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Jul

2022

Best Entry Level Jobs For Antisocial People

15 Entry-Level Jobs for Antisocial People

By Anil Sharma | Building Your Career, Life & Career, relay | Comments Off

Antisocial people tend not to like being around others, which can sometimes be a barrier to getting certain jobs. In reality there are plenty of jobs that do not require any social interaction, making them perfect for an antisocial person.

What Does It Mean to Be Antisocial?

The clinical definition of “antisocial” is someone that shows no regard for others and does not want to be in the company of other people. However, in common usage, antisocial can be used to describe someone that prefers to be alone most or all of the time.

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Why It Can Be Difficult for Antisocial People to Find Work

Most jobs require at least some form of interaction, either with customers or coworkers. This can be a struggle for an antisocial person, who would likely prefer to find work that requires limited or no interpersonal interaction.

Antisocial people may also experience anxiety about job interviews, which are typically a prerequisite in the hiring process for many jobs.

What Makes the Ideal Job for an Antisocial Person?

An antisocial person may want to find a job that requires no interaction and can be done from a quiet and isolated location at their leisure. Self-employment can be a career path for antisocial people to consider or jobs that only require interaction through virtual (email, text, etc.) correspondence.

What Kind of Work Does Not Suit an Antisocial Person?

Any job that requires a lot of engagement with others, such as customer service or retail, would likely not be a good fit for an antisocial person. At the same time, any job that requires a lot of on-the-job training or management would likely not be ideal.

15 Entry-Level Jobs for Antisocial People

Antisocial disorder is often diagnosed at a young age. For those looking to start an entry-level career, here are 15 jobs that are well-suited to an antisocial person (with salary data from the Bureau of Labor Statistics):

Computer Programmer

2021 median salary: $93,000
Primary Duties: Write and test code and scripts that enable computer software to function.

Farmer or Rancher

2021 median salary: $73,060
Primary Duties: Oversee the production of crops, livestock and dairy products.

Writer and Author

2021 median salary: $69,510
Primary Duties: Write original copy for personal or business websites.

Aircraft Mechanic

2021 median salary: $65,550
Primary duties: Repair, inspect and perform maintenance on various aircraft.

Craft Artist

2021 median salary: $49,960
Primary Duties: Create original works of art for sale and exhibition using a variety of materials.

Truck Driver

2021 median salary: $48,310
Primary Duties: Pick up, transport, and deliver packages or goods from one location to another.

Machinist

2021 median Salary: $47,940
Primary Duties: Operate mechanical- and computer-controlled equipment used to manipulate metal parts, instruments, and tools.

Embalmer

2021 median salary: $47,780
Primary duties: Prepare the bodies of the deceased for interment.

Medical Transcriptionist

2021 median salary: $30,100
Primary duties: Transfer voice recordings from physicians and other healthcare professionals into formal reports or other documents.

Proofreader

2021 median salary: $43,940
Primary duties: Read content and correct for spelling, punctuation, and grammatical errors.

Assembly Line Worker

2021 median salary: $37,170
Primary duties: Use hand tools or machinery to produce vehicles, electronic devices and other materials and goods.

Animal Trainer

2021 median salary: $31,280
Primary duties: Teach animals skills such as obedience, performance, riding, security, and assisting people.

Veterinary Assistant

2021 median salary: $29,780
Primary duties: Feed, bathe and take care of animals in need of treatment.

Janitor

2021 median salary: $29,760
Primary duties: Clear and sterilize buildings, schools, hospitals and other commercial businesses.

Crematory Operator

2021 average salary: $37,490
Primary Duties: Perform cremations, including the preparation and transfer of the body post-service.

Recommended: High Paying Trade Jobs in Demand

The Takeaway

Having antisocial tendencies doesn’t mean you can’t find a fulfilling career. In fact, many jobs offer solitude and limited people interaction, which can appeal to many antisocial and introverted individuals.

Regardless of your chosen career path, it’s important to exercise responsible spending and money habits and keep track of your financial goals.

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FAQ

What jobs require no social interaction?

Computer programmers that work from home, janitors that work night shifts, and farmers and ranch-hands typically have little to no social interaction in their day-to-day work.

What is a good job for antisocial people with no experience?

Artisan jobs, online bloggers, and transcriptionists all provide strong starting salaries and require no formal degree or experience.

