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Many busy parents find that a traditional 9-to-5 job isn’t the best option while they’re raising young children. Working for yourself can provide more flexibility and control, as well as better work-life balance. But there are trade-offs.

Let’s take a look at some of the best self-employed jobs in 2024. We’ll also provide tips on finding a self-employed job that helps support a family’s needs.

What Jobs Are Considered Self-Employed Jobs?

At one time, self-employed business people typically worked out of a storefront or office with a small staff. Today, many self-employed individuals work from home with no employees. They deliberately keep their operation small to maintain flexibility in their schedule (and keep overhead costs down). Solo entrepreneurs usually have a strong background in a specific service they can offer to clients, such as accounting, marketing, or graphic design.

There are a number of different ways self-employed workers get paid. For instance, they may identify as an independent contractor when they work for larger businesses. They can also start a sole proprietorship or a partnership with another entrepreneur.

Because of the amount of time spent attracting and communicating with clients, self-employment may not be the best choice of 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.

Examples of Self-Employed Jobs for Parents

Self-employed jobs can be logistical, analytical, creative, or involve a skilled trade. Parents may pursue self-employed work as a freelance writer or a lawyer. As long as the work can be done independently, there’s virtually no limit to the type of services someone can offer when working for themselves.

Recommended: Best On-Campus Jobs

Tips to Finding Self-Employed Jobs for Parents in 2024

Parents who are considering self-employment should first ask themselves these questions:

•   How much do I hope to make per hour?

•   How many hours per week do I want to work?

•   What is my strongest skill set?

•   What services can I offer based on that skill set?

Parents have two options for pursuing work. They can apply for posted contract or freelance roles that seem like a good fit for their skills and scheduling needs. Or they can advertise their services and work on attracting clients.

Difficulties Parents Can Encounter When Looking for Self-Employed Jobs

One element of self-employment that many people struggle with is making the transition to boss. Parents who have a lot of responsibilities on their plate may find it especially hard to create a structured workday, or to make time between projects to source new clients.

Many self-employed people find it tough to promote themselves or set appropriate rates. Another money challenge: budgeting with a fluctuating income.

All of these things get easier over time, but the early days of self-employment can be challenging. If money management is a concern for you, check out these financial planning tips for freelancers.

Recommended: Does Net Worth Include Home Equity?

Pros and Cons of Self-Employed Jobs for Parents

There are advantages and disadvantages to working for oneself.

Pros of Self-employment	Cons of Self-employment
•   Flexible schedule •   Work from home — or wherever you work best •   Choose clients you enjoy working with	•   Inconsistent income makes budget planning hard •   Sourcing clients is time consuming •   No paid sick days, vacation, bereavement, or parental leave

7 Self-Employed Jobs for Parents

What are the best self-employed jobs? The fact is, what’s best for one parent may not be right for another. Consider a broad range of possibilities before you settle on one. The following jobs were chosen because they offer flexibility and high wages.

1. Business Consultant

Average hourly pay: $37

A business consultant helps other businesses improve a select area of their business (such as their marketing department) or their business as a whole. Consultants can provide support to sales, finance, operations, HR, IT, and other areas. While business consultants can book time to work with clients in a way that fits their schedule, they will often need to do so during business hours since so much of their work involves client communications.

Requirements: Bachelor’s degree, master’s degree (preferred), or a certification from a business consultant association.

Schedule Flexibility [1-5]: 3

Duties:

•   Advising clients

•   Creating business plans

•   Improving employee performance

2. Software Developer

Average hourly pay: $37

Software developers write and test code for clients when creating systems software, apps, video games, and other products. Many clients need temporary or ongoing support in this area, which can provide software developers with a lot of flexibility. Developer roles usually appear on lists of ideal jobs for introverts.

Requirements: Knowledge of programming languages.

Schedule Flexibility [1-5]: 4

Duties:

•   Writing code

•   Testing code

•   Project planning

3. Virtual Assistant

Average hourly pay: $34

Supporting clients as an administrative assistant virtually. Because so much of this work can be done via email, and immediate responses aren’t expected, virtual assistants can often choose their own hours.

