By Peter Anderson1 Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited October 8, 2012.
In the past when looking at the 401(k) account type and the rules associated with it, one thing I’ve talked about is how I’ve avoided contributing to my 401k because my company has never really done matching contributions. (If your company does match contributions, by the way, I’d highly recommend taking part as it can mean an instant return on your money.)
My strategy in the past has been contributing to a Roth IRA with Vanguard because it has more investment options, and the costs are generally lower. Basically our plan at work has been one with only a few mutual fund options, and almost all of them were high cost.
In the past 6 months our company changed 401(k) plan administrators, and in the process our investment options got a lot better. While there are still no 401(k) matching contributions, we now have more mutual funds to choose from, including a wide variety of low cost index funds. We also now have two plan options, a regular 401(k) and a Roth 401(k). That means we can now diversify our investing to cover both pre-tax and post tax investing. Nothing like hedging your bets when it comes to current and future tax rates and current and future income!
So once again I’ll be investing via my workplace by doing split contributions in my new 401(k) and Roth 401(k). Today I thought I’d look at some of the 401k contribution limits, rules and regulations when it comes to the 401k portion of my investing plan, as the IRS released their new guidelines this week.
Details Of The 401(k)
I always start this out with quick overview of the 401(k) account type from Wikipedia:
A 401(k) is a type of retirement savings account in the United States, which takes its name from subsection 401(k) of the Internal Revenue Code. 401(k)s were first widely adopted as retirement plans for American workers, beginning in the 1980s. The 401(k) emerged as an alternative to the traditional retirement pension, which was paid by employers. Employer contributions with the 401(k) can vary, but in general the 401(k) had the effect of shifting the burden for retirement savings to workers themselves. In 2011, about 60% of American households nearing retirement age have 401(k)-type accounts.
Contribution Limits For 401(k)
The 401(k) has contribution limits tied into the plan. The 401k contribution limits have increased since last year due to an increase in the consumer price index. The following table will show the maximum yearly contribution for the 401k account type every year since 2007.
Year
401k Contribution Limit
2007
$15,500
2008
$15,500
2009
$16,500
2010
$16,500
2011
$16,500
2012
$17,000
2013
$17,500
2014
$17,500
2015
$18,000
2016
$18,000
2017
$18,000
2018
$18,500
2019
$19,000
2020
$19,500
2021
$19,500
2022
$20,500
2023
$22,500
The past 6 years have seen an increase of $1500 in the contribution limits. For 2013 I wouldn’t expect any major changes, especially with the increase this year.
Employer Contribution Limits For 401(k)
If your employer is offering a contribution to your 401k, by all means take it! It’s like getting a nice raise! Usually employers will make a matching contribution of a certain percentage of your salary, for example 50% up to the first 6% of your salary.
Highly compensated individuals may also be subject to additional contribution limits put in place by their employer’s plan, so check with your plan administrator.
Catch-Up Contribution Limits For 401(k)
If you are at or over the age of 50 by the end of the 2012 tax year, you can also make catch-up contributions to your 401(k). Not all plans allow this, but for the ones that do, here are the catch up contribution limits:
Year
401k Catch-Up Contribution Limit
2007
$5000
2008
$5000
2009
$5500
2010
$5500
2011
$5500
2012
$5500
2013
$5500
2014
$5500
2015
$6000
2016
$6000
2017
$6000
2018
$6000
2019
$6000
2020
$6500
2021
$6500
2022
$6500
2023
$7500
Do Employer Matching Contributions Affect Your Limit?
One question that I’ve heard quite a bit is whether an employer’s contributions to your 401k account will affect how much you as the employee can contribute. Are the contribution limits shared? The quick answer is no. The employer and employee each have a separate contribution limit, effectively increasing the amount you can invest if you have employer contributions.
Example: If someone makes $100,000 in pre-tax compensation, and they contribute $17,000 and the employer contributes $6,000 by the employer for a total of $23,000. If they’re over 50 they could also make catch up contributions for a total of $28,500.
Other Things To Consider
There are other things you may need to consider with your 401(k) plan. For example,currently the max you can contribute to a401(k) plan is $50,000 or 100% of your compensation, whichever is less. Also, if you’re a highly compensated individual at your company you may be subject to separate contribution limits.
Are you currently contributing to a 401(k) plan through your work? Tell us what you think about the limits, and if you’ll be able to reach them.
When you’re considering applying for a mortgage, one of your top questions is probably “What is the monthly payment going to be?”
For a 100K mortgage, the payment on a 30-year loan at 7% interest would be $665.30. For a 15-year mortgage loan term, the payment increases to $898.83, which helps you pay off the loan sooner and pay less in interest costs over the entire loan.
Your own loan will depend on a number of factors, including but not limited to fluctuating interest rates. Here’s what goes into a 100K mortgage, what income is required to get one, and what your payments would look like over the life of the loan.
Total Cost of a 100K Mortgage
The total cost of a 100K mortgage goes beyond the monthly payment. There are upfront costs and ongoing, long-term costs to consider, all of which affect how much house can you afford.
Upfront Costs
Upfront home loan costs can include:
• Closing Costs: There are costs you need to pay to get a mortgage, but they are not a part of the original loan. These are known as closing costs and include things like the mortgage origination fee, the cost of an appraisal, attorney fees, title fees, taxes, prepaids, and other expenses. With the average closing cost on a new home adding between 3% and 6%, that works out to $3,000 to $6,000 on a 100K mortgage.
• Down Payment: Unless you are able to obtain a 0% down payment loan, you’ll need some money to afford the down payment on a 100K mortgage loan.
The average down payment on a home is 13%, as per the National Association of Realtors®. This works out to $13,000 on a $100,000 home.
If you don’t quite have this amount, there are other types of mortgage loans that offer low down payment options. 3% and 3.5% are common, which would come out to $3,000 and $3,500 for the down payment on a 100K home.
Long Term Costs
Here are the ongoing costs of a mortgage loan:
• Interest. The biggest expense you’ll have over the life of the loan is interest. Interest costs are huge, especially in an economy with higher annual percentage rates (APRs). You’ll pay more in interest than you do in principal if you keep the mortgage loan for the whole 30-year loan term.
For a $100K mortgage with a 30-year term and 7% APR, the interest costs total $139,508.90.That’s on top of the $100,000 original loan amount. Adding the two together, you’re looking at paying $239,508.90 for the original 100K mortgage. Take a look at our mortgage payment calculator or the amortization table further down if you’re more curious about this amount.
• Escrow. You may pay for taxes and insurance through your escrow account every month. This expense doesn’t go away, even when you pay off your mortgage. The amount of tax and insurance varies by state and policy.
Estimated Monthly Payments of a 100K Mortgage
Payments on a 100K home will ultimately be determined by your loan term and interest rate. And the interest rate is determined by a number of factors. Of course, the Fed’s rate matters, but so too do such aspects as:
• Credit score. A good credit score can afford you a lower interest rate on your mortgage.
• Down payment. Generally, putting down a larger down payment affords you a lower interest rate.
• Home location. There are certain areas where you may be offered a lower interest rate just because of where you live.
• Loan amount. If you need a larger loan, such as a jumbo loan, you’ll usually see a higher interest rate. The same can be true of much smaller homes, such as tiny homes.
• Interest rate type. If you choose a loan with an adjustable APR, you may initially have a lower interest rate.
• Loan type. You’ll see different interest rates based on what loan type you’re using. Examples include VA loans, FHA loans, and a USDA loan which may offer a lower (or no) down payment as well as lower interest rates.
• Loan term. Choosing a mortgage term that’s shorter can help you score a lower interest rate.
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Recommended: First-Time Homebuyer Guide
Monthly Payment Breakdown by APR and Term
It’s helpful to see what potential mortgage loan payments on a 100K mortgage may be, adjusting for term length and APR variance. Keep in mind these costs do not include escrow items, such as taxes or insurance.
APR
Monthly Payment on a 30-Year Loan
Monthly Payment on a 15-Year Loan
3.5%
$449.04
$714.88
4%
$477.42
$739.69
4.5%
$506.69
$764.99
5%
$536.82
$790.79
5.5%
$567.79
$817.08
6%
$599.55
$843.86
6.5%
$632.07
$871.11
7%
$665.30
$898.83
7.5%
$699.21
$927.01
8%
$733.76
$955.65
8.5%
$768.91
$984.74
9%
$804.62
$1,014.27
9.5%
$840.85
$1,044.22
10%
$877.55
$1,074.61
How Much Interest Is Accrued on a 100K Mortgage?
Each month, your payment is split into principal and interest payments. Those interest payments go to the bank as payment for lending you money. Principal payments go toward the original loan amount and pay down the loan.
The longer the loan term, the more you’ll pay in overall interest. For a 100K mortgage on a 30-year term with a 7% APR, the interest costs total $139,508.90 on top of the original loan.
On a 15-year term with the same parameters, the interest costs are a more modest $61,789.09. Yes, your monthly payments are higher, but the difference between a 15 vs. 30 year mortgage with 7% APR is significant.
Recommended: Home Loan Help Center
100K Mortgage Amortization Breakdown
The amortization of a 100K mortgage shows how much of your monthly payment pays off the loan each month.
You can see in the early years of your mortgage, more of your monthly payment goes toward interest, and very little of your loan is paid off. In later years, more of the payment will go toward the principal.
Year
Monthly Payment
Beginning Balance
Total Amount Paid
Interest
Principal
Ending Balance
1
$665.30
$100,000.00
$7,983.60
$6,967.81
$1,015.79
$98,984.19
2
$665.30
$98,984.19
$7,983.60
$6,894.39
$1,089.21
$97,894.95
3
$665.30
$97,894.95
$7,983.60
$6,815.64
$1,167.96
$96,726.96
4
$665.30
$96,726.96
$7,983.60
$6,731.21
$1,252.39
$95,474.55
5
$665.30
$95,474.55
$7,983.60
$6,640.66
$1,342.94
$94,131.59
6
$665.30
$94,131.59
$7,983.60
$6,543.59
$1,440.01
$92,691.55
7
$665.30
$92,691.55
$7,983.60
$6,439.49
$1,544.11
$91,147.41
8
$665.30
$91,147.41
$7,983.60
$6,327.86
$1,655.74
$89,491.65
9
$665.30
$89,491.65
$7,983.60
$6,208.17
$1,775.43
$87,716.19
10
$665.30
$87,716.19
$7,983.60
$6,079.81
$1,903.79
$85,812.38
11
$665.30
$85,812.38
$7,983.60
$5,942.19
$2,041.41
$83,770.95
12
$665.30
$83,770.95
$7,983.60
$5,794.61
$2,188.99
$81,581.94
13
$665.30
$81,581.94
$7,983.60
$5,636.38
$2,347.22
$79,234.69
14
$665.30
$79,234.69
$7,983.60
$5,466.70
$2,516.90
$76,717.75
15
$665.30
$76,717.75
$7,983.60
$5,284.75
$2,698.85
$74,018.87
16
$665.30
$74,018.87
$7,983.60
$5,089.64
$2,893.96
$71,124.88
17
$665.30
$71,124.88
$7,983.60
$4,880.45
$3,103.15
$68,021.68
18
$665.30
$68,021.68
$7,983.60
$4,656.10
$3,327.50
$64,694.16
19
$665.30
$64,694.16
$7,983.60
$4,415.56
$3,568.04
$61,126.09
20
$665.30
$61,126.09
$7,983.60
$4,157.62
$3,825.98
$57,300.08
21
$665.30
$57,300.08
$7,983.60
$3,881.03
$4,102.57
$53,197.49
22
$665.30
$53,197.49
$7,983.60
$3,584.46
$4,399.14
$48,798.32
23
$665.30
$48,798.32
$7,983.60
$3,266.46
$4,717.14
$44,081.14
24
$665.30
$44,081.14
$7,983.60
$2,925.44
$5,058.16
$39,022.95
25
$665.30
$39,022.95
$7,983.60
$2,559.78
$5,423.82
$33,599.10
26
$665.30
$33,599.10
$7,983.60
$2,167.69
$5,815.91
$27,783.17
27
$665.30
$27,783.17
$7,983.60
$1,747.26
$6,236.34
$21,546.80
28
$665.30
$21,546.80
$7,983.60
$1,296.45
$6,687.15
$14,859.60
29
$665.30
$14,859.60
$7,983.60
$813.02
$7,170.58
$7,688.98
30
$665.30
$7,688.98
$7,983.60
$294.64
$7,688.96
$0.00
What Is Required to Get a 100K Mortgage?
