Nursing can be a well-paying profession. According to the Bureau of Labor Statistics (BLS), the median salary for a registered nurse (RN) is $81,220 per year or $39.05 per hour.
In fact, nursing can be a rewarding career path in more ways than one. Not only can these healthcare professionals provide for themselves financially, they also care for people during times of need.
To better understand what it’s like working as a nurse and what the earning potential is, keep reading.
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What Are Nurses?
An RN provides patients with care and support, and they offer education on health issues and conditions. Responsibilities can vary by workplace and specialty. For example, a geriatric nurse works with elderly patients and provides a different type of care than an oncology nurse, who supports patients with cancer.
Generally speaking, an RN’s tasks often include the following:
• Evaluate the condition of patients.
• Set up care plans for patients.
• Consult and collaborate with doctors and other healthcare providers.
• Operate and monitor medical equipment.
• Document patients’ medical backgrounds and symptoms.
• Administer medications and treatments.
• Assist in conducting diagnostic tests and analyzing the results.
• Educate patients and their families on managing illnesses or injuries.
• Provide instructions for post-treatment care at home.
Nurses often work on a team made up of other nurses, physicians, and healthcare specialists. Some nurses may even supervise other RNs, nursing assistants, or home health aids. Because of how much collaboration and patient interaction is involved in nursing, this role may not be a great fit 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 Nurses Make?
On average, entry-level nurses earn around $80,321 a year or $39 per hour, according to ZipRecruiter. But keep in mind that amount represents a middle ground; incomes for nurses fresh out of school can run the gamut from $36,000 to $136,000.
Recommended: What Is Competitive Pay?
What Is the Average Salary for a Nurse?
Unlike some other healthcare professionals, nurses may be paid hourly or earn an annual salary. They can also make extra by working overtime, overnight, or on holidays. As mentioned, nurses who are paid by the hour earn a median rate of $39.05 or $81,220 per year.
It’s worth noting that where a nurse chooses to work can significantly affect how much they earn. When it comes to settings that pay the most money, the government comes out on top. Let’s take a look at the median annual wage for nurses across a variety of settings, per the BLS:
• Government: $92,310
• Hospitals: $82,250
• Ambulatory healthcare services: $78,670
• Nursing and residential care facilities: $75,410
• Educational services: $65,450
Nurses also have the option to take travel assignments, which can be an attractive option for professionals seeking flexibility, short-term assignments, and competitive pay. Travel nurses can expect to earn anywhere from $81,000 to $128,00 a year.
To help manage that high level of income, consider digital tools like a money tracker app. In addition to being convenient, it can help take the guesswork out of budgeting and setting financial goals.
What Is the Average Salary by State for a Nurse?
The state a nurse chooses to work in can greatly influence how much they earn, as illustrated by the following table:
State
Average Annual Salary
Alabama
$68,782
Alaska
$78,193
Arizona
$70,717
Arkansas
$71,792
California
$78,490
Colorado
$90,700
Connecticut
$69,698
Delaware
$84,924
Florida
$56,707
Georgia
$64,076
Hawaii
$75,614
Idaho
$75,172
Illinois
$84,135
Indiana
$72,210
Iowa
$69,236
Kansas
$65,099
Kentucky
$76,147
Louisiana
$63,306
Maine
$76,539
Maryland
$82,211
Massachusetts
$78,960
Michigan
$75,056
Minnesota
$72,508
Mississippi
$69,141
Missouri
$80,121
Montana
$69,652
Nebraska
$80,357
Nevada
$73,935
New Hampshire
$74,558
New Jersey
$76,040
New Mexico
$72,231
New York
$83,627
North Carolina
$77,842
North Dakota
$77,045
Ohio
$70,515
Oklahoma
$77,820
Oregon
$77,062
Pennsylvania
$76,604
Rhode Island
$71,379
South Carolina
$79,483
South Dakota
$72,815
Tennessee
$67,322
Texas
$74,746
Utah
$67,313
Vermont
$81,802
Virginia
$83,556
Washington
$91,445
West Virginia
$59,162
Wisconsin
$75,198
Wyoming
$73,262
Source: ZipRecruiter
Recommended: Is $100,000 a Good Salary?
Nurse Job Considerations for Pay and Benefits
Whether they’re paid by the hour or per year, a nurse can make a good living. And there are ways to supplement that income or create a flexible working schedule that supports a work-life balance. For instance, nurses can choose to work part-time, as many hospitals are short-staffed and need the extra help and expertise. There’s also travel nursing, which allows these healthcare professionals to pick up short-term assignments.
But if a full-time role with benefits is what you’re after, you may have little trouble finding one that fits. The BLS projects that between now and 2032, the number of RN jobs available in the field will grow 6%. And those on-staff positions can come with benefits like health insurance, retirement contribution matches, and tuition reimbursement.
Pros and Cons of Nurse Salary
Like any career path, working as an RN comes with a unique set of pros and cons that are worth keeping top of mind:
Pros
Cons
• High demand for nurses
• Full-time work and benefits available
• Flexible schedule may be an option depending on your employer
• Physically and emotionally demanding job
• Potential exposure to illnesses
• May work nights, weekends, or holidays
• Limited work-from-home options (aside from telehealth roles)
💡 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
While the hours can be long and the work physically demanding, nurses have the potential to earn a lot of money. As they gain years of experience or enter more lucrative industries, these professionals can potentially earn a six-figure salary. Bottom line: If you’re passionate about health care and helping others, you may find that a career in nursing is professionally and financially rewarding.
FAQ
What is the highest-paid RN job?
The type of nursing role an RN takes can affect how much they earn. Those looking to earn high incomes may want to pursue government nursing, which earns a median salary of $92,310. This is much higher than the $81,220 median salary for all RNs.
How much money does a RN make in California?
In the state of California, an RN can expect to earn an average of $78,490 per year, or an hourly rate of $37.74, per ZipRecruiter.
What state pays nurses the lowest?
Of all the 50 states, Florida pays its nurses the least, according to ZipRecruiter. Nurses there earn an average of $56,707 a year, and their average hourly wage is $27.26.
Photo credit: iStock/FG Trade
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
In AD PRO’s monthly Having a Moment column, AD senior design editor Hannah Martin reports as a weathervane for fads big and small, documenting the patterns and home decor trends she’s clocked in the pages of AD and beyond. Here, enjoy a look back at 2023’s most defining moments.
From nostalgic styles making a comeback to innovative responses to how we live today, there were many stand-out moments in the world of interior design this year. Reviewing them retrospectively, the selections sum up the past year’s tentpole memories—from the design fair debuts we’re still thinking about to the interiors that will inspire well into the new year. Before diving into the design forecasts and color predictions for 2024, take a minute to reflect on the home decor trends that ruled interiors this year.
Forget the subtlety of travertine (last year’s surface du jour) or the always-in elegance of snow-white Carrara. This year was all about an eye-popping specimen—strong veining, unusual colors, and (for the ultra-daring) perhaps a graphic mix of both. Surfaces need not blend into the background; they can say something too. Let’s call it personality marble—that essential dose of pattern that can make any interior pop. Take, for instance, the freestanding onyx bar Roman and Williams turned into a showstopping moment in Gwyneth Paltrow’s Montecito living room, or the all-over marble bathroom of Tinder founder Sean Rad and his wife, Lizzie Grover Rad, conjured by designer Jane Hallworth. Consider it a new kind of conversation piece for the home.
Jaxx Red Marble Side Table
“With a rise in midcentury-modern home remodels and an increased nostalgia for retro furnishings, we’re seeing more customers favoring color,” says Alyssa Wilterdink, senior marketing manager at Kohler, which relaunched a duo of vintage hues for its plumbing fixtures in honor of the American manufacturer’s 150th anniversary this year. Designers are indeed leaning in: Virginia Tupker recently ordered custom colored Water Monopoly sinks in pale pink and blue for a family home in Connecticut; color fiend Frances Merrill installed a cobalt blue sink in the powder room of a Cape Ann, Massachusetts, home; and designer Oliver M. Furth opted for a vintage pink toilet from Kohler for artist Mary Wetherford’s midcentury-modern abode in LA.
Lookin’ Good Shower Set
This year, we witnessed a surge in designers adding color, pattern, and artistic flair to their projects with hand-painted tile. “I’ll tile just about anything,” says interior designer Jessica Jubelirer, who applied the treatment to the hearth, the bathrooms, the baseboards, and, most memorably, inset in the closet doors in a lakeside Wisconsin family home. Meanwhile, in a historic Connecticut family home designed by Virginia Tupker, Delft and Portuguese tiles create a sort of wainscoting in the entryway and bathrooms, as well as fireplace surrounds. In the kitchen of that project, hand-painted tile adds a splash of pattern (drawn from a William Morris motif) as a backsplash. Practical and durable with an artisan flair, hand-painted tile adds visual interest wherever needed. Adds Jubilerer: “Kitchens, bathrooms, and fireplaces can all benefit from its practicality and beauty.”
São Dinis 88 Portuguese Tile
This spring’s design fair circuit hinted at a return to the industrial minimalism, high-tech style of the ’70s and ’80s—an industrial revolution of the interior, if you will. In April we returned from Milan with notes about a minimalism resurgence, with a particular emphasis on industrial materials. Knoll had reissued some of high-tech star Joe D’Urso’s super-adaptable and sleek low tables from the ’80s. Ledongil Workshop’s experimental lighting and furnishings, on display at Ordet gallery, felt like an elevated take on track lighting. And at Drop City, designer Daisuke Yamamoto showcased a collection of clean-lined chairs made of the most frequently trashed construction material: lightweight gauge steel. Indeed, industrial materials and minimalist silhouettes were the protagonists of this year’s debuts.