Requirements: Office skills

Schedule Flexibility [1-5]: 4

Duties:

•   Scheduling calls

•   Providing email support

•   Booking travel plans

4. Editor

Average hourly pay: $31

Editors polish writing projects across a variety of industries and media formats. This work can be done independently from home, but may require virtual meetings during traditional office hours.

Requirements: Bachelor’s degree and industry experience.

Schedule Flexibility [1-5]: 4

Duties:

•   Writing copy

•   Editing copy

•   Mentoring writers

5. Copywriter

Average hourly pay: $28

Similar to editors, copywriters can work from home and do their work independently. Many writers are hired on a freelance basis, which gives them the option of taking on more projects when they have the time.

Requirements: Bachelor’s degree and industry experience.

Schedule Flexibility [1-5]: 4

Duties:

•   Crafting headlines

•   Writing technical guides

•   Creative writing

6. Web Designer

Average hourly pay: $35

Web designers create websites for clients from scratch, update existing website designs, and provide ongoing website support. This work can be done independently, but does require meeting with project stakeholders during business hours.

Requirements: Knowledge of design programs, and HTML and CSS programing languages.

Schedule Flexibility [1-5]: 3

Duties:

•   Build and design websites

•   Enhance user interface (UI) and user experience (UX)

•   Bring client’s vision to life

7. Career Coach

Average hourly pay: $24

Working as a career coach can create really flexible working hours for parents because many clients want to book sessions on nights and weekends when they aren’t working.

Requirements: Bachelor’s degree or master’s degree (preferred)

Schedule Flexibility [1-5]: 5

Duties:

•   Advising clients on job search process

•   Helping clients plan career trajectory

•   Resume consulting

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

The Takeaway

Being self-employed can be very rewarding — especially for parents. Working for yourself can make it possible to have flexible working hours and to work from home. Almost any service can be offered on a freelance or consulting basis. The key is to evaluate your skills and give yourself time to build a client base.

Challenges may include creating your own workday structure, making time for administrative tasks that aren’t billable, no paid time off, and a fluctuating income. Before making the leap into self-employment, it can be helpful to take a good hard look at the family’s financial situation.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

How can a stay-at-home mom make money in 2024?

There are plenty of ways a stay-at-home mom can earn an income from home in 2024. One popular option for busy moms who need a flexible schedule is working as a virtual assistant on a part-time basis. These roles make it possible to work from home during times when children are napping or at school.

What is the best job to have as a parent?

There is no one best job for a parent to have, but there are some very desirable traits that appeal to most parents. Moms and dads are likely to value job opportunities that have flexible schedules, are remote, and have a high enough wage to support a family.

What job can I do from home with a baby

Nowadays, many job opportunities are remote, which can make it possible for people to work from home with a baby. Some parents may choose to create their own job by going the self-employed route. Others may pursue careers as a virtual assistant, bookkeeper, copywriter, web designer, or another role that they can perform from home.

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Photo credit: iStock/pixdeluxe

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

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

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Flexibility can be a real asset in a career. Maybe you’re young and figuring out your post-graduation path. Or you’re busy balancing the demands of running a home and caring for a family. Or you’re an athlete who needs plenty of time for training and recovery.

There are lots of flexible-schedule jobs out there, if you know where to look. Let’s check out some part-time jobs with flexible schedules.

What It Means for a Job to Have a Flexible Schedule

Whether you’re in college or caring for children or pursuing an unpaid passion, there are many reasons why someone would want some flexibility in their career.

But what does a flexible schedule mean exactly? According to the U.S. Department of Labor, a flexible schedule is one that allows people to work outside traditional 9 to 5 office hours. Aside from that, situations vary depending on the role and employer.

Workers may be able to choose the time they arrive at and depart work, for instance. With certain flexible work policies, employees still have to work a set number of hours per pay period or be available during a daily “core time.” So while the employee may not have to show up at 9am on the dot and leave at exactly 5pm, they may need to at least show up by 11am and stay until after 3pm. However, this type of shortened schedule could work for many people, including parents who are self-employed.


