27 Most Fulfilling Full-Time Jobs That Pay Well for Extroverts in 2022

27 Fulfilling Jobs for Extroverts That Pay Well

You know when you’re an extrovert. So does your employer. If your vibrant personality doesn’t feel like a good fit with your current job, you may want to join the 26% of workers who report that they want to leave.

We’ve rounded up dozens of fulfilling jobs that pay well and welcome extroverts. Because sometimes, the grass looks greener elsewhere because it really is.

Are You an Extrovert?

Extroverts are known for their outgoing personalities that are energized by interactions with other people. They often enjoy the spotlight and seek attention. Employees with this type of personality thrive in roles that would be pure misery for antisocial people.

If this sounds familiar, pat yourself on the back: Being an extrovert often gives candidates a leg up in job hunting. Research shows extroverts are 25% more likely to land top jobs than their introverted peers. And remember, it’s never “too late” to make a job transition.

Recommended: The Highest Paying Jobs by State

Common Characteristics of Good Extrovert Jobs

The right job can make you feel more fulfilled in and out of the office. Extroverts are wise to look for jobs that offer:

•   Interaction with people

•   Frequent opportunities for communicating or persuading

•   Room for risk-taking

•   Opportunities to work with a larger team

•   Public recognition for good performance

•   Outlets to express positive energy

And don’t miss our roundup of trade jobs that make the most money.

27 Fulfilling Jobs for Extroverts That Pay Well

Here are some ideas of where you can start looking for fulfilling jobs that pay well. Our criteria in highlighting these jobs were frequent interaction with people, opportunity to manage teams, recognition for good performance, and outlets to express positive energy. And high pay doesn’t hurt.

1. Registered Nurse

Average salary: $92,871

Primary duties: Provide patient care and education. Patients and loved ones really appreciate an extrovert’s positive energy and communication skills.

2. Nurse Practitioner

Average salary: $118,040

Primary duties: Diagnoses and treats illnesses in patients. Like doctors, NPs may order prescriptions and procedures to improve the health of a patient.

Recommended: Does Net Worth Include Home Equity?

3. Physical Therapist

Average salary: $84,755

Primary duties: Helps injured people with pain, mobility, fitness, and overall function. Extroverts may enjoy demonstrating exercises and seeing progress in patients.

4. Physician Assistant

Average salary: $121,530

Primary duties: Practices medicine under the supervision of a licensed doctor. May prescribe medication or diagnostic tests.

5. Surgical Technician

Average salary: $108,807

Primary duties: Assists with surgeries, prepares the operating room, and organizes equipment. Best for an individual who can calmly assist under pressure.

6. Dentist

Average salary: $208,809

Primary duties: Provide preventative dental and surgical care for oral diseases and tooth decay. Sees many patients every day. Great dentists combine precision technique with the ability to reassure nervous patients. Here’s one job where paying off student loans shouldn’t be a problem.

7. Dental Hygienist

Average salary: $90,523

Primary duties: Under the supervision of a dentist, cleans teeth and helps with preventative oral care and education for patients. As with dentists, a positive, reassuring attitude is key.

8. Medical and Health Services Manager

Average salary: $101,340

Primary duties: Directs medical and health services, including hiring staff, creating work schedules, working with finance managers, and developing goals for a department or organization. Managers need strong egos to take charge and get employees to fall in line. (You might also be interested in Is $100,000 a Good Salary?)

9. Sales Representative

Average salary: $70,935

Primary duties: Sells products and services for businesses. High-energy, extroverted individuals often do well getting people to buy whatever they’re selling. Sales reps who work on commission can earn big bucks.

10. Marketing Manager

Average salary: $133,380

Primary duties: Develops a client base for a business, works on the brand image, oversees creation of marketing materials, and performs market research. Manages teams that implement the vision of the company. Positions range from staff jobs on salary vs. hourly pay for freelancers.

11. Industrial Engineer

Average salary: $95,300

Primary duties: Designs systems that integrate people, resources, equipment, and processes for building products or providing services. Engineers tend to be the center of attention while building systems for an organization.

12. Financial Manager

Average salary: $131,710

Primary duties: Responsible for the financial activities of an organization, including financial reporting, investments, and decisions that drive profitability. Managers oversee teams of people and the financial direction of an organization. (The next best thing to a personal financial manager? This spending app.)

13. Human Resources Manager

Average salary: $77,743

Primary duties: Responsible for the management of an organization’s talent recruitment, training, retention, compensation, benefits, and adherence to state and federal employment law. (These folks help determine entry level salaries.) Dynamic personalities in HR help companies attract high-performing employees to an organization.

14. Chief Executive Officer

Average salary: $131,398

Primary duties: Coordinates, directs, and manages the business activities of a company. Responsible for large groups of people and programs. CEO is typically not a job for introverts, though there are high-profile exceptions to that rule.

15. Real Estate Agent

Average salary: $93,714

Primary duties: Assists with the buying and selling of real estate. Advises clients throughout the process, on pricing, marketing, contracts, financing, and negotiation. Charismatic agents can make very competitive pay.

16. Police Officer

Average salary: $56,205

Primary duties: Protects life and property, keeps the peace, interacts with the public, investigates crimes, and files reports. While the starting salary isn’t huge, extras like holiday pay, night-shift differentials, and overtime can push salaries over $100,000. Some departments are even offering signing bonuses.

17. Talent Manager / Agent

Average salary: $116,410

Primary duties: Manages the business interests of artists, performers, and athletes. Works in booking, contract negotiation, and money management. Superior communication and negotiation skills required.

18. Producers and Directors

Average salary: $79,000

Primary duties: Direct the business and creative endeavors of visual productions for television, stage, and film. This is show business, baby!