Hector Small Dome Clip Light
“We’re blowing the dust off moire,” says Raffaele Fabrizio, creative director of Dedar, while showing off the Italian fabric house’s newly expanded Amoir Libre textile. Cue the ripple effect. As of late, a handful of brands and interior designers have redirected their gaze to the historic textile that oozes opulence, repackaging it for today’s quiet luxury. Interior designer Sophie Ashby, who recently wrapped a dressing room in a pale pink Dedar moire, praises the home decor trend for its ability to expand space: “When used in the right way it can really enhance a space, enveloping the interior with tactility whilst also subtly playing with light to make smaller spaces—such as dressing rooms or hidden nooks—appear larger.”
Quadratic Rug in Burgundy by Objects of Common Interest for CC-Tapis
Before there was photography, botanists—or anyone wishing to document flora—created detailed illustrations, known as botanical studies, intended to convey the plant’s physical appearance and other qualities. Unsurprisingly, such botanical studies have long been used to decorate. Lately, the botanical studies trend—a longtime hallmark of traditional, even preppy interiors—is blooming anew. In Lauren Dupont’s Connecticut home, designed by Stephen Sills, a pair of antique botanical prints purchased at auction hang in her dressing room, and in her Palm Beach kitchen, Aerin Lauder mounted a grid of floral prints in the service pantry. Sure, there’s nothing innately groundbreaking about florals when it comes to home decor trends, but perhaps that’s just what gives them eternal life.
Nasturtium Wall Tray
In the bedroom, gone are the piles of decorative pillows and fussy, overstuffed duvets. Back is a simple coverlet that is perfectly happy not to take center stage. You know this super-simple look: a flat coverlet is laid across the bed, folded down a little at the top, and then back over a pair of standard pillows. “It always felt a bit traditional and almost religious,” says Colin King, the stylist and longtime AD contributor, who favors the minimalist bed. “It’s clean and tidy, simple but elegant. It gives the room the feeling you want your bedroom to have—serenity.” The back-to-basics look has been spotted in a restored Brooklyn Heights apartment by Augusta Hoffman, John Legend and Chrissy Teigen’s California bedroom designed by Jake Arnold, and Andre Mellone’s Manhattan sleeping quarters too.
Repose Heavyweight Bedcover
In Germany and Austria between 1815 and 1850, when the Napoleonic wars had ended and a burgeoning middle class emerged, a new style of furniture was created to suit their needs: streamlined versions of more opulent Empire furniture, characterized by strong lines, warm local woods, and simplified shapes—though, notably, not totally stripped of ornament. Biedermeier furniture, as it would later be named, has regained appeal in contemporary interiors for its chameleon qualities. It brings a calculated hit of classicism to a cool, minimalist interior, but it can deliver streamlined modernity to one that is layered and super decorated. These days, says Campbell-Rey’s Charlotte Rey, it’s all about the mix: “It is important to not be afraid to mix them with color and other periods. Perhaps you place a Memphis Milano lamp on top of a Biedermeier sideboard? Being too respectful can make it feel overly polite.”
The median annual salary for a paralegal is $59,200, according to the latest figures from the Bureau of Labor Statistics. But depending on where you live, your area of expertise, and your level of experience, you could make upwards of $121,110 or more a year.
A career as a paralegal can be a fulfilling choice for those interested in the law. While the job can be demanding and the hours sometimes long, it can also provide professional satisfaction and a chance to help others in your community.
What Are Paralegals?
A paralegal works under the supervision of a lawyer and performs supportive legal tasks. Administrative duties require a knowledge of the law, but you don’t have to have a law degree or a law license.
Paralegals are often responsible for the following tasks:
• Draft motions and pleadings for an attorney and file it with the court.
• Research cases. Paralegals research current and old legal cases to help discover relative precedents and understand past rulings.
• Interview clients and witnesses involved in a case.
• Communicate with clients throughout the phases of the legal process.
• Collect documents, client testimonials, and expert witnesses on behalf of the attorney.
• Draft reports and legal documents for cases.
• Factcheck legal filings and documents for accuracy.
• Gather supporting documents that a lawyer may use or file with the court.
• Coordinate cases, including their schedules and deadlines.
• Assist and support lawyers during trials.
Being a paralegal is not a job for antisocial people, as it typically involves being a liaison between clients, attorneys, investigators, witnesses, and court officials. 💡 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.
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How Much Do Starting Paralegals Make?
Whether they’re fresh out of school or have been working for several years, paralegals can be paid hourly or earn a yearly salary. A typical rate for a brand-new paralegal is $19.20 an hour or $55,332 a year.
An entry-level salary or hourly rate for a paralegal varies by work environment. Smaller firms and nonprofits tend to pay less, while bigger corporate law firms may offer more competitive pay.
Paralegals can specialize in certain areas, including litigation, real estate, divorce, intellectual property, immigration, and bankruptcy. Honing your skills in a particular area of the law could help position you for higher-paying opportunities.
No matter the size of your salary, it helps to keep a close eye on your finances and the progress you’re making toward your financial goals. Online tools like a money tracker app can help you create a budget, monitor your credit score, and more.
Recommended: Is a $100,000 Salary Good?
What Is the Average Paralegal Salary by State?
Like most jobs, the amount of money you can earn as a paralegal is impacted by geography. As the chart below shows, salaries in this field can fluctuate from state to state.
The Median Salary by State for a Paralegal in 2022
State
Median Salary
Alabama
$48,620
Alaska
$61,490
Arizona
$59,050
Arkansas
n/a
California
$69,790
Colorado
$65,010
Connecticut
$63,490
Delaware
$59,660
District of Columbia
$87,610
Florida
$52,190
Georgia
$51,420
Hawaii
$58,630
Idaho
$48,500
Illinois
$60,370
Indiana
$47,710
Iowa
$52,660
Kansas
$48,490
Kentucky
$48,810
Louisiana
$50,310
Maine
$54,710
Maryland
$58,760
Massachusetts
$63,360
Michigan
$58,780
Minnesota
$60,380
Mississippi
$43,590
Missouri
$55,410
Montana
$55,270
Nebraska
$50,610
Nevada
$61,180
New Hampshire
$50,960
New Jersey
$61,040
New Mexico
$48,320
New York
$62,730
North Carolina
$51,340
North Dakota
$48,740
Ohio
$50,580
Oklahoma
$48,490
Oregon
$63,980
Pennsylvania
$62,080
Rhode Island
n/a
South Carolina
$48,190
South Dakota
$54,100
Tennessee
$48,420
Texas
$56,310
Utah
$52,820
Vermont
$60,560
Virginia
$59,500
Washington
$69,260
West Virginia
$47,990
Wisconsin
$49,970
Wyoming
$52,000
Source: Bureau of Labor Statistics
Paralegal Job Considerations for Pay and Benefits
Thinking about becoming a paralegal? Consider the following:
• Areas of interest. Paralegals can work in any number of specialties: corporate law, patent law, health care, and more. Thinking about which field best suits your interest can help guide your training and job search.
• Career goals. Is career advancement and an annual pay raise important to you? Is having a flexible schedule a priority? Discuss your options with a hiring manager before accepting a position.
• Benefits. Many full-time and part-time paralegals are eligible for benefits, including, health, vision, and dental insurance, a 401(k), tuition assistance, and paid time off.
• Time and energy commitment. Some areas of law, like litigation, are more stressful than others and may require longer working hours.
Recommended: How to Create a Budget in 5 Steps
Pros and Cons of Being a Paralegal
Ultimately, deciding if becoming a paralegal is a good fit depends on your interests, skills, and goals. Like any profession, working as a paralegal has its positives and negatives:
Pros:
• Salary. Paralegals stand to earn excellent pay, especially if they train for specific roles. A courtroom presentation specialist, for instance, may earn between $67,500 and $125,000 a year.
• Job outlook. Paralegals are in high demand. According to the Bureau of Labor Statistics, jobs in the field are projected to grow 4% from 2022 to 2032.
• Variety of work. On any given day, a paralegal may juggle a number of cases and assorted tasks — from paperwork to writing motions to speaking with witnesses.
• Stimulating work. Creative problem-solving skills and analytical reasoning are put to use every day as a paralegal. The job also requires staying up-to-date on new and changing laws.
• No law school. Becoming a paralegal requires much less education than is demanded of lawyers. A bachelor’s degree in any field and completing an accredited paralegal program are often all that’s needed.
Cons:
• Long hours. Paralegals often work more than the traditional 40-hour week. As deadlines and court dates approach, you may find yourself working late nights and weekends.
• High stress. In addition to assisting lawyers with complex legal issues, paralegals may work closely with demanding clients.
• Lack of autonomy. When you’re a paralegal, you work directly under and are supervised by a licensed attorney. And since you are not certificated to practice law, you cannot advise your clients on legal matters or represent them in court.
💡 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
While the hours can be long and the environment sometimes stressful, being a paralegal can provide you with an opportunity to help others, stay intellectually stimulated, and earn a good salary. While the average paralegal salary is around $59,200 a year, you may be able to earn more depending on your experience, specialty, and location.
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.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is the highest-paying paralegal job?
One of the highest-paying paralegal jobs is a courtroom presentation specialist, which typically pays between $67,500 and $125,000 a year.
Do Paralegals make 100k a year?
Depending on how much experience you have, your area of expertise, and your employer, you could make $100,000 or more a year as a paralegal.
How much do paralegals make starting out?
When they’re just starting out, a paralegal earns an average of $19.20 an hour or $55,332 a year.
Photo credit: iStock/sturti
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.
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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
A personal trainer earns an average of $67,012 a year, according to the latest data from Salary.com. However, salaries typically fall somewhere between $48,347 and $82,320.
How much you can make as a personal trainer depends on several factors, including where you live, who you work for, your training experience, and your areas of expertise. Let’s unpack this.
What Are Personal Trainers?