Photo credit: iStock/ferrantraite

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*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.

SORL0522025

Jul

2022

25 High-Paying Trade Jobs in Demand

By Anil Sharma | Building Your Career, Life & Career, relay | Comments Off

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

What Is a Trade Job?

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

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Pros of a Skilled Trade Job

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

Educational Requirements

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

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Job Security

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

Cons of a Skilled Trade Job

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

Physically Demanding

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

Potentially Dangerous

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

25 Trade Jobs That Make the Most Money

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

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

1. Transportation, Storage, and Distribution Manager

• 2021 Median Annual Salary: $98,230

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

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

• Duties:

◦ Supervising workers involved in receiving or shipping

◦ Inspecting warehouse and equipment safety

◦ Analyzing logistics and collaborating with other departments

2. Elevator/Escalator Installers & Repairer

• 2021 Median Annual Salary: $97,860

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

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

• Duties:

◦ Assembling elevators, escalators, and similar units

◦ Conducting preventative maintenance and inspections

◦ Maintaining service records

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3. Nuclear Power Reactor Operator

• 2021 Median Annual Salary: $94,790

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

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

• Duties:

◦ Monitoring voltage and electricity grids

◦ Adjusting control rods and electricity output

◦ Recording systems data

4. Radiation Therapist

• 2021 Median Annual Salary: $82,790

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

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

• Duties:

◦ Explain treatment plans to patients

◦ Calibrate and operate radiation machinery

◦ Monitor patient and keep records of treatment

5. Subway and Streetcar Operator

• 2021 Median Annual Salary: $81,180

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

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

• Duties:

◦ Operate train controls

◦ Make announcements and provide verbal directions to passengers

◦ Ensure overall passenger safety

6. Nuclear Medicine Technologist

• 2021 Median Annual Salary: $78,760

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

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

• Duties:

◦ Explain medical procedures to patients

◦ Prep and administer drugs to patients

◦ Maintain and operate imaging equipment

7. Gas Plant Operator

• 2021 Median Annual Salary: $77,850

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

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

• Duties:

◦ Maintaining equipment and machinery

◦ Ensuring compliance with safety and regulatory standards

◦ Supervising employees and contractors at the plant

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8. Dental Hygienist

• 2021 Median Annual Salary: $77,810

• Education Requirements: Associate degree; state license

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

• Duties:

◦ Taking dental x-rays

◦ Assisting dentists in providing teeth cleaning and plaque removal

◦ Educating patients about oral hygiene techniques

9. Sonography Technician

• 2021 Median Annual Salary: $77,740

• Requirements: Associate degree; state license

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

• Duties:

◦ Prepping and administering sonograph exams

◦ Reviewing images and test results for quality

◦ Analyzing diagnostic information and providing summaries for physicians

10. Electrical Line Installer and Repairer

• 2021 Median Annual Salary: $74,530

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

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

• Duties:

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

◦ Identifying defective devices, transformers, and switches

◦ Stringing power lines between buildings and structures

11. Construction Manager

• 2021 Median Annual Salary: $72,010

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

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

• Duties:

◦ Overseeing construction projects from start to finish

◦ Scheduling and supervising on-site contractors

◦ Preparing and monitoring budgets

12. Aircraft Technician

• 2021 Median Annual Salary: $65,550

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

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

• Duties:

◦ Diagnosing mechanical and electrical issues

◦ Repairing aircraft components

◦ Testing aircraft parts with diagnostic equipment

13. Boilermaker

• 2021 Median Annual Salary: $64,290

• Requirements: High school diploma or equivalent; apprenticeship

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

• Duties:

◦ Reading blueprints to determine where to position boiler parts

◦ Assembling boiler tankers using welding machines

◦ Cleaning boiling vats and replacing broken valves and pipes

14. Wellhead Pumper

• 2021 Median Annual Salary: $63,740

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

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

• Duties:

◦ Assembling pumps and attach hoses to wellheads

◦ Operating pumps and monitoring flow

◦ Transferring oil to storage tank or truck

15. Electronic Engineering Technologist

• 2021 Median Salary: $63,640

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

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

• Duties:

◦ Designing and assembling electrical systems

◦ Observing onsite systems placement and performance

◦ Performing quality control and identify issues

16. Real Estate Agents

• 2021 Median Salary: $61,890

• Requirements: High school diploma or equivalent; licensing exam

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

• Duties:

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

◦ Advising clients on prices, mortgages, and market conditions

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

17. Respiratory Therapist

• 2021 Median Salary: $61,830

• Requirements: Associate degree

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

• Duties:

◦ Examining patients and recording symptoms and conditions

◦ Consulting with physicians on treatment

◦ Performing diagnostic tests

18. Building Inspector

• 2021 Median Salary: $61,640

• Requirements: High school diploma or equivalent

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

• Duties:

◦ Monitoring construction to ensure compliance

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

◦ Issuing violations for non-compliant work

19. Millwright

• 2021 Median Salary: $60,330

• Requirements: High school diploma or equivalent

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

• Duties:

◦ Repair or replace malfunctioning equipment

◦ Clean, adjust, and calibrate new machinery

◦ Move machinery and equipment

20. Electrician

• 2021 Median Salary: $60,040

• Requirements: High school diploma or equivalent; apprenticeship

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

• Duties:

◦ Identify and repair electrical problems

◦ Install wiring and equipment for electrical systems

◦ Ensure compliance with National Electrical Code

21. Plumber

• 2021 Median Salary: $59,880

• Requirements: High school diploma or equivalent; apprenticeship

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

• Duties:

◦ Identify and repair plumbing problems

◦ Installing pipes and plumbing fixtures

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

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22. Mining Roof Bolter

• 2021 Median Salary: $59,770

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

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

• Duties:

◦ Drill bolt holes into roofs

◦ Perform safety checks on bolting equipments

◦ Extract loose rock from bolting support

23. Broadcast, Sound, and Video Technician

• 2021 Median Salary: $49,050

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

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

• Duties:

◦ Setting up and operating equipment

◦ Monitoring and adjusting audio and visual quality

◦ Repairing equipment and fixing recording issues

24. HVACR Technician

• 2021 Median Salary: $48,630

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

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

• Duties:

◦ Installing, testing, and repairing HVACR systems

◦ Replacing or repairing defective parts

◦ Conducting overall system maintenance and performance improvements

25. Masonry Worker

• 2021 Median Salary: $48,040

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

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

• Duties:

◦ Design blueprints and calculate materials needed

◦ Break or resize materials into required shape

◦ Align, construct and polish finished structures

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The Takeaway

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

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

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

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FAQ

What skilled trades are in demand?

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

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

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

What are high paying trade jobs that require no degree?

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

Photo credit: iStock/dima_sidelnikov

SORL0522008

Jul

2022

30 Low-Stress Jobs for Introverts Without a Degree

By Anil Sharma | Building Your Career, Life & Career, relay, SMB | Comments Off

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

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

Table of Contents

Why It Can Be Difficult for an Introvert to Find Work
What Makes the Ideal Job for an Introvert
What Kind of Work Does Not Fit an Introvert
30 Jobs for Introverts Without a Degree
The Takeaway

Why It Can Be Difficult for an Introvert to Find Work

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

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

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What Makes the Ideal Job for an Introvert

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

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

• Work independently

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

• Focus on one task at a time

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

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What Kind of Work Does Not Fit an Introvert

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

30 Jobs for Introverts Without a Degree

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

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

1. Web Developer

• 2021 Average Salary: $77,210

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

2. Farmer or Rancher

• 2021 Average Salary: $73,060

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

3. Blogger

• 2021 Average Salary: $69,510

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

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4. Plumber

• 2021 Average Salary: $59,880

• Primary Duties: Install and repair piping fixtures.

5. Postal Service Mail Carrier

• 2021 Average Salary: $52,440

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

6. Craft Artist

• 2021 Average Salary: $49,960

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

7. HVACR Technician

• 2021 Average Salary: $48,630

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

8. Drywall Installer

• 2021 Average Salary: $48,350

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

9. Delivery Truck Driver

• 2021 Average Salary: $48,310

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

10. Carpenter

• 2021 Average Salary: $48,260

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

11. Embalmer

• 2021 Average Salary: $47,780

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

12. Paperhanger

• 2021 Average Salary: $47,610

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

13. Roofer

• 2021 Average Salary: $47,110

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

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14. Surveying and Mapping Technician

