Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
The median annual wage for psychologists in the U.S. is $85,330, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $50,000 to more than $140,000.
How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.
Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:
• Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction.
• Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.
• School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.
• Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.
• Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.
It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science.
💡 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.
Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for those who are experiencing emotional or behavioral issues?
If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.
Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.
Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.
Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.
Recommended: High-Paying Vocational Jobs for 2024
The average salary for a starting psychologist in 2024 is $89,326, according to the job site Salary.com, but entry-level salaries currently can range from $75,493 to $101,117.
Of course, the work you do, your education level, certifications, and even your work location can impact how much you might earn as a beginning psychologist. The job site ZipRecruiter lists Washington, New York, Vermont, California, and Maine as the states where starting clinical psychologists currently earn the most money.
So, how much can you make per year if you choose a career as a psychologist?
You can expect your specialty to have a big influence on how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, while school psychologists earn the least.
Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.
If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.
Here’s how psychologists’ average annual salaries break down by state based on ZipRecruiter data.
Average Psychologist Salary by State
State | Average Annual Salary |
---|---|
Alabama | $129,310 |
Alaska | $176,920 |
Arizona | $132,948 |
Arkansas | $130,467 |
California | $145,770 |
Colorado | $165,086 |
Connecticut | $132,272 |
Delaware | $155,187 |
Florida | $106,610 |
Georgia | $120,463 |
Hawaii | $173,156 |
Idaho | $139,446 |
Illinois | $152,897 |
Indiana | $135,754 |
Iowa | $131,180 |
Kansas | $123,671 |
Kentucky | $138,059 |
Louisiana | $119,804 |
Maine | $142,367 |
Maryland | $150,294 |
Massachusetts | $174,781 |
Michigan | $136,667 |
Minnesota | $137,219 |
Mississippi | $131,343 |
Missouri | $146,175 |
Montana | $130,944 |
Nebraska | $147,086 |
Nevada | $167,279 |
New Hampshire | $139,791 |
New Jersey | $143,454 |
New Mexico | $136,445 |
New York | $156,917 |
North Carolina | $141,923 |
North Dakota | $176,893 |
Ohio | $133,380 |
Oklahoma | $142,442 |
Oregon | $177,795 |
Pennsylvania | $143,748 |
Rhode Island | $164,679 |
South Carolina | $144,913 |
South Dakota | $167,182 |
Tennessee | $127,338 |
Texas | $138,507 |
Utah | $127,431 |
Vermont | $153,232 |
Virginia | $152,942 |
Washington | $169,179 |
West Virginia | $111,019 |
Wisconsin | $142,067 |
Wyoming | $137,573 |
Source: ZipRecruiter
Recommended: Cost of Living by State
Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% over the next decade, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.
Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.
Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.
On the plus side, you’ll be in a career that can be both personally and financially rewarding.
Here are some more pros and cons to consider:
Pros
• You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.
• The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.
• Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suits your needs.
• You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.
Cons
• Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.
• You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.
• If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.
• Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.
As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.
Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.
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.
SoFi helps you stay on top of your finances.
Yes. According to the latest ZipRecruiter data, psychologists in every state make an average annual salary that’s more than $100,000.
Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars. And U.S. News & World Report, which ranks jobs based on salary, upward mobility, work-life balance, among other factors — gave “psychologist” the No. 5 spot on its list of “Best Science Jobs.”
According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.
Photo credit: iStock/Dean Mitchell
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.
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.
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.
SORL0124042
Source: sofi.com
A dog owner has come up with an ingenious way to make an essential piece of dog care equipment blend into her home decor, and in half a day.
Anja recognized the necessity for a crate to give Cookie the Australian Labradoodle her own safe space. But the pet owner, who lives in Belgium with her husband and their dog, was dissatisfied with the crate’s appearance in her living room.
“I hated the ‘black cage’ in our living room, but Cookie really needs this as it is her own safe space to rest, ever since she was a puppy. So, my husband came up with the idea to cover it up,” she told Newsweek.
And with a bit of time and some DIY skills, the owners managed to upcycle the imposing item of dog equipment into a stylish piece of furniture.
Dog crates serve multiple purposes, giving dogs a secure environment for rest, training, and transportation. However, they have been subject to controversy, with critics raising concerns about prolonged confinement and potential misuse. Despite that, many dogs, like Cookie, find their crate to be a place of comfort.
Earlier this month a Shih-Poo called Cheddar melted hearts with the way he took himself back to his crate when he was done socializing.
Anja’s project involved using strips of birch plywood, attaching it to the edges of the crate, to give it a chic Scandi-style appearance alongside the couple’s couch.
“We don’t really know [the cost] actually since we used a lot of materials we already had,” Anja said, but she added that the entire transformation only took around 12 hours.
“It really blends in now; it doesn’t bother me anymore. And it’s a fun and not-so-difficult project to do yourself,” Anja said, encouraging others to give the dog crate DIY a try.
The couple aren’t the first owners to do custom DIY for their pet, like the Montana-based dog owner who made a custom tennis-ball catapult for his dog Olive to play fetch with. Some dogs have even been caught on camera helping out their humans with a bit of DIY.
Anja shared the project on her Instagram page @cookie_the_doodle_ where people have been left impressed with the idea.
“Looks so nice!” said one user. “Amazingly beautiful.”
While another viewer wrote: “Ooh it does match better in the interior.”
“Omg how did you do this?” said another. “Our crate is such an eye sore in our living room I would love to do that.”
Do you have impressive and inspiring DIY projects you’d like to share? We’re looking for the most creative and ingenious ones! Send them in to [email protected] and they could be featured on our site.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Lawyers are highly educated and command high salaries to match. How much a lawyer earns a year depends on what type of law they practice, what school they attended, as well as their competence and experience.
According to the U.S. Bureau of Labor Statistics (BLS), the average salary for a lawyer in May 2022 (the latest data available) was $135,740 per year, or $65.26 per hour.
Corporate lawyers who work in the private sector tend to earn more than those in the public sector (such as district attorneys or public defenders), and sole practitioners typically earn less money than lawyers at large firms.
Read on to learn more about how much a lawyer makes, where you can find top-paying jobs for lawyers, and the benefits and drawbacks of becoming a lawyer.
Lawyers advise and represent clients on legal proceedings or transactions. They typically conduct in-depth research into law, regulations, and past rulings. They also prepare legal documents, including lawsuits, wills, and contracts.
Not an ideal job for people with social anxiety, lawyers will often appear in court in support of their clients and present evidence in hearings and trials, including arbitration and plea bargaining. Lawyers also counsel their clients in legal matters and suggest courses of action.
