As a home furnishings retailer, it’s important to stay up to date on the most effective advertising strategies. That means looking into campaigns that can capture and engage audiences, build brand awareness, and increase revenue. Pinterest Ads for home furnishings retailers is an often-overlooked platform in this landscape but could be just what your furniture store needs when it comes to engaging customers. In this blog, we will explore why you should advertise on Pinterest and tips for creating the best ads to engage and capture sales.
On Pinterest, people feel safe exploring new ideas and trying new things. They’re looking for inspiration. The people on Pinterest want to try your ideas or shop at your store and are actively searching for products like home furnishings and decor. It’s a deeper, more meaningful engagement than on other platforms. Shoppers on Pinterest spend 2x more per month than people on other platforms.
Pinterest versus other social media platforms
People are coming to Pinterest to DO and not scroll passively compared to other social media platforms. 61% on Pinterest want to discover new ideas versus 31% on other platforms. 49% of people are looking to start new projects on Pinterest versus 24%, and 47% of Pinterest users are looking to take action versus 11% on other social platforms.
The home furnishings and decor sector dominate a large portion of Pinterest feeds. In 2022 there were 2.81 billion home decor-related searches and 9.6 billion2 home decor ideas saved. While Pinterest users are primarily women (60%), Pinterest has also seen a rise in men signing up, as it quickly becomes a go-to site for finding and saving ideas and inspiration.
Are ads on Pinterest worth it?
Pinterest has a massive user base of 463 million people every month, which means organic content can lead to significant sales potential. Users on the platform have 2.2 times more likelihood of considering it the most influential platform in their purchase journey than social media. And if you target high earners, you’ll be interested to know that 45% of US people earning over $100,000 are on Pinterest, giving you plenty of spending power. For businesses actively advertising on Pinterest, the statistics are even more impressive. Over 85%3 of shoppers on Pinterest have larger baskets at checkout, and over 30%4 outspend people on other platforms in the home category each month.
Pinterest will help you align your advertising goals with a Pinners journey. Pinterest has created a tip sheet to help home furnishings retailers claim pinners at every step of the journey.
Learn what makes a great pin description, what kinds of imagery influence buying decisions, and what formats capture attention with the Pinterest Home Furnishings Association Tip Sheet.
Are you considering Pinterest ads but need to know if they suit your brand? Test them out with a few campaigns to find out. Remember, Pinterest ads shouldn’t be your only focus. For optimal results, use them in conjunction with organic campaigns.
To help you get started, Pinterest has created the Pinterest Academy to walk you through sales success. Pinterest ads for home furnishings retailers can help you gain a lot of traction on the platform, but if you can get users to discover your content because your content has been repinned by others, for example. That’s a long-term benefit that requires no financial investment from you.
Source: 1. Pinterest internal data, US, searches between December 2021 – December 2022; 2. Pinterest internal data, US, saves between December 2021 – December 2022; 3. Dynata, US, 2022 shopping in the Home category among weekly Pinterest users and people on other platforms, April 2022. 4. Dynata, US, 2022 shopping in the Home category among weekly Pinterest users.
Inside: Are you confused about how gross pay and net pay are calculated? This guide will clear everything up. Learn about the different deductions that are taken from your paycheck, as well as the tax rates that apply to your gross pay.
This is one of the most confusing questions for many people.
So, if you are wondering what the difference between gross pay and net pay, you are in the right place.
In order to become financially stable, you need to have a tiny amount of financial literacy.
If you’re like most people, you probably think of your “gross pay” as the amount of money you make before taxes are taken out. But in reality, gross pay is your total compensation from your employer before any deductions are made.
So what is “net pay,” then? Net pay is the amount of money that actually goes into your bank account or paycheck after all of those deductions are made.
Now you want to which one is more important between gross pay and net pay.
The answer is: it depends! If you’re trying to save money or make a budget, then net pay is probably more important to you. But if you’re trying to figure out how much taxes you’ll owe at the
We will dive into all of the details, you will not ever be confused again.
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What is gross pay?
Gross pay is the total amount of money earned by an employee before any taxes or deductions are taken out. It’s important to know your gross pay as it determines your overall income and can impact your taxes and benefits.
This is the total amount paid by your employer.
Knowing your gross pay is crucial for financial planning and paying taxes.
How can I calculate my gross pay?
To calculate gross pay, you need to know your hourly wage or salary, any overtime pay, bonuses, and additional reimbursements for work-related expenses.
For hourly workers, multiply the hourly wage by the number of regular hours worked within a pay period and include the overtime pay rate for any extra hours.
For salaried workers, multiply the gross monthly income by 12 to find the annual gross salary.
To calculate a paycheck, start with the annual salary amount and divide it by the number of pay periods in the year.
Find out 5000 a month is how much a year.
What deductions are taken out of gross pay?
Gross pay refers to the total amount of money an employee earns before any deductions are taken out.
As such, there are no deductions.
Learn what is annual income.
How are taxes calculated on gross pay?
Gross pay is the amount an employee earns before taxes and deductions are taken out by their employer.
Understanding taxes on gross pay is essential, as it affects an employee’s take-home pay and tax liability.
Taxes that are deducted from gross pay include FICA payroll taxes, federal and state income tax withholding, along with any state-mandated programs like this Colorado Paid Sick Leave.
To calculate taxes on gross pay, an employer uses a formula that subtracts all taxes and deductions from the gross pay amount. Learn how much you should withhold on your taxes.
Common issues that may arise during tax calculation include incorrect tax withholding and not considering voluntary pre-tax deductions. Understand why do I owe taxes this year.
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For U.S. taxpayers, you will find helpful tips in this new edition to help you apply the new tax incentives to your situation.
Tax breaks are not only for the rich. It is for everybody! You just have to take time and learn it.
What is net pay?
Net pay refers to the amount of money an employee takes home after all deductions and taxes have been taken out of their gross pay.
This is the money left over that you can spend, save, and invest.
Thus, you will be able to budget by paycheck like a pro!
How to calculate net pay?
Calculating net pay is crucial for accurate and compliant payroll management.
Here is a step-by-step guide on how to calculate net pay:
Determine the gross pay based on hours worked or salary divided by the number of pay periods in the year.
Subtract mandatory deductions, including health insurance premiums, federal, state, and local income taxes, payroll taxes, and court-ordered wage attachments.
Subtract voluntary deductions, such as employee contributions to a 401(k) or other retirement plan as well as any flexible spending account.
The resulting amount is the employee’s net pay.
Learn about annual net income.
What deductions are taken out of net pay?
