salaries and have more freedom in their career choices. They do not necessarily need to be tied to a larger brokerage firm.

Listing Agent

Listing agents are called “seller’s agents” because they represent the seller in a real estate transaction. These agents find buyers for property and try to sell a property at the highest price possible for the seller.

Buyer’s Agent

The buyer’s agent represents the buyer in a real estate transaction. They will try to find the right property for the buyer and negotiate the lowest possible price.

Commercial Agent

A commercial real estate agent primarily sells, rents, or buys commercial real estate, such as retail space, warehouses, office buildings, industrial, and mixed-use space. These agents typically know the local commercial real estate market well and might be involved in property management.

Residential Agent

A residential real estate agent primarily buys and sells homes, condos, and units in apartment complexes. They need a good grasp of the local residential real estate market, the amenities an area offers, and what type of home best suits their clients.

It’s worth noting that being a real estate agent can be a good job for a “people person” vs. a job for introverts. An agent will often have to discern a buyer’s or seller’s needs, draw them out, and spend a lot of time hand-holding clients through the ups and downs of a real estate deal.

Recommended: Which Trade Makes the Most Money?

How Much Do Starting Real Estate Agents Make?

The entry-level salary for real estate agents reported by various sources is varied. According to McKissock Learning, a group that provides learning solutions for licensed real estate professionals, agents earn an average of around $55,000 after being in business for one year.

The amount depends, of course, on many variables, not least of which is how hard the agent works and how many hours they devote to their real estate profession. The area where they work and the kinds of properties they sell will also make a difference, especially when earning commission.

Starting salaries for agents are typically in the ballpark of $52,030, which is close to some of the national averages for the job. However, according to McKissock Learning, after one to three years, the income of a real estate agent could rise to around $80,000. The longer you work as an agent and develop a clientele, the higher your salary might be.

Also, consider the cost of living and housing prices where a real estate agent works. Real estate agents typically earn money via commission (say, 5% of the property’s sale price, which may be divided between a couple of agents, such as the listing agent and the buyer’s agent). This can make a tremendous difference: One real estate agent might be selling homes that sell in the range of $300k, while another might sell multi-million dollar waterfront homes in Hawaii. The latter will likely earn much more competitive pay.

What Is the Average Salary for a Real Estate Agent?

How much does a real estate agent make a year? According to the Bureau of Labor Statistics, the median salary for a real estate agent in May 2022 was $52,030, while real estate brokers earned a median salary of $62,000.

Salaries will vary depending on where an agent works (the state), their licenses, and how hard they work. Brokers tend to earn more than agents.

How much does a real estate agent make per sale? This is a critical factor regarding their income. An agent who works in New York City, prime areas of Los Angeles or Palo Alto, or in Hawaii will likely earn a higher net commission per sale because average property prices are high. (For the very high-end professionals, being a real estate agent could be among the highest paid jobs per state.) Because agents earn more the more properties they sell, how much time they spend on their business can also be a major factor affecting their earnings.

The table below shows the average real estate agent salary for 2022 (the most recent year available) based on data from the Bureau of Labor Statistics.

State

Real Estate Agent Mean Wage

Alabama $58,840
Alaska $72,290
Arizona $61,330
Arkansas $66,750
California $77,430
Colorado $79,610
Connecticut $71,830
Delaware $53,690
District of Columbia $96,070
Florida $56,580
Georgia $55,130
Hawaii $57,310
Idaho $49,830
Illinois $44,510
Indiana $64,610
Iowa $69,210
Kansas $52,970
Kentucky $55,050
Louisiana $46,690
Maine $62,380
Maryland $69,810
Massachusetts $79,060
Michigan $62,990
Minnesota $57,280
Mississippi $72,900
Missouri $47,670
Montana $58,120
Nebraska $53,090
Nevada $73,990
New Hampshire $94,810
New Jersey $82,090
New Mexico $50,920
New York $93,950
North Carolina $55,370
North Dakota $63,620
Ohio $45,570
Oregon $58,680
Pennsylvania $56,760
Puerto Rico $58,850
Rhode Island $71,490
South Carolina $65,160
South Dakota $74,323*
Tennessee $42,041*
Texas $77,320
Utah $60,830
Virginia $69,510
Washington $72,080
West Virginia $55,230
Wisconsin $57,930
Wyoming $74,820

Source: Bureau of Labor Statistics[CB6]
*Data from Salary.com

Real Estate Agent Job Considerations for Pay and Benefits

There are, as you might guess, an array of factors that contribute to a real estate agent’s pay and career opportunities. Consider the following points.