A lawyer’s exact duties will vary depending on the type of law they practice. For example, criminal defense attorneys advocate on behalf of those accused of criminal activity; family lawyers handle family-related legal issues like divorce, adoption, and child welfare; and corporate lawyers handle legal matters for businesses.
Some lawyers work for the government or in the public’s interest, and are known as public interest lawyers. Public defense attorneys, for example, represent criminal defendants who cannot afford to hire a private attorney. Public interest lawyers also work for nonprofit organizations to support civil rights and social justice causes.
Other types of lawyers include:
• Environmental lawyers
• Bankruptcy lawyers
• Immigration lawyers
• Intellectual property lawyers
• Entertainment lawyers
• Tax lawyers
• Personal injury lawyers
• Estate planning lawyers
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
Lawyers tend to be well paid even at the entry level because they are highly educated. And, the more experience a lawyer gains, generally the more they will earn. According to ZipRecruiter, entry-level lawyers make $100,626 a year, on average, with a range from $47,000 to $138,000.
Those who choose to invest the time, money, and work into becoming a lawyer can feel relatively confident about being able to get a job when they graduate: The BLS projects an increase of 62,400 attorney jobs between 2022 and 2032, representing an 8% growth (which is faster than the average for other occupations).
Recommended: What Trade Job Makes the Most Money?
According to the BLS’s most recent data, the average salary for a lawyer in 2022 was $135,740. The best-paid 25% made $208,980 that year, while the lowest-paid 25% made $94,440.
A lawyer working for a law firm or as in-house counsel will typically be paid with an annual salary versus an hourly wage, but the average hourly pay for a lawyer works out to be $65.26 an hour.
How much a lawyer makes, however, can vary widely depending on their experience, specialty, and location.
The highest paying legal specialties include:
• Patent attorney
• Intellectual property attorney
• Trial lawyer
• Tax attorney
• Corporate lawyer
The cities that pay the highest lawyer salaries are:
• San Jose, California ($267,840)
• San Francisco, California ($239,330)
• Washington, District of Columbia ($211,850)
• Bridgeport, Connecticut ($209,770)
• Oxnard, California ($207,970)
Recommended: 11 Work-From-Home Jobs Great for Retirees
As mentioned above, how much money a lawyer makes can vary by location. What follows is a breakdown of how much a lawyer makes per year, on average, by state.
State | Average Annual Lawyer Salary |
---|---|
Alabama | $138,250 |
Alaska | $120,590 |
Arizona | $144,890 |
Arkansas | $116,730 |
California | $201,530 |
Colorado | $168,680 |
Connecticut | $174,520 |
Delaware | N/A |
District of Columbia | $226,510 |
Florida | $135,840 |
Georgia | $165,560 |
Hawaii | $106,520 |
Idaho | $96,810 |
Illinois | $158,030 |
Indiana | $143,060 |
Iowa | $117,500 |
Kansas | $115,860 |
Kentucky | $99,840 |
Louisiana | $127,150 |
Maine | $102,060 |
Maryland | $158,150 |
Massachusetts | $196,230 |
Michigan | $127,030 |
Minnesota | $163,480 |
Mississippi | $101,240 |
Missouri | $138,680 |
Montana | $98,170 |
Nebraska | $119,310 |
New Hampshire | $130,130 |
New Jersey | $163,690 |
New Mexico | $110,970 |
New York | $188,900 |
North Carolina | $146,890 |
North Dakota | $120,780 |
Ohio | $130,320 |
Oklahoma | $114,470 |
Oregon | $144,610 |
Pennsylvania | $144,570 |
Rhode Island | $156,300 |
South Carolina | $115,230 |
South Dakota | $109,190 |
Tennessee | $149,050 |
Texas | $166,620 |
Utah | $133,920 |
Vermont | $101,610 |
Virginia | $162,640 |
Washington | $162,200 |
West Virginia | $122,070 |
Wisconsin | $147,530 |
Wyoming | $88,570 |
Source: U.S. Bureau of Labor Statistics
To get a job as a lawyer, you must complete a four-year undergraduate degree and then attend law school to earn a juris Doctor degree, or J.D. This can mean four years pursuing a bachelor’s degree, followed by three years of law school (or four years if you go to law school part time).
After graduating from law school, you’ll need to pass the multi-day bar exam for the state in which you want to practice. In addition, most states also require lawyers to keep up to date with law and take training courses throughout their career.
The hard work and financial investment can pay off, however. In addition to competitive pay, lawyers who work full time for a specific company or organization typically get a wide variety of benefits, including health insurance, retirement plans, paid time off, flexible scheduling, and more. They may also get bonuses for cases won, costs of bar association fees covered, and training and development opportunities.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Becoming a lawyer can be a clear path to making more than $100,000 but, as with any profession, working as a lawyer comes with both benefits and drawbacks. Understanding the pros and cons of this role will help you determine if you’re well-suited for this career path.
• Multiple job opportunities: As a lawyer, you have a variety of career paths, giving you the opportunity to work in an area you feel passionate about, whether that is corporate law, family law, real estate law, criminal law, or immigration law.
• Option to start your own practice: With a law degree and significant experience, you may be able to start your own business and determine the types of clients you want to represent and how many cases you want to take on at any one given time.
• Earn a high salary: Lawyers have the potential to earn well over six figures a year. Though you may not earn this salary right out of the gate, there is ample opportunity for career advancement and salary increases over time.
• Stimulating and challenging work: As a lawyer, your daily duties will likely be intellectually challenging. Lawyers typically need to understand complex legal theories, form a hypothesis and create a legal strategy to benefit their clients, and argue and debate in a courtroom.
• Work can be stressful: Lawyers must meet deadlines as well as the demands of their clients. You may also come across stressful and emotionally difficult cases, which can take a psychological toll.
• Long hours: This professional is notorious for its long hours, particular for those who are just starting out in a prestigious law practice. It’s not unusual for an associate lawyer to put in 60 to 90 hours a week each week, depending on the demands of the case they’re working on.
• High level of student debt: In addition to a bachelor’s degree, lawyers need to pay for law school, which often comes with a high price tag. Generally, the more prestigious the school, the higher the price. Even with a high salary, new lawyers may not be able to pay off their debt for many years.
• Today’s clients have more options: The opportunity to get clients has gotten more competitive with the rise of self-help legal websites, legal document technicians, and virtual law offices. If a client seeks legal advice or counsel, they don’t always have to go to a lawyer for help.