💡 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.

Tips for Finding a Flexible Part-time Job in 2024

Flexible part-time jobs can be logistical, analytical, creative, or involve a skilled trade. When it comes time to search for flexible-schedule jobs, keep in mind these tips.

•   Stay focused. Job applicants who know what they’re looking for and what they can offer an employer can plan a more effective job search. If someone knows they have to have a flexible part-time schedule in order to accept a job, they can save a lot of time and energy by only applying for jobs that offer that. Trying to convince an employer to change their staffing plans is an uphill battle.

•   Prepare to hear No. Know that it will take a while to find the right fit, and that rejection is a normal part of any job search. Psychologically preparing yourself can help you persevere until the right job comes along.

•   Don’t be a square peg. If a flexible part-time schedule is what matters most, you may need to be flexible yourself in other areas. For example, accept that you may need to compromise on title, salary, or industry. Giving up the highest-paying job for one with a more relaxed schedule can be worth it.

•   Go remote. Work-from-home jobs with flexible schedules can often be easier to find than on-site jobs that have flexible schedules. When reviewing online job boards, look for flexible schedule remote jobs.

Recommended: Does Net Worth Include Home Equity?

Why It Can Be Difficult to Find Part-time Jobs With Flexible Schedules

It can be difficult to find flexible-schedule part-time jobs because many jobs require being in a certain location at a certain time. For example, a hairstylist has to show up for work when they have appointments scheduled. A restaurant has to know they have enough servers on hand during operating hours. Even a corporate job where some work can be done remotely and independently can require being online during set times so that it’s easy to communicate with coworkers.

Great Part-Time Jobs With Flexible Schedules

Perhaps someone wants to take on a second job to help them pay down their debt or save for a dream vacation. Whatever the reason, it’s easy to see the appeal of a part-time job with a flexible schedule.

While there are countless part-time jobs on the market that can suit a variety of workers’ desired schedules, these are some of the best flexible schedule jobs for Gen Zers and Millennials. And if you’re in college, don’t miss our list of the best on-campus jobs.

1. Landscaper and Groundskeeper

Average hourly wage: $17.39

Job description: Landscapers and groundskeepers typically set their own schedules and plan which days they’ll tend to a client’s yard, but they don’t have to tell them exactly what hour they’ll show up to do their work.

Requirements: In some areas a license may be required to use pesticides and fertilizers.

Schedule flexibility: 4

Duties:

•   Mowing lawns

•   Removing weeds

•   Planting and maintaining flowers, bushes, and trees

2. Recreation and Fitness Worker

Average hourly wage: $22

Job description: Running a fitness or recreation class can be fun and rewarding work that is often performed on a part-time basis. Many instructors can choose when they host their classes (like when their young child is in school), but they do have to stick to those times.

Requirements: Licensing or background checks may be required.

Schedule flexibility: 4

Duties:

•   Plan programming

•   Run classes

•   Clean up post-class

3. Freelance Software Developer

Average hourly wage: $37

Job description: Many businesses hire freelance software developers to create computer programs and applications for business or consumer use. Some meetings during business hours may be required.

Requirements: Knowledge of select programming languages.

Schedule flexibility: 4

Duties:

•   Write code

•   Test code

•   Meet with project stakeholders

4. Virtual Assistant

Average hourly wage: $34

Job description: Plenty of professionals can’t afford or don’t need a full-time assistant. Instead, they hire virtual assistants who can tackle administrative work for a few hours a week. Virtual assistance can be a rewarding job for introverts who are conscientious and organized.

Requirements: Office skills

Schedule flexibility: 4

Duties:

•   Scheduling meetings

•   Managing clients’ inbox

•   Helping with administrative work

5. Freelance Copywriter

Average hourly wage: $28

Job description: A writer can work with many different brands as a freelance copywriter and can choose when they want to take on new projects and what hours of the week they work on them. Working as a freelance copywriter is also a great side hustle.