A personal trainer develops customized exercise programs for clients based on individual skill levels, health goals, physical limitations, and other considerations. These professionals work with clients of all ages and skill levels to improve strength, flexibility, and endurance; complete workouts safely and without injury; support them on their weight loss journey; and more.
Trainers are often paid hourly, but they may earn a yearly salary if they work for a gym or high-end client. How much money a personal trainer makes depends on the range of services and level of attention they provide — in general, the more, the better.
It also helps if you have good people skills, as you’ll be working closely with clients. (Not much of a people person? You may want to look into jobs for introverts instead.) 💡 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.
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How Much Do Starting Personal Trainers Make an Hour?
The average entry-level wage for a personal trainer in the United States is $29 per hour, or $61,104 a year, according to ZipRecruiter. But depending on a host of factors, personal trainers can earn anywhere from $11.06 to $51.92 an hour.
So is it possible to make $100,000 a year or more as a personal trainer? Short answer: yes. A six-figure income may be attainable once you gain enough experience and establish a steady client base. But keep in mind that those things often take time to develop.
Recommended: What Is Competitive Pay?
What Is a Personal Trainer’s Yearly Salary by State?
Location can play a major factor in a personal trainer’s income. A professional who’s established in their career may earn an average of $67,012, but as the chart below shows, take-home pay can vary significantly from state to state.
The Average Personal Trainer Salary by State
State
Median Salary for a Personal Trainer
Alabama
$53,023
Alaska
$59,756
Arizona
$54,514
Arkansas
$45,525
California
$61,037
Colorado
$57,837
Connecticut
$53,361
Delaware
$66,789
Florida
$43,714
Georgia
$49,394
Hawaii
$57,813
Idaho
$58,505
Illinois
$53,350
Indiana
$55,666
Iowa
$53,072
Kansas
$49,804
Kentucky
$47,885
Louisiana
$48,567
Maine
$59,455
Maryland
$64,637
Massachusetts
$60,291
Michigan
$47,929
Minnesota
$55,627
Mississippi
$52,898
Missouri
$51,521
Montana
$53,693
Nebraska
$63,126
Nevada
$56,502
New Hampshire
$57,587
New Jersey
$58,470
New Mexico
$55,489
New York
$64,556
North Carolina
$49,937
North Dakota
$58,914
Ohio
$54,118
Oklahoma
$61,134
Oregon
$58,939
Pennsylvania
$59,132
Rhode Island
$54,591
South Carolina
$50,988
South Dakota
$55,680
Tennessee
$51,669
Texas
$58,217
Utah
$51,630
Vermont
$63,225
Virginia
$65,639
Washington
$71,304
West Virginia
$45,668
Wisconsin
$57,762
Wyoming
$56,523
Source: ZipRecruiter
Recommended: The Highest-Paying Jobs in Every State
Personal Trainer Job Considerations for Pay and Benefits
When you’re just starting out as a personal trainer, there are many factors that may influence the direction of your career. For instance, working at an established commercial gym can offer an opportunity to gain experience, build up a client network, and receive job benefits.
If you’re more of a self-starter and prefer a degree of independence, working as a self-employed personal trainer might be the better fit. You’ll have the ability to set your own hours and hourly rate; however, you’ll also have to pay for health benefits and set money aside for retirement.
Here are some questions to ask yourself when starting a career as a personal trainer:
• How many hours are you willing to work?
• Would you rather work for someone else or be your own boss?
• Do you need health insurance benefits?
• Where do you see yourself in five to 10 years?
• What type of clients do you want (ex. senior citizens, athletes)?
• Are you willing to commute or relocate?
• What additional certifications might you need?
• What are your financial goals?
Establish what you need to earn as a personal trainer in order to cover your expenses and maintain the lifestyle you want. It can help to sit down and create a budget.
As your personal trainer career gets going, you can lean on financial tools like a money tracker app to help you monitor your spending and saving.
Tips to Increase a Personal Trainer’s Salary
Clients can come and go for a number of reasons, but there are some things you can do as a personal trainer to keep the ones you have and attract new ones. Here are some strategies to consider:
• Listen to your clients, and be willing to adapt to their needs.
• Sharpen your motivational skills. Pay attention to other successful trainers and how they inspire their clients.
• Be empathetic. Many clients may struggle during their workouts, both physically and psychologically. Empathy can go a long way in maintaining healthy client relations.
• Go where you’re needed. Investigate niches where your expertise can be of use, be it an elderly care center, health center, or a new neighborhood gym.
• Network and market yourself. Chat up members at your gym and discuss their fitness goals. You can also promote your own fitness journey and methods on social media.
• Earn new certifications. Get certified in CPR, yoga, Pilates, and nutrition. The more you know, the more in-demand you may be.
Pros and Cons of Being a Personal Trainer
As with any job, there are pluses and minuses to working as a personal trainer. Here are some of the benefits and challenges of the field:
Pros:
• Flexible hours. You can often schedule clients when you want to.
• Professional control. You’re able to build up your business through marketing and networking, adding clients as you raise your earning goals.
• Staying physically fit. You’ll have to practice what you preach. Staying in shape is a job requirement.
• Personal satisfaction, especially when you help a client meet their goals.
Cons:
• Fluctuating income/job security. There’s no way to predict how many clients you may have month-to-month or year-to-year.
• Lack of benefits. Many personal trainers work for themselves and have to pay for their own health and dental insurance, plus save for retirement.
• Nontraditional work hours. Although you have the ability to make your own schedule, most of your working clients will likely request early morning, evening, or weekend sessions.
• Shorter career lifespan. Even the most in-shape trainer ages, and there may come a day where you struggle to physically keep up with your clients.
💡 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
A personal trainer’s salary can rise and fall with the ebb and flow of clients, but there is also no limit to the amount of money you can make. Whether you are working with a few dedicated clients or creating your own global fitness brand, being a personal trainer can be a great way to earn a salary while keeping yourself and your finance goals in shape.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is the highest paying personal trainer job?
Personal trainers to wealthy clients and celebrities typically command lucrative salaries. The most popular fitness influencers on TikTok and Instagram, for example, can make over $1 million a year.
Do personal trainers make $100k a year?
A well-established personal trainer can make $100,000 a year with experience, marketing savvy, good time management skills, and a loyal client base.
How much do personal trainers make starting out?
The average starting wage for a personal trainer in the United States is $29 per hour, or $61,104 a year.
Photo credit: iStock/Drazen Zigic
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Inside: Learn what 11 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
We are going to under the cover and discover $11 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $11 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $11 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$11 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $11 per hour is as annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $11 = $22,880
$22,880 is the gross annual salary with a $11 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
This you are making WAY LESS than the average wage.
Let’s breakdown how that number is calculated
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $11 times 2,080 working hours and the result is $22,880.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $11 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $11 times 1,040 working hours and the result is $11,440.
How Much is $11 Per Month?
On average, the monthly amount would average $1,907.
Annual Amount of $22,880 ÷ 12 months = $1,907 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $953.
How Much is $11 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $11 = $440 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $220.
How Much is $11 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $440 and double it.
$440 per week x 2 = $880
Also, the other way to calculate this is:
40 hours x 2 weeks x $11 an hour = $880
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $440.
How Much is $11 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $11 per hour = $88 per day.
If you work 10 hours a day for four days, then you would make $110 per day. (10 hours x $11 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $44.
$11 Per Hour is…
$11 per Hour – Full Time
Total Income
Yearly (52 weeks)
$22,880
Yearly (50 weeks)
$22,000
Monthly (173 hours)
$1,907
Weekly (40 Hours)
$440
Bi-Weekly (80 Hours)
$880
Daily Wage (8 Hours)
$88
Net Estimated Monthly Income
$1,455
**These are assumptions based on simple scenarios.
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Paid Time Off Earning 11 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off, equivalent to 2 weeks of paid time off.
In this case, you would make $22,800 per year.
This is the same as the example above for annual salary making $11 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $11 times 2,000 working hours, and the result is $22,000.
40 hours x 50 weeks x $11 = $22,000
You would average $88 per working day and nothing when you don’t work.
$11 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $22,880
Federal Taxes of 12%: $2,746
State Taxes of 4%: $915
Social Security and Medicare of 7.65%: $1,750
$11 an Hour per Year after Taxes: $17,469
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$17469 ÷ 2080 hours = $8.40 per hour
After estimated taxes and FICA, you are netting $8.40 an hour. That is $2.60 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$11 an Hour Budget – Example
You are probably wondering can I live on my own making 11 dollars an hour? How much rent can you afford at 11 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $11 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $11 an hour was $8.40 after taxes. That would average $1455 per month.
According to the Cents Plan Formula, here is the high level view of a $11 per hour budget:
Basic Expenses of 50% = $728
Save Money of 20% = $291
Give Money of 10% = $146
Fun Spending of 20% = $291
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $11 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $11 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$76
Savings
15-25%
$114
Housing
20-30%
$572
Utilities
4-7%
$114
Groceries
5-12%
$153
Clothing
1-4%
$19
Transportation
4-10%
$114
Medical
5-12%
$191
Life Insurance
1%
$16
Education
1-4%
$10
Personal
2-7%
$29
Recreation / Entertainment
3-8%
$48
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$451
Total Gross Income
$1,907
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Living on $11 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under the minimum wage mark, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 11 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minimize your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $11 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $11.50 will add up over the year. Even better $12 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $11 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $11 an Hour
In this last section, grasp these tips on how to live on $11 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $11 an hour. Highlight these!
1. Spend Less Than You Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $11 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $11 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging your friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
Jobs that Pay $11 an Hour
You can always find jobs that pay $11 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
$11 Per Hour Annual Salary
In this post, we detailed 11 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$22,800
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Try one of these ways to make money quickly to help you in the interim.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
If you rent, rather than own, your home, you’re off the hook for homeowners insurance. But you may still need or want renters insurance, which can help cover your assets in the event of a calamity.