• 2021 Average Salary: $46,910

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

15. Mechanic

• 2021 Average Salary: $46,880

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

16. Bookkeeper

• 2021 Average Salary: $45,560

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

17. Transcriptionist

• 2021 Average Salary: $44,030

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

18. Software Quality Assurance Tester

• 2021 Average Salary: $41,950

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

19. Animal Breeder

• 2021 Average Salary: $40,090

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

20. Photographer

• 2021 Average Salary: $38,950

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

21. Proofreader

• 2021 Average Salary: $38,716

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

22. Landscaper

• 2021 Average Salary: $35,240

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

23. Library Assistant

• 2021 Average Salary: $34,050

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

24. Animal Trainer

• 2021 Average Salary: $31,280

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

25. Medical Transcription

• 2021 Average Salary: $30,100

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

26. Floral Designer

• 2021 Average Salary: $29,880

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

27. Janitor

• 2021 Average Salary: $29,760

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

28. Crematory Operator

• 2021 Average Salary: $29,610

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

29. Hand Sewer

• 2021 Average Salary: $29,930

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

30. Notary

• 2021 Average Salary: $28,889

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

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The Takeaway

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

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

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

FAQ

Is self-employment good for introverts with anxiety?

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

What is a good job for someone with introverted qualities?

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

Photo credit: iStock/Wiphop Sathawirawong
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.

SORL0522024

Jul

2022

Salary vs Hourly Pay: How Their Pros and Cons Compare

By Samuel Becker | Building Your Career, Life & Career, relay | Comments Off

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

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

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What Is An Hourly Rate?

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

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

What Is a Salary Rate?

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

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

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

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Why Are Some Jobs Hourly and Others Salary?

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

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

The Big Difference Between Salary vs Hourly Pay

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

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

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

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

Salary Pay

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

Pros of Salary Pay

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

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

Cons of Salary Pay

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

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

Hourly Pay

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

Pros of Hourly Pay

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

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

Cons of Hourly Pay

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

The Takeaway

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

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

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

FAQ

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

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

What is the advantage of salary pay?

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

Which are the budget challenges of being a salaried employee?

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

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Jun

2022

How to Negotiate Your Signing Bonus

By Inyoung Hwang | Building Your Career, Growing Wealth, invest, Investing, Life & Career | No Comments

Although many people believe that the negotiation process ends once they have accepted a job offer, this is not the case. One of the most critical aspects of the negotiation process is negotiating your signing bonus. A signing bonus is a monetary incentive that an employer agrees to pay you. This bonus is meant to entice you to accept the job offer and is typically negotiable.

Everyone should know the nuances of negotiating a signing bonus to get the most out of your job hunt. If you are offered a signing bonus, be sure to negotiate it to get the most money possible. And even if your initial job offer doesn’t include a signing bonus, it might be worth asking for one.

Understanding Why Companies Offer a Hiring Bonus

Employers aren’t obligated to offer job candidates a hiring bonus, sometimes called a signing bonus or sign-on bonus. However, companies may choose to extend this one-time financial benefit to attract new talent, especially in a competitive hiring landscape.

This one-time signing bonus can help an employer close the gap between a candidate’s desired pay and what the company can offer. Additionally, the hiring bonus may compensate a new hire for any benefits the candidate might otherwise miss out on by changing jobs or forgoing other job offers.

Companies may also use a sign-on bonus to incentivize an employee to stay with a company for a certain period of time. If an employee quits within an agreed-upon time after accepting the position, they may be required to pay back the bonus.

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How Signing Bonuses Work

If you’re being considered for a job, the hiring company can include a signing bonus as part of the job offer. You can then decide whether to accept the bonus and the position, attempt to negotiate for a larger sign-on bonus, or walk away from the offer altogether.

Should you accept the offer, the hiring bonus can be paid out to you as a lump sum or as employee stock options. If the company pays the bonus as a lump cash sum, they may pay it out with a first paycheck or after a period like 90 days.

Like any other bonuses, salary, or wages you receive, a signing bonus is taxable. So you’ll have to report that money on your tax return when you file. If the signing bonus is paid with regular pay, it’s taxed as ordinary income. If it isn’t, then the sign-on bonus is taxed as supplemental wages. For 2022, the supplemental wage tax rate is 22%, which increases to 37% if your bonus exceeds $1 million.

