Nursing can be a well-paying profession. According to the Bureau of Labor Statistics (BLS), the median salary for a registered nurse (RN) is $81,220 per year or $39.05 per hour.
In fact, nursing can be a rewarding career path in more ways than one. Not only can these healthcare professionals provide for themselves financially, they also care for people during times of need.
To better understand what it’s like working as a nurse and what the earning potential is, keep reading.
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What Are Nurses?
An RN provides patients with care and support, and they offer education on health issues and conditions. Responsibilities can vary by workplace and specialty. For example, a geriatric nurse works with elderly patients and provides a different type of care than an oncology nurse, who supports patients with cancer.
Generally speaking, an RN’s tasks often include the following:
• Evaluate the condition of patients.
• Set up care plans for patients.
• Consult and collaborate with doctors and other healthcare providers.
• Operate and monitor medical equipment.
• Document patients’ medical backgrounds and symptoms.
• Administer medications and treatments.
• Assist in conducting diagnostic tests and analyzing the results.
• Educate patients and their families on managing illnesses or injuries.
• Provide instructions for post-treatment care at home.
Nurses often work on a team made up of other nurses, physicians, and healthcare specialists. Some nurses may even supervise other RNs, nursing assistants, or home health aids. Because of how much collaboration and patient interaction is involved in nursing, this role may not be a great fit for introverts. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Nurses Make?
On average, entry-level nurses earn around $80,321 a year or $39 per hour, according to ZipRecruiter. But keep in mind that amount represents a middle ground; incomes for nurses fresh out of school can run the gamut from $36,000 to $136,000.
Recommended: What Is Competitive Pay?
What Is the Average Salary for a Nurse?
Unlike some other healthcare professionals, nurses may be paid hourly or earn an annual salary. They can also make extra by working overtime, overnight, or on holidays. As mentioned, nurses who are paid by the hour earn a median rate of $39.05 or $81,220 per year.
It’s worth noting that where a nurse chooses to work can significantly affect how much they earn. When it comes to settings that pay the most money, the government comes out on top. Let’s take a look at the median annual wage for nurses across a variety of settings, per the BLS:
• Government: $92,310
• Hospitals: $82,250
• Ambulatory healthcare services: $78,670
• Nursing and residential care facilities: $75,410
• Educational services: $65,450
Nurses also have the option to take travel assignments, which can be an attractive option for professionals seeking flexibility, short-term assignments, and competitive pay. Travel nurses can expect to earn anywhere from $81,000 to $128,00 a year.
To help manage that high level of income, consider digital tools like a money tracker app. In addition to being convenient, it can help take the guesswork out of budgeting and setting financial goals.
What Is the Average Salary by State for a Nurse?
The state a nurse chooses to work in can greatly influence how much they earn, as illustrated by the following table:
State
Average Annual Salary
Alabama
$68,782
Alaska
$78,193
Arizona
$70,717
Arkansas
$71,792
California
$78,490
Colorado
$90,700
Connecticut
$69,698
Delaware
$84,924
Florida
$56,707
Georgia
$64,076
Hawaii
$75,614
Idaho
$75,172
Illinois
$84,135
Indiana
$72,210
Iowa
$69,236
Kansas
$65,099
Kentucky
$76,147
Louisiana
$63,306
Maine
$76,539
Maryland
$82,211
Massachusetts
$78,960
Michigan
$75,056
Minnesota
$72,508
Mississippi
$69,141
Missouri
$80,121
Montana
$69,652
Nebraska
$80,357
Nevada
$73,935
New Hampshire
$74,558
New Jersey
$76,040
New Mexico
$72,231
New York
$83,627
North Carolina
$77,842
North Dakota
$77,045
Ohio
$70,515
Oklahoma
$77,820
Oregon
$77,062
Pennsylvania
$76,604
Rhode Island
$71,379
South Carolina
$79,483
South Dakota
$72,815
Tennessee
$67,322
Texas
$74,746
Utah
$67,313
Vermont
$81,802
Virginia
$83,556
Washington
$91,445
West Virginia
$59,162
Wisconsin
$75,198
Wyoming
$73,262
Source: ZipRecruiter
Recommended: Is $100,000 a Good Salary?
Nurse Job Considerations for Pay and Benefits
Whether they’re paid by the hour or per year, a nurse can make a good living. And there are ways to supplement that income or create a flexible working schedule that supports a work-life balance. For instance, nurses can choose to work part-time, as many hospitals are short-staffed and need the extra help and expertise. There’s also travel nursing, which allows these healthcare professionals to pick up short-term assignments.
But if a full-time role with benefits is what you’re after, you may have little trouble finding one that fits. The BLS projects that between now and 2032, the number of RN jobs available in the field will grow 6%. And those on-staff positions can come with benefits like health insurance, retirement contribution matches, and tuition reimbursement.
Pros and Cons of Nurse Salary
Like any career path, working as an RN comes with a unique set of pros and cons that are worth keeping top of mind:
Pros
Cons
• High demand for nurses
• Full-time work and benefits available
• Flexible schedule may be an option depending on your employer
• Physically and emotionally demanding job
• Potential exposure to illnesses
• May work nights, weekends, or holidays
• Limited work-from-home options (aside from telehealth roles)
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
While the hours can be long and the work physically demanding, nurses have the potential to earn a lot of money. As they gain years of experience or enter more lucrative industries, these professionals can potentially earn a six-figure salary. Bottom line: If you’re passionate about health care and helping others, you may find that a career in nursing is professionally and financially rewarding.
FAQ
What is the highest-paid RN job?
The type of nursing role an RN takes can affect how much they earn. Those looking to earn high incomes may want to pursue government nursing, which earns a median salary of $92,310. This is much higher than the $81,220 median salary for all RNs.
How much money does a RN make in California?
In the state of California, an RN can expect to earn an average of $78,490 per year, or an hourly rate of $37.74, per ZipRecruiter.
What state pays nurses the lowest?
Of all the 50 states, Florida pays its nurses the least, according to ZipRecruiter. Nurses there earn an average of $56,707 a year, and their average hourly wage is $27.26.
Photo credit: iStock/FG Trade
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
On a salary of $40,000 per year, you can afford a house priced at around $100,000-$110,000, assuming you have some money — say, $10,000 or $15,000 — for a down payment and are not already carrying debt, such as a car loan or student loan. The number can change quite a bit when you factor in your specific numbers:
• Your debt
• Your down payment
• Your taxes, insurance (and homeowners association dues, if applicable)
• Your interest rate
• Your loan type
• Your lender
Understanding how these factors play into home affordability can get you closer to finding a home you can afford on your $40,000 salary.
What Kind of House Can I Afford With $40K a Year?
On a $40,000 salary, you want to get the nicest home you can. But what amount of home mortgage loan you qualify for depends on a number of factors, including your debt, income, interest rate, down payment, type of loan, and lender.