Net pay refers to the amount of money an individual receives after taxes and other necessary deductions have been subtracted from their gross pay.
It is a crucial factor in determining an individual’s income, as it represents the actual amount of money they take home.
There are various deductions that are commonly taken out of net pay, including mandatory and voluntary deductions.
Mandatory deductions are made in accordance with the law, while voluntary deductions are ones that employees have the freedom to opt out of.
The mandatory deductions include:
Federal, state, and local income taxes
Social security taxes
Medicare taxes
Local state or municipal taxes
Other common voluntary deductions from gross pay include:
Health insurance premiums (if signed up on a company plan)
Retirement contributions
Health savings account contributions
Flexible spending account contributions
Dependent Care FSA
Is gross before or after taxes?
Gross pay is BEFORE taxes.
Gross pay is the amount earned before taxes and other deductions are taken out. Taxes are then calculated based on the gross pay amount and deducted to arrive at the net pay. This means that gross pay is always before taxes.
Understanding the difference between gross pay and net pay is important to effectively manage finances.
Gross pay may seem like a large amount, but it is important to consider the impact of taxes and other deductions on the final amount received.
What is the difference between gross pay and net pay?
Gross pay and net pay are two important terms that employers and employees should understand.
Gross pay refers to an employee’s total earnings before any deductions are taken out, while net pay is the amount an employee takes home after deductions such as taxes, benefits, and garnishments have been subtracted.
Here are some key differences between gross pay and net pay:
Gross pay includes all earnings, such as wages, salary, reimbursements, commissions, and bonuses, while net pay is the actual amount of the paycheck after deductions.
Employers are responsible for deducting necessary expenses from an employee’s paycheck and making payments to the appropriate accounts before issuing the check or depositing the net pay into the employee’s bank account.
Gross income determines an individual’s federal income tax bracket and borrowing capacity, while net pay presents disposable income.
When budgeting for the year, starting with gross wages requires subtracting the total of taxes and other deductions to compute the actual amount left to spend from each paycheck.
Understanding the difference between gross pay and net pay is crucial for effective budgeting and financial planning.
Employers must ensure proper employee taxes are collected and paid to the government, while employees need to know their take-home pay to manage their expenses.
How do gross pay and net pay work?
Gross pay and net pay are two important terms in the payroll world that employees should understand to manage their finances effectively.
Gross pay is the total amount of pay while net pay is the amount of money you have to spend each month.
Understanding the difference between gross and net pay can help employees and employers avoid confusion and manage their finances better.
What is better gross pay or net pay?
One term is not “better” than the other as they each have different meanings.
When you increase your gross pay, your net pay will rise as well.
Here is how to use gross pay to your advantage:
Provides a clear understanding of the employee’s total compensation
Helps employees plan for future expenses
Can be used as a basis for negotiating salary increases
Figure out the amount of taxes you are required to pay.
Here is how to use net pay to your advantage:
Reflects the employee’s actual take-home pay
Helps employees budget for their expenses
Provides a clear understanding of the impact of deductions on their pay
Can be difficult to compare with other job offers that list gross pay
Overall, net pay is better for employees as it reflects their actual take-home pay and helps them budget for their expenses.
However, it’s important for employees to understand both gross pay and net pay to make informed decisions about their compensation.
Why do you receive more gross pay than net pay in your paycheck?
Employees receive more gross pay than net pay in their paychecks because gross pay is the total amount of money an employee earns before any deductions are taken out.
This includes an employee’s salary, wages, commissions, and bonuses.
On the other hand, net pay is the actual amount of money an employee takes home after taxes, benefits, and other mandatory deductions have been subtracted from their gross pay. These deductions can include federal and state taxes, Social Security contributions, health insurance premiums, and retirement plan contributions.
Therefore, employees receive more gross pay than net pay.
Learn is social security disability income taxable.
FAQs
Overtime wages are included in gross pay when an employee works more than their regular hours and earns additional compensation for the extra hours worked.
This is the case for nonexempt employees who are entitled to overtime pay under federal or state law.
Net income is the take-home pay or the money that you earn on payday, which is why it may be best to focus on that number when creating a budget.
This number helps you determine how much you have to spend, save, or invest.
By tracking your expenses and using budgeting techniques like budgeting with percentages or the 50/30/20 rule, you can manage your finances effectively and make the most out of your net income.
Remember, creating a budget is about being realistic and disciplined with your spending habits, so make sure to adjust your budget accordingly as your income or expenses change.
The tax rates for gross pay depend on the specific taxes being withheld, such as federal income tax, Social Security tax, and Medicare tax.
Federal income tax rates vary depending on the employee’s income level and filing status, with higher earners generally paying a higher percentage of their gross pay in taxes. Click here for the latest federal income tax brackets.
Social Security tax is a flat rate of 6.2% for the employee on the first $$160,200 of gross pay earned. Your employer must match the same contribution. (source)
Medicare tax is a flat rate of 1.45% on all gross pay with the employer matching the same percentage, with an additional 0.9% tax for high earners. (source)
Employees need to understand their tax liability based on their gross pay to accurately calculate their net pay and avoid any surprises come tax time.
Now, you Know the Difference between Gross and Net Pay
Understanding deductions and their impact on net pay is crucial for employees to accurately budget and plan their finances.
Since you know the difference between gross and net pay, you can make sure that you are getting the right amount of money in your paycheck.
Be sure to check your pay stubs carefully to make sure that all of the deductions are correct. If you have any questions, be sure to ask your human resources department.
Know someone else that needs this, too? Then, please share!!
Most income taxes in the United States are paid by the people with the most income. That is in keeping with the generally progressive nature of the individual federal income tax, the primary source of government revenues, which applies higher tax rates to higher incomes. However, some taxes fall more heavily on people with less income, while the most affluent of all can sometimes pay little or no income tax. A financial advisor can help you plan to manage your taxes.
The Biggest Taxpayers
The biggest source of tax revenue in the United States is the federal individual income tax and the biggest source of individual income tax revenues consists of the nation’s highest earners. In 2023, according to an estimate of the Tax Policy Center, 67% of all federal income tax collected will come from the top 20% of earnings, who were bringing home more than $189,200 annually. The situation where a small minority of high earners pay most of the individual income taxes has remained steady for many years.
Beyond that, figuring out who pays the most total taxes in the United States is complicated by the fact that there are many types of taxes. Federal individual income taxes levied on earnings from working and investing is just one variety, albeit the most important.
Payroll taxes supporting Social Security, Medicare and unemployment benefits are the second-largest source of federal tax revenues. Employers deduct these Federal Insurance Contributions Act (FICA) taxes from workers’ paychecks.