Additionally, bonuses, whether they’re paid when starting a new job or as a year-end bonus, may also be subject to Social Security and Medicare tax as well as state income tax. Employers withhold these taxes and pay them to the IRS for you. So when you get your bonus, you’re getting the net amount, less taxes withheld.

Average Signing Bonus

The average signing bonus can vary greatly depending on the company, position, and location. In general, signing bonuses may range from $10,000 to more than $50,000 for management and executive positions, while entry and mid-level position hiring bonuses are usually less than $10,000.

What Industries Offer the Highest Hiring Bonuses?

The industries that offer the highest hiring bonuses tend to be in the financial and technology sectors.

However, during competitive labor markets, signing bonuses may be offered in various industries that usually don’t offer a bonus. Following the Covid-19 pandemic, industries like healthcare, warehousing, and food and beverage offered substantial hiring bonuses to attract potential employees.

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Pros & Cons of Signing Bonuses

Receiving a sign-on bonus could make a job offer more attractive. But before you sign on the dotted line, it’s helpful to consider the advantages and potential disadvantages of accepting a bonus.

Signing Bonus Pros

A signing bonus could help make up a salary shortfall. If you went into salary negotiations with one number in mind, but the company offered something different, a sign-on bonus could make the compensation package more attractive. While the bonus won’t carry on past your first year of employment, it could give you a nice initial bump in pay that might persuade you to accept the position.

You may be able to use a signing bonus as leverage in job negotiations. When multiple companies make job offers, you could use a signing bonus as a bargaining chip. For instance, if Company A represents your dream employer but Company B is offering a larger bonus, you might be able to use that to persuade Company A to match or beat their offer.

A sign-on bonus could make up for benefits package gaps. Things like sick pay, vacation pay, holiday pay, insurance, and a retirement plan can all enhance an employee benefits package. But if the company you’re interviewing with doesn’t offer as many benefits as you’re hoping to get, a large sign-on bonus could make those shortcomings easier to bear.

Signing Bonus Cons

You could see a bigger tax bill in the short term if you receive a signing bonus. Since sign bonuses are taxable as supplemental wages, you might see a temporary bump in your tax liability for the year. You may want to talk to a tax professional about how you could balance that out with 401(k) or IRA contributions, deductions for student loan interest payments, and other tax breaks.

Additionally, changing jobs might mean having to repay the bonus. Employers can include a clause in your job offer that states if you leave the company within a specific time frame after hiring, you’d have to pay back your sign-on bonus. If you have to pay back a bonus and don’t have cash on hand to do so, that could lead to debt if you have to get a loan to cover the amount owed.

This might cause you to get stuck in a job you don’t love. If your employer requires you to pay back a signing bonus and six months into the job, you realize you hate it, you could be caught in a tough spot financially. Unless you have money to repay the bonus, you might have to tough it out with your employer a little longer until you can change jobs without any repayment obligation.

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Reasons to Negotiate a Signing Bonus

There are several reasons it can be beneficial to negotiate a signing bonus rather than just accept whatever the employer offers. For one, a signing bonus can help offset the costs of relocating for a new job. Additionally, a signing bonus can help you maintain your current standard of living while you transition to a new city or state. Finally, a signing bonus can allow you to negotiate for other perks and benefits, such as a higher salary, stock options, or a more generous vacation policy.

When Is a Hiring Bonus Negotiated?

A hiring bonus is typically negotiated during the job offer stage after the employer has extended a job offer to the candidate. You don’t want to get ahead of yourself and ask for a hiring bonus immediately because that could hurt your chances of getting one. You generally want to wait for the hiring manager to start the conversation.

After receiving your official job offer with your projected salary and benefits, you will be able to gauge your potential bonus opportunity; one rule of thumb is that a hiring bonus is about 10% of your salary. And if the hiring manager offers you a bonus initially, you might have an advantage in negotiating for a better one.

Tips on How to Ask for a Signing Bonus

If an employer doesn’t offer a sign-on bonus, you don’t have to assume it’s off the table. It’s at least worth it to make the request since the worst that can happen is they say no.

Here are some tips on how to ask for a signing bonus:

1. Know Your Value to the Company

Before asking for more money, either with a bonus or your regular salary, get clear on what value you can bring to the company. In other words, be prepared to sell the company on why you deserve a signing bonus.