Understanding Debt-to-income Ratio
You may have heard that debt can seriously derail your plan to buy a house, but you might not know exactly how it does that. Here’s the scoop: A potential lender will calculate your debt-to-income (DTI) ratio by adding all your monthly debts and dividing that number by your monthly income.
Your DTI ratio determines how much home you can afford. If you have more debt, you can’t afford a bigger monthly housing payment, which means you’ll qualify for a smaller home loan. For example, if your total debt amounts are $3,000 each month and your income is $6,000 per month, your debt-to-income ratio would be 50%. This is well above the 36% guideline many mortgage lenders want to see. 💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show the real estate agent proof that you’re preapproved for a mortgage. SoFi’s online application makes the process simple.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
How to Factor in Your Down Payment
A down payment can also drastically impact home affordability. If you have a larger down payment, you’ll be able to afford a higher-priced home. With a down payment of 20% or more, you’ll be able to avoid the added expense of private mortgage insurance (PMI), which will in turn increase the loan amount you’ll be able to qualify for.
Try using a mortgage calculator to see how different down payment amount can affect how much home you’ll be able to qualify for.
Factors That Affect Home Affordability
To complete the picture of home affordability, you’ll also need to consider these factors:
• Interest rates A higher interest rate means you’ll qualify for a smaller home purchase price. A lower interest rate increases how much home you’ll be able to afford.
• Credit history and score You’ll also see that your credit score directly affects home affordability. With a good credit score, you’ll qualify for a better rate, which means you’ll qualify for a higher mortgage.
• Taxes and insurance Higher taxes and insurance can also affect home affordability. Your lender has to take into account how much you’ll be paying in taxes and insurance and include it as part of your monthly payment.
• Loan type Different loan types have different interest rates, down payment options, and credit requirements, which can affect home affordability.
• Lender Your lender may be able to approve you at a higher DTI ratio — some lenders will allow the DTI to be as much as 50%.
• Area The cost of living in your state is a top factor in determining home affordability. Price varies greatly around the country, so you may want to consider the best affordable places to live in the U.S. if you’re open to moving.
How to Afford More House With Down Payment Assistance
If you make $40,000, how much house you can afford also depends on what programs you’re able to qualify for. Down payment assistance programs can help with home affordability. These programs offer a grant or a second mortgage to cover a down payment. These programs are often offered by the state or city you live in. They may be restricted to first-time homebuyers or low-income borrowers, but these programs are worth looking into. Examples include Washington state’s Home Advantage DPA and Virginia’s HOMEownership DPA. Look for programs in your state, county, and city. You may also want to read tips to qualify for a mortgage. 💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.1
How to Calculate How Much House You Can Afford
There are some guidelines lenders use to qualify borrowers for a mortgage. Knowing how home affordability is calculated can help you understand what income you need to make and what debts you need to pay off to qualify for a mortgage. Lenders often follow the 28/36 rule, looking for a housing payment less than 28% of a borrower’s income and total debt payments less than 36% of your income. Here’s how to calculate it.
Back-end ratio (36%): The back-end ratio is your debt-to-income ratio. Add together all of your debts (including the new mortgage payment) to make sure all debts are under 36% of your income. If your monthly income is $3,333 ($40,000/12 = $3,333), your debts (including the mortgage payment) should be no more than $1,200 ($3,333*.36).
Front-end ratio (28%): With a monthly income of $3,333, this number works out to $933.
The 35/45 Rule: It’s possible to qualify for a larger mortgage based on the 35/45 guideline, which is used at the discretion of your lender. With a monthly income of $3,333, the housing allowance (35% of your income) increases to $1,167 and the total monthly debts (45% of your income) increases to $1,500.
An easy way to calculate how much home you can afford is with a home affordability calculator.
Home Affordability Examples
For homebuyers with a $40,000 annual income (a $3,333 monthly income), traditional guidelines of a 36% debt-to-income ratio give a maximum house payment of $1,200 ($3,333 * .36). Each example has the same amount for taxes ($2,500), insurance ($1,000), and APR (6%) for a 30-year loan term.
Example #1: Too much debt
Monthly credit card debt: $100 Monthly car payment: $300 Student loan payment: $300 Total debt = $700 total debt payments
Down payment = $20,000 Maximum DTI ratio = $3,333 * .36 = $1,200 Maximum mortgage payment = $500 ($1,200 – $700)
Home budget = $54,748
Example #2: Low-debt borrower
Monthly credit card debt: $0 Monthly car payment: $100 Student loan payment: $0 Total debt = $100
Down payment: $20,000 Maximum DTI ratio = $3,333 * .36 = $1,200 Maximum mortgage payment = $1,100 ($1,200 – $100)
Home budget = $141,791
How Your Monthly Payment Affects Your Price Range
As shown above, your monthly debt obligations affect how much house you can afford. With a lot of debt, it’s hard to make a mortgage payment that qualifies you for the home you want.
It’s also important to keep in mind how interest rates affect your monthly payment. By paying so much interest over the course of 30 years, even small fluctuations in interest rates will affect your monthly payment. That’s why you see your neighbors scrambling to refinance their mortgages when interest rates drop.
Recommended: Home Loan Help Center
Types of Home Loans Available to $40K Households
There are different types of mortgage loans available for households in the $40K range:
• FHA loans: With Federal Housing Administration loans, you don’t have to have perfect credit or a large down payment to qualify. In fact, you can apply for a FHA loan with a credit score as low as 500.
• USDA loans: If you live in a rural area, you’ll definitely want to look at United States Department of Agriculture loans. You may be able to qualify for a USDA mortgage with no down payment and competitive interest rates.
• Conventional loans: For borrowers with stronger financials, conventional loans are some of the least expensive mortgages in terms of interest rates, mortgage insurance premiums, and property requirements. They’re backed by the federal government, and if you’re able to qualify for a conventional mortgage, it could save you some money.
• VA loans: For qualified veterans and servicemembers, the U.S. Department of Veterans Affairs loan is quite possibly the best out there. There are zero down payment options with great interest rates. If your credit is hurting, you still might be able to get a loan since the VA doesn’t have minimum credit score requirements (though the individual lender may).
The Takeaway
With proper planning, a salary of $40K should be able to get you into a home in many U.S. markets. However, you’ll want to make sure you keep a close eye on your credit score and save up for a down payment or find programs to help with one. Over time, the small, determined steps you take will lead you to your goals.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
Is $40K a good salary for a single person?
You work hard for your salary, and a $40,000 salary for a single person is a good start, though it is below the median income for a single person, which is $56,929, according to data from the U.S. Census.
What is a comfortable income for a single person?
Comfortable depends on the cost of living where you live and your personal needs, but it can range from around $45,000 per year in Mississippi to $112,000 in Hawaii.
What is a liveable wage in 2024?
Your liveable wage depends on your area, working household members, and children. For example, it can range from $15.89 per hour for a single living in Beaumont, Texas, to $44.99 per hour for a household with three children in St. George, Utah.
What salary is considered rich for a single person?
