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The median annual salary for detectives is $52,120 for the most recent year reviewed, according to the Bureau of Labor Statistics.

This can be an exciting career for many people. Is there anything quite as satisfying as solving a big mystery? For anyone who is passionate about putting the puzzle pieces together until they discover the truth, working as a detective could be a dream job.

Read on to learn more about this career path. In addition to how much a detective makes a year, you can find out about the responsibilities and benefits involved.

What Are Detectives?

Working as a private detective involves searching and piecing together financial, legal, and personal matters to help get to the root of an unanswered question. For example, private detectives can help find missing persons or investigate cybercrimes. Here’s a quick breakdown of some common on-the-job responsibilities that detectives tackle on a daily basis:

•   Conduct interviews to help collect information

•   Pursue evidence

•   Review civil judgments and criminal history

•   Plan and execute surveillance

•   Search records (court, public, and online).

Some private detectives work for themselves and offer their services to a variety of clients, whereas others work for businesses, like law firms.

Regardless of where one works, being a detective can involve a good number of interviews and interpersonal interaction. For this reason, it may not be a good job for antisocial people.


💡 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.

How Much Do Starting Detectives Make a Year?

In the early days of their career, detectives can expect to earn less until they gain more experience and a strong reputation for their sleuthing skills. When it comes to entry-level detective work, competitive pay can be fairly low. The lowest 10% of detective earners made less than $33,710 per year.

However, there is considerable room for improvement when it comes to salary for this role. The highest 10% earn more than $92,660 annually. This indicates that it can be possible to earn $100,000 per year as a detective.

Recommended: Work-at-Home Jobs for Retirees

What is the Average Salary for a Detective?

Some detectives earn an annual salary (a median of $52,120), but others earn an hourly wage. How much does a detective make an hour? The median hourly wage is $25.06.

How much someone earns on average working as a detective can vary based on where they live and the industry they work in. When it comes to working in different industries, these are the median annual wages for detectives in a few different industries for the most recent year available:

•   Government: $64,220

•   Professional, scientific, and technical services: $61,280

•   Investigation, guard, and armored car services: $47,280

•   Retail trade: $37,290

The state someone works in also plays a big role in their earning potential. The following table highlights how average detective wages can vary by state, with salaries listed from highest to lowest.

What is the Average Detective Salary by State for 2023

Source: ZipRecruiter

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

Detective Job Considerations for Pay & Benefits

Detectives who work for businesses such as large corporations or law firms on a full-time basis often receive employer-sponsored benefits as a part of their compensation package. These benefits can include paid time off, retirement accounts with employer contribution matches, and health insurance.

However, many detectives work on a part-time basis or are self-employed and then are on the hook for supplying their own benefits which can be quite expensive.

Recommended: The Highest Paying Jobs in the US

Pros and Cons of Detective Salary

Detectives can earn a very good salary, and the work can be very interesting.

However, the tradeoff may not be worth it for some. Working as a detective often involves long and varied hours due to the nature of their work — especially when they are conducting surveillance. Some people may find that working on weekends, nights, or holidays isn’t worth the salary. It simply may not align with their career goals and the desired work-life balance.

The Takeaway

Skilled detectives stand to earn a lot of money (close to six figures) as they work their way up in their industry. This can be a very exciting, but also extremely demanding role.

FAQ

Can you make 100k a year as a detective?

It is possible to make $100,000 a year or more as a detective. The top 10% of earners in this field make $92,660 or more per year. As a detective gains years of experience and improves their skills, they can expect to earn more competitive pay.

Do people like being a detective?

Many people pursue a career as a detective because they are passionate about the work they do and enjoy a lot of satisfaction from their job. It’s worth noting that this job can require a lot of personal interactions and may not be the best fit for anyone who is antisocial.

Is it hard to get hired as a detective?

Getting hired as a detective can be competitive, but there is currently anticipated to be 3,800 openings for private detectives each year until 2032. There is also a projected 6% growth in employment opportunities, so someone with the right qualifications should be able to find a job in this field.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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

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

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

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

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The median annual pay for cosmetologists is $33,400 a year, according to the Bureau of Labor Statistics data for the most recent year studied. Helping people feel their best can be a rewarding way to spend one’s workdays, and cosmetologists get to do just that. From hair to skincare to makeup to nails, there are a lot of different niches a cosmetologist can master, all of which can be really fun and rewarding career paths to take.

That said, the average pay for cosmetologists is significantly lower than the average income for all jobs in America, which, again according to the Bureau of Labor Statistics, is just below $60,000 for the fourth quarter of 2023.

Keep reading to learn more about what it’s like to work as a cosmetologist and what the earning potential could be.

What Are Cosmetologists?

Cosmetologists can specialize in one type of personal grooming service, such as haircuts or manicures and pedicures. Others may offer skincare services like facials, hair removal (waxing), or applying makeup for special occasions. Many cosmetologists offer a variety of these services, whereas others have a specific niche, like hairstyling.

During cosmetology school, it’s common to take lessons in a handful of different specialties. That way, students can gain better insight into which areas of cosmetology they are most passionate about and most skilled at.

In terms of training, states often require a certain number of hours of training and passing written and practical examinations. For instance, in New York, you need 1,000 hours of training. You might study at a private cosmetology school (cosmetology school loans may be available) or find an associate’s degree program.

Also, it’s a good idea to note that your area of specialization can impact your earning potential as a cosmetologist, as can your location. In New York City, with its high cost of living and pay grade, one study found the average salary to be more than $70,000 per year. That could mean that those in major cities, with superior skills and experience and a loyal following, could even earn $100,000 per year.

Lastly, it’s important to recognize that cosmetology typically involves lots of interaction with clients. For this reason, it may not be the best job for antisocial people.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Cosmetologists Make a Year?

When they are working with entry-level experience, cosmetologists can expect to earn less than those with many years of fieldwork under their belt.

When it comes to starting wages, cosmetologists can expect to earn a median hourly wage of $10.48 (this is the lowest 10% of earners) but may see that amount rise significantly over time. The top 10% of earners in this field make more than $28.88 per hour.

For example, a celebrity makeup artist can make very competitive pay, but they also tend to be extremely skilled and experienced.

What is the Average Salary for a Cosmetologist?

The amount of money someone stands to earn as a cosmetologist can vary significantly depending on the services they offer, their experience level, and where they live. How much money does a cosmetologist make per year? The median annual salary is $33,400.

It’s important to note that an annual salary is not a guarantee as a cosmetologist as many work part-time. In terms of how much a cosmetologist makes an hour, the median hourly wage for a cosmetologist is $16.06.

These medians give prospective cosmetologists an idea of how much they stand to make if they choose to pursue this career path, but they can get an even clearer picture once they learn what the average salary by state is for their location. Here, you’ll find these figures arranged from highest to lowest.

What is the Average Cosmetologist Salary by State for 2023

Source: ZipRecruiter

Cosmetologist Job Considerations for Pay & Benefits

Even if they work full-time, many cosmetologists are self-employed and rent a chair or workspace at the salon they work in. Because most cosmetologists are not full-time employees of someone else’s business, they typically don’t receive employer-sponsored benefits like health coverage or a 401(k) match. That means they also won’t receive a paycheck when they take time off. To help offset the loss of benefits, cosmetologists need to set their rates to account for not just the amount of money they need to cover living expenses, but so they earn enough to afford benefits as well.

Some cosmetologists, however, will find full-time work. Examples of these career paths could be working as a cosmetology instructor or being a staffer at a resort’s spa.


💡 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 Cosmetologist Salary

One of the main benefits of a cosmetologist’s salary is that expensive schooling isn’t required to start this career. While completing a state-approved cosmetology program is typically required, this education path is usually much faster and less expensive than pursuing a four-year degree. This means many cosmetologists can avoid taking out expensive student loans with monthly payments that can eat into their paychecks.

However, there is no denying that the average cosmetologist salary is below the national average for all incomes combined.

The Takeaway

Working as a cosmetologist leads to a median annual salary of $33,400. With hard work and strong skills, cosmetologists can expect to make more money down the road, especially if they work in certain markets. Also, since many cosmetologists work for themselves, they can gradually increase their rates as they build their client base and reputation.

FAQ

Can you make 100k a year as a cosmetologist?

It is possible to earn $100,000 or more a year as a cosmetologist. However, it will take time to build up a client base or find a position that will pay high enough rates to build a six-figure salary.

Do people like being a cosmetologist?

It’s very common to pursue cosmetology as a career because of a passion for hair care, skincare, makeup, or nail care. This can be a really fun and rewarding career path for anyone whose passions align with the services they offer. However, if someone is an introvert, even if they love cosmetology, they may find a full day of social interaction to be too draining.

Is it hard to get hired as a cosmetologist?

There are currently 89,400 job openings projected annually for cosmetologists between now and 2032, and there is an anticipated 8% growth of openings during that time, which exceeds the national average.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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

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

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

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

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A chiropractor is a licensed healthcare professional who supports spine and nervous system health, providing care and rehabilitation to patients. Those who work in this role are typically experts on causes and treatments of back, neck, and shoulder pain.

To become a chiropractor, you need to get a Doctor of Chiropractic degree, which is usually a four-year program (on top of three years of undergraduate study). However, the investment of time and money in your education can pay off in a job that offers high satisfaction and a good salary. The average annual salary for a chiropractor in the U.S. as of January 5, 2024 is $85,646, according to ZipRecruter.

If you’re interested in working in the healthcare field and enjoy working with people, a job as a chiropractor may be ideal for you. Read on to learn more about how much money a chiropractor makes, as well as other factors to consider before you decide to jump on this career path.

What Are Chiropractors

A chiropractor is a type of medical professional who specializes in evaluating and treating a patient’s neuromusculoskeletal system. Their primary duty is to help patients reduce pain and gain greater levels of mobility. They may perform treatments like massage therapy, physical rehabilitation strategies, or spinal adjustments and procedures.

Tasks involved in being a chiropractor typically include:

•   Reviewing a patient’s medical history and listening to their concerns

•   Performing physical examinations to analyze posture, spine, and reflexes

•   Advising patients on health and lifestyle issues, such as exercise and nutrition

•   Providing neuromusculoskeletal therapy, which involves adjusting a patient’s spinal column and other joints

•   Giving additional treatments, such as applying heat or cold to a patient’s injured areas

•   Referring patients to other healthcare professionals if necessary

Chiropractors often work in healthcare clinics, physical therapy centers, yoga studios, massage centers, or gyms. Some open their own private practices. Because the majority of a chiropractor’s day is devoted to patient care, this job is always in-person and is not a good fit for anyone looking for a work-from-home job.

If a chiropractor runs their own practice, they may also have to take on additional responsibilities related to accounting, record keeping, hiring, and managing employees.

How Much Do Chiropractors Make When They Are Starting Out?

Starting salaries for chiropractors can range anywhere from $41,000 to $76,500. However, those in this role can generally expect their income to rise significantly over time. The highest-earning chiropractors in the U.S. make $93,500 to $101,000-plus a year, per ZipRecruiter.


💡 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 Chiropractor?

How much you can earn as a chiropractor will vary based on your geographical location, company, years of experience, certifications, and other factors. On average, however, a chiropractor earns an hourly rate of $41. This is the equivalent of $1,647 per week or $7,137 per month. The average amount a chiropractor earns per year in the U.S. is $85,646.