Other taxes include corporate income taxes, estate taxes, gift taxes and customs duties. Excise taxes are assessed on gasoline, alcohol, gambling and some other products and services. These taxes land more or less heavily on different taxpayers. For example, lower-income workers pay a larger percentage of their incomes in payroll taxes than higher-income workers thanks to the cap on income subject to Social Security taxes.
The capital gains tax is a special tax imposed on certain types of investment income that is in lieu of and generally lower than the individual income tax rates. Capital gains taxes are mostly paid by people who have more assets, while people with few assets may pay little or no capital gains tax. Similarly, property taxes, which are the major source of revenue for state and local governments, are only levied on the owners of property such as real estate.
Factors Influencing Who Pays the Most Taxes
A number of factors determine how much someone pays in federal income tax. The interplay between these factors and taxpayers’ efforts to save on taxes while conforming to the tax law, is largely responsible for the complexity of tax planning and preparing tax returns. Here are some of the major considerations.
Taxable income: As your income rises, you move into a higher tax bracket, which means more of your income goes to taxes.
Filing status: Tax rates vary depending on whether you are filing as a single individual, a married couple filing jointly, a married couple filings separately or as a head of household.
Adjustments to income. Retirement plan contributions, student loan interest payments and some other outlays can reduce your taxable income and your taxes.
Exemptions: Taxpayers can further reduce income by claiming exemptions, including dependency exemptions for their children.
Deductions: Yet another way to reduce taxable income is by claiming deductions. In addition to the standard deduction, you may be able to claim deductions for medical expenses, charitable contributions, home mortgage interest and other costs.
Tax credits: Credits for education and energy conservation, among other categories, can not only reduce your taxes but result in the government sending you a check.
Managing your tax liability consists largely of working with these factors. For example, if you have an unusual amount of income in one year, you may be able to use averaging to spread the income among different taxable years, keeping you from moving into a higher tax bracket.
Using the capital gains tax to reduce income taxes is also important. If you have assets that have appreciated in value, you could be subject to a large capital gains tax bill when you sell them. On the other hand, if you never sell them, you may be able to pass them on to your heirs without ever paying any income tax on your increased wealth. Very affluent taxpayers can pay their bills while avoiding income and other taxes by a number of other means, including pledging their assets as collateral for loans, the proceeds of which are not taxable.
The Bottom Line
The people with the highest incomes generally pay the highest taxes in the United States, thanks to the generally progressive individual income tax system used by the federal government. There are some exceptions to this type of policy, as very wealthy individuals can find ways to reduce their taxes – sometimes paying none at all – by making the most of so-called loopholes in the tax code. However, as a rule, the top 20% of earners pay more income taxes than the rest of the tax-paying population put together.
Tax Tips
Managing and reducing the amount of taxes you pay can benefit from the assistance of a financial advisor. Finding a financial advisor doesn’t need to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
SmartAsset’s Federal Income Tax Calculator can help you break down your tax obligations including the total tax as well as the type of tax and your marginal and effective tax rates.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
The maximum monthly Social Security benefits a person can get in 2023 is $4,555 if they wait until age 70 to claim their benefits. The maximum amount of benefits a married couple can receive would be $9,110 if both of them are separately able to claim the maximum amount of $4,555. But there are a lot of caveats and other things to understand about maximizing your Social Security benefits—let’s take a deeper dive. If you’d like personalized assistance preparing for retirement, consider working with financial advisor.
What Are Social Security Benefits?
The Social Security Administration provides retirement income to most American workers as well as benefits to qualifying disabled people. Qualifying retirees can begin their Social Security benefits between the ages of 62 and 70. The longer you wait, the higher your monthly payments will be.
For instance, a single person born in 1970 that made $70,000 in annual income would get $27,588 in annual Social Security benefits if they started taking their benefits when they turned 62. If that same person waited until the age of 70 to claim Social Security, their annual benefits would be $48,993. You can get an estimate of what your annual Social Security benefits will be at different ages and different average incomes with SmartAsset’s free calculator.
How Do Benefits Differ for Single People and Married Couples?
First, it’s helpful to know how Social Security benefits are calculated. There are two main elements to figuring out how much money you’ll get each year from Social Security.
Averaged indexed monthly earnings: The Social Security Administration will take a look at the amount you earned each month over up to 35 years of employment. They’ll identify the years where you earned the highest amounts, then average your monthly earnings.
The age at which you retire: As discussed above, the longer you wait to receive your Social Security benefits, the larger your payments will be. You can receive your benefits as early as 62, but by waiting a few years you will see larger amounts.
In many cases, married couples will collect two separate Social Security checks based on their own earnings record and the age at which they decided to claim their benefits. Rather than having a maximum married benefit limit, the maximum amount they would receive would be double the maximum benefits for a single person.
This is different in the case of a spouse that didn’t work or didn’t work long enough to qualify for Social Security benefits. These people will often qualify for spousal benefits instead, which max out at half of the working spouse’s Social Security benefit amount. Again, the maximum amount of the benefit will be determined by when you choose to begin claiming benefits and, in this case, your spouse’s average earnings over their lifetime.
What’s the Maximum Social Security Benefit Married Couples Can Receive?
In 2023, if you retire at your full retirement age, the maximum monthly Social Security retirement benefit would be $3,627. For a married couple who are both receiving the maximum amount and both retired at full retirement age, that amount would be $7,254. That amount would be less for a person who retires at age 62 ($2,572) and more for a person who retires at 70 ($4,555).
So for example, if a married couple both qualified for the maximum amount and both held off on claiming their Social Security benefits until age 70, they could receive $9,110 in monthly benefits in 2023. A married couple in which one spouse didn’t work and instead qualified for spousal payments would max out at $6,832.50—the maximum benefit for the working spouse and half that for the spouse that didn’t work.
How Can I Get the Maximum Social Security Benefit?
To ensure that you qualify for the maximum benefit of $4,555 a month, you’ll need to work for 35 years earning a salary that is equal to or greater than the wage cap for that entire time. In 2023, the wage cap is $160,200.
However, only a very small percentage of workers will qualify for the maximum amount. In 2021, the Congressional Research Service reported that only about 6% of workers earned more than the wage cap amount, a percentage that has remained “relatively stable” over time.
To earn the highest benefit possible as a married couple, both partners should try to earn as much as possible during their working years and put off claiming their benefits until as close to age 70 as possible.