19. Construction Manager

Average salary: $98,890

Primary duties: Directs construction projects, including timelines, scheduling subcontractors, managing budgets, responding to delays, finding resources, developing relationships, and ensuring work complies with legal requirements.

20. Architect

Average salary: $90,002

Primary duties: Combines structural requirements and client preferences to design beautiful and functional buildings and interior spaces. Works in a team with many other professionals. Bringing a vision to life can be incredibly rewarding for architects.

21. Mechanical Engineer

Average salary: $95,300

Primary duties: Addresses problems through the creation of mechanical and thermal devices. Works in teams to research, design, manufacture, and test tools, machines, and engines.

22. Public Relations Professional

Average salary: $62,800

Primary duties: Create and maintain a positive public image for clients through traditional media networks and social media platforms. Great communicators will perform above expectations in this job.

23. Social Media Specialist

Average salary: $56,770

Primary duties: Learn social platforms and engage followers. Build a brand’s reputation through images and text shared with the public. It’s one of those jobs that doesn’t require a college education. It can also be a fulfilling part time job.

24. Sales Manager

Average salary: $142,390

Primary duties: Direct sales activities for an organization. Develops new markets, trains sales representatives, coordinates distribution of a product or services, and creates goals for the department. Pursuing shared goals and collaborating with many people make this a great job for an extrovert.

25. Sales Engineer

Average salary: $103,710

Primary duties: Sells technical, complex, or scientific products or services to businesses. Persuasive individuals with a technical background are best suited for these roles. Also called software sales or technology sales.

26. Computer Systems Analyst

Average salary: $99,270

Primary duties: Also called systems architects, analysts design computer systems for organizations to help them operate more efficiently.

27. Pilot

Average salary: $134,630

Primary duties: Responsible for the safe operation of aircraft. Files flight plans, communicates with air traffic controllers and monitors weather conditions. May operate helicopters or planes as commercial or private pilots. High-achieving, extroverted personalities can do well. You may also want to read our tips on paying for flight school.

Recommended: What is The Difference Between Transunion and Equifax?

The Takeaway

Extroverts can do any job they set their mind to, but the most fulfilling jobs for extroverts are the ones where their work can be seen and appreciated by others. Extroverts gravitate toward careers that demand high performance, often under pressure: medicine, sales, finance, even the C-suite.

People who are passionate about their jobs often don’t have time for much else. The right financial software can help busy professionals manage their day-to-day finances. SoFi’s money tracker app is the kind of app that keeps any personality type on track. It monitors your credit score, tracks your spending, and helps you set savings goals – for free.

See what SoFi can do for your financial health today.

FAQ

What job is best for extroverts?

While there’s no one job that is best for everyone, extroverts tend to find jobs that harness their drive to perform and their superior people skills most fulfilling.

Do extroverts make more money than introverts?

Extroverts often make more money than their introverted peers. One study reported extroverts earned $12,000 more per year than their introverts.

Can part-time jobs be fulfilling?

Part-time jobs can be fulfilling. They may also allow you extra time to yourself. To find a fulfilling part-time job, search websites where this is a primary feature, such as Indeed.com.

Do fulfilling jobs ever pay well?

Fulfilling jobs can pay well. If you don’t want to sacrifice your financial well-being to enjoy a rewarding occupation, pay attention to salary reports from the Bureau of Labor Statistics. They can reveal where high-paying jobs and industries are.


Photo credit: iStock/andresr

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

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

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15 High Income Skills to Learn

15 High Income Skills to Learn

Want to boost your earning power? High income skills can translate to a bigger paycheck since employers or clients may be willing to pay a premium to workers who possess them. Generally, high paying skills are specialized skills that are considered to be in demand. They can include a mix of hard skills and soft skills.

What are the best high income skills to learn to bring in more cash? Here, you’ll learn about 15 high paying job skills, from IT to UX know-how, that may be worth picking up. They can hold the potential to help earn more money.

Why Learning New Skills Matters

Adaptability and the ability to learn can be invaluable, whether trying to land your first job or gig or one farther along in your career. Learning new skills can help you to better keep up with a changing job landscape. Here, some points to consider:

•   Acquiring high income skills could make it easier to stand out among the crowd when competing for positions or freelance gigs. You may have a more diverse range of job options to choose from. Your skills may also translate to a larger paycheck if they’re sought-after by employers or clients.

•   Some of the highest paying jobs are in the computer and information technology fields. If you’re able to learn the skills needed to get those jobs, either as a full-time employee or a freelancer, that could substantially boost your lifetime earnings.

•   Relevancy is also a factor. If you’re up to date on the latest high-paying skills that could make you much more valuable in an employer or client’s eyes. Should the company or client need to cut back on staffing, your job could be secure if you hold a skill set that your colleagues can’t match.

Recommended: 25 High-Paying Trade Jobs

15 High-Income Skills to Learn

The best high income skills to learn are ones that can help you to increase your earnings while also doing work that you enjoy. Certain high paying job skills may require a college degree to learn, while others you might be able to pick up without going to school.

Here are some of the best high paying job skills to learn now, including remote job skills and tech skills.

Quick Money Tip:Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.

1. SEO Skills

SEO, or search engine optimization, involves knowing how to structure website content in order to push it to the top of search engine rankings. This skill is in high demand, and businesses are willing to pay well for it. The reason: Higher search rankings can translate to more clicks and more purchases.

It’s possible to find full-time SEO jobs, but you could also offer freelance SEO services if you’d like to be your own boss. Studying SEO experts and guides can be a good starting point for learning more about this skill.

2. Digital Marketing

Digital marketing is another way of describing advertising through digital channels. As people increasingly consume information online, digital marketers play an important role. They can help brands and businesses connect with current and prospective customers through social media, apps, and email marketing.