A law degree is a valuable credential that takes around seven years of study to achieve (including a bachelor’s degree). Lawyers can choose where they want to work and what type of law they would like to specialize in, whether it be criminal law, corporate law, environmental law, or immigration law.
The amount a lawyer makes will vary depending on the school they attended, experience, type of law they practice, and where in the country they practice. According to the BLS, the highest paid lawyers earn over $230,000, and the lowest paid lawyers earn around $66,500.
Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.
With SoFi, you can keep tabs on how your money comes and goes.
Yes. Most lawyers earn over $100k a year. The average salary for a lawyer, according to the U.S. Bureau of Labor Statistics, is $135,740 per year. The best-paid lawyers, however, can earn more than $200,000 a year.
Being a lawyer can be a great career choice if you enjoy working in a fast-paced and challenging environment and have an interest in upholding laws and defending an individual’s rights. According to a recent survey by Law360 Pulse, 83% of surveyed attorneys report they are stressed at least some of the time, nonetheless 68% percent say they are satisfied or very satisfied with their overall job.
It’s generally not hard to find a job as a lawyer after you pass the bar exam, especially if you attended a top-rated law school, graduated in the top third of your class, and/or had strong internships and clerkships. Jobs for lawyers are expected to grow 8% between 2022 and 2032, which is faster than the average for other occupations (3%).
Photo credit: iStock/shapecharge
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SORL0124045
Source: sofi.com
Nutritionists advise others on what to eat in order to lead a healthy lifestyle or achieve a specific health-related goal, such as losing weight or reducing blood pressure. Some nutritionists work directly with clients and patients in clinical settings, while others work in community settings like schools or health centers developing food plans and strategies for certain groups or demographics.
How much a nutritionist makes will depend on their qualifications, experience, and where they work, but the average nutritionist’s salary in the U.S. is $54,137 a year, according to ZipRecruiter.
Read on to learn more about how much a nutritionist can make a year and an hour, which cities and states pay the highest salaries, and other compensation and occupational benefits nutritionists enjoy.
A nutritionist is an expert in using food to improve health and to prevent and manage disease. Nutritionists often advise people on what to eat to address a particular medical issue, such as hypertension, diabetes, or obesity. They may also be called upon to come up with a plan of action in situations where a treatment protocol, such as chemotherapy, impacts an individual’s overall diet or creates particular food sensitivities. Their exact role will depend on their specialization.
Being a nutritionist is not an ideal job for antisocial people, since you generally don’t work alone. Nutritionists can work in a variety of work settings, including:
• Hospitals and doctors’ offices
• Nursing homes
• Gyms and recreation centers
• Foodservice organizations
• Food and beverage companies
• Pharmaceutical companies
• Government organizations
While the terms “nutritionist” and “dietician” are often used interchangeably, there are some key distinctions between them. A registered dietitian (R.D.) is qualified to diagnose and treat certain medical conditions. Nutritionists, on the other hand, tend to focus on general nutritional aims and behaviors.
Dietitians also tend to have more education and credentials, though that’s not always the case. Depending on the state they practice in, a nutritionist may be required to have specific qualifications, certifications, or a license. However, in some states, there are no such mandates — meaning anyone can use the title if they want to.
While every dietitian can be called a nutritionist, not every nutritionist is a dietitian.
While the average nutritionist’s salary is $54,137 a year, someone just starting out in the field may not be able to earn that figure as an entry-level salary. That said, a nutritionist coming into the profession with an advanced degree, such as a master’s or doctorate, and a license or other credentials, may be able to command a higher-than-average salary even when they are just starting out.
💡 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.
While salaries for a nutritionist can range anywhere from $32,500 to $90,000, the average annual pay for a nutritionist in the U.S. is $54,137 a year, according to February 2024 data from ZipRecruiter.
Nutritionist’s typically get paid an annual salary but some may make money by the hour, which can range from $15.62 to $43.27.
How much a nutritionist makes, however, can vary significantly by education, credentials, experience, industry, and location. Advanced education, such as a master’s or doctoral degree, can generally help you qualify for a higher-than-average nutritionist’s salary.
Certain metropolitan areas also pay more than others. The top paying cities for nutritionists include: Berkeley, CA,; Renton, WA; Newark, CA; Woburn, MA; and Santa Monica, CA.
Recommended: Is a $100,000 Salary Good?
As mentioned above, how much money a nutritionist makes can vary by location. What follows is a breakdown of how much a dietician makes per year, on average, by state (listed from highest to lowest).
State | Average Annual Salary |
---|---|
Wisconsin | $83,731 |
Alaska | $81,044 |
Massachusetts | $80,824 |
Oregon | $80,772 |
New Mexico | $80,529 |
North Dakota | $80,527 |
Washington | $80,268 |
Minnesota | $79,381 |
Hawaii | $78,914 |
Ohio | $77,594 |
Colorado | $76,879 |
Nevada | $76,629 |
South Dakota | $76,107 |
New York | $75,623 |
Iowa | $74,908 |
Rhode Island | $74,814 |
Connecticut | $74,143 |
Tennessee | $74,087 |
Vermont | $73,710 |
Utah | $73,446 |
Mississippi | $72,808 |
Delaware | $72,604 |
Virginia | $71,688 |
Illinois | $71,072 |
Maryland | $70,347 |
New Jersey | $69,540 |
California | $69,458 |
Louisiana | $69,304 |
Pennsylvania | $69,281 |
Nebraska | $68,943 |
Kansas | $68,520 |
Missouri | $68,260 |
Maine | $67,953 |
South Carolina | $67,618 |
New Hampshire | $67,312 |
Oklahoma | $66,767 |
Idaho | $66,358 |
Wyoming | $66,356 |
North Carolina | $66,222 |
Texas | $65,834 |
Indiana | $65,561 |
Arizona | $64,205 |
Kentucky | $64,000 |
Michigan | $63,673 |
Montana | $63,238 |
Alabama | $62,448 |
Arkansas | $60,647 |
Georgia | $58,176 |
West Virginia | $53,507 |
Florida | $51,486 |
Source: ZipRecruiter
To get a job as a nutritionist or dietician, you may need:
• A bachelor’s degree, ideally in dietetics, nutrition, food service systems management, clinical nutrition, or a related area.
• Advanced degree (such as a master’s or doctoral degree)
• Supervised training through an internship
• A license (many, though not all, states require licenses for dietitians and nutritionists to practice)
• Certification (many dietitians earn the Registered Dietitian Nutritionist credential, which requires a bachelor’s degree and completed a dietetic internship program).