The Bottom Line
The maximum monthly Social Security benefit of $4,555 is only available to high earners who wait to claim their benefits until the age of 70. The maximum benefit a married couple could collect would be twice that—$9,110—and require both of them to earn $160,200 or more over 35 years of work. Stay-at-home spouses who haven’t worked enough to qualify for their Social Security benefits can claim spousal benefits of up to half of their spouse’s monthly benefits.
Retirement Planning Tips
A financial advisor can offer advice on any of your Social Security, Medicare or retirement savings needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
If you’re not sure you’ve saved enough for retirement, our retirement calculator can help. Use it to determine your estimated Social Security benefits, how much money you need to retire and how much annual income you’ll need in retirement.
Nothing says summer quite like the first day at the pool. The sun is beaming down, the air is hot and the water is sparkling and blue. You can almost feel yourself taking the plunge and emerging from the crisp water feeling refreshed and energized.
You don’t need to be a member of a fancy club to enjoy the perks of swimming pools. In fact, you can have access to the pool every day (or as weather permits) if your apartment complex has a pool on-site.
If this piques your interest, here are some additional benefits to consider when hunting for apartments with pools. Soon, you could be sitting poolside in the comfort of your own home. You’re just a lease away. With that, let’s dive into the perks of apartments with pools.
11 reasons to consider apartments with pools
If having a pool on-site isn’t an immediate dealbreaker, then it’s our job to convince you that apartments with pools are the best. Here’s why.
1. Opportunities to socialize
When you live in an apartment, the apartment itself might be too small to host larger parties or social gatherings. However, when you have a community pool, you instantly have access to more space to throw a party poolside. Apartments with pools provide you with built-in opportunities to throw a summer barbecue, a birthday party or an apartment neighborhood social.
Alternatively, if you don’t want to host, you can mix and mingle with fellow swimmers at the pool and meet new friends within your own community.
2. Low-impact exercise close by
Swimming is a great exercise for people to consider. It’s low-impact, which means it isn’t strenuous on your joints but you are sure to burn calories and stay fit. Swim a few laps and call this your form of exercise for the day!
3. Save money on gym memberships
If you don’t have a pool at your apartment, you may need to purchase a gym membership to have access to a lap pool. However, when you look for apartments with pools, you immediately have access to the pool so you can start exercising in this low-impact, high-result manner. Think of it this way — apartments with pools are like automatic gym memberships.
4. It’s a reprieve from the heat
Summer is hot. And there is nothing like cannonballing into the pool to cool off. When your apartment comes with a pool, you can take a dip every day to cool down and enjoy the heat in a more comfortable fashion.
5. An inexpensive way to entertain friends
Life is expensive, even for many high earners. Sometimes, going out for dinner and drinks or catching a movie is just too expensive on a regular basis.
That’s when apartments with pools come in handy. When your apartment is equipped with a pool, you can invite your friends over for free, or at a relatively low cost. Keep in mind that some apartment complexes charge for a day pass, but that will vary by apartment.
Either way, it’s an inexpensive way to entertain friends on a budget. Plus, it’s always a crowd-pleaser so you won’t have to argue about where to eat or which movie to see.
6. Great place to take a break
Are you feeling cramped in your apartment and need out? Well, take 30 minutes to swim laps or read a book by the pool to get out of your space. And, if you work from home, spend your lunch break swimming or catching up with emails in the shade of an umbrella.
7. Indoor pools can be used all year long
If you’re lucky enough to find a place with an indoor pool, you can enjoy it year-round. Likewise, if you live in a city with 365 days of sun, you have access to entertainment all year long.
8. Enjoy the outside
We don’t go outside enough and apartments with pools provide the perfect excuse to get outside and enjoy the sun. When you have a pool as an apartment amenity, it’s a great way to ensure you stay active and get outside.
9. Keep your kids entertained
Summer break can be long for parents. Why not take the kids to the pool several days a week this summer? Apartments with pools are a great way to keep kids (and parents!) entertained during the dog days of summer.
10. You don’t need to travel to stay entertained
Summer vacations can be expensive and if you have kids, you mostly want to be by water anyway. So, when have an apartment with a pool, it’s like you’re on vacation all summer long but at a fraction of the cost!
11. Meet new friends
Community gathering centers, like an on-site pool, are a great way to meet your neighbors and make new friends. If you’re new to an apartment or city, you can socialize with fellow swimmers, start conversations and make new friends. Soon enough you’ll be scheduling regular pool dates with your new bestie.
Things to consider when looking for apartments with pools
Are you convinced you need to find apartments with pools for your next home? Well, we do need to outline some other things to consider before you sign the lease.
Apartments with pools cost more
Pools are an added luxury and so you’ll pay more to have that amenity. The cost can vary. Sometimes, it’s included in your rent and other times it’s an additional fee or annual purchase you can add on. While the benefits of a pool are vast, you do pay more to have access. Keep this in mind when budgeting and when you’re searching for apartments with pools.
Apartments with pools may be in higher demand
If you live in a city that is notoriously hot — think Phoenix or Orlando— pools are in higher demand. So, it may be more difficult to even find an available apartment with a pool. Likewise, families who are looking for apartments may be more inclined to find a place with a pool, so this can impact the market.
Pools can be dangerous
While swimming is a blast, it also can be dangerous. When you rent an apartment with a pool, you need to understand that there is inherent risk when you live near water, especially if you have young children. Be sure to understand these risks and take proper precautions before finding apartments with pools.
How to stay safe when poolside
Staying safe when swimming is the number one priority. When you live near a pool, you must be vigilant about practicing pool safety, especially if you have children. Here are some of the most critical things to think about to stay safe when living near a pool.
Always keep an eye on your children, even if they know how to swim
Never let children go unsupervised by the pool
Wear flotation devices if you don’t know how to swim
Don’t swim if you’re drowsy or under the influence
Wear sunscreen
Don’t dive into shallow water
Sign your kids up for swimming lessons
Pools are fun but can be dangerous so stay on your guard if your apartment complex has a pool.
Find your perfect next apartment with a pool
Now that you know some of the pros and cons of renting an apartment with a pool, you can begin your apartment search in any state and filter by amenity to ensure this feature is included. Happy swimming and house hunting!
In spite of bank failures over the past three decades, most banks and credit unions in the U.S. remain secure places to store your money. One of the benefits credit unions and banks offer is easy access to your money.
Account holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. They can also find easy access and higher interest rates with a savings or money market account.
Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively.
In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Money in all U.S. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.
Fortunately, bank failures are less common today. The FDIC reported that the last time an FDIC insured bank failure occurred was October 2020. The FDIC paid out an estimated $18.3 million to account holders.