If you spend time online regularly, you might already have some knowledge of digital marketing and how it works. You could use that knowledge to your advantage to help clients make money on social media or target their ideal audience. There are also an array of courses you might take or certificates you might earn in this area.

3. Email Marketing

Email marketing is related to digital marketing but it focuses exclusively on advertising through email. For example, during the Black Friday season, stores may send out emails to customers that include coupons, promo codes, ads, or other special promotions. Those emails are written by an email marketer with the end goal of encouraging customers to click and make a purchase.

Becoming an email marketer is something you might consider if you have experience with marketing or the next high income skill that follows on this list.

4. Copywriting

Copywriting involves creating written content that’s intended to persuade. Similar to email marketing, copywriters help businesses and brands to sell their products and services.

Some of the ways you could leverage high income skills as a copywriter include writing website content, sales pages, marketing emails, sales brochures, or newsletters. Copywriting allows for further specialization if you’re focusing on a single niche. For example, you might write for petcare companies or companies in the beauty or wellness niche.

5. Video Editing

Video editors get paid to edit videos for social media, website content, and other channels. While written content still has high value among consumers, video is offering up strong competition, as evidenced by the growth of TikTok and YouTube.

Video editing is one of the best high-paying skills to learn for another reason. It doesn’t require a college degree. It’s a skill you can pick up through online study, often with minimal investment required.

6. Software Development

Software developers create operating programs for computers and other devices. Becoming a software developer starts with learning the basics of coding, which is something you might be able to do through a trade school or online coding bootcamp. Developers earn a median wage of $109,020 per year, so this could be a good high income skill to learn if you’re hoping to earn a six-figure salary.

7. Web Development

Web development is similar to software development, but the focus is on creating websites and web applications. Web developers need to be knowledgeable about programming languages like CSS and JavaScript. They also have to be familiar with different website-building platforms, such as WordPress. A web developer may work with a web designer to create new sites for clients or redesign existing ones.

8. Project Management

Project managers oversee the completion of large-scale projects from start to finish, often in information technology (IT) or computer-related fields. The project manager’s primary duty is to help the company or client they’re working with achieve their end goals for the project. Project managers may require certain hard skills, such as coding knowledge, but they can also utilize soft skills, such as effective communication and the ability to direct a team.

9. IT Skills

The IT field can offer up numerous high paying job opportunities, depending on which skills you have. A broad range of IT skills can fall under the high income umbrella, including:

•   Cloud computing skills

•   AI skills

•   Programming skills

•   Cybersecurity skills

•   Blockchain knowledge

Again, learning how to code can help you build a foundation for learning other valuable IT skills, which can be developed through specialized courses.

10. UX Design

UX refers to user experience, or how a person interacts with a product or service. It’s an important element of websites and apps, as well as physical products and services. When consumers visit a website or log in to their favorite apps, they want them to be fast and easy to navigate. Likewise, when someone purchases something or signs up for an online service, they want it to function the way they’re expecting it to. UX design experts help to iron out the kinds to deliver the best user experience possible. This can require specialized training, depending on whether UX design is delivered for a digital property or something more rooted in the offline world.

Recommended: Getting Back on Track After Going Over Budget

11. Content Marketing

Content marketing is related to copywriting, but it requires a different skill set. Content marketers create content that’s designed to draw traffic through search engines or social media, but it goes beyond sales pages or landing pages. A good example of content marketing at work is blogging. When executed effectively, blogging can build an audience and generate revenue through ads, product sales, services, or affiliate marketing.

12. Affiliate Marketing

Affiliate marketing means marketing another entity’s products or services and earning commissions each time someone makes a purchase. For example, a blogger who includes affiliate links to Amazon products in their web content might earn money if a reader clicks their links and buys something. Affiliate marketing could be an ideal high income skill to learn if you’re interested in generating passive income online.

13. Mobile App Development

Mobile apps are part of many people’s daily lives. They can offer convenience if you’re using them to log in to your bank account or manage your investments. Other apps can provide entertainment if you’re using them to watch videos, play games, or listen to music.

Companies can hire mobile app developers to create apps and test them before releasing them to the market. It’s possible that you could even try moonlighting work, and create your own mobile app and sell it, building a six- or even seven-figure business in the process.

14. Graphic Design

Graphic design skills could lead to a higher income if you’re creating designs for clients with big budgets or building a steady freelance business. Some of the ways you could make money as a graphic designer include designing logos, YouTube thumbnails, private label rights content, social media templates, or ebook templates. You could also apply your graphic design skills to create designs for a print-on-demand or Etsy shop.

Recommended: 15 Low-Cost Side Hustles

15. Soft Skills

Soft skills are a diverse professional toolkit. They’re based on a different sort of knowledge that doesn’t involve learning how to code or develop software. Examples of high paying soft skills include good communication skills, problem-solving skills, creative thinking, and time management skills. Employers and clients can value those skills just as much as some of the other high income skills on this list. These skills can be used in high level administrative, coordinator, and management positions.

Recommended: Life Skills That Can Help You Save Money

Tips for Developing High-Paying Skills

There are several options for learning the high paying job skills you might need to succeed. Which one you choose can depend on the skills you want to learn and how much you know about them already. Some of the possibilities for developing high income skills include:

•   Completing a two- or four-year degree program at a college or university

•   Attending a trade school

•   Utilizing online resources, like YouTube or blogs

•   Taking paid online courses that are independent of a degree program

•   Applying for internships or freelance jobs that could allow you to learn the skills you need

•   Asking someone who already possesses your desired skill set to act as your mentor

Working with a professional coach to help you develop your skills.