Requirements: Bachelor’s degree and industry experience

Schedule flexibility: 5

Duties:

•   Research

•   Writing copy

•   Editing copy

6. Freelance Web Designer

Average hourly wage: $35

Job description: Freelance web designers work independently designing websites for a variety of clients, instead of a full-time job. Work-from-home web design can be a well-paying and fulfilling job for antisocial people.

Requirements: Knowledge of design programs, and HTML and CSS programing languages.

Schedule flexibility: 3

Duties:

•   Design web pages and sites

•   Code designs

•   Present to clients and incorporate feedback

7. Freelance Editor

Average hourly wage: $31

Job description: Similar to copywriters, editors can work freelance for multiple clients.

Requirements: Bachelor’s degree and industry experience

Schedule flexibility: 4

Duties:

•   Nurturing writers

•   Editing copy

•   Publishing content

8. Business Consultant

Average hourly wage: $37

Job description: A business consultant can offer services to multiple businesses who need support as a whole or who are looking to improve a certain area of their business, such as their marketing efforts, operations, or HR.

Requirements: Bachelor’s degree, master’s degree (more advantageous), or a certification from a business consultant association.

Schedule flexibility: 3

Duties:

•   Assess potential areas of improvement

•   Create improvement plans

•   Find ways to cut costs

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

The Takeaway

There are plenty of great flexible-schedule jobs that millennials and Gen Zers can pursue to give them the time they need to attend school, start a business, or take care of young children. Some remote freelance roles can be entirely flexible — such as web designers, writers and editors — while other jobs require your presence during certain core hours.

Choose whether you prefer a more physically demanding job — such as landscaper or fitness worker — or an office job that requires a laptop (like virtual assistant). It may take time to find the right position, so be patient. It’s also a good idea to keep an eye on how your money comes and goes to ensure you’re sticking to your savings goals.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

What part-time job has the most flexible hours?

There is no single part-time job that has the most flexible hours. That said, jobs where work can be done independently and remotely usually have the most flexibility. Jobs like working as a freelance writer or graphic designer are good examples of jobs someone can usually do during times that work well for them.

What job gives you the most free time?

Flexible-schedule work-from-home jobs can give workers the most free time because they don’t have to worry about a commute. It’s also usually easier to control your work schedule when you work from home. As a bonus, you can use your breaks to be productive — by tackling household chores or working out — or enjoy down time.

What jobs can I make my own hours?

Some jobs with flexible schedules allow workers to set their own hours. The key is to look for a job where the hours someone works doesn’t matter as much as the type of work they produce.

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Photo credit: iStock/Eva-Katalin

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.

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.

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Although gas prices hit new highs in 2022, that wasn’t the first time gas numbers have spiked. A look back at the average national gas price in previous decades can provide some context. So can observing how state regulations affect the price of gas in your area.

Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Why Gas Prices Are Rising in 2023

As anyone who’s gone to the pump in the past couple of years knows, filling up isn’t as cheap as it used to be. Gas prices have risen in the second half of 2023, due in large part to a drop in global oil production. In early October of 2023, the average price of gas was $3.77 per gallon, according to AAA — up 60 cents from the $3.17 average at the beginning of the year. Still, that’s lower than what consumers paid in June 2022, which saw the highest recorded average of $5.03.

Fuel prices have been soaring for a few reasons. Prior to coronavirus’s arrival in the U.S. in 2020, gas cost around $2.50 per gallon. During the pandemic, as fewer Americans were driving to work or for pleasure, the price of oil plummeted.

In 2021 people started driving and flying again, and demand for gas surged. The supply couldn’t keep up, so the price of gas increased.

Prices dropped a little in early 2022 as things started getting back to normal — until late February, when Russia invaded Ukraine. The ensuing war led to a steep increase in prices as Europe, the U.S., and other countries agreed to stop buying Russian oil.

Then, in mid-2023, Russia and Saudi Arabia announced an extension of their oil production cuts, which caused prices to jump up yet again. The U.S. Energy Information Administration expects gas prices to continue rising over the rest of the year.


💡 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.

Average Price by State for Regular Unleaded in October 2023

Data is courtesy of AAA .