The Average Chiropractor Salary by State for 2024

How much money a chiropractor makes can vary by location. What follows is a breakdown of how much a chiropractor makes per year, on average, by state (highest to lowest) based on ZipRecruiter’s data.

Chiropractor Job Considerations for Pay & Benefits

On top of their average salary of $85,646, chiropractors earn more once you take their employee benefits into account. Chiropractors who work full-time for an employer can expect to gain access to standard employee benefits like healthcare and paid vacation. However, many chiropractors choose to work part-time or are self-employed. Those who are self-employed and run their own practice will need to provide themselves and their employees with benefits.

Pros and Cons of Chiropractor Salary

Becoming a chiropractor requires pursuing years of higher education. Before making that time and financial commitment, it’s a good idea to carefully evaluate both the pros and cons of working as a chiropractor.

Pros of Being a Chiropractor

Here’s a look at some reasons why you might consider becoming a chiropractor:

•   A positive job outlook According to the U.S. Bureau of Labor Statistics, employment of chiropractors is projected to grow 9% from 2022 to 2032, much faster than the average for all occupations. The government predicts about 2,600 chiropractor job openings a year, on average, over the decade.

•   Ability to help people Chiropractors help people function better, have less pain, and reach their health goals. This type of work generally comes with high job satisfaction because chiropractors know that what they are doing is meaningful.

•   Job flexibility and autonomy Compared to other types of healthcare jobs, chiropractors enjoy a high level of autonomy and independence. Many choose to own and operate their own private practices after they graduate. Becoming an entrepreneur gives you the freedom to make your own schedule and work for yourself.

•   Earn a good salary The national average salary of chiropractors is $85,646 per year, but chiropractors who complete more education and earn special credentials can negotiate for a higher salary, and may earn as much as $100,000 per year. In addition, those in this role may pursue supervisory positions or create their own practice, which can come with higher pay.

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

Cons of Being a Chiropractor

Being a chiropractor also comes with some downsides. Here are some to keep in mind:

•   A long time in school Becoming a chiropractor requires completing extensive schooling. Indeed, it can take up to eight years of school and training to become a chiropractor. However, many chiropractic students find the time and effort worth the reward.

•   Working overtime While some chiropractor positions allow you to work regular, 40-hour weeks, many chiropractors work 50-plus hours per week to see patients, conduct research, and complete paperwork.

•   Risk involved Some chiropractic procedures involve a patient’s spinal cord and nervous system, such as spinal manipulation and decompression, which can cause pain and involve some risk to the patient. That’s why it’s important that chiropractors have extensive training in conducting these procedures.

•   Salary is lower than other types of doctors While chiropractors do practice health care, they typically don’t earn as much money as other kinds of doctors. For example, the average national salary for a general physician is $208,152 per year. Keep in mind, though, that it takes more schooling and training to become a general physician.

Recommended: Best Low-Stress Jobs for Introverts

The Takeaway

Chiropractors specialize in the anatomy and physiology of people’s nervous systems and spine, and their primary duty is to help patients reduce pain and gain greater levels of mobility.

Choosing to pursue a career path as a chiropractor can be stable and lucrative, with annual salaries as high as $110,000.

Before you can make that much money, however, you’ll need to invest in going to chiropractic school. This may require saving money up over time and/or taking out student loans.

Whatever path you choose, learning how to budget and manage your monthly income and expenses can help you reach both your career and your financial goals.

FAQ

What is the highest paying Chiropractor job?

Traveling chiropractors and sports team chiropractors tend to earn higher salaries than other chiropractic roles. You can also earn a higher-than-average income as a chiropractor by owning your own practice and employing professionals from other medical disciplines, such as physical therapy, massage therapy, and acupuncture.

Where you work can also have an impact on how much you earn as a chiropractor. The states with the highest average salaries for chiropractors are Oregon, Alaska, North Dakota, Massachusetts, and Hawaii.

Do chiropractors make 100k a year?

It’s possible for chiropractors to make 100k a year. In fact, annual salaries for chiropractors can be as high as $110,000.

How much do chiropractors make starting out?

Starting salaries for chiropractors can range anywhere from $41,000 to $76,500. However, a chiropractor’s income typically increases over time. The highest-earning chiropractors in the U.S. make $93,500 to $101,000-plus a year.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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

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

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

SORL1023017

The median annual pay for chefs is $56,520 for the most recent year studied, according to the Bureau of Labor Statistics. This can be a great career for foodies and creative types who love being in the kitchen and can deal with pressures of a food service job.

A good meal can really make someone’s day, whether they’re celebrating a special occasion or not. Chefs can work in a variety of settings, from local eateries to cruise ships to corporate dining rooms to test kitchens. Read on to learn more about the kind of salary a chef earns and more.

What Are Chefs?

Professional chefs do so much more than cook food.

•   Many chefs are in charge of other kitchen staff and help guide them to success in their careers. (For this reason, it may not be a good job for introverts.)

•   They may also manage inventory and ordering food and confirm ingredients are fresh and ready to use.

•   They may develop recipes and create menus.

•   Chefs may hire and train other chefs to work below them.

•   If a chef owns their own restaurant, they will also take on all the work associated with running a business.

Chefs don’t exclusively work in restaurants. Some may work for catering companies, in hotels, on cruise ships, or at event spaces. They may even work for large offices that cater food for employees each day or at schools and universities, feeding hungry students. There are also chefs who may run their own business, catering local parties and weddings, or providing baked goods for cafes.

What’s more, chefs don’t necessarily need special training. Some may have degrees in food service or hospitality, and others may have attended culinary school or taken classes in various techniques. But others are simply talented people with great skills and taste to share.

That said, working in food service can require being on your feet for long hours and with significant pressure since there are hungry people waiting to be fed.


💡 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.

How Much Do Starting Chefs Make a Year?

Entry-level chefs can expect to make less than the average salary for a chef, as that figure reflects more years of experience and working one’s way up the pay scale. Instead, a person just starting out might expect to earn more on a par with the lowest 10% of chefs, or less than $33,750.

Worth noting: The top 10% of earners in this role make more than $91,520, indicating that there is the potential to earn $100,000 a year in this career. That is more likely to happen for those who live in major cities or land a job with a big brand or hospitality chain or perhaps find fame as a chef on social media.

What is the Average Salary for a Chef?

In addition to how experienced they are, what state a chef works in can also majorly impact how much money they earn. While the median nationwide salary for chefs is currently $56,520 per year, the following table highlights how much variance chefs can see in pay depending on the state they live and work in.

For example, chefs in New Jersey tend to earn more than the national median ($56,764 on average), whereas Florida chefs earn much less ($34,602 on average).

This table is arranged from highest to lowest salary, and shares hourly pay as well.

What is the Average Chef Salary by State for 2023

Source: ZipRecruiter

Recommended: Pros and Cons of Raising Minimum Wage

Chef Job Considerations for Pay & Benefits

It’s hard to pinpoint what potential benefits chefs gain access to in addition to their hourly wage or annual salary.

That being said, many chefs who work full-time will qualify for traditional employer-sponsored benefits like retirement savings accounts, health insurance, and paid time off.

Chefs who work part-time may not qualify for any benefits, and those who own their own businesses will be responsible for securing those benefits.


💡 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 Chef Salary

The main advantage of a chef’s salary is that many years of expensive schooling aren’t required to earn a decent salary. Not having to worry about student loans can help a chef’s salary stretch a lot further. While some chefs may choose to attend culinary programs at a technical school, culinary arts school, community college, or a four-year college, this education can be obtained affordably.

On the flip side, it can be challenging to find a full-time role as a chef that comes with benefits, and the tradeoff for a decent salary is often very long and hard working hours, with a considerable degree of stress.

Recommended: What Does Competitive Pay Mean?

The Takeaway

Working as a chef can be an exciting way to earn a solid living. Those who are passionate about food will likely love going to work every day. This job does come with its challenges—primarily, it is physically demanding and under high pressure—but can be a great way to turn a love of food and cooking into a career.

See exactly how your money comes and goes at a glance.

FAQ

Can you make 100k a year as a chef?

While it is possible to earn $100,000 a year as a chef, it isn’t typical to earn that much. The median annual salary for chefs is $56,520. That being said, chefs who work in fine dining or who own their own businesses may be able to earn more competitive pay.

Do people like being a chef?

If someone loves to cook, they will likely enjoy being a chef. However, this job does require a lot of social interaction with other members of the kitchen and wait staff, so it’s not a great fit for anyone who is antisocial.

Is it hard to get hired as a chef?

There are about 22,000 openings annually for chefs and head cooks, and job opportunities are growing faster than average. So if someone has the right skill set and qualifications, they should be able to find a job as a chef. It is important to note that it may be challenging to get hired as a chef if someone lives in an area without a lot of restaurants or lacks industry experience.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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

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

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

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

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We all feel the effects of inflation: Groceries cost more, childcare seems to be a luxury service. But that’s subjective. To nail down the real-world impact of inflation, economists like to compare rising prices to salaries, which are more static. This is where the wage inflation calculator comes in. The tool illustrates how much buying power your earnings currently have compared to past years.

We’ll take a closer look at how wage inflation calculators work and what they can tell us about making a living in the U.S. in 2024. We’ll also examine what inflation is and how much wages have grown compared to home prices, gold, and other metrics.

What Goes Behind an Hourly Wage Inflation Calculator

A wage inflation calculator may go by other names, such as an inflation wage calculator, hourly wage inflation calculator, minimum wage inflation calculator, or a wage adjusted for inflation calculator. But they’re all the same. You can see an example at https://www.bls.gov/data/inflation_calculator.htm.

The calculator is one way to represent inflation, which is the change in price of goods and services. It tells you how much buying power a dollar amount has on a certain date compared to another date — usually today or a year-over-year equivalent. For example, someone may enter their hourly wage on Jan. 1, 2010, and then compare how much that same wage bought them on Jan. 1, 2024.

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Historical Inflation Rates, Compared

The table below shows the annual rate of inflation from 1920 to present. See the next section for more information on how to read the table.

How to Read Our Historical Inflation Rate Table

To understand the table shared above, first you need to know what CPI means. The Consumer Price Index comes from the U.S. Bureau of Labor Statistics (BLS), which began collecting family expenditure data in 1917. The annual average CPI-U in the second column represents Urban CPI data. The annual percent change between each year’s CPI represents the rate of inflation.

How to Calculate Hourly Wage Adjusted for Inflation

Using a wage inflation calculator is an easy way to see how our income’s buying power changes with inflation. Just enter the starting year of your choice, your hourly wage, and then the current year.

Let’s say someone was making $25 per hour in 2018 and wants to know what the equivalent hourly rate is in 2024. In this case, making $25 per hour in August 2018 is equivalent to making $31.21 in August 2024. Assuming the individual makes the same money today, this shows that the buying power of their hourly wage has decreased over the years.

If you’re negotiating a raise, you could argue that $31.21 is the minimum you should be making to keep up with the cost of living.

What Is Inflation and How Does It Work?

Inflation represents changes in prices of services and goods throughout the economy. The way the government measures inflation is by comparing the current cost of goods and services to prices in previous years.

Inflation weakens the purchasing power of the dollar, as consumers have to pay more for things than they did in previous months and years. Inflation can also deflate the value of cash held in savings accounts.

What Is Actual Inflation?

Actual inflation is a term used to refer to what the current rate of inflation really is versus what consumers perceive the current rate to be, or their “inflation expectations.” Consumer expectations influence actual inflation.

Hyperinflation

Hyperinflation is a term used when rapid inflation occurs. This is when prices rise uncontrollably over a period of time. Hyperinflation is extreme — 50% a month or more — and fortunately rare.

The U.S. has never experienced hyperinflation, and no one believes it’s on the horizon. The most recent example of hyperinflation is Venezuela, where inflation reached 65,000% in 2018.

Deflation

Deflation is the opposite of inflation, when prices of goods and services go down. The U.S. experienced deflation of 7% (or -7% inflation) during the first few years of the Great Depression.

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How Is Inflation Calculated?

The formula for measuring inflation is:

•   Percent Inflation Rate = (Final CPI Index Value/Initial CPI Value) x 100

How Is Wage Adjusted for Inflation Calculated?

It’s complicated. The easiest way to calculate a wage adjusted for inflation is to use an online wage inflation calculator.

How Inflation Impacts You

There’s some confusion surrounding whether inflation is good or bad. Some inflation is normal, and shows that the economy is growing. But for consumers it feels like a bad thing. It can be especially worrisome for borrowers with variable-rate-interest debt like student loan debt.

Economists can measure the impact of inflation on consumers in a number of ways. You’ve probably seen articles discussing college tuition vs. inflation, which show how American incomes have not kept up rising education costs. Other metrics tell similar stories.

Let’s look at a few different metrics that reveal how consumers may feel the impact of inflation.

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How Your Wage Is Doing Relative to the Housing Market

Inflation can sneak up on consumers when prices at grocery stores rise slightly. But they really feel it when making a large purchase, such as buying a home. People who have saved for many years to buy a house find that their income and savings are no longer enough to reach their home buying goals.

That’s because median home prices have far outstripped median wages: Nationwide home prices have grown 129% since 1960, while household income increased only 39%. This may have been great news for our parents and grandparents, who saw their real estate investments soar. But for today’s first-time homebuyers, it’s a disaster.

Also, mortgage interest rates can rise during periods of inflation.

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How Your Wage Is Doing Relative to Gold

Because gold tends to hold its value, it makes a good unit of measurement for economists. By converting wages to gold, we can get a better sense of how wages have held up, or not, over the years.

In 1965, the minimum wage was equal to 71 ounces of gold annually. Given the price of gold in 2024, that’s equal to a salary of $179,491.55. Compare that to the current federal minimum wage of $7.25 per hour, or $15,080 annually.

How Your Wage Is Doing Relative to CPI

Remember, CPI represents consumer prices. Inflation impacts prices of essential goods and services such as groceries, gas, and childcare. This means that salaries and savings don’t extend as far as they used to. This is why many people push for raising the minimum wage during periods of inflation.

If you’re looking to take control of your money during inflation, a money tracker app can help you gain valuable insight into your financial life.

The Takeaway

Inflation, and the rising prices that come with it, means your income doesn’t buy as much as it used to. Using a wage inflation calculator is one way for consumers to get a more objective idea of how much buying power their hourly wage has during periods of inflation. Of course, inflation doesn’t affect all prices equally. That’s why economists use different metrics to measure inflation’s impact, such as the Consumer Price Index (CPI), the housing market, and gold.

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FAQ

How do you calculate wages adjusted for inflation?

Using a wage inflation calculator can make it easier to get insight into how much buying power an hourly wage has in the current economy. With a wage adjusted for inflation calculator, it’s easier to understand what someone’s income is currently worth compared to prior years.

How much is $15 an hour in 2000?

According to the CPI Inflation Calculator from the U.S. Bureau of Labor Statistics, $15 an hour in August 2000 is equivalent to $27.33 of buying power in August 2024.

What is the inflation rate for 2024?

The current inflation rate for 2024 is 2.5%. This is based on the 12 months ending August 2024.

How do you calculate real hourly wage from CPI?

Wage inflation calculators take the current CPI and past CPI into account to help consumers calculate their real hourly wage.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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