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The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages.
This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than is currently available.
The proposal, published in the Federal Register, recognizes that existing borrowers “face limited options” if they seek to access equity on their primary residence, particularly if they have a mortgage rate from a loan originated during the low-rate environment of the COVID-19 pandemic.
“[A] traditional cash-out refinance today may pose a significant financial burden, as it requires a refinancing of the entire outstanding loan balance at a new, and likely much higher, interest rate,” FHFA said in its proposal. “Homeowners may also use second mortgages to access the equity in their homes, [where] only the smaller, second mortgage would be subject to the current market rate, as the original terms of the first mortgage would remain intact.”
Second mortgages are also typically offered at a lower interest rate than certain alternative products like personal loans, so Freddie Mac’s proposal is to purchase “certain closed-end second mortgage loans from primary market lenders” that are already approved to sell mortgages to Freddie Mac, the proposal states.
“In a closed-end second mortgage loan, the borrower’s funds are fully disbursed when the loan closes, the borrower repays over a set time schedule, and the mortgage is recorded in a junior lien position in the land records,” FHFA stated. “Freddie Mac has indicated that the primary goal of this proposed new product is to provide borrowers a lower cost alternative to a cash-out refinance in higher interest rate environments.”
FHFA Director Sandra Thompson explained that such options are needed in the current mortgage rate environment.
“The proposed activity is intended to provide homeowners with a cost-effective alternative for accessing the equity in their homes,” Thompson said in an announcement of the proposal. “Reviewing and considering comments from the public will be a critical component of our review as the agency exercises its statutory responsibility to evaluate new enterprise products.”
This is specifically designed to benefit consumers during the high rate environment, the agency said.
“In the current mortgage interest rate environment, a closed-end second mortgage may provide a more affordable option to homeowners than obtaining a new cash-out refinance or leveraging other consumer debt products,” the proposal explained. “A significant portion of borrowers have low interest rate first mortgages, and the proposal would allow those homeowners to retain this beneficial interest rate on the first mortgage and avoid resetting to a higher rate through a cash-out refinance.”
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act (HERA) of 2008, requires the GSEs to provide advance notice to FHFA of any potential actions or products they aim to pursue. This notice demonstrates that FHFA is fulfilling its mandate and seeks public comments on the proposal.
The comment period lasts 30 days from the publication of the proposal in the Federal Register, making May 16, 2024, the end of the comment period. Interested parties can submit comments to the agency on its website or via email.
Related
Source: housingwire.com
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Two-thirds of business owners who are mothers say creating generational wealth for their children is a major reason they launched their business, according to a survey of 1,000 mothers and business owners conducted for SoFi in March 2024. Nearly half (48%) also expect their kids to take over some day, intending to pass the business onto the next generation.
Even so, nearly half (42%) of entrepreneurs who are mothers feel they are treated differently by society than entrepreneurs who are fathers.
According to the latest Census data, women own 13.8 million businesses across the U.S., employing 10 million workers and generating $3.9 trillion in revenue. Those businesses make up 39.1% of all U.S. businesses, a 13.6% increase from 2019 to 2023, according to the Small Business Administration.
Many entrepreneurs who are mothers – or mompreneurs, a term that was coined in the 1990s – have a long-term plan to grow their business, with 86% of those who have another job saying they want to devote themselves full-time to their own company eventually. More than half are actively working to educate their children on being entrepreneurs themselves.
The challenges in finding a balance between work and home are genuine, however, with mompreneurs feeling shortchanged on both sleep and time to spend with family and friends. And two-thirds feel judged by others for pursuing their entrepreneurial goals while being a parent to begin with.
Source: Based on a survey conducted between March 18-24 2024, of 1,000 female business owners aged 18 and over who have at least one child and live in the U.S.
Young Children and Businesses?
Our survey showed 29% of the respondents said their oldest child was 6 to 10 years old when they started their business, followed by 15% saying their oldest child was a teenager between 13 and 18. Another 14% started their business when their oldest child was just 3 to 5 years old.
A majority (74%) of our respondents were married or living with a partner, and most of the respondents had one child or two. As for the children’s ages, 51% had kids between 5 and 13, and 34% had teenagers between 13 and 18.
Among our survey respondents, the largest age group (37%) was 35 to 44 and the second largest (27%) was 25 to 34. As for education, the largest group (33%) had a university degree, but those who had a high school degree (28%) came in a close second.
Living in the Present, Envisioning a Better Future
A majority of the mompreneurs in this survey said desires for financial independence and personal growth motivated them to launch their own business.
So has being a mother made it harder or easier to run a business? Survey respondents said being a parent enhanced their entrepreneurial skills in a myriad ways:
• Improved problem-solving skills: 60%
• Enhanced multitasking abilities: 51%
• Increased empathy and understanding: 46%
• Greater resilience in the face of challenges: 46%
Two-thirds of respondents (66%) said creating generational wealth for their children was a big reason for launching their business.