The Cost of Becoming Licensed

Pre-licensing real estate classes may cost around $300. These classes are necessary to prepare for the real estate exam.

An established agent may also have to pay brokerage fees, which could be from $25 to $500 a month. A broker will take a commission on an agent’s real estate earnings or charge a monthly fee.

Marketing Costs

A realtor must likely market their services, which could cost around $600 a year or considerably more in competitive markets. It could cost more at the outset as the agent builds their brand and presence in the area they intend to work in. Or, as a real estate agent builds their client base, they might upgrade and begin to invest more in videos and social media to boost their profile.

Initially, an agent may do better working under a brokerage. A brokerage already has a customer base to draw from and an established brand name that will help an agent’s reputation. A brokerage will expect some commission in return, but it could be a valuable partnership.

Economic Conditions

The real estate market is infamous for its volatility. In a “hot” market, properties can sell quickly at high prices (often elevated by bidding wars), and estate agents can earn high commissions.

However, in times of recession, homes sit on the market longer, prices can slump, and real estate agents may earn much less.

Because most people buy a home using a mortgage loan, interest rates heavily influence the market. High interest rates deter people from borrowing and slow down the real estate market.

Recommended: Is $100,000 a Good Salary?

Pros and Cons of Making a Living as a Real Estate Agent

A real estate agent is often an entrepreneur. That means they are in control of their business, but how much they earn depends on how much time they put in, their expertise and creativity, and other factors.

Here are some advantages and disadvantages of making a living as a real estate agent.

Pros of Making a Living as a Real Estate Agent Real

Cons of Making a Living as a Real Estate Agent

As entrepreneurs, agents are in control of their day. An agent’s income can be irregular and depends on economic and market conditions.
Agents can set their own schedules and work as hard or as little as they like. Income may be limited by the area where the agent works and the types of property available.
A commission-based salary can be lucrative if an agent works in the right area and the market is favorable. Real estate agents often work weekends and evenings to accommodate clients’ needs.

The Takeaway

The typical real estate agent’s salary is $52,030, according to data from the Bureau of Labor Statistics. However, that figure can vary greatly depending on where an agent works, their skill, and how hot the market is. Agents in major cities and who specialize in luxury properties can do very well.

When working as a real estate agent, it’s important to balance such concerns as marketing, building your client base, and adjusting to fluctuating economic conditions. These and other factors can impact cash flow, for better or for worse.

FAQ

How to make $100,000 your first year in real estate?

It’s possible to make $100,000 a year in real estate or put together enough deals to take in that amount of income. Factors that will help include working in an area where house prices are high, setting a strategy, and marketing your services well to generate leads.

How much do Realtors make in California?

The mean salary for Realtors in California as of May 2022 was $77,430, according to the Bureau of Labor Statistics. According to ZipRecruiter, the national average for 2023 was around $91,000. Realtors in California may earn more than the national average because property prices are often high, which leads to higher commissions on sales.

How much money does a real estate agent make a year?

How much a real estate agent earns in a year will depend on where and how they are licensed, the number of clients they represent, and the property prices in their area. According to the Bureau of Labor Statistics, the median salary for a real estate agent in May 2022 was around $52,030, while real estate brokers earned a median salary of $62,000.


Photo credit: iStock/Pekic

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.

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.

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How Much Does a Nurse Practitioner Make a Year?

With a higher degree of training and more responsibilities, nurse practitioners, or NPs, can expect to earn around $124,680 a year. In addition to a good salary, NPs may also enjoy a degree of job security, as the need for the profession continues to grow. According to the most recent figures from the Bureau of Labor Statistics, the number of NP jobs is expected to grow 45% over the next decade — faster than any other occupation in the U.S.

Read on to better understand what it’s like to work as a nurse practitioner and what your earning potential may be.

What Are Nurse Practitioners

A nurse practitioner works with patients to help coordinate and execute their care. The exact tasks an NP can take on depend on what is allowed in the state they are working in, but in many states, they can order medical tests, provide patient diagnoses, and even prescribe medications.

Some of the work nurse practitioners do will be independent, but usually their jobs involve a lot of patient interaction and collaboration with physicians and other medical professionals. Because this role requires so much human interaction, it may not be a great fit for anyone who is an introvert.