Some of these options cost money; others don’t. If you’re on a tight budget, then you might want to start with free resources like well-rated YouTube tutorials. After that, you could consider what kind of investment you might want to make in a paid course or degree program.

Trade school can be more affordable than a four-year college or university for learning certain skills. What is trade school good for learning about? Web development, web design, coding, and video editing are just a few high paying skills you could brush up on. Community colleges and continuing ed programs at universities may also offer affordable classes that will allow you to develop your talents.

If you’re considering applying high income skills to start a freelance business, it’s also a good idea to give some thought to the financial side. Financial planning for freelancers includes things like budgeting for irregular income, learning how to set your rates, filing taxes, and saving for retirement.

The Takeaway

If your goal is to earn more money, learning some new high income skills can definitely be worthwhile. From content marketing to UX design to copywriting, there are many avenues to pursue as you build the expertise that can help you earn more money.

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FAQ

What are high demand skills?

High demand skills are job skills that are highly sought-after by employers and clients. Examples of high demand skills can include knowledge of coding and HTML, SEO expertise, and digital marketing experience. Employers may be willing to pay more for high demand skills if there’s a smaller pool of available workers who have them.

What are the top skills you should learn for the future?

Many of the skills that are likely to be in-demand in the future are connected to computers and technology. Understanding of artificial intelligence (AI) or blockchain technology, for example, may be desirable as more companies focus on these types of innovations.

How can I land a high paying job?

Learning some high income skills could help you to land a high paying job, if those skills are in-demand and there are fewer qualified candidates to fill the available jobs. Other ways to increase your income include asking for a raise, taking on a second job, or starting a profitable side hustle.


Photo credit: iStock/nensuria

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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.


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 To Counter a Salary Offer (Sample Emails)

How To Counter a Salary Offer (Sample Emails)

Salary negotiations can be one of the most stressful parts of the hiring process. You don’t want to offend your new employer but you don’t want to get shortchanged either. Making an appropriate counteroffer requires a little skill and finesse to communicate your salary needs in a professional way.

That’s where knowing how to write a salary counter offer email comes in. A good counter offer email can help you build a stronger case for why you deserve a higher salary.

What Is a Counteroffer?

A counteroffer is your response to the hiring company’s original salary offer. When you make a counteroffer, you’re asking the company to reconsider their initial offer and bump the number. For example, if a company offers you a starting salary of $80,000, you might counter that with $85,000 or $90,000.

Making a counteroffer is not uncommon, and some companies expect new hires to do a little bargaining for higher pay. It’s something you might be encouraged to do if you’re reading through first job tips to prepare for your job search. There’s no guarantee that a counteroffer will be accepted, but it’s still worth making one if you believe that you can get a better deal.

Writing a counter offer email can be a great way to communicate what you’re hoping to get. If you’re getting hired at your first job, you might not know how to write a counter offer salary email. The good news is that it’s not as complicated as you might think.

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Recommended: What is The Difference Between Transunion and Equifax

When To Counter a Salary Offer

There are different reasons that a job candidate might decide to make a salary counter offer. Here are some of the most common scenarios when a counteroffer can be appropriate:

•   The company is offering a salary that’s below average for the industry.

•   You believe that your skills and/or experience are sufficient to command a higher salary.

•   The salary isn’t enough to meet your financial needs.

•   You’ve received a higher offer from a competing company.

If you’re negotiating salary for your first job, it’s important to find out what is competitive pay for this type of job and for someone with your experience?

Entry level salaries are naturally lower than salaries for people with more experience or education. That doesn’t mean, however, that you should automatically accept a lower salary for an entry level position if similar companies are paying more.

Researching pay ranges for the type of job you’re accepting can help you determine the high and low figures for a salary negotiation. It may also be helpful to know what trades make the most money and how much people earn at different levels within that trade or sector.

Recommended: Best Jobs for Antisocial People

Keys To Asking for More Salary

There’s some groundwork that goes into negotiating higher pay, either as a new hire or an employee seeking a raise. Here are some of the most important things to consider when asking for more pay:

•   Research average salaries across your industry for employees with skills or experience equivalent to yours

•   Know what you bring to the table, and be prepared to back that up with examples

•   Be confident in your approach

•   Be realistic and understand what the company can reasonably afford to offer you

Making your request for a salary increase in writing is also important, as it gives you an opportunity to outline in detail your reasoning for a pay boost. That’s where knowing how to write counter offer salary email messages comes in handy.

Should You Negotiate Your Job Offer (Even If It’s Already Pretty Good?)

Negotiating salary or other benefits isn’t something you necessarily have to do. And it’s possible that you might feel a little awkward asking your new employer for more money right off the bat. But it may still be worth negotiating certain aspects of your pay or benefits if you think there’s some wiggle room.

For example, you might be willing to accept a lower offer in exchange for stock if you think the company’s value is only going to rise in the future. One of the advantages of buying company stock through your employer is that you may be able to get it at a discounted price.

Tuition repayment assistance is something else that may be worth negotiating if you’re starting your career with student loans in tow. Employers are increasingly offering help with student loan debt and tuition to attract and retain talented employees. That type of benefit may be well worth negotiating if your company is open to the idea.

A signing bonus can also help balance out a lower salary. If the bonus is particularly lucrative, that might be a tempting reason to skip salary negotiations. Of course, you’ll want to brush up on the basics of how to ask for a signing bonus before you start negotiating.

Should You Negotiate Your Salary Through Email or a Phone Call?

If you’re interested in attempting to wrangle a higher salary from your employer, choose your approach carefully. Asking for a salary increase over the phone has its pros and cons. Your employer might feel like they’ve been put on the spot. Or you might be so nervous that you stumble over your words and don’t communicate your request clearly.