When you’re applying to qualify for a mortgage, lenders look for a few key things to approve your application.
• How much debt you will be carrying. Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30. For this payment to be less than 28% of your monthly income, your monthly income needs to be over $2,376, assuming you have no debt. This turns into a $28,512 yearly salary requirement to afford a 100K mortgage payment.
If you have debt, the calculation changes a little bit. Your lender will add your monthly debts to your projected monthly mortgage payment. These two numbers added together need to be less than 36% of your monthly income. This calculation a lender does is known as the debt-to-income ratio, or back-end ratio.
• Credit score. It’s advisable to have a credit score of 620 or higher when applying for a mortgage loan.
• Consistent work history. If you are unemployed, self-employed, or have recently changed jobs, lenders may be less likely to approve your loan. They may worry about your having a steady enough income to make your payments.
The Takeaway
A 100K mortgage will have a monthly cost that varies depending on such factors as the loan’s interest rate, the term of the loan, and whether it’s a fixed- or variable-rate loan. By understanding more about how the cost of a mortgage is calculated, plus the related costs, you can be better prepared for the milestone of being a homeowner.
When you’re ready to apply for a mortgage, SoFi will be there for you. Our rates are competitive, and we offer flexible loan terms and down payment options (as little as 3% for first-time homebuyers) to suit your needs. The online application simplifies the process, and our dedicated Mortgage Loan Officers can help you every step of the way.
See how smart and simple a SoFi Mortgage Loan can be.
Photo credit: iStock/AndreyPopov
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. SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information. SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website . SOHL0323001
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36k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $36,000 a year. The question that remains is can you make a living off $36k a year.
The median household income is $67,521 in 2020 which decreased by 2.9% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 36,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $36000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $36000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $36k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$36000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 36k a year hourly. That way you can decide whether or not the job is worthwhile for you.
36000 salary / 2080 hours = $17.31 per hour
$36000 a year is $17.31 per hour
Let’s breakdown how that 36000 salary to hourly number is calculated.
For our calculations to figure out how much is 36K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $36000 by 2,080 working hours and the result is $17.31 per hour.
Just above $17 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $7K to $43K per year, it would increase your hourly wage to over $20 an hour – a difference of $3.36 per hour.
To break it down – 43k a year is how much an hour = $20.67
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $36K salary Per Month?
On average, the monthly amount would be $3,000.
Annual Salary of $36000 ÷ 12 months = $3000 per month
This is how much you make a month if you get paid 36000 a year.
$36k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $36k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$36000/52 weeks = $692 per week.
$36000 a year is how much biweekly?
For this calculation, take the average weekly pay of $692 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$36000 / 260 working days = $138 per day
If you work a 10 hour day on 208 days throughout the year, you make $173 per day.
$36000 Salary is…
$36000 – Full Time
Total Income
Yearly Salary (52 weeks)
$36,000
Monthly Salary
$3,000
Weekly Wage (40 Hours)
$692
Bi-Weekly Wage (80 Hours)
$1,384
Daily Wage (8 Hours)
$138
Daily Wage (10 Hours)
$173
Hourly Wage
$17.31
Net Estimated Monthly Income
$2,290
Net Estimated Hourly Income
$13.21
**These are assumptions based on simple scenarios.
36k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all-salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 36000 a year after taxes?
Gross Annual Salary: $36,000
Federal Taxes of 12%: $4,320
State Taxes of 4%: $1,440
Social Security and Medicare of 7.65%: $2,754
$36k Per Year After Taxes is $27,486
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$27486 ÷ 2,080 hours = $13.21 per hour
After estimated taxes and FICA, you are netting $27,486 per year, which is $8,514 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $36000 income can range from $24,606 to $28,926 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $36,000 income.
How Much Is 36K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 36k, here is a tool to convert salary to hourly calculator.
Many entry-level jobs start at this range, which may make you believe that a business degree is worth it.
36k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $36,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low-cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $36,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise in how you spend your money.
What a $36,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL.
Driving a beater car is normal.
You should be able to meet your basic expenses each and every month.
Not be able to afford many of the fun spending luxuries.
Ability to make sure that saving money is a priority, and very possibly save $5000 in one year.
When A $36,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 36k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck-to-paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$36K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage a 36k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $36000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$150
Savings
15-25%
$450
Housing
20-30%
$884
Utilities
4-7%
$135
Groceries
5-12%
$270
Clothing
1-4%
$18
Transportation
4-10%
$135
Medical
5-12%
$150
Life Insurance
1%
$8
Education
1-4%
$8
Personal
2-7%
$24
Recreation / Entertainment
3-8%
$60
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$710
Total Gross Monthly Income
$3000
**In this budget, prioritization was given to basic expenses and no debt.
Is $36,000 a year a Good Salary?
As we stated earlier if you are able to make $36,000 a year, that is a low salary. You are making around or just above minimum wage.
While 36000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $36k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 36k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities 36,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 36000 per year.
If you are looking for a career change, you want to find jobs paying at least $45000 a year.
Is 36k a good salary for a Single Person?
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live comfortably for $36000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 36k a good salary for a family?
Many of the same principles apply above on whether $36000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
At the 36K salary with a family, you would need more than one income stream to make this possible without government help.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child and this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $36,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Desire to improve your career and make more money.
Your lifestyle choices.
You will not be able to afford everything on this salary.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 36,000 per year, then the combined income for the household would be $72,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on 36000 Per Year?
As we outlined earlier in the post, $36000 a year:
$17.31 Per Hour
$138-173 Per Day (depending on the length of day worked)
$692 Per Week
$1384 Per Biweekly
$3000 Per Month
Next up is making $40,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 32,000 a year, that is a okay place to be getting your career. However, if you have been in your career for over 20 years and still making $36K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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Inside: Do you have a passion for something, but don’t know what to do with it? This guide will help you find a career that is perfect for you and match your interests and values.
This is something all of us wonder, right?
What should I do for a living?
Am I doing what I should do as a career?
Did I make the right decision with my career?
Or is it time to switch gears and find something that I love to do and make money at the same time?
I have been asking this question so many times, I finally decided to make a list of answers.
This is not just for those who want to know what they should do with their lives; it’s also for anybody looking for some new ideas on how they can fit into a career that will bring them satisfaction and happiness.
Recently, my middle schooler was asked, what do you want to do beyond high school? And he looked at me shell shocked.
Remarkably, this question of what should I do for a living is a doozy to answer. So, don’t feel alone if you cannot answer it… yet.
How do I find out what I should do for a living?
The first step to finding out what you should do for a living is to identify your skills and interests.
What are you good at?
What do you enjoy doing?
Once you have a better idea of your strengths and passions, you can start researching your options.
The bottom line…you must be happy to spend the next decades doing what you picked.
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Tips for finding a career you love
When you’re looking for work, it’s important to remember that there are many different ways of making a living. You can be an artist or designer in your own home studio, or run your own business. The key is to figure out what your interests are, and then find a way to use those skills in the work you love doing.
The goal of this article is not just to help you find a job that pays the bills, but to help you find work that is satisfying, meaningful, and fun.
Here are some tips to keep in mind as you go through the process of figuring out what you want to do with your life.
#1 – Focus on You
Don’t listen to people who tell you that you should do one thing. If your parents want to see you be a doctor, or if your friends think it’s important for you to have a “real” job, you might be tempted to listen to them.
Don’t let anyone else tell you what your passion is, or how you should spend your life.
Determine what’s important for YOU!
As you go through the process of figuring out what to do with your life, keep in mind that there are many different ways to live a happy and fulfilling life. You don’t have to be a doctor to help other people. You don’t have to work in an office all day, every day.
Do what you love and the money will follow.
If you do something that you love, you will never have to work a day in your life. If you do what you love, and are good at it, people will pay for that service or product.
Do what makes YOU happy. If you’re not happy, no one else will be either.
Don’t let anyone tell you what to do with your life. You should never have to justify your decisions or choices to anyone. You are the only one who has to live with your decisions and choices.
Do what you want, not what other people want for you or think that you should do. Period.
#2 – Identify What Interests You & Makes You Tick
There are a variety of ways you can go about finding out what interests you. You can read books and articles on different topics, talk to people with various careers, or take online quizzes and assessments – like this what should I do for a living quiz.
The first step to finding the right career for you is to identify what interests you intellectually.
What fascinates you?
What makes you feel like you are not working?
How do you want to spend your free time?
Once you know what fascinates you, the next step is to figure out how you can turn this into a career. Then, pursue your career interests relentlessly so you can reach your full potential.
#3 – Uncover your Strengths
Identifying your strengths is the key to finding opportunities that will be a good fit for you and enable you to reach your full potential.
Here are some things to take note of:
Pay attention to what you enjoy doing.
Notice when you feel most energized and engaged.
Consider what you do well naturally.
Reflect on feedback you’ve received from others.
Ask yourself how you can use your strengths more often in your current role or situation.
Once you know what they are, make sure to pursue opportunities that are based on them. This will help you stay focused and motivated in your work and life.
#4 – Match Your Values With Your Interests
Your values are the things that are most important to you in life. They guide your decisions and actions. They direct you to live a life that is meaningful to you.
There are many ways to identify your values. One way is to think about what is most important to you in different areas of your life, such as your relationships, work, leisure activities, and so on. Another way is to think about what you would like people to say about you when you are no longer here. What do you want them to remember about you?
Once you have identified your values, it can be helpful to write them down or share them with someone who will support and encourage you in living according to them.
When you link your values and interests together, it creates a powerful combination that can help you to live a more fulfilling and meaningful life.
When you know what is important to you (values) and what makes you happy and excited (interests), it becomes much easier to make decisions about how to spend your time and energy.
For example, let’s say one of your values is “family” and one of your interests is “cooking”. You could combine these by cooking meals for your family members or friends. Not only would this be enjoyable for you (because it aligns with your interest in cooking), but it would also be meaningful because it would be an act of love and care for those closest to you (which aligns with the value of family).
#5 – Consider your Lifestyle
Are you okay living below your means? Or do you prefer to flash your cash?
If you tend to spend money frivolously or struggle with saving money, then you need to be a high-worth earner. If you are okay living stingy, then a modest salary will probably work for you.
Keep in mind your lifestyle and what would be the best fit for you.
Consider if the hours are flexible, if you’d have time for hobbies and other interests, and how the commute looks. Sometimes rethinking your opportunities can give you a better perspective on what’s truly important to you.
Other Questions to Ponder:
Do you want a job that will consume most of your time?
Do you want a job where you can have a good work-life balance?
Are you okay with being tied to one location or have the flexibility to move around?
Are you willing to travel for work? If so, how often and how far?
What are your salary expectations? Are you looking for health benefits, paid vacation, or other perks?