And nearly half (48%) said they are confident their children will take over their business eventually. Many mompreneurs are already phasing in their kids when it comes to learning about business.
When asked how they involve their children in entrepreneurial activities, the respondents answered this way (multiple selections were possible):
• Educating them about entrepreneurship: 55%
• Introducing them to the business environment: 43%
• Assigning age-appropriate tasks related to the business: 41%
• Including them in decision-making processes: 31%
Work-Life Balance: Can It Be Found?
Running a business and raising children are tasks that are hard enough, but nearly two-thirds (62%) of survey respondents said they have another job in addition to the business they own. Interestingly, 50% of those with household incomes under $100K don’t have a different job aside from their business, compared to 17% of those with household incomes of over $100K.
Incredibly, for those who had a full-time or part-time job apart from their own small business, 26% still spent between 20 and 30 hours per week on their own company.
Something has to give, timewise, and our survey broke it down. When asked what they have to sacrifice to balance entrepreneurship and parenthood, this is what our respondents said (multiple selections were possible):
• Sleep: 48%
• Spending time with friends and family: 48%
• Hobbies: 38%
• Exercise: 28%
• Diet: 21%
• None of the above – I don’t have to make any sacrifices: 16%
Asked what challenges female entrepreneurs who have children face, they answered as follows (multiple selection were possible):
• Balancing work and family time: 58%
• Balancing multiple roles: 42%
• Managing stress and burnout: 40%
• Access to funding or financial resources: 38%
• Overcoming societal expectations about mothers who start their own businesses: 26%
• Navigating discrimination or bias: 18%
Having help at home in the form of a partner or other adults can go a long way, but 37% of respondents, the largest group, said it was mostly them alone left with the mental load of home responsibilities. However, an even split between the respondent and their partner came in a close second at 35%.
When the mompreneurs did get help, the percentages broke down in interesting ways.
Here’s how partners and extended family members offered support (multiple selections were possible):
• Assisting with childcare during work hours: 30%
• Providing emotional support: 20%
• Collaborating on business-related tasks: 16%
• Helping with housework: 14%
• Offering financial assistance: 11%
In terms of stress relief, respondents said they balanced self-care with roles as parent and entrepreneur:
• Participating in hobbies or leisure activities: 51%
• Scheduled breaks and downtime: 47%
• Regular exercise or physical activity: 45%
• Seeking professional help or counseling: 40%
Gender Disparities Revealed
While women-owned businesses are more prevalent in America than ever before, our respondents said that they experience inequity.
More than two in five respondents (42%) said they felt that entrepreneurs who are mothers are treated differently than entrepreneurs who are fathers. Only one in five (21%) said they thought mothers and fathers who owned business were treated equally.
More than 60% of mompreneurs said they felt “judged by others for pursuing entrepreneurial goals while being a parent.”
Making matters worse, the respondents said that this disapproval came into play if they sought financial support to grow their business.
When asked if they felt that being an entrepreneur and parent has affected their access to venture capital or other forms of financial support for their business, they answered:
• Yes: 43%
• No: 34%
• I haven’t tried to secure additional funding for my business: 21%
The Takeaway
Women own 13.8 million businesses in the United States, making up 39.1% of all businesses. Their numbers keep growing, yet nearly half of these mompreneurs feel society treats them differently than owners who are fathers, and balancing work and home is a challenge.
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Source: sofi.com
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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.
American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don’t always move in predictable patterns—NPR reported elevated spending in 2023 despite rising inflation costs.
Here, we’ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We’ll also share personal finance resources that can help you refine your budget and reach your savings goals.
Table of contents:
Overview of American spending habits
According to the Bureau of Labor Statistics (BLS), Americans spent an average of $72,967 in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.
What do Americans spend the most money on?
Expenditure | Cost |
Housing | $24,298 |
Transportation | $12,295 |
Food | $9,343 |
Personal Insurance and Pensions | $8,742 |
Healthcare | $5,850 |
Entertainment | $3,458 |
All Other Expenditures | $2,080 |
Cash Contributions | $2,755 |
Apparel and Services | $1,945 |
Education | $1,335 |
Personal Care Products and Services | $866 |
In 2022, the BLS noted a 7.5 percent increase in income to coincide with a 9 percent increase in expenditures. Among the different categories, spending on food increased by 12.7 percent from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by 6.9 percent and 3.1 percent, respectively.
These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that 39.4 percent of a one-person household’s expenses go toward housing costs, while 32.1 percent of a two-person household’s funds are spent on housing.
To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.
Teen spending habits
According to the United States Census Bureau, more than 43 million teenagers live in America. Gaining a better understanding of teen spending habits is important, as teens spend about $63 billion each year.