Like all other forms of insurance coverage, choosing a renters insurance policy involves choosing a deductible, which will have an effect on your overall policy cost.
Let’s learn more about how a renters insurance deductible works and how to choose one that’s right for your circumstances.
What Is a Renters Insurance Deductible?
If you have renters insurance and wind up needing to file a claim, the insurance company will still expect you to pay some of the cost. That out-of-pocket expense is called your deductible, and is separate from the premium you pay on a regular basis to keep the policy active.
For example, say you have a renters insurance policy that covers up to $20,000 worth of your belongings in the event of a covered loss. If your deductible is a flat $500, you’d pay $500, and the insurance company would pay $19,500 toward replacing your belongings.
Your deductible might also be calculated as a percentage of your property coverage. So in this example, if your deductible is 2%, you’d pay $400 (2% of $20,000) and the insurer would pay out $19,600.
Your premium, on the other hand, is the amount you pay monthly or annually in order to support the policy. In the case of renters insurance, that might be about $200 a year, or around $20 or less a month. 💡 Quick Tip: Online renters insurance can cover your belongings not just at home but also in your car and on vacation.
Choosing a Renters Insurance Deductible
You may be happy to know that you have some agency when it comes to choosing your renters insurance deductible. While many policies offer flat deductible options of either $500 or $1,000, certain companies do offer lower or higher amounts. Occasionally, you may even find a program available with a $0 or 0% deductible, which means you wouldn’t pay anything out of pocket if you were to make a claim.
Paying less during a time of loss probably sounds like an unmitigated good thing. But there is a bit of a catch. Generally speaking, the lower your deductible, the higher your premium, which means you’re paying more on a regular basis for a benefit you might get if a loss occurs.
On the other hand, if you hedge your bets and go for a high deductible, your regular premium payments will be lower — but you’ll be on the hook for a lot more if you do need to file a claim.
Recommended: What Does Renters Insurance Cover and How Does it Work
How Does Your Renters Insurance Deductible Affect Your Premiums?
While the inverse relationship between deductibles and premiums is fairly standard, other factors do play into your specific renters insurance costs.
For example, your insurer may cut you a break if you have certain security equipment installed, such as an alarm system or smoke alarm. On the other hand, if you live in what’s deemed a high-risk area or your credit score could use some work, your available coverage options may be more expensive, even if you choose a high deductible.
Renters Insurance by State
Because different states have different risk levels, both for criminal activity and natural damage, the average cost of renters insurance varies depending on what state you’re in. Here are the average monthly renters insurance premiums by state, per data from the Zebra:
• Alabama: $23
• Alaska: $15
• Arizona: $20
• Arkansas: $26
• California: $18
• Colorado: $17
• Connecticut: $24
• Delaware: $21
• District of Columbia: $20
• Florida: $21
• Georgia: $22
• Hawaii: $20
• Idaho: $16
• Illinois: $20
• Indiana: $28
• Iowa: $14
• Kansas: $21
• Kentucky: $17
• Louisiana: $38
• Maine: $12
• Maryland: $19
• Massachusetts: $18
• Michigan: $22
• Minnesota: $13
• Mississippi: $26
• Missouri: $24
• Montana: $19
• Nebraska: $16
• Nevada: $17
• New Hampshire: $14
• New Jersey: $19
• New Mexico: $19
• New York: $26
• North Carolina: $23
• North Dakota: $13
• Ohio: $18
• Oklahoma: $23
• Oregon: $16
• Pennsylvania: $19
• Rhode Island: $24
• South Carolina: $18
• South Dakota: $14
• Tennessee: $19
• Texas: $32
• Utah: $14
• Vermont: $9
• Virginia: $18
• Washington: $14
• West Virginia: $24
• Wisconsin: $14
• Wyoming: $11
Keep in mind that your specific monthly price will vary further based on your city and even your neighborhood, as well as many other factors. Check with your insurer for actual insurance premium prices available to you.
Recommended: Why Do Landlords Require Renters Insurance?
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Renters Insurance Overview
Renters insurance can be a truly valuable tool if you suffer a loss as a renter. While it doesn’t cover the structure of your home the way homeowners insurance does — the building’s owner is responsible for those costs — renters insurance does cover your belongings in case of damage or theft. It also covers personal liability costs in the event that someone is injured while at your home and sues you.
Some landlords require renters insurance, while others don’t. But for most renters, it’s a good idea to at least consider it, especially since it’s usually pretty affordable. (Many renters insurance programs cost less than $200 per year or about $15 to $20 monthly.)
Do keep in mind that renters insurance, like all types of insurance coverage, doesn’t cover everything.
What Does Renters Insurance Cover?
Generally, renters insurance offers coverage in the following four categories:
• Personal property: This covers your possessions.
• Personal liability: This would take care of the medical or legal fees you might incur if someone is hurt while at your home.
• Loss-of-use or additional living expenses: This covers the money you’d need to spend to find yourself a place to stay and food to eat if your home was, for some reason, rendered unlivable.
• Additional coverages: These may be purchased to cover items and services that wouldn’t otherwise be eligible for coverage on your policy (such as lock replacement).
Keep in mind also that certain high-value categories of items may have coverage limits, though these can often be exceeded if you purchase a separate rider or endorsement for them. These categories may include cash, jewelry, watchers, fur clothing, and firearms. 💡 Quick Tip: It’s important to create an inventory of your personal possessions in case you ever need to file a renters insurance claim. One easy way to do that is to walk through your home and photograph all your belongings — especially anything of value.
The Takeaway
Renters insurance is a kind of insurance that can cover your belongings and personal liability if you’re a renter. Like other forms of insurance, a deductible likely applies. The lower the deductible you choose, the higher your premium is likely to be.
While insurance isn’t anyone’s favorite bill to pay, it’s the kind of thing you’re grateful for when you do turn out to need it.
Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.
Explore renters insurance options offered through SoFi via Experian.
Photo credit: iStock/Edwin Tan
Insurance not available in all states. Experian is a registered service mark of Experian Personal Insurance Agency, Inc. Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
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.
Looking for a career in the medical field without having to commit to years of higher education? You might consider working as a pharmacy technician, also known as a pharmacy tech.
A pharmacy technician works closely with a pharmacist to ensure the health and safety of their patients. They locate, dispense, pack, and label a prescribed medication for a patient that is then reviewed for accuracy by a pharmacist. They also help with administrative tasks like processing insurance claims, tracking inventory, and filing paperwork.
The question is, how much does a pharmacy technician make? Pay can vary widely depending on location, workplace, and level of experience, but the average annual salary for a pharmacy technician in the U.S. as of January 5, 2024 is $40,074, according to ZipRecruter.
To better understand what it takes to become a pharmacy technician and how much they can earn, keep reading.
What Are Pharmacy Technicians
Pharmacy technicians play an essential role in the functioning of every pharmacy. They often work side by side with pharmacists and perform similar duties, such as filling prescriptions, talking with patients and doctors, and keeping pharmacies orderly and up to safety standards. However, pharmacists and pharmacy technicians have different educational backgrounds, job responsibilities, and salaries.
Legally, pharmacy technicians can fill patient prescriptions, provided they are reviewed by a pharmacist before they are given out. Pharmacy technicians cannot, however, recommend medications to patients, including over-the-counter medications and supplements.
Pharmacy technicians typically work in retail stores, hospitals, nursing homes, and assisted living facilities. Their responsibilities may include:
• Entering patient information and prescriptions into a computer system
• Talking to pharmacy customers on the phone and in person
• Managing pharmacy inventory
• Preparing medications for pharmacists by reading orders, preparing labels, and calculating the appropriate quantities
• Processing patients’ insurance and serving as a liaison between the pharmacy and insurance companies and physician offices
• Assisting with administrative tasks, such as billing, record keeping, and insurance paperwork
Like pharmacists, pharmacy technicians can practice in a specialty industry like academia, community, or government, or in a specialty area like critical care, oncology, or pediatrics.
To be a successful pharmacy technician, you generally need to be a detail-oriented team player with excellent communication skills. As a result, working as a pharmacy technician may not be a great fit for someone who likes to work alone or is more of an introvert.
Since pharmacy techs interact with customers every day and work under the supervision of pharmacists, it’s also not possible to find a work-from-home job, so you need to be prepared to head into the workplace every day. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
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How Much Do Pharmacy Technicians Make When They Are Starting Out?
Starting salaries for pharmacy technicians can fall anywhere from $30.000 to $54,500. With experience, techs typically have many opportunities for advancement and increased pay based on skill level, location, and years of experience.
What Is the Average Salary for a Pharmacy Technician?
How much does a pharmacy technician make an hour? The average hourly wage for a pharmacy tech is $19. However, hourly wage can range anywhere from $14.42 to $20.43.
The average annual salary for a pharmacy technician in the U.S. is $40,074. But how much a certified pharmacy technician makes can go up to $54,500.
Generally, pharmacy techs who work at hospitals earn more than those who work at pharmacies and drug retailers. Rising up to the level of management can give a pharmacy technician a significant bump in earnings. If you go on to get a pharmacy degree, you could make well over $100,000 per year.
The Average Pharmacy Technician Salary by State for 2024
How much money a pharmacy technician makes can vary by location. What follows is a breakdown of how much a pharmacy technician makes per year, on average, by state (highest to lowest).