Ultimately, there are many factors going into your decision. When considering a new potential career opportunity, it’s important to think about more than just the paper qualifications and the salary.
#6 – Spend Time Doing your Research
The best way to find a career you love is to first figure out what it is that you’re passionate about. What are the things that make you excited to get out of bed in the morning? Once you know what your passions are, research careers that align with those interests.
This just doesn’t happen overnight.
In fact, I recently went back to something of interest to me years ago because it would provide the time freedom I desired.
Spend time doing your research and following all the steps we cover in this post.
#7 – Find a career that matches your skills and interests
It can be difficult to identify what you want to do with your life, especially if you’re feeling lost or uncertain.
However, once you’ve identified what areas of interest might suit your skillset, try to link these interests with some type of career options.
Consider how your interests would fit into potential careers before choosing one.
It’s important to consider how your unique passions would fit into certain occupations or fields of work before choosing one. This will help you find a career that is satisfying and fulfilling. Consider the skills and interests you have and search for job openings that match them.
Start by researching the field you’re interested in.
# 8 – Talk to people in the field
There are a few ways to find people to talk to about your career interests. You can start by talking to friends and family members who might know someone in the field you’re interested in. You can also look for professional organizations related to your field of interest, or search for networking events in your area.
When you’re talking to someone about their career, it’s important to ask questions that will help you learn more about the field and whether it’s a good fit for you. Some questions you might want to ask include:
What does a typical day look like?
What is the most challenging part of the job?
What are the biggest rewards of the job?
These people will have better insights than what you can find searching the internet.
#9 – Get experience in the field
Oh, I cannot tell you how important this step is!
You have heard a similar story… my son dreamed of being an engineer and we planned to send him to engineering school. After his internship, the thought of being an engineer sucked the life out of him. Glad we learned this lesson before we spend money on his college education.
That is why I believe schools like this are so important to get real-life experience doing what you think you want to do for a living.
Consider internships or volunteer work to get your foot in the door.
Gaining experience can help you learn more about a particular field or company, and whether or not it’s the right fit for you.
#10 – Be open to change
Here are some things to keep in mind with change.
1. Change can lead to new opportunities: When you’re open to change, you’re also open to new opportunities. Embracing change can help you find a new job, start a business, or even move to a new city.
2. Change can help you grow: Personal growth is important for a fulfilling life. Change can challenge you and push you out of your comfort zone, leading to personal growth.
3. Change can be exciting: If you’re bored with your current situation, change can be exciting. It’s a chance to start fresh and experience something new.
4. Change can be positive: Even if it’s difficult, change can ultimately be positive. It can lead to improved relationships, increased happiness, and a better life overall.”
15 Most Popular Working for a Living Jobs
Many people want to know what they should do for a living.
For some, it’s not as easy as just “doing what you love.” There are definitely jobs out there that allow you to do what you love and make a living.
But first, we need to talk about the types of work available.
All salary estimates from Salary.com.
Registered Nurses
Registered nurses are in high demand and make a good living. They work with patients to assess their health, provide treatments, and help them recover.
Average Pay: $65k-70k per year
Education Needed: You need to have a nursing degree from an accredited school. You will also need to pass the National Council Licensure Examination for Registered Nurses (NCLEX-RN)
Police Officers
Police officers are responsible for upholding the law and maintaining public safety. A successful career in law enforcement requires strong communication skills and the ability to stay calm under pressure.
Average Pay: $54k-72k per year
Education Needed: Requires a college degree
Security Officer
More people are looking for security officer jobs as the world becomes increasingly dangerous. Security officers are in high demand and are usually the first responders in an emergency situation. It’s a challenging and rewarding career that can make a difference in people’s lives.
Average Pay: $32k-53k per year
Education Needed: Depends on their background and previous experience.
Real Estate Agents
If you’re looking for a job that’s in high demand, consider becoming a real estate agent. With the right education and licensing, you could be helping people buy and sell homes in no time. You must be comfortable marketing yourself and closing sales.
Average Pay: $38k-140k per year
Education Needed: Real estate agents need to be licensed in order to work. The real estate agent licensure test has a written and practical exam that must both be passed. In order to pass, you will need to know about contracts, financing, legal issues, and more.
Nursing Assistant
One of the most popular jobs in America is nursing assistant. It requires little training and pays relatively well. The work can be demanding, but it is also rewarding, and many nursing assistants feel a sense of satisfaction from their work.
Average Pay: $29k-41k per year
Education Needed: The Nursing Assistant job requires a high school diploma or equivalent, on-the-job training, and certification.
Delivery Driver
One of the most popular jobs in America is being a delivery driver. There are many positions for delivery drivers with different companies. Popular companies to work for include UPS, FedEx, and Amazon.
Average Pay: $39k-54k per year
Education Needed: Minimal. To become a delivery driver, you need to have a valid driver’s license and be able to lift heavy objects.
Firefighter
The most popular jobs in the United States vary from year to year, but there are always a few constants. Among these are firefighters, who protect lives and property from fires and other emergencies. They undergo rigorous training and must be physically fit to do the job.
Average Pay: $54k-94k per year
Education Needed: To become a firefighter, you need to have completed high school and be at least 18 years old. You will also need to pass a physical test and complete a training program.
Customer Service Representative
A customer service representative is the front line of a company and often the first interaction a customer has with the brand. The customer service representative’s job is to handle customer complaints, provide product information, and handle other inquiries. In order to be a successful customer service representative, one must have excellent communication skills and be able to stay calm under pressure.
Average Pay: $28k-44k per year
Education Needed: Minimal. Most require on-the-job training.
Dental Assistants
Dental Assistants are needed in every dental office. They help the dentist chair-side and perform a variety of tasks such as: take X-rays, prepare patients for treatment, sterilize instruments, and more. The Bureau of Labor Statistics projects that the number of jobs for Dental Assistants will grow by 18% from 2016 to 2026.
Average Pay: $32k-50k per year
Education Needed: To become a dental assistant, you will need to complete an accredited program and pass certification exams.
Nanny
One of the most popular jobs, and one that is likely to continue being in high demand, is nannying. To become a nanny, it is important to have experience with children and to be comfortable caring for them.
Average Pay: $37k-51k per year
Education Needed: You should also be CPR certified and have a clean background check.
Medical Assistants
A medical assistant is responsible for a variety of tasks in a doctor’s office, such as handling insurance claims, scheduling appointments, and helping the doctor with examinations.
Average Pay: $33k-44k per year
Education Needed: The job requires certification from an accredited program and on-the-job training.
Home Health Aides
Being a home health aide can be a rewarding career. Home health aides assist people who are unable to care for themselves in their own homes. They may provide basic needs such as bathing and dressing, or they may provide more specialized help, such as caring for someone who has Alzheimer’s disease.
Average Pay: $23k-33k per year
Education Needed: In order to be a home health aide, you need to have a high school diploma or equivalent, be at least 18 years old and have a driver’s license.
Personal Assistants
Being a personal assistant is a profession that helps people with various tasks. These tasks can include things like preparing meals, cleaning, and running errands. There are many different types of personal assistants, but all of them must have good communication skills and be able to multi-task.
Average Pay: $50k-83k per year
Education Needed: None
Graphic Designer
A graphic designer creates visual concepts, using computer software or by hand, to communicate ideas that inspire, inform, and captivate consumers. They develop the overall layout and production design for advertisements, brochures, magazines, and corporate reports.
Average Pay: $39k-65k per year
Education Needed: Many hold a bachelor’s degree in graphic design or related fine arts field.
Marketing Manager
A marketing manager is responsible for planning and executing marketing campaigns that promote a company’s products or services. They must have a strong understanding of marketing principles and be able to develop creative strategies that will engage consumers
Average Pay: $47k-94k per year
Education Needed: Usually need a least a bachelor’s degree, but the experience is more important.
High Paying Career Opportunities that Pay Over $100k a Year
There are many popular career choices that people will argue about. For example, which is the best job? This section covers jobs that pay over $100000 a year.
These jobs typically have six-figure salaries and require years of schooling and training.
Software Engineer
A software engineer is someone who designs, creates, tests, and maintains the software that makes computers work. They design, develop, test, and maintain the software that makes our lives easier. As technology advances, the job of a software engineer becomes more and more important. Writes code, tests, and debugs programs and perform a variety of complicated tasks.
There is a high demand for software engineers in the airline industry. Pilots need software engineers to design, develop, and maintain the software that controls the aircraft. They also need software engineers to help with the maintenance and troubleshooting of the software.
Average Pay: $65k-130k per year
Education Needed: Requires a college degree. Many have master’s degrees as well. To become a software engineer, one must have a strong foundation in mathematics and computer science.
Database Administrator
A database administrator is responsible for designing, implementing, maintaining databases, and troubleshooting databases while ensuring their availability 24/7/365. They work with clients to understand their needs and create databases that meet those needs. Database administrators need strong technical skills, as well as good communication and problem-solving skills.
Average Pay: $97k-150k per year
Education Needed: May require a bachelor’s degree in area of specialty or require certification.
Investment Banker:
A career as an investment banker can be quite fulfilling, as you will be responsible for helping companies raise money by issuing and selling securities. You will need to have a good working knowledge of financial markets, as well as excellent communication and organizational skills. As well as provides analysis of opportunities and potential investments, assists clients with the formulation of investment proposals, and provides guidance on the structuring and negotiation of transactions.
Average Pay: $56k-110k per year
Education Needed: College degree is typical and may require an advanced degree.
Air Traffic Controller
Air Traffic Controllers work in airports to ensure safe and efficient air travel. They monitor aircraft and make sure they follow all the necessary safety procedures. They also direct the movement of flights and keep an eye on traffic congestion. An air traffic controller is key for the safety of the pilots and passengers.
Average Pay: $54k-120k per year
Education Needed: Requires certification from the Federal Aviation Administration (FAA).
Petroleum Engineer:
There is an increasing demand for Petroleum Engineers. They are responsible for the exploration and production of oil and gas and work in a variety of industries, including energy, mining, and transportation. They develop plans to extract oil and gas from deposits below the earth’s surface and new ways to extract oil and gas from old wells.
Average Pay: $82k-120k per year
Education Needed: Requires a bachelor’s degree in engineering. May specialize in reservoir engineering, drilling engineering, or production engineering.
Anesthesiologists
Anesthesiologists are responsible for the care of patients during and after surgery. They monitor patients to make sure they are safe, help them breathe, and make sure they are comfortable.
Average Pay: $310k-520k per year (most anesthesiology assistants make well over $100k)
Education Needed: Requires a bachelor’s degree. Then, medical schools are offering anesthesiology education.
Airline Pilots
Being an airplane pilot is a very demanding job. Pilots need to be able to stay focused for long periods of time while flying. They also need to be able to make quick decisions while flying. Pilots also need to be able to multitask while flying. With travel demand constantly growing, there will be a growing need for pilots.
The airline pilot profession is a very demanding one that requires a great deal of education and training. It takes many years of dedicated study to become a qualified airline pilot.
Average Pay: $125k-163k per year
Education Needed: In order to become a certified pilot, pilots must first complete an accredited undergraduate program. After that, they must complete a professional pilot training program that can last anywhere from 1 to 4 years. Finally, they must pass a certification.
Psychiatrists
There are many different types of psychiatrists and their job duties vary. Psychiatrists are typically employed as full-time employees in hospitals, clinics, or private practices. A psychiatrist’s job duties may include diagnosing mental disorders and providing treatment.
Average Pay: $190k-300k per year
Education Needed: Usually required to have a graduate degree in psychiatry and pass a psychiatric board examination.