A salary of $234,342 would put you in the top 5% of all earners in the U.S.
Photo credit: iStock/stevecoleimages
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.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
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.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.
Nearly 215 million U.S. drivers carry car insurance, and many may ask themselves, “Why is my car insurance so high?” If you’re one of those Americans, know that there are ways you can take control of the situation and reduce your insurance premiums.
We’ll guide you through why your car insurance may be higher than normal and ways you can proactively work to lower the costs.
1. Credit Score
Most insurance providers consider your credit score when determining insurance rates. Maintaining a good credit score can help individuals maintain a lower insurance premium. However, those with poor credit scores often need to pay more since they are seen as being higher risk.
Factors that impact your FICO® credit score include:
Length of credit history
Payment history
Credit mix
Amount owed
New credit
Keep in mind that credit score is only one factor used by insurers to set premiums.
2. Driving Record
Your driving record can significantly impact your insurance premium costs. Those with clean driving records without any traffic violations or accidents tend to pay lower insurance premiums. However, policyholders who have been in vehicle accidents and accrued traffic violations may pay for higher insurance premiums. Your insurance provider can increase your premium for:
Speeding tickets
DUIs and DWIs
Parking tickets
Your insurance may provide safe driver discounts to those with good driving records and who are accident-free for a required period. These discounts can decrease your insurance premiums.
3. Coverage Levels and Types
Your insurance rates can be significantly affected by the coverage type and insurance level you opt for. Depending on where you reside, your state has regulations and criteria for minimum policy coverage.
For example, Washington requires drivers to have the following minimum coverage:
$25,000 per person for bodily injury or death in an accident
$50,000 per person for bodily injury or death of any two people in an accident
$10,000 of injury to or destruction of property of others in an accident
Depending on other factors, like your vehicle type and whether it’s leased, you may require additional coverage on top of the minimum state requirements.
4. Claim History
Similar to your driving record, you want to keep your claim history as unscathed as possible. However, accidents happen, whether they result from your actions or those of another driver. Multiple filed claims can impact premium costs, especially if they are large claims, like a totaled vehicle. Plus, claims have a long-lasting impact—an at-fault accident can increase your rates for at least three years following the claim.
5. Location
Insurance premiums can greatly vary by location, especially if you live in a city versus a more rural area. Insurance premiums in each state are affected by various factors, including:
Rate of uninsured motorists
Frequency of filed claims
Minimum insurance limits
Things like road conditions and crime rates can also impact your auto insurance. For example, If you live in an area with high auto theft rates and poorly planned roads that are prone to cause accidents, you’ll likely be paying higher insurance rates.
6. Type of Vehicle
When insurers determine insurance premiums, they consider vehicle types. Certain car models have a lower likelihood of ensuring the safety of passengers or cost more to repair in the case of an accident, leading to higher insurance rates.
Vehicles that typically have higher rates are:
Smaller cars: Compact vehicles sustain more extensive damage in a crash, so they’ll usually have higher coverage rates.
Leased cars: Leasing companies typically require full coverage for leased vehicles, including comprehensive and collision coverage, to cover damage in a potential accident.
Cars with premium features: Trim levels and technological features, such as touch screens, can be expensive to repair when damaged. Providers keep this in mind when providing a premium. However, a vehicle with advanced safety features is at lower risk, resulting in a lower premium.
Vehicles that typically have lower rates are:
Small SUVs and minivans: Safer and bigger cars tend to have the most reasonable insurance rates.
Older cars: Most car values depreciate over time. In the case of an accident, your provider will need to pay out less than a newer vehicle. The exception is collector and classic vehicles.
Overall, newer, luxurious, smaller vehicles tend to have more expensive premiums.
7. Gender or Age
Gender can impact your insurance premiums in the majority of states. However, there are states that have banned gender in insurance rating, including:
California
Michigan
Massachusetts
Pennsylvania
North Carolina
Montana
Hawaii
Your age is another uncontrollable factor that impacts your insurance rates. Your insurer will likely charge you more if you have young drivers under 25 on your insurance policy. This is because they’re viewed as less experienced drivers with a higher risk of filing a claim.
8. Insurance Company
Rates vary across insurance providers. It’s easy to stick to renewing the same policy every year, but you could be losing out on savings by switching insurance companies. Among the leading auto insurance companies across the country, the average annual car insurance rate stands at $1,547 per year. Yet, a driver with identical coverage may pay as little as $1,022 with one company or as much as $2,135.
9. Driving Patterns
When you apply for insurance, expect your insurance provider to inquire about your occupation and residence. How often you drive and how much time you spend behind the wheel can increase your insurance premiums.
Those with longer work commutes increase their risk of being in an accident while they’re on the road. If you work in an expensive city and live in the suburbs outside the city to save on housing costs, you could, unfortunately, be paying a higher insurance rate.
10. Deductibles
Your deductible is the amount you would need to pay if your car is damaged and you file a claim. Your insurance provider pays the remaining total cost to fix your vehicle. For example, if you have a $500 deductible and file a claim for $2,500 in damages, you’ll need to pay the $500 and your insurance will cover the final $2,000.
If you pay for a lower deductible on your policy, there’s more risk for your insurance provider. Therefore, you’ll likely have to pay for higher insurance premiums.
11. Policy Add-ons
Take a look at your policy add-ons. You may be paying for additional coverage you don’t currently need. Evaluate whether it’s necessary to cover items like:
Car rental coverage
Roadside assistance
Comprehensive and collision coverage
While some of these additional coverage items can be beneficial, they aren’t essential expenses.
12. Car Insurance History
Your car insurance history can impact your insurance premium costs. If you have lapses in your insurance history, periods where you didn’t hold insurance, you can be penalized with higher premiums. Reasons for having gaps in your insurance history include:
Being dropped from your insurance provider
Your insurance expires and you can’t review your policy
You don’t have a vehicle and therefore don’t require auto insurance
You should always have auto insurance when you own a vehicle. Consider acquiring nonowner car insurance if you don’t own a vehicle—it provides coverage when driving cars you don’t own and prevents future premium increases when you do own one.
5 Ways to Lower Your Car Insurance Premium
As noted above, various factors can skyrocket your car insurance costs. Luckily, there are steps you can take to help lower your premiums and keep more money in your pocket.
1. Maintain a Good Credit Score
Your credit score can greatly impact how expensive your premium is. Improving your credit can help you find lower premiums in the future. Actions that can potentially improve a credit score is:
Reviewing your credit report for inaccuracies and errors and correcting them
Paying off any outstanding revolving debt
Opening a secured credit card if you don’t qualify for a traditional card
Completing payments on time
Improving your credit takes time, especially if you have multiple derogatory marks on your report. Be patient and smart while building your credit back up.
2. Get Rid of Unnecessary Coverage
Review your current coverage and evaluate whether you’re paying for add-on coverage you don’t need. For example, if you aren’t frequently renting cars, you likely don’t need car rental coverage. If you do rent a car for occasions like a business trip or vacation, your insurance should cover any damage caused to the rented vehicle.