STATE NAME	Unleaded Price in October 2023
Alabama	$3.28
Alaska	$4.63
Arizona	$4.59
Arkansas	$3.33
California	$5.93
Colorado	$3.83
Connecticut	$3.77
Delaware	$3.29
Florida	$3.52
Georgia	$3.20
Hawaii	$4.87
Idaho	$4.11
Illinois	$3.75
Indiana	$3.52
Iowa	$3.51
Kansas	$3.56
Kentucky	$3.37
Louisiana	$3.29
Maine	$3.74
Maryland	$3.48
Massachusetts	$3.73
Michigan	$3.66
Minnesota	$3.69
Mississippi	$3.20
Missouri	$3.45
Montana	$4.05
Nebraska	$3.67
Nevada	$5.03
New Hampshire	$3.64
New Jersey	$3.59
New Mexico	$3.68
New York	$3.88
North Carolina	$3.40
North Dakota	$3.80
Ohio	$3.35
Oklahoma	$3.51
Oregon	$4.72
Pennsylvania	$3.85
Rhode Island	$3.67
South Carolina	$3.27
South Dakota	$3.77
Tennessee	$3.30
Texas	$3.30
Utah	$4.09
Vermont	$3.79
Virginia	$3.50
Washington	$5.10
West Virginia	$3.56
Wisconsin	$3.41
Wyoming	$3.86

Average Price by State for Premium in October 2023

Data is courtesy of AAA.

STATE NAME	Premium Price in October 2023
Alabama	$4.05
Alaska	$5.04
Arizona	$5.20
Arkansas	$4.11
California	$6.33
Colorado	$4.51
Connecticut	$4.71
Delaware	$4.16
Florida	$4.25
Georgia	$4.11
Hawaii	$5.32
Idaho	$4.56
Illinois	$4.67
Indiana	$4.48
Iowa	$4.29
Kansas	$4.19
Kentucky	$4.25
Louisiana	$4.03
Maine	$4.59
Maryland	$4.34
Massachusetts	$4.61
Michigan	$4.67
Minnesota	$4.42
Mississippi	$3.95
Missouri	$4.11
Montana	$4.63
Nebraska	$4.31
Nevada	$5.55
New Hampshire	$4.50
New Jersey	$4.45
New Mexico	$4.33
New York	$4.73
North Carolina	$4.18
North Dakota	$4.48
Ohio	$4.27
Oklahoma	$4.12
Oregon	$5.18
Pennsylvania	$4.58
Rhode Island	$4.64
South Carolina	$4.05
South Dakota	$4.40
Tennessee	$4.08
Texas	$4.04
Utah	$4.55
Vermont	$4.62
Virginia	$4.29
Washington	$5.55
West Virginia	$4.24
Wisconsin	$4.30
Wyoming	$4.41

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

Average Price by State for Diesel Gas in October 2023

Data is courtesy of AAA.

STATE NAME	Diesel Price in October 2023
Alabama	$4.29
Alaska	$4.77
Arizona	$4.96
Arkansas	$4.23
California	$6.45
Colorado	$4.43
Connecticut	$4.62
Delaware	$4.29
Florida	$4.50
Georgia	$4.21
Hawaii	$5.83
Idaho	$4.82
Illinois	$4.32
Indiana	$4.47
Iowa	$4.30
Kansas	$4.31
Kentucky	$4.31
Louisiana	$4.19
Maine	$4.51
Maryland	$4.40
Massachusetts	$4.55
Michigan	$4.40
Minnesota	$4.38
Mississippi	$4.11
Missouri	$4.19
Montana	$4.70
Nebraska	$4.30
Nevada	$5.25
New Hampshire	$4.42
New Jersey	$4.52
New Mexico	$4.43
New York	$4.74
North Carolina	$4.33
North Dakota	$4.41
Ohio	$4.36
Oklahoma	$4.22
Oregon	$5.17
Pennsylvania	$4.82
Rhode Island	$4.54
South Carolina	$4.30
South Dakota	$4.41
Tennessee	$4.27
Texas	$4.09
Utah	$4.72
Vermont	$4.55
Virginia	$4.36
Washington	$5.67
West Virginia	$4.32
Wisconsin	$4.18
Wyoming	$4.63

Average US Gas Price 1978 to 2022

Historical data courtesy of Axlewise. Prices are adjusted for inflation and shown in 2020 dollars.