Orthodontists
Orthodontists are a type of doctor who specializes in the treatment of teeth and jaws. They use orthodontic appliances (braces and retainer devices) and other treatments to correct problems with teeth and jaws. Orthodontists typically work in private clinics and hospitals.
Average Pay: $100k-210k per year
Education Needed: Required to have a four-year undergraduate degree in dental hygiene, dental medicine, or dental technology. After completing an orthodontic residency, they must pass the American Board of Orthodontics (ABO) license examination.
Day Trader
A day trader is someone who makes a living by trading stocks, commodities, or currencies. They do this by buying and selling stocks, commodities, or currencies at the right time, and making a profit. This means that they are constantly on the lookout for opportunities to make money. A day trader typically works from home and may use a computer, telephone, or other electronic devices to trade.
Average Pay: $65k-120k per year
Education Needed: Required None required. However, many have a background in finance or economics.
Hedge Fund Manager
A hedge fund manager is a person who manages hedge funds. Hedge funds are investment pools that are used to protect investors from losses. Hedge fund managers make money by investing money in different types of securities.
Being a hedge fund manager is a very demanding job. It requires a lot of skill, knowledge, and experience. A hedge fun manager must be able to analyze financial data and make decisions quickly. He or she must also be able to communicate with clients and other employees of the hedge fund.
Average Pay: $87k-131k per year
Education Needed: Hedge fund managers must have a strong educational background. Studying finance or economics is usually necessary.
Web Developer:
A web developer is responsible for creating and maintaining websites. They work with clients to understand their needs and create a website that meets those needs. Web developers need strong technical skills, as well as good communication and problem-solving skills.
Average Pay: $97k-140k per year
Education Needed: College degree required. Must have certifications as well.
Network Engineer
A network engineer is responsible for designing, implementing, and maintaining networks. They work with clients to understand their needs and create networks that meet those needs. Network engineers need strong technical skills, as well as good communication and problem-solving skills
Average Pay: $73k-120k per year
Education Needed: College degree required. Must have certifications as well.
Trade Jobs that Pay A lot More than Minimum Wage
Trade jobs often come with good pay. This is because they require specialized skills and training. Some of these jobs include welders, plumbers, and electricians. Many trade jobs also come with good benefits packages. This includes things like health insurance and retirement plans. Some even offer the choice to join a union.
For example, welders and power plant operators can make an average of $23 an hour. Plumbers and electricians can make an average of $30 an hour.
Power Plant Operator
Aircraft Technician
Welders
Plumber
Construction Manager
Electricians
Real Estate Appraiser
HVAC Technician
Elevator Mechanic
Radiation Therapists
Boilermakers
Most Needed Job Opportunities
There are a number of jobs that are on-demand and in high demand right now. These jobs may have different requirements or be in higher demand in certain areas, but they all offer the potential to make a good living doing something you love.
There are many trade jobs that are in high demand right now. This means that there are more job openings than there are people to fill them.
This list of the top five jobs in demand right now was formed with the help of Best Colleges.
Nurse Practitioner
A Nurse Practitioner is a type of doctor who helps patients with a wide range of health problems. They work in a team with other doctors and nurses to care for patients.
Nurse Practitioners are trained to diagnose and treat a wide range of health problems, which can include everything from common colds to more serious diseases.
Average Pay: $100k-140k per year
Education Needed: Medical training is beyond what a registered nurse needs. A Master’s in nursing is required as well as state licensure.
Genetic Counselor
A genetic counselor is a healthcare professional who helps individuals and families understand and adapt to the medical, psychological, and social implications of genetic disorders. They work with patients to provide risk assessment, education, and support for inherited conditions.
Genetic counselors are poised for rapid growth and long-lasting job security due to advancements in genomics and genetic testing.
Average Pay: $67k-99k per year
Education Needed: Master’s degree in genetics and board certification.
Occupational Therapy Assistant
An occupational therapy assistant (OTA) is a healthcare professional who helps people regain and improve the skills they need to live and work independently. They provide rehabilitative services to patients who have sustained an injury, have a disability, or are experiencing physical and/or cognitive changes.
This may include helping individuals improve their mobility, balance, and coordination through exercise programs; improving the social skills of children with developmental challenges; working with people who have mental health conditions to help them participate in daily activities; or providing support to elderly patients who want to remain independent.
Average Pay: $52k-76k per year
Education Needed: Associate’s degree and field experience.
Physical Therapist Aides
Physical therapists aides help patients who have physical problems such as bed sores, fractures, and paralysis. They work with the physical therapist to help the patient move and perform activities of daily living. Typically duties include helping patients with exercises, massages, and other treatments.
Average Pay: $30k-38k per year
Education Needed: Physical therapist aides must have a high school diploma or GED and pass a criminal background check.
Information Security Analyst
The information security analyst job market is projected to grow by 33% over the next three years, making it one of the fastest-growing job markets. Information security analysts are vital to the protection of data and are responsible for the protection of computer systems and networks from cyberattacks and data breaches. They work to protect an organization’s most valuable assets- its data.
Average Pay: $70k-103k per year
Education Needed: Most have a Bachelor’s degree in software engineering or computer science. Also, many have certifications.
Thinking to Follow Your Passion – Cool Jobs to Do
There are a variety of jobs that you may not have considered that can be a great fit for you.
If you’re looking for a career change or just want to try something new, here are a few jobs you may want to consider. These jobs offer great opportunities and allow you to do what you love every day.
Video Game Programmer or Designer
If you love playing video games and have some creativity, you may want to consider becoming a videogame designer. This job allows you to use your imagination and creativity to create new and innovative gaming experiences for players all over the world.
Average Pay: $53k-185k per year
Education Needed: A college degree in computer programming is preferred. However, you can program get a certification and start working sooner.
Virtual Assistants (VA)
Being a virtual assistant can be a great way to make some extra money. It can be a lot of work, but with the right skills and equipment, it can be a lot of fun. Virtual assistants work with people all over the world, so there is always something new to learn. A VA has very flexible hours and can set its own schedule.
Average Pay: $39k-52k per year (depending on how much you hustle). Very common to make more.
Education Needed: None. But, this virtual assistant training is highly recommended.
Video Producer
There are a variety of video production jobs that are in high demand. If you have the skills and are passionate about video, there are plenty of opportunities out there. You could work as a video producer for a news organization, create video content for a website, or work for a company that produces video content for marketing purposes.
Average Pay: $47k-100k per year
Education Needed: Most have a college degree in design and video production. But, experience is preferred.
Tour Guide
If you are good at giving information tours, you may want to consider becoming a tour guide. Tour guides give visitors an overview of a particular place or attraction. They must be knowledgeable about the history and culture of the area they are touring, and be able to answer visitor questions.
Average Pay: $22k-44k per year
Education Needed: None.
Fashion Stylist
Detail-oriented people who have a passion for fashion and design can make a great living as a stylist. Stylists are in high demand, especially in the fashion industry. They typically work with clients to help them choose outfits or styles that will suit them, as well as style photo shoots and provide consultation on current trends.
Average Pay: $47k-64k per year
Education Needed: This is a job where you get popular by your experience and referrals.
Translators
Being a translator can be a very rewarding and challenging career. The most popular jobs for translators are in the legal, medical, business, and technical fields.
Translating is a very versatile job that can be done in many settings. Learning about the different types of translation and which language pairs are the most popular can help you get a better understanding of the field.
Average Pay: $43k-72k per year
Education Needed: Typically hold a bachelor’s degree. Must be proficient in at least two languages.
Social Media Manager
If you are able to communicate well, have strong writing and communication skills, and have some marketing experience, you may want to consider becoming a social media manager. A social media manager is responsible for developing and executing a social media strategy for their employer or client.
A social media manager is responsible for creating and managing a company’s social media presence. This includes creating content, monitoring activity, and engaging with followers.
Average Pay: $49k-75k per year
Education Needed: A college degree in marketing is preferred.
Event Planner
Event planners are in charge of organizing and managing events. They come up with ideas for events, coordinate with various departments to make them a reality, and keep things running smoothly. Event planners can work for businesses of all sizes, from small businesses to multinationals. There are many different types of event planners, so if you’re interested in a career in events, you should explore this avenue.
Average Pay: $47k-70k per year
Education Needed: Many have a college degree, but that is not mandatory. Strong organizational skills, attention to detail, and ability to work under pressure. Experience is best.
Florist
There are many cool jobs that you can consider if you are interested in the floral industry. A florist can work in a variety of settings, such as a grocery store, a restaurant, or a ballroom. A florist can also work as a freelance artist, creating floral arrangements for special events. This is a creative outlet for many and comes with flexible hours. However, work can be seasonal and require working on weekends and holidays.
Average Pay: $35k-76k per year
Education Needed: Nothing special. Just have an eye for creativity and a love of flowers.
Work Opportunities to Make Real Money
How do you want to make money? There are many ways. You could choose a career in medicine, law enforcement, or any other occupation that ultimately benefits society and helps people thrive.
Many people believe a business degree is worth it, but may not be the best choice for you.
Here are real jobs to make real money at work.
Teacher
One of the most popular jobs in America is teaching. Teachers are needed in every state, and the profession offers great stability and benefits. We need our teachers to teach the next generation.
Average Pay: $39k-80k per year
Education Needed: In order to become a teacher, you need to have at least a bachelor’s degree and be certified in your state. Many pursue a master’s degree in order to receive higher pay.
Veterinarian / Veterinary Tech
There are a lot of different jobs in the veterinary field, and if you love animals, chances are you would enjoy working with them. Veterinarians work with all types of animals, from pets to livestock. Veterinary technicians work with animals in veterinary hospitals, performing tasks such as recordkeeping and taking care of furry patients.
Average Pay: $60k-150k per year / $25k-55k per year
Education Needed: Becoming a veterinarian is much like going to college to become a doctor requiring specialty degrees. However, a vet tech only needs a high school diploma.
Construction Worker
Being a construction worker can be a challenging, but rewarding experience. It can be a great way to meet new people and build some amazing structures. The job requires a lot of physical labor, but it can also be very rewarding to see a project come to life. If you are interested in becoming a construction worker, be sure to research the profession and prepare yourself for the challenges that will come with the job.
Average Pay: $26k-47k per year
Education Needed: Starting out no experience is needed. To become a project manager, you will need a college degree.
Marketing Assistant
A marketing assistant helps with a variety of tasks in marketing. They may be responsible for monitoring and managing budgets, creating and distributing marketing materials, or working with customers to improve their experience with a company. If you have a strong interest in marketing and are comfortable working in a collaborative environment, a marketing assistant role may be a good fit for you.
Average Pay: $34k-57k per year
Education Needed: A college degree in marketing is preferred.
Truck Driver
One of the most popular jobs in America is a truck driver and a heavily needed position. The Bureau of Labor Statistics reports that there are 1,187,500 truck drivers employed in the United States.
Average Pay: $45k-58k per year
Education Needed: A high school diploma or equivalent is typically required to become a truck driver.
Administrative Assistant or Office Manager
The Administrative Assistant position is one of the most popular jobs in America. The role generally entails providing support to managers and employees, handling office operations, and managing schedules. In order to be successful in this career, you’ll need strong organizational skills and proficiency in Microsoft Office.
Average Pay: $35k-55k per year
Education Needed: None
What Should I Do for a Living FAQs
You enjoy going to work,
Your work makes you feel fulfilled.
Your skills are utilized and challenged.
You feel like you are making a difference.
This is why it is important to spend time making a decision on what to do for a living.
You’re not passionate about your work
You’re always stressed out
You dread going to work
You’re not challenged by your work
You don’t feel like you’re making a difference
It is better to make a decision to move out of the wrong career to maintain your happiness in life.