Credit unions carry similar protection in the form of insurance through the National Credit Union Administration.
How to Choose a Safe Bank Account
You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured.
When you’re looking for the safest bank to open a new bank account, you want to compare other factors, including the bank’s total assets, security measures, fraud liability policies, history, and more.
What We Mean By a Safe Bank
You can see from this list of safest banks in the U.S. that bank security doesn’t always depend on the bank’s size. You’ll find financial institutions ranging from smaller banks to the largest banks on this list.
Bank safety means that the bank uses state-of-the-art security measures to protect your money, including:
Data encryption for their own systems and for online banking
Secure online bill pay
Two-factor authentication
Alerts for unauthorized transactions
Guarantee against unauthorized access
Card locking by app or phone
Direct deposit
We’ll look at these and other safety measures. Then, we’ll explore what makes some of the biggest banks in the U.S. some of the most secure banks and which other banks are keeping pace. Read on to find out: What is the safest bank in the U.S.?
Safety Measures Banks Use
Banks use a combination of training and state-of-the-art technology to keep account holder’s money secure. This includes training bank employees in security best practices and how to respond promptly to fraud alerts. It also includes bank policies, such as $0 fraud liability.
Finally, technology that includes SSL encryption and two-factor authentication can also help to keep your bank account safe during online banking.
12 Safest Banks in the U.S.
The Global Finance “World’s Safest Banks” list highlighted 50 safe banks. Of those, only a handful were based in the U.S. Here are 12 of the safest banks for U.S. customers, based on the Global Finance list.
1. JPMorgan Chase
With a market capitalization of $413.7 billion and a balance sheet total of $3.31 trillion, JPMorgan Chase is the largest bank in the U.S. based on assets, according to InsiderIntelligence.com.
During the financial crisis of 2008, Chase was one of the banks deemed “too big to fail.” Certainly, an account holder can feel secure that their most is protected even if the bank faces financial hardship.
But is Chase also ahead of the curve when it comes to security? Chase uses multiple authentication checks when you try to sign in to your online account.
The bank monitors for unusual activity and may send a text message or email for you to authorize a transaction outside your home state or for an exceptionally high amount.
The bank’s website uses 128-bit data encryption to secure your personal information. Finally, bank employees are trained in fraud prevention, fraud detection, and ethics.
Everyday security features
128-bit encryption
Multifactor authentication
Guarantee against unauthorized access
EMV chip cards
Card locking through the app or automated phone system
24/7 fraud protection by phone
2. U.S. Bank
With assets totaling nearly $675 billion, U.S. Bancorp, parent company of U.S. Bank, is the fifth-largest bank in the U.S. The bank website and mobile app offer SSL encryption, one-time card numbers for online purchases, and enhanced security features for commercial banking customers.
The Bank Smartly checking account for consumers allow you to set up account alerts and reminders through the mobile app. You can make contactless payments through the app, which gives you added protection against point-of-sale fraud and debit card skimmers, which can steal your account information if you pay using the magnetic stripe on your card.
U.S. Bank also offers a “Safe Debit Card,” designed for consumers ages 14+ who want the convenience of a checking account and debit card without the ability to write checks. The Safe Debit Card provides free access to the user’s VantageScore 3.0 credit score through TransUnion, a credit score simulator, online bill pay, mobile banking, and no overdraft fees.
Everyday security features
$0 liability fraud protection
Multifactor authentication
Virtual card numbers
SSL encryption
EMV chip cards
3. TD Bank
TD Bank, or Toronto-Dominion, is not just one of the largest banks in the U.S. with a worldwide presence, it is also one of the safest. Its branches are known for personalized customer service. But the bank is also known for its online presence. TD Bank recently partnered with Amount, a fintech provider, to enhance security with a suite of state-of-the-art fraud detection and account verification services.
The bank has 24/7 fraud monitoring and text alerts for activity. Plus, if you lose your debit card, you can replace it immediately at a nearby branch. TD Bank also offers features that enhance your security, including Bill Pay and Mobile Deposit, which reduces the handling of paper checks that create a risk of theft and fraud.
Everyday security
Card locking
24/7 fraud monitoring
Personalized service
Mobile deposits
Enhanced security and fraud detection
4. Citibank
Citigroup, which owns Citibank and other Citi properties, is the third-largest bank in the U.S. right now behind Chase and Bank of America. Like Chase, Citi is considered one of the financial institutions deemed “too big to fail.” The bank’s market cap is $97.06 billion.
Citi is considered one of the safest banks due to its enhanced security features for its bank accounts and credit cards.
Citi was one of the first banks to offer a virtual credit card number. This one-time use card number allows cardholders to shop safely online without having to give out your bank account information or card number.
You can sign on to the Citi mobile using a QR code and Face ID®, Touch ID®, Biometrics or 6-Digit PIN, which is more secure than using a username and password. As with Chase, you will receive text alerts for suspicious or unusual activity.
Do not confuse Citi with CIT Bank. In spite of the similarity in their names, CIT is a division of First Citizens Bank and not affiliated in any way with Citigroup.
Everyday security features
EMV chip cards
$0 liability fraud protection
Biometric security
256-bit SSL encryption
Multifactor authentication
Remote debit card locking by phone or through the app
5. Charles Schwab Bank
Charles Schwab Bank is known primarily for its investment divisions. But the bank achieved the highest ratings for customer satisfaction with checking accounts by J.D. Power. Most of the world’s safe banks offer a high level of customer service, which can put a customer’s mind at ease.
Schwab Bank has many of the features high earners look for in a bank, including the ability to easily transfer money from your Schwab One brokerage account to your fee-free checking account.
Schwab’s Mobile app and banking systems use the highest levels of data encryption, as you might expect. Set notifications regarding transactions and fraud alerts through the mobile app. Lock and unlock your debit card at will. You can also set travel notices so that you don’t get a fraud alert in error if you’re making large purchases off your usual beaten path. The bank’s personalized service stands out, with 24/7 service via phone or chat, and branches nationwide.
Everyday security
Card locking through the app
Travel notices
Contactless payments
EMV chip card
Data encryption
6. M&T Bank Corporation
With assets totaling more than $200 billion, M&T Bank may not be as large as Citi or Chase, but its high level of customer service and security puts it on the list of safest banks. M&T Bank has earned multiple awards for small business excellence, along with the highest ratings issued by the Federal Reserve Bank of NY for Community Reinvestment Act performance.
M&T’s mobile app allows you to receive instant alerts about purchases via email, text, or in the app. This way, you can keep track of fraud along with your own spending habits. The app offers fingerprint or facial recognition on supported devices for enhanced security. You can easily report a lost or stolen card in the app or lock your card if you’ve misplaced it.