State
Average Annual Salary
New York
$45,054
Vermont
$44,321
Maine
$42,433
Pennsylvania
$41,261
Washington
$41,013
Massachusetts
$40,400
New Hampshire
$40,272
New Jersey
$40,226
Alaska
$40,173
Oregon
$39,741
North Dakota
$39,694
Wisconsin
$39,587
Wyoming
$39,369
Hawaii
$38,937
Colorado
$38,663
Indiana
$38,654
New Mexico
$38,041
Nevada
$37,984
Minnesota
$37,948
Arizona
$37,855
South Dakota
$37,515
Montana
$37,285
Ohio
$36,970
Alabama
$36,818
Rhode Island
$36,809
Delaware
$36,658
Virginia
$36,256
Connecticut
$36,122
Iowa
$36,089
Mississippi
$35,711
Illinois
$35,687
California
$35,616
Maryland
$35,534
Tennessee
$35,298
Utah
$35,189
Nebraska
$34,867
Missouri
$34,410
Georgia
$34,300
South Carolina
$34,064
Idaho
$33,990
Oklahoma
$33,766
Texas
$33,688
Kansas
$33,618
North Carolina
$33,360
Louisiana
$33,131
Kentucky
$32,060
Michigan
$32,035
West Virginia
$31,867
Arkansas
$30,452
Florida
$30,355
Source: ZipRecruiter
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Pharmacy Technician Job Considerations for Pay & Benefits
You may be able to get a job as a pharmacy technician with just a high school degree and on-the-job training. However, you can increase your earning potential and job opportunities by completing a postsecondary education program, such as a certificate program or an associate’s degree and getting certified.
There are certificate programs available online that take around nine months to complete. Completing one of these programs helps prepare you for the Pharmacy Technician Certification Exam (PTCE). There also are certificate programs that include a hands-on learning component where students spend time training in a pharmacy.
An associate’s degree program typically takes around two years to complete and often includes internship or externship experiences. Often students take the PTCE following their externship experience.
Because so many pharmacy technician jobs are full-time, pharmacy technicians typically receive a full suite of benefits, including healthcare and retirement plans, that increase the value of their total compensation. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Pharmacy Technician Salary
As with any career path, there are both advantages and disadvantages to becoming a pharmacy technician. Here’s a closer look at the job’s pros and cons.
Pros of Being a Pharmacy Technician
Being a pharmacy tech comes with a number of benefits:
• Positive job outlook The U.S. Bureau of Labor Statistics predicts a 6% growth rate for this industry between 2022 and 2032, faster than the average for all occupations.
• Opportunity for advancement Many pharmacy techs advance to roles in pharmacy management or even get the necessary education to become a licensed pharmacist. Some may explore related careers, such as pharmaceutical sales, medical equipment, or medical technology.
• Choice of work environments While many pharmacy techs work in retail pharmacies, you have the flexibility to work in other environments, such as a hospital, nursing home, clinic, alternative pharmacy, veterinary facility, or mail-order pharmacy.
• Flexible hours Pharmacy techs may have the option to work part time or just on weekends and evenings. Often, you can make the schedule work with your other commitments.
• Doesn’t require a college degree Many people become pharmacy techs with just a high school diploma or GED. However, there’s some necessary training, and some states require licensure. Typically, pharmacy techs opt to pursue the Certified Pharmacy Technician certification, since it can enable them to get better jobs and earn higher pay.
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Cons of Being a Pharmacy Technician
Being a pharmacy tech also comes with some downsides:
• Work can be repetitive For many pharmacy techs, there isn’t much variety in their job duties. They fill prescriptions, enter data, help customers, and answer phone calls, which could become monotonous over time.
• Customers can occasionally be difficult Some customers may be distressed and, as a result, interactions may sometimes be challenging. In addition, customers may get upset if their insurance doesn’t cover their prescription or it isn’t ready when they come in.
• Requires regular recertification While you can work as an entry level pharmacy tech without certification, people in this role generally choose to get certified. And because the field is constantly changing and developing, you need to take a recertification exam every two years, which comes with a fee (though some employers may cover it).
• Work environment can be stressful Pharmacies can get busy and techs often need to handle a high customer load in a fast-paced environment. In addition, techs are under pressure to help fill and label each prescription accurately, since errors can cause people to have negative reactions.
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The Takeaway
If you are looking for an engaging and stable career in the healthcare field that doesn’t require a college degree, pharmacy technician work may be a good fit. The job has a positive growth outlook and, once you get a job as a pharmacy tech, there are many opportunities to advance and earn more than the average salary for pharmacy technicians.
Once you start earning a regular paycheck as a pharmacy technician (or any other role you choose), you’ll want to manage your money carefully, making sure that what goes out of your bank account each month doesn’t exceed what goes in.
SoFi helps you stay on top of your finances.
FAQ
What is the highest paying pharmacy technician job?
Generally, certified pharmacy technicians who work in a hospital setting earn more than those that work at drug retailers. A pharmacy tech can make even more if they grow into a supervisory or managerial position.
Do pharmacy technicians make 100k a year?
Generally, pharmacy technicians make less than $100,000 per year. The average annual salary for a pharmacy technician in the U.S. is $40,074.
How much do pharmacy technicians make starting out?
Certified pharmacy techs can start out earning anywhere between $30.000 and $54,500.
Photo credit: iStock/Dimensions
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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.
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Interest rates for the most popular 30-year fixed mortgage averaged around 6.43% in December 2023, according to Zillow data. Rates for 15-year mortgages, which are also relatively popular, were 5.75%.
The average monthly mortgage payment is currently $2,883 for a 30-year fixed mortgage, based on recent home price and mortgage rate data.
Mortgage rates are always changing, and there are a lot of factors that can sway your interest rate. While some of them are personal factors you have control over, and some aren’t, it’s important to know what your interest rate could look like as you start the process of getting a home loan.
Most experts believe that mortgage rates will go down in 2024.
Average mortgage rates today
While average mortgage and refinance rates can give you an idea of where rates are currently at, remember that they’re never a guarantee of the rate a lender will offer you. Mortgage interest rates vary by borrower, based on factors like your credit, loan type, and down payment.
To get the best rate for you, you’ll want to get quotes from multiple lenders.
Average mortgage interest rate by mortgage type
Purchase mortgage
The rates you’ll get on a mortgage used to purchase a home are often better than what you’ll be quoted for a refinance. They generally differ by the loan’s length in years, and whether the interest rate is fixed or adjustable. Two of the most popular types include:
30-year mortgage rates: The most popular type of mortgage, this home loan makes for low monthly payments by spreading the amount over 30 years.
15-year mortgage rates: Interest rates and payments won’t change on this type of loan, but it has higher monthly payments since payments are spread over 15 years. However, it comes with lower rates than a 30-year loan.
Mortgage refinance
Mortgage refinance rates typically differ somewhat from purchase rates, and may be slightly higher — particularly if you’re getting a cash-out refinance, since these are considered riskier.
If you’re considering a refinance, be sure to shop around with the best mortgage refinance lenders and get multiple rate quotes to be sure you’re getting the best deal.
30-year mortgage refinance rates: Refinancing into a 30-year term can lower your monthly payment since you’re spreading out what you owe over a longer period of time.
15-year mortgage refinance rates: Refinancing into a shorter term like a 15-year mortgage will increase your monthly payment, but help you save on interest.
Home equity line of credit (HELOC)
HELOC rates are generally a little higher than rates on first mortgages, but they can still be worth it if you’re looking to tap into your home’s equity without having to take on a new rate on your main mortgage.
As with other types of mortgages, you’ll want to shop around and get multiple rate quotes to find the best HELOC lenders.
Average mortgage interest rate by credit score
National rates aren’t the only thing that can sway your mortgage interest rates — personal information like your credit score also can affect the price you’ll pay to borrow.
See Insider’s picks for the best mortgage lenders »
The higher your score is, the less you’ll pay to borrow money. Generally, 620 is the minimum credit score needed to buy a house, with some exceptions for government-backed loans.
Data from credit scoring company FICO shows that the lower your credit score, the more you’ll pay for credit. Here’s the average interest rate by credit level for a 30-year fixed-rate mortgage of $300,000, as of January 2024:
According to FICO, only people with credit scores above 660 will truly see interest rates around the national average.
Average mortgage interest rate by year
Mortgage rates are constantly in flux, largely affected by what’s happening in the greater economy. Things like inflation, the bond market, overall housing market conditions, and Federal Reserve policy impact mortgage rates.
Here’s how the average mortgage interest rate has changed over time, according to data from Freddie Mac.
Throughout 2020, the average mortgage rate fell drastically due to the economic impact of the coronavirus crisis. Rates throughout 2020 and into 2021 were lower than rates at the depths of the Great Recession. Thirty-year fixed mortgage interest rates hit a low of 2.65% in January 2021, according to Freddie Mac. Rates began to rise again in 2022.
Most major forecasts expect rates to start dropping throughout the next couple of years, and they could ultimately end up somewhere in the 5% range.
Average mortgage interest rate by state
Check the latest rates in your state at the links below.
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Washington, DC West Virginia Wisconsin Wyoming
How are mortgage rates determined?
Multiple factors affect the interest rate you’ll pay on a mortgage. Some are outside of your control. Others you can influence.
For instance, the federal funds rate — the interest rate banks charge when they lend to each other — has an influence on all sorts of other interest rates, including those on mortgages. The Federal Reserve adjusts the federal funds rate as part of its effort to control inflation. Therefore, it’s a factor that is beyond your control.
Key determining factors that you do have control over include:
Your credit score
Debt-to-income ratio
The amount of your down payment
The type of mortgage you get
The amount of time you take to pay off the loan
What to know before getting a mortgage
A mortgage is a type of secured loan used to purchase a home. You pay back the lender over an agreed-upon amount of time, including an additional interest payment, which you can consider the price of borrowing money.
(You can also pay off your mortgage early, but there are both pros and cons to be aware of.)
Because a mortgage is a secured loan, it means you put your property up as collateral. Should you fail to make your payments over time, the lender can foreclose on, or repossess, your property.
