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Jan

2024

Essential Stock Market Terms Every Trader Should Know

By Samuel Becker | Growing Wealth, invest, Investing, Terminology | No Comments

If you are new to trading stocks, the sheer volume of stock market terms can be off-putting. But learning some basic stock trading terminology is a great place to begin before investing any money. For any new investor just getting into trading, getting a grasp on some basic stock market terms can be extremely helpful.

The Significance of Knowing Stock Market Terminology

It’s important to have at least a grasp of some basic stock market terms if you plan on trading or investing. If you don’t do a bit of homework beforehand, you may find yourself feeling in over your head, and grasping for help from family members, friends, or a financial professional.

While there are a multitude of different stock market terms out there, it isn’t terribly difficult to develop an understanding of the basics. Yes, it’ll take some time and practice, but like learning anything else, once you get the hang of it, it should become easier as you move along in your investment journey.

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Fundamental Terms

To get a fundamental understanding of the stock market, it can be helpful to start with some relatively basic terms, including the following.

Asset Allocation

Asset allocation involves investing across asset classes in a portfolio in order to balance the different potential risks and returns, and there are three main asset classes, which are typically stocks, bonds, and cash. Asset allocation is closely tied with portfolio diversification.

Asset Classes

There are several asset classes, or types of assets, that investors can invest in. This can include, but is not limited to, stocks, bonds, money market accounts, cash, real estate, commodities, and more. You can also think of certain assets as equities, debt securities, and more.

Bid

Bid, in the context of bid-ask spread, refers to the “bid price” that an investor is willing to pay for a security or investment.

Ask

Ask, in the context of bid-ask spread, is the opposite of bid, and is the lowest price that investors are willing to sell a security for.

Bid-Ask Spread

The bid-ask spread is the difference between the bid and ask price, and can be a measure of liquidity. When the bid and ask prices match, a sale takes place, on a first-come basis if there is more than one buyer. The bid-ask spread is the difference between the highest price a buyer is willing to bid, and the lowest price a seller is willing to ask.

Market Phrases

There are a number of market phrases, or types of jargon that may be used in and around the stock market, too. Here are some examples.

Bull Market

A bull market describes market conditions when a market index rises by at least 20% over two months or more, and is often used to describe high levels of confidence and optimism among investors.

Bear Market

A bear market describes a 20% fall in a market index, and is the opposite of a bull market. It can signal overall pessimism among investors.

Market Volatility

Market volatility refers to how much a market index’s value increases or decreases within a specific period of time. Volatility can occur for a number of reasons.

Investment Vehicles

There are many specific investment vehicles that investors should know about, too, including different types of stocks, bonds, and more.

Bonds

Bonds are a type of debt security, which effectively means that investors are loaning money to the issuer. There are many types of bonds, and they’re often considered to be a less-risky investment alternative to, say, stocks.

Common Stock

Common stock, also known as shares or equity, is like owning a piece of a company. You purchase stock in a company, and receive a proportional part of that corporation’s assets and earnings. The price of stock is different for each company and fluctuates over time.

Preferred Stock

Preferred stock is similar to common stock, but usually grants shareholders some sort of preferential treatment, such as advanced dividend payments, and more.

ETFs

ETFs, or “exchange-traded funds,” are types of funds that trade on exchanges like stocks. Investors can purchase shares of ETFs, which incorporate numerous different types of securities (like a “basket” of different investments), and may offer built-in diversification as an advantage for investors.

Mutual Funds

Mutual funds are companies or entities that pool money from numerous different investors and then invest it on their behalf. A manager oversees a mutual fund, and actively manages it. Investors can purchase shares of mutual funds, which are similar to ETFs in many ways.

Stock Analysis Terms

Analyzing the stock market incorporates its own set of terminology, and it can be helpful for investors to know a bit of the vernacular.

Earnings Per Share (EPS)

Earnings per share, often shortened as “EPS,” is a ratio that helps determine a company’s ability to drive profits for shareholders. It’s a common and oft-cited business metric for investors.

Dividends

A dividend is a payment made from a company to its shareholders, often drawn from earnings. Usually, these are made in cash, but sometimes they are paid out as additional stock shares. They are typically paid on an annual or quarterly basis, and typically only come from more established companies, not startups.

Dividend Yield

Dividend yield refers to how much a company pays out to shareholders on an annual basis relative to its share price. It’s a ratio that’s calculated by dividing the company’s dividend by its share price.

The Price-to-earnings (P/E) Ratio

The price-to-earnings ratio (often written as the P/E ratio, PER, or P/E) is a ratio of a company’s current share price relative to the company’s earnings per share. It can be used to compare performances of different companies.

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Price Movements and Pattern Terms

There are also a number of movement and pattern terms that investors may want to familiarize themselves with.

Trading Volume

Trading volume refers to how much trading is happening on an exchange. For a stock trading on a stock exchange, the stock volume is typically reported as the number of shares that changed hands during any given day. It’s important to note that even with an increasing price, if it’s paired with a decreasing volume, that can mean a lack of interest in a stock. A price increase or drop on a larger volume day (i.e., a bigger trading day) is a potential signal that the stock has changed dramatically.

Volume-weighted Average Price (VWAP)

Volume-weighted average price, or VWAP, is a short-term price trend indicator used when analyzing intraday, or same-day, stock charts. It’s a type of technical analysis indicator.

Trading Order Types and Execution

Investors need to know the types of orders that they’re likely to use throughout their investing journey. Those include market orders, limit orders, and stop-loss orders.

Market Order

A market order is the most common type of order, and it means that an investor wants to buy or sell a security as soon as possible at the current market price.

Limit Order

Limit orders are another common type of order, and involve an investor placing an order to buy or sell a security at a specific price or within a specific time frame. There are two types: Buy limit orders, and sell limit orders.

Stop-loss Orders

Stop-loss orders, or sometimes called stop orders, are orders that specify a security to be sold at a certain price.

Day Trading Terms

For the prospective day-trader, there are a slate of terms to know as well.

Day Trading

Day trading involves an investor making short-term trades on a daily or weekly basis in an effort to generate returns off of price fluctuations in the market. There are numerous day trading strategies that investors can utilize.

Pattern Day Trader

A pattern day trader is a designation created by FINRA, and refers to traders who trade securities four or more times within five days. There are rules and stipulations that pattern day traders, and their chosen trading platforms, must follow.

Trading Halt

A trading halt can refer to a specific stock or the entire market, and involves a halt to all trading activity for an indefinite period of time.

Long-term Investment Terms

The opposite of day trading, long-term investing also ropes in its own jargon.

Averaging Down

Averaging down involves a scenario in which an investor already owns some stock but then purchases additional stock after the price has dropped. It results in a decrease in the overall average price for which you purchased the company stock. Investors can profit if the company’s price subsequently recovers.

Diversification

Diversification refers to investing in a wide range of assets and asset classes, as opposed to concentrating investments in a specific area or class.

Dollar-cost Averaging

Dollar-cost averaging is a strategy to manage volatility in a portfolio, and involves regularly investing in the same security at different times, but with the identical amount. Effectively, the cost of those investments will average out over time.

Derivatives and Market Predictors

Getting into the weeds now — derivatives and market predictors are more high-level market elements, but it can be helpful to know some of the terminology.

Futures

Futures, or futures contracts, are a form of derivatives that are a contract between two traders, agreeing to buy or sell an asset at a specific price at a future date.

Options Trading

Options trading involves buying and selling options contracts, of which there are many types.

Arbitrage

Arbitrage refers to price differences in the same asset on different markets. Traders may be able to take advantage of those differences to generate returns.

Financial Health Indicators

We’re not done yet — these terms involve financial health indicators.

Debt-to-equity (D/E)

Debt-to-equity is a financial metric that helps investors determine risks with a specific stock, and is calculated by dividing a company’s equity by its debts.

Liquidity

Market liquidity is essentially how easily shares of stock can be converted to cash. The market for a stock is “liquid” if its shares can be sold quickly, and the act of selling only minimally impacts the stock price.

Profit Margin

Profit margin refers to how much profit is generated from a trade when expenses are considered. Lowering related expenses can increase profit margin, all else being equal.

Economic Terms

Knowing some key economic terms can be helpful when trying to size up larger economic and market trends.

Volatility

Volatility refers to the range of a stock price’s change over time. If the price stays stable, then the stock has low volatility. If the price jumps from high to low and then back to high often, it would be considered more of a high-volatility stock.

Economic Bubbles

Economic bubbles or market bubbles are often created by widespread speculative trading, and involve a runup or buildup of prices for a given asset, which can be detached from its actual value. Eventually, the bubble tends to burst and investors may incur a loss.

Recession

A recession is a period of economic contraction, and is usually accompanied by higher unemployment rates, business failures, and lower gross domestic product figures. Recessions are officially declared by the Business Cycle Dating Committee at the National Bureau of Economic Research.

Adaptation and Risk Management

For particularly savvy investors, knowing some terms relating to adaptation and risk management can also be helpful when navigating the markets.

Sector Rotation

Sector rotation involves investing in different sectors of the economy at different times, and rotating holdings between those sectors in an effort to generate the biggest returns.

Hedging

Hedging is an investment strategy that involves limiting risk exposure within different parts of a portfolio, and there are many methods or strategies for doing so.

The Takeaway

Learning some basic stock market terms can go a long way toward helping an investor navigate the markets, and there are a lot of terms and jargon to get familiar with. But doing a bit of homework early on can be enormously helpful so that you’re not trying to figure things out on the fly as an investor.

While you’re not going to learn everything right off the bat, if you start to spend a lot of time investing and trading, you’re likely to quickly catch on to certain terms, while others will come with time. As always, if you have questions, you can reach out to a financial professional for help — or do a bit more research on your own.

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Jan

2024

How Much Does a Real Estate Agent Make a Year?

By Caroline Banton | Building Your Career, Life & Career, relay | Comments Off

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

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

What Are Real Estate Agents and What Do They Do?

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

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

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The Different Types of Real Estate Agents

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

Realtor

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

Broker

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

Listing Agent

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

Buyer’s Agent

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

Commercial Agent

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

Residential Agent

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

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

Recommended: Which Trade Makes the Most Money?

How Much Do Starting Real Estate Agents Make?

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

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

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

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

What Is the Average Salary for a Real Estate Agent?

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

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

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

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

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

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

Real Estate Agent Job Considerations for Pay and Benefits

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

The Cost of Becoming Licensed

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

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

Marketing Costs

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

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

Economic Conditions

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

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

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

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

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

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

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

The Takeaway

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

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

FAQ

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

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

How much do Realtors make in California?

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

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

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

Photo credit: iStock/Pekic

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Jan

2024

How Much Does a Nurse Practitioner Make a Year?

By Jacqueline DeMarco | Building Your Career, Life & Career, relay | Comments Off

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

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

What Are Nurse Practitioners

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

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

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How Much Do Starting Nurse Practitioners Make?

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

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What Is the Average Salary for a Nurse Practitioner?

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

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

• Home health care services: $148,960

• Outpatient care centers: $134,030

• Hospitals: $129,330

• Offices of physicians: $121,880

• Offices of other health practitioners: $112,660

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

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

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

Source: Bureau of Labor Statistics

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Nurse Practitioner Job Considerations for Pay and Benefits

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

Pros and Cons of Nurse Practitioner Salary

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

Pros:

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

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

• Full-time roles with benefits available

• High earning potential

Cons:

• May need to work nights, weekends, or holidays

• Physically and emotionally demanding job

• Exposure to germs

• May need to be on call

• Need a master’s degree or better

• Requires a professional license

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

The Takeaway

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

FAQ

What is the highest paying nurse practitioner job?

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

Do nurse practitioners make $100k a year?

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

How much do Nurse Practitioners make starting out?

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

Photo credit: iStock/SDI Productions

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.

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

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.

SORL1023009

Jan

2024

How Much Does a Pharmacy Technician Make a Year?

By Jacqueline DeMarco | Building Your Career, Life & Career, relay | Comments Off

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

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

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

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

What Are Pharmacy Technicians

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

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

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

• Entering patient information and prescriptions into a computer system

• Talking to pharmacy customers on the phone and in person

• Managing pharmacy inventory

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

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

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

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

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

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

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

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

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

What Is the Average Salary for a Pharmacy Technician?

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

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

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

The Average Pharmacy Technician Salary by State for 2024

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

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

Source: ZipRecruiter

Recommended: 25 High-Paying Trade Jobs in Demand

Pharmacy Technician Job Considerations for Pay & Benefits

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

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

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

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

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

Pros and Cons of Pharmacy Technician Salary

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

Pros of Being a Pharmacy Technician

Being a pharmacy tech comes with a number of benefits:

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

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

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

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

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

Cons of Being a Pharmacy Technician

Being a pharmacy tech also comes with some downsides:

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

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

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

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

The Takeaway

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

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

FAQ

What is the highest paying pharmacy technician job?

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

Do pharmacy technicians make 100k a year?

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

How much do pharmacy technicians make starting out?

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

Photo credit: iStock/Dimensions

SORL1023016

Jan

2024

How Much Does a Physical Therapist Make a Year?

By Susan Guillory | Building Your Career, Life & Career, relay | Comments Off

The median salary for a physical therapy is $97,720, according to the latest figures from the U.S. Bureau of Labor Statistics.

While that’s seen as a good salary in most parts of the country, money isn’t the only factor to consider if you’re thinking about a career as a physical therapist. You’ll also want to weigh the potential rewards (you can help people feel better) and drawbacks (the work can be physically taxing).

Let’s take a closer look.

What Are Physical Therapists?

A physical therapist (PT) is a wellness provider who specializes in the body’s physical movements. An athlete might see a physical therapist after sustaining an injury. Or a stroke patient might visit one to regain the ability to walk.

It can take about seven or eight years of study to become a PT, including four years of undergraduate study and three years to complete a doctor of physical therapy program.

PTs need to be physically able to support patients who cannot carry their own weight. It also helps if they’re outgoing, since they work with patients all day long. (Prefer a career where you don’t have to deal with people? Consider a job for introverts.)

Recommended: 11 Work-From-Home Jobs for Retirees

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How Much Do Starting Physical Therapists Make?

If you’re exploring the profession, you may wonder what a good entry-level salary is for a new physical therapist. Salaries for physical therapists fresh out of school run the gamut from $57,351 to $92,416, with the average salary coming in around $72,897.

The amount you make will likely depend on where you live, where you work, and your assigned tasks. The more experience you gain as a physical therapist, the more money you may be able to make.

💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What Is the Average Salary for a Physical Therapist?

Like most fields, physical therapy tends to pay more as you gain more experience. So how much does a physical therapist make a year?

Some PTs get paid by the hour, while others earn an annual salary. You can look at salary vs. hourly incomes to understand the benefits and drawbacks of each.

On average, a physical therapist makes around $46.98 per hour, though that rate can range from $32.65 to $61.94. In terms of salary, a typical physical therapist can earn anywhere from $67,910 to $128,839; the median salary is $97,720.

What is the Average Physical Therapist Salary by State for 2023?

A physical therapist’s pay can vary widely based on where they work. Here’s a look at how much a physical therapist makes per year in each state, from highest to lowest.

State	Average Salary
California	$106,493
Alaska	$95,954
Washington	$88,437
Nevada	$85,244
Hawaii	$81,840
Massachusetts	$79,796
Oregon	$78,937
New Jersey	$78,760
Minnesota	$77,587
Arizona	$77,008
Connecticut	$76,988
Delaware	$76,926
Rhode Island	$76,918
Maryland	$76,765
Wyoming	$76,240
New Hampshire	$76,203
Virginia	$75,627
Illinois	$75,232
Mississippi	$75,221
Idaho	$74,891
New York	$74,295
New Mexico	$74,292
Nebraska	$74,016
Alabama	$73,562
Louisiana	$73,531
Texas	$72,675
Colorado	$72,634
Oklahoma	$71,849
Wisconsin	$71,769
South Carolina	$71,724
Michigan	$71,589
Pennsylvania	$71,255
North Carolina	$70,975
Indiana	$70,909
Georgia	$70,314
North Dakota	$70,298
Maine	$70,091
Kansas	$69,896
Kentucky	$69,892
Utah	$69,855
Ohio	$69,275
Montana	$69,053
Tennessee	$68,632
Missouri	$68,447
West Virginia	$67,957
Iowa	$67,671
Florida	$67,478
South Dakota	$66,170
Vermont	$65,309
Arkansas	$64,149

Source: Zippia

Recommended: The Highest-Paying Jobs in Every State

Physical Therapist Job Considerations for Pay and Benefits

When you’re figuring out competitive pay for a PT, you’ll want to weigh a number of factors. For starters, where you live and work can greatly impact how much you get paid. Your area of specialty can also play a role in how much you earn. Oncology, pediatrics, sports medicine, orthopedics, and rehabilitation all come with their specific roles, responsibilities, and salary ranges.

You may find that your salary goes up if you oversee other employees. And your income may also change depending on whether you decide to work for someone else or open your own practice.

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

Pros and Cons of Being a Physical Therapist

As with any job, there are benefits and drawbacks to being a physical therapist.

Pros

One big draw to consider is the potential salary, which can be fairly high no matter where you live. You’ll also have the opportunities to help people on the road to recovery after an injury or illness, which can be gratifying.

Another plus? Flexibility. PTs can often choose to work full time or part time. And if you’re open to hitting the road for work, there are jobs available for traveling physical therapists.

Recommended: Is a $100,000 Salary Good?

Cons

As anyone who’s ever been to physical therapy before can attest, the work can be physically taxing. You’ll need to be able-bodied so you can help support patients during their visits.

Something else to consider? The job typically involves a great deal of paperwork — think logging detailed notes on each patient, handling administrative work, and corresponding with providers.

And then there are the additional years of school you’ll have to go through before you can start working. The cost of a doctor of physical therapy program varies, but tuition for a three-year program can be around $66,000 for an in-state public institution. If you plan on attending a private program, you could end up paying upwards of $113,000 or more. You’ll need to find a way to either cover these costs on your own or take out a student loan, which you’ll have to repay.

Whether you’re figuring out how to pay for the extra schooling or how to maximize your income, creating a budget is a good place to start. An online spending app can help take the guesswork out of the job.

The Takeaway

A career in physical therapy requires additional schooling, but the potential rewards can be worth it. Not only would you be helping people regain their strength and mobility, you may also enjoy work-life balance and a good salary.

FAQ

What is the highest paying physical therapist job?

On the high end, experienced physical therapists can earn around $128,830 per year.

Do physical therapists make $100k a year?

Yes, some physical therapists can earn $100,000 a year or more, depending on their experience and responsibilities.

How much do physical therapists make starting out?

On average, new physical therapists can expect to earn about $72,897 per year.

Photo credit: iStock/andresr

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

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

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

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

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL1023012