Research other careers that might be a better fit for you and consider making a switch.
Your interests can give you clues about the types of careers that might suit you. Your skills can help point you towards careers that will make use of your strengths.
Passions:
What are you passionate about?
What topics can you talk about for hours without getting bored?
Skills:
What natural talents do you have?
Are you good at working with your hands, or do you prefer working with your mind?
Do people often come to you for advice or help with problems?
Values:
What is important to you in a job?
Do you want to feel like your work makes a difference in the world, or do you just want a steady paycheck?
Do you prefer working independently or as part of a team?
Personality:
Are you an extrovert or an introvert?
Do people describe you as spontaneous or cautious?
Work environment:
Do you prefer working indoors or outdoors?
In an office or from home?
With animals or with people?
When it comes to choosing a career, it’s important to consider what kind of personality traits will make someone successful in their chosen field. Also, knowing your values can help narrow down your career options.
How can you create a career you love?
Your career is one of the most important aspects of your life. It’s what you spend the majority of your time doing, and it can have a huge impact on your overall happiness and satisfaction with life. That’s why it’s so important to find a career that you love.
When you have a career that you’re passionate about, it doesn’t feel like work. You’re more likely to be engaged and motivated, and you’ll be more likely to stick with it even when things get tough. Plus, pursuing a career that you love can lead to all sorts of other benefits, like increased success and earning potential.
There is no reason why you can’t create a career that brings joy into your life every single day!
How can you make a living doing what you love?
What are you good at? What do you enjoy doing? Which things are you naturally drawn to?
Those are the areas you need to focus on.
Once you have a plan, it’s time to start making money. There are a number of ways to do this, but the most important thing is to get started and keep moving forward.
Remember, it takes time and effort to build a successful business or find an enjoyable career.
What Should I Do Now?
There’s no single answer to the question “what should I do for a living?”
Everyone has a different idea of what they would like to pursue.
There is no right or wrong answer when answering this question, but if you are struggling with the decision-making process, take note of these most popular jobs and the skills you need to get them.
But by exploring your interests and values, you can find a career that is a perfect match for you.
No matter what your interests or skills may be, there is sure to be a cool job out there that is perfect for you.
You could also become an environmental scientist, web developer, or event planner. There are many exciting and rewarding careers out there – you just need to find the one that’s right for you.
Then, at the next social event, you can be proud to answer “what do you do for a living?”
So what are you waiting for? Start your search today!
More Ideas for You:
Know someone else that needs this, too? Then, please share!!
When my husband and I were first married we were on an extremely tight budget. We relocated from Ohio for him to go to a very expensive graduate school, and I had no job!
Eventually, I got a job as a career counselor and student affairs administrator at San Diego State University.
His tuition was about 1/3 of my gross salary. Fortunately, we had some savings to help with expenses.
This story explains how we managed to invest on a small salary, and ultimately grew our initial investment over 6 times.
The Investing Crucible
My first introduction to the 403(b) was through my employer. I made the decision to contribute the maximum allowed by law, even though I knew we couldn’t live on the rest of my salary.
I’d be lying if I said we didn’t miss the $800 per month retirement plan contribution, because we did.
And we couldn’t have done this had we not saved up a bit during the previous years to help tide us over.
Was this crazy or not?
My thinking was, I would dip into savings in order to meet our living expenses if necessary, and we would live as cheaply as possible.
We didn’t borrow for my husband’s tuition and we paid our credit card off in full every month. During those first two years of graduate school, before my husband started working part time, times were tough. (Side note; one year we were on a game show and won enough to pay for one year’s tuition)
Our entertainment consisted of pot luck dinners with our friends or happy hour at the local Tio Leo’s where one drink entitle you to a nice buffet of chicken wings, tacos, and snacks. That was our dinner. We rented movies for $1.00 at the video store (yes, back in the day, you had to go to a store and rent a movie).
There were plenty of months where we dipped into our savings because we transferred $900 per month from my salary into our TIAA-CREF 403(b) and my gross salary was only about $3,000 per month. As my salary increased, I increased the account contribution to the maximum allowed by law.
The Investing Payoff
My employer did not contribute to this account at all.
Since the early 1990’s until today, the account increased 6.38 times. Every dollar I contributed 20+ years ago is now worth $6.38.
After I left this job, I never contributed to this account again. As a matter of fact, I didn’t even change the asset allocation of this account which was 25% invested in a TIAA fixed return annuity and 75% in the CREF stock fund.
Notice the 14.4% return from January to September, 2013. That was lower than the return we would have earned had the asset allocation held more stock investments and less fixed. But for us, I like to keep a percent of our overall portfolio diversified into cash and bonds to smooth out the volatility, even if that hampers long term returns.
The Power of Investing Now
During the previous 20 years since I left this job, there have been times when the value of this account went down and other periods when it went up. As John Bogle recommends, I didn’t pay much attention to the value, because I had no intention of withdrawing the funds.
Had we not made the decision to struggle financially during those years, there is no way we would have the available assets we have today.
Personal Disclosure
To be perfectly honest, moving from Ohio to Southern California was a bit of a culture shock. As a “down to earth” girl, not overly obsessed with fancy cars etc., the So. Cal. environment was a shock. Everywhere you turned there was another luxury car. Appearances were very important!
This didn’t make me feel bad, while I drove my Chevy Cavalier, but it surprised me.
I knew I wanted to become wealthy eventually , and I understood that saving and investing was the way to get there. Well, saving, investing, and of course building up our earnings.
I enjoyed our lifestyle and realized how lucky we were to live in beautiful Southern California. I’d be lying if I said there weren’t times when I wished we had more disposable income:). But overall, I appreciate our former financial choices as I see the great payoff today.
That said, I don’t think we could have met our financial goals as easily had we not decided to move to a more affordable place to live while raising our daughter.
The Real Secret to Wealth
This simple chart shows the power of leaving your money in the markets and letting it compound. This is the value of 1 penny doubling every day for a month. On day 31, the doubling of the prior day’s funds equals over $10 million.
Although you won’t find a 100 percent return anywhere legitimate, notice how it took quite awhile for the true benefit of the compounded growth to be realized.
We continued to contribute the maximum to our workplace retirement accounts, IRA’s, Roth IRA’s, and 529 College Savings account. Nothing deterred us from our aggressive saving and investing. As our income grew, our lifestyle improved, but never went “over the top”. Not until recently have we experienced the explosion of growth from our compounded investing.
All of our older accounts show the same type of growth as that initial TIAA-CREF workplace retirement account. Although, I wouldn’t have believed it at the time, the longer you leave your money in the markets to compound, the greater the growth.
Time in the markets, even more than investment returns, is the greatest predictor of wealth from investing. In fact, Albert Einstein once commented that compound interest is one of the greatest wonders of the world.
Investing Rules for Wealth Building
Time in the markets is the most precious commodity when it comes to investing. By leaving money in the markets to grow, the initial account contributions can multiply. Keep the money invested for a shorter period and there’s less time for the sum to compound. Even if you choose to expand into other investing, like p2p lending with lending club or with M1 Finance make sure you have time on your side when you are doing it.
Decide whether you are willing to make a tradeoff. You can’t have everything now and later. Ask yourself if you’re willing to sacrifice a bit now for the likelihood of having more later.
This is a guest post from Barbara Friedberg, MBA, MS, is a portfolio manager, former university finance instructor and publisher of the investing website, Barbara Friedberg Personal Finance.com.
Inside: You are wanting to work from home. Here are the best non phone work from home jobs. Exactly what you wanted to find.
Are you looking for a work from home job but don’t want to deal with people? You’re in luck!
There are plenty of non-phone jobs that allow you to work from the comfort of your own home.
This is becoming more and more popular because it allows you autonomous work without the influence of talking to others.
Plus we will cover the best non phone work from home jobs! There are many options available.
To help you get started, we’ve compiled a list of the 35 best non-phone jobs for you:
Can you work from home without talking on the phone?
Yes, you can work from home without talking on the phone.
More and more jobs are transitioning away from the use of a phone. So, there is no better time than to transition yourself.
Best non phone work from home jobs
Here is a comprehensive list of the best non phone work from home jobs.
You will find a variety of part-time, full-time, and contract opportunities in a wide range of fields. Also, the opportunity to become your own boss.
1. Stock Trader
Stock traders must have a good understanding of market trends, economic forces, and have the ability to make quick decisions based on their analysis.
The benefits of working as a stock trader include high pay, job security, and the potential to make a lot of money if the stock market is performing well.
Additionally, stock traders are able to work from home and have flexible hours, meaning that they can plan their working day around other commitments.
Personally, this is one way I make money is by trading stocks and options. Join the $1000 in a day club.
2. Video Editor
A video editor is someone who works with audio and visual content to create cohesive and engaging visuals for either commercial or creative purposes.
They use various software programs to manipulate video clips, sounds, and images in order to create a compelling story. The role of a video editor involves careful attention to detail and the ability to utilize a wide range of software and hardware.
The advantages of a job as a video editor include the potential to work from home and create a flexible schedule, as well as the potential to make great money, depending on the level of experience.
Additionally, it can be a great way to express creativity and further develop important skills.
On the other hand, one of the major disadvantages of working as a video editor is the high stress level that comes with the role.
Video editors are often under pressure to deliver projects under tight deadlines, which can lead to increased pressure and stress. Additionally, there is often a steep learning curve, as video editing requires a lot of technical knowledge and experience.
3. Proofreader
Proofreading is a non-phone work from home job that involves reading and carefully reviewing written documents for errors of spelling, grammar, syntax, and punctuation. It also involves making sure that the text makes sense and is consistent with the document’s purpose.
Proofreaders are expected to identify and correct errors as they appear in the text.
The pay for proofreaders is typically between $44k and $58k per year.
To make the job easier, I would take the Proofreading Anywhere course to understand what is expected of you.
4. Data Entry Jobs
Data entry clerks are often required to sort, organize, and verify the accuracy of data before entering it into the computer system.
Additionally, this type of job does not require any prior experience and can be learned quickly.
Data entry clerks can usually make an hourly wage, which makes it a great option for those looking for a side income. Furthermore, data entry clerks are often hired for short-term or part-time projects, allowing them to pick and choose their hours.
5. Writer
Typically, the role of a writer is to produce content, such as blog posts, articles, product reviews, press releases, and more, for various companies.
Writers must have a good command of the English language and demonstrate great grammar and spelling in order to be successful. Additionally, writers must have the ability to create content that is search engine optimized and persuasive.
Many people have found the Earn More Writing course helpful to bump start your freelance writing potential.
All in all, freelance writing is a great way to make a living and offers flexible hours, the potential for long-term growth, and higher pay rates.
6. Web Search Evaluator
Search engine evaluators have the important job of ensuring that search engine results are relevant and accurate to the user’s intent.
For example, a user might enter the search query ‘chocolate cupcake recipes’, and the search engine should return relevant results such as recipes. If the search results are irrelevant or inaccurate, the search engine evaluator is tasked with rating them accordingly.
Search engine evaluators typically earn around $20 per hour and can make up to $40k a year if they take the job as full-time professional.
7. Virtual Bookkeeper
A virtual bookkeeper is a professional who can provide bookkeeping services to businesses from remote location.
Most people choose to work for themselves as a bookkeeper with a bookkeeping side gig (or full-time business).
One of the main benefits of working as a virtual bookkeeper is that no college degree or qualification is needed to get started. Generally, bookkeepers charge around $80 an hour or more for their services.
Finally, you can learn more about getting started with Bookkeeper Launch to help you become a freelance bookkeeper.
