Are you feeling stuck in a rut? Do you find yourself yearning for new experiences, opportunities, and adventures? Moving to a new city could be just the change you need to revitalize your life. Whether you’re seeking career advancement, a better quality of life, or simply a change of scenery, there are certain signs that indicate it might be time to pack your bags and embark on a new chapter. Here are some signs that it’s time to consider making a move:
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Stagnation in Your Career
Are you feeling unfulfilled or under-appreciated in your current job? If there’s limited room for growth or advancement opportunities in your current city, relocating to a city with a thriving job market in your field could be the catalyst for propelling your career forward.
Lack of Personal Connections
Do you find it challenging to forge meaningful relationships or build a strong support network in your current city? Moving to a new city can provide an opportunity to meet new people, expand your social circle, and cultivate deeper connections with like-minded individuals who share your interests and values.
Desire for a Better Quality of Life
Are you tired of battling traffic congestion, high living costs, or adverse weather conditions? Moving to a city with a lower cost of living, better weather, or superior amenities can significantly enhance your overall quality of life and provide a more conducive environment for personal growth and happiness.
Longing for Cultural Diversity
Do you crave exposure to diverse cultures, cuisines, and perspectives? Moving to a culturally vibrant city can broaden your horizons, stimulate your senses, and enrich your life with new experiences and perspectives that you wouldn’t find in a homogeneous environment.
Seeking Adventure and Exploration
Are you feeling restless and eager to explore new surroundings and embark on exciting adventures? Moving to a new city opens up a world of possibilities for exploration, discovery, and adventure, allowing you to immerse yourself in unfamiliar landscapes, activities, and opportunities for personal growth.
Change in Personal Circumstances
Have there been significant changes in your life, such as a relationship breakup, job loss, or family relocation, that necessitate a fresh start in a new city? Embracing change and embracing the opportunity to start anew can be empowering and rejuvenating, enabling you to leave behind the past and embrace a brighter future.
Intuition and Gut Feeling
Do you have a persistent feeling that it’s time to move on and embark on a new chapter in your life? Trusting your intuition and listening to your inner voice can often lead you in the right direction, guiding you toward new opportunities and experiences that align with your deepest desires and aspirations.
Are you looking to move to a new city this spring? Give us a call today! Our experienced real estate agents are here to help!
Welcome to the vibrant city of Reno, NV, where the majestic Sierra Nevada mountains provide a stunning backdrop to the bustling cityscape. Known for its lively entertainment scene, outdoor recreational opportunities, and thriving arts community, Reno offers a unique blend of urban excitement and natural beauty. So whether you’re searching for the perfect apartment in Reno or a cozy home for rent in one of the surrounding neighborhoods, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Reno. Let’s get started and see what awaits in this vibrant city nestled in the heart of the Silver State.
Pros of living in Reno
1. Outdoor recreation
Reno, NV is a haven for outdoor enthusiasts, with its close proximity to Lake Tahoe and the Sierra Nevada mountains. Residents can enjoy a wide range of activities such as hiking, skiing, snowboarding, and water sports. The city’s beautiful parks and trails also offer opportunities for biking, camping, and rock climbing, making it an ideal location for those who love to stay active and explore the great outdoors.
2. Thriving arts and culture scene
Reno boasts a vibrant arts and culture scene, with numerous galleries, museums, and performing arts venues. The Nevada Museum of Art showcases a diverse collection of contemporary and traditional art. While the Pioneer Center for the Performing Arts hosts a variety of live performances, including theater, dance, and music. The city also hosts several annual art and music festivals, providing residents with ample opportunities to engage with the local creative community.
3. No state income tax
One of the major advantages of living in Reno is the absence of state income tax. This can significantly impact residents’ overall financial well-being, allowing them to keep more of their hard-earned money. The lack of state income tax can make a noticeable difference in the cost of living and provide an attractive incentive for individuals considering a move to the area.
4. Growing job market
Reno has experienced a surge in economic growth and job opportunities in recent years, particularly in industries such as technology, manufacturing, and healthcare. The city’s business-friendly environment and strategic location have attracted major companies, leading to an increase in employment prospects for residents. The growing job market makes Reno an appealing destination for professionals seeking career advancement and stability.
5. Affordable housing options
Compared to other major cities in the region, Reno offers relatively affordable housing options, making it an attractive choice for individuals looking to purchase a home or rent an apartment. The average rent for apartments in Reno, is between $1,162 and $1,747 in 2024. The diverse range of neighborhoods and housing styles provides residents with various choices to suit their preferences and budget, contributing to a more accessible and inclusive housing market.
6. Close-knit community vibe
Reno is known for its friendly and close-knit community vibe, where residents often feel a strong sense of belonging and connection. The city’s welcoming atmosphere and active neighborhood associations foster a supportive environment, encouraging social interaction and collaboration among residents. This sense of community can enhance the overall quality of life and contribute to a fulfilling living experience in Reno.
7. Access to higher education
Reno is home to the University of Nevada, Reno, a renowned institution that offers a wide range of academic programs and research opportunities. The presence of a reputable university enhances the city’s educational landscape, providing residents with access to quality higher education and lifelong learning resources. Additionally, the university contributes to the cultural and intellectual vibrancy of the community, enriching the overall living experience in Reno.
Cons of living in Reno
1. Limited public transportation options
One of the challenges of living in Reno is the limited public transportation options. With a transit score of 24, this can make it difficult for residents who rely on alternative modes of transportation. The city’s public transit system is not as extensive as in larger metropolitan areas, and the reliance on personal vehicles may pose challenges for individuals seeking more sustainable and convenient commuting alternatives.
2. Seasonal weather extremes
Reno experiences seasonal weather extremes, with hot summers and cold winters, as well as occasional droughts and heavy snowfall. The fluctuating climate conditions can impact residents’ daily routines and outdoor activities, requiring them to adapt to the changing weather patterns and prepare for potential environmental challenges throughout the year.
3. Limited diversity in dining options
While Reno offers a variety of dining establishments, the city may have limited diversity in culinary experiences compared to larger urban centers. Residents looking for a wide range of international cuisines and gourmet dining options may find the local restaurant scene relatively limited, potentially impacting their culinary exploration and dining preferences.
4. Traffic congestion
Reno has experienced an increase in traffic congestion due to population growth and ongoing development. The city’s infrastructure may face challenges in accommodating the rising number of vehicles on the road, leading to potential delays and longer commute times for residents. Addressing traffic congestion and improving transportation infrastructure are ongoing considerations for the city’s urban planning and development efforts.
5. Limited cultural diversity
While Reno has a rich arts and culture scene, the city may have limited cultural diversity compared to larger metropolitan areas. Residents seeking a more diverse and multicultural environment may find the local community relatively homogenous, potentially impacting their exposure to different cultural traditions and perspectives.
6. Impact of tourism on local economy
Reno’s reliance on tourism as a major economic driver can have both positive and negative implications for residents. While tourism contributes to the city’s vibrant entertainment and hospitality industries, it may also lead to seasonal fluctuations in employment opportunities and increased demand for resources, impacting the local economy and infrastructure.
Iconic tourist areas such as the Reno Arch and the National Automobile Museum draw visitors year-round, stimulating economic activity but also posing challenges for local residents.
7. Cost of living increases
As Reno continues to experience growth and development, the cost of living in the city has been on the rise. Factors such as housing demand, property values, and overall market trends can contribute to cost of living increases, potentially impacting residents’ financial planning and budgeting. Managing the rising cost of living is an important consideration for individuals looking to establish long-term roots in Reno.
Welcome to the charming city of Boise, ID, where the stunning natural beauty of the Boise River and the Boise Foothills meet the vibrant urban lifestyle. Known for its thriving arts and culture scene, outdoor recreational opportunities, and friendly community, Boise offers a unique blend of city living and outdoor adventure. So whether you’re searching for the perfect apartment in downtown Boise or a cozy home for rent in the surrounding neighborhoods, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Boise. Let’s get started and see what awaits in this gem of the Gem State.
Pros of living in Boise
1. Outdoor paradise
Boise is a haven for outdoor enthusiasts, with its proximity to the Boise River, the Boise Foothills, and the nearby Bogus Basin Mountain Recreation Area. Residents can enjoy a wide range of outdoor activities such as hiking, mountain biking, skiing, and whitewater rafting. The city’s extensive trail system and numerous parks also provide ample opportunities for nature lovers to explore and connect with the great outdoors.
2. Thriving arts and culture scene
Boise boasts a vibrant arts and culture scene, with numerous galleries, theaters, and performance spaces showcasing local talent and international acts. The city’s annual Treefort Music Fest attracts musicians and fans from around the country, while the Boise Art Museum and the Basque Block offer unique cultural experiences. Residents can also enjoy the historic Egyptian Theatre and the Boise Philharmonic, providing a diverse array of entertainment options.
3. Strong sense of community
Boise is known for its strong sense of community, with friendly and welcoming residents who take pride in their city. The downtown area is bustling with local businesses, farmers’ markets, and community events, fostering a tight-knit and supportive atmosphere. The city’s emphasis on sustainability and environmental stewardship also contributes to a shared commitment to preserving the natural beauty of the region.