3. Bundle Your Policies
For homeowners, bundling your home and auto policies can help lower your premiums. We recommend comparing bundling quotes from both of the providers before deciding which provider policy to cancel. Not only can you potentially save on both your premiums, but you will also be able to manage these expenses with one provider.
4. Raise Your Deductible
Opting for a higher deductible on your car insurance can help lower your premium rate. Your deductible is what you would pay “out of pocket” in a claim. However, you should be able to pay your deductible in case of an accident. If you increase your deductible too much, your insurance won’t cover smaller damages and repairs.
5. Compare Multiple Quotes
Has it been a while since your insurance premium was set? Shopping around at different insurance providers is the easiest way to get a lower insurance premium. If it’s time to renew your policy and you have a clean driving record, it may be a good time to compare quotes and see if other providers can provide a lower premium.
FAQ
Below are frequently asked questions about car insurance expenses and factors.
Does My Credit Score Affect My Car Insurance Rates?
Your credit score is factored in when your provider calculates your insurance premiums. Those with poorer credit scores (below 580 on the FICO scale and below 601 on the VantageScore® scale) tend to pay higher rates than those with good credit scores. Improving your credit score will help you secure favorable insurance rates and in other financial situations, like when you’re applying for a loan.
How Can I Lower My Auto Insurance Premiums?
There are a few actions you can take to potentially lower your insurance premiums, including:
Purchase a smaller, older vehicle
Remove unnecessary policy add-ons
Improve your credit
Raise your deductible
Bundle your home and auto policies
Shop around for rates
Why Does It Cost More to Insure an Expensive Vehicle?
There are several reasons why auto insurance costs are higher for an expensive vehicle. Luxury cars have more expensive parts, such as high-tech and advanced safety features. Also, if your vehicle is severely damaged and declared totaled, your insurance provider will need to cover the value of your car.
View New Car Loan Rates With Credit.com
Now that you know why your car insurance is so high, it’s time to take steps to reduce your premiums. Credit.com can provide you with a free credit score and credit report so you can see where you need to start working on your credit and lowering your premium rates.
If you’re shopping for a new auto loan, Credit.com offers custom that won’t impact your credit. Get prequalified and see your rates today.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Regularly making timely payments and keeping your account balances low are a couple of ways to use a credit card to build credit.
Your credit card habits can both positively and negatively affect your overall credit health. Responsibly using your card and making timely payments will steadily improve your credit—while the opposite habits will reduce your standing over time.
Here, we’ll discuss how to use a credit card to build credit and share some credit-building tips. We’ll also explore how Lexington Law Firm can give you a clearer picture of your credit habits.
Key takeaways
Paying down your card balances will quickly build credit.
FICO® determines credit scores based on five categories.
Reviewing your credit report can help you strategize.
Table of contents:
Tips for building credit with a credit card
Once you know the factors that influence your credit score, you’ll better understand how to build credit more effectively. When using a credit card, keep the following tips in mind.
Make timely payments
It can’t be overstated how impactful making timely payments can be when building credit with credit cards. Paying off your card balances in full is ideal but may not always be possible due to other financial obligations. In those instances, making your minimum payment will still be beneficial for your payment history.
Keep low credit utilization
Credit utilization weighs your credit limit against your current account balance. Keeping your utilization below 30 or even 10 percent could steadily improve your credit, but if you can’t keep it that low, just try to get it as low as possible.
Here’s an example of credit utilization at play: if you have a credit limit of $1,000 and a current balance of $300, you’ll be at 30 percent utilization. If you lower your balance to $100, you’ll be at 10 percent utilization.
Be selective with your cards
As your credit score rises, you’ll likely receive dozens of credit card offers each month. Be selective about which cards you apply for—if you’re a frequent shopper at a certain store, responsibly using your credit card can improve your credit and help you get some good rewards.
Check your credit report
Your credit report should accurately reflect your financial activity, but there could be errors that are impacting your credit health—this happens more often than you might think. Lexington Law Firm can help look out for errors and help you address them. Our services also include lost wallet protection in case you misplace one of your credit cards.
How are credit scores determined?
Your activity with a credit card is interconnected with your credit score. The Fair Isaac Corporation (FICO) is a trusted credit reporting company that evaluates your credit habits based on five factors: payment history, credit utilization, age of credit, credit mix and new credit.
Responsible credit card usage can improve your credit in several ways:
Paying down your credit card balance positively affects your payment history.
Striving to keep your card balances low reflects good credit utilization.
Responsibly handling a credit card for many years helps your age of credit.
Managing credit cards and installment accounts positively affects your credit mix.
Types of credit cards
Different types of credit cards can help you build credit in various ways. Here are several different kinds of credit cards that are commonly used.
Business credit cards
If a business owner meets certain criteria, such as having an EIN or multiple years of activity, they might be able to secure a business credit card. These cards provide business owners with revolving credit that can be used for short-term purchases.
Business credit cards can affect the cardholder’s credit and their business creditworthiness. A business with great credit can be eligible for fantastic loans and better credit card offers over time.
Joint credit cards
Joint credit cards allow two people to apply at the same time and potentially open an account in both of their names. Activity with joint cards will impact both users for better or worse, so it might be best to discuss and agree on usage terms with your partner before applying.
With a joint credit card, both users will be responsible for repaying the card’s balance and maintaining a low utilization rate. If one user exceeds the joint card’s credit limit, both will see dings in their credit.
Secured credit cards
Secured credit cards require applicants to place a cash deposit when opening their account. These cards often have very flexible requirements, which makes them excellent credit cards for bad credit borrowers.
Most secured credit cards also come with low credit limits and high interest rates—largely to discourage cardholders from misusing their funds. Secured credit cards can serve as excellent starter cards and help individuals repair their credit.
Student credit cards
Standard cards often have requirements that many college students might not meet. Student credit cards can bridge that gap. These cards normally have low or no credit requirements and might even offer rewards for strong academic performance.
Securing and responsibly using a student credit card can help you build credit early in life. When you graduate and are looking to join the workforce or pursue a postgraduate degree, your better credit can grant you access to much-needed funding.
Retail credit cards
Large commercial stores and online retailers may offer these kinds of credit cards. Retail cards can only be used exclusively for store-related purchases. However, rewards like cash back and exclusive discounts might be worth it if you frequently shop at a certain retailer.
Retail credit cards can help you build credit when used responsibly. While it may be tempting to go on a shopping spree with your card, exercising restraint (and staying within your credit limit) will positively affect your credit over time.
Should I pay off my credit card after every purchase?
Payment history and credit utilization greatly impact your credit, so yes, frequently paying off your account balances is possibly the fastest way to build credit over time. Making small purchases with a credit card and swiftly paying off your balance can be an effective strategy.
Ultimately, it’s important to spend within your means and only use your credit card for purchases that you can repay.