8. Image Reviewer and Photo Editor
Similar to a video editor, a photo editor’s duties include, but are not limited to, ensuring that images display the desired quality, accuracy, and clarity; checking for visual consistency across all images; editing images to make them look more appealing; and providing feedback on the images.
Additionally, they may be responsible for curating collections of images, creating new content, and managing projects.
For those looking to sell on Shutterstock, this is a great side hustle.
9. Create and Sell Printables on Etsy
With a little creativity and the right software, you can create unique printables that customers can purchase and print out themselves.
This can be a great way for you to make passive income with minimal effort.
In fact, my friends Cody and Julie did so well selling printables; they now teach others how to make a living creating and selling printables.
10. Selling on Amazon (FBA program)
This is a way to make money by reselling products you find online or in brick and mortar stores on Amazon for a higher price.
Amazon will ship the products to your customers, handle customer service, and even provide storage for the products.
With the right amount of work and dedication, you can make quite a bit of money with FBA.
11. Blogger
With blogging, you have the ability to work from anywhere in the world with just a computer and an internet connection.
You can write about whatever topics you are passionate about and be your own boss.
You can also make money blogging through various income streams such as affiliate marketing, paid sponsorships, ads, and more.
12. ESL Instructor
The job of an ESL (English as a second language) instructor is to provide English language instruction, usually via webcam, to those who are not native English speakers.
The benefits of this job are numerous: it allows for flexible hours, can be done from anywhere in the world, and offers an opportunity to make a difference in the lives of learners from all over the world. Additionally, being an ESL instructor allows one to learn about other cultures, stay up to date with language trends, and gain valuable professional experience.
To get the job, you need to have a thorough understanding of the English language and pass any certification tests.
This is a great type of job that pays weekly.
13. Virtual Assistant
A virtual assistant (VA) is a professional who provides administrative and technical support to clients remotely. They help with a variety of tasks like answering emails, data entry, blog management, bookkeeping, editing, proofreading, marketing, research, filing documents, and customer service – to name just a few.
The type of services you offer will depend on your skills, experience, and education.
The biggest benefit of working as a VA is that you can work from home and set your own hours.
And the pay can be quite lucrative, with rates ranging from $25 to $100 an hour.
If you’re interested in becoming a VA, Kayla Sloan offers a free workshop that teaches people how to become Virtual Assistants and makes up to $10,000 a month. Download her Virtual Assistant checklist.
14. Accountant
An accountant is a professional who is responsible for tracking financial records and preparing financial statements for a business or individual. They ensure that their clients’ finances are accurate and in compliance with applicable laws and regulations.
One of the primary benefits of working from home as an accountant is flexibility. You are able to work your own hours and set your own schedule. This allows you to create a better work-life balance and also gives you more time to spend with your family.
15. Freelance Jobs
A freelancer is someone who does work for themselves and not for a company.
This is typically contract-type work.
You can find freelance jobs on sites such as Upwork, Fiverr, or People Per Hour.
The best way to freelance is to know your own skills and how to monetize them.
16. Editor
An editor is a professional who is responsible for reviewing and improving documents, whether that be in print, online, or even on video.
Editing involves ensuring accuracy, flow, grammar, and style. This is a great non phone work from home job because it allows for great flexibility and does not require a college degree.
Most positions are freelance which means that you can work on your own schedule and take on as much work as you can.
17. Social Media Manager
Social Media Managers are in charge of maintaining a client’s presence on a variety of social media sites, such as Facebook, Pinterest, Instagram, Snapchat, YouTube, Twitter, and Google Plus.
They are expected to respond to comments, manage brand partnerships, create posts, photos, and videos, and track analytics to come up with an effective marketing strategy to promote their client’s accounts.
In addition to creating content, Social Media Managers typically monitor and moderate what is posted on the client’s social media accounts. They are usually responsible for ensuring that the content is appropriate and that the rules and regulations of the platform are followed.
The potential salary range for Social Media Managers can vary, but they can typically make $78000 per year.
18. Transcriber
A transcriber’s role is to convert audio recordings into written documents. They listen to audio files and type out what they hear.
Transcribers have the advantage of being able to work from home and can earn up to $21 per hour or more if they start their own business. They also have the potential to increase their wage upon gaining more experience.
Additionally, transcribers do not need to interact with other people, making it an ideal job for those who are more introverted or prefer working alone.
Finally, there are various resources available to help transcribers get started, including free mini-courses and companies that hire experienced and beginner transcribers.
19. Marketing Associate
As a Marketing Associate, you’ll be responsible for a wide variety of tasks, including developing and executing marketing campaigns, conducting market research, creating content, and managing and optimizing paid search, video creation, and other digital marketing efforts.
Additionally, you may be asked to support customer service via live chat, social media, text, and email.
The ideal candidate for this role will have excellent communication skills, be proficient in typing and have excellent spelling and grammar, and be passionate about social media platforms.
20. House sitter
A house sitter is someone who stays in a home while the homeowners are away and provides care for the premises and any pets that the homeowners may have.
The job of a house sitter includes tasks such as watering plants, taking out trash, and performing general maintenance of the property.
House sitters can benefit from the opportunity to experience different places, save money on rent, and have some extra time to explore their surroundings.
Platforms such as TrustedHousesitter.com make finding house-sitting jobs easier than ever before.
21. Online Tutor
The role of an online tutor is to guide students in their studies and help them understand a particular subject or skill virtually, through video chat or online software. Plus you have the opportunity to work with students from different countries.
Online tutoring jobs vary in requirements, but typically a bachelor’s degree or current college enrollment is needed.
They provide instruction and guidance, assist students with assignments, answer questions, and give feedback on their progress. The tutor also has a responsibility to motivate and encourage their students to stay on task and reach their academic goals.
22. Pet-Sitting Jobs
Pet sitting jobs can be a great way to make some extra money from home while spending time with animals (and not people)!
With Rover, you can earn anywhere between $10 and $20 an hour for dog walking, $20-30 for overnight stays, and some people are even making $1000+ a month in metro city areas. As a pet sitter, you have to stay at home with someone else’s pets and they pay you for taking care of their pets.
Rover.com is a great platform to find pet sitting jobs as they offer a wide range of services such as dog walking, pet sitting, and pet care.
23. Personal Stylist
Personal styling is an exciting and relatively new job that offers the opportunity to work from home. The role of a personal stylist is to help clients express their individual style through the selection of clothes, accessories, and other items.
It involves curating a set number of clothing items and accessories based on the client’s fashion profile. This job requires an eye for detail, an innate sense of style, and creativity.
It’s perfect for creative individuals who are passionate about fashion and have an eye for details.
24. Website Tester
Website testers are typically paid to assess the overall user experience on a website and provide feedback on how to improve it. W
You do not need a phone to complete your tasks; they only require a laptop with a webcam and microphone to record your observations.
Website testing is a non-phone work from home job that pays good money to ensure that websites are user-friendly. It is a flexible and straightforward way to make some extra cash.
25. Closed Captioner
A closed captioner is a person who transcribes audio into text for specific use on video.
This is a great job for those who learn and work better visually, as well as those who can type quickly and accurately. This type of work allows for a very flexible work schedule, meaning you can work when you are most productive and there is no need for any phone interactions.
You get the freedom to work on your own schedule and make a decent amount of money doing something that doesn’t require phone conversations.
26. Online Test Scorer
An online test scorer is responsible for scoring assessments such as tests, exams, and essays from students of high school or college. This job requires a certain level of expertise, as the test scorer must be able to interpret and evaluate the quality of the assessments accurately and fairly.
The test scorer must also be able to maintain the confidentiality of the students’ answers and grades and be able to provide feedback that is relevant and constructive.
This job typically requires a bachelor’s degree, and it is often seasonal with part-time hours.
27. Translator
The role of a translator is to take a language and convert it into another language, be it oral, written, or audio.
Translators not only have to be multi-lingual and have a good command of grammar and spelling, but they also need to be able to convey the meaning of the words they are translating accurately. They can work on a variety of projects, from subtitling to full-length books.
There is a wide range of online platforms on offer, so translators can pick the one that best suits their skill set and desired pay rate.
28. Graphic Designer
A Graphic Designer is someone who is skilled in using platforms like Photoshop, Canva, and other software to create visual and graphical designs.
Typically, these designs are used for things like logos and branding materials, websites, social media content, or clothing.
You must have a creative flair, as well as knowledge of graphic design and the required software. In order to be successful, they must have a computer with a good internet connection and the programs necessary to do the job.
29. Medical Coder and Biller
A medical coder and biller are responsible for translating a patient’s symptoms, diagnosis, and medication prescribed by a doctor into codes.
These codes are then entered into a database for the biller to use, who will turn them into a bill to be submitted to the patient’s insurance company.
The average pay scale for medical coders and billers can range from $45k – $65k per year, and they can find many remote positions on job sites like Indeed.com.
30. Instructional Designer
The role of an Instructional Designer is to research, write, design, and create training courses and manuals for a variety of people, such as educators, students, and employees.
Instructional designers need a degree in the subject being written about, or a degree in education, and should enjoy writing and editing. Working from home as an Instructional Designer has many benefits.
Working from home in an Instructional Designer role gives you the freedom to explore new methods and techniques to create the best possible course or manual.
31. Non-Phone Remote Nursing Jobs
With more and more companies offering remote work opportunities, there are many non-phone remote nursing jobs available.
The type of work ranges from utilization review nurses, clinical research associates, and data abstractors all work with data and compliance, ensuring procedures are being followed correctly and that they are medically necessary.
Companies such as Cigna, CVS, Flatiron, PPD, and UnitedHealth Group are just some of the many hiring companies offering these types of remote nursing positions.
32. Fraud Investigator
Fraud investigators are in demand in many industries, including financial institutions, e-commerce stores, healthcare companies, and insurance companies. As a fraud investigator, you’ll be tasked with looking for fraud, abuse, and irregularities in financial transactions.
If you have an eye for detail and like doing research, this could be a great non-phone job opportunity for you.
Companies usually require customer service experience or a criminal justice degree and/or a CAMS certification (Certified Anti-Money Laundering Specialist). It’s a great way to make a good income without having to pick up the phone.
33. Community Moderator
A community moderator is a person who oversees online forums, groups, and social media accounts to ensure that rules and regulations are being followed, questions are being answered, and spam and junk content are being removed.
It is an online opportunity where moderators can be employed to manage and moderate comments on various social media sites and chat rooms.
The benefits of working as a community moderator include the opportunity to work from home and a flexible schedule. Additionally, moderators will gain experience in digital engagement, such as moderating forums, chatting with customers, managing communities, and buzzing on social media.
34. Netflix Tagger
The Netflix Tagger is a real job opportunity that allows individuals to work from home watching movies and tagging them with the appropriate keywords, genres, and descriptions.
This job is ideal for those who have a passion for movies and experience or education in radio, television, and film.
Working as a Netflix Tagger (also known as Metadata Analyst) is not only rewarding but it is also beneficial for those who want to work remotely without having to make phone calls or talk to customers.
35. Provider Enrollment Specialist
A provider enrollment specialist is a non-phone work-from-home job that involves researching, reviewing, analyzing, and managing provider enrollment applications to ensure they are in compliance with guidelines.
Provider enrollment specialists usually require prior experience in medical terminology, appeals, claims, or customer service, and may also require an associate’s or bachelor’s degree.
36. Survey Taker
By completing surveys, survey takers are able to share their opinion and help inform companies and brands on how to provide better products and services that meet customer needs and expectations.
Benefits of working as a survey taker from home include the flexibility of being able to work at your own pace and the ability to earn extra income while working whenever and wherever you choose.
Additionally, survey takers can take advantage of cash, rewards, and sweepstakes entries as compensation for their time.