M&T delivers the same security larger banks offer, with the personalized service of a community bank. With 700 branches across 15 states nationwide plus a network of 1,800 ATMs, M&T Bank might be a convenient and safe choice for your money.
Everyday security features
SSL encryption
Debit card locking
Multifactor authentication
Identity protection services available
24/7 fraud protection
7. Wells Fargo
With $1.71 trillion in assets, Wells Fargo is currently the fourth-largest bank in the U.S. It offers savings and checking accounts, credit cards, loans, and more to personal and business customers.
The bank has more than 4,700 locations plus 12,000 ATMs in its network, making it convenient for customers across the U.S. The Wells Fargo mobile app makes online banking easy and secure, with access to your FICO score, fraud alerts, and multifactor authentication.
The website and app operate with SSL encryption. You can log in via face or fingerprint ID if you prefer. You can set alerts any time someone signs onto your account or whenever a purchase is made.
Furthermore, you can also connect a digital wallet to your account, which may be safer than using debit cards. If you think you lost your card, you can turn it off and turn it on again through the app if you find it.
Wells Fargo makes it easy to report fraud, unauthorized activity, or suspicious activity quickly and easily through the bank’s helpline, even if you are traveling outside the U.S.
Everyday security features
$0 fraud liability
·Guarantee against unauthorized activity
SSL encryption
Low balance alerts
Card locking
8. PNC Bank
PNC Financial Services, owner of PNC Bank, has assets of $557 billion as of December 2022, making it one of the largest banks in the U.S. Like the other big banks, PNC is on the cutting edge of security and fraud protection for its customers.
The bank offers a Virtual Wallet that provides three accounts for checking and savings, along with direct deposit capabilities, overdraft protection, and a “Low Cash Mode,” that alerts you when your balance drops below a specific amount.
PNC also offers traditional banking solutions at its 2,629 branches worldwide. Through the bank’s growing number of Solution Centers, as well as mobile branches in underserved communities, PNC combines the security and convenience of an online bank with a traditional bank.
Everyday Security
Virtual wallet
Debit card blocking
SSL encryption
Fraud alerts
$0 fraud liability
9. Capital One
Capital One sits in the country’s list of top 10 banks and, thanks to enhanced security measures, is considered one of the safest banks in the U.S., too. Capital One holds assets worth $391.81 billion.
Capital One’s credit cards are consistently ranked on top list for rewards credit cards for travelers, and their security measures and easy to use app works for both credit and bank account customers.
You can set alerts by text or email each time you use your card. The app uses multifactor authentication and Capital One has $0 fraud liability for its accounts. You will not be held responsible for unauthorized activity. The bank issues EMV chip cards for added security at point-of-sale transactions.
Everyday Security
Card locking through the app or by phone
Account monitoring
SSL encryption
Multifactor authentication
Activity alerts
Credit monitoring
10. AgriBank
AgriBank made the Global Finance list of world’s safest banks, coming in at number 34. Part of the Farm Credit System, the bank has a net income of $576.1 million and $142.1 billion in total assets.
AgriBank has delivered reliable and consistent service to the agricultural industry for more than 100 years. As an agricultural credit bank, AgriBank is a wholesale only lender to farmers, ranchers, and rural businesses and homeowners. It pays dividends to its members.
It’s important to note that AgriBank services only agricultural customers in 15 states in the southern and Midwest U.S., from Arkansas to Minnesota. AgriBank is not FDIC insured. But, it is backed by the Farm Credit System Insurance Corporation to protect its members.
Everyday security features
Ethics hotline through EthicsPoint
SSL secured website
Two-factor authentication
Data encryption
Backed by the FCSIC
11. CoBank
CoBank is the second FCS member on our list of safest banks. Like AgriBank, it is protected by the FCSIC and offers wholesale loans to rural customers in the agricultural, power, water, and telecommunications industries.
Serving customers in all 50 states, it is one of the largest private providers of credit to the U.S. rural economy, according to its website. Dedicated to preventing fraud, the financial institution has a podcast, Fraud Wise, that provides tips to help its rural customer prevent and detect fraud.
Customers can report fraud easily through phone or email. Because of its size and personalized service, CoBank is rated by Global Finance as one of the safe banks in the U.S.
Everyday security features
Code of ethics
Fraud prevention
SSL data encryption
Guarantee for unauthorized transactions
12. AgFirst
AgFirst Farm Credit Bank is another member of the Farm Credit System that runs as a cooperative, where an account holder is considered a partner. AgFirst takes steps to maintain the safety and security of its members financial data and money. The organization operates in alignment with national cybersecurity standards and applies industry best practices to keep its systems and customers secure.
AgFirst offers loan servicing, loan origination, and many other services to the agricultural community. Headquartered in Columbia, SC, AgFirst has locations across the south and Midwest U.S.
Everyday security features
SSL encryption
Adheres to national cybersecurity standards
Personalized customer service
Backed by FCSIC
Bank vs. Credit Union
In your search for the best bank, you might also consider a credit union. They often offer lower fees, higher interest rates, and more personalized service. The ability to build relationships with employees at your local branch might make them feel like a safer choice.
See also: Best Credit Unions Anyone Can Join
What makes credit unions safe?
The money in a credit union is insured by the National Credit Union Administration. Just as with FDIC insured bank accounts, funds in credit unions are insured for up to $250,000 per person, per account if the credit union fails.
Credit unions often offer local, more personalized service than a national bank, which makes them a desirable financial institution for some people. You may find zero fee checking accounts more frequently at credit unions, higher interest rates, and better loan terms.
The same technology and customer service used in the safest banks also keeps your money safe in a credit union. Look for SSL encryption and two-factor authentication, easy ways to report fraud, and a guarantee against unauthorized access to your account.
What makes the safest banks in the U.S. secure?
A variety of security measures, along with FDIC insurance, keeps the money in your bank secure against fraud and bank failures. Some of the factors that can enhance a bank’s security include its online banking security, the availability of EMV chip cards, $0 fraud liability,
What happens if a bank fails?
Bank failures happened with alarming frequency during the recession of 2008. Experian reports that there were 561 bank failures between 2001 and 2022, when the U.S. faced more than one financial crisis.
Fortunately, these banks were FDIC insured. When a bank fails, the FDIC sells the remainder of the bank’s assets to a more stable bank. Sometimes, the FDIC will cover the bank deposits itself.
Are online banks safe?