Frequently asked questions about average mortgage rates
A mortgage rate, also known as a mortgage interest rate, is the fee charged by your lender for loaning you money. Your principal (payments on the amount of money you borrowed) and interest are rolled into one payment each month.
In December 2023, 30-year mortgage rates averaged 6.43%, and they’ve been trending even lower this month.
Compared to where rates were just a couple of years ago, a 7% mortgage rate is extremely high. But now, many borrowers who got their mortgage in the last year likely have rates of 7% or higher. Fortunately, rates have eased somewhat in recent months, and are now back below this benchmark.
Average mortgage rates nearly reached 8% in October of 2023, but they’ve since come down. However, rates can vary a lot depending on your finances. If you have a lower credit score, you could still get a rate that’s near 8%. Rates are expected to decrease this year, so we likely won’t see average rates reach 8%.
The last time mortgage rates were at 8% was in August 2000, when the average 30-year mortgage rate was 8.04%, according to Freddie Mac.
The better your credit score, the better the rate you’ll get on your mortgage. To access the best mortgage interest rates, aim to have a credit score at least in the 700s.
Mortgage rates fluctuate all the time. The best way to get a good mortgage rate is to get quotes from at least three different mortgage lenders and compare them. That way, you’ll know you’re likely getting a good rate. If you’re having trouble getting a lower rate, you might want to first take some time to work on your credit or pay down debt.
A discount point is a fee you can choose to pay at closing for a lower interest rate on your mortgage. One discount point usually costs 1% of your mortgage, and it reduces your rate by 0.25%. So if your rate on a $200,000 mortgage is 6.5% and you pay $4,000 for two discount points, your new interest rate is 6%.
Because mortgage interest rates are so individual to the borrower, the best way to find the rates available to you is to get quotes from multiple lenders. If you’re early in the homebuying process, apply for prequalification and/or preapproval with several lenders to compare and contrast what they’re offering.
Mortgage interest rates are expected to fall soon, but when and how much depends on the path of inflation; if price growth continues to slow, rates should fall in the coming months. If inflation remains stubborn, we may have to wait a bit longer. But that doesn’t mean you need to put off your homebuying plans — there are plenty of advantages to buying a house when rates are high, such as decreased competition.
If you spent your teenage years waiting anxiously for one of your siblings to get out of the shower, the idea of selling your spacious, multi-bathroom home and moving into a smaller house or condo may feel like a reversal of fortune.
Yet for many retirees, downsizing makes financial and practical sense. Younger baby boomers — those currently ranging in age from 57 to 66 — made up 17% of recent home buyers, while older boomers — ages 67 to 75 — accounted for 12%, according to a 2022 report from the National Association of Realtors Research Group. Boomers’ primary reasons for buying a home were to be closer to friends and family, as well as a desire to move into a smaller home, the report said. Both younger and older boomers were more likely than others to purchase a home in a small town, and younger boomers were the most likely to buy in a rural area.
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For retirees Fred and Shelby Bivins, selling their home in Green Valley, Ariz., will enable them to realize their dream of traveling in retirement. The Bivinses have put their 2,050-square-foot Arizona home on the market and plan to relocate to their 1,600-square-foot summer condo in Fish Creek, Wis., a small community about 50 miles from Green Bay. They plan to live in Wisconsin in the spring and summer and spend the winter months in a short-term rental in Arizona, where they have family.
Fred, 65, says the decision to downsize was precipitated by a two-month stay in Portugal last year, one of several countries they hope to visit while they’re still healthy enough to travel. “We’ve had Australia and New Zealand on our list for many years, even when we were working,” says Shelby, 68. The Bivinses are also considering a return visit to Portugal. Eliminating the cost of maintaining their Arizona home will free up funds for those trips.
With help from Chris Troseth, a certified financial planner based in Plano, Texas, the Bivinses plan to invest the proceeds from the sale of their home in a low-risk portfolio. Once they’re done traveling and are ready to settle down, they intend to use that money to buy a smaller home in Arizona. “Selling their primary home will generate significant funds that can be reinvested to support their lifestyle now and in the future,” Troseth says. “Downsizing for this couple will be a positive on all fronts.”
Challenges for downsizers
For all of its appeal, downsizing in today’s market is more complicated than it was in the past. With 30-year fixed interest rates on mortgages recently approaching 8%, many younger homeowners who might otherwise upgrade to a larger home are unwilling to sell, particularly if it means giving up a mortgage with a fixed rate of 3% or less. More than 80% of consumers surveyed in September by housing finance giant Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a statement. As a result, buyers are competing for limited stock of smaller homes, says Hannah Jones, senior economic research analyst for Realtor.com.
Here, though, many retirees have an advantage, Jones says. Rising rates have priced many younger buyers out of the market and made it more difficult for others to obtain approval for a loan. That’s not an issue for retirees who can use proceeds from the sale of their primary home to make an all-cash offer, which is often more attractive to sellers.
Retirees also have the ability to cast a wider net than younger buyers, whose choice of homes is often dictated by their jobs or a desire to live in a well-rated school district. While the U.S. median home price has soared more than 40% since the beginning of the pandemic, prices have risen more slowly in parts of the Northeast and Midwest, Jones says. “We have seen the popularity of Midwest markets grow over the last few months because out of all of the regions, the Midwest tends to be the most affordable,” she says. “You can still find affordable homes in areas that offer a lot of amenities.”
Meanwhile, selling your home may be somewhat more challenging than it was during the height of the pandemic, when potential buyers made offers on homes that weren’t even on the market. The Mortgage Bankers Association reported in October that mortgage purchase applications slowed to the lowest level since 1995, as the rapid rise in mortgage rates has pushed many potential buyers out of the market. Sales of previously owned single-family homes fell a seasonably adjusted 2% in September from August and were down 15.4% from a year earlier, according to the National Association of Realtors. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR chief economist Lawrence Yun said in a statement.
However, because of tight inventories, there’s still demand for homes of all sizes, Jones says, so if your home is well maintained and move-in ready, you shouldn’t have difficulty selling it. “The market isn’t as red-hot as it was during the pandemic, but there’s still a lot to be gained by selling now,” she says.
Other costs and considerations
If you live in an area where real estate values have soared, moving to a less expensive part of the country may seem like a logical way to lower your costs in retirement. While the median home price in the U.S. was $394,300 in September, there’s wide variation in individual markets, from $1.5 million in Santa Clara, Calif., to $237,000 in Davenport, Iowa. But before you up and move to a lower-cost locale, make sure you take inventory of your short- and long-term expenses, which could be higher than you expect.
Selling your current home, even at a significant profit, means you will incur costs, including those to update, repair and stage it, as well as a real estate agent’s commission (typically 5% to 6% of the sale price). In addition, ongoing costs for your new home will include homeowners insurance, property taxes, state and local taxes, and homeowners association or condo fees.
Nicholas Bunio, a certified financial planner in Berwyn, Pa., says one of his retired clients moved to Florida and purchased a home that was $100,000 less expensive than her home in New Jersey. Florida is also one of nine states without income tax, which makes it attractive to retirees looking to relocate. Once Bunio’s client got there, however, she discovered that she needed to spend $50,000 to install hurricane-proof windows. Worse, the only home-owners insurance she could find was through Citizens Property Insurance, the state-sponsored insurer of last resort, and she’ll pay about $8,000 a year for coverage. Her property taxes were higher than she expected, too. When it comes to lowering your cost of living after you downsize, “it’s not as simple as buying a cheaper house,” Bunio says
Before moving across the country, or even across the state, you should also research the availability of medical care. “Oftentimes, those considerations are secondary to things like proximity to family or leisure activities,” says John McGlothlin, a CFP in Austin, Texas. McGlothlin says one of his clients moved to a less expensive rural area that’s nowhere near a sizable medical facility. Although that’s not a problem now, he says, it could become a problem when they’re older.
If you use original Medicare, you won’t lose coverage if you move to another state. But if you’re enrolled in Medicare Advantage, which is offered by private insurers as an alternative to original Medicare, you may have to switch plans to avoid losing coverage. To research the availability of doctors, hospitals and nursing homes in a particular zip code, go to www.medicare.gov/care-compare.
At a time when many seniors suffer from loneliness and isolation, a sense of community matters, too. Bunio recounts the experience of a client who considered moving from Philadelphia to Phoenix after her daughter accepted a job there. The cost of living in Phoenix is lower, but the client changed her mind after visiting her daughter for a few months. “She has no friends in Phoenix,” he says. “She’s going on 61 and doesn’t want to restart life and make brand-new connections all over again.”
Time is on your side
Unlike younger home buyers, who may be under pressure to buy a place before starting a new job or enrolling their kids in school, downsizers usually have plenty of time to consider their options and research potential downsizing destinations. Once you’ve settled on a community, consider renting for a few months to get a feel for the area and a better idea of how much it will cost to live there. Bunio says some of his clients who are behind on saving for retirement or have high health care costs have sold their homes, invested the proceeds and become permanent renters. This strategy frees them from property taxes, homeowners insurance, homeowners association fees and other expenses associated with homeownership
The boom in housing values has boosted rental costs, as the shortage of affordable housing increased demand for rental properties. But thanks to the construction of new rental properties in several markets, the market has softened in recent months, according to Zumper, an online marketplace for renters and landlords. A Zumper survey conducted in October found that the median rent for a one-bedroom apartment fell 0.4% from September, the most significant monthly decline this year.
In 75 of the 100 cities Zumper surveyed, the median rent for a one-bedroom apartment was flat or down from the previous month. (For more on the advantages of renting in retirement, see “8 Great Places to Retire—for Renters,” Aug.)
Aging in place
Even if you opt to age in place, you can tap your home equity by taking out a home equity line of credit, a home equity loan or a reverse mortgage. At a time when interest rates on home equity lines of credit and loans average around 9%, a reverse mortgage may be a more appealing option for retirees. With a reverse mortgage, you can convert your home equity into a lump sum, monthly payments or a line of credit. You don’t have to make principal or interest payments on the loan for as long as you remain in the home.