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How Much Do Starting Nurse Practitioners Make?

How much money does a nurse practitioner make in the early days of their career? The lowest 10% of earners in this field typically make less than $87,340, but it’s crucial to remember their entry-level salary can rise as they gain experience. The highest 10% of earners stand to make more than $165,240 a year.

As you move up in your career, so can your salary. A money tracker app can help keep tabs on your spending and make progress toward your financial goals.

What Is the Average Salary for a Nurse Practitioner?

How much does a nurse practitioner make an hour? The median hourly wage for nurse practitioners is $59.94. The actual amount someone stands to earn as a nurse practitioner can vary depending on what industry they work in.

Those looking to earn a more competitive wage can tailor their job search to a more lucrative field. For example, this is what the median annual wage looks like for nurse practitioners in a few different industries:

•   Home health care services: $148,960

•   Outpatient care centers: $134,030

•   Hospitals: $129,330

•   Offices of physicians: $121,880

•   Offices of other health practitioners: $112,660



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What Is the Average Nurse Practitioner Salary by State for 2022?

The state that nurse practitioners work in can also affect their earnings. This table outlines the average nurse practitioner salary by state:

State

Annual Mean Salary

Alabama $106,610
Alaska $116,390
Arizona $121,410
Arkansas $107,110
California $158,130
Colorado $116,440
Connecticut $131,490
Delaware $120,570
District of Columbia $131,270
Florida $110,310
Georgia $115,440
Hawaii $128,310
Idaho $117,720
Illinois $122,310
Indiana $121,730
Iowa $128,180
Kansas $111,670
Kentucky $109,290
Louisiana $118,210
Maine $118,300
Maryland $119,650
Massachusetts $138,700
Michigan $113,780
Minnesota $128,160
Mississippi $117,260
Missouri $113,180
Montana $119,960
Nebraska $118,970
Nevada $136,230
New Hampshire $125,780
New Jersey $143,250
New Mexico $129,560
New York n/a
North Carolina $114,450
North Dakota $113,940
Ohio $117,440
Oklahoma $121,740
Oregon $136,250
Pennsylvania $120,550
Rhode Island $125,250
South Carolina $109,130
South Dakota $115,610
Tennessee $99,330
Texas $124,660
Utah $115,610
Vermont $116,610
Virginia $116,980
Washington $135,590
West Virginia $106,790
Wisconsin $121,210
Wyoming $115,230

Source: Bureau of Labor Statistics

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Nurse Practitioner Job Considerations for Pay and Benefits

Alongside earning a median annual wage of $124,680, many nurse practitioners qualify for valuable employee benefits like paid vacation, medical and dental insurance, and retirement contribution matching. It’s very common to work full time as a nurse practitioner, and many salaried roles come with benefits.

Pros and Cons of Nurse Practitioner Salary

Before rushing head first into a new career path, potential NPs will want to consider both the advantages and disadvantages of the profession.

Pros:

•   High rate of employment growth (45% projected from 2022 to 2032)

•   Large amount of job openings (29,200 each year)

•   Full-time roles with benefits available

•   High earning potential

Cons:

•   May need to work nights, weekends, or holidays

•   Physically and emotionally demanding job

•   Exposure to germs

•   May need to be on call

•   Need a master’s degree or better

•   Requires a professional license



💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

The Takeaway

If someone has a passion for practicing medicine and providing patient care, then they may find that working as a nurse practitioner is emotionally and fiscally rewarding. They can expect to earn a median annual salary of almost $124,680, but with time and more experience, they can see their salary increase.

FAQ

What is the highest paying nurse practitioner job?

If someone is looking to earn the most as a nurse practitioner, they may want to apply for jobs at hospitals. Nurse practitioners who work at hospitals tend to earn more than those in other workplaces (a median salary of $129,330).

Do nurse practitioners make $100k a year?

It is very possible to earn a salary of $100,000 or more per year as a nurse practitioner. The lowest 10% of earners in this field make $87,340, but the median annual salary is $121,610. The top 10% of earners can make more than $165,240.

How much do Nurse Practitioners make starting out?

In the early days of their career, nurse practitioners can expect to earn a lower salary than some of their more experienced counterparts. The lowest 10% of earners make less than $87,340, but that salary will likely rise over the years.


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How Much Does a Pharmacy Technician Make a Year?