It is not a way to get rich, but it is a great way to make extra money on the side.
Here are the top legit survey platforms:
37. Chat and Email Support
Chat and email support workers provide customer support and assistance via email and online chat. They are responsible for responding to customer inquiries and resolving customer issues.
This customer service-oriented position does not require the use of a phone.
Chat and email support workers must be able to answer customer questions and respond to their inquiries quickly and accurately. They must also be able to use active listening skills and type quickly.
Companies often provide chat and email support workers with guidelines for providing customer support, and they may also require workers to understand their products in order to provide effective customer service.
Are non phone work from home jobs legitimate?
The answer is yes! In fact, there is a growing number of non-phone work from home jobs for those who don’t want to be on the phone all day.
Whether you’re a mom with kids and pets running around, or if you find customer service work draining, there are good options out there for you to make money from home without being on the phone.
In conclusion, non-phone work from home jobs are legitimate and provide a great opportunity to make money from home without being on the phone.
FAQs
Ultimately, the skills needed to succeed in non phone work from home jobs will depend on the type of job you are pursuing.
More than likely, you’ll need excellent typing skills, excellent spelling and grammar, and the ability to troubleshoot and solve issues, among other skills.
However, many of the jobs mentioned above pay between $15 an hour to $50 an hour.
Some companies may also offer a base salary plus bonuses or incentives.
Fortunately, there are plenty of non-phone jobs available for remote workers that don’t require a diploma.
However, you may have to take some online courses to excel faster in your field.
Many on this list are great low stress jobs that pay well without a degree.
Yes, there are software or tools needed for non-phone work from home jobs, depending on the type of job.
More than likely, you will need a computer and a reliable internet service.
Are you Excited to Work from Home Job No Phone?
Working from home has become increasingly popular over the years, as it offers flexibility, comfort, and the ability to work from anywhere.
All of these jobs that offer the best comfort and increased focus is working from home on the laptop. The advantages of this job include flexibility in schedules, the ability to remain in control of your own workspace, and enhanced focus as there is less noise and distraction.
With the number of remote job leads that are available, you are sure to find the perfect work from home job that suits your needs.
In addition, working from home gives you the freedom to work in a location of your choice. You no longer have to commute to an office or be bound by office hours.
Also, you can take breaks when you need them and work in a comfortable environment.
Which career choice are you going to look into?
Know someone else that needs this, too? Then, please share!!
I spent a couple hours this morning performing what ought to have been a simple home-maintenance task. The light fixture on our front porch had gone faulty, and I needed to replace it. I’ve done enough wiring projects now that the electrical aspect of the job didn’t bother me. But the woodworking? That was frustrating.
As I fumbled with the jigsaw (“Drat! Another blade bent!”), I wished again that I practiced woodworking more often. I have several friends who do so, and the skills they’ve learned help them to save money around the house. My incompetence this morning gave me plenty of time to reflect on the value of productive hobbies.
Productive hobbies When I was younger, I spent most of my spare time reading comic books and playing video games. There’s nothing wrong with a little self-indulgence, but the older I get, the more I appreciate hobbies that provide practical skills. Productive pastimes are not only fulfilling, but they can also help save money. (Sometimes they can even generate a little income!)
Here are a few hobbies and pastimes that can help to save (or make) money:
Gardening. Kris and I aren’t yet finished with our year-long garden project, but already we know that it has saved us money. (Find out just how much when we post an update this Saturday.) Even if it did cost a little more, it’s fantastic to have fresh food just feet from the front door. You don’t need a lot of space to start a garden. Consider square-foot gardening or container gardening.
Photography. Cameras can be a money sink, but photography doesn’t have to be expensive. You can have a lot of fun with a cheap point-and-shoot digital camera. With practice, you may even be able to make money selling digital photos online. I know several people who do this (and I’ve done it myself).
Woodworking. Carpentry is another hobby that can consume a lot of cash. But if you have the space and the time, you can also develop skills that yield big dividends in the long run. If I’d taken the time to learn woodworking, I wouldn’t have to pay a contractor to do some of our remodeling projects. (And I wouldn’t have cut a four-inch hole this morning when I only needed a three-inch hole.)
Knitting. As with many hobbies, knitting can be expensive, but there are ways to make it less so. Nell at Octopus Knits has pattern companies and yarn folks giving her product (yarns & patterns) to try. Some of my friends have taken commissioned projects. Kris is learning to knit adorable little stuffed animals; she could sell them for $20 a pop.
Computer repair. Because I’ve always been a computer hobbyist, I’m able to troubleshoot computer problems instead of paying somebody to do it for me. Before I turned Mac, I also saved money by building my own machines. In fact, for a couple years, I supplemented my regular salary by helping friends and family with their computer problems.
Art. Last week, I pointed to the work of lillyella, whose art generates enough income through her Etsy store that she now does it full time. In the past, I’ve also mentioned Ayla, a teenager who sells her art glass at the local farmers market. Kris has a friend who is learning how to work with stained glass, but just for fun.
Cooking. My friend Laura has a group of friends that love to cook. They recently organized a cooking evening to provide freezer meals for each of them. They decided on six menus, assigned the shopping, borrowed a church’s kitchen, divided duties like cutting, slicing, dicing, mixing, frying, cleaning, split the costs and each went home with six different items for future use. But even learning to cook for your own family can save you a lot of money.
Baking. Baking is fun for its own sake, but it can also save you money with gifts. Who wouldn’t rather have a couple dozen home-baked cookies than another useless mug? Some people can even turn this skill into a career. My aunt turned a baking hobby into a business, creating cakes and catering weddings. She provided jobs for several other family members, too!
Canning. Though Kris has always enjoyed canning, this summer has been amazing. She’s discovered it’s a hobby she truly loves. She derives immense satisfaction from preserving her own food. “It’s comforting to walk into the pantry and know that I made all of this,” she said recently. “I know where the food came from, and I know that we’ll be eating it all winter.” Though the start-up costs are a little high, they repay a hobbyist in time.
Making music. My friend Michael has a musician friend who plays the piano and has been paid to play at private events. He has another friend with a great voice. This man loves to sing, and he and his friends hire themselves out as a quartet around Valentines Day and to sing Christmas carols during the holidays. (I’m always jealous of my musical friends. I know it’s hard work to become proficient, but it looks like such a fun way to stay entertained.)
Vehicle maintenance. I know little about cars. I wish I knew more. Knowing even basic vehicle maintenance can save you big bucks. I once knew a guy who performed nearly all his own auto work. He could buy a junker car, fix it up, and resell it at a nice profit. He wasn’t going to get rich doing this, but he enjoyed the hobby, and it kept him in money for his own vehicle.
Physical fitness. You’ll never get rich running road races, but there’s no question that a healthy body can save you money. Find a physical activity you enjoy: biking, running, hiking, dancing, yoga, weightlifting. Play a team sport. Regular exercise can be fun, but it will also save you money in the long run.
The possibilities are limitless. There are countless fun and interesting hobbies that can either save you money, or maybe help you earn a little on the side.
Quick tips You’ll notice that none of these hobbies involve collecting. I’m an inveterate collector myself (comics, books, notebooks, movie serials, music of the 1920s, …), so I know first-hand how expensive it can be. Some would argue that it’s a form of compulsive spending, and I can’t really disagree. Since I’ve begun focusing on hobbies that involve doing rather than getting, I’ve spent much less money.
For some hobbies, equipment can be prohibitively expensive. In these cases, you may be able to find used stuff on Freecycle or Craigslist, or you may be able to begin with low-end gear. (This isn’t always a good option. If you think you’re going to be doing a lot of running, you should buy a quality running shoe from an expert, and not settle for cheap sneakers, for example.)
In many cases, it’s possible to jump-start a hobby by taking a course at a community college or community school. I spent a year taking photography classes, for example. The instruction and experience were invaluable, and helped me develop the skills necessary to actually sell a couple photos.
My friend Michael likes woodworking but can’t afford (and doesn’t have space for) all of the equipment. When he needs to build something, he signs up for a community college woodworking course so that he can use industrial woodworking tools at a reasonable cost.
Further reading I’m a big fan of productive hobbies, and I’m not the only one! Here are some articles on the subject from around the web:
Don’t forget that hobbies are an excellent way to make gifts for less than it costs to buy them. Kris sometimes knits gifts for special occasions. Most years she gives some sort of home-made food to our friends for Christmas. I sometimes give photographs. One of the best birthday gifts I ever received was a batch of homemade chocolate chip cookies.
In The Little Book of Bull Moves in Bear Markets (which I recently reviewed), author Peter Schiff provides a list of the best jobs to beat the economic collapse he predicts is just around the corner. “I foresee the following as the 10 strongest professions and industries over the coming decade and beyond,” he writes. His list:
Engineering, because the abandoned U.S. industrial base will need to be re-tooled.
Construction, to rebuild the American infrastructure.
Agriculture, as we wean ourselves from imported foodstuffs.
Merchant marine, to transport goods to foreign markets.
Commercial fishing, because demand for fish is increasing in the U.S. even as foreign supply is declining.
Energy, because we’ll need to develop alternatives to fossil fuels.
Computers and high technology, one field in which the U.S. continues to lead.
Entertainment, another industry in which the U.S. should continue to dominate the world market.
Automotive repair, small appliance repair, and the like. It’s going to become more costly to replace items, making repair a viable option.
Tailoring and textiles, because imported clothes will become scarcer and more expensive.
This list is predicated on Schiff’s belief that the U.S. economy is in massive collapse. He also lists job sectors he believes will decline sharply: the service economy, banking and finance, real estate, health care, travel and tourism, and retailing. If you have a job in one of these industries, Schiff recommends planning for a career change.
Schiff’s advice made me curious. What do other experts think are the safest jobs for riding out this recession? I did some digging to find out.
A Second Opinion
There’s actually a new book out on this subject called 150 Best Recession-Proof Jobs by Laurence Shatkin, a career information consultant. His top ten recession-proof jobs are:
Computer systems analyst
Network systems and data communications analyst
Network and computer systems administrator
Registered nurse
Teacher, postsecondary (i.e., college professors)
Physical therapist
Physician and surgeon
Dental hygienist
Pharmacist
Medical and health services manager
The San Diego Union-Tribune recently featured a profile of Shatkin and his book, in which he explains that he derived his list from government statistics. Contrast this with Schiff’s list, which is based not on past data, but on his prediction of the future. It seems to me that these men are coming at the problem from different angles, and their lists reflect that. They’re nearly opposites.
Challenger, Gray and Christmas
There are other experts with their own ideas about which jobs are best in a recession. Representatives from the outplacement firm Challenger, Gray and Christmas made the rounds earlier this year with their list of recession-proof jobs, which included the following rising professions:
Education
Energy
Health care
International business
Environment
Security and law enforcement
They also note a few jobs in which the prospects are declining:
Anything related to housing (including real estate, investment banking, engineering, and architecture)
State and local government
Industries dependent on discretionary spending (e.g. restaurants and retail)
The advice from Challenger, Gray and Christmas is slightly different than that of either of the first two lists. The only real agreement among these three different sources is that industries related to housing and to discretionary spending are in for hard times.
The Jobfox list
Finally, Jobfox, a job-matching website, has been sharing its list of the top 20 in-demand jobs based on statistics for the past year. Forbes published a version of the list, as did Business Week, which created a slide show including median salaries for these careers:
Sales representative/business development ($65,000-$75,000)
Business analysis (software implementation) ($85,000-$95,000)
Business analysis (research) ($65,000-$75,000)
Finance staff ($65,000-$75,000)
Project management ($85,000-$95,000)
Testing/quality assurance ($65,000-$75,000)
Product management ($85,000-$95,000)
Database administration ($75,000-$85,000)
Account/customer support ($35,000-$45,000)
Technology executive ($115,000-$125,000)
Electrical engineering ($65,000-$75,000)
Sales executive ($85,000-$95,000)
Mechanical engineering ($65,000-$75,000)
Government contracts administration ($55,000-$65,000)
This list points to three broad paths for those wishing to avoid the effects of the recession: management, computer science, and accounting. But again, this list is very different from the others.