Online banks today use the same security measures as a brick-and-mortar financial institution. Often, an online bank offers a fee-free checking account and higher interest rates for an online savings account. If you choose an online bank, make sure it is FDIC insured.
What appears to be an online bank may not be a national FDIC insured bank, but another type of financial institution. If that’s the case, make sure it is backed by an FDIC insured national bank.
Home prices are getting expensive out there, especially in the Bay Area (Northern California) where inventory is low and demand is red hot.
But fear not, the San Francisco Federal Credit Union has a new product to help you buy a home there if you want in on the real estate boom.
Today, they launched their so-called “Proud Ownership Purchase Program for You” loan, known simply as POPPYLOAN.
What Is POPPYLOAN?
A zero down home loan
Available to those who work in San Francisco or San Mateo County
Can purchase a property in any of the 9 counties in the Bay Area
Loan amounts up to $2 million with no PMI requirement
It’s more than just a snazzy name, it’s a home loan that allows those who work in San Francisco or San Mateo County to purchase a really expensive home with nothing down.
While zero down isn’t completely unheard of these days, their upping the ante by allowing loan amounts as high as $2 million, and doing this without requiring private mortgage insurance (PMI).
The POPPYLOAN can be used to purchase a home in nine Bay Area Counties, including Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, or Sonoma.
So I suppose the hitch is that you need to work in one of two counties (where the credit union is chartered) and purchase a home in one of nine. And I assume the salaries are pretty stellar in those two counties given all the tech jobs and sky-high rents.
In other words, the San Francisco Federal Credit Union won’t be handing out these rather risky sounding mortgages to just anyone.
In a press release, Senior Vice President and Chief Lending Officer Rebecca Reynolds Lytle called the new loan product a “game-changer” for the real estate market there.
She added that “too many” of its members had given up on the dream of homeownership thanks to rising home prices and hefty down payment requirements.
Apparently one-bedroom apartments can cost as much as $3,600 in the Bay Area, about the price of an $800,000 mortgage. So why rent if you can buy with nothing down?
That’s their argument. And they want to make it a reality by eliminating the down payment hurdle.
The POPPYLOAN Is a 5/1 ARM
It only comes in one flavor, a 5/1 ARM
Probably with the expectation you’ll refinance or move
In a relatively short period of time
Since it targets HENRYs (High earners not rich yet)
There’s only one option when it comes to the POPPYLOAN. A 5/1 ARM that is fixed for the first five years before adjusting in year six.
It then adjusts every year after that until maturation in 30 years. The caps allow for a two percent increase in rate each time it adjusts and a maximum increase of six percentage points over the life of the loan.
I checked out their rates and they’re advertising a rate of 3% for the 5/1 ARM. But if you use their rate engine and select a POPPYLOAN with nothing down the rate rises to 4%. It is a zero down super jumbo loan after all.
That was with a credit score of 740 or higher. I selected under 620 (subprime) and it still offered the POPPYLOAN but with an initial rate of 5%. Incredible if they truly allow that.
The POPPYLOAN is only available on owner-occupied purchase loans and is not available to those looking to refinance.
However, you can get one on condos, townhomes, or 2-4 unit properties, and tenants-in-common (TICs) are also eligible.
They do require that borrowers impound insurance and taxes to ensure those get paid on a timely basis.
The San Francisco FCU charges a flat $1,700 loan origination fee for all mortgages but an additional amount if it’s a POPPYLOAN, based on these LTV tiers:
80.01% to 85.00% LTV, fee of 0.375%
85.01% to 95.00% LTV, fee of 0.75%
95.01% to 100% LTV, fee of 1.00%
In other words, a $2 million POPPYLOAN would have an origination fee of $21,700 alone, not including other closing costs. Wowza!
So while it is a zero down loan, you’ll still need to bring some substantial money to the table if you’re buying a multi-million dollar home. As you should I suppose…
Those looking to take out a POPPYLOAN must be at least 18 years old and qualify for membership at the San Francisco FCU.
Pretty wild stuff here. But unaffordable prices call for extraordinary financing options. Let’s just try to be a little more careful this time around.
Whether you’re deciding on a new career path or wondering whether you’re being paid enough, it can help to know what the typical American worker earns per year.
Based on the latest data available from the Social Security Administration (SSA), the average annual pay in the U.S. in 2021 was $60,575 — an 8.89% jump from the previous year. The U.S. Bureau of Labor Statistics (BLS) estimates the average worker made closer to $67,610 that same year. The amount you make may depend on a number of factors, including your occupation, where you live, your gender, and your level of education.
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Key Findings
Let’s take a closer look at how the average annual pay in the U.S. has changed over a three-year period based on data from both the SSA and BLS.
Year
Average Annual Salary per SSA
Average Annual Salary per BLS
2019
$54,099.99
$59,209
2020
$55,628.60
$64,021
2021
$60,575.07
$67,610
It can also be helpful to look at median earnings, which represent the midpoint of salaries in the U.S. In other words, half of the salaries fall below the median, and half are higher than the median.
The following table shows the median annual salary for a three-year period.
Year
Median Annual Salary
2022
$54,132
2021
$51,896
2020
$51,168
Source: BLS
As you can see, average and median incomes have risen each year. However, average salaries can be affected by various factors such as your occupation, age, and gender. Note that the numbers above also don’t include unearned income.
Examples of High-Salary Jobs in the US
Some industries tend to pay more than others, which means the career you choose may affect how much you earn. Here’s a sampling of high-paying jobs and their average annual salary, according to the BLS:
• Cardiologist, $353,970 per year
• Dentist, $177,770
• Aircraft pilots and flight engineer, $169,540
• Lawyer and judicial law clerk, $146,220
• Public relations manager, $138,000
• Air traffic controller, $127,920
Recommended: How to Reduce Taxable Income for High Earners
Average American Income by Occupation
While salaries tend to vary based on geography, seeing how much certain types of jobs pay can be informative. Let’s take a look at different occupations and how much they typically pay.
Occupation (Type)
Average annual salary
Management
$123,370
Legal
$113,100
Computer and Mathematical Operations
$99,860
Architecture and Engineering
$91,740
Healthcare Practitioners and Technical
$91,100
Business and Financial Operations
$82,610
Life, Physical, and Social Science
$80,730
Arts, Design, Entertainment, Sports, and Media
$66,100
Educational Instruction and Library
$62,140
Construction and Extraction
$55,900
Community and Social Service
$53,960
Protective Service
$53,420
Installation, Maintenance, and Repair
$53,380
Sales (and Related)
$46,080
Office and Administrative Support
$43,430
Transportation and Material Moving
$41,340
Farming, Fishing, and Forestry
$34,730
Building and Grounds Cleaning and Maintenance
$33,750
Personal Care and Service
$33,620
Healthcare support
$33,330
Food Preparation and Serving Related
$29,450
Source: BLS, May 2022 data
Keep in mind that average salaries may differ depending on the specific occupation you have. For example, although claims adjusters fall under the business and financial operations category, their average salary is around $70,960.