Get your credit snapshot with Lexington Law
Credit cards can be very powerful tools for improving your credit—if you know which ones best suit your needs. Lexington Law Firm can provide a credit snapshot that includes your credit score, a credit report summary and credit repair suggestions.
If you’re thinking about applying for new credit cards, getting your snapshot can help you refine your selection.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Moriah Beaver
Associate Attorney
Moriah is an attorney practicing in consumer advocacy at Lexington Law.
Before joining Lexington, she represented plaintiffs in personal injury litigation, dealing with claims arising from car accidents, slip and falls, and dog bites. Moriah studied English at Brigham Young University for her undergraduate degree and went on to graduate from Brigham Young University’s J. Reuben Clark Law School. She is from Hau’ula, Hawaii, but has been a resident of Utah for over 10 years now.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Good credit etiquette, such as making timely payments and keeping low account balances, is the best way to rebuild your credit after a debt settlement.
Debt settlement lets a person pay a lump sum to gain forgiveness on the remaining debt in an account. This procedure can help you get out of debt if the financial pressure becomes too extreme, but it can also negatively impact your credit in multiple ways. We’ll explore the impact of debt settlements and share strategies to help you rebuild your credit in the aftermath.
Key takeaways
Payment history has the largest impact on your credit score.
Debt settlement programs might ask you to stop making payments on an account.
Credit repair services can help you quickly rebuild credit after a debt settlement.
Table of contents:
Why does debt settlement negatively affect credit?
Debt settlement can hurt your credit by reflecting poorly on your loan handling habits. Payment history makes up 35 percent of your FICO® credit score, so settling a debt instead of completely repaying it can give a negative impression to creditors. Moreover, the debt settlement process may cause you to be late on payments or outright miss them.
A person’s credit profile is meant to represent their general spending habits and financial responsibility. While credit profiles aren’t perfect in this regard, they help lenders and credit card issuers decide who they will and won’t approve for funding.
5 tips to rebuild credit right after a settlement
Credit scores can fluctuate under the best circumstances. Even if a debt settlement case hurts your credit, rebuilding credit doesn’t have to take too long if you have a sound strategy.
1. Prioritize timely payments
The importance of payment history for your credit can’t be overstated. Regularly making payments on time after a debt settlement has been resolved displays your creditworthiness to lenders and credit bureaus. Just making the minimum payment requirements on your accounts will help you rebuild credit over time.
2. Maintain low account balances
Credit utilization compares your account balances against your total credit limit. For example, if you have a credit limit of $1,500 and your account balances come up to $500, your credit utilization ratio would be 33.33 percent.
Maintaining low account balances will also keep your utilization rate healthy. Financial professionals recommend staying below 30 percent utilization, and consistently staying below 10 percent could help you rebuild credit more quickly.
3. Limit your new credit applications
Limiting the number of times you apply for new loans or cards is another way to quickly fix your credit. Every time you apply for new credit, a hard inquiry is made into your credit history. Soft inquiries don’t lower your credit, while hard inquiries can reduce scores by several points. Receiving too many hard inquiries all at once can hurt your credit more substantially.
4. Employ credit repair services
Credit repair services can help you rebuild credit through various methods, such as contacting credit bureaus and addressing errors on your behalf. Lexington Law Firm’s credit repair services include assistance with credit inquiries, bureau disputes, and a personal finance manager.
Learn more about Lexington Law Firm’s tiered services to determine which plan may be right for you.
5. Review your credit reports
Reviewing your credit reports and identifying discrepancies can help you rebuild your credit if you address those errors. Studying your report can also give you another perspective on your financial habits and let you see if any unnecessary expenses are negatively impacting your credit history.
Should you use your credit card during a debt settlement?
Most debt settlement companies will ask you not to use your credit card during the process, as new account activity can complicate your settlement. As mentioned before, debt settlement companies may also ask you not to make payments on your account for a time.
Adding more debt to an account that you can’t pay down will raise your credit utilization rate and negatively affect your credit score in tandem.
Can a settlement be removed from credit reports?
In most cases, a debt settlement will stay on your credit report for seven years. If a settlement is still appearing on your report after that time limit, you can challenge this error by contacting the relevant credit bureau (such as TransUnion®, Equifax®, or Experian®).
Writing a goodwill letter might also clear a settlement from your credit report, though this method isn’t guaranteed. If you need help writing a goodwill letter, speaking with a financial advisor can set you on the right track.
Work to rebuild your credit with Lexington Law Firm
There’s a difference between learning how to rebuild credit and knowing the steps to take action. Explore Lexington Law Firm’s focus tracks to learn about alternatives to debt settlement and more strategies to rebuild credit over time.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Paola Bergauer
Associate Attorney
Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.
In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.
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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Track your credit score for free. Sign up and get $10.*
How Much Do Starting Paralegals Make?
Whether they’re fresh out of school or have been working for several years, paralegals can be paid hourly or earn a yearly salary. A typical rate for a brand-new paralegal is $19.20 an hour or $55,332 a year.
An entry-level salary or hourly rate for a paralegal varies by work environment. Smaller firms and nonprofits tend to pay less, while bigger corporate law firms may offer more competitive pay.
Paralegals can specialize in certain areas, including litigation, real estate, divorce, intellectual property, immigration, and bankruptcy. Honing your skills in a particular area of the law could help position you for higher-paying opportunities.
No matter the size of your salary, it helps to keep a close eye on your finances and the progress you’re making toward your financial goals. Online tools like a money tracker app can help you create a budget, monitor your credit score, and more.
Recommended: Is a $100,000 Salary Good?
What Is the Average Paralegal Salary by State?
Like most jobs, the amount of money you can earn as a paralegal is impacted by geography. As the chart below shows, salaries in this field can fluctuate from state to state.
The Median Salary by State for a Paralegal in 2022
State
Median Salary
Alabama
$48,620
Alaska
$61,490
Arizona
$59,050
Arkansas
n/a
California
$69,790
Colorado
$65,010
Connecticut
$63,490
Delaware
$59,660
District of Columbia
$87,610
Florida
$52,190
Georgia
$51,420
Hawaii
$58,630
Idaho
$48,500
Illinois
$60,370
Indiana
$47,710
Iowa
$52,660
Kansas
$48,490
Kentucky
$48,810
Louisiana
$50,310
Maine
$54,710
Maryland
$58,760
Massachusetts
$63,360
Michigan
$58,780
Minnesota
$60,380
Mississippi
$43,590
Missouri
$55,410
Montana
$55,270
Nebraska
$50,610
Nevada
$61,180
New Hampshire
$50,960
New Jersey
$61,040
New Mexico
$48,320
New York
$62,730
North Carolina
$51,340
North Dakota
$48,740
Ohio
$50,580
Oklahoma
$48,490
Oregon
$63,980
Pennsylvania
$62,080
Rhode Island
n/a
South Carolina
$48,190
South Dakota
$54,100
Tennessee
$48,420
Texas
$56,310
Utah
$52,820
Vermont
$60,560
Virginia
$59,500
Washington
$69,260
West Virginia
$47,990
Wisconsin
$49,970
Wyoming
$52,000
Source: Bureau of Labor Statistics
Paralegal Job Considerations for Pay and Benefits
Thinking about becoming a paralegal? Consider the following:
• Areas of interest. Paralegals can work in any number of specialties: corporate law, patent law, health care, and more. Thinking about which field best suits your interest can help guide your training and job search.
• Career goals. Is career advancement and an annual pay raise important to you? Is having a flexible schedule a priority? Discuss your options with a hiring manager before accepting a position.
• Benefits. Many full-time and part-time paralegals are eligible for benefits, including, health, vision, and dental insurance, a 401(k), tuition assistance, and paid time off.
• Time and energy commitment. Some areas of law, like litigation, are more stressful than others and may require longer working hours.
Recommended: How to Create a Budget in 5 Steps
Pros and Cons of Being a Paralegal
Ultimately, deciding if becoming a paralegal is a good fit depends on your interests, skills, and goals. Like any profession, working as a paralegal has its positives and negatives:
Pros:
• Salary. Paralegals stand to earn excellent pay, especially if they train for specific roles. A courtroom presentation specialist, for instance, may earn between $67,500 and $125,000 a year.
• Job outlook. Paralegals are in high demand. According to the Bureau of Labor Statistics, jobs in the field are projected to grow 4% from 2022 to 2032.
• Variety of work. On any given day, a paralegal may juggle a number of cases and assorted tasks — from paperwork to writing motions to speaking with witnesses.
• Stimulating work. Creative problem-solving skills and analytical reasoning are put to use every day as a paralegal. The job also requires staying up-to-date on new and changing laws.
• No law school. Becoming a paralegal requires much less education than is demanded of lawyers. A bachelor’s degree in any field and completing an accredited paralegal program are often all that’s needed.
Cons:
• Long hours. Paralegals often work more than the traditional 40-hour week. As deadlines and court dates approach, you may find yourself working late nights and weekends.
• High stress. In addition to assisting lawyers with complex legal issues, paralegals may work closely with demanding clients.
• Lack of autonomy. When you’re a paralegal, you work directly under and are supervised by a licensed attorney. And since you are not certificated to practice law, you cannot advise your clients on legal matters or represent them in court.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
While the hours can be long and the environment sometimes stressful, being a paralegal can provide you with an opportunity to help others, stay intellectually stimulated, and earn a good salary. While the average paralegal salary is around $59,200 a year, you may be able to earn more depending on your experience, specialty, and location.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is the highest-paying paralegal job?
One of the highest-paying paralegal jobs is a courtroom presentation specialist, which typically pays between $67,500 and $125,000 a year.
Do Paralegals make 100k a year?
Depending on how much experience you have, your area of expertise, and your employer, you could make $100,000 or more a year as a paralegal.
How much do paralegals make starting out?
When they’re just starting out, a paralegal earns an average of $19.20 an hour or $55,332 a year.
Photo credit: iStock/sturti
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings, SoFi credit cards or loan balances, and fractional shares subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
A personal trainer earns an average of $67,012 a year, according to the latest data from Salary.com. However, salaries typically fall somewhere between $48,347 and $82,320.
How much you can make as a personal trainer depends on several factors, including where you live, who you work for, your training experience, and your areas of expertise. Let’s unpack this.
What Are Personal Trainers?
A personal trainer develops customized exercise programs for clients based on individual skill levels, health goals, physical limitations, and other considerations. These professionals work with clients of all ages and skill levels to improve strength, flexibility, and endurance; complete workouts safely and without injury; support them on their weight loss journey; and more.
Trainers are often paid hourly, but they may earn a yearly salary if they work for a gym or high-end client. How much money a personal trainer makes depends on the range of services and level of attention they provide — in general, the more, the better.
It also helps if you have good people skills, as you’ll be working closely with clients. (Not much of a people person? You may want to look into jobs for introverts instead.) 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
How Much Do Starting Personal Trainers Make an Hour?
The average entry-level wage for a personal trainer in the United States is $29 per hour, or $61,104 a year, according to ZipRecruiter. But depending on a host of factors, personal trainers can earn anywhere from $11.06 to $51.92 an hour.
So is it possible to make $100,000 a year or more as a personal trainer? Short answer: yes. A six-figure income may be attainable once you gain enough experience and establish a steady client base. But keep in mind that those things often take time to develop.
Recommended: What Is Competitive Pay?
What Is a Personal Trainer’s Yearly Salary by State?
Location can play a major factor in a personal trainer’s income. A professional who’s established in their career may earn an average of $67,012, but as the chart below shows, take-home pay can vary significantly from state to state.
The Average Personal Trainer Salary by State
State
Median Salary for a Personal Trainer
Alabama
$53,023
Alaska
$59,756
Arizona
$54,514
Arkansas
$45,525
California
$61,037
Colorado
$57,837
Connecticut
$53,361
Delaware
$66,789
Florida
$43,714
Georgia
$49,394
Hawaii
$57,813
Idaho
$58,505
Illinois
$53,350
Indiana
$55,666
Iowa
$53,072
Kansas
$49,804
Kentucky
$47,885
Louisiana
$48,567
Maine
$59,455
Maryland
$64,637
Massachusetts
$60,291
Michigan
$47,929
Minnesota
$55,627
Mississippi
$52,898
Missouri
$51,521
Montana
$53,693
Nebraska
$63,126
Nevada
$56,502
New Hampshire
$57,587
New Jersey
$58,470
New Mexico
$55,489
New York
$64,556
North Carolina
$49,937
North Dakota
$58,914
Ohio
$54,118
Oklahoma
$61,134
Oregon
$58,939
Pennsylvania
$59,132
Rhode Island
$54,591
South Carolina
$50,988
South Dakota
$55,680
Tennessee
$51,669
Texas
$58,217
Utah
$51,630
Vermont
$63,225
Virginia
$65,639
Washington
$71,304
West Virginia
$45,668
Wisconsin
$57,762
Wyoming
$56,523
Source: ZipRecruiter
Recommended: The Highest-Paying Jobs in Every State
Personal Trainer Job Considerations for Pay and Benefits
When you’re just starting out as a personal trainer, there are many factors that may influence the direction of your career. For instance, working at an established commercial gym can offer an opportunity to gain experience, build up a client network, and receive job benefits.
If you’re more of a self-starter and prefer a degree of independence, working as a self-employed personal trainer might be the better fit. You’ll have the ability to set your own hours and hourly rate; however, you’ll also have to pay for health benefits and set money aside for retirement.
Here are some questions to ask yourself when starting a career as a personal trainer:
• How many hours are you willing to work?
• Would you rather work for someone else or be your own boss?
• Do you need health insurance benefits?
• Where do you see yourself in five to 10 years?
• What type of clients do you want (ex. senior citizens, athletes)?
• Are you willing to commute or relocate?
• What additional certifications might you need?
• What are your financial goals?
Establish what you need to earn as a personal trainer in order to cover your expenses and maintain the lifestyle you want. It can help to sit down and create a budget.
As your personal trainer career gets going, you can lean on financial tools like a money tracker app to help you monitor your spending and saving.
Tips to Increase a Personal Trainer’s Salary
Clients can come and go for a number of reasons, but there are some things you can do as a personal trainer to keep the ones you have and attract new ones. Here are some strategies to consider:
• Listen to your clients, and be willing to adapt to their needs.
• Sharpen your motivational skills. Pay attention to other successful trainers and how they inspire their clients.
• Be empathetic. Many clients may struggle during their workouts, both physically and psychologically. Empathy can go a long way in maintaining healthy client relations.
• Go where you’re needed. Investigate niches where your expertise can be of use, be it an elderly care center, health center, or a new neighborhood gym.
• Network and market yourself. Chat up members at your gym and discuss their fitness goals. You can also promote your own fitness journey and methods on social media.
• Earn new certifications. Get certified in CPR, yoga, Pilates, and nutrition. The more you know, the more in-demand you may be.
Pros and Cons of Being a Personal Trainer
As with any job, there are pluses and minuses to working as a personal trainer. Here are some of the benefits and challenges of the field:
Pros:
• Flexible hours. You can often schedule clients when you want to.
• Professional control. You’re able to build up your business through marketing and networking, adding clients as you raise your earning goals.
• Staying physically fit. You’ll have to practice what you preach. Staying in shape is a job requirement.
• Personal satisfaction, especially when you help a client meet their goals.
Cons:
• Fluctuating income/job security. There’s no way to predict how many clients you may have month-to-month or year-to-year.
• Lack of benefits. Many personal trainers work for themselves and have to pay for their own health and dental insurance, plus save for retirement.
• Nontraditional work hours. Although you have the ability to make your own schedule, most of your working clients will likely request early morning, evening, or weekend sessions.
• Shorter career lifespan. Even the most in-shape trainer ages, and there may come a day where you struggle to physically keep up with your clients.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
A personal trainer’s salary can rise and fall with the ebb and flow of clients, but there is also no limit to the amount of money you can make. Whether you are working with a few dedicated clients or creating your own global fitness brand, being a personal trainer can be a great way to earn a salary while keeping yourself and your finance goals in shape.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is the highest paying personal trainer job?
Personal trainers to wealthy clients and celebrities typically command lucrative salaries. The most popular fitness influencers on TikTok and Instagram, for example, can make over $1 million a year.
Do personal trainers make $100k a year?
A well-established personal trainer can make $100,000 a year with experience, marketing savvy, good time management skills, and a loyal client base.
How much do personal trainers make starting out?
The average starting wage for a personal trainer in the United States is $29 per hour, or $61,104 a year.
Photo credit: iStock/Drazen Zigic
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings, SoFi credit cards or loan balances, and fractional shares subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The following Delta Air Lines credit cards issued by American Express are getting new terms as of Feb. 1, 2024, that will make them more expensive to hold:
Beyond that cost, some of the cards’ features and benefits are also changing.
What to expect
The three Delta credit cards will maintain their ongoing reward structures and many of their perks, including complimentary checked bags (for the primary cardholder and up to eight passengers on the reservation); priority boarding; and 20% savings on eligible in-flight purchases. All of the cards will also continue to skip foreign transaction fees. Terms apply.
But here’s what will be different for each card:
Delta SkyMiles® Gold American Express Card
An increased annual fee: The annual fee is changing from $99 to $150 after the first year.
Adifferent welcome offer: Earn 70,000 bonus miles after you spend $3,000 in purchases on your new card in your first six months of card membership. This is an increase from the previous welcome offer that provided 40,000 bonus miles after spending $2,000 in purchases on the new card within the first six months.
Enhanced credits: Get a $200 Delta flight credit — up from $100 — when you spend $10,000 with the card in a calendar year. There’s also an annual credit of $100 for Delta Stays that can be used to book a prepaid hotel stay or vacation rental through delta.com.
Terms apply.
Delta SkyMiles® Platinum American Express Card
An increased annual fee: The annual fee is rising to $350 from $250.
A different welcome offer: Earn 90,000 bonus miles after you spend $4,000 in purchases on your new card in your first six months of card membership. It’s a larger offer compared with the previous 50,000 bonus miles earned after spending $3,000 in purchases with the new card in the first six months.
Medallion Status opportunities: Get closer to earning Medallion Status with MQD Headstart, which offers $2,500 MQDs each Medallion qualification year. The new MQD Boost also inches you closer to status when you make purchases with the card. You’ll earn $1 MQD for every $20 on eligible purchases.
An enhanced companion certificate: The companion certificate on one main cabin round trip for someone traveling on the same itinerary as you will now expand to include round trip flights to Hawaii, Alaska, Mexico, Caribbean or Central America. Previously, it was available only for trips to the U.S. and Puerto Rico.
New perks: If you’re not a Medallion member, you’ll be added to the Complimentary Upgrade list after Delta SkyMiles Medallion members and Reserve Card members. The list includes upgrades to Delta One, First Class and Delta Comfort+ seats. You’ll also get Hertz Five Star Status, which makes you eligible for upgrades (if available), points and more.
More credits: Get a $120 credit to use at Resy restaurants (up to $10 per month) and a $120 credit for U.S. rideshare purchases (up to $10 per month) when you enroll. There’s also an annual credit of $150 for Delta Stays that can be applied to prepaid hotel and vacation rental stays booked through delta.com.
Terms apply.
The Delta SkyMiles® Platinum American Express Card will maintain its credit for Global Entry or TSA PreCheck application fees. Terms apply.
Delta SkyMiles® Reserve American Express Card
An increased annual fee: The annual fee is increasing to $650 from $550.
A different welcome offer: Earn 100,000 bonus miles after you spend $6,000 in purchases on your new card in your first six months of card membership. Previously, you earned 60,000 bonus miles after spending $5,000 in purchases with the new card in the first six months.
Medallion Status opportunities: MQD Headstart offers $2,500 MQDs each Medallion Year and MQD Boost provides an additional $1 for every $10 in eligible purchases.
An enhanced companion certificate: The companion certificate for someone traveling on the same itinerary on one First Class, Delta Comfort+ or Main Cabin round-trip flight will expand to include round-trip flights to Hawaii, Alaska, Mexico, the Caribbean or Central America.
New perks: If you’re not a Medallion member, you’ll be eligible for upgrades to Delta One, First Class or Delta Comfort+ seats after Delta SkyMiles Medallion members. You’ll also get Hertz President’s Circle Status, which gets you upgrades, elevated points, a broad selection of rentals and more.
More credits: Cardholders will get a $240 credit to use at Resy restaurants (up to $20 per month) and a $120 rideshare credit with select U.S. providers (up to $10 per month) when you enroll. Cardholders will also get an annual $200 Delta Stays credit to be used for prepaid hotel and vacation rental stays booked through delta.com.
Terms apply.
The Delta SkyMiles® Reserve American Express Card will continue offering a credit for Global Entry or TSA PreCheck application fees. Terms apply.
What it means for cardholders
If you opened an account before Feb. 1, 2024, the new annual fees will go into effect at your next renewal date on or after May 1, 2024. Before then, you’ll have to consider whether your card is still a good fit.
With the Delta SkyMiles® Platinum American Express Card and Delta SkyMiles® Reserve American Express Card, carefully weigh the value of those Resy and rideshare credits that are issued in small monthly increments. If you don’t already spend in these categories every month, they won’t be of much use. With the Delta SkyMiles® Gold American Express Card, consider whether you spend enough to make use of the flight credit or check bags frequently to make up the annual cost.
If you fly Delta often and can make efficient use of any of these three cards’ benefits to offset the annual cost and snag savings, you’ll get a decent deal.
To view rates and fees of the Delta SkyMiles® Gold American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Platinum American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.
Inside: Learn what 11 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
We are going to under the cover and discover $11 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $11 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $11 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$11 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $11 per hour is as annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $11 = $22,880
$22,880 is the gross annual salary with a $11 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
This you are making WAY LESS than the average wage.
Let’s breakdown how that number is calculated
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $11 times 2,080 working hours and the result is $22,880.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $11 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $11 times 1,040 working hours and the result is $11,440.
How Much is $11 Per Month?
On average, the monthly amount would average $1,907.
Annual Amount of $22,880 ÷ 12 months = $1,907 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $953.
How Much is $11 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $11 = $440 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $220.
How Much is $11 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $440 and double it.
$440 per week x 2 = $880
Also, the other way to calculate this is:
40 hours x 2 weeks x $11 an hour = $880
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $440.
How Much is $11 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $11 per hour = $88 per day.
If you work 10 hours a day for four days, then you would make $110 per day. (10 hours x $11 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $44.
$11 Per Hour is…
$11 per Hour – Full Time
Total Income
Yearly (52 weeks)
$22,880
Yearly (50 weeks)
$22,000
Monthly (173 hours)
$1,907
Weekly (40 Hours)
$440
Bi-Weekly (80 Hours)
$880
Daily Wage (8 Hours)
$88
Net Estimated Monthly Income
$1,455
**These are assumptions based on simple scenarios.
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Paid Time Off Earning 11 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off, equivalent to 2 weeks of paid time off.
In this case, you would make $22,800 per year.
This is the same as the example above for annual salary making $11 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $11 times 2,000 working hours, and the result is $22,000.
40 hours x 50 weeks x $11 = $22,000
You would average $88 per working day and nothing when you don’t work.
$11 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $22,880
Federal Taxes of 12%: $2,746
State Taxes of 4%: $915
Social Security and Medicare of 7.65%: $1,750
$11 an Hour per Year after Taxes: $17,469
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$17469 ÷ 2080 hours = $8.40 per hour
After estimated taxes and FICA, you are netting $8.40 an hour. That is $2.60 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$11 an Hour Budget – Example
You are probably wondering can I live on my own making 11 dollars an hour? How much rent can you afford at 11 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $11 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $11 an hour was $8.40 after taxes. That would average $1455 per month.
According to the Cents Plan Formula, here is the high level view of a $11 per hour budget:
Basic Expenses of 50% = $728
Save Money of 20% = $291
Give Money of 10% = $146
Fun Spending of 20% = $291
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $11 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $11 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$76
Savings
15-25%
$114
Housing
20-30%
$572
Utilities
4-7%
$114
Groceries
5-12%
$153
Clothing
1-4%
$19
Transportation
4-10%
$114
Medical
5-12%
$191
Life Insurance
1%
$16
Education
1-4%
$10
Personal
2-7%
$29
Recreation / Entertainment
3-8%
$48
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$451
Total Gross Income
$1,907
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Living on $11 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under the minimum wage mark, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 11 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minimize your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $11 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $11.50 will add up over the year. Even better $12 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $11 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $11 an Hour
In this last section, grasp these tips on how to live on $11 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $11 an hour. Highlight these!
1. Spend Less Than You Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $11 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $11 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging your friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
Jobs that Pay $11 an Hour
You can always find jobs that pay $11 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
$11 Per Hour Annual Salary
In this post, we detailed 11 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$22,800
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Try one of these ways to make money quickly to help you in the interim.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
While individual needs and health issues will primarily dictate how a person spends their final years, a new study shows that home-based care is a leading outcome for older Americans. This conclusion comes from a new study by researchers at Rutgers University in New Jersey. Hospice News first reported the findings.
“The aim of this study was to determine the trajectories for place of care in each quarter during the last three years of life among Medicare beneficiaries and the factors associated with these trajectories,” the researchers explained. “A retrospective cohort was assembled from Medicare beneficiaries who died in 2018, and a 10% random sample of the cohort was analyzed.”
The final results were ultimately sorted into three predominant “clusters,” they explained, including home care, skilled home care and institutional care. The far-and-away preference for the sample was in some type of home-based care, according to the findings.
“Nationally, over half (59%) of Medicare beneficiaries were in the home cluster, one-quarter (27%) were in the skilled home care cluster, and the rest (14%) were in the institutional cluster,” the researchers said. “There were large variations by state in the use of services during the last three years of life.”
Home care without a skilled nursing element was most frequent among Medicare beneficiaries in Alaska (81.5%), Puerto Rico (81.4%), Hawaii (72.9%), Arizona (69.2%) and Oregon (68.9%). They were least frequent among beneficiaries from Massachusetts (47.1%), Louisiana (47.8%), Rhode Island (48.3%), and Connecticut (48.6%).
“Our findings are similar to those reported in a recent prospective cohort study using a representative sample from the National Health and Aging Trends Study (NHATS), which also found that 58% of NHATS participants remained at home and 17% transitioned to or died in an institutional setting,” the Rutgers study found. “Our findings are also consistent with the recent downward trend of deaths in acute care hospitals and upward trend of deaths in home and community settings.”
Still, while the primary preference appears to be aging at home, more information is required to fully understand these preferences, the researchers concluded.
“While the majority of older adults spent their final years at home with minimal use of skilled home care or institutional care until the final months of life, 40% had major health service needs,” they said. “Extended use of skilled home care or institutional care was more frequent among older adults living with multiple chronic conditions, including dementia.”
Future research that aims to understand “the health care systems and policy factors that influence place of care trajectories” could help advance refinement of the care experience, health of the population and associated care costs, they added.
Aging-in-place preferences among older Americans are well documented, and the drivers of these preferences have also been subjects of recent discussion. Long-term care is also an increasingly large priority for older Americans.
The reverse mortgage industry often aims to position its product offerings as conducive to the goals of aging in place. The results of the Rutgers study may shed light on the broader considerations that lead older Americans to seek out certain end-of-life care paths, particularly as the U.S. population grows older more quickly.