Looking for a career in the medical field without having to commit to years of higher education? You might consider working as a pharmacy technician, also known as a pharmacy tech.

A ​​pharmacy technician works closely with a pharmacist to ensure the health and safety of their patients. They locate, dispense, pack, and label a prescribed medication for a patient that is then reviewed for accuracy by a pharmacist. They also help with administrative tasks like processing insurance claims, tracking inventory, and filing paperwork.

The question is, how much does a pharmacy technician make? Pay can vary widely depending on location, workplace, and level of experience, but the average annual salary for a pharmacy technician in the U.S. as of January 5, 2024 is $40,074, according to ZipRecruter.

To better understand what it takes to become a pharmacy technician and how much they can earn, keep reading.

What Are Pharmacy Technicians

Pharmacy technicians play an essential role in the functioning of every pharmacy. They often work side by side with pharmacists and perform similar duties, such as filling prescriptions, talking with patients and doctors, and keeping pharmacies orderly and up to safety standards. However, pharmacists and pharmacy technicians have different educational backgrounds, job responsibilities, and salaries.

Legally, pharmacy technicians can fill patient prescriptions, provided they are reviewed by a pharmacist before they are given out. Pharmacy technicians cannot, however, recommend medications to patients, including over-the-counter medications and supplements.

Pharmacy technicians typically work in retail stores, hospitals, nursing homes, and assisted living facilities. Their responsibilities may include:

•   Entering patient information and prescriptions into a computer system

•   Talking to pharmacy customers on the phone and in person

•   Managing pharmacy inventory

•   Preparing medications for pharmacists by reading orders, preparing labels, and calculating the appropriate quantities

•   Processing patients’ insurance and serving as a liaison between the pharmacy and insurance companies and physician offices

•   Assisting with administrative tasks, such as billing, record keeping, and insurance paperwork

Like pharmacists, pharmacy technicians can practice in a specialty industry like academia, community, or government, or in a specialty area like critical care, oncology, or pediatrics.

To be a successful pharmacy technician, you generally need to be a detail-oriented team player with excellent communication skills. As a result, working as a pharmacy technician may not be a great fit for someone who likes to work alone or is more of an introvert.

Since pharmacy techs interact with customers every day and work under the supervision of pharmacists, it’s also not possible to find a work-from-home job, so you need to be prepared to head into the workplace every day.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

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How Much Do Pharmacy Technicians Make When They Are Starting Out?

Starting salaries for pharmacy technicians can fall anywhere from $30.000 to $54,500. With experience, techs typically have many opportunities for advancement and increased pay based on skill level, location, and years of experience.

What Is the Average Salary for a Pharmacy Technician?

How much does a pharmacy technician make an hour? The average hourly wage for a pharmacy tech is $19. However, hourly wage can range anywhere from $14.42 to $20.43.

The average annual salary for a pharmacy technician in the U.S. is $40,074. But how much a certified pharmacy technician makes can go up to $54,500.

Generally, pharmacy techs who work at hospitals earn more than those who work at pharmacies and drug retailers. Rising up to the level of management can give a pharmacy technician a significant bump in earnings. If you go on to get a pharmacy degree, you could make well over $100,000 per year.

The Average Pharmacy Technician Salary by State for 2024

How much money a pharmacy technician makes can vary by location. What follows is a breakdown of how much a pharmacy technician makes per year, on average, by state (highest to lowest).

State

Average Annual Salary

New York $45,054
Vermont $44,321
Maine $42,433
Pennsylvania $41,261
Washington $41,013
Massachusetts $40,400
New Hampshire $40,272
New Jersey $40,226
Alaska $40,173
Oregon $39,741
North Dakota $39,694
Wisconsin $39,587
Wyoming $39,369
Hawaii $38,937
Colorado $38,663
Indiana $38,654
New Mexico $38,041
Nevada $37,984
Minnesota $37,948
Arizona $37,855
South Dakota $37,515
Montana $37,285
Ohio $36,970
Alabama $36,818
Rhode Island $36,809
Delaware $36,658
Virginia $36,256
Connecticut $36,122
Iowa $36,089
Mississippi $35,711
Illinois $35,687
California $35,616
Maryland $35,534
Tennessee $35,298
Utah $35,189
Nebraska $34,867
Missouri $34,410
Georgia $34,300
South Carolina $34,064
Idaho $33,990
Oklahoma $33,766
Texas $33,688
Kansas $33,618
North Carolina $33,360
Louisiana $33,131
Kentucky $32,060
Michigan $32,035
West Virginia $31,867
Arkansas $30,452
Florida $30,355

Source: ZipRecruiter

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Pharmacy Technician Job Considerations for Pay & Benefits

You may be able to get a job as a pharmacy technician with just a high school degree and on-the-job training. However, you can increase your earning potential and job opportunities by completing a postsecondary education program, such as a certificate program or an associate’s degree and getting certified.