Year	Gas Price
2020	$3.99
2021	$3.13
2020	$2.24
2019	$2.26
2018	$2.25
2017	$2.26
2016	$2.28
2015	$2.30
2014	$2.29
2013	$2.30
2012	$2.30
2011	$2.30
2010	$2.31
2009	$2.31
2008	$2.32
2007	$2.33
2006	$2.33
2005	$2.33
2004	$2.34
2003	$2.35
2002	$2.41
2001	$2.40
2000	$2.36
1999	$2.37
1998	$2.36
1997	$2.37
1996	$2.36
1995	$2.35
1994	$2.32
1993	$2.33
1992	$2.33
1991	$2.34
1990	$2.34
1989	$2.33
1988	$2.32
1987	$2.32
1986	$2.35
1985	$2.35
1984	$2.38
1983	$2.39
1982	$2.42
1981	$2.42
1980	$2.43
1979	$2.44
1978	$2.44

Tips for Finding Cheap Gas Stations in Your State

There are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

•   Use an app like GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers cashback deals, paid subscriptions, and more.

•   AAA has a gas price monitoring website that gets updated every day. Drivers can search by state and country to find the best prices.

•   Both Google Maps and Waze keep track of gas prices. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although one can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

•   Another useful app is GetUpside. The app lets users compare gas prices near them, and also earn cash back every time they fill up their tank.

•   Besides the ability to buy in bulk, one of the perks of getting a Costco or Sam’s membership is getting discounts on gas. It’s often the cheapest option for club members.

•   Certain days of the week tend to have lower prices. Generally, Mondays are the cheapest, followed by Sunday, while Wednesday and Thursday are the most expensive days.

Recommended: What Credit Score is Needed to Buy a Car

The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas and stay within your budget, including apps and membership-only retailers.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

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

FAQ

What was the price of gas in 1980?

In 1980, the average price of gas was $1.19. That is equivalent to $4.60 in 2023 dollars.

What year were gas prices the highest?

Before 2022, the highest average gas price was $4.11 in July 2008.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.11 and $1.15 per gallon.

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Photo credit: iStock/skodonnell

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.

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.

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What Are the Dogs of the Dow?

The “Dogs of the Dow” is an investment strategy that focuses on large, established companies that offer relatively high dividends. There are different ways to pursue the strategy, but it generally attempts to outperform the Dow Jones Industrial Average (DJIA) by investing in the highest dividend-yielding stocks from among the 30 stocks that comprise the DJIA.

The Dow Jones is among the oldest and most popular stock indices in the world, with casual investors often using it as a shorthand for the performance of the broader stock market, and even the global economy. Over time, the Dogs of the Dow tends to perform in line with it.

The Dogs of the Dow strategy became popular in 1991 with the publication of Beating the Dow in which author Michael B. O’Higgins coined the term “Dogs of the Dow.” The strategy itself reflects the assumption – usually true – that blue-chip companies have the stability to continue to pay out their regular dividends regardless of the performance of their stocks.

How the Dogs of the Dow Work

The formula for identifying the companies in the Dogs of the Dow is – by the standards of economics – fairly simple. It comes down to the stock’s dividend yield, calculated by dividing the annual dividend paid by a stock (in dollars) by its stock price. The stocks with the highest dividend yields are the Dogs of the Dow.

Followers of the Dogs of the Dow strategy believe the dividend paid by a company more accurately reflects its average value than the trading price of that company’s stock. Unlike the dividend, the stock price is always in flux.

When the stock prices of companies go down in response to the business cycle, the ratio of those companies’ dividends to their stock prices will go up. In other words, the dividends of those stocks will be disproportionately high in relation to their stock prices. Adherents of the Dogs of the Dow strategy believe the companies with that high dividend-to-stock-price ratio will eventually revert to their mean and should grow faster when the business cycle turns, and their prices increase. In addition to promising performance, the strategy also offers investors regular income in the form of dividend payments.


💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Who Are the Dogs of the Dow in 2023?

The 2023 Dogs of the Dow are led by Verizon with a dividend yield of 6.62%, followed by Dow with a dividend yield of 5.56%. The others are: Intel (5.52%), Walgreens (5.14%), 3M (4.97%), IBM (4.68%), Amgen (3.24%), Cisco (3.19%), Chevron (3.16%), and JP Morgan Chase (2.98%).

The Dogs are always changing, as are the companies that make up the DJIA itself. In 2020, for example, Salesforce.com joined the index – a rare entrant that has never paid its investors a dividend. In the same year, troubled aerospace titan and DJIA member Boeing suspended its dividend.

Between 2022 and 2023, Cisco and JP Morgan Chase joined the list, and Merck and Coca-Cola left the list because their dividend yields dropped.

It’s easy to see that the highest-yielding stocks in the DJIA are always changing. This means that an investor who is pursuing this strategy needs to regularly rebalance their holdings, whether monthly, quarterly or annually.

One reason such rebalancing is necessary is that even though the large stocks in the DJIA typically have lower volatility than some other stocks, their values still change over time. So rebalancing is an important step toward preventing a situation where one stock plays too big of a role in a portfolio’s performance. But with a Dogs of the Dow strategy, rebalancing is even more important, as the companies that fit the description will change on a semi-regular basis.

Investing in the Dogs of the Dow

Different investors view the Dogs of the Dow differently. Some say it’s only the five or 10 DJIA stocks with the highest dividend-to-share-price relationship. But it’s worth noting that not all 30 companies on the DJIA index currently pay dividends.

Investors can buy 10, 15 or all 30 of those stocks through a brokerage account. Or they can invest in the DJIA by purchasing exchange-traded funds (ETFs). There are even Dogs of the Dow ETFs that invest in the dividend-focused strategies similar to Dogs of the Dow approach. But when buying one of these funds, it is important to read their strategies before investing.

Recommended: What Are Dividend ETFs?

Pros and Cons of Dogs of the Dow Strategy

There are several advantages to using a Dogs of the Dow strategy, but there are also some drawbacks for investors to consider.

Dogs of the Dow: Pros

• The strategy invests in Blue Chip companies with a long history of success and industry-leading positions.

• It has a history of outperforming the DJIA.

• Investors receive regular dividend payments.

Dogs of the Dow: Cons

• The IRS taxes dividends paid by the stocks at the income-tax rate rather than the lower capital gains rate.

• It is a value-oriented strategy that may lag during growth markets.

• The strategy isn’t widely diversified.

💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.

Does Dogs of the Dow Still Work?

The Dogs of the Dow struggled during the market upheaval of 2020. As a group of 10, the Dogs lost 13% over the course of the year, well below the 7% increase posted by the DJIA. In 2021, the Dogs were also below the DJIA and the S&P 500. And 2021 was the third straight year the Dogs didn’t do as well as the broader Dow.

However, in 2022, Dogs of the Dow did better than the DIJA with a positive return of 2.2%, while the DJIA had a negative return of -7.0.

Historically, Dogs of the Dow has occasionally done worse than the broader DJIA, notably in the financial crisis of 2008, when it suffered larger losses than the index. But through the 10 years that followed, it outperformed the Dow, though not profoundly.

But even small amounts of outperformance add up over time. A $10,000 investment in the DJIA made at the outset of 2008 would have grown to approximately $17,350 by the end of 2018. The same amount invested in the Dogs of the Dow strategy would have reached $21,420 by the end of 2018, assuming that the investor rebalanced their holdings once per year.

Recommended: What Is the Average Stock Market Return?

The Takeaway

Dogs of the Dow is an investment strategy that uses dividends as a way to spot undervalued Blue Chip stocks, and to benefit from economic cycles.

While investors may be interested in exploring the Dogs of the Dow, the strategy does have pros and cons. Investors should weigh the benefits and drawbacks carefully before using it.

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Photo credit: iStock/Helin Loik-Tomson

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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.

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