Putting your request in writing can take the pressure off both sides. It may be easier for you to explain why you feel you deserve a higher salary in writing and you can take your time with writing your email. You can expand on how you believe you’ll be able to help the company and why making a bigger investment in your salary is justified. You can also use your email to compare the salary offer to industry averages in order to underscore your case.

An email also gives your employer a chance to review your arguments and make a decision without feeling rushed. And should they decide to counter your counteroffer, they may prefer sending it back to you in email format so there’s a paper trail of all salary discussions.

Steps To Making a Salary Counteroffer

Countering an employer’s salary offer can be nerve-racking, so it’s wise to have a plan or strategy going in. We’ve put together a helpful checklist for what to do when entering salary negotiations.

Research Comparable Salaries

As mentioned, it’s important to know what the average pay is for the industry and type of job you’re accepting. You don’t want to make a counteroffer that’s too far outside the norm of what employees with your same skill set and level of experience are making, as that can cause the employer to balk.

Wage data from the Bureau of Labor Statistics is a good place to start your research. You can also check salaries on sites like Payscale.com or Salary.com to see what kind of entry-level pay competitive companies are offering.

Review the Benefits Package

Before negotiating salary, it’s helpful to look at everything an employer is offering. That might include things like subsidized health insurance, a solid retirement plan, paid time off, stock options, tuition assistance, or a remote work option. Weighing the value of those benefits against salary can help you decide if it’s worth negotiating your pay.

If you’re offered great benefits but a lower salary, getting a second job can help bridge the gap. You may already have experience with making money on the side if you’ve ever held any jobs that pay for college, like babysitting, dog-walking, or doing gig work.

Know Your Value

A little self-awareness goes a long way. When you’re applying for your first job, you may not have a lot of professional experience under your belt yet. Instead, you can focus more on your college accomplishments, skills, personality traits, and other qualities that make you an attractive candidate for the job.

Take Time To Craft Your Counteroffer

The next step is the most important, because you need to make sure you’re wording your counteroffer salary email carefully to convey what you want in a respectful way. You’ll want to start your email with a polite introduction and state your request briefly at the beginning. Then go into more detail explaining why you believe your counteroffer is appropriate, and close the letter politely. It’s also important to verify to whom you should send the email to ensure it gets to the right place.

Negotiate With Your Employer

Once your employer receives your salary counteroffer email, they’ll review it and then respond. Their immediate response may be no, at which point you’ll have to decide if you want to continue attempting to negotiate. If they’re willing to negotiate, you can then begin salary discussions to see if you can reach an agreement that suits you both. Being willing to compromise here is important, as coming on too strongly could cause the employer to rescind your offer and hire someone else.

Make Your Final Decisions

Once you’ve completed salary negotiations, your employer may give you a little more time to make up your mind. At this point, you’ll have to decide whether to accept their final salary offer or move on to another job. (By the way, hold onto the offer email — it can serve as proof of income for student loans and apartment applications.)

You may want to review your finances before deciding if the salary is acceptable. Using a free budget app can help you get a better sense of what kind of income you need to cover your spending.

If you decide to decline, you’ll want to do so politely. Burning bridges is a bad idea, in case you later apply for a position with the same company.

Recommended: Does Net Worth Include Home Equity

Salary Counteroffer Email (Sample Templates)

If you’ve never attempted to write a counteroffer before, you may not know what your letter should include. To make things easier, here are guides for how to write a counteroffer email for salary in different situations.

Requesting Additional Compensation (Sample Email)

Dear [Hiring Manager],

Thank you for extending an offer at [company name] for the position of [position]. This is a very exciting opportunity, and I’m confident that I’ll be able to make a positive contribution to the team.

I’d like to ask if there’s room to negotiate the base salary for the role. According to my research, the industry average for this position is [range to range] for someone with experience and skills comparable to mine. I believe that a salary closer to [$$$] would be more appropriate, given my background and the requirements the role entails.

Please advise as to whether you’re open to discussing this at your earliest convenience.

Thank you and I look forward to your response.

Sincerely,
[Your name]

Responding to a Lowball Offer (Sample Email)

Dear [Hiring Manager],

Thank you for extending an offer at [company name] for the position of [position]. This is a very exciting opportunity, and I’m confident that I’ll be able to make a positive contribution to the team.

I’d like to ask if there’s room to negotiate the base salary for the role, as it seems to be lower than the average salary typically offered for this type of position. According to my research, the industry average for this position is [range to range] for someone with experience and skills comparable to mine. I believe that a salary closer to [$$$] would be more appropriate, given my background and the requirements the role entails.

Please advise as to whether you’re open to discussing this at your earliest convenience.

Thank you and I look forward to your response.

Sincerely,
[Your name]

Leveraging a Competitor Offer (Sample Email)

Dear [Hiring Manager],

Thank you for extending an offer at [company name] for the position of [position]. This is a very exciting opportunity, and I’m confident that I’ll be able to make a positive contribution to the team.

I’d like to ask if there’s room to negotiate the base salary for the role, as I’m currently considering an offer from another company. They’re offering a base salary of [$$$] along with a competitive benefits package that includes [list of benefits].

I’m very interested in accepting the offer to work at [your company] if you’d be able to [match or increase] the base salary. Please advise as to whether you’re open to discussing this at your earliest convenience.

Thank you and I look forward to your response.

Sincerely,
[Your name]

Accepting the Offer (Sample Email)

Dear [Hiring Manager],

I’m pleased to accept the offer for the position of [position name] with [company name] that was extended on [date]. I’m looking forward to working with the team, and I appreciate the opportunity to negotiate a compensation and benefits package that is agreeable to all parties involved.