To be eligible for a government-insured home equity conversion mortgage (HECM), you must be at least 62 years old and have at least 50% equity in your home, and the home must be your primary residence. The maximum payout for which you’ll qualify depends on your age (the older you are, the more you’ll be eligible to borrow), interest rates and the appraised value of your home. In 2024, the maximum you could borrow was $1,149,825.
There’s no restriction on how homeowners must spend funds from a reverse mortgage, so you can use the money for a variety of purposes, including making your home more accessible, generating additional retirement income or paying for long-term care. You can estimate the value of a reverse mortgage on your home at www.reversemortgage.org/about/reverse-mortgage-calculator.
Up-front costs for a reverse mortgage are high, including up to $6,000 in fees to the lender, 2% of the mortgage amount for mortgage insurance, and other fees. You can roll these costs into the loan, but that will reduce your proceeds. For that reason, if you’re considering a move within the next five years, it’s usually not a good idea to take out a reverse mortgage.
Another drawback: When interest rates rise, the amount of money available from a reverse mortgage declines. Unless you need the money now, it may make sense to postpone taking out a reverse mortgage until the Federal Reserve cuts short-term interest rates, which is unlikely to happen until late 2024 (unless the economy falls into recession before that). Even if interest rates decline, they aren’t expected to return to the rock-bottom levels seen over the past 15 years, according to a forecast by The Kiplinger Letter. And with inflation still a concern, big rate cuts such as those seen in response to recessions and financial crises over the past two decades are unlikely.
Note: This item first appeared in Kiplinger’s Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
In this episode of NerdWallet’s Smart Money Podcast, hosts Sean Pyles and Sara Rathner share the best money moves of 2023 as submitted by their fellow colleagues. Some of the highlights include saving aggressively to prepare for future expenses, getting rid of private mortgage insurance, automating finances for budgeting and planning, setting up 529 college savings plans for children, shopping around for the best mortgage rates, and understanding the difference between an emergency fund and a rainy day fund.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
If you’re a loyal fan of the show, it’s possible you stay until the very end of each episode and if you do, you always hear us say, “Until next time, turn to the Nerds.” Well, today, dear listener, we are turning the show over to the Nerds. We present the best money moves of 2023 by our fellow Nerds.
Amy Knight:
This year I learned how to explain the effect of compounding using a lovely seasonal analogy, snow. You think of your money like snow. When you spend it, it melts and runs away, but when you save it, any new snowfall sticks to the snow that’s already there.
Sean Pyles:
Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.
Sara Rathner:
I’m Sara Rathner.
Sean Pyles:
This episode finishes off our Nerdy deep dive into the end of 2023. This is it, Sara, the finale of our last series of the year.
Sara Rathner:
The piece de resistance.
Sean Pyles:
Yes. We sent a notice out calling all Nerds, asking for the best things our colleagues did with their money in 2023, and I mean all Nerds, IT, HR, everybody, even the corner office, and today we’re going to share their money wins.
Sara Rathner:
I love this. Before we start, you and I are Nerds, too, right, Sean? Should we start with our money wins for 2023?
Sean Pyles:
I think we should. Sara, give us yours.
Sara Rathner:
Yeah. This sounds like a weird money win, but I have said, on the show before, one of the pieces of advice that I got when I was younger was to save as aggressively as you can for as long as you can because your life will get more complicated as you get older. Well, I have reached the point where my life is complicated and expensive, and I will say that because I had spent those years putting money away as best I could, I had money on hand to do the things that I needed to do this year.
There were some unexpected repairs to our house that we had to do. We ended up replacing our car because we had a baby, and that was probably one of the most expensive things I did in 2023 was pay all those hospital bills, and now I’m paying daycare bills, so this kid will cost me money until he’s 35 and then maybe he’ll be independent by then. We’ll know.
Sean Pyles:
They say you reap what you sow. You had been sowing savings for years and years, and now you are seeing the benefits of that, which is great.
Sara Rathner:
Yeah. What it has allowed us to do, and by us, I mean I say my husband and I, is say yes to the things we need and know that we have the money on hand. That’s really nice when something in your house breaks or there’s something that you want to do like travel or a night out with friends that’s going to cost a lot of money. We can say yes to the things that mean something to us because we spent so long just pocketing and putting money away, living as well below our means as we could. Now, I think we’re living at our means, which is nice.
Sean, what about you? What is your money win for 2023?
Sean Pyles:
Well, it’s a little Nerdy and a little in the weeds maybe, but I got rid of my private mortgage insurance on my house after going into war with the bank that owns my mortgage. It was not a fun process, but I came out the victor, and I’m so proud of myself for that because the bank that owns my mortgage is not very nice. That’s my money win for 2023.
Sara Rathner:
I’m surprised you had to go to war. Isn’t it just like, once you hit 20% equity, you have to refinance, or how does that work?
Sean Pyles:
Oh, yes, they barraged me with a mountain of paperwork and time delays and bureaucratic processes that I actually detailed in a Money Hot Takes episode of Smart Money. I think that you were out on maternity leave, Sara.
Sara Rathner:
Sean Pyles:
Will do. Okay. Great. Well, before we get into the Nerd’s best money moves of 2023, a reminder, dear listener, that we always love hearing from you. Leave us a voicemail or text the Nerd hotline at 901-730-6373, that’s 901-730 N-E-R-D, or email a voice memo to [email protected].
All right. Sara, are you ready to hear from our Nerdy colleagues about their best money moves of 2023?
Sara Rathner:
I am. Let’s see what they all learned this year and maybe we could take some of that advice and apply to our own finances.
Sean Pyles:
Yeah. I mean, that’s the idea, so let’s start with the boss. Tim Chen is the founder and CEO of NerdWallet, and he did an energy efficient move this year.
I switched from a Mercedes SUV to a Toyota Sienna. I’m getting twice the gas mileage. I’m using the cheap gas, and I’m paying about a 10th as much every time I service the car.
Sara Rathner:
Well, Sean, it is so true that you really save money on servicing when you don’t have a luxury car. Just getting a new battery or oil filter can be less expensive.
Sean Pyles:
Sara Rathner:
Yeah, new to me, and it’s a hybrid, so the mileage is pretty sweet.
Sean Pyles:
Nice. All right. Well, let’s hear from another Nerd. Skylar Damiano is an IT administrator here at NerdWallet.
Skylar Damiano:
My partner and I are accelerating our marriage to the end of this year because it’ll save us a ton of money in the long run via tax benefits. These are things that we just never thought about when we were single or, even in our case as queer people who never really thought about marriage beyond our domestic partnership, but I’ve also learned that I will never stop learning about the financial world around me. I can’t possibly know everything related to financial wellbeing, but the more I research and the more I practice good habits, the more likely I am to carry those good habits into the future.
One that stuck with me from last year is not spending beyond my means. I now wait until I have funds available before I make a purchase like a new smartphone or a new toy or a hobby that I want to get into. In this case, I want to become a DJ in the next year. I’m not spending any money on that equipment though until I for sure have enough to save on it, because if I have the option to not rely on credit, but instead use my credit card to my advantage via cashback, it’s far more rewarding for me down the line.
Sean Pyles:
Sara, waiting until you have enough money to actually purchase something you want is a timeless piece of financial advice, one of the most basic and most important.
Also, Skylar, I would love to hear a DJ set when you are up and running with your equipment.
Sara Rathner:
This is near and dear to my heart, but utilizing a credit card for points or cashback instead of carrying a balance, that is chef’s kiss. And Skylar wasn’t the only Nerd highlighting this idea. Here’s Tom Lehmann, an account executive for NerdWallet.
Tom Lehmann:
The best piece of financial advice I would have to say is live well below your means. What a lot of people do is, over the course of their career, they tend to make more money, and when that happens, they tend to buy more stuff. They buy a cooler car, bigger house, more clothes, everything. I call that the lifestyle tax. If you really want to take control of your finances, what you have to do is you have to increase the gap between how much you make and what your expenses are.
I think making more money will naturally happen to a lot of people as they progress in their career, so I think the real key is figuring out where you could cut costs and be minimalistic about everything in your life. Just getting rid of stuff and getting out of the habit of buying stupid stuff every time. Every time you buy one thing, you’ve got to get rid of two in your house. That’s a great way to start.
Sara Rathner:
Sean, I think a lot of us often take the opportunity at the end of the year or the start of a new one to get rid of stupid stuff. The harder part is Tom’s advice to get out of the habit of buying stupid stuff in the first place.
Sean Pyles:
Yeah, preaching to the choir, Sara, because I’m sure that I have some stupid stuff on the way to my front door as we speak. All right. Well, let’s hear now from Sally French. She’s a travel writer here, and she’s been on the show before. Here is her takeaway from 2023.
Sally French:
My biggest money lesson is to always ask if your travels go wrong. I was caught up in the United meltdown as well as I had a canceled Southwest flight, and even though I was able to get another flight, I was still delayed. While I wasn’t entitled to any compensation officially, I still asked the airline customer service and I asked nicely, and in both instances, I got either a flight credit or miles from the airline. Even if your travels are disrupted, even if you’re not entitled to compensation, it doesn’t hurt to ask, because like I did, I was able to get some money back.
Sara Rathner:
Love it. Always ask. What do you have to lose? All they can say is no and you’re on your way, or not and you’re stuck at the airport indefinitely, but you could still ask.
Sean Pyles:
Yeah. You’re hopefully on your way unless your flight is canceled twice, but yes, it’s always worth asking. Next up, we have Kevin Berry. He leads multimedia content here at NerdWallet and happens to be my direct boss. You’ve heard his name in the credits of this show as a fact-checker and editor.
Kevin Berry:
I think my big money takeaway from 2023 is that automation of your money can be really, really valuable and super helpful when it comes to budgeting and planning. I spend, whatever, an hour every January looking at everything and the money coming into my checking account, and I had set up all these automated like, “Send this money here. Send this money to an investment account. Send this money to a savings account,” and just set it and forgot about it and let it do its thing this year, and then that has really come back to help me.
For example, the property tax bill showed up, and I was like, “Whoa, it went up, it’s thousands and thousands of dollars,” but then I went to my account that I’d set up for automated savings for property taxes because I knew this bill was coming, right? Kevin in January knew Kevin in November had to pay this bill, and lo and behold, the math held up and there was the right amount of money there, and that just took a lot of stress out of it. Yeah, I think my money lesson is invest in automation for things that you know you’re going to need to pay for or want to pay for, even like a vacation. That’s just been a real stress reliever and time saver on my end in 2023.
Sara Rathner:
Oh, man, Sean, automation can absolutely save your sanity. I have quite a few automated contributions in my own finances. A big one, two big ones, is I automate contributions for my largest expenses, which are my mortgage and daycare, and that comes out of my checking account into a joint savings account. My husband also contributes, and then the money is whisked away by an automatic clearing house once a month or once every other week, depending on the bill.
Sean Pyles:
Lovely. You just need to make sure that the money is actually automatically going into that checking account so it can then be paid elsewhere.
Sara Rathner:
Then there’s automation, obviously, into my retirement account, my 401(k) that I set up at work. If you work for a place where you have to opt into the 401(k) when you first start your job, do it. Because the longer you wait to get that started, the less money you’re able to save up, and you might even be missing out on employer match. If you’re starting a new job or if you have been in your job for a while, but you just haven’t bothered to set up your retirement accounts yet through your employer, maybe make this the year you do that.
Sean Pyles:
Absolutely. Well, I think I’m going to take a page out of Kevin’s book and set up automated deposits into an account for my car’s annual registration, because every year, June Sean curses every-other-month-of-the-year Sean for not saving up for that in advance. Okay. Our next piece of advice is from Hannah Cho. She’s our Nerdy vice president of content.
Hanah Cho:
This year, I’m really proud of finally sending up 529 college saving plans for my two kids. I have three kids, and I have one set up for my oldest, and I finally got around to setting up two for my youngest. I’m really trying to lean into taking advantage of time. They’re still very young where I still have probably 10 to 12 years before they head off to college.
Sean Pyles:
Yes. All of those years of investing and compounding will work wonders. Sara, I know you just had your baby like five minutes ago, but have you set up a 529?
Sara Rathner:
I have, so by the time my kid is 18, he’ll either be well on his way to college or he’ll be fighting in the climate war of 2041.
Sean Pyles:
That’s grim, but probably not inaccurate.
Sara Rathner:
It’s grim, but I want to set him up for a realistic life.
Sean Pyles:
Right. He’ll be able to buy plenty of munitions on the battlefield.
Sara Rathner:
Sean Pyles:
Well, Sara, you weren’t the only Nerd to procreate this year. Adam Smith did as well, and he’s all over the 529 planning.
Adam Smith:
In 2023, my wife and I actually had twin boys, and the first thing that came up once I heard that was knowing that I’ve got to pay for potentially two college educations at the same time, so another thing that crossed my mind was what if one of them goes to college and the other one doesn’t, or what if neither of them go to college? What’s the best way to approach this? We actually found that there’s a change to the 529 plan, which is how a lot of people save for their child’s college education, and so should your child or if one of our twins or both of them decide not to go to college in the future, you can actually roll the 529 plan into a Roth IRA, and the beneficiary of the 529 plan now becomes the owner of that Roth IRA. Traditional Roth IRA rules apply when transferring ownership, but, that being said, it’s a great savings vehicle for college planning or setting up a nice little nest egg for my twins in the future.
Sean Pyles:
You know what, Sara? I love that Adam knows that there are options for his kids, college or no college.
Sara Rathner:
Yes, and this is a huge way to get your kids started on their financial lives regardless of what they do after high school.
Sean Pyles:
All right. Up next is Alison McCoy, VP of brand marketing at NerdWallet.
Alison McCoy:
My husband and I, we’ve officially begun our home-buying process, and one of the best things we did this year was shop around for the best mortgage. I was pretty surprised at the options out there even in this high interest rate environment and feel really confident that we found the right option for us, that makes sure we’re not leaving any money on the table.
Sara Rathner:
Yes, always shop around for just about anything, but especially mortgage rates especially now.
Sean Pyles:
As Alison knows, we have a lot of mortgage and home buying information all over NerdWallet. We have a whole team devoted to that subject matter, and Abby Badach Doyle is a member of that team. Here’s her best money move of 2023.
Abby Badach Doyle:
This year, I learned the difference between an emergency fund and a rainy day fund. People use those terms interchangeably. I know I sure did, so I never really thought about it, but they’re actually two pretty different things. An emergency fund is for big major surprise expenses like major unexpected car repairs, new carburetor, and a rainy day fund is to help you pay for those things that aren’t necessarily emergencies, but are still outside of the scope of your typical monthly budget, like “Wow, the car is dirty after this camping trip. Can we please pay someone to do a deep clean and a full detail?”
Anyway, in our savings account, we’ve always used named sub-accounts for goals like holiday shopping and travel, but then we had this amorphous blob of money that I always felt so weird and guilty tapping into. Even though we’re disciplined savers and there was always enough there, it always just felt weird. This year, I split the blob into separate rainy day and emergency fund accounts, and that took away all of the stress and weirdness. Mentally, it was so helpful to not feel bad about spending money that I knew that we needed to spend on stuff that we knew was coming and to know that we’re still on track with our emergency savings for the bigger, unexpected stuff.
If you haven’t tried naming sub-accounts yet, I highly recommend it, and review the names often to make sure that they’re still working for you. If you need to set a savings goal for your emergency fund, try using an online calculator. NerdWallet, of course, has a great one. And then name that and separate it from your rainy day fund and from the rest of your other savings goals. That might be a small thing, but it was super helpful to me this year, and I hope that it helps you, too.
Sean Pyles:
Sara Rathner:
Sean Pyles:
Sara Rathner:
Sean Pyles:
I feel like we should do a chest bump or a high five after that. Anyway, Sara, do you have an amorphous blob of money that you feel weird and guilty tapping into?
Sara Rathner:
Always with the guilt, but the blob of money is divided into several smaller sub-blobs in the form of a few accounts with different purposes, and that helps me stay organized when it comes to deciding which accounts to use when I need to fund something.
Sean Pyles:
Love it. I mean, it’s no secret to devoted Smart Money listeners that I have many sub-blob accounts that I use on a daily basis. Also, nice call out to our NerdWallet calculators. Okay. On to our final Nerdy piece of advice.
Sara Rathner:
Already? That was fast.
Sean Pyles:
I know. Well, the good news is, Sara, that we’re always here, all of us, all of us Nerds, and we are here for you and our listeners. Our final guest is Amy Knight. She is a spokesperson for NerdWallet UK, and she has a money lesson to share about compound interest and the beauty of snowfall.
Amy Knight:
I have a money lesson to share about compound interest. This year, I learned how to explain the effect of compounding using a lovely seasonal analogy, snow. I think this is a great way to think about saving, and it can be helpful when you’re trying to start taking a longer-term view of your finances.
The lesson is this. You think of your money like snow. When you spend it, it melts and runs away, but when you save it, any new snowfall sticks to the snow that’s already there. New snowfall is your wages, maybe a bonus or holiday gift, an inheritance, maybe you sold an asset. Importantly, snow falls as interest. If you’re not actively saving, new snowfall is not going to stick. It’s going to melt and run straight out of your account.
We see in real life that fresh snow sticks a lot more when there’s already snow on the ground. I’m going to give a shoutout here to my friend Kim in Wisconsin who will soon be shoveling her driveway every day. You start with a thin layer, and as more snow falls, it builds up, and this is very like compounding. Gradually, your snow pile of savings compounds, and the bigger it gets, the more interest sticks to your money. As you watch it grow, you may be less tempted to melt the whole lot on an impulse purchase.
I’d love to know what you think of this analogy, Sean? This winter, if you are able to leave just a little savings in your account after the holidays, think of it like leaving a thin layer of snow on the ground ready for 2024’s snowfall to stick to. Don’t forget the Nerds can help you understand more about saving and investing. To discover how different financial products could work for you, just head to the personal finance section on NerdWallet.com.
Sara Rathner:
Well, that was lovely and spoken like a true spokesperson.
Sean Pyles:
Gotta love the plug. She does that for a living. I also really like this idea of snow as a metaphor for saving and compounding. Not only is it accurate, it’s also very soothing.
Sara Rathner:
Well, I’m closing my eyes here in Virginia, waiting for maybe a snowfall this year that, within minutes, will turn all black and sooty, if we even get snow at all because last year we didn’t.
Sean Pyles:
I’m hoping we get at least a little bit here in the Pacific Northwest. And also, shoutout to Kim in Wisconsin.
All right, and that’s a wrap on our year-end special series for 2023, but never fear, we’ll be back next year. In the meantime, if you have a money question of your own, turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730 N-E-R-D. You can also email us at [email protected]. Visit nerdwallet.com/podcast for more info on this episode, and remember to follow, rate and review us wherever you’re getting this podcast.
Sara Rathner:
This episode was produced by Tess Vigeland. Sean helps with editing. Kaely Monahan mixed our audio, and a big thank you to NerdWallet editors for all of their help.
Sean Pyles:
Here’s our brief disclaimer. We are not financial or investment advisors. This Nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Sara Rathner:
With that said, until next time, turn to the Nerds, and Happy New Year.