Aside: Looking at these median salaries makes me a little envious. During 2007, the median salary for guys named J.D. employed by small family box factories in Oregon was $42,000 a year. I wonder how much sooner I might have repaid my debt if I’d done something else for a career…like become a “technology executive”.
Four Experts, Four Opinions
What conclusion do you draw from looking at these lists? The top lesson I get is that nobody can agree on which jobs are best for riding out a recession. As we’ve seen time and again when people try to predict the future, everybody has a different methodology, and everybody comes to a different conclusion. Nobody will be 100% correct.
I believe that in general, the most recession-proof job is the one you already have. If your current career is fulfilling and pays well, then do what you can to make yourself indispensable. Develop your skill-set. Be a valuable contributor. Keep a positive attitude. Network your way to job security. These things won’t help if your company undergoes massive lay-offs, but they will protect you from casual culling.
Getting a mortgage is, by general consensus, the most treacherous part of buying a home. In a recent survey, 42% of home buyers said they found the mortgage experience “stressful,” and 32% found it “complicated.” Even lenders agree that it’s often a struggle.
“A lot can go wrong,” says Staci Titsworth, regional manager at PNC Mortgage in Pittsburgh.
If you’re out to buy a home, you have to be vigilant. To clue you into the pitfalls, here are six of the most common ways people mess up getting a mortgage.
Waiting until you can make a 20% down payment
A 20% down payment is the golden number when applying for a conventional home loan, since it enables you to avoid paying private mortgage insurance (PMI), an extra monthly fee of 0.3% to 1.15% of your total loan amount. But with mortgage rates where they are today—in a word, low—waiting for that magic 20% could be a huge mistake, since the more time passes, the higher mortgage rates and home prices may go!
All of which means it may be worth discussing your home-buying prospects with lenders right now. To get a ballpark figure of what you can afford and how your down payment affects your finances, punch your salary and other numbers into a home affordability calculator.
Meeting with only one mortgage lender
According to the Consumer Financial Protection Bureau, about half of U.S. home buyers only meet with one mortgage lender before signing up for a home loan. But these borrowers could be missing out in a big way. Why? Because lenders’ offers and interest rates vary, and even nabbing a slightly lower interest rate can save you big bucks over the long haul.
In fact, a borrower taking out a 30-year fixed rate conventional loan can get rates that vary by more than half a percent, the CFPB has found. So, getting an interest rate of 4.0% instead of 4.5% on a $200,000, 30-year fixed mortgage translates into savings of approximately $60 per month, or $3,500 over the first five years.
So to make sure you’re getting the best deal possible, meet with at least three mortgage lenders. You’ll want to start your search early (ideally, at least 60 days before you start seriously looking at homes). When you meet with each lender, get what’s called a good-faith estimate, which breaks down the terms of the mortgage, including the interest rate and fees, so that you can make an apples-to-apples comparison between offers.
Getting pre-qualified rather than pre-approved
Mortgage pre-qualification and mortgage pre-approval may sound alike, but they’re completely different. Pre-qualification entails a basic overview of a borrower’s ability to get a loan. You provide a mortgage lender with information—about your income, assets, debts, and credit—but you don’t need to produce any paperwork to back it up. In return, you’ll get a rough estimate of what size loan you can afford, but it’s by no means a guarantee that you’ll actually get approved for the loan when you go to buy a home.
Mortgage pre-approval, meanwhile, is an in-depth process that involves a lender running a credit check and verifying your income and assets. Then an underwriter does a preliminary review of your financial portfolio and, if all goes well, issues a letter of pre-approval—a written commitment for financing up to a certain loan amount.
Bottom line? If you’re serious about buying a house, you need to be pre-approved, since many sellers will accept offers only from pre-approved buyers, says Ray Rodriguez, New York City regional mortgage sales manager at TD Bank. Here’s how to start the process of mortgage pre-approval.
Moving money around
To get pre-approved, you have to show you have enough cash in reserves to afford the down payment. (Presenting your mortgage lender with bank statements is the easiest way to do this.) Nonetheless, your loan still needs to go through underwriting while you’re under contract for your loan to be approved. Because the underwriter will check to see that your finances have remained the same, the last thing you want to do is move money around while you’re in the process of buying a house. Shifting large amounts of money out or even into your accounts is a huge red flag, says Casey Fleming, mortgage adviser and author of “The Loan Guide: How to Get the Best Possible Mortgage.”
So if you’re in contract for a home, your money should stay put.
Applying for new lines of credit
If you apply for a new credit card or request a credit limit increase a few months before closing, watch out: Credit inquiries ding your credit score by up to five points. So, don’t let the credit inquiries add up.
“Worse than the actual hit on your credit score is any pattern of trying to borrow more money all at once,” says Glenn Phillips, CEO of Lake Homes Realty. Translation: Applying for multiple lines of credit while you’re buying a house can make your mortgage lender think that you’re desperate for money—a signal that could change your mortgage terms or even get you denied altogether, even if you’ve got a closing date on the books.
Changing jobs
Mortgage lenders like to see at least two years of consistent income history when pre-approving a loan. Consequently, changing jobs while you’re under contract on a property can create a big issue in the eyes of an underwriter.
Your best bet? Try to wait until after you’ve closed on your house to change jobs. If you’re forced to switch before closing, you should alert your loan officer immediately. Depending on the lender, you may simply need to provide a written verification of employment from your new employer that states your job status and income, says Shashank Shekhar, the founder and CEO of Arcus Lending in San Jose, CA.
Mortgage Q&A: “How much do mortgage brokers make?”
If you happen to use a mortgage broker to obtain your mortgage, you may be wondering how they get paid and what they make.
Mortgage brokers essentially work as middlemen between borrowers and banks/lenders, so they can actually be paid by either party.
Just to be clear, this article is about how much mortgage brokers make on the home loans they originate, not how much they make in the way of salary.
Of course, brokers typically aren’t paid a salary, so if we know what they’re making per loan, we’ll have a decent idea as to what they might take home each year as well depending on annual volume.
But you have to consider their costs to operate as well, which will vary based on how large their shop is, if they employ loan officers, how much they spend on advertising (if any), and so on.
How Does a Mortgage Broker Get Paid?
They can choose to get paid by either the lender or the borrower
They can charge an origination fee directly, which comes out of the borrower’s pocket
Or elect to get paid by the lender, which is indirectly paid by the borrower
The latter results in a slightly higher interest rate, meaning it’s paid over time via higher monthly mortgage payments
In the recent past (before April 1, 2011), mortgage brokers could make money on both the front and back end of a mortgage loan.
Simply put, they could charge a loan origination fee directly to the borrower and also get paid by the mortgage lender via a yield spread premium (YSP), which was the commission the bank or lender provided in exchange for a mortgage rate above market.
In short, the higher the interest rate, the more YSP the broker would receive from the lender.
YSP was also referred to as “par-plus pricing”, “rate participation fee”, “service release fee”, and many other variations.
Brokers had the ability to make several points on the back end of a loan, potentially earning thousands of dollars, sometimes without the borrower’s knowledge.
They could also collect money on the front end of a loan via out-of-pocket closing costs like loan origination fees and processing costs, which the borrower paid directly.
For example, back in the day it was possible for a broker to charge one (or more) mortgage points upfront for origination, receive another two points on the back from the lender, and also tack on things like loan processing fees.
All told, they could make three to five points on a mortgage, aka 3-5% of the loan amount. If we’re talking a $500,000 loan amount, that’s anywhere from $15,000 to $25,000 per loan!
And it could be even higher for jumbo loans. Prior to the housing crisis, it wasn’t unheard of for brokers to make massive commissions like this.
You’d hear about them asking for “max rebate” on the back end, which was the limit wholesale lenders would pay out, while still convincing the borrower to pony up an origination fee on the front end.
As a result, brokers could essentially be paid twice for the same transaction.
The beauty of it was the yield spread premium came in the form of a higher mortgage rate, so it didn’t even look like a fee or a cost to anyone – it just meant the borrower had a slightly higher mortgage payment for the entire loan term.
In other words, the borrower was saddled with a higher rate for the life of their loan and may have also paid a commission upfront, without realizing it.
Had the broker just charged the upfront fee and nothing else, the borrower may have received a mortgage rate of say 4% instead of 4.5%.
In hindsight, it probably didn’t matter because most of those loans didn’t last more than a few years (or months) before they were refinanced or foreclosed on. Eek.
How Mortgage Broker Compensation Works Today
Brokers can no longer get paid twice on a single loan
Instead they have to choose how they want to be compensated, by the borrower or lender
They may have a different compensation package with each lender
So depending on where the loan is placed their commission could vary from loan to loan
As noted, the controversial practice outlined above was outlawed in 2011.
The Fed came in and changed all that by effectively banning yield spread premiums, and now mortgage brokers can only get paid by the borrower OR the lender, not both.
That doesn’t mean they can’t still make a lot of money per loan, it just means the way they can get paid via the wholesale mortgage channel has been limited.
In other words, they either charge you directly to close the loan or they get paid by the lender and you pay for that commission indirectly (not out-of-pocket at closing) via a higher interest rate.
If charging directly, the borrower pays for the broker fee or origination fee, loan processing, and so on. Compensation can also vary from loan to loan.
If being paid by the lender, it’s similar to YSP, but brokers must now choose a compensation plan upfront with each lender they work with, as opposed to charging different amounts on each loan as they see fit.
And they usually must stick with that compensation plan for three months before they can change it again.
For example, they may choose to earn 1% commission on every loan they close with Bank A. So if the loan amount is $500,000, they’d earn $5,000. If it’s $300,000, they’d only get $3,000. And so on.
But they may select a higher compensation structure with Bank B that gives them 1.5% on each closed loan.
Assuming the loan terms and cost are the same, they can send your loan to Bank B for a higher commission, as it won’t affect what you ultimately receive.
However, a different broker may decide to set all their compensation levels at 2%, and if you happen to work with them your interest rates may be higher across the board to account for their higher commission.
So you kind of have to shop mortgage brokers too in order to find the one offering the lowest rate/costs.
In other words, you can still get a raw deal, or at least a not-as-good deal. The good news is they can no longer get paid on both the front and back end of the loan.
But you should continue to be vigilant and look over your loan documents to ensure you aren’t being overcharged.
In short, you’ll want your broker to send your loan to the bank that offers you the lowest interest rate, not the one that gives them the highest commission.
What Is the Mortgage Broker’s Commission? And How Do I Find It?
So you’re applying for a home loan and want to know the mortgage broker’s fee. I don’t blame you, it’s important stuff.
But if the interest rate and combination of closing costs are favorable relative to other banks/lenders/brokers, it doesn’t really matter what they make.
Still, you should know and you have a right to know. Here’s how to find out.
When signing loan disclosures early on in the process, look out for a “Loan Brokerage Agreement” form that spells out their commission, and whether it’s borrower- or lender-paid.
The screenshot above is an example where a broker earned $8,775 via the lender for facilitating the loan. Not bad for one loan, eh?
To figure out how much they’re making on a percentage basis, simply take the compensation amount and divide it by the loan amount.
The loan amount in this example is $780,000, making their compensation 1.125%. It’s reasