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Are you an introvert in search of the perfect job environment? Introverts typically focus on internal feelings rather than external stimuli, and need alone time to thrive. Introverts often have excellent listening skills, avoid conflict, take time making decisions, prefer to work alone, and feel drained after being in a crowd.

A part-time remote job can be a good move for introverts. We’ll dive into a list of flexible remote jobs, the pros and cons, and how to evaluate remote job opportunities.

What Are Flexible Remote Jobs?

The most basic definition of a remote job is one that allows you to work from home instead of from a traditional office. However, there are some variations on remote work.

Some positions are 100% remote, which means you work from home every day. You do not need to be in an office at all or travel for your job. Hybrid remote jobs are partially remote, which means you may need to travel or spend time in the office for some of your working hours.

Finally, you might have the “option” of remote work. Some employers offer the option to work from home or go into the office.

Pros and Cons of Getting a Remote Job

There are both pros and cons to getting a remote job. Let’s take a look at them.

Pros:

•   Higher productivity: Remote employees are often more productive because they can get more work done in a quieter working environment with fewer interruptions. They take fewer breaks and experience fewer sick days than those who work in an office. (After all, germs spread throughout an office like wildfire.) In addition, remote workers can often accomplish tasks at a more comfortable pace without having to worry about office drama.

•   Better work-life balance: Working from home can improve your work-life balance, allowing you to spend more time with family, pets, or partner. Employees may also worry less about taking time off to care for a family member.

•   Saves on commuting: Remote work allows you to reduce your carbon footprint by not commuting or taking public transportation. Not driving to work can also save money on fuel, maintenance, and insurance.

Cons:

•   Fewer teamwork opportunities: Just as it’s difficult to assemble a robust happy hour with a fully online team, it’s also harder to build true camaraderie. It may be more difficult for managers to build inherent trust with a team that doesn’t see each other every day.

•   Reduced social interaction: As an individual who works remotely, you may find reduced social interaction one of the most obvious downsides of working remotely. It can exacerbate feelings of isolation.

•   Less access to IT support: If you have a problem with your computer or need access to particular software, you might have trouble finding the same type of help as you would in an office.

•   Must be intrinsically motivated: It helps to be a self-starter when you work remotely. If you need the motivation of a team or an office to get you through your workday, you may prefer an in-person environment.

Why Are Remote Jobs Good for Introverts?

Working remotely at home can help introverts find the quiet space they need to focus. You may also find there are mental and physical benefits. Virtual meetings may be less intimidating for introverts, who may have trouble speaking up in large groups.

Remote part-time jobs also help traditional workers earn supplemental income. A free budget app can help you decide how much you need to earn per hour or per paycheck.

Where To Look for Remote Jobs for Introverts

You can find remote jobs for introverts on platforms like FlexJobs.com or WeWorkRemotely.com. Searching “jobs with flexible schedules near me” on Google might even yield some opportunities.

Take a look at company career pages on LinkedIn, or inquire within your personal network. Your friends or family may know of a great connection for a remote job.

How To Evaluate a New Remote Job Opportunity

Once you find a listing with potential, how do you know whether it’s a good opportunity to make money from home? Let’s walk through some ways to evaluate job posts.

Start by researching the company’s culture and values. Try to get a clear understanding of the nature of the company’s remote work and whether that environment has always been in place. You may also want to find out about opportunities for smaller gatherings with other remote employees for professional or social support.

It’s important to find the right fit even when an opportunity is entirely remote. Culture and overall environment can vary a lot between companies even outside the office.

31 Part-time Remote Jobs With Flexible Schedules

Below, we’ve compiled some remote jobs with flexible schedules that are worth considering, as well as passive income ideas. These roles have different degrees of flexibility, salary ranges, and educational requirements.

Some of these ideas could also be good work-at-home jobs for retirees.

Recommended: Does Net Worth Include Home Equity?

1. Graphic Designer

National average salary: $50,710 per year

Job growth outlook (2021-2031): 3%

Job description: Graphic designers help communicate ideas through visual organization and design. They work on a wide variety of projects for customers, such as advertisements, websites, print materials, and more.

Requirements: Typically requires a bachelor’s degree in graphic design as well as a portfolio to showcase past projects.

2. Accountant

National average salary: $77,250

Job growth outlook (2021-2031): 6%

Job description: Accountants analyze, verify, file, and interpret financial records. They prepare and explain financial statements, and develop financial reporting methods. Accountants work with a wide variety of organizations, from individuals and small businesses to large corporations.

Requirements: Usually requires a degree in accounting or a related field. Accountants can also pursue further certification, such as a Certified Public Accountant (CPA). Advanced certifications may improve your chances of finding jobs with flexible schedules.

3. Computer Programmer

National average salary: $93,000

Job growth outlook (2021-2031): -10%

Job description: Computer programmers work software by writing, modifying, and testing code and scripts. They ensure that software meets performance, reliability, and security standards, update existing programs, and check for errors in code. Programmers work in computer systems design and other related industries.

Requirements: Bachelor’s degree is typically required, and you must also be proficient in several programming languages.

4. Drafter

National average salary: $60,290

Job growth outlook (2021-2031): -3%

Job description: Drafters convert rough engineering and architectural designs into precise technical drawings and plans, using software. The same computer-aided drafting (CAD) programs are used by many industries, outlining the dimensions, materials, and procedures for building. If this sounds intriguing, you may want to learn more about trades that make the most money.

Requirements: Typically requires a drafting degree from a community college or technical school.

5. Insurance Underwriter

National average salary: $76,390

Job growth outlook (2021-2031): -4%

Job description: Underwriters evaluate insurance claims, help decide policy coverage and premiums, and analyze risk using mathematical models. They may assess the risks of home, auto, or life insurance.

Requirements: Usually must have a bachelor’s degree to enter the field, though experience may count in this career. Underwriters must pursue certification to advance to more senior positions.

6. Actuary

National average salary: $105,900

Job growth outlook (2021-2031): 21%

Job description: Actuaries use mathematical formulas to analyze risk, including economic costs, for organizations. They collect and compile statistical data, perform risk assessments, and implement plans based on the data collected. Actuaries also use financial theory to determine risk.

Requirements: Requires a bachelor’s degree and a series of assessments for certification at different levels.

7. Data Scientist

National average salary: $100,910

Job growth outlook (2021-2031): 36%

Job description: Data scientists analyze information using specialized tools and techniques to help organizations derive meaning from numbers. They collect and organize data into useful formats and build predictive modeling for organizations. These scientists extract insights with the goal of increasing efficiency in organizations.

Requirements: Generally must have a bachelor’s degree in mathematics or statistics; some organizations require a master’s or doctoral degree.

8. Desktop Publisher

National average salary: $46,910

Job growth outlook (2021-2031): -14%

Job description: Desktop publishers design page layouts for online printed or published items. They review text, graphics, and other materials created by writers and designers, and use computer software to create various documents and products. Desktop publishers also collaborate with design and media professionals such as graphic designers and illustrators.

Requirements: Typically requires a bachelor’s degree.

9. Bookkeeper

National average salary: $45,560

Job growth outlook (2021-2031): -5%

Job description: Bookkeepers keep track of financial records by recording transactions, creating invoices, handling payroll, and balancing the books for a company. They provide up-to-date information about financial transactions for an organization.

Requirements: Some postsecondary education may be required.

10. Social Media Manager

National average salary: $72,845

Job growth outlook (2021-2031): 10%

Job description: Oversees a company’s social media strategy, which may involve analyzing data, driving customers to a company’s social platforms, understanding customer behavior online, increasing brand awareness, and planning digital sales campaigns.

Requirements: Typically requires a bachelor’s degree in an area such as marketing, journalism, or communication.

11. Online Marketer

National average salary: $60,334

Job growth outlook (2021-2031): 10%

Job description: Digital marketers use online channels to develop a company and its products. This can involve reaching out to customers, managing marketing campaigns, promoting products and services, data analysis, and evaluating new digital technology emerging marketing trends.

Requirements: Bachelor’s degree required in a related field, such as marketing, advertising, digital media, communication, website/graphic design, or English.

12. Data Entry Keyer

National average salary: $35,630

Job growth outlook (2021-2031): Flat

Job description: Maintains and updates databases with customer information for companies, compiles and sorts information, and reviews data to look for errors.

Requirements: Generally requires a high school diploma and on-the-job training

13. Medical Coder

National average salary: $54,797 (for certified and noncertified coders)

Job growth outlook (2021-2031): 7%

Job description: Medical coders update patient records after appointments for billing and insurance purposes. Medical coders assign a code to each diagnosis and procedure after patient visits.

Requirements: A certificate or associate degree may be required. The American Association of Professional Coders (AAPC) offers a popular certification that covers procedure codes for billing and insurance claims.

14. Sales Representative

National average salary: $30,600

Job growth outlook: Decrease of about 164,500 jobs over the decade

Job description: Remote sales reps sell products over the phone. They find customers, use sales techniques on the customer, and develop relationships to drive future sales.

Requirements: May qualify without formal education, but a bachelor’s in finance, business administration, or marketing may be required. Companies may teach you further techniques in cold calling, finding leads, and using sales techniques.

15. Online Tutor

National average salary: $30,886

Job growth outlook: 17% over the next decade

Job description: Online tutors do the same things as in-person tutors, including meeting with students one-on-one. However, they meet with students on Zoom or another online method instead of in person.

Requirements: Depends on the subject you teach, but clients/students may prefer tutors who list degrees or credentials.

16. Freelance Writer

National average salary: $69,510

Job growth outlook (2021-2031): 4%

Job description: Freelance writers and authors may write for a variety of media and brands: websites, newspapers, magazines, company documents, and more. Many types of companies hire freelance writers instead of hiring in-house. Aspiring freelance writers can jumpstart their career by trying it out as a side hustle.

Requirements: Writers should have a college degree in journalism, English, communications, or a related field.

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17. Film and Video Editor

National average salary: $60,360

Job growth outlook (2021-2031): 12%

Job description: Film and video editors work in film production by editing and assembling videos to inform or entertain an audience. They may manipulate footage, dialogue, sound effects, special effects, and more to create video content for a wide variety of sectors.

Requirements: Typically requires a bachelor’s degree in film or broadcasting to work for a company; on a freelance basis, a degree is likely not required.

18. Project Management Specialist

National average salary: $94,500

Job growth outlook (2021-2031): 7%

Job description: A “PM” controls every stage of a project, from planning to helping execute the final steps. They may schedule milestones, put together a budget, and assign duties to individual participants.

Requirements: Typically requires a bachelor’s degree to work for a company.

19. Information Security Analyst

National average salary: $102,600

Job growth outlook (2021-2031): 35%

Job description: Talk about high-paying jobs with flexible schedules — information security analysts fit that mold perfectly. These analysts keep company data safe from breaches and cyber attacks. They create plans to protect information from cyber criminals and assess system vulnerabilities within the organization.

Requirements: Bachelor’s degree in computer science and experience in the field.

20. Recruiter or Human Resources Specialist

National average salary: $62,290

Job growth outlook (2021-2031): 8%

Job description: Recruiters or HR specialists recruit, screen, and interview job candidates. They might also train, handle benefits and compensation, and work with individuals once they become employees. Those who work remotely may handle the screening part of the interview process or recruit remotely.

Requirements: Typically requires a bachelor’s degree in HR, business, or a related field.

21. Market Research Analyst

National average salary: $63,920

Job growth outlook (2021-2031): 19%

Job description: Market research analysts gather information about consumers and competitors and draw conclusions based on their research to help make decisions about the viability of products or services. They help companies understand the products people want, the demographics of the consumers buying them, and the optimal cost of an item.

Requirements: Bachelor’s degree in statistics, marketing, or a related field. Some employers may require candidates to have a master’s degree.

22. Freelance Editor

National average salary: $63,350 per year

Job growth outlook (2021-2031): -5%

Job description: Editors can work for organizations in many sectors. They may plan and edit content, conduct research, rewrite work, fact check, copy edit, proofread, and more.

Requirements: Typically requires a bachelor’s degree in communications, journalism, or English, as well as writing and proofreading experience.

23. Virtual Assistant

National average salary: $58,991

Job growth outlook: Grew by $4.12 billion this year

Job description: Virtual assistants can work for any type of company that requires administrative or clerical work. For example, they may schedule appointments, make phone calls, arrange travel, or manage emails.

Requirements: No degree is required but candidates may need to specialize in a specific area; must have a strong internet connection and an ability to communicate on online platforms.

24. Remote Trader

National average salary: $84,838

Job growth outlook (2021-2031): 10%

Job description: Remote traders handle financial investments, such as stocks, bonds, and other securities on behalf of clients. Traders must have deep knowledge of the stock market to analyze, buy, and sell investments on behalf of clients. Remote traders, who work for themselves and with their own cash, are also called “day traders.”

Requirements: Typically requires a bachelor’s degree to work for a company. If you work for yourself, no degree is required. Must have knowledge of the stock market and trading.

25. Search Engine Optimization Analyst

National average salary: $65,320

Job growth outlook: Will reach $77.6 billion in 2023

Job description: Search engine optimization (SEO) managers coordinate a company’s or business’s SEO strategy — that is, what will drive a website or piece of content to the first page of Google results. They may handle marketing, analysis, content, link building, and keyword strategy.

Requirements: Bachelor’s degree and/or related experience

26. Fundraiser

National average salary: $60,660

Job growth outlook (2021-2031): 11%

Job description: Fundraisers organize events and run campaigns to raise money, typically for nonprofit organizations. Fundraising might not seem as if it’s the best choice for introverted employees. However, a lot of emails exchange hands, and it’s still possible to do the job well even if you’re not the most outgoing individual on your team.

Requirements: A bachelor’s degree is typically required, with strong communication skills — but not necessarily verbal skills.

27. Telemedicine Radiologist

National average salary: $494,400

Job growth outlook (2021-2031): 6%

Job description: Radiologists diagnose injuries and diseases using medical imaging like X-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI) scans, nuclear medicine, positron emission tomography (PET), and ultrasounds. Telemedicine radiologists do all this via computer.

Requirements: Requires a medical degree and a residency in radiology as well as successful completion of certification exams through the American Board of Radiology.

28. Telemedicine Family Doctor

National average salary: $191,202

Job growth outlook (2021-2031): 3%

Job description: Some family physicians offer telemedicine-only options. The position might involve the same type of medicine as a regular doctor’s office, except physicians diagnose mild symptoms only and refer patients to other specialists. If you’re a doctor who finds a regular clinical setting to be too taxing as an introvert, a telemedicine option might be right for you.

Requirements: Requires a medical degree.

29. Telemedicine Psychologist

National average salary: $81,000

Job growth outlook (2021-2031): 6%

Job description: Psychologists observe and help patients cope with cognitive, emotional, and social problems and behaviors. They also help manage illnesses and supervise patient assessments with the overall goal of achieving wellness. Telemedicine psychologists interact with patients via Zoom or similar platforms.

Requirements: Typically requires a doctoral degree in psychology.

30. Medical Transcriptionist

National average salary: $30,100

Job growth outlook (2021-2031): -7%

Job description: Medical transcriptionists convert voice recordings from physicians and other healthcare workers into reports that medical professionals can use.

Requirements: Postsecondary education certificate is required as well as basic medical knowledge.

31. Virtual Health Coach

National average salary: $48,860

Job growth outlook (2021-2031): 12%

Job description: Virtual health coaches help individuals attain health and well-being by delivering plans to achieve specific goals or implement goals prescribed by doctors and other professionals.

Requirements: You typically need to earn at least a bachelor’s degree.

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The Takeaway

Introverts can find a wide variety of remote jobs with flexible schedules. Whether you prefer a second gig or a full-time job, you’ll find great ideas on our list. Some roles require specific skills or personality traits, such as bookkeeper, sales rep, drafter, or social media manager. Others are open to anyone willing to stick it out through the learning curve period, like data entry, medical coder, online tutor, video editor, or fundraiser. Jobs requiring advanced degrees are intended for current practitioners who are unfulfilled in a typical office setting.

SoFi has a money tracker app that gives you a birds-eye view of all your accounts. From monitoring your credit score to keeping tabs on your spending and savings, SoFi can help you manage it all.

SoFi helps you track your money like a champion — at no cost.

FAQ

Is remote work good for introverts?

Yes, remote jobs can be good for antisocial people or just shy introverts. Still, it’s important to cast a wide net — including part-time jobs with flexible schedules — to find a role that aligns with your needs and preferences.

What jobs will allow me to work remotely?

The best remote jobs with flexible schedules don’t fall into just one category. Almost every industry offers some remote work options. The right job for you depends on your education, experience, personality, and career goals. Start with what you want to do, and then look for remote opportunities.

What is the best job for a shy person?

There’s no one best job that will fit any shy person, just as there’s no one perfect job that will fit any outgoing person. There are many work-from-home jobs with flexible schedules that introverted people may want to consider. Consider researching online, and contacting people you know about their positions before you make a decision.

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In some ways, net worth and wealth can be tricky terms to define. To some people, the phrases are synonymous. As others acknowledge, the perception of wealth is influenced by a variety of factors, including where you live, career, and age.

Here’s a deep dive into how to calculate individual net worth, and some of the factors that may influence our perception of wealth.

How to Calculate Individual Net Worth

An individual’s net worth is the value of all of their combined assets minus any liabilities (that is, outstanding debts). If your assets are worth more than your liabilities, you have a positive net worth. If you owe more than you own, your net worth is negative.

Assets you may use as part of your net worth calculation can include:

•  Real estate. Your home, second home, rental property, commercial real estate, or other holdings.

•  Cars and other vehicles. Note that automobiles are typically subject to depreciation in value over time.

•  Investments. Stocks, bonds, mutual funds, and retirement accounts.

•  Cash

•  Life insurance. Use the cash value.

•  Household items. Furniture, silverware, etc.

•  Jewelry. Plus precious gems and metals.

Liabilities are debts such as:

•  Balance remaining on your mortgage

•  Student loans

•  Auto loans

•  Credit card debt

Recommended: Does Net Worth Include Home Equity?

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What Is the Difference Between Net Worth and Income?

Net worth and income don’t necessarily go hand in hand. Income is the money that is reported on a tax return, while a high net worth results from owning valuable assets. High net worth could be a result of careful saving, inheriting money, or hanging onto highly appreciated assets.

For example, let’s say someone bought a house in a once-undesirable neighborhood decades ago. Today, that neighborhood is super popular and the house is worth much more. Even if they don’t sell, the homeowner has increased their net worth without a boost in income.

On the other hand, a professional with a high salary who carries a lot of debt could have a relatively low net worth, especially if they also maintain a costly lifestyle. That said, income certainly has a big impact on how much wealth a person is able to accumulate.

Income is also one way that researchers sort individuals into economic classes, though the income ranges that delineate class can vary from year to year and by research methodology.

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What Salary Is Considered a Middle Class Income?

Pew Research defines middle-income Americans as those whose annual size-adjusted income is two-thirds to double the median size-adjusted household income. (Size-adjusted household income refers to the number of people within the household.)

A single middle-income individual can earn $30,003 to $90,010, while a family of three earns $51,967 to $155,902. Low-income individuals earn less than two-thirds of the median size-adjusted household income.

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What Salary Is Considered an Upper Class Income?

Upper-income individuals earn more than double the median size-adjusted household income. An individual can earn more than $90,010, while a family of three may earn more than $155,902.

Here’s a side-by-side comparison of size-adjusted household income for upper income and middle income Americans.

	Individual	Couple	Three-person family	Four-person family	Five-person family
Middle Income	>$30,003	>$42,431	>$51,967	>$60,007	>$67,089
Upper Income	>$90,010	>$127,293	>$155,902	>$180,020	>$201,268

Why Wealth Is Relative Person to Person

The definition of “wealthy” differs depending on a person’s background, geography, and age. Consider a law student who earns very little money each year and carries hundreds of thousands in student debt. While their current wealth may be low, their potential future earnings may be quite high, and could catapult them into the wealthiest classes.

Consider, too, that where you live has a big impact on how far your wealth will stretch. A middle-income earner in an expensive city like San Francisco or New York may find it more difficult to make ends meet than someone in a small town in Oklahoma with a lower cost of living.

Ways to Measure Wealth

While wealth and net worth can be considered synonymous in some cases, there are other factors that play into the perception of wealth and a person’s ability to accumulate it, from demographic differences to potential return on investment, which may not have an immediate impact but can increase future wealth.

Income

As mentioned above, high income does not necessarily lead to high net worth — but it can. High earners may use their income to acquire assets that maintain equity, such as a home. These people may also use their earnings to invest within retirement and brokerage accounts.

Personal Savings

Your personal savings may refer to the cash you have on hand in checking and savings accounts, certificates of deposit, and money market accounts. It may also refer to the savings you have invested in brokerage and retirement accounts.

Ideally, these investments will appreciate over time, increasing net worth and providing a future source of income to maintain your standard of living after you stop working.

Investment Rate of Return

An important factor in accumulating wealth is the rate of return (ROR) on your investments. Investment returns are not guaranteed. Stock prices rise and fall according to various trends in the market. Even bonds, which are relatively safe, are subject to default from time to time.

In the past, the stock market tended to rise over the long term. In fact, since 1926, the average annual rate of return for the stock market has been about 10%, surpassing potential returns for other major types of investments, including bonds.

Investors who save more, and hold more of their investment portfolio in stocks, may be better positioned to take advantage of these potential future returns.

Real Estate Assets

One way to think about wealth is as the maintaining of assets. Real estate can be a good place to build equity, and it can appreciate in value. Returns can vary widely depending on what type of real estate you buy — whether a home or commercial property — and where the property is located. Historically, the rate of return on real estate has been close to stock market returns. One study found that the average return lies between 8.6% and 10%.

Age and Family Status

Demographic factors can have an impact on how much money you earn and the wealth you can accumulate. For example, median weekly earnings vary by age and gender.

Perhaps unsurprisingly, men and women ages 16 to 24 have the lowest median weekly earnings, with men earning $694 per week and women earning $628 in the first quarter of 2022, according to Bureau of Labor Statistics data.

Men age 35 and over enjoyed the highest median weekly earnings:

•  35 to 44: $1,257

•  45 to 54: $1,274

•  55 to 64: $1,246

Women earned less overall than men:

•  35 to 44: $1,037

•  45 to 54: $1,063

•  55 to 64: $997

The number of people in a household has a different impact. More people under one roof may require a larger home and more money spent on things like groceries, clothing, and transportation. As a result, a single individual usually requires less wealth to maintain a certain lifestyle than a family of five.

Good Credit Score

While not exactly a measure of wealth, a good credit score is a measure of financial health. It suggests that you have not taken on more debt than you can handle, and that you are able to make your payments on time.

A good credit score can also help you leverage your wealth to achieve financial goals. For example, lenders will look at your credit score when you apply for a loan to determine your credit worthiness. A good score can help you qualify for loans with lower interest rates. Individuals with bad credit, on the other hand, may be seen as a risk, and lenders may charge higher interest rates to compensate.

As a result, a good credit score can help you qualify for loans, such as a mortgage, at affordable rates that can help you build wealth.

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Difference Between Material Wealth vs Spiritual Wealth

Material wealth is dependent on the physical and financial assets that you own and the debts you carry. Spiritual wealth, on the other hand, is not based on tangible items. Rather it’s based on things like a sense of well-being and happiness.

Are material wealth and spiritual wealth linked? A little over a decade ago, a study by Daniel Kahneman and Angus Deacon found that a sense of well-being plateaued for individuals earning $75,000 or more a year. More recent research by Matthew A. Killingworth has called these findings into question, suggesting that there is no plateau, and higher incomes may be associated with being more satisfied with life overall and feeling better day to day.

Regardless, Killingsworth notes that the relationship between wealth and well-being is likely overestimated, especially when an individual earns enough to cover their basic needs.

Appreciating What You Have

One of the reasons that higher income doesn’t always translate into greater wealth is a phenomenon known as “lifestyle creep.” This occurs when increasing income leads to an increase in discretionary spending. A certain amount of lifestyle creep can result from trying to “keep up with the Joneses” — a tendency to accumulate material goods to compete with others in one’s perceived social class.

For example, as a person earns more, they might buy a bigger house, a more expensive car, pricey clothes, and start sending their kids to private school. These costly habits can mean that the individual may not be able to save more than when their salary was lower.

Try to avoid lifestyle creep by putting off grand lifestyle changes, like buying a large home, and putting off big purchases until absolutely necessary. Build and stick to a budget that includes wealth-building line items, such as saving in retirement funds. Track your progress with a budgeting app.

Practice appreciating what you already have, and you may find that some of the upgrades you desire are just wants — not necessities.

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The Takeaway

Net worth and wealth are inextricably linked. Measuring net worth helps people assess how many assets they currently have at their disposal. Accumulating wealth is about acquiring and maintaining assets that hold their value or increase in value. Doing so often requires careful saving and investing, as well as constant monitoring to ensure you stay on track.

SoFi helps you track your money all in one place, and provides tools such as credit score monitoring and spending breakdowns.

Check out SoFi’s money tracker app today!

FAQ

What Salary Is Considered Middle Class Income?

Middle-income Americans have annual incomes that are two-thirds to double the median income, according to Pew Research. For example, a single middle-income individual will earn $30,003 to $90,010, while a family of three will earn $51,967 to $155,902.

What Salary Is Considered Upper-Middle Class Income?

An upper-middle class income is at the high range of middle class income. For a single middle-income individual, that’s an annual income of $90,010.

What Salary Is Considered Lower Class income?

Low-income Americans are anyone earning less than two-thirds of the median household income. That means individuals would earn less than $30,003, while a family of three would have a household income of less than $51,967.

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

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

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.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
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Many landlords will only consider prospective tenants with decent credit scores. However, some private landlords who are eager to fill empty rentals quickly may advertise “no-credit-check” apartments. In other cases, smaller family-owned buildings just don’t have the same documentation requirements as bigger complexes handled by property managers or brokers. Even if the building you’re interested in does require a credit check, there may be ways to get around it.

If you have bad credit or no credit, we’ll explain all the ways you can still rent an apartment.

Are There No-Credit-Check Apartments?

A handful of landlords will rent an apartment without a credit check. However, apartment hunters should approach advertised “no-credit-check apartments” with caution. The term can sometimes be code for “these units are problematic,” or “this landlord is difficult,” or even “this is a scam.”

Sometimes, however, private landlords in smaller buildings just don’t see the need for credit checks. They don’t advertise this, but “for rent by owner” (or FRBO) listings can offer a clue.

Instead of pulling a credit report themselves, some landlords will accept a credit reference with the rental application. Credit reference documentation can be a recent credit report that the tenant provides (saving them from paying a fee), or pay stubs and W-2s, or letters from previous landlords or lenders — basically, anything that shows your ability to pay the rent.

Recommended: Trying To Rent in a Tight Housing Market? 4 Steps To Win the Lease

Recommended: Does Net Worth Include Home Equity?

Why Landlords Perform Credit Checks

Landlords perform credit checks for apartment rentals for the same basic reason that employers run credit checks for employment: to help determine a prospect is financially responsible.

Landlords want tenants who pay their rent on time. By checking an applicant’s credit report, a landlord can see how reliably the person pays their bills and manages their credit. If someone has a history of late payments or outstanding debts, a landlord will think twice before renting to them.

When landlords run a credit check, it will be a soft credit inquiry, which won’t affect your credit score.

How the Process of No-Credit-Check Apartments Works

Depending on the landlord, the application process for a no-credit-check apartment can be pretty standard or very casual. Landlords generally ask for the following as part of your application:

•  Proof of identity

•  Proof of employment, income, or financial stability

•  Vehicle information, if parking is provided

•  Personal references

•  Application fee

Typically, it takes one to three days to process an application. Afterward, you’ll be given a lease to sign. At this time, you can negotiate the security deposit, move-in date, and any details such as minor repairs to be made. When you receive the keys, the place is yours.

Where To Find No Credit Check Apartments

You can find no-credit-check listings in print, online, or via signs on some buildings. No-credit-check apartments are usually not handled by a hired property manager or broker. Instead, they are managed by a private landlord (the building owner) who needs to have rent continually coming in to cover the costs on their property.

Some of these landlords are less particular about their prospective tenants. Others trust their instincts about people over credit and background checks. And others still, as noted above, just don’t want to deal with the hassle and fees associated with credit checks.

Tips for Renting an Apartment With No Credit

If you’re looking to rent an apartment (or house) but you have no credit or bad credit, here are some tried-and-true strategies.

Recommended: Should I Sell My House Now or Wait?

Be Honest

No one likes an unhappy surprise. If you haven’t established credit yet, say so. If you have credit problems, say so. Have a conversation with the landlord before you apply to gauge their flexibility and forewarn them of red flags in your credit history. Then include a cover letter with your application repeating your explanations. Glowing reference letters also help offset a poor credit score.

Recommended: What Is a Tri-Merge Credit Report?

Get a Roommate

Finding a roommate with good credit can help make the deal go through. A landlord may accept using their name alone on the lease (assuming the roommate is OK with taking full responsibility for rental payments). Or you may be able to put both your names on the lease.

Look for Sublets and Shares

Sometimes, a leaseholder will “sublet” their apartment while they pursue opportunities elsewhere. This allows them to return to their former home in the event they want to move back. Rather than paying rent to the landlord, the subletter will often pay the leaseholder, so financial documentation may not be required. This is a common arrangement in big cities, especially among leaseholders of rent-stabilized apartments.

In share situations, roommates who are on the lease may sublet an extra room without requiring much, if any, documentation. As long as you make a good impression, they may give you a chance.

Find a Cosigner

A cosigner is someone who promises the landlord to cover your rent if you cannot pay — usually a good friend or family member with great credit. Cosigners may or may not live in the apartment.

Pay a Higher Security Deposit

If you’re brainstorming how to rent an apartment with bad credit and no cosigner, consider laying some cash on the line. Putting down several months’ rent as a security deposit can reassure the landlord.

Show Financial Proof

Perhaps you make a decent income that will make it easy to pay your rent. Or you saved up some money as a cushion. Share proof with the landlord in the form of pay stubs and bank statements.

Use Previous Landlords as References

If you’ve rented from other landlords and made those payments on time, bring a reference letter or two to prove it. Ideally, the reference should be on letterhead or at least look neat and professional. That might mean creating the letter yourself and having your previous landlord sign it.

Promote Yourself

If you’re in sales, theater, or marketing, use your superior presentation skills to persuade your landlord what a great tenant you’ll make. Turn on the charm. Bring homemade baked goods. It works.

Build Your Credit History

If there’s somewhere you can stay for now — with a friend or family member — spend that time building your credit history. To build up poor credit, focus on paying bills on time, paying down credit card balances, etc. During this time, it may help to sign up for credit monitoring. What qualifies as credit monitoring varies by service, but look for one that offers alerts whenever your score changes.

When you have no credit, you can start to build your history by becoming an authorized user on a credit card or putting a utility in your name. Just be aware that it may take six months for the system to generate your credit score. You can find out your credit score for free from Experian, via AnnualCreditReport.com.

The credit score needed to rent an apartment varies by landlord, but the average required score is about 650.

Recommended: What is The Difference Between Transunion and Equifax?

The Takeaway

If you haven’t yet established credit or have a problematic credit history, no-credit-check apartments are one option. However, there are many other ways to secure a rental, from finding a sublet or share situation to paying a higher security deposit. Beware of shady no-credit-check apartments: There’s no reason to settle for an unsafe or unhygienic environment just because of your credit score.

With SoFi’s free money tracker app, you can see all of your financial accounts on one mobile dashboard. Plus you’ll get free credit monitoring. Track your spending and savings to get a bird’s eye view of your finances.

Stay on top of your finances by seeing exactly how your money comes and goes.

FAQ

What happens if you don’t have credit but want to rent an apartment?

Let the landlord know up front and ask what you need to do to rent the apartment. Their suggestions may include getting a roommate or cosigner with good credit, or to put down a larger security deposit. If you’ve rented in the past and made payments on time, ask your previous landlords for reference letters and build a case about why you’ll make a great tenant.

Can I rent an apartment with collections?

If you’re planning to rent a no-credit-check apartment, then the landlord won’t consider issues on your credit report. If your credit will be checked, talk to the landlord up front to see if renting with collections on your report is somehow possible.

What’s the minimum score to rent an apartment?

It’s up to the individual landlord, although 650 is a general benchmark. If a landlord requires a “good” credit score, FICO considers that to be in the range of 670-739.

I’m wondering how to pay rent with a credit card, no fee. What can I do?

If you’re renting right now, ask your landlord. If you’ll be seeking an apartment to rent, ask prospective landlords if this is possible. Each landlord has their own policy about credit cards.

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Photo credit: iStock/StefaNikolic

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.

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

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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A stock market correction occurs when the market hits a new high, and then falls by at least 10%. A correction is similar to a dip or crash, but not as severe as a “bear market,” which is when the market sees a decline of 20%.

Stock market corrections are normal and it’s important to be aware of why they happen and what you might consider doing the next time the market sees a correction.

What Is a Market Correction?

A stock market correction happens when the market reaches a new interim high and then falls by 10%. Some other stock market terms for market downturns include dips or crashes, which may be temporary or quick drops in the market that don’t see the market fall past 10%.

Corrections vs Bear Markets

A bear market is a longer decline in the stock market, and refers to the market after it declines 20% from a previous high. These terms can also apply to individual stocks (“Stock X is in correction territory,” for example), but individual stocks can see much more volatility than the overall market.

The most severe stock market correction in history, in terms of points, happened in 2018, when the Dow declined 1,175 points in a single day. Previously the record had been a 777-point decline. However, the 2018 4.6% drop wasn’t the biggest decline in terms of percentage. In 1987, on a day called Black Monday, the Dow dropped by 22%. That would be equivalent to 5,300 points in today’s market.


💡 Quick Tip: Are self-directed brokerage accounts cost efficient? They can be, because they offer the convenience of being able to buy stocks online without using a traditional full-service broker (and the typical broker fees).

The Nature and Frequency of Market Corrections

Stock market corrections happen every once in a while. They are, in fact, a normal part of the market cycle — that’s important for investors to keep in mind, as it’s not unusual at all for the market to experience a correction.

How Common Are Market Corrections?

Dating back to the mid-1900s, stock market corrections have typically happened three to four times every year. Although it’s nerve-wracking every time, these corrections are a normal part of the market cycle, as mentioned.

Duration and Impact of Corrections

When a correction occurs, you will likely see the media speculate whether it’s a crash or a correction, how long the correction will last, and perhaps, if the economy is going into a recession. This speculation is just that — here is no way of knowing exactly how big a correction will be or how long it will last.

A stock market correction is not typically the cause of a recession, nor is it a predictor of a coming recession. Stock market corrections can be stressful for investors and companies, but they are not necessarily signs of a poor economy.

Although there is no way of predicting how long a market correction will last, you can look to past data as some indicator of possible trends. For example, since the 2008–09 financial crisis, the past four corrections have had an average decline of 15.3% over a time period of three and a half months.

Navigating Through Market Corrections

Given that market corrections are common, investors would do well to know how to handle them. That may or may not involve making any changes to your portfolio.

Preparing Your Investments for a Correction

Unless you exclusively own stocks in an S&P 500 index fund, your portfolio will perform differently from the overall market. When a stock market correction occurs, the percentage drop is generally referring to the performance of the S&P 500 index. This is an index of the largest U.S. companies in the stock market.

The stocks in your portfolio may fall in value more or less than the overall market. Some of your stocks may even go up in value. It’s important to remember that if your portfolio drops by a certain percentage, it will need to go up more than that percentage to recoup your losses.

Strategies for Investing During Corrections

Generally, a good rule of thumb is to stay invested through a market correction — or, stick to a buy-and-hold strategy. If, for example, someone sells off their stocks during a panic, they could see them go back up in value again in a few days or weeks. If anything, depending on your strategy and goals, you may want to consider buying stocks during a market correction, because prices will have lowered.

You could consider whether you have available funds you’d like to invest during a downturn, and decide if you want to purchase more shares of stocks you already own or if you want to find new stocks to buy. Diversifying the stocks in your portfolio may help you weather the storm of a market correction.

If you do choose to purchase stocks during a market correction, be aware that their value may continue to decline before it recovers again. There’s also no guarantee that it will.

Also remember that the market has bounced back from some severe corrections and crashes over the years. Corrections happen every year and can be healthy for the market.


💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.

Identifying Causes and Signs of Market Corrections

There can be numerous reasons that the market experiences a correction. And they typically can’t be predicted with any real sense of accuracy.

Key Factors Leading to Corrections

Since so many things could potentially lead to a market correction, it’s hard to say with any certainty what, exactly, is or was the catalyst. But generally, things like rising prices (inflation), slow economic growth, bad or disappointing corporate earnings reports, or even surprising news — say, a war breaks out, or some sort of political upheaval takes place — can cause the market to see a steep decline into correction territory.

Can Market Corrections Be Predicted?

As mentioned, market corrections can’t really be predicted. While it’s almost certain that there will be corrections in the future, discerning when, exactly, they’ll happen is nearly impossible — nobody has a crystal ball.

Coping With Market Corrections as an Investor

Market corrections are going to happen — it’s a near certainty. But that doesn’t mean investors need to panic every time the market has a hiccup.

What to Do During a Market Correction

The first step in knowing what to do during a stock market correction is to find out why it’s happening — if possible. Next, look into your individual portfolio and see how it’s being affected by the correction. This will help you decide whether to buy, sell, or hold on to the stocks in your portfolio.

Remember that stock market corrections are normal. If you have a long-term investing strategy, you will likely see market corrections, bear markets, and recessions during your years of investing. Try to stay calm and reconsider decisions that might be made based on fear or panic. It may not help to obsess over the value of your portfolio on any particular day.

Long-term Strategies for Handling Market Volatility

In terms of handling market volatility over the long term, here are some things and overarching principles investors can try to incorporate into their investment strategy.

•   Have a plan: Blindly buying stocks and then getting upset when they fall in value isn’t ideal. Know what your goals are and plan for them. Even when the market corrects, you can still reach your goals for the year if you plan properly. If you’re investing money to use in just a few months versus for your retirement, your strategy may look very different.

•   Diversify: One way to protect yourself from significant market crashes is to spread out investments over different types of assets. This is called diversifying your portfolio, and this tactic may help lower your risk of losses while still exposing yourself to potential gains. You can diversify into many different types of investments, including bonds, real estate, commodities, and simply by holding cash.

•   Consider cashing out: Investors can be afraid to cash out of a particular stock because it may continue to rise in value. If you own a stock which has gone up significantly, you may want to cash out some of the investment and diversify it into other investments.

•   Keep risk tolerance in mind: If you are growing your portfolio for long-term use, you can likely handle a few ups and downs in the market cycle. However, if it causes you too much stress to see your portfolio go down in value a lot in one day, perhaps it’s better not having so much invested in stocks.

•   Don’t try to time the market: On the same note, selling off your investments because you think the market is going south may not be a great strategy. The stocks you’re holding may continue to go up in value, and even if they do crash, trying to time your reentry can be just as challenging as timing your exit.

•   Think long term: Day trading and short-term investing are risky. If you build a diversified portfolio which you plan to keep invested for a long time before using it, it may be able to withstand cycles in the market and still continue to grow.

Real-World Examples of Market Corrections

As noted, corrections are common. In fact, the S&P 500 entered correction territory three times during 2022. It also happened more than once in 2023, and as of writing, the most recent market correction occurred during October 2023, as the market slid for a few months after topping out at a previous high in July 2023.

In December 2023, the market rebounded, and was near all-time highs.

The Takeaway

Stock market corrections are when the market falls 10% from a previous high, and they’re common parts of the market cycle. As you build your portfolio and mentally prepare for the next stock market correction, remember that you are not alone. Market crashes, dips, and corrections are stressful for everyone, and there are tools and specialists to help you navigate them.

Working with an investment advisor may help you stay calm throughout economic cycles. Planning your portfolio for diversification and long-term growth may also help you ride the waves of the market.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

What happens in a stock market correction?

During a stock market correction, the market slides at least 10% from a previous high due to any number of factors.

Are corrections good for the stock market?

Corrections can be good for the stock market in a similar way that a wildfire can be good for a forest — they can serve as a reset to valuations that may have gotten too high, and lower security prices for investors looking to deploy capital.

How long do stock market corrections last?

There’s no telling how long a correction could last, but it’s important to keep in mind that historically, the market has always bounced back given enough time.

What is the biggest stock market correction of all time?

The biggest drop in the S&P 500 in a single day was in October 1987, when the index fell more than 20% into a bear market.

How often should you expect a stock market correction?

Since the 1950s, the S&P 500 has experienced dozens of market corrections, and that means that one occurs less than every two years, on average.

How many corrections have there been throughout history?

In the modern era, since World War II, the stock market has experienced 24 market corrections, with an average market drop of more than 14%.

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