Per our negotiations, I understand that my starting salary will be [$$$] and that my benefits package will include [list of benefits]. I look forward to beginning work on [date].

Many thanks,
[Your name]

Rejecting the Offer (Sample Email)

Dear [Hiring Manager],

Thank you for extending an offering of employment at [company name]. I’ve enjoyed getting to know you throughout the hiring process, and I appreciate your willingness to consider my request for salary negotiation.

At this time, I must respectfully decline the position. I thank you again for the opportunity to discuss the job, and I regret that we were unable to reach a compromise suitable to all parties involved.

I do hope that you’ll find a suitable candidate for the position.

Kind regards,
[Your name]

The Takeaway

It’s natural to want to be paid what you’re worth, and negotiating your salary may be necessary to get what you want when accepting a job offer. You’ll want to research competitive salaries for your industry and type of job, and also consider the full benefits package. In email communications with your potential employer, it’s important to always be polite, professional, concise, and confident.

Using a free money tracker like SoFi’s can be a great way to take control of your finances. With Insights, you can get a complete financial snapshot, track your expenses, and monitor your credit right from your mobile device.

Get Insights and simplify your financial life.

FAQ

How do you politely negotiate salary via email?

Politely negotiating salary via email comes down to using respectful language and clearly explaining your needs and expectations. You want to state your case clearly and simply, then allow your employer time to form a response.

How do you politely counter a salary offer?

Countering a salary offer politely means making your case for better pay firmly but respectfully. You want to ensure that you’re directing your counteroffer to the right person and explaining your reasoning behind for asking for higher pay.

How do you negotiate salary after receiving a job offer?

Once you receive a job offer, you can review the terms and draft a short email to ask if the employer is willing to consider salary negotiations. You then have to wait for their response to see if they’re open to negotiating. If they are, you can make your salary counteroffer.


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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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Law School Scholarships Guide

So, you’ve been accepted to law school — congrats! You’re well on your way to embarking on a career that could help you fight for others’ rights and further the public good.

These are all laudable motivations, but chances are there’s something stronger weighing on you: How to pay for law school? There are a variety of law school scholarships available to help students finance their way to the courtroom.

The Average Cost of Law School

U.S. News & World Report notes that the average annual cost of a public, out-of-state law school is $42,754, or $29,610 for in-state. For private law schools, the average is $53,034. Because students aren’t yet racking up those billable attorney hours, it can be helpful to research law school scholarship opportunities before applying.

Types of Law School Scholarships

Per the numbers mentioned above, there might be a fair amount of sticker shock for those who haven’t yet applied for graduate school and are only thinking of someday going the lawyer route. (Here’s SoFi’s guide on how to apply to law school.) Fortunately, there are a range of options for aspiring attorneys seeking to fund law school.

Full-Ride Tuition Law School Scholarships

In some cases, there are full-ride tuition scholarships and need-based grants out there. Full-rides, of course, are not available at all law schools. If a law school doesn’t explicitly advertise or highlight information regarding full-ride opportunities, interested students can contact the school to ask.

Students deciding whether to apply to law school may want to familiarize themselves with the language universities adopt to explain these scholarships. In some cases, specific scholarships are designated for particular students. Full-ride law school scholarships can be highly competitive — with some schools offering as few as two to four per enrollment year. One potential tip for the search for scholarships is to target law schools with more tuition help.

General Law School Scholarships

There are lots of options for law-school hopefuls to find potential scholarships. The nonprofit organization Law School Admission Council (LSAC) has compiled a list of the many law school scholarships available to applicants.

From the LSAC’s list, the Attorney Ken Nugent Legal Scholarship ($5,000) and the BARBRI Law Preview’s “One Lawyer Can Change the World” Scholarship ($10,000) are worth pinning, due to the sizable chunk of change they offer.

Many law schools themselves offer competitive scholarships to attract stronger candidates. It might be helpful to check if a school also offers in-state residents specific tuition reductions or grants — especially true, if the applicant is considering a public school in their home state.

Law School Scholarships from Law Firms

Similarly, some law firms offer scholarships. Usually applying is a straightforward process: Some may require a short essay, a transcript, and sometimes references to be considered. One such law firm scholarship is offered by The Dominguez Firm, which offers $2,500 annually to a student applicant.

On top of this, there’s the rising trend of law firms helping new hires to repay a portion of their student debt once onboarded.

Diversity Law School Scholarships

Some scholarships are awarded to students with diverse backgrounds. One example of this is the Legal Opportunity Scholarship Fund offered by the American Bar Association. This scholarship is awarded to law students from a racial or ethnically diverse background.

The NAACP Legal Defense Fund also offers a scholarship for diverse students.

Law School for Women

Some scholarships require candidates to be women. One example of this is the American Association of University Women Selected Professions Fellowship. The fellowship offers a maximum grant of $25,000.

Finding Scholarships for Law School

There are dedicated resources like Fastweb and SoFi’s scholarship search tool to help prospective students find scholarships for which they may qualify. Fastweb is an online resource to help students find scholarships, financial aid, and even part-time jobs in support of college degrees.

The American Bar Association’s law-student division also has a running list (along with deadlines) of law student awards and scholarships. Additionally, the Law School Admission Council offers a list of diversity scholarships available to students from diverse racial and ethnic backgrounds. Here’s another guide on unclaimed scholarship money.

Another resource that could be useful in factoring living expenses is this student loan calculator for aspiring law school students. Tools like this can, usually, auto-load the tuition and cost-of-living breakdowns for specific law schools. From here, it’s possible then to compare how much degrees from particular schools may end up costing.

Recommended: Applying to Graduate School: Smart Tips & Strategies 

Negotiating Wiggle Room

Doing all this research and the math around law school scholarships could put applicants in a more informed position when evaluating which program to attend — and, potentially, help them to identify schools more likely to be interested in their application.

A reality of today’s admissions process for law school is negotiating scholarships. Some schools have a strict policy against negotiating, but others fully expect their initial offer to be countered. That’s why it can help to save acceptance letters and anything in writing from schools that offer admission.

Suggestions for Negotiating Law School Scholarship Offers

Offer letters could be shared with competing schools, asking if they’re able to match another university’s aid. It might be uncomfortable asking for more tuition assistance upfront, but a little discomfort now could help applicants shoulder less law school debt later on. If arguing a position makes an applicant uncomfortable, it might be worth pondering whether to become a lawyer.

Doing research on law schools (and figuring out the likely cost-of-living expenses at each institution) could help applicants to determine which scores or grades to aim for in an effort to make law school more affordable for them. Tabulating expenses (and having them on hand) may also demonstrate to universities that the amounts being negotiated are based on well-documented expenses.

Federal vs Private Loans for Law School

Students wanting to apply to law school could consider the differences between federal and private student loans. Federal loans come with certain benefits not guaranteed by private ones (such as, forbearance or income-driven repayment).

Private loans — like SoFi’s — can also help applicants to cover the expense of graduate school. So, it might be a good idea to weigh the pros and cons of both federal and private student loan options for law school.

For example, Direct PLUS loans for grads charge 7.54% in disbursement fees for the 2022-2023 academic year. SoFi Graduate Student Loans, by comparison, have no fees whatsoever — not even late or overdraft fees. Another great resource in understanding federal loans can be found over at studentaid.gov.

It’s important to note that private student loans don’t offer the same benefits and protections afforded to federal student loan borrowers, like Public Service Loan Forgiveness (PSLF). If a law school applicant is interested eventually in becoming a public defender or pursuing non-profit legal work, forgiveness and forbearance perks may play a role in their decision.

In addition to the financial aid resources mentioned above, more information can be found in SoFi’s private student loan guide. Those interested in figuring out how to pay for law school may want to check out SoFi’s competitive-rate private law school loans.

The Takeaway

Students looking to offset law school costs with scholarships can look to their law school, scholarship databases, local law firms and other organizations for resources. Consider contacting the financial aid office at your law school if you are looking for scholarship resources. If students interested in law school find themselves coming up short on funds for the JD after scholarships or federal aid, additional options may be available.

Some might seek out a student loan from a private lender, to name one possibility. SoFi’s private loans for law school offer competitive rates, flexible repayment options, and access to member benefits.

You can check your rates in just three minutes to see if a SoFi Law School Loan might help you pursue that dream of becoming a lawyer.

Learn more about private student loans for law school with SoFi.

FAQ

What LSAT score will get me a scholarship?

One general rule of thumb is that students who have a LSAT score (and sometimes GPA) above the median for a certain school. Chances of qualifying for a scholarship are even greater if your score falls in the 75th percentile for the school.

What is a good scholarship for law school?

Any scholarship for law school is a good scholarship. Scholarships typically don’t need to be repaid and can help reduce a student’s debt burden. Students looking for law school scholarships can apply for institutional aid and aid through other sources like nonprofit organizations.

Do top law schools give scholarships?

While some top law schools do not offer scholarships, many law schools do offer law school scholarships to students. For example, in the 2021-2022 class at Yale, 76% of students qualified for some form of financial aid and 64% qualified for an institutional law school scholarship. Check in directly with the schools you are interested in to see if they offer scholarships to students.


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

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

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.

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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5 Cash Management Strategies for You

5 Cash Management Strategies You Should Know

Cash management is a term often used by businesses to determine how much revenue coming in is available for day-to-day operations, and how much is available for investing in the future of the business.

But cash management is important for individuals, too. Your own personal balance sheet is not unlike that of a business. You want to determine how much of your income is available for covering expenses, discretionary spending, and investing for your future.

When you take control of your spending and saving in proportion to your income, you’re engaging in cash management. Here, we’ll explain the process in more depth, highlight the benefits you’ll reap, and guide you through this process, step by step.

What Is Cash Management?

You may wonder about the meaning of cash management; it can sound like a complicated term. But here’s the simple truth: Cash management is all about managing the money that’s coming in and the money that goes out in the best way possible for your day-to-day living. You can also think of it as cash planning, as it helps you stay in good financial shape today and tomorrow. Let’s look at this through a somewhat different lens: Solid money management strategies like the ones we’ll explore help you maintain healthy cash balances, stay on budget, earn a return on your savings, and reduce expensive debt.

💡 Recommended: Business Cash Management, Explained

Why Is Cash Management Important?

Good cash management is essential for a business’s financial stability. By the same token, borrowing cash management techniques that businesses use can help individuals enhance their overall financial wellness.

Cash Management Strategies

The concept of cash management is straightforward, but implementing it can become a bit more complex as individuals deal with financial ups and downs. These five strategies can help you adopt an efficient cash management process worthy of any corporate Chief Financial Officer.

1. Create a Realistic Budget

Think of your budget like a personal cash flow statement, which is a financial statement businesses often use to monitor income and expenses each month. Your personal budget can work the same way, becoming your personal cash flow statement.

If you’re often wondering at the end of the month where all your money went, that’s likely a sign it’s time to create a realistic budget. This can give you a clear picture of your monthly cash flow (money you earn) and your monthly cash outflow (money you spend).

From there, you can take the necessary steps to manage your cash flow to help you avoid too much debt, set financial goals, and save for the future. Once you accomplish that, you’ll be enjoying a good example of cash management. And it’s easier than you might think! Creating a budget isn’t difficult. You’ll simply need to gather some of your financial information and do some calculating. Let’s explore what financial info you’ll need below.

Income

Income includes your salary, bonuses, self-employed income, rental income, and all investment income including interest, dividends, and returns.

For the purposes of cash flow budgeting, you want to work with after-tax income, or the money that’s actually available to you instead of pretax gross numbers. So, this means take-home pay, not your gross salary.

Any extra money — such as bonuses, tax returns, or money from side gigs — should be factored in, as they are earned and with taxes owed in mind.

Expenses

Essential expenses should include things like the following:

•   Housing and utilities

•   Food

•   Childcare

•   Medical expenses

•   Insurance premiums

•   Car payments and maintenance

•   Public transportation costs

•   Clothing

Expenses can also include discretionary spending. This includes the things you want but don’t necessarily need, such as entertainment, travel, and other non-essential items.

Then there’s debt. Do you have student loans, credit card debt, or any other debt? If so, this is the liability side of your cash flow statement. You’ll need to take a close look at that.

2. Accurately Estimate Costs

Just like a business, the more accurate your budget is, the more efficient your finances will be.This is where tracking expenses comes in. You may find it makes sense to track your expenses for one to three months so you can determine exactly where your money is going. You can do this using your own spreadsheet or budgeting apps such as SoFi Relay.

Here are a few common living expenses that can help you create your own list. Once you have a finalized list, you can then use it to determine how much you’re spending on living expenses.

•  Housing

◦  Rent

◦  Mortgage

◦  Utilities

◦  Maintenance

◦  Insurance

•  Transportation

◦  Car payments

◦  Maintenance

◦  Gas and tolls

◦  Parking

◦  Public transportation costs

◦  Taxis and ride shares

◦  Auto insurance

•  Childcare

◦  Day care

◦  After-school programs

◦  Summer camp

◦  Tuition

◦  Babysitting

◦  College tuition

•  Insurance

◦  Health insurance premiums (if not deducted from your paycheck)

◦  Auto and home insurance premiums

◦  Life insurance premiums

◦  Disability income insurance premiums

•  Food

◦  Groceries

◦  Takeout and restaurants

•  Health

◦  Deductibles, copays, and coinsurance

◦  Prescription drug costs

◦  Over-the-counter (OTC) drugs

◦  Eyeglasses and contacts

•  Entertainment

◦  Concert, theater, and movie tickets

◦  Paid streaming and podcast services

◦  Books

◦  Travel

•  Pets

◦  Food

◦  Flea and tick prevention/other medications

◦  Vet bills

◦  Pet insurance

•  Personal

◦  Clothing/shoes/accessories

◦  Haircare and other grooming

◦  Toiletries/cosmetics

◦  Gym membership

3. Be Mindful of Cash Flow

You can use your income and spending data to better manage your cash flow. One approach to consider: Separating your income into different “buckets” using a percentage system.

With the 70-20-10 rule, you aim to put 70% of your income into essential and discretionary spending, 20% toward savings or paying off debt, and 10% toward investing and charitable giving.

These “buckets” can help you prioritize and achieve your financial goals. If your spending exceeds 70% of your income, you can find ways to reduce discretionary spending. How, exactly? Cutting back on takeout and restaurant meals, streaming services, and clothing purchases can all add up to more savings.

You may also find you need to make more drastic cost-cutting moves, such as finding less expensive housing or transportation. This can be especially important if you are paying off debt. If you are carrying heavy student loans and/or credit card debt, you may find you need to devote even more than 20% of your income to paying that down so you can avoid the high-interest payments and make way for other savings. This could include an emergency fund or health savings account (HSA).

The 10% investing allocation is where you focus on long-term financial goals, such as saving for retirement or future education expenses. It also offers a place to give back with charitable contributions.

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4. Invest Extra Cash

Successful companies invest extra cash back into the business so it can grow. The same notion works for personal finances. Where you invest your extra cash that’s destined for short- and long-term savings is an important aspect of cash management.

For short-term savings, high-yield savings accounts, money market funds, certificates of deposit (CDs), and cash management accounts may all pay more interest than a traditional savings account.

Funds earmarked for long-term savings are usually best made as contributions to the following kinds of accounts:

•   IRAs

•   401(k)s

•   403(b)s

•   Self-employed retirement savings plans

•   Other long-term tax-advantaged accounts

This isn’t money you need soon, so it can be invested more aggressively than your short-term savings.

5. Avoid Bookkeeping Inaccuracies

With any cash management or budgeting process, being fluid and staying on top of your finances is key. There are times when you may need to allocate more toward debt payment and other expenditures, as well as times when you can focus on saving.

Regularly tracking expenses and adjusting your buckets accordingly will help ensure no inaccuracies creep in and keep you on track for your financial goals. Also, regularly checking your account balances and reviewing statements (online, in an app, or on a hard copy) is vital too. Accurate bookkeeping enables you to stay on top of cash management while balancing short-term needs with long-term financial planning.

The Takeaway

As you’ve seen from these examples of cash management, it’s a process that need not be complicated. By adopting these cash management concepts, you’ll be able to manage your cash flow, create a budget, and stay on top of your finances. What’s more, they’ll also guide you towards meeting your long-term goals as well by helping you manage debt and save for tomorrow.

Bank Better With SoFi

Cash management strategies work as well for individuals as they do for businesses. But it can help a person along to have a partner in growing your money. A SoFi Checking and Savings bank account can be just that. We offer eligible accounts a super-competitive APY, plus we don’t charge you minimum balance or monthly fees. What’s more, you’ll have access to a network of 55,000 fee-free ATMs. All of this means you’ll have more money to manage!

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.


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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.


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.

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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