4. Booming job market
Boise’s economy is thriving, with a growing job market and opportunities in various industries such as technology, healthcare, and education. The city’s low unemployment rate and business-friendly environment make it an attractive destination for professionals seeking career advancement and entrepreneurial endeavors. Additionally, the cost of living in Boise is relatively lower compared to other metropolitan areas, offering a favorable balance of career prospects and affordability.
5. Community-friendly amenities
Boise boasts a variety of inclusive amenities, including top-rated schools, welcoming neighborhoods, and an abundance of recreational activities suitable for all ages. The city’s dedication to providing quality education and accessible parks and playgrounds makes it an ideal place for residents to thrive and enjoy a high quality of life. From the Boise Zoo to the Discovery Center of Idaho, there are plenty of opportunities for educational and enriching experiences for everyone.
6. Access to healthcare
Boise boasts a robust healthcare system, featuring renowned medical facilities and a network of healthcare providers offering comprehensive services. Residents can access top-notch medical care, specialized treatment centers, and wellness programs, ensuring their well-being is well-supported. The city’s commitment to accessible healthcare services contributes to a thriving and resilient community.
7. Scenic beauty and outdoor recreation
Boise is surrounded by breathtaking natural landscapes, including the Boise River, the Boise National Forest, and the nearby Sawtooth Mountains. Residents can enjoy a wide range of outdoor activities such as hiking, fishing, camping, and wildlife viewing. The city’s commitment to preserving its natural surroundings and promoting sustainable practices ensures that residents can immerse themselves in the scenic beauty and recreational opportunities that Boise has to offer.
Cons of living in Boise
1. Limited public transportation options
Boise’s public transportation system is relatively limited, with fewer options for commuters who rely on buses or trains for their daily travel. With a transit score of 47, the city’s growing population and urban sprawl have posed challenges for developing a more robust public transit infrastructure, leading to increased traffic congestion and longer commute times for some residents.
2. Harsh winter weather conditions
Boise experiences harsh winter weather conditions, including heavy snowfall and freezing temperatures, which can pose challenges for residents who are not accustomed to such climate extremes. The need for snow removal and winter maintenance can also impact daily routines and outdoor activities, requiring additional preparation and adaptability during the colder months.
3. Limited diversity and cultural amenities
Boise has a relatively homogenous population, which may result in limited diversity and cultural amenities compared to larger metropolitan areas. While the city has made efforts to promote inclusivity and celebrate its multicultural heritage, some residents may find fewer options for international cuisine, cultural events, and diverse communities within the city.
4. Rapid population growth and urban development
Boise has experienced rapid population growth and urban development in recent years, leading to increased demand for housing, infrastructure, and public services. The city’s expanding urban footprint has raised concerns about preserving open spaces, managing traffic congestion, and maintaining the overall quality of life for residents amidst the ongoing development and expansion.
5. Limited job diversity and career opportunities
While Boise’s job market is growing, some residents may find limited job diversity and career opportunities in certain industries compared to larger metropolitan areas. The city’s economy is primarily driven by specific sectors, which may pose challenges for professionals seeking a wide range of employment options and career paths within their field of expertise.
6. Seasonal allergies and air quality concerns
Boise’s seasonal changes and pollen levels can contribute to allergies and air quality concerns for some residents, particularly during the spring and summer months. Individuals with respiratory sensitivities or environmental allergies may need to take precautions to manage their well-being during peak allergy seasons.
7. Limited access to higher education institutions
Boise has limited access to higher education institutions compared to larger cities. This may impact residents seeking diverse academic programs, research opportunities, and specialized learning environments. While the city has made efforts to expand educational resources, some individuals may find fewer options for pursuing advanced degrees or specific fields of study within Boise’s local higher education landscape.
In the heart of the American West, Wyoming‘s expansive landscapes are home to cities that offer a unique living experience for renters seeking both adventure and tranquility. From the historic streets of Cheyenne to the university town of Laramie, this ApartmentGuide article explores the pros and cons of living in Wyoming, offering essential insights for those thinking of moving to this distinct part of the U.S.
Renting in Wyoming snapshot
Population
584,057
Avg. studio rent
$994 per month
Avg. one-bedroom rent
$1,165 per month
Avg. two-bedroom rent
$1,428 per month
Most affordable cities to rent in Wyoming
Cheyenne, Rock Springs, Gillette
Most walkable cities in Wyoming
Cheyenne, Casper, Laramie
1. Pro: Stunning natural landscapes
Wyoming’s natural landscapes are breathtaking, offering residents and visitors alike a chance to immerse themselves in the beauty of the outdoors. From the majestic Grand Teton National Park to the vast plains of the high desert, the state provides a backdrop for a variety of outdoor activities such as hiking, skiing, and wildlife watching.
2. Con: Severe weather conditions
The state experiences a range of severe weather conditions, from heavy snowfall in the winter to thunderstorms and tornadoes in the summer. These weather patterns can pose challenges to daily life, affecting everything from transportation to outdoor plans.
3. Pro: Low population density
With one of the lowest population densities in the country, Wyoming offers a sense of solitude and space that is hard to find elsewhere. This low density contributes to a quieter, more relaxed lifestyle, with less traffic and lower levels of pollution.
4. Con: Limited cultural amenities
Limited cultural amenities in Wyoming, particularly in smaller towns and rural areas, can impact residents’ access to diverse cultural experiences and opportunities for artistic expression. For instance, while larger cities like Cheyenne and Jackson may offer some cultural attractions such as museums and theaters, these amenities may be sparse or nonexistent in more remote regions of the state.
5. Con: High altitude
The high altitude in Wyoming can pose challenges for some individuals, leading to altitude sickness, dehydration, and increased risk of certain health issues, particularly for those not acclimated to the elevation. Additionally, the high altitude may require adjustment periods for newcomers, impacting physical performance and comfort levels during outdoor activities.
6. Pro: Rich cultural heritage
The state’s rich cultural heritage, influenced by Native American, cowboy, and western cultures, is celebrated through various festivals, museums, and rodeos. This cultural richness offers residents and visitors a unique glimpse into the state’s history and traditions.
7. Con: Water scarcity
Wyoming is among the driest states in the country. This issue primarily stems from the state’s semi-arid climate and reliance on mountain snowpacks for its water supply. The variability in annual snowfalls leads to inconsistent water availability, impacting agriculture, wildlife, and human consumption. Additionally, Wyoming is subject to interstate agreements that allocate river water to downstream states, further complicating its water management strategies.
8. Pro: No state income tax
Living in Wyoming means the significant financial benefit of having no state income tax. This absence of tax leads to direct savings for residents and a lower cost of living relative to states with higher taxes. This policy not only boosts individual financial health but also attracts businesses and entrepreneurs, driving economic growth and job creation in the state.
9. Con: Limited job opportunities
Limited job opportunities in Wyoming can hinder career advancement and economic stability for residents, particularly in industries outside of energy and agriculture, which can lead to higher rates of unemployment and underemployment and potentially prompting skilled workers to seek employment opportunities elsewhere.
10. Pro: Wildlife and conservation efforts
Wyoming’s commitment to wildlife conservation is exemplified by initiatives such as the Greater Yellowstone Ecosystem, which spans across Wyoming, Montana, and Idaho and serves as one of the last remaining strongholds for iconic species like grizzly bears and wolves. Additionally, the state’s National Elk Refuge, located near Jackson, provides critical winter habitat for thousands of elk migrating from the surrounding mountains, offering residents and visitors alike the chance to witness these majestic creatures up close.
11. Pro: Cowboy culture
Wyoming’s rich cowboy culture adds a unique and vibrant flavor to the state, blending history with contemporary life. Known as the “Cowboy State,” Wyoming proudly celebrates its Western heritage through rodeos, cowboy music, and dance festivals. This culture is deeply woven into the state’s identity, giving residents a chance to experience the traditional cowboy lifestyle. From horseback riding across vast open plains to attending lively country fairs, the cowboy culture in Wyoming provides a fun, authentic, and distinctly American experience.
12. Con: Strong winds
The strong and persistent winds in Wyoming can be a significant drawback for residents, causing discomfort and inconvenience, particularly during windy seasons in the spring and fall. These gusts can also lead to property damage and increased wear and tear on buildings and infrastructure.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Lawyers are highly educated and command high salaries to match. How much a lawyer earns a year depends on what type of law they practice, what school they attended, as well as their competence and experience.
According to the U.S. Bureau of Labor Statistics (BLS), the average salary for a lawyer in May 2022 (the latest data available) was $135,740 per year, or $65.26 per hour.
Corporate lawyers who work in the private sector tend to earn more than those in the public sector (such as district attorneys or public defenders), and sole practitioners typically earn less money than lawyers at large firms.
Read on to learn more about how much a lawyer makes, where you can find top-paying jobs for lawyers, and the benefits and drawbacks of becoming a lawyer.
What Does a Lawyer Do?
Lawyers advise and represent clients on legal proceedings or transactions. They typically conduct in-depth research into law, regulations, and past rulings. They also prepare legal documents, including lawsuits, wills, and contracts.
Not an ideal job for people with social anxiety, lawyers will often appear in court in support of their clients and present evidence in hearings and trials, including arbitration and plea bargaining. Lawyers also counsel their clients in legal matters and suggest courses of action.