There are certificate programs available online that take around nine months to complete. Completing one of these programs helps prepare you for the Pharmacy Technician Certification Exam (PTCE). There also are certificate programs that include a hands-on learning component where students spend time training in a pharmacy.

An associate’s degree program typically takes around two years to complete and often includes internship or externship experiences. Often students take the PTCE following their externship experience.

Because so many pharmacy technician jobs are full-time, pharmacy technicians typically receive a full suite of benefits, including healthcare and retirement plans, that increase the value of their total compensation.


💡 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 Pharmacy Technician Salary

As with any career path, there are both advantages and disadvantages to becoming a pharmacy technician. Here’s a closer look at the job’s pros and cons.

Pros of Being a Pharmacy Technician

Being a pharmacy tech comes with a number of benefits:

•   Positive job outlook The U.S. Bureau of Labor Statistics predicts a 6% growth rate for this industry between 2022 and 2032, faster than the average for all occupations.

•   Opportunity for advancement Many pharmacy techs advance to roles in pharmacy management or even get the necessary education to become a licensed pharmacist. Some may explore related careers, such as pharmaceutical sales, medical equipment, or medical technology.

•   Choice of work environments While many pharmacy techs work in retail pharmacies, you have the flexibility to work in other environments, such as a hospital, nursing home, clinic, alternative pharmacy, veterinary facility, or mail-order pharmacy.

•   Flexible hours Pharmacy techs may have the option to work part time or just on weekends and evenings. Often, you can make the schedule work with your other commitments.

•   Doesn’t require a college degree Many people become pharmacy techs with just a high school diploma or GED. However, there’s some necessary training, and some states require licensure. Typically, pharmacy techs opt to pursue the Certified Pharmacy Technician certification, since it can enable them to get better jobs and earn higher pay.

Recommended: Best Entry-Level Jobs for Antisocial People

Cons of Being a Pharmacy Technician

Being a pharmacy tech also comes with some downsides:

•   Work can be repetitive For many pharmacy techs, there isn’t much variety in their job duties. They fill prescriptions, enter data, help customers, and answer phone calls, which could become monotonous over time.

•   Customers can occasionally be difficult Some customers may be distressed and, as a result, interactions may sometimes be challenging. In addition, customers may get upset if their insurance doesn’t cover their prescription or it isn’t ready when they come in.

•   Requires regular recertification While you can work as an entry level pharmacy tech without certification, people in this role generally choose to get certified. And because the field is constantly changing and developing, you need to take a recertification exam every two years, which comes with a fee (though some employers may cover it).

•   Work environment can be stressful Pharmacies can get busy and techs often need to handle a high customer load in a fast-paced environment. In addition, techs are under pressure to help fill and label each prescription accurately, since errors can cause people to have negative reactions.

Recommended: The Pros and Cons of Salary vs Hourly Pay

The Takeaway

If you are looking for an engaging and stable career in the healthcare field that doesn’t require a college degree, pharmacy technician work may be a good fit. The job has a positive growth outlook and, once you get a job as a pharmacy tech, there are many opportunities to advance and earn more than the average salary for pharmacy technicians.

Once you start earning a regular paycheck as a pharmacy technician (or any other role you choose), you’ll want to manage your money carefully, making sure that what goes out of your bank account each month doesn’t exceed what goes in.

FAQ

What is the highest paying pharmacy technician job?

Generally, certified pharmacy technicians who work in a hospital setting earn more than those that work at drug retailers. A pharmacy tech can make even more if they grow into a supervisory or managerial position.

Do pharmacy technicians make 100k a year?

Generally, pharmacy technicians make less than $100,000 per year. The average annual salary for a pharmacy technician in the U.S. is $40,074.

How much do pharmacy technicians make starting out?

Certified pharmacy techs can start out earning anywhere between $30.000 and $54,500.


Photo credit: iStock/Dimensions

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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