Nutritionists who work on staff typically receive not only competitive pay but also a suite of benefits, which may include:
• 401(k)
• Dental insurance
• Disability insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Retirement plan
• Vision insurance
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
As with any profession, becoming a nutritionist comes with both advantages and disadvantages. Here’s a closer look at the job’s pros and cons.
• Opportunity to help people: Nutritionists help people by guiding them in their food choices and assisting them in reaching their health and nutritional goals, which can be highly rewarding.
• Varied tasks and responsibilities: A nutritionist can enjoy meeting a variety of people in different contexts. No client or situation will be the same, and each will bring new challenges.
• Can work in a variety of settings: Nutritionists can choose where they want to work, such as a hospital, nursing home, school, or gym. With extensive experience, a registered dietitian might open a private consulting practice and offer specialized services to their patients.
• Strong job outlook: The U.S. Bureau of Labor Statistics predicts the employment of dietitians and nutritionists to grow 7% between 2022 and 2030, which is faster than the average for all occupations.
• May need an advanced degree and certification: Depending on where you want to work, you may need to obtain a master’s and/or certain certifications (on top of a bachelor’s degree).
• Can be emotionally draining: Though generally a low-stress job, nutritionists may need to have frequent interactions with seriously ill patients, which can be emotionally challenging.
• You constantly have to stay up to date: Nutrition is an evolving science, which means you’ll need to stay current on the latest nutritional guidelines, regulations, and research, and adjust your practice based on new developments.
• Competition for top-paying jobs: While the job outlook is strong for nutritionists, jobs with competitive pay may receive a lot of applicants. Obtaining more than the minimum education and training required by the state, however, can set you apart from other job competitors.
Recommended: How Much Does a Nurse Make a Year?
Working as a nutritionist can be a rewarding career for people who want to help others improve their health and lifestyle. Nutritionists can choose where they want to work and who they want to work with. A nutritionist’s salary can range from $32,500 to $90,000 or more depending on their certification, experience, and employer.
Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.
SoFi helps you stay on top of your finances.
Earning $100K as a nutritionist is possible but isn’t typical. Nutritionist salaries range anywhere from $32,500 to $90,000 a year, according to ZipRecruiter. That said, getting an advanced degree and extra certifications and/or starting your own private practice could lead to a six figure income.
People who want to help others and who have an interest in the science of food will enjoy being a nutritionist. There are plenty of opportunities for nutritionists in a variety of contexts.
Nutritionists and dieticians are currently in demand and job opportunities are expected to grow 7% between 2022 and 2030, which is faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics.
Photo credit: iStock/Candle Photo
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SORL0124041
Source: sofi.com
Uninsured motorist coverage shields you from having to pay for injuries and property damage in accidents that weren’t your fault and were caused by an uninsured driver.
According to the Insurance Research Council, 14.0% of motorists on the road are uninsured. Purchasing uninsured motorist coverage reduces the likelihood that you’ll have to pay out of pocket if you’re involved in an accident caused by one of these irresponsible drivers.
It’s generally a good idea to add uninsured motorist coverage to your auto insurance policy, as it’s fairly inexpensive, usually only costing an extra $5 – $10 a month, per vehicle, for policyholders with clean driving histories. Below, we give you the scoop on the different kinds of uninsured motorist coverage and what these policies entail.
There are two main kinds of uninsured motorist coverage. Similar to your standard auto insurance policy’s collision and bodily injury coverage, this kind of policy breaks down into uninsured motorist bodily injury coverage and uninsured motorist property damage coverage.
• Uninsured motorist bodily injury coverage: Covers your party’s medical expenses and related costs in accidents caused by uninsured drivers.
• Uninsured motorist property damage coverage: Covers your repair bills and related costs in accidents caused by uninsured drivers.
Bodily injury and property damage coverage for uninsured motorists are sometimes packaged and sold together when you purchase uninsured motorist insurance. However, this isn’t the case with all policies; check with your insurance provider to know for sure. Now, let’s take a closer look at each of these kinds of coverage.
Uninsured motorist bodily injury coverage (UMBI) pays for the cost of medical bills, lost wages, pain and suffering, and funeral costs (though we hope that is never needed) in the event an uninsured driver causes an accident in which you’re the victim.
In some instances, this policy may pay out if you, as a pedestrian or bicyclist, are involved in an accident caused by an uninsured driver. Check with your insurance provider to confirm whether this might be covered.
UMBI typically does not have a deductible to meet; you would get full reimbursement of the costs.
Uninsured motorist property damage coverage (UMPD) pays for the cost of repair bills for either your vehicle or property in the event either is involved in an accident caused by an uninsured driver.
Unlike bodily injury coverage, UMPD often requires the payment of a deductible when used. This is usually set by state law and typically is between $100 and $1,000.
💡 Quick Tip: If your car is paid off and worth only a few thousand dollars, consider updating your car insurance: You might choose to opt out of collision coverage and double down on liability.
Here’s another kind of coverage you should know about: underinsured motorist coverage, which helps cover your costs if you’re involved in an accident where the party at fault has insufficient insurance coverage to pay for your medical costs.
Underinsured motorist coverage differs from uninsured motorist coverage in that it’s designed to cover any shortfalls in your costs due to the underinsured motorist’s inadequate insurance policy. By contrast, uninsured motorist coverage covers your bills due to the uninsured driver’s failure to purchase insurance.
Similar to uninsured motorist coverage, underinsured motorist coverage also comes in bodily injury and property damage variants. Both bodily injury and property damage coverage is usually packaged and sold together, though insurance policies may vary.
Underinsured motorist coverage is sold separately from uninsured motorist coverage, and states can have different coverage requirements for each. Check with your insurance provider to verify whether you need to purchase these separately.
Your auto insurance quote will typically break down your uninsured motorist coverage limits into two numbers: a smaller dollar figure followed by a larger dollar figure, separated by a slash. For example, $100,000/$300,000.
This can also be expressed as follows:
• $100,000 per person
• $300,000 per accident
These two numbers represent the per person and per accident coverage limits of your uninsured motorist insurance. The per person limit is the maximum your insurance company will pay for any single individual injured in a covered accident. Conversely, the per accident limit is the maximum your insurance company will pay for a covered accident, regardless of how many injured people are in your party.
If you’re thinking, “But what exactly does that mean?” we hear you. Let’s spell out how this coverage would work. If you have a family of five that’s riding in a car and it gets hit by an uninsured driver, the maximum amount your insurance company will pay for their cumulative medical bills is $300,000, despite each individual’s coverage limit being $100,000.
If you’re ever involved in an accident caused by an uninsured driver where your costs exceed your coverage limits, in most cases, your health insurance policy will usually kick in to cover the balance. Consult your insurance providers for the specifics on your policies.
Recommended: How Much Auto Insurance Do I Really Need?
The answer depends on whether your state requires uninsured motorist coverage. If it does, you must buy at least the state’s minimum (for more details, see below). Typically, this amount will match your liability coverage amounts. If your state does not require this kind of coverage, consider variables like the healthcare costs in your state and how much your vehicle is worth. Generally, uninsured motorist coverage is fairly affordable and is a worthy investment for some peace of mind.
According to the Insurance Research Council, approximately one in seven drivers on the road are uninsured. This figure is even higher in states like Mississippi and Michigan, where over 25% of drivers on the road are estimated to be uninsured.
Based on those figures, residents of higher risk states may be well-served by purchasing uninsured motorist coverage, while it might not be as high of a priority for residents of lower-risk states, like Massachusetts or New Jersey, where 3.5% and 3.1% of drivers respectively are estimated to be uninsured.
Now, let’s circle back to the states that do require this kind of policy. The table below lists the regulations regarding the minimum required uninsured and underinsured motorist coverage for each state.
Recommended: What Does Liability Auto Insurance Typically Cover?
Let’s take a look at the guidelines in every state, so you can see how much coverage may be required where you live. In each category, the amount shown is per person/per accident. When there is not a figure in an area of the chart, that means the insurance isn’t required.
State | Uninsured Bodily Injury | Uninsured Property Damage | Underinsured Bodily Injury | Underinsured Property Damage |
---|---|---|---|---|
Alabama | ||||
Alaska | ||||
Arizona | ||||
Arkansas | ||||
California | ||||
Colorado | ||||
Connecticut | $25,000/$50,000 | $25,000/$50,000 | ||
Delaware | ||||
District of Columbia | $25,000/$50,000 | $5,000 | ||
Florida | ||||
Georgia | ||||
Hawaii | ||||
Idaho | ||||
Illinois | $25,000/$50,000 | $25,000/$50,000 | ||
Indiana | ||||
Iowa | ||||
Kansas | $25,000/$50,000 | $25,000/$50,000 | ||
Kentucky | ||||
Louisiana | ||||
Maine | $50,000/$100,000 | $50,000/$100,000 | ||
Maryland | $30,000/$60,000 | $15,000 | $30,000/$60,000 | $15,000 |
Massachusetts | $20,000/$40,000 | |||
Michigan | ||||
Minnesota | $25,000/$50,000 | $25,000/$50,000 | ||
Mississippi | ||||
Missouri | $25,000/$50,000 | |||
Montana | ||||
Nebraska | $25,000/$50,000 | $25,000/$50,000 | ||
Nevada | ||||
New Hampshire* | $25,000/$50,000 | $25,000 | $25,000/$50,000 | $25,000 |
New Jersey | $15,000/$30,000 | |||
New York | $25,000/$50,000 | |||
North Carolina | $30,000/$60,000 | $25,000 | $30,000/$60,000 | $25,000 |
North Dakota | $25,000/$50,000 | $25,000/$50,000 | ||
Ohio | ||||
Oklahoma | ||||
Oregon | $25,000/$50,000 | |||
Pennsylvania | ||||
Rhode Island | ||||
South Carolina | $25,000/$50,000 | $25,000 | ||
South Dakota | $25,000/$50,000 | $25,000/$50,000 | ||
Tennessee | ||||
Texas | ||||
Utah | ||||
Vermont | $50,000/$100,000 | $10,000 | $50,000/$100,000 | $10,000 |
Virginia* | $30,000/$60,000 | $25,000 | $30,000/$60,000 | $25,000 |
Washington | ||||
West Virginia | $25,000/$50,000 | $25,000 | ||
Wisconsin | $25,000/$50,000 | |||
Wyoming |
*New Hampshire and Virginia do not require drivers to purchase auto insurance, but drivers who do choose to purchase auto insurance must have at least the minimum uninsured/underinsured motorist coverage amounts listed.
Recommended: 5 Steps to Switching Your Car Insurance
Depending on how much uninsured motorist coverage you choose to purchase and your personal driving habits, your costs could be as little as $5 to $10 per month. This figure also tends to vary widely based on the overall percentage of uninsured motorists in your area, according to national insurance data.
Insurance premiums vary widely across drivers, states, and even insurance providers, so make sure you check around for a personalized quote.
💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.
The prospect of being in an accident caused by an uninsured driver is a real concern, given the number of these motorists on the road. Adding uninsured motorist coverage to your auto insurance policy may be a good idea. In some states, it may even be required by law. For a relatively low cost, you can protect yourself from the possibility of being left with bills because another driver didn’t have enough insurance. The right package of car insurance policies is one way to protect yourself from unexpected circumstances.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
SoFi brings you real rates, with no bait and switch.
Photo credit: iStock/RyanJLane
Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPT0224004
Source: sofi.com
The median pay for surgical techs is $56,350 annually, according to the Bureau of Labor Statistics.
Working as a surgical tech can be a great way to build a fulfilling career in the medical field. Read on to learn more about a surgical tech’s role and salary, as well as the pros and cons of this job.
The role of a surgical tech can vary greatly but generally involves assisting surgeons with tasks, such as closing surgical sites and making incisions. Other common duties include:
• Readying supplies for surgery
• Sterilizing equipment
• Getting the operating room surgery-ready
• Physically preparing patients for surgery
• Assisting surgeons during surgery
• Maintaining sterile environment
• Keeping track of supplies during and after surgery.
While some of these tasks are solitary, many involve interacting with patients and other members of the medical team. Given this degree of interaction, this can be a very rewarding career choice, although it may not be a good job for antisocial people.
Surgical techs often complete training at a community college or vocational school, typically requiring nine to 24 months of study. For this reason, being a surgical tech can be a good career without a college degree.
💡 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.
Here’s information about what a surgical tech can make as an entry-level salary and later on in their career. The lowest 10% of surgical tech earners make less than $35,130 as of 2022.
However, there is a lot of room to move up in this field. The top 10% of earners make on average $95,060, meaning they are very close to making a $100,000 salary per year.
If someone is looking to optimize their earning potential, they should look for a surgical tech role in a high-paying setting. The type of medical office a surgical tech works in can affect how much they earn:
• Offices of physicians: $62,400
• Outpatient care centers: $59,740
• General medical and surgical hospitals; state, local, and private: $58,460
• Offices of dentists: $48,810.
Recommended: The 50 Highest Paying Jobs in the US
Those considering training to be a surgical tech may wonder about pay grades. The truth is, that answer depends a lot on the state they end up working in. The median hourly pay rate for this role is $27.09, but as the table illustrates below, can vary greatly by state.
The figures here for average salary and wages are arranged from highest to lowest paying.
What Is the Average Surgical Tech Salary by State for 2023
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
Oregon | $112,962 | $9,413 | $2,172 | $54.31 |
Alaska | $112,406 | $9,367 | $2,161 | $54.04 |
North Dakota | $112,389 | $9,365 | $2,161 | $54.03 |
Massachusetts | $111,047 | $9,253 | $2,135 | $53.39 |
Hawaii | $110,015 | $9,167 | $2,115 | $52.89 |
Washington | $107,487 | $8,957 | $2,067 | $51.68 |
Nevada | $106,280 | $8,856 | $2,043 | $51.10 |
South Dakota | $106,220 | $8,851 | $2,042 | $51.07 |
Colorado | $104,887 | $8,740 | $2,017 | $50.43 |
Rhode Island | $104,629 | $8,719 | $2,012 | $50.30 |
New York | $99,697 | $8,308 | $1,917 | $47.93 |
Delaware | $98,598 | $8,216 | $1,896 | $47.40 |
Vermont | $97,356 | $8,113 | $1,872 | $46.81 |
Virginia | $97,172 | $8,097 | $1,868 | $46.72 |
Illinois | $97,143 | $8,095 | $1,868 | $46.70 |
Maryland | $95,489 | $7,957 | $1,836 | $45.91 |
Nebraska | $93,450 | $7,787 | $1,797 | $44.93 |
Missouri | $92,871 | $7,739 | $1,785 | $44.65 |
California | $92,615 | $7,717 | $1,781 | $44.53 |
South Carolina | $92,071 | $7,672 | $1,770 | $44.26 |
Pennsylvania | $91,330 | $7,610 | $1,756 | $43.91 |
New Jersey | $91,143 | $7,595 | $1,752 | $43.82 |
Oklahoma | $90,500 | $7,541 | $1,740 | $43.51 |
Maine | $90,453 | $7,537 | $1,739 | $43.49 |
Wisconsin | $90,262 | $7,521 | $1,735 | $43.40 |
North Carolina | $90,170 | $7,514 | $1,734 | $43.35 |
New Hampshire | $88,816 | $7,401 | $1,708 | $42.70 |
Idaho | $88,596 | $7,383 | $1,703 | $42.59 |
Texas | $88,000 | $7,333 | $1,692 | $42.31 |
Kentucky | $87,715 | $7,309 | $1,686 | $42.17 |
Wyoming | $87,407 | $7,283 | $1,680 | $42.02 |
Minnesota | $87,181 | $7,265 | $1,676 | $41.91 |
Michigan | $86,830 | $7,235 | $1,669 | $41.75 |
New Mexico | $86,691 | $7,224 | $1,667 | $41.68 |
Indiana | $86,252 | $7,187 | $1,658 | $41.47 |
Ohio | $84,743 | $7,061 | $1,629 | $40.74 |
Arizona | $84,468 | $7,039 | $1,624 | $40.61 |
Connecticut | $84,039 | $7,003 | $1,616 | $40.40 |
Mississippi | $83,449 | $6,954 | $1,604 | $40.12 |
Iowa | $83,345 | $6,945 | $1,602 | $40.07 |
Montana | $83,195 | $6,932 | $1,599 | $40.00 |
Arkansas | $82,892 | $6,907 | $1,594 | $39.85 |
Alabama | $82,157 | $6,846 | $1,579 | $39.50 |
Utah | $80,963 | $6,746 | $1,556 | $38.92 |
Tennessee | $80,904 | $6,742 | $1,555 | $38.90 |
Kansas | $78,574 | $6,547 | $1,511 | $37.78 |
Georgia | $76,536 | $6,378 | $1,471 | $36.80 |
Louisiana | $76,117 | $6,343 | $1,463 | $36.59 |
West Virginia | $70,535 | $5,877 | $1,356 | $33.91 |
Florida | $67,735 | $5,644 | $1,302 | $32.57 |
Source: Ziprecruiter
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
It’s very common for surgical techs to hold full-time positions and as such, they tend to qualify for traditional employee benefits like paid time off, retirement accounts, and healthcare. This can be a very demanding role that may require being on call during weekends, holidays, and nights. Shifts can also be very lengthy and last longer than a typical eight-hour workday.
Still not sure if working as a surgical tech is the right fit? Here are some pros and cons associated with this role’s salary and job requirements.
Pros | Cons |
---|---|
• Median annual salary is high ($56,350) • May not need a college degree • Employment opportunities expected to grow by 5% from 2022 to 2032 • Around 8,600 openings for this role per year |
• Long shifts that can surpass eight hours • Physically demanding work • Can be on call during nights, weekends, and holidays |
Recommended: High-paying Trade and Vocational Jobs in 2024
With a solid median annual salary of $56,350 and the top 10% of income earners in the surgical tech field making more than $95,060, there is a lot of earning potential in this role. The job can be demanding and being on call is often part of the job description, but the high pay can be worth the sacrifices.
It may be possible to make $100,000 a year as a surgical tech for those with a lot of experience or who work in high-cost-of-living areas where standard pay is higher. The top 10% of surgical tech earners make more than $95,060 annually, so the potential to earn six figures is within reach.
Many people enjoy working as a surgical tech, especially if they have an interest in the medical field and helping people. However, those who are introverts or who consider themselves antisocial may not enjoy this job.
While you have to meet very specific qualifications to work as a surgical tech, if you do, you can likely find job openings in this field. Between 2022 and 2023, surgical tech employment is projected to grow by 5%. This growth rate is faster than average compared to other occupations.
Photo credit: iStock/SDI Productions
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
SORL0124021
Source: sofi.com
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.
Conversations around student loan debt forgiveness have called to attention a staggering statistic: in the middle of 2023, Americans held a collective $1.63 trillion in federal student loans spread amongst more than 43 million borrowers.
The average student loan debt is $37,557.60 per borrower, though the exact amount varies significantly from person to person depending on age, gender and education level, among other characteristics.
The following chart captures the staggering rise of average student loan debt since 2007 by displaying the average debt, total debt and total number of borrowers and how they have changed over time.
Average student loan debt over time | |||
---|---|---|---|
Year | Average debt | Total debt | Borrowers |
2007 | $18,233.22 | $516 billion | 28.3 million |
2008 | $19,297.66 | $577 billion | 29.9 million |
2009 | $20,467.29 | $657 billion | 32.1 million |
2010 | $21,865.89 | $750 billion | 34.3 million |
2011 | $23,232.88 | $848 billion | 36.5 million |
2012 | $24,751.96 | $948 billion | 38.3 million |
2013 | $26,262.63 | $1.04 trillion | 39.6 million |
2014 | $27,764.13 | $1.13 trillion | 40.7 million |
2015 | $29,086.54 | $1.21 trillion | 41.6 million |
2016 | $30,732.86 | $1.30 trillion | 42.3 million |
2017 | $32,159.62 | $1.37 trillion | 42.6 million |
2018 | $33,566.43 | $1.44 trillion | 42.9 million |
2019 | $35,198.14 | $1.51 trillion | 42.9 million |
2020 | $36,596.74 | $1.57 trillion | 42.9 million |
2021 | $37,096.77 | $1.61 trillion | 43.4 million |
2022 | $37,471.26 | $1.63 trillion | 43.5 million |
2023 | $37,557.60 | $1.63 trillion | 43.4 million |
Source: U.S. Department of Education
After accounting for inflation, the average student loan debt has increased by more than 50 percent since 2007. According to the Pew Research Center, the median purchasing power of Americans has hardly risen in the past four decades, so it stands to reason that student loan debt is an ever-increasing source of financial burden.
Student loan debt has ballooned over the past 15 years. At the beginning of 2007, just 28 million borrowers held around $500 billion in student loan debt—or an average of $18,233 per borrower. In 2023, the number of borrowers increased to about 43 million, who collectively hold more than $1.6 trillion in debt, which amounts to an average of $37,557.60 per person.
Although average student loan debt is more than $37,000, this figure is somewhat skewed since some students have extraordinarily large sums of debt that raise the overall average. The greatest number of borrowers owe just $10,000 to $20,000 in student loans, but more than 3 million are over $100,000 in debt from federal student loans.
Using the most recent available data from the U.S. Department of Education, we’ve compiled detailed statistics about the average student loan debt for Americans. Read on to see more, or use the links below to jump to a specific section.
Average student loan debt:
While student loan debt is a national concern, the effects are felt differently in various states across the country. Many states have average student loan debt that hovers around the $37,645 national average, but there are several notable outliers. North Dakota, for instance, has the lowest average student loan debt at $30,000, while Maryland has the highest average student loan debt at $43,115.
Though they are not technically states, the District of Columbia has a very high average student loan debt of $54,347, and the U.S. territory of Puerto Rico has a relatively low average student loan debt of $29,577.
Here’s a list of U.S. states along with their average student loan debt, total student loan debt and total borrowers using data as of June 30, 2023.
Average student loan debt by state | |||
---|---|---|---|
State | Average debt | Total debt | Borrowers |
Alabama | $37,265.17 | $24.2 billion | 649,400 |
Alaska | $34,493.45 | $2.4 billion | 68,700 |
Arizona | $35,543.01 | $32.5 billion | 917,300 |
Arkansas | $33,508.38 | $13.4 billion | 399,900 |
California | $37,343.36 | $149 billion | 3.99 million |
Colorado | $36,939.31 | $29.4 billion | 795,900 |
Connecticut | $36,055.35 | $18.5 billion | 513,100 |
Delaware | $38,173.65 | $5.1 billion | 133,600 |
District of Columbia | $54,347.83 | $6.5 billion | 119,600 |
Florida | $39,037.04 | $105.4 billion | 2.7 million |
Georgia | $41,529.41 | $70.6 billion | 1.7 million |
Hawaii | $37,995.15 | $4.7 billion | 123,700 |
Idaho | $33,139.27 | $7.4 billion | 223,300 |
Illinois | $39,437.50 | $63.1 billion | 1.6 million |
Indiana | $33,105.92 | $30.3 billion | 918,300 |
Iowa | $30,758.71 | $13.5 billion | 438,900 |
Kansas | $33,127.89 | $12.9 billion | 389,400 |
Kentucky | $33,110.42 | $20.3 billion | 613,100 |
Louisiana | $34,777.39 | $23.2 billion | 667,100 |
Maine | $33,854.42 | $6.5 billion | 192,000 |
Maryland | $43,115.60 | $36.7 billion | 851,200 |
Massachusetts | $34,922.69 | $32.3 billion | 924,900 |
Michigan | $36,928.57 | $51.7 billion | 1.4 million |
Minnesota | $33,953.31 | $27.2 billion | 801,100 |
Mississippi | $36,904.50 | $16.5 billion | 447,100 |
Missouri | $35,536.60 | $30 billion | 844,200 |
Montana | $33,690.66 | $4.4 billion | 130,600 |
Nebraska | $32,449.54 | $8.2 billion | 252,700 |
Nevada | $33,996.68 | $12.3 billion | 361,800 |
New Hampshire | $34,341.36 | $6.7 billion | 195,100 |
New Jersey | $35,416.67 | $44.9 billion | 1.2 million |
New Mexico | $34,022.39 | $7.9 billion | 232,200 |
New York | $37,960.00 | $94.9 billion | 2.5 million |
North Carolina | $36,857.14 | $51.6 billion | 1.4 million |
North Dakota | $30,000.00 | $2.7 billion | 90,000 |
Ohio | $35,000.00 | $63 billion | 1.8 million |
Oklahoma | $31,874.88 | $16.1 billion | 505,100 |
Oregon | $37,415.59 | $20.5 billion | 547,900 |
Pennsylvania | $35,000.00 | $66.5 billion | 1.9 million |
Puerto Rico | $29,577.05 | $10 billion | 338,100 |
Rhode Island | $32,885.91 | $4.9 billion | 149,000 |
South Carolina | $38,360.14 | $29.1 billion | 758,600 |
South Dakota | $31,746.03 | $3.8 billion | 119,700 |
Tennessee | $36,557.93 | $32.5 billion | 889,000 |
Texas | $33,447.37 | $127.1 billion | 3.8 million |
Utah | $33,125.00 | $10.6 billion | 320,000 |
Vermont | $38,071.07 | $3 billion | 78,800 |
Virginia | $39,818.18 | $43.8 billion | 1.1 million |
Washington | $36,176.03 | $29.1 billion | 804,400 |
West Virginia | $32,159.93 | $7.4 billion | 230,100 |
Wisconsin | $32,231.85 | $23.8 billion | 738,400 |
Wyoming | $30,357.14 | $1.7 billion | 56,000 |
Source: U.S. Department of Education
Total student loan debt for each state correlates strongly with population, so California ($149 billion), Texas ($127.1 billion) and New York ($94.9 billion) have the largest amount of debt among all states. The smallest amount of debt belongs to Wyoming, which holds just $1.7 billion among 56,000 borrowers—though that is nearly 10 percent of the state’s population with some sort of student loan debt.
Student loan debt varies significantly by age, with those ages 50 to 61 holding the highest average debt at $45,584.62. On the other hand, the greatest number of borrowers are ages 25 to 34 (14.9 million total borrowers), and the greatest amount of debt is held by those ages 35 to 49 ($613 billion total debt). Those 62 or older represent less than 6 percent of total borrowers who hold just $92 billion—less than any other age group.
The following chart shows the average student loan debt, total student loan debt and number of borrowers for each major age group.
Average student loan debt by age | |||
---|---|---|---|
Age | Average debt | Total debt | Borrowers |
24 and younger | $14,383.35 | $97.8 billion | 6.8 million |
25 to 34 | $32,801.32 | $495.3 billion | 15.1 million |
35 to 49 | $43,000.00 | $632.1 billion | 14.7 million |
50 to 61 | $45,584.62 | $296.3 billion | 6.5 million |
62 and older | $42,518.52 | $114.8 billion | 2.7 million |
Source: U.S. Department of Education
The average debt for each age group is skewed slightly upward by a small number of people who hold a significant amount of student loan debt—in some cases $200,000 or more. Across borrowers ages 25 to 61, it is most common to have between $20,000 and $40,000 of student loan debt, whereas those under 25 generally have between $10,000 and $20,000. Most borrowers above age 62 have less than $5,000 in debt.
Across all age groups, a total of 11.7 million borrowers owe more than $40,000 in student loan debt—meaning around 25 percent of total borrowers have more debt than average.
Student loan debt is not distributed equally among races and genders, as borrowing patterns tend to vary substantially. While Asian students tend to borrow the least amount of money to fund their education, Black students tend to borrow the most. In general, a smaller percentage of white students (67 percent) and Asian students (43 percent) took out loans for their education than Hispanic students (70 percent) and Black students (86 percent).
Here is a full look at how students of different races and genders funded their education using student loans.
Average student loan amount borrowed by race and gender | ||
---|---|---|
Race or ethnicity | Gender | Average borrowed |
White | Male | $29,862 |
Female | $31,346 | Black or African American | Male | $35,665 |
Female | $37,558 | |
Hispanic or Latino | Male | $27,452 |
Female | $27,029 | Asian | Male | $25,507 |
Female | $25,252 |
Source: American Association of University Women
Many women take loans out for four-year for-profit universities, which tend to charge higher tuition, leading to larger student loan burdens after graduation. The American Association of University Women found that women hold nearly two-thirds of student loan debt, and many women manage debt payments while also managing housing, food or childcare costs on an average post-graduation salary of about $35,000.
Among Black women, 57 percent of college graduates report difficulty repaying student loans despite earning a bachelor’s degree or higher. A 2022 study by The Education Trust also found that 12 years after enrolling in college, Black women find themselves owing 13 percent more than the amount they initially borrowed, whereas White men have managed to reduce their debt by 44 percent in the same time frame.
The average student loan debt varies according to repayment status, as student loans are treated differently for students in school, throughout the post-graduation grace period, amid repayment or during deferment, forbearance or default. For students in school and during the post-graduation grace period, no payments are required—though interest may continue to accrue for unsubsidized loans. Deferment and forbearance are similar, though no interest accrues with deferment as it typically does with forbearance.
The following chart shows the average student loan debt for those with different repayment statuses. Keep in mind that the below chart is based on data from Q3 2023. Prior to that, in March 2020, many major shifts occurred in loan statuses due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The following chart shows the average student loan debt for those with different repayment statuses.
Average student loan debt by repayment status | |||
---|---|---|---|
Status | Average debt | Total debt | Borrowers |
In school | $17,903.85 | $93.1 billion | 5.2 million |
Grace | $23,923.08 | $31.1 billion | 1.3 million |
Repayment | $33,000.00 | $9.9 billion | 300,000 |
Deferment | $36,571.43 | $102.4 billion | 2.8 million |
Forbearance | $40,260.07 | $1,099.1 trillion | 27.3 million |
Default | $21,844.44 | $98.3 billion | 4.5 million |
Source: U.S. Department of Education
While temporary government action has offered reprieve to millions of student loan borrowers, a looming financial crisis still threatens as high-interest loans prevent many people from accumulating wealth, purchasing homes or starting families.
Total student loan debt has tripled over the past 15 years—and in that time, it has passed both auto loans and credit card debt for the greatest share of non-housing debt in the United States, according to data from the Federal Reserve Bank.
With student loan debt on the rise, many people were struggling to make payments before the CARES Act. Now that payments have restarted as of October 2023, you’ll want to make sure you’re making payments on time. Student loan debt and payments can have an impact on your credit, so getting a handle on that debt is crucial.
If you need help with cleaning up your credit report or getting your credit back on track, our services at Lexington Law Firm could help. The combination of debt from student loans, credit cards, mortgages and auto loans can be overwhelming and make it hard to maintain good credit, but professional support can provide the boost you need to overcome these temporary obstacles.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
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.
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.
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?
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.
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?
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.
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.
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.
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.
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.
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.
SORL1023026
Source: sofi.com
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.
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:
Keep in mind that credit score is only one factor used by insurers to set premiums.
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:
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.
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:
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.
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.
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:
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.
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:
Vehicles that typically have lower rates are:
Overall, newer, luxurious, smaller vehicles tend to have more expensive premiums.
Gender can impact your insurance premiums in the majority of states. However, there are states that have banned gender in insurance rating, including:
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.
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.
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.
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.
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:
While some of these additional coverage items can be beneficial, they aren’t essential expenses.
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:
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.
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.
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:
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.
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.
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.
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.
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.
Below are frequently asked questions about car insurance expenses and factors.
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.
There are a few actions you can take to potentially lower your insurance premiums, including:
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.
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.
Source: credit.com
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.
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.
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?
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
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
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.
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.
One of the highest-paying paralegal jobs is a courtroom presentation specialist, which typically pays between $67,500 and $125,000 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.
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.
SORL1023014
Source: sofi.com