A lawyer’s exact duties will vary depending on the type of law they practice. For example, criminal defense attorneys advocate on behalf of those accused of criminal activity; family lawyers handle family-related legal issues like divorce, adoption, and child welfare; and corporate lawyers handle legal matters for businesses. Some lawyers work for the government or in the public’s interest, and are known as public interest lawyers. Public defense attorneys, for example, represent criminal defendants who cannot afford to hire a private attorney. Public interest lawyers also work for nonprofit organizations to support civil rights and social justice causes.
Other types of lawyers include:
• Environmental lawyers
• Bankruptcy lawyers
• Immigration lawyers
• Intellectual property lawyers
• Entertainment lawyers
• Tax lawyers
• Personal injury lawyers
• Estate planning lawyers 💡 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 Lawyers Make a Year?
Lawyers tend to be well paid even at the entry level because they are highly educated. And, the more experience a lawyer gains, generally the more they will earn. According to ZipRecruiter, entry-level lawyers make $100,626 a year, on average, with a range from $47,000 to $138,000.
Those who choose to invest the time, money, and work into becoming a lawyer can feel relatively confident about being able to get a job when they graduate: The BLS projects an increase of 62,400 attorney jobs between 2022 and 2032, representing an 8% growth (which is faster than the average for other occupations).
Recommended: What Trade Job Makes the Most Money?
How Much Money Does a Lawyer Make a Year on Average?
According to the BLS’s most recent data, the average salary for a lawyer in 2022 was $135,740. The best-paid 25% made $208,980 that year, while the lowest-paid 25% made $94,440.
A lawyer working for a law firm or as in-house counsel will typically be paid with an annual salary versus an hourly wage, but the average hourly pay for a lawyer works out to be $65.26 an hour.
How much a lawyer makes, however, can vary widely depending on their experience, specialty, and location.
The highest paying legal specialties include:
• Patent attorney
• Intellectual property attorney
• Trial lawyer
• Tax attorney
• Corporate lawyer
The cities that pay the highest lawyer salaries are:
• San Jose, California ($267,840)
• San Francisco, California ($239,330)
• Washington, District of Columbia ($211,850)
• Bridgeport, Connecticut ($209,770)
• Oxnard, California ($207,970)
Recommended: 11 Work-From-Home Jobs Great for Retirees
How Much Money Does a Lawyer Make by State?
As mentioned above, how much money a lawyer makes can vary by location. What follows is a breakdown of how much a lawyer makes per year, on average, by state.
State
Average Annual Lawyer Salary
Alabama
$138,250
Alaska
$120,590
Arizona
$144,890
Arkansas
$116,730
California
$201,530
Colorado
$168,680
Connecticut
$174,520
Delaware
N/A
District of Columbia
$226,510
Florida
$135,840
Georgia
$165,560
Hawaii
$106,520
Idaho
$96,810
Illinois
$158,030
Indiana
$143,060
Iowa
$117,500
Kansas
$115,860
Kentucky
$99,840
Louisiana
$127,150
Maine
$102,060
Maryland
$158,150
Massachusetts
$196,230
Michigan
$127,030
Minnesota
$163,480
Mississippi
$101,240
Missouri
$138,680
Montana
$98,170
Nebraska
$119,310
New Hampshire
$130,130
New Jersey
$163,690
New Mexico
$110,970
New York
$188,900
North Carolina
$146,890
North Dakota
$120,780
Ohio
$130,320
Oklahoma
$114,470
Oregon
$144,610
Pennsylvania
$144,570
Rhode Island
$156,300
South Carolina
$115,230
South Dakota
$109,190
Tennessee
$149,050
Texas
$166,620
Utah
$133,920
Vermont
$101,610
Virginia
$162,640
Washington
$162,200
West Virginia
$122,070
Wisconsin
$147,530
Wyoming
$88,570
Source: U.S. Bureau of Labor Statistics
Lawyer Job Considerations for Pay & Benefits
To get a job as a lawyer, you must complete a four-year undergraduate degree and then attend law school to earn a juris Doctor degree, or J.D. This can mean four years pursuing a bachelor’s degree, followed by three years of law school (or four years if you go to law school part time).
After graduating from law school, you’ll need to pass the multi-day bar exam for the state in which you want to practice. In addition, most states also require lawyers to keep up to date with law and take training courses throughout their career.
The hard work and financial investment can pay off, however. In addition to competitive pay, lawyers who work full time for a specific company or organization typically get a wide variety of benefits, including health insurance, retirement plans, paid time off, flexible scheduling, and more. They may also get bonuses for cases won, costs of bar association fees covered, and training and development opportunities. 💡 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 a Lawyer’s Salary
Becoming a lawyer can be a clear path to making more than $100,000 but, as with any profession, working as a lawyer comes with both benefits and drawbacks. Understanding the pros and cons of this role will help you determine if you’re well-suited for this career path.
Pros of Becoming a Lawyer
• Multiple job opportunities: As a lawyer, you have a variety of career paths, giving you the opportunity to work in an area you feel passionate about, whether that is corporate law, family law, real estate law, criminal law, or immigration law.
• Option to start your own practice: With a law degree and significant experience, you may be able to start your own business and determine the types of clients you want to represent and how many cases you want to take on at any one given time.
• Earn a high salary: Lawyers have the potential to earn well over six figures a year. Though you may not earn this salary right out of the gate, there is ample opportunity for career advancement and salary increases over time.
• Stimulating and challenging work: As a lawyer, your daily duties will likely be intellectually challenging. Lawyers typically need to understand complex legal theories, form a hypothesis and create a legal strategy to benefit their clients, and argue and debate in a courtroom.
Cons of Becoming a Lawyer
• Work can be stressful: Lawyers must meet deadlines as well as the demands of their clients. You may also come across stressful and emotionally difficult cases, which can take a psychological toll.
• Long hours: This professional is notorious for its long hours, particular for those who are just starting out in a prestigious law practice. It’s not unusual for an associate lawyer to put in 60 to 90 hours a week each week, depending on the demands of the case they’re working on.
• High level of student debt: In addition to a bachelor’s degree, lawyers need to pay for law school, which often comes with a high price tag. Generally, the more prestigious the school, the higher the price. Even with a high salary, new lawyers may not be able to pay off their debt for many years.
• Today’s clients have more options: The opportunity to get clients has gotten more competitive with the rise of self-help legal websites, legal document technicians, and virtual law offices. If a client seeks legal advice or counsel, they don’t always have to go to a lawyer for help.
The Takeaway
A law degree is a valuable credential that takes around seven years of study to achieve (including a bachelor’s degree). Lawyers can choose where they want to work and what type of law they would like to specialize in, whether it be criminal law, corporate law, environmental law, or immigration law.
The amount a lawyer makes will vary depending on the school they attended, experience, type of law they practice, and where in the country they practice. According to the BLS, the highest paid lawyers earn over $230,000, and the lowest paid lawyers earn around $66,500.
Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
Can you make $100k a year as a lawyer?
Yes. Most lawyers earn over $100k a year. The average salary for a lawyer, according to the U.S. Bureau of Labor Statistics, is $135,740 per year. The best-paid lawyers, however, can earn more than $200,000 a year.
Do people like being a lawyer?
Being a lawyer can be a great career choice if you enjoy working in a fast-paced and challenging environment and have an interest in upholding laws and defending an individual’s rights. According to a recent survey by Law360 Pulse, 83% of surveyed attorneys report they are stressed at least some of the time, nonetheless 68% percent say they are satisfied or very satisfied with their overall job.
Is it hard to get hired as a lawyer?
It’s generally not hard to find a job as a lawyer after you pass the bar exam, especially if you attended a top-rated law school, graduated in the top third of your class, and/or had strong internships and clerkships. Jobs for lawyers are expected to grow 8% between 2022 and 2032, which is faster than the average for other occupations (3%).
Photo credit: iStock/shapecharge
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Inside: Explore top high income skills that don’t require a degree. From AI to Cybersecurity to copywriting, learn how to earn big and without a traditional education.
In today’s rapidly changing economy, traditional educational paths such as acquiring a master’s degree are no longer the sole route to a lucrative career.
In my own journey, I discovered that mastering certain high-income skills (stock trading) can lead to financial success that outpaces even those with advanced degrees. This revelation underscores the value of investing time and effort into developing marketable abilities that align with industry demands.
These high-paying skills, often honed through online platforms, specialized training, and real-world experience, provide a level of flexibility. Plus an earning potential that can exceed the prospects of conventional academic education.
As such, they represent a powerful, alternate paradigm for career advancement and personal growth that you may want to check out.
Quick Answer
Typically, these are based on online jobs that include expertise in certain fields. These roles leverage the digital space to generate significant income and careers are in demand into the foreseeable future.
You can learn and develop these skills through online educational platforms, which can open up a plethora of high-paying job opportunities without the need for traditional college credentials.
High Income Skills for Tech and Digital Domination
In case you haven’t heard, AI and the tech world are the focus of most high paying jobs.
In fact, Microsoft, Google, and Apple recently stated they will take certification over a college degree.1
Now, let’s explore the various high-income skills that are currently shaping the technology sector and will move to making over six figures.
AI and machine learning
AI and machine learning are not just buzzwords! These fields represent some of the most lucrative areas in tech. As businesses seek ways to make sense of big data, professionals who can design intelligent systems and algorithms are in high regard.
The beauty is that many resources exist to self-educate in this domain, such as online courses, bootcamps, and certifications, making the path accessible for those without a formal business degree.
Best for: This field is ideal for individuals who have a strong aptitude for mathematics, statistics, and programming, and who are passionate about tech and innovation.
Mastering SEO
Search Engine Optimization (SEO) has become a coveted skill in the arsenal of every digital strategist. Why is it so invaluable? Because it acts as the linchpin for visibility in the digital space.
SEO isn’t just about playing with keywords; it’s about understanding the user’s intent, the algorithms of search engines, and the technical makeup of websites to ensure they’re discoverable.
Mastering SEO involves a cocktail of abilities: from understanding meta tags and crafting content that resonates with both humans and search engines, to building a robust backlink portfolio.
Best for: SEO is suited for those who enjoy both the analytical and creative sides of digital marketing and are interested in a dynamic, ever-evolving field.
Cybersecurity
In the digital age, cybersecurity is not just important—it’s essential. Protecting sensitive data and maintaining the integrity of computer systems against threats can be the difference between a thriving business and one that’s exposed to potentially catastrophic breaches.
Notably, cybersecurity proficiency can often be achieved through specialized certifications, bootcamps, or practical experience rather than a traditional degree. Those who commit to ongoing education and remain vigilant of the industry’s pulse become indispensable assets in any organization.
Best for: Perfect for individuals who have a knack for problem-solving, are detail-oriented, and enjoy learning about technology’s cutting edge.
Software Development
As the pillars of our increasingly digital world, software developers write the code that powers everything from mobile applications to global banking systems. The lure of software development as a high-paying skill is evident.
It’s foundational to virtually every industry, offers diverse opportunities for specialization, and provides the satisfaction of building something tangible.
With abundant online resources like coding bootcamps and tutorials, passionate learners can bypass the traditional degree route and directly jump into this lucrative and fulfilling career.
Best for: Individuals who are logical, detail-oriented, and have a strong interest in technology and its potential applications will find a career in software development both rewarding and profitable.
Mobile app development
Mobile App Development is your ticket into the heart of the booming app economy. As smartphone ubiquity grows, so does the need for innovative apps that simplify life—whether that’s for banking, shopping, or entertainment.
Given the high demand for mobile experiences, companies are willing to pay top dollar for developers who can craft intuitive and effective mobile applications. The best part is that this skill can be honed through free courses or even app-building software for those with limited coding knowledge.
Best for: Perfect for those who are not only passionate about coding but also keen on understanding and improving how users interact with technology.
Blockchain Expertise
The field of blockchain has transcended its association purely with cryptocurrencies to become a high-value asset in various sectors. Businesses seek talented individuals who can leverage this technology for secure, decentralized solutions.
Unlike many traditional roles, the burgeoning blockchain field offers the chance for self-taught experts to demonstrate their value based on their skills, portfolio, and understanding of blockchain’s practical applications.
Best for: Blockchain expertise is a high-income skill ideal for individuals who have a strong foundation in technology and an interest in how it can be used to innovate traditional business practices.
Creativity Pays Off with These High Income Skills
Graphic Design
Embarking on a career in graphic design could very well be your gateway to a creatively fulfilling and financially rewarding job market. By marrying aesthetics with functionality, you bring concepts to life, whether it’s through website visuals, logos, or digital media.
The journey to mastering graphic design can be self-directed—you can learn the principles online, through software tutorials, and practice them into existence.
Best for: Individuals with a flair for the arts who enjoy thinking creatively to solve visual challenges and like the aspect of using technology.
Video Production & Editing
In a content-driven era, where video is king, mastery in this field could land you lucrative gigs across various platforms and industries.
Whether it’s for digital marketing, entertainment, or online education, the demand is high, and the barrier to entry is lower than ever—thanks to a plethora of self-teaching resources and accessible technology.
Best for: Those who have a keen eye for detail and a passion for creating engaging, high-quality video content that tells a story.
Professional Photography
Photography captures more than images; it encapsulates emotions, stories, and moments. With the advent of high-quality smartphone cameras and affordable DSLRs, the skill of professional photography is more accessible than ever.
Whether for stock photography, events, or branding, your keen eye for composition and lighting can open doors to a rewarding career without the need for a degree.
Best for: Individuals with a passion for visual arts, a creative mindset, and a strong sense of detail are often the best fit for a high-income career in professional photography.
Copywriting
The pen (or keyboard) can indeed be mightier than the sword in today’s digital-driven world through copywriting.
Articulating compelling narratives that resonate with audiences can catapult brands to new heights, making this skill a valuable asset. The best part? You can cultivate your copywriting prowess from anywhere, thanks to online courses, ebooks, and practice platforms.
All you need is a sharp mind, a clear writing style, and a grasp of persuasive techniques.
Best for: Copywriting is a top choice for those who love writing and are curious about a multitude of topics, with an interest in marketing principles and audience engagement.
Voiceover Artistry or Podcast Production
Unlock the power of your voice and make money – a skill set that’s becoming increasingly profitable. Whether you’re voicing animated characters or hosting a thought-provoking podcast series, the audio medium is a bustling marketplace.
Podcasting, it’s about creating a compelling narrative that listeners can’t resist. While for voiceovers, it’s about bringing scripts to life. Both can be learned through online tutorials, training programs, and practice.
Best for: Individuals with a strong, versatile voice and passion for storytelling will find voiceover work and podcast production both lucrative and rewarding, even without formal training.
Marketing High Income Skills Know-How
Content Creation
Content Creation has become the cornerstone of the digital marketing world, attracting not just audiences but also significant revenue streams. As a content creator, you can weave words, videos, or images to capture attention, inspire, and inform—whether it’s through social media, websites, or other digital platforms.
My path to becoming a content creator was primarily through hands-on experience as well as through consistent practice and staying up-to-date knowledge of digital trends.
Best for: Content Creation is especially suited for those with a creative mindset, who enjoy storytelling and are adept at using digital tools to craft content for an online audience.
Social Media Marketing
This is a brilliant intersection of creativity, strategy, and communication. As a social media marketer, you’ll help brands navigate the bustling social landscape, where billions of users engage daily.
You’ll be tasked with crafting campaigns, analyzing data, and connecting with audiences in a way that drives not just likes, but also leads and loyalty—all of which you can master through free online resources and real-world practice.
Best for: Those who enjoy fast-paced, dynamic environments and have a knack for engaging with people and understanding modern communicative trends.
Affiliate Marketing
Becoming an influencer and tapping into the world of affiliate marketing seems so easy but truly it is a strategy where your persuasion skills can translate into earnings—all without a formal degree.
By promoting products or services via unique affiliate links, you earn commissions on sales. Flourishing in this domain stems from understanding your audience and aligning the products you endorse with their interests.
Best for: Those who have a passion for sales and marketing, are comfortable with self-promotion, and are interested in monetizing their digital presence.
Sales Strategies
The key to unlocking staggering profit margins and business growth is sales and this doesn’t require formal education. This high-income skill revolves around understanding consumer psychology, building relationships, and convincingly presenting products or services.
Many times, those in sales have a knack for the industry. Whether refining your approach through online courses, books, or hands-on experience, excellence in sales comes down to a blend of empathy, insight, and adaptability.
Best for: Excellent fit for outgoing individuals who thrive in competitive environments and derive satisfaction from meeting and exceeding targets.
High Income Skills That Work With People
Language translation and interpretation
This is not only about converting words from one language to another; it’s about bridging cultural divides and facilitating communication. With the globalization of business and the rise of remote work, fluent speakers in multiple languages can capitalize on a multitude of high-paying roles.
And the best part? You can often get started with just bilingual proficiency, some formal certification, and a deep understanding of cultural nuances.
Best for: Ideal for multilingual individuals passionate about language and communication, with a desire to facilitate dialogue in an increasingly connected world.
Freelance consulting in various niches
These are seasoned professionals with an avenue to monetize their wealth of experience and expertise. This thriving field allows you to empower clients with your knowledge, whether it’s in marketing, finance, HR, or any other domain.
What’s more, you can kickstart this lucrative journey with minimal prerequisites—a strong track record, a portfolio of successful projects, and perhaps some industry-recognized certifications.
Best for: Experts in their respective fields who are adept at problem-solving, enjoy sharing their insights and are looking for flexible, high-income opportunities.
Coaching
This is a skill that transforms lives and careers, catapulting you into roles where you guide and motivate others to achieve their personal and professional goals.
As a coach, whether it’s in life, business, career transition, or personal development, you can create a substantial income stream. What’s particularly enticing about coaching as a high-income skill is that it often requires no formal degree—many coaches are self-taught, certified through various programs, and most importantly, driven by a passion to help others succeed.
Best for: Coaching is perfect for individuals with a strong desire to help others, who can cultivate trust, and who possess both the self-discipline and initiative to build their own coaching business.
Public Speaking
Often touted as a soft skill, public speaking has immense potential as a high-paying expertise. The ability to captivate, engage, and influence an audience is invaluable in various professional settings—from corporate presentations to motivational speaking circuits.