2. Choose a Specific Amount

Having a set number in mind when asking for a bonus can make negotiating easier. Do some research to learn what competitor companies are offering new hires with your skill set and experience. Then use those numbers to determine what size bonus it makes sense to ask for.

3. Make Your Case

Signing bonuses are gaining steam in industries such as technology, engineering, and nursing, where there is more competition for the best job candidates. You are also sometimes in a better position to ask for a signing bonus if the company did not meet the salary you requested when interviewing — a signing bonus is an opportunity to recoup some of that difference. Regardless, it never hurts to consider asking for more money.

Just be sure to do your research first. For instance, perhaps discreetly ask your contacts whether the company might be open to offering a signing bonus, and be sure to look at comparable salaries on Glassdoor, Indeed, and Salary.com to see how your job offer stacks up.

4. Split the Difference With Your Salary

One way to potentially have your cake and eat it, too, when it comes to signing bonuses is to use your salary to offset it. Specifically, instead of asking for a large bonus, you could ask for a smaller one while also asking for a bump in pay.

An employer may be more open to paying you an additional $2,000 a year to keep you on the payroll, for instance, versus handing out a $20,000 bonus upfront when there’s no guarantee you might stick around after the first year.

5. Get it in Writing

If a signing bonus wasn’t part of your original job offer, and you’ve negotiated for one, ensure you receive an updated contract with the bonus included.

The agreement should spell out the amount of the bonus, how it will be paid (separate check or part of your regular paycheck), and the terms of the bonus. The contract should note how long you must stay employed at the company to retain your bonus (typically one year).

How to Maximize Your Signing Bonus

After receiving a signing bonus, the next question should be: What do I do with the extra money?

There are several ways you can put a signing bonus to work. For example, if you have credit card debt, your best move might be to pay that off. This could be especially helpful if you have credit cards with high-interest rates.

You could also use a sign-on bonus to eliminate some or all of your remaining student loan debt. But if you’d rather save your bonus, you might refinance your loans and use the bonus money to grow your emergency fund. Having three to six months’ worth of living expenses saved up could be helpful in case you lose your job or get hit with an unexpected bill.

You might also consider longer-term savings goals, such as buying a car or putting money down on a home. Keeping your money in a savings account that earns a high-interest rate can help you grow your money until you’re ready to use it.

Using Your Bonus for Retirement

If you are caught up with your credit card payments and already have an emergency fund, you might consider investing your bonus.

This could be a wise financial move considering that a $5,000 signing bonus isn’t as lucrative as negotiating a $2,000 increase in your annual salary. If you can’t negotiate the higher salary, you can at least use your bonus to invest. Investing can be an excellent way to build wealth over time.

For example, you might use part of the money to open a traditional or Roth IRA. This can help you get a head start on saving for retirement and supplement any money you’re already saving in your employer’s 401(k). And you can also enjoy tax advantages by saving your bonus money in these accounts.

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The Takeaway

There’s a lot to think about when you’re looking for a new job. You want to make sure you find a position you love that will compensate you fairly. So adding another step in the job search process may seem overwhelming. However, asking for and negotiating a signing bonus using the tips above is critical to help you get hired with the bonus you deserve.

Investing a portion of your signing bonus can allow you to take advantage of compounded interest over time. But it’s okay to start investing without much money. With a SoFi Invest® online investing account, you can trade stocks and exchange-traded funds (ETFs) with no commissions for as little as $5.

Consider asking for a signing bonus when you’re offered a new job. You can use a portion of that money to open a SoFi Invest account.

FAQ

What is a signing bonus?

A signing bonus, also known as a hiring bonus or a sign-on bonus, is a bonus given to employees when they are hired. A company will pay a signing bonus to help entice the employee to accept the job offer.

How can you negotiate your signing bonus?

To negotiate a signing bonus, you should be clear about what you are asking for, be reasonable in your request, and have a backup plan if your initial request is not met. It is also important to remember that the company you are negotiating with likely has a budget for signing bonuses, so be mindful of that when making your request.

What is the average signing bonus?

The average signing bonus depends on several factors, including the company, position, and location. In general, the average hiring bonus for managers and executives may range from $10,000 to more than $50,000. For lower-level employees, a signing bonus may be less than $10,000.

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