More than 50 percent of young adults (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will prioritize school attendance over traditional means of employment—which could affect where and how often they’re spending money.
College student spending habits
College student spending habits fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm—many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.
In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.
Gen Z spending habits
Generation Z includes anyone born between 1997 and 2012. Gen Z spending habits reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.
A 2021 study by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they’re getting better overall value from a different company.
Millennial spending habits
Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.
Millennial spending habits include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.
Baby boomer spending habits
Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.
They’re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, baby boomer spending habits indicate that this generation holds more than 50 percent of the wealth in the United States.
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American spending habits can fluctuate based on a person’s background, but credit scores impact all of us in many ways. At Lexington Law Firm, we can help you understand the nuances of credit. Get your free credit snapshot now to see your credit score and get a free credit assessment to help you get started.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
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The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.
To learn more about how much a pediatrician makes a year, keep reading.
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What Are Pediatricians?
A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.
The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.
Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts.
💡 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 Pediatricians Make a Year?
While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.
What is the Average Salary for a Pediatrician?
On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:
• Offices of physicians: $203,690
• General medical and surgical hospitals: $180,790
• Outpatient care centers: $232,420
• Colleges, universities, and professional schools: $84,810
• Specialty (except psychiatric and substance abuse) hospitals: $201,100.
Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.
In addition, it shares how much a pediatrician’s hourly pay vs, salary is.
What is the Average Pediatrician Salary by State for 2023
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
Oregon | $222,171 | $18,514 | $4,272 | $106.81 |
Alaska | $221,079 | $18,423 | $4,251 | $106.29 |
North Dakota | $221,044 | $18,420 | $4,250 | $106.27 |
Massachusetts | $218,405 | $18,200 | $4,200 | $105.00 |
Hawaii | $216,375 | $18,031 | $4,161 | $104.03 |
Washington | $211,404 | $17,617 | $4,065 | $101.64 |
Nevada | $209,030 | $17,419 | $4,019 | $100.50 |
South Dakota | $208,910 | $17,409 | $4,017 | $100.44 |
Colorado | $206,290 | $17,190 | $3,967 | $99.18 |
Rhode Island | $205,782 | $17,148 | $3,957 | $98.93 |
New York | $196,083 | $16,340 | $3,770 | $94.27 |
Delaware | $193,921 | $16,160 | $3,729 | $93.23 |
Vermont | $191,477 | $15,956 | $3,682 | $92.06 |
Virginia | $191,115 | $15,926 | $3,675 | $91.88 |
Illinois | $191,057 | $15,921 | $3,674 | $91.85 |
Maryland | $187,806 | $15,650 | $3,611 | $90.29 |
Nebraska | $183,797 | $15,316 | $3,534 | $88.36 |
Missouri | $182,659 | $15,221 | $3,512 | $87.82 |
California | $182,152 | $15,179 | $3,502 | $87.57 |
South Carolina | $181,082 | $15,090 | $3,482 | $87.06 |
Pennsylvania | $179,627 | $14,968 | $3,454 | $86.36 |
New Jersey | $179,258 | $14,938 | $3,447 | $86.18 |
Oklahoma | $177,994 | $14,832 | $3,422 | $85.57 |
Maine | $177,900 | $14,825 | $3,421 | $85.53 |
Wisconsin | $177,526 | $14,793 | $3,413 | $85.35 |
North Carolina | $177,345 | $14,778 | $3,410 | $85.26 |
New Hampshire | $174,681 | $14,556 | $3,359 | $83.98 |
Idaho | $174,250 | $14,520 | $3,350 | $83.77 |
Texas | $173,077 | $14,423 | $3,328 | $83.21 |
Kentucky | $172,518 | $14,376 | $3,317 | $82.94 |
Wyoming | $171,910 | $14,325 | $3,305 | $82.65 |
Minnesota | $171,467 | $14,288 | $3,297 | $82.44 |
Michigan | $170,777 | $14,231 | $3,284 | $82.10 |
New Mexico | $170,501 | $14,208 | $3,278 | $81.97 |
Indiana | $169,638 | $14,136 | $3,262 | $81.56 |
Ohio | $166,670 | $13,889 | $3,205 | $80.13 |
Arizona | $166,130 | $13,844 | $3,194 | $79.87 |
Connecticut | $165,286 | $13,773 | $3,178 | $79.46 |
Mississippi | $164,126 | $13,677 | $3,156 | $78.91 |
Iowa | $163,921 | $13,660 | $3,152 | $78.81 |
Montana | $163,627 | $13,635 | $3,146 | $78.67 |
Arkansas | $163,030 | $13,585 | $3,135 | $78.38 |
Alabama | $161,584 | $13,465 | $3,107 | $77.68 |
Utah | $159,236 | $13,269 | $3,062 | $76.56 |
Tennessee | $159,121 | $13,260 | $3,060 | $76.50 |
Kansas | $154,538 | $12,878 | $2,971 | $74.30 |
Georgia | $150,529 | $12,544 | $2,894 | $72.37 |
Louisiana | $149,706 | $12,475 | $2,878 | $71.97 |
West Virginia | $138,728 | $11,560 | $2,667 | $66.70 |
Florida | $133,219 | $11,101 | $2,561 | $64.05 |
Source: ZipRecruiter
Pediatrician Job Considerations for Pay & Benefits
Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.
Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage.
💡 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 Pediatrician Salary
The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.
However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.
It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.
Recommended: How Much House Can I Afford?
The Takeaway
Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.
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FAQ
Can you make 100k a year as a pediatrician?
Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.
Do people like being a pediatrician?
Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.
Is it hard to get hired as a pediatrician?
The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.
Photo credit: iStock/alvarez
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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.
SORL0124039
Source: sofi.com
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Have you ever thought, “Should I move to Albuquerque, NM?” As the largest city in the New Mexico, Albuquerque possesses a unique fusion of Native American, Hispanic, and Anglo influences, creating a one-of-a-kind culture. From the vibrant colors of the annual Balloon Fiesta painting the desert sky to the rugged Sandia Mountains providing a majestic backdrop, this city offers a lifestyle that seamlessly marries urban amenities with outdoor adventure. In this article, we’ll take a closer look at some of the pros and cons of living in Albuquerque, exploring its unique features and its potential challenges. By the end, you’ll have a better understanding of what it’s like to own a home or rent an apartment in this city and decide whether it’s the right place for you.
Albuquerque at a Glance
Walk Score: 43 | Bike Score: 61 | Transit Score: 29
Median Sale Price: $335,000 | Average Rent for 1-Bedroom Apartment: $1,120
Albuquerque neighborhoods | Houses for rent in Albuquerque | Apartments for rent in Albuquerque | Homes for sale in Albuquerque
Pro: Thriving culinary scene
The culinary scene in Albuquerque is a delightful blend of Native American, Hispanic, and Anglo influences, creating a unique and flavorful dining experience. Restaurants like Sadie’s of New Mexico and El Pinto have put the city on the map with their authentic New Mexican cuisine. The local obsession with green and red chile peppers adds a spicy kick to dishes, making dining out in Albuquerque an exciting culinary adventure.
Con: Hot summers
The desert climate of Albuquerque means experiencing hot summers, with temperatures often soaring above 90 degrees Fahrenheit. While the dry heat is more tolerable than the humid heat found in other regions, it can still be overwhelming, especially in July and August. This extreme weather can limit outdoor activities during the day and increase the reliance on air conditioning, impacting both comfort and utility bills.
Pro: Rich cultural heritage
Albuquerque is a city steeped in a rich tapestry of Native American and Hispanic cultures. Locals can attend exciting events like the annual Albuquerque International Balloon Fiesta. An attraction where hot air balloons paint the sky with vibrant colors, drawing visitors from around the globe. Old Town Albuquerque offers a glimpse into the city’s past with its historic adobe buildings and traditional New Mexican cuisine. This cultural melting pot provides residents with a unique and diverse living experience, unlike anywhere else.
Con: Occasional water shortages
Being in a desert, Albuquerque occasionally faces water shortages and drought conditions. Water conservation is a significant concern, affecting everything from residential gardening to public park maintenance. These conditions can lead to restrictions on water use, impacting some people’s daily lives and the overall greenery of the city. It’s a reminder of the environmental challenges posed by the region’s arid climate.
Pro: Outdoor recreation opportunities
Albuquerque is a haven for outdoor enthusiasts. Nestled in the Sandia Mountains’ foothills, it offers easy access to hiking, biking, and skiing. The Rio Grande River provides opportunities for kayaking and paddle boarding. Locals can enjoy the natural beauty of the landscape and engage in healthy, active lifestyles year-round. This access to diverse outdoor activities is a significant draw for people looking for a balance between urban living and nature.
Con: Intermittent air quality issues
Albuquerque sometimes grapples with air quality issues, particularly during wildfire season. The city’s location in a valley can trap smoke and pollutants, leading to poor air quality days. This situation can affect outdoor activities and pose health concerns for individuals with respiratory conditions. While not a daily problem, it’s an environmental con that residents must occasionally contend with.
Pro: Accessible healthcare options
The city is home to several top-rated hospitals and healthcare facilities, including the University of New Mexico Hospital. Albuquerque’s healthcare system offers a wide range of services and specialties, making it a regional hub for medical care. This accessibility to quality healthcare is a significant advantage for residents, ensuring that medical needs can be met promptly and efficiently.
Con: Public transportation limitations
With a Transit Score of 29, public transportation options are slim in this city. While Albuquerque has made strides in improving its public transportation system, it still faces limitations. The coverage area can be sparse, and frequency of service is not always adequate for the needs of all residents, especially those living outside the central areas. This situation can make it challenging for people without personal vehicles to navigate the city efficiently.