The good news is that you can develop this skill through local workshops, online courses, and ample practice. Perhaps even more compelling, is how public speaking bolsters other aspects of personal development, such as confidence and clarity of thought.
Best for: Individuals who enjoy expressing their ideas, exhibit strong interpersonal abilities and derive satisfaction from influencing and inspiring others.
Real Estate
A dynamic field where you can significantly profit from the buying, selling, and leasing of property.
With the right approach and knowledge, personalized by your unique sales flair, you can achieve notable success without the prerequisites of a higher degree. It’s all about your ability to network, negotiate, and understand market trends, guided by state-specific licensing requirements.
Best for: Suited to go-getters with an entrepreneurial spirit, a passion for property, and the perseverance to cultivate a strong portfolio of clients and sales.
High Income Skills for Introverts
Stock Trading
My personal gateway to the exhilarating world of finance, where the potential for high earnings exists for those with the knack and nerve for it.
This high-stress skill—often considered one of the most lucrative skills without a degree—entails buying and selling stocks or options to capitalize on daily market fluctuations. While challenging, with diligent self-education, a cool head for numbers, and a calculated risk approach, you can make stock trading a profitable venture.
Best for: Stock Trading is particularly fitting for those who exhibit patience, enjoy learning about economics and finance, and can handle significant levels of stress without clouding their judgment. Highly recommended to take an investing course.
UX/UI Design
Focusing on crafting meaningful interactions between users and products, UX/UI designers are the architects behind the intuitive use of websites and applications.
The plethora of free resources and communities available online means you can build a portfolio and learn this sought-after skill without a degree.
Best for: Creative minds who have an affinity for technology and user psychology and who enjoy the iterative process of improving product usability and appeal.
Web development and coding
Building and maintaining the structural foundation of websites offers a variety of high-income opportunities without necessarily requiring a four-year degree. Armed with the knowledge of HTML, CSS, and JavaScript, which can be self-taught through platforms like Codecademy, you can create and innovate on the internet’s exciting canvas.
Best for: Analytical thinkers who also appreciate creative expression, and those willing to evolve with the digital landscape constantly.
Data Analysis
Transforming raw numbers into actionable insights, data analysts contribute significantly to strategic decision-making. Fascinatingly, this skill is achievable without a degree, thanks to a plethora of online tools and courses in Excel, SQL, and Python that are freely available.
With a logical mindset and an eagerness to decipher data stories, you could secure a high-income position in businesses of all stripes, from tech startups to major corporations.
Best for: Suitable for those who enjoy crunching numbers, identifying patterns, and have a deep curiosity about how information can influence business strategies.
Bookkeeping
A critical yet often understated skill that plays a foundational role in businesses both big and small. As a bookkeeper, you steward financial accuracy, track transactions, and ensure the book balance.
What may come as a surprise is that modern bookkeeping doesn’t always require a degree—there are online courses that can pave the way for a high-income career for detail-oriented and number-savvy individuals.
Best for: Those who appreciate routine, enjoy working with numbers and take satisfaction in playing a key support role in a business’s financial health.
Must Need High Income Soft Skills
In today’s competitive job market, possessing high-income soft skills can significantly enhance your career trajectory and boost your earning potential.
These soft skills not only complement your technical abilities but also ensure you are a valuable asset to any team, fostering seamless collaboration and leadership. As the workplace evolves, employers increasingly seek candidates who exhibit a rich blend of interpersonal and strategic skills that drive business success.
Problem-solving skills for critical situations are invaluable, and the best news? Whether it’s through active listening, analytical reasoning, assessing risks, or critical thinking, being adept at navigating complex problems can set you apart in the workforce.
Communication skills in professional environments are the linchpin of a thriving career. Being able to articulate your thoughts and listen to others effectively means smoother collaborations and clearer negotiations.
Time Management for efficient productivity is a transformative skill that can make or break professional success. Mastering time management means accomplishing more in less time, leading to greater productivity without the need for a formal degree.
Leadership and Team Management capabilities signal an upgrade in your professional toolkit. Great leaders can marshal a group towards common goals, fostering teamwork, and eliciting the strengths of each member.
Negotiation Skills for Maximizing Value are a powerhouse in the world of commerce, crucial for deal-making and advancing business interests. Learning the art of negotiation is possible without formal education; it’s about understanding human psychology, effective communication techniques, and strategic planning.
Creative Thinking for Innovative Solutions is a valued asset in any business context, prized for driving forward unique and effective problem-solving. This type of thinking allows you to step outside traditional boundaries and generate fresh ideas.
Stepping into the entrepreneurial arena can be your ticket to independence and potential high earnings. Entrepreneurs are the trailblazers of the business world, initiating new ventures, and driving economic growth. While there’s no fixed educational path to entrepreneurship, the journey is fueled by a diverse skill set including innovation, perseverance, management, and the ability to pivot strategies as needed.
FAQs
A skill is considered ‘high-paying’ in 2024 if it is in high demand, offers significant value to employers or clients, and requires a level of expertise that’s not easily found.
These skills typically address current market needs, technological advancements, or specialized knowledge that can drive revenue, increase efficiency, or create competitive advantages. Essentially, the rarer and more necessary the skill, the higher the potential earning power becomes.
Yes, self-taught skills can compete with a traditional degree, especially in industries that prioritize practical experience and proven ability over formal education.
Personally, I can attest to this as I learned many of these high income skills long after I completed my degree.
In fields like technology, digital marketing, or creative arts, a portfolio showcasing your work often carries more weight than a degree. Furthermore, many companies adopt skills-based hiring practices, valuing competency and initiative as key indicators of a candidate’s potential.
Which High Paid Skill to Learn Will You Focus on?
In conclusion, acquiring high-income skills is a powerful strategy for advancing your career and unlocking new professional opportunities or even side hustles. In fact, many are ways to make money online.
This is a simple way to increase the amount of money you make each month.
By embracing continuous learning to hone these in-demand abilities, you can significantly enhance your earning potential and job market desirability.
Investing in the development of high-income skills will pave the way for a brighter, more prosperous future. Just like finding a low stress jobs that pay well without a degree.
Don’t just read. Now, is the time to take action!
Source
Business Insider. “Microsoft doesn’t require a college degree for entry-level jobs.” https://www.businessinsider.com/microsoft-execs-no-college-degree-for-entry-level-positions-2020-2#ping-look-who-leads-microsofts-cybersecurity-detection-and-response-team-added-that-candidates-who-apply-to-jobs-without-a-college-degree-already-signal-a-level-of-determination-that-she-respects-3. Accessed February 18, 2024.
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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.
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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
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FHA loans have been making homeownership more accessible for decades. Tailored to borrowers with lower credit, the FHA makes it possible to buy a house with a credit score of just 580 and only 3.5% down.
But home buyers aren’t the only ones who can benefit. For current homeowners, an FHA refinance may let you access low rates and home equity, even without great credit.
Not sure whether you’ll qualify for a mortgage? Check out the FHA program. You might be surprised.
Verify your FHA loan eligibility. Start here
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>Related: How to buy a house with $0 down: First-time home buyer
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA).
FHA insurance protects mortgage lenders, allowing them to offer loans with low interest rates, easier credit requirements, and low down payments (starting at just 3.5%).
Thanks to their flexibility and low rates, FHA loans are especially popular with first-time home buyers, home shoppers with low or moderate incomes, and/or lower-credit home buyers.
But FHA financing isn’t limited to a certain type of buyer — anyone can apply.
Verify your FHA loan eligibility. Start here
How does an FHA loan work?
The first thing to know about FHA mortgages is that the Federal Housing Administration doesn’t actually lend you the money. You get an FHA mortgage loan from an FHA-approved bank or lender, just like you would any other type of home mortgage loan.
The FHA’s role is to insure these mortgages, offering lenders protection in case borrowers can’t pay their loans back. In turn, this lets mortgage lenders offer FHA loans with lower interest rates and looser standards for qualifying.
The one catch — if you want to call it that — is that you pay for the FHA insurance that protects your mortgage lender. This is called “mortgage insurance premium” or MIP for the life of the loan or until the FHA home loan is refinanced into another type of mortgage. We go over this in detail below.
Types of FHA loans
FHA loans offer various options to meet different home buying needs. These government-backed loans are designed to make homeownership more accessible, especially for those with less-than-perfect credit scores or limited savings.
Each type of FHA loan is tailored to different financial situations and home buying needs. Here’s what you can expect.
Compare FHA loan quotes from multiple lenders. Start here
FHA mortgage loan
An FHA mortgage is ideal for first-time home buyers, requiring a minimum credit score of 580 for a 3.5% down payment. Those with credit scores between 500 and 579 can still qualify for a 10% down payment. These loans are popular due to their lenient credit score requirements and low-down payment options.
FHA rate-and-term refinance
An FHA refinance loan is suited for borrowers looking to improve their loan terms or lower interest rates, especially if their credit scores have improved since obtaining their original mortgage. It offers a way to adjust loan terms to better fit current financial situations.
FHA Streamline Refinance
For current FHA loan holders, the FHA Streamline Refinance provides an efficient way to refinance with minimal documentation and underwriting. It often results in lower interest rates and can potentially reduce mortgage insurance premiums. This option is advantageous for those who want to refinance without a complicated process.
FHA cash-out refinance
An FHA cash-out refinance allows homeowners to tap into their home equity, converting it into cash. It requires a minimum credit score of 620, and borrowers must leave at least 15% equity in their home after the refinance. It’s suitable for those needing extra funds for expenses or investments.
FHA Home Equity Conversion Mortgage (HECM)
HECM is a reverse mortgage for homeowners aged 62 and older, allowing the conversion of home equity into cash. It provides financial flexibility for seniors by enabling access to their home equity without selling the home.
FHA 203(k) loan
The FHA 203(k) loan is designed for home purchases requiring renovations. It combines the cost of the home and renovation expenses into one loan. Borrowers must meet specific credit score requirements and ensure that renovations are completed within six months.
FHA Energy Efficient Mortgage
This loan type allows borrowers to include energy-efficient upgrades in their FHA loan. It’s aimed at reducing utility costs and increasing the home’s environmental friendliness, thereby potentially increasing its value.
Section 245(a) loan
The Section 245(a) program is for borrowers expecting an increase in their income. It offers a graduated payment schedule that starts low and increases over time, aligning with anticipated income growth. This loan is particularly beneficial for young professionals expecting career advancement.
Check your FHA loan eligibility. Start here
FHA loan requirements
Homeownership can be a liberating experience, especially for first-time buyers. With their flexible guidelines and government backing, FHA home loans provide a welcoming path.
Understanding FHA loan requirements can make the process much easier, opening the door to a future in your ideal home.
Check your FHA loan eligibility. Start here
To be eligible for an FHA loan, applicants must adhere to specific guidelines:
The property must undergo a home appraisal by an FHA-approved appraiser.
The property must serve as the applicant’s primary residence; investment properties and second homes are not eligible.
Occupancy of the property is required within two months following the closing.
A mandatory inspection is conducted to ensure the property meets FHA’s basic standards.
There are a few more specific conditions to qualify, such as a down payment amount, mortgage insurance, credit score, loan limits, and income requirements.
FHA loan down payment requirements
FHA loans require a minimum down payment, which varies based on credit score. For credit scores of 580 and above, a minimum down payment of 3.5% is required. Borrowers with credit scores between 500 and 579 must make a 10% down payment.
FHA mortgage insurance premiums
FHA mortgage insurance premium (MIP) is what makes the FHA program possible. Without the MIP, FHA-approved lenders would have little reason to make FHA-insured loans.
There are two kinds of MIP required for an FHA loan. One is paid as a lump sum when you close the loan, and the other is an annual premium, which becomes less expensive each year as you pay off the loan balance:
Upfront Mortgage Insurance Premium (UFMIP) = 1.75% of the loan amount for current FHA loans and refinances
Annual Mortgage Insurance Premium (MIP) = 0.85% of the loan amount for most FHA loans and refinances
MIP is split into monthly payments that are included in your mortgage payment. You’ll have to pay FHA insurance for the life of the loan or if you refinance into another type of mortgage loan.
The good news is that, as a homeowner or home buyer, your FHA loan’s MIP rates have dropped. Today’s FHA MIP costs are now as much as 50 basis points (0.50%) lower per year than they were in previous years.
Also, you have ways to reduce what you’ll owe in FHA MIP.
Depending on your down payment and loan term, you can reduce the length of your mortgage insurance to 11 years instead of the entire loan.
Loan term
Original down payment
MIP duration
20, 25, 30 years
Less than 10%
Life of loan
20, 25, 30 years
More than 10%
11 years
15 years or less
Less than 10%
Life of loan
15 years or less
More than 10%
11 years
Or, you could refinance out of FHA MIP at a later date.
With FHA interest rates as competitive as they are today, refinancing could reduce your monthly mortgage payments and cancel your mortgage insurance premium if you have enough equity in the home.
Check your FHA loan rates. Start here
FHA loan credit score minimums
The minimum credit score requirement for an FHA loan is 500. However, a score of 580 or higher allows for a lower down payment. Credit scores directly impact loan terms and down payment amounts.
Debt-to-income ratio
FHA loans consider the borrower’s debt-to-income (DTI) ratio, a measure of monthly debt payments against monthly income. The FHA prefers a DTI ratio of no more than 43%, though exceptions can be made for higher ratios with compensating factors.
Income and employment requirements
There is no specific income threshold for FHA loans, but borrowers must demonstrate steady employment history. Verification includes pay stubs, W-2s, tax returns, and bank statements.
FHA loan limits
Loan limits for FHA loans vary by county. However, starting January 1, 2024, the new FHA loan limit will be $498,257 for a single-family home in most parts of the country. Limits increase for 2-, 3-, and 4-unit properties.
FHA loan rates
Interest rates for FHA loans are competitive and can vary based on factors such as prevailing market rates, borrower’s credit score, income, loan amount, down payment, and DTI ratio. Government backing often enables lenders to offer lower rates compared to conventional mortgages.
Compare your FHA loan rates from multiple lenders. Start here
Today’s rates for a 30-year, fixed-rate FHA loan start at % (% APR), according to The Mortgage Reports’ daily rate survey.
Thanks to their government backing, FHA loan rates are competitive even for lower-credit borrowers. But interest rates can vary a lot from one lender to the next, so be sure to shop around for your best offer.
FHA loan benefits
Check your FHA loan eligibility. Start here
1. Lower down payment: Just 3.5 %
For today’s home buyers, there are only a few mortgage options that allow for down payments of 5% or less. The FHA loan is one of them.
With an FHA mortgage, you can make a down payment as small as 3.5% of the home’s purchase price. This helps home buyers who don’t have a lot of money saved up for a down payment along with home buyers who would rather save money for moving costs, emergency funds, or other needs.
2. FHA allows 100% gift funds for the down payment and closing costs
The FHA is generous with respect to using gifts for a down payment. Very few loan programs will allow your entire down payment for a home to come from a gift. The FHA will.
Via the FHA, your entire 3.5% down payment can be a gift from parents or another family member, an employer, an approved charitable group, or a government homebuyer program.
If you’re using a down payment gift, though, you’ll need to follow the process for gifting and receiving funds.
3. FHA loans allow higher debt-to-income ratios
FHA loans also allow higher debt-to-income ratios.
Your debt-to-income ratio, or DTI, is calculated by comparing two things: your debt payments and your before-tax income.
For instance, if you earn $5,000 a month and your debt payment total is $2,000, your DTI is 40%.
Officially, FHA maximum DTIs are as follows.
31% of gross income for housing costs
43% of gross income for housing costs plus other monthly obligations like credit cards, student loans, auto loans, etc.
However, a 43% DTI is actually on the low end for most FHA borrowers. And FHA will allow DTI ratios as high as 50%. Although to get approved at such a high ratio, you’ll likely need one or more compensating factors — for instance, a great credit score, significant cash savings, or a down payment exceeding the minimum.
In any case, FHA is more lenient in this area than other mortgage loan options.
Most conventional mortgage programs — those offered by Fannie Mae and Freddie Mac — only allow debt-to-income ratios between 36% and 43%.
With down payments of less than 25%, for example, Fannie Mae lets you go to 43% DTI for FICOs of 700 or higher. But most people don’t get conventional loans with debt ratios that high.
4. FHA loans accept lower credit scores
Officially, the minimum credit scores required for FHA mortgage loans are:
580 or higher with a 3.5% down payment
500-579 with a 10% down payment
High credit scores are great if you have them. But past credit history mistakes take a while to repair.
FHA loans can help you get into a home without waiting a year or more for your good credit to reach the “excellent” level. Other loan programs are not so forgiving when it comes to your credit rating.
Fannie Mae and Freddie Mac (the agencies that set rules for conventional loans) say they accept FICOs as low as 620. But in reality, some lenders impose higher minimum credit scores.
5. FHA even permits applicants with no credit scores
What if an applicant has never had a credit account? Their credit report is, essentially, blank.
FHA borrowers with no credit scores may also qualify for a mortgage. In fact, the U.S. Department of Housing and Urban Development (HUD) prohibits FHA lenders from denying an application based solely on a borrower’s lack of credit history.
The FHA allows borrowers to build non-traditional credit as an alternative to a standard credit history. This can be a huge advantage to someone who’s never had credit scores due to a lack of borrowing or credit card usage in the past.
Borrowers can use payment histories on items such as utility bills, cell phone bills, car insurance bills, and apartment rent to build non-traditional credit.
“Not all lenders who are FHA approved offer these types of loans, so check with your loan officer individually,” cautions Meyer.
6. FHA loans can be up to $ in most of the U.S.
Most mortgage programs limit their loan sizes, and many of these limits are tied to local housing prices.
FHA mortgage limits are set by county or MSA (Metropolitan Statistical Area), and range from $ to $ for single-family homes in most parts of the country.
Limits are higher in Alaska, Hawaii, the U.S. Virgin Islands, and Guam, and also for duplexes, triplexes, and four-plexes.
7. FHA also allows extended loan sizes
As another FHA benefit, FHA loan limits can be extended where home prices are more expensive. This lets buyers finance their home using FHA even though home prices have skyrocketed in certain high-cost areas.
In Orange County, California, for example, or New York City, the FHA will insure up to $ for a mortgage on a single-family home.
For 2-unit, 3-unit and 4-unit homes, FHA loan limits are even higher — ranging up to $.
If your area’s FHA’s loan limits are too low for the property you’re buying, you’ll likely need a conventional or jumbo loan.
8. If you have an FHA loan, you can lower your rate with an FHA Streamline Refinance
Another advantage for FHA-backed homeowners is access to the FHA Streamline Refinance.
The FHA Streamline Refinance is an exclusive FHA program that offers homeowners one of the simplest, quickest, and most affordable paths to refinancing.
An FHA Streamline Refinance requires no credit score checks, no income verifications, and home appraisals are waived completely.
In addition, via the FHA Streamline Refinance, homeowners with a mortgage pre-dating June 2009 get access to reduced FHA mortgage insurance rates.
Verify your FHA loan eligibility. Start here
FHA loan disadvantages
What is the downside to an FHA loan? Among the numerous benefits of FHA loans, there are certain disadvantages that potential borrowers should be aware of. These drawbacks can impact the overall cost and flexibility of the loan.
Here are the downsides that you should know about FHA home loans.
FHA loan mortgage insurance premiums
One of the primary drawbacks of FHA loans is the mandatory mortgage insurance premiums. These include an upfront premium at closing, generally 1.75% of the loan amount, and ongoing monthly payments. This additional cost can make FHA loans more expensive over the long term
Loan limits
One notable limitation of FHA loans is the lower loan limits compared to conventional loans, which can be restrictive for higher-income buyers. The FHA mortgage limit for a one-unit property ranges from $ to $ for single-family homes in most parts of the country, which may not be sufficient in areas with higher property values.
Strict property requirements
FHA loans come with stringent property requirements. The purchased home must be the borrower’s primary residence and must meet specific safety and condition standards. This requirement can limit the types of properties that qualify for an FHA loan.
FHA loan alternatives
Alternative loans, like USDA and VA loans, offer distinct advantages, such as no down payment requirements, but come with specific eligibility criteria. Understanding these alternatives ensures you make a well-informed decision about the type of mortgage that’s right for you.
Conventional 97
The Conventional 97 program comes with a down payment requirement of just 3%. It stands out due to the absence of income limits and mandatory home buyer education, making it accessible to a broader range of homebuyers.
Check your conventional loan eligibility. Start here
HomeReady Mortgage by Fannie Mae
The HomeReady mortgage program is designed for low- to moderate-income families, allowing a home purchase with only a 3% down payment. Furthermore, this program permits the entire downpayment and closing costs to be covered by gifts or grants, offering significant financial flexibility.
Freddie Mac Home Possible
The Home Possible loan is notable for its reduced mortgage insurance costs compared to other similar programs. With a 3% down payment requirement and lower ongoing costs, Home Possible is an attractive alternative for those looking to save on mortgage insurance.
USDA loans
USDA loans, backed by the U.S. Department of Agriculture, are an attractive alternative, especially for moderate-income buyers in rural areas. They don’t require a down payment, which is a significant advantage. However, eligibility for USDA loans is restricted based on income and geographical limits, and not every property qualifies for this type of financing.
VA loans
VA loans are another viable alternative, particularly for U.S. military service members, veterans, and certain surviving spouses. Like USDA loans, VA loans also require no down payment. However, eligibility for VA loans is exclusive to the military community, limiting their accessibility to the general public.
FAQ: FHA loans
Can I choose between a fixed rate and an adjustable-rate FHA loan?
Yes, FHA loans offer both fixed-rate and adjustable-rate (ARM) options. A fixed-rate FHA loan provides a consistent interest rate and monthly payment for the life of the loan, ideal for those who prefer stability. An adjustable-rate FHA loan, on the other hand, has an interest rate that can change over time, typically offering lower initial rates.
Do FHA loans have lower interest rates?
FHA loans often have lower interest rates compared to many conventional loan options. This is largely due to the government backing of FHA loans, which reduces the risk for lenders. As a result, lenders are generally able to offer more competitive mortgage rates to borrowers. However, the actual interest rate you’ll receive on an FHA loan can vary based on several factors, including your credit score, loan amount, and the current market conditions. It’s always a good idea to compare rates from multiple lenders to ensure you’re getting the best deal possible for your situation.
Are FHA loans assumable?
Yes. A little-known FHA benefit is that the agency will allow a home buyer to assume the existing FHA mortgage on a home being purchased. The buyer must still qualify for the mortgage with its existing terms but, in a rising mortgage rate environment, it can be attractive to assume a home seller’s loan. Five years from now, for example, a buyer of an FHA-insured home could inherit a seller’s sub-3 percent mortgage rate. This can make it easier to sell the home in the future.
Can you buy a rental property with an FHA loan?
While you can’t buy a true rental property with an FHA loan, you can buy a multi-unit property — a duplex, triplex, or fourplex — live in one of the units, and rent out the others. The rent from the other units can partially, or even fully, offset your mortgage payment.
Are closing costs higher for FHA loans?
Closing costs are about the same for FHA and conventional loans with a couple of exceptions. First, the appraiser’s fee for an FHA loan tends to be about $50 higher. Also, if you choose to pay your upfront MIP in cash (instead of including this 1.75% fee in your loan amount), this one-time fee will be added to your closing costs. Additionally, the fee can be rolled into your loan amount.
What credit score do I need for an FHA loan?
Most borrowers will need a minimum credit score of 580 to get an FHA loan. However, home buyers who can put at least 10% down are eligible to qualify with a 500 score. Yet, each lender may have their own credit score minimums, separate to those established by the Federal Housing Administration.
What is the loan-to-value ratio requirement for FHA loans?
The loan-to-value (LTV) ratio for FHA loans typically cannot exceed 96.5%, meaning you can borrow up to 96.5% of your home’s value. This high LTV ratio is part of what makes FHA loans accessible, especially for first-time homebuyers who might not have substantial savings for a down payment.
How does PMI work with FHA loans?
For FHA loans, the equivalent of private mortgage insurance (PMI) is the mortgage insurance premium (MIP). MIP is required for all FHA loans, regardless of the down payment or loan-to-value ratio. This insurance protects lenders from losses in case of borrower defaults and is included in both upfront and ongoing mortgage costs.
What happens if I default on an FHA loan?
If you default on an FHA loan, the lender can initiate foreclosure proceedings. The FHA loan program, backed by the Federal Housing Administration, is designed to minimize the risk of defaults by offering more lenient qualification criteria. However, consistent failure to make mortgage payments may lead to foreclosure, impacting your credit score and homeownership status.
Today’s FHA loan rates
Now is an opportune time to consider an FHA loan, with current mortgage rates being historically competitive.
FHA loan interest rates are typically among the most competitive. To capitalize on these favorable rates, start by comparing offers from FHA-approved lenders.
Finding the most affordable loan could be just a few clicks away. Begin your journey towards homeownership today by exploring your options and discovering the best rates available for your financial situation.
Time to make a move? Let us find the right mortgage for you
Graduating college is a big deal. The time you spent in school has likely taught you a lot about the subjects you studied, being organized and meeting deadlines, and life in general. Once you have your degree, you’ll put those skills to good use as you embark on your career and independent life. No more dining hall, no more dorms…it’s time to launch adult life and figure out how to make your own way.
To help you deal with some of the basics (like a job and banking), read on. You’ll find valuable tips to help you through the first steps of post-grad life.
Life After College
Congrats on your degree! Now, on to the next challenge after graduating college. It’s time to tackle adulting, which can include such things as getting set up in your new living situation, finding your favorite brunch spot, and making new friends if your college pals have scattered to different places.
In addition, there are some major daily-life tasks to wrangle:
• Finding and holding a job
• Taking control of your health and your health insurance
• Keeping your brain active, which may lead to more studies
• Managing your money.
Read on to get some helpful advice on these last four topics (you can probably find the best brunch spot in your new neighborhood without too much help). 💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.
Getting to Work
Hopefully you enjoyed a few weeks off post-grad to travel or kick back and relax after four years of hard work. But what to do after college for many people is find work.
When you’re ready to begin your job search, it can be a lot to process. Chances are, it’s time to focus on taking steps towards building your career.
First off, don’t let job searching stress you out. New grads are in luck. Unemployment is low, and the labor market is strong. According to a recent survey by the National Association of Colleges and Employers, companies expected to hire almost 4% more class of 2023 grads than they did from the previous class.
Not sure where to look for work or what you should be earning? Research, network, and research some more.
• Your school’s career services office may provide job leads, and its alumni office may be able to network you with people in your field who can share insights.
• Search for jobs online. There are many job boards, such as Indeed and ZipRecruiter, to access.
• Put out the word among friends, families, past internship supervisors, and others.
• To gain intel on starting salaries, try an online salary calculator. You provide some basic info like your location and experience, and their tool tells you what the average salary for your desired role is. While this tool can only provide an estimate, it may help you determine if you should try to negotiate for a higher salary when you receive a job offer.
Taking Your Health into Your Own Hands
As part of learning how to navigate life on your own, make sure you take the reins of your healthcare. Mom and Dad likely aren’t scheduling those biannual dental checkups for you anymore.
Whether you’re still on your parent’s policy or are buying your own health insurance, getting more familiar with the resources your healthcare plan provides is never a bad idea.
It can help you stay on top of scheduling check ups, dental cleanings, and eye exams. You may also need to learn the ropes of finding in-network doctors as you move to a new place or get your own policy.
And you might want to start saving for any unexpected medical or dental bills that may arise. Having an emergency fund at the ready can be an important step to financial wellness in this new chapter of your life.
Speaking of wellness: You may feel swamped by post-grad life, but it’s such an important time to prioritize your well-being. It might be helpful to make time to go to the gym each week, meditate, cook healthy meals, and get a good night’s sleep. Getting into good health habits is an excellent adulting accomplishment. 💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.
Continuing Your Learning
It’s normal after college to need a little break from learning. For the first time in your life, there is no one telling you what to read or what classes you have to take. But once the dust has settled and you’ve had a rest from hitting the books, you might try to prioritize learning. Not only does it keep your brain sharp, it can also help boost your career.
For example, you could consider obtaining a professional license related to your career or industry. According to the most recent intel from the Bureau of Labor Statistics, 24% of workers have some sort of professional license or certification. Having one may give you a competitive boost at work or while job searching. You can go the extra mile to develop more skills needed in your career through an online class or professional conference.
What’s more, additional learning and training could lead to a profitable side hustle or gig work. For instance, you might be able to pick up extra cash during tax season supporting professional tax preparers.
Learning-wise, not all of what you do after graduation has to go towards career advancement, of course. Take that cool history of film class at your local community college. Join a book club or just load up your bookshelf with books you’re dying to read. Exploring your passions can help you feel motivated, fulfilled, and inspired. Now is the time in your life to open doors, not close them.
Recommended: What Should I Do After My Master’s Degree?
Getting Your Finances Organized
Once you graduate from college and join the working world, it’s likely time to look at whether your current banking partner suits your needs.
It can be a wise move to look for a bank that offers a good interest rate on your deposits, convenient access, and tools that help you track your money in a quick and convenient way.
As you organize your money (and don’t forget to start that emergency fund mentioned above), you may realize that one expense that may really be bringing you down is your student loan debt payments.
The average federal student loan debt is currently $37,338, according to the Education Data Initiative. Is student loan debt weighing you down? There are a few strategies you can use to help pay off your student loan debt quicker. You might start your journey to a student loan-free life by creating a monthly budget that can help you get out of debt.
• To create a budget that can assist with paying off debt, you could start by gathering all of your bills and recent receipts. Review exactly what you need to spend on necessary living expenses (rent, food, health insurance, minimum debt payments), how much you are spending on the wants in life (travel, entertainment, clothing), and how much you can save or put toward additional debt payment.
• There are different budgeting methods, and it’s a good idea to spend a bit of time finding the one that works for you. For instance, you might like the 50/30/20 budget rule, which says to allocate 50% of your take-home pay to necessities, 30% to wants, and 20% to savings and extra debt payoff.
Whichever technique you choose, do compare the cost of your living expenses to your paystubs to see how much you can afford to pay towards debt each month. Creating a budget can help you not only pay off your debt, but avoid accumulating more debt in the future.
Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?
The Takeaway
Once you have your monthly budget under control, you might be considering refinancing your student loans as part of how you navigate life post-college. You may be able to lower your interest rate, lower your monthly payments by extending your repayment term, or release a co-signer from a previous loan.
Do note that lengthening your repayment term can increase the interest you’ll pay throughout the life of your loan.
Refinancing comes with many benefits, but keep in mind that you lose federal benefits and protections when you refinance federal loans with a private lender. But if you are not planning on taking advantage of these benefits, refinancing might be for you.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
Delaware may be one of the nation’s smaller states, but it certainly packs a punch in character and opportunity. From its strategic location on the East Coast and tax-friendly policies, to its vibrant communities and natural beauty, there is much to appreciate about life in the First State. However, like any location, living in Delaware has its share of drawbacks. In this Redfin article, we will look at what it’s like to call this state home, exploring the unique pros and cons of living in Delaware. So whether you’re looking for homes for sale in Wilmington, apartments in Dover, or just want to learn more about the area, join us as we embark on a journey through the First State.
Pros of living in Delaware
1. No sales tax and other great tax benefits
One of the standout advantages of living in Delaware is the absence of a state sales tax. This unique feature sets Delaware apart from many other states in the U.S. Residents of the “First State” can enjoy tax-free shopping, making their dollars stretch further and saving significantly on everyday purchases, big-ticket items, and even luxury goods. Additionally, the state does not tax Social Security income, and no inheritance or estate tax exists. These favorable tax policies contribute to a lower overall tax burden for individuals and families, offering an attractive financial incentive for those who appreciate keeping more of their hard-earned income.
2. Proximity to major East Coast cities
Delaware’s prime location on the East Coast offers a significant advantage to its residents. Positioned between the bustling urban centers of New York City and Washington, D.C., Delaware provides quick and convenient access to these metropolitan hubs’ cultural, economic, and professional opportunities. The state’s well-connected transportation infrastructure, including I-95 and Amtrak, makes commuting or weekend getaways a breeze. This geographic advantage allows Delawareans to enjoy the benefits of living in a more relaxed and affordable environment, while still having the vast array of amenities and services of major cities just a short journey away.
3. Beautiful coastal areas
The state boasts a stunning stretch of coastline along the Atlantic Ocean, featuring pristine beaches such as Rehoboth, Bethany, and Dewey Beach, each with a unique character. These coastal havens offer opportunities for sunbathing, swimming, water sports, and scenic walks along the boardwalks. Additionally, Delaware’s coastal areas are home to picturesque fishing villages like Bowers and charming beach towns, each exuding a sense of nostalgia and offering delectable seafood dining options.
4. Historic charm and cultural heritage
As one of the original 13 colonies, the state boasts a rich legacy celebrated through numerous historic sites and museums. Delaware enchants residents with its rich tapestry of history, ranging from the charming colonial-era buildings in New Castle to Dover’s pivotal role in early American history. Its charming historic districts and landmarks provide a living connection to the past, while cultural festivals, arts communities, and educational institutions help foster a dynamic appreciation for heritage.
5. Sense of community
Delaware’s residents often praise the state’s strong sense of community, fostered by numerous small towns and close-knit neighborhoods. Communities frequently unite for local events, festivals, and volunteering, reinforcing neighborly bonds and nurturing a supportive, inclusive atmosphere. The state’s modest size maintains this sense of connection even in larger cities, ensuring a network of support and meaningful relationships. This pervasive sense of belonging significantly enriches residents’ quality of life, adding to Delaware’s charm and making it an inviting place to live.
Cons of living in Delaware
1. High cost of living in certain areas
While Delaware offers diverse, appealing features, including its tax benefits and coastal beauty, it’s not without drawbacks, particularly concerning the cost of living in specific areas. Sussex County, famed for its scenic coastal communities, experiences a cost of living approximately 3% higher than the national average, driven in part by the elevated demand for housing in these picturesque towns. The state’s median sale price, at $341,500, is lower than the national median of $412,001. However, the median sale price in Lewes soars to $596,000, underscoring the considerable discrepancy in real estate costs. This higher cost of living in select areas can pose financial challenges for residents, affecting housing affordability and everyday expenses but there are many affordable places to explore.
2. Limited public transportation options
One notable drawback of living in Delaware is the limited public transportation options, particularly in some less urbanized areas. While the state’s metropolitan regions offer some public transit services, like Dover, which has a transit score of 28, the coverage and frequency of these systems can be limited. This leaves residents in more rural or suburban areas reliant on personal vehicles for commuting and daily transportation. This lack of extensive public transport can lead to increased traffic congestion, higher commuting costs, and limited accessibility for those who do not own a car.
3. Extreme weather fluctuations
Delaware’s weather patterns are characterized by extreme fluctuations, which can be a considerable con for residents. The state experiences all four seasons, but their transitions can be abrupt and unpredictable. Winters can bring heavy snowfall and cold temperatures, while summers can deliver sweltering heat and high humidity. Although often pleasant, the spring and fall seasons can also be marked by sudden weather changes, including severe thunderstorms and even hurricanes in some years. These rapid shifts can challenge planning outdoor activities and dressing for the day.
4. Coastal flooding and hurricane risks
With a significant portion of the state’s population concentrated along the Atlantic coast, Delawareans are more exposed to the potential consequences of coastal flooding and hurricanes. During hurricane season, the state faces the risk of severe storms and rising sea levels, which can lead to flooding, property damage, and displacement of residents. While the state has implemented measures and emergency response plans, including potential evacuation protocols, the recurrent threat of hurricanes can be a cause for concern, impacting both homeowners and the overall quality of life.
5. Smaller job market
The number of job openings and career advancement prospects can be more limited than larger metropolitan areas. The state’s compact size also means that commuters often look beyond Delaware’s borders for job options, adding to the complexity of the employment landscape. Consequently, career growth and industry diversity can be challenging, making it more difficult for professionals in certain fields to find their desired positions within the state.
Pros and cons of living in Delaware: Bottom line
Ultimately, the decision to call Delaware home depends on individual priorities and preferences. For some, the state’s serene coastal beauty and tax benefits may outweigh the disadvantages. For others, the challenges may weigh more heavily. Ultimately, living in Delaware balances the pros and cons to create a unique and fulfilling lifestyle in the “First State.”