US Income by Gender
Demographics, specifically gender, are another factor to consider. By and large, men tend to outearn women throughout their career. The median annual salary for a 16- to 24-year-old man is $33,800; a woman of the same age earns $31,460, per the latest data available from the BLS. Likewise, the median annual salary for a man aged 25 and older is $60,320; a woman of the same age earns $49,608.
Median Income by State
Wages often vary based on where you live. In many cases, states with higher costs of living also have higher wages. For example, the median annual income in Hawaii is $100,532 — much higher than Mississippi’s median annual income of $61,205.
Below is the median income by state for a household of three people, according to data compiled by the Census Bureau between April 1 and May 14, 2022.
State
Median annual income
Alabama
$70,250
Alaska
$108,072
Arizona
$79,110
Arkansas
$70,169
California
$97,092
Colorado
$100,744
Connecticut
$108,409
Delaware
$96,841
District of Columbia
$138,342
Florida
$75,057
Georgia
$79,980
Hawaii
$100,532
Idaho
$76,635
Illinois
$97,067
Indiana
$81,783
Iowa
$85,758
Kansas
$88,369
Kentucky
$71,501
Louisiana
$71,371
Maine
$87,051
Maryland
$113,994
Massachusetts
$117,415
Michigan
$84,245
Minnesota
$106,445
Mississippi
$61,205
Missouri
$80,022
Montana
$79,652
Nebraska
$91,076
New Hampshire
$113,013
Nevada
$91,076
New Jersey
$117,697
New Mexico
$66,183
New York
$96,854
North Carolina
$76,386
North Dakota
$94,950
Ohio
$82,734
Oklahoma
$71,397
Oregon
$93,773
Pennsylvania
$92,441
Rhode Island
$101,104
South Carolina
$75,128
South Dakota
$87,475
Tennessee
$75,394
Texas
$80,733
Utah
$90,629
Vermont
$92,628
Virginia
$102,869
Washington
$104,644
West Virginia
$71,757
Wisconsin
$92,586
Wyoming
$88,902
US Income by Race
As the BLS data below shows, there is often a pay disparity among workers of different races and ethnicities.
• Asian, $69,056 per year
• White, $52,936
• Black or African American, $41,652
• Hispanic or Latino, $40,404
How Does Your Income Stack Up?
Now that you’ve seen some of the average and median annual salaries by occupation, location, gender, and race or ethnicity, how does yours compare? If you’re not making as much as you’d like, you may want to research wages in your industry and region, and use that information to help you negotiate a higher salary. If you’re ready to make a bigger change, you can use this data as you consider whether to switch to a more lucrative field or relocate to a higher-paying region.
Recommended: How to Negotiate Your Signing Bonus
How to Stretch Your Income
Here are some different strategies to help you make the most of the money you make:
Track Your Spending
Understanding exactly where your money is going can help you keep tabs on where your money is going and identify areas where you can cut back. Consider using a spending app to track your spending and saving.
Negotiate Bills
Want to lower monthly expenses, such as your cell phone or internet services? Consider calling up various providers to see if you’re able to get a better deal or if there are promotions you can take advantage of.
Cut Back on Large Expenses
Housing, food, and transportation tend to be the largest line budget items. Explore ways to trim your biggest costs. Examples include refinancing your mortgage, negotiating your rent, shopping at discount grocery stores, and taking public transportation when possible.
Sharpen Your Marketable Skills
Accepting networking opportunities and taking professional development courses could help you become more marketable as an employee. This in turn could set you up to earn more in the long run. If you’re on a tight budget, look into no- or low-cost ways to cultivate high-income skills, and ask your employer if there are any free resources are available.
Pros and Cons of a High Salary
A high income can be great, but it does come with some downsides.
Pros:
• Improved quality of life: With more money, you can afford a higher standard of living and be able to afford different amenities such as better access to healthcare and food.
• Financial security: The more you earn, the more you can feel secure you have enough money to afford the things you want and need.
• Ability to achieve financial goals faster: Having more disposable income could mean you can set more money aside for long- and short-term savings goals, like retirement or going on a family vacation.
Cons:
• Higher taxes: Earning more can put you in a higher tax bracket. However, there are ways to reduce your taxable income.
• Pressure to maintain income: If you’re accustomed to a certain living standard, you may feel like you need to keep earning the same amount or more to maintain it.
• More work stress: In many cases, higher-paying jobs come with more responsibilities and at times, longer hours.
The Takeaway
Understanding what the average American worker makes in a year can come in handy, especially if you’re considering a new career path, negotiating a higher salary, or looking for a new place to live. According to the latest data from the Social Security Administration, the average annual pay in the U.S. is $60,575. But the amount you earn may depend on a wide range of factors, such as the industry you work in, where you live, your gender, and your race or ethnicity.
If you’re looking to make the most out of the money you earn, consider using amoney tracker app. The SoFi Insights app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.
Stay up to date on your finances by seeing exactly how your money comes and goes.
FAQ
What is a good salary in the USA?
There’s no one set amount that would be considered a good salary in the U.S. However, the average salary is around $60,575, according to the Social Security Administration.
What is the real average wage in the US?
The average wage in the U.S. is $67,610 according to the most recent data available from the U.S. Bureau of Labor Statistics.
What is the top 10 percent income in the US?
According to the Economic Policy Institute, the top 10% of workers in the U.S. earn $133,482.
How much should you be making at 30?
While there is no definitive amount you should earn by the time you’re 30, the average salary for U.S. workers aged 25 to 34 is $52,832, according to statistics from the U.S. Bureau of Labor Statistics.
Photo credit: iStock/VAKSMANV
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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SORL0423006
Coined in 2003, the term HENRY, or âHigh Earner Not Yet Rich,â refers to people who make an above-average salary but still donât manage to accumulate much wealth. The term is said to apply to one of two groups of people: 1) millennials who make between $100,000 and $200,000 per year, or 2) families that […]
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Wealth advisors are a subset of the greater financial advisor world, and they typically (but not exclusively) help high-net worth individuals or families manage their assets, and plan for the future. Wealth advisors, or wealth management advisors, usually work with wealthy people or families with at least $1 million in liquid assets (i.e. not including […]
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