Pro: Innovative tech and research hub
Albuquerque is emerging as a hub for innovation, technology, and research, largely due to institutions like Sandia National Laboratories and the University of New Mexico. This environment fosters job opportunities in cutting-edge industries and attracts people from around the country. The city’s commitment to supporting startups and tech companies contributes to a dynamic and forward-thinking economy.
Con: Seasonal allergies
Residents of Albuquerque may find themselves battling seasonal allergies. The city’s desert landscape, combined with its diverse plant life, can lead to high pollen counts, especially in the spring. Juniper, mulberry, and elm trees are common allergens that can affect quality of life for allergy sufferers. While this is a natural aspect of the region’s flora, it’s a con for those sensitive to seasonal changes.
Source: rent.com
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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.
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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.
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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
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
Wisconsin | $68,202 | $5,683 | $1,311 | $32.79 |
Alaska | $66,013 | $5,501 | $1,269 | $31.74 |
Massachusetts | $65,834 | $5,486 | $1,266 | $31.65 |
Oregon | $65,791 | $5,482 | $1,265 | $31.63 |
New Mexico | $65,593 | $5,466 | $1,261 | $31.54 |
North Dakota | $65,592 | $5,466 | $1,261 | $31.53 |
Washington | $65,380 | $5,448 | $1,257 | $31.43 |
Minnesota | $64,657 | $5,388 | $1,243 | $31.09 |
Hawaii | $64,277 | $5,356 | $1,236 | $30.90 |
Ohio | $63,203 | $5,266 | $1,215 | $30.39 |
Colorado | $62,621 | $5,218 | $1,204 | $30.11 |
Nevada | $62,417 | $5,201 | $1,200 | $30.01 |
South Dakota | $61,992 | $5,166 | $1,192 | $29.80 |
New York | $61,597 | $5,133 | $1,184 | $29.61 |
Iowa | $61,016 | $5,084 | $1,173 | $29.33 |
Rhode Island | $60,938 | $5,078 | $1,171 | $29.30 |
Connecticut | $60,392 | $5,032 | $1,161 | $29.03 |
Tennessee | $60,347 | $5,028 | $1,160 | $29.01 |
Vermont | $60,038 | $5,003 | $1,154 | $28.86 |
Utah | $59,824 | $4,985 | $1,150 | $28.76 |
Mississippi | $59,304 | $4,942 | $1,140 | $28.51 |
Delaware | $59,138 | $4,928 | $1,137 | $28.43 |
Virginia | $58,393 | $4,866 | $1,122 | $28.07 |
Illinois | $57,890 | $4,824 | $1,113 | $27.83 |
Maryland | $57,300 | $4,775 | $1,101 | $27.55 |
New Jersey | $56,643 | $4,720 | $1,089 | $27.23 |
California | $56,576 | $4,714 | $1,088 | $27.20 |
Louisiana | $56,450 | $4,704 | $1,085 | $27.14 |
Pennsylvania | $56,431 | $4,702 | $1,085 | $27.13 |
Nebraska | $56,157 | $4,679 | $1,079 | $27.00 |
Kansas | $55,812 | $4,651 | $1,073 | $26.83 |
Missouri | $55,599 | $4,633 | $1,069 | $26.73 |
Maine | $55,350 | $4,612 | $1,064 | $26.61 |
South Carolina | $55,077 | $4,589 | $1,059 | $26.48 |
New Hampshire | $54,828 | $4,569 | $1,054 | $26.36 |
Oklahoma | $54,383 | $4,531 | $1,045 | $26.15 |
Idaho | $54,051 | $4,504 | $1,039 | $25.99 |
Wyoming | $54,049 | $4,504 | $1,039 | $25.99 |
North Carolina | $53,940 | $4,495 | $1,037 | $25.93 |
Texas | $53,624 | $4,468 | $1,031 | $25.78 |
Indiana | $53,401 | $4,450 | $1,026 | $25.67 |
Arizona | $52,297 | $4,358 | $1,005 | $25.14 |
Kentucky | $52,131 | $4,344 | $1,002 | $25.06 |
Michigan | $51,864 | $4,322 | $997 | $24.94 |
Montana | $51,509 | $4,292 | $990 | $24.76 |
Alabama | $50,866 | $4,238 | $978 | $24.46 |
Arkansas | $49,398 | $4,116 | $949 | $23.75 |
Georgia | $47,386 | $3,948 | $911 | $22.78 |
West Virginia | $43,583 | $3,631 | $838 | $20.95 |
Florida | $41,937 | $3,494 | $806 | $20.16 |
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.
With SoFi, you can keep tabs on how your money comes and goes.
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.
Photo credit: Andrii Lysenko
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“I would say that there is still some unease because of rates fluctuating,” she said. “I think when we kind of settle into a range, then it’s like, ‘OK, this is the new normal – this is what we’re doing.’ But weeks like this week, when it goes a little bonkers, really rattle everyone – … [Read more…]
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Reverse mortgage industry professionals have spoken for months about the consequences of high interest rates on their ability to pursue business, and now AARP has taken a closer look at the impacts.
While higher rates are bad news for the mortgage industry in a broad sense, the impact on reverse lending is more nuanced, Bruce Simmons of American Liberty Mortgage in the Denver area explained to AARP.
“If a reverse mortgage can help your situation, it still makes sense for a lot of people,” Simmons told the organization. “There are so many people who can benefit from this today, even with the rates the way they are.”
These sentiments echo what Simmons shared with RMD at the beginning of this year when asked about how business is progressing after the general tumult observed in 2023. Inconsistent interest rate forecasts have made things challenging in his business, but different kinds of marketing — including a refocusing exercise on his existing marketing efforts — have helped to improve things, Simmons told RMD in February.
But a rise in interest rates also impacts the amount of money owed on the negatively amortizing loan, observed Stephanie Moulton, a longtime reverse mortgage academic researcher from Ohio State University.
“It might accelerate the growth of the balance and reduce, potentially, the equity when your heirs go to sell the home, because your balance is going to grow faster,” she told AARP.
But the utility of eliminating a forward mortgage payment still has the potential to add value for reverse mortgage borrowers, along with a raft of disbursement options such as a standby line of credit or monthly term payments, Simmons added.
Bruce McClary, senior vice president of the National Foundation for Credit Counseling (NFCC) also shared that while reverse mortgages can add value for borrowers in certain situations, the fee structure of a home equity line of credit (HELOC) could potentially make more sense for some seniors. But certain situations may make a reverse mortgage a better idea for some individual borrowers.
“[It] depends on an individual’s capacity to borrow, the reasons for borrowing and what they’re going to use the money for,” McClary told AARP. “The answers will be different depending on people’s financial circumstances and their goals.”
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Source: housingwire.com
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Are you looking for ways to get paid to walk? Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash. I have…
Are you looking for ways to get paid to walk?
Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash.
I have personally been paid to walk, and it’s great!
How To Get Paid To Walk
Below are 19 ways to get paid to walk.
Recommended reading: 19 Ways To Get Paid To Workout
1. CashWalk
CashWalk is a free app that pays you to earn money just for running or walking outside or on a treadmill. You earn coins and can exchange them for gift cards to places like Amazon, Walmart, Apple, Starbucks, and more.
This pedometer app is designed to motivate you to achieve fitness goals and help build healthy exercise habits.
You won’t get rich with CashWalk, but it’s an easy way to make money by doing what you already do, which is walking.
You can sign up for CashWalk by clicking here. Also, you can get a free 100 points by using the referral code ESPU5.
2. Sweatcoin
Sweatcoin is a free app that helps motivate you to walk by rewarding your daily steps. This pedometer app only counts outdoor steps right from your phone (such as your iPhone or Android device), so if you’re a treadmill walker, those steps will not count in the app.
Once you accumulate enough coins, you can redeem them for products or donate to charity. The products that can be redeemed change regularly. You may see things such as Amazon credits, electronics, and other popular products. If you’re feeling generous, you can donate your earnings to charities like Save The Children, The African Wildlife Foundation, or Cancer Research.
3. Walk dogs
Rover is an app that connects you with pet owners who need help with pet sitting, dog walking, and drop-in visits. If you’re an animal lover, this is a great side hustle to try.
I was a Rover dog walker for several pet owners and it’s still one of my favorite side hustles to date. The app works on both Android and iOS devices.
How much money you earn on the Rover app varies on how many pets you’re walking, your experience, and what you set your rates at. Some pet sitters make $40,000 a year, while the top dog walkers in the field earn $100,000+. You can expect to earn between $15 and $25 per hour on Rover, with that rate being more depending on how many dogs you’re walking at one time.
Finding jobs is relatively easy because there are so many pet parents out there looking for a pet sitter or someone to walk their dog.
Click here to sign up for Rover.
Learn more at 7 Best Dog Walking Apps To Make Extra Money (another popular pet walking app that you can learn about is Wag!).
4. Get paid to pick up trash
A great way to help clean the environment, get exercise in, and get paid is by picking up trash. Many businesses want their property and parking lots to be clean so customers are shopping at a clean property.
Getting paid to pick up trash is a small business that you can start entirely on your own. Picking up trash can pay between $30-$50 an hour. There is a ton of trash to pick up in the world. Tools you will need include a broom, dustpan, and grabber tools.
You can learn more at Get Paid $30 – $50 Per Hour To Pick Up Trash.
5. Stepbet
Stepbet is a popular fitness app that pays you for walking. The app is user-friendly and even lets you connect your fitness tracker (such as your Fitbit, Google Fit, Samsung Health, or Apple Watch). Stepbet is a great way to stay motivated to complete your daily step goal and even get paid for doing this.
This is how the app works:
- You choose a game to set your step goals
- Bet a certain amount of money into the pot to join the game
- If you meet the weekly step goal, you can split the pot with others who also completed their goals and get your bet back plus more.
6. HealthyWage
HealthyWage is a popular fitness app that pays you to lose weight. To get started, go to HealthyWage and enter how much weight you want to lose, how long you’ll have to complete the weight loss goal, and how much money you want to bet.
Let’s say I wanted to lose 30 pounds in 9 months or less and I bet $60 of my own money. The website shows my prize range would be between $588 and $1,116.
HealthyWage has weekly weigh-ins and support from other people who are also trying to lose weight. The purpose of HealthyWage is to motivate you to lose weight by using a financial incentive, which makes it more motivating to complete your weight loss goal.
7. DietBet
DietBet is a fun and unique app that makes fitness fun and motivating. DietBet works by you choosing a game/challenge to complete. For example, there are current weight loss challenges where you bet $40 and have to lose 10% of your body weight within 6 months to win the shared pot of money.
This is how it works:
- You get started by choosing a challenge and betting money into the pot
- Two days before the challenge begins, you must weigh in which involves taking two photos (one of you standing on the scale with lightweight clothing, and the second photo of the scale and weight)
- The challenge will share how much weight you have to lose to win the pot of money at the end of the challenge.
8. Fit For Bucks
Fit For Bucks is an app that lets you earn rewards for being active. You can earn points by doing things like walking to the grocery store, hitting the gym, going for a hike, dancing, and more.
Rewards you can redeem include things like coffee, fitness classes, massages, haircuts, wine, and more. Using this app is a fantastic way to stay motivated to get more movement in while also getting rewarded for your hard work.
9. Charity Miles
Charity Miles is the app for you if you love giving back and being generous. Instead of giving rewards to you, the app lets you give your rewards to a charity of your choice. Every mile you walk earns a credit to be used as a donation to a charity.
One of my favorite charities, Save The Children, is on Charity Miles. So my daily walking that I already do helps me donate more money to my charity of choice.
10. Guided walking tours
If you’re an extrovert and have knowledge about your local town, you may want to become a walking tour guide. As a guided walking tour operator, you can create your own unique walking route and showcase special landmarks and sites to tourists. You must have in-depth knowledge of the area and provide excellent customer service.
I recommend researching what similar tours are charging to get an idea of what you should charge. You should also think about factors such as the duration of the tour, the experience you have, and any additional services you’ll include when deciding how much the walking tour will cost.
Having a website and/or social presence for your tour company is a great way to get new customers interested in your tours. Network with local hotels, travel websites, and tourism organizations to promote your tours. You may even want to offer a special discount or promotion to attract new customers.
11. Evidation
Evidation is an app that lets you earn points and rewards for actions like walking, sleeping, and more. Participating in this app helps contribute to research and new health findings that will benefit everyone.
For example, one of the current programs in the Evidation app gives you 300 points for joining a program focused on the flu. The app monitors your activity and can alert you when it sees a change that suggests you may be feeling under the weather.
You can connect all kinds of fitness electronics to the Evidation app, including but not limited to Fitbit, Garmin, Google Fit, and Dexcom.
12. MyWalgreens (Walgreens Balance Rewards)
MyWalgreens is a program run by Walgreens with the purpose of getting people to make healthier decisions.
You can earn points in the program by walking and tracking other fitness activities. You can even earn points for tracking your blood pressure, blood glucose, sleep, and other health markers.
13. Gigwalk
Gigwalk is an app that connects gig workers with quick tasks like going to a store, reviewing product displays, checking prices, availability of products, and conditions. You get to choose which gigs you choose and get to decide your schedule and how often you work.
Here’s how Gigwalk works:
- First, you download the app on your phone.
- Then, you look for gigs nearby.
- Choose a gig that you like.
- After you finish the job, you get paid.
Money is sent directly to your PayPal account and each gig pays differently. It typically can range anywhere from $3 to over $100 – the time to complete a gig can vary from 5 minutes to a few hours.
14. Runtopia
Runtopia pays you to get fit by providing a motivational incentive to get moving.
The app has benefits like letting you record activities with GPS, data analysis to improve your performance, connecting with friends, and getting rewarded for various activities.
15. PK Rewards
PK Rewards is an app that rewards you for tracking all kinds of workouts. Your workouts get converted into coins which can be redeemed for cool prizes from brands like Lululemon, Nike, Amazon, and more. You earn coins based on the effort you put in.
Workouts can include pretty much anything from going to the gym, cycling, dancing, walking, and more. You can set personal goals in the app, compete with friends, and track your progress all within the app. You can even see your effort over time as you use the app.
16. Instacart
Instacart is a platform that connects customers with Instacart Shoppers who grocery shop and deliver food to customers. This job requires a lot of walking and physical activity and allows you to control your schedule and how often you work.
Signing up to become an Instacart Shopper is straightforward. Download the Instacart Shopper app and apply as a Shopper. Once your application is accepted, you can use the app to find orders, pick an order you like, and go to the store and start grocery shopping for the customer. When you’re done grocery shopping, deliver the groceries to the customer.
You earn money with each delivery and the more you deliver, the more job opportunities you’ll have available. Giving great service to your customers can lead to better tips, so customer service is important.
You can click here to sign up to be an Instacart Shopper.
Learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
17. DoorDash
Working for DoorDash is an active gig job that requires you to deliver restaurant meals to customers. This side hustle can require a lot of walking and physical activity depending on how you’re delivering food. You may decide to deliver food by car or by bike.
The benefits of working for DoorDash include choosing the hours you work and deciding where you want to work. The app is user-friendly and allows you to take orders, where to go, and how to get there. Each delivery earns between $2-$10, plus tips.
Please click here to sign up for DoorDash.
18. Distribute flyers
A side hustle that requires a lot of walking is getting paid to distribute flyers. To find jobs distributing flyers, check online job platforms like Indeed or Craigslist, and also search for jobs in newspapers, and community bulletin boards. Search for jobs using the keywords “flyer distribution”, or “leaflet distribution”.
You can also create a profile on gig platforms like TaskRabbit, Gigwalk, or Thumbtack and post or search for flyer distribution jobs. Make sure to check local events, trade shows, and festivals as these events always need promotional material to be distributed.
Before accepting any jobs, make sure to clarify pay rates and the schedule from the employer. This job is likely going to take a lot of daily steps and physical activity.
19. Mystery shopping
Mystery shopping is a tool companies use to learn ways to improve their customer experience. Mystery shoppers can get jobs in person, online, or on the phone. Jobs are different and may require you to buy something, sit down at a restaurant and eat, or even get your hair done in a salon. If you are required to buy something, make sure to keep your receipts as you will need them to complete your questionnaire.
My sister was a mystery shopper and I got to go with her on one of her gigs. We got to visit a restaurant for free as long as she gave her honest opinion after. Mystery shopping also involves going to stores such as Best Buy, salons, car dealerships, movie theaters, makeup counters, and more.
BestMark is a popular mystery shopping website that connects you with opportunities to earn money while helping companies improve their customer service.
Recommended reading: How To Become A Mystery Shopper
Frequently Asked Questions
Below are answers to common questions about ways to get paid to walk.
Can I get paid for walking?
There are tons of ways to get paid for walking including via fitness apps like SweatCoin and CashWalk that reward you for meeting daily step goals or participating in walking challenges. Rewards include things like gift cards, discounts, cash, and free stuff.
Besides using fitness apps that reward you for walking, you can also make money walking by working as a gig worker for TaskRabbit and DoorDash. These jobs include tasks like delivering food, running errands, and other jobs that require walking.
One of my favorite ways to make money walking is working as a Rover dog walker. If you love spending time with animals, you should consider becoming a dog walker.
What is the best app that pays you to walk?
Many activity tracker apps pay you to walk and each has its pros and cons. The most popular walking apps include CashWalk, Sweatcoin, Charity Miles, and StepBet. Each of these apps is user-friendly, easy to use, and rewards people for their movement. You get to choose from many rewards including gift cards, fitness gear, or donating your money to the chosen charity of your choice.
Is Sweatcoin real money?
Sweatcoin is not real money, but instead digital currency used in the Sweatcoin app. Sweatcoin users earn Sweatcoins based on how much they walk per day. As you take steps, digital coins are accumulated and can be redeemed for different rewards in the app like products, services, and discounts.
Can you earn money with a Fitbit?
While you can’t earn any rewards or money on the Fitbit app, you can connect your Fitbit to fitness apps that reward you for daily movement. Programs and apps like MyWalgreens, StepBet, and others allow you to easily connect your Fitbit to the app.
Why do apps pay you to walk?
Apps pay users to walk because they make money from advertisements when users use their apps.
19 Ways To Get Paid To Walk – Summary
I hope you enjoyed this article on how to get paid to walk.
There are many ways to make extra money and get free stuff by walking, dancing, cycling, sleeping, and other health-related activities. Take advantage of these free apps and keep your motivation up by earning points and rewards toward free things like gift cards, fitness classes, food, and more.
The walking side hustles above have health benefits and even mental health positives, plus you may be able to earn an income, cash rewards, or even money for charity donations.
Have you ever tried any of these side hustles or walking apps that pay you for steps?
Recommended reading:
Source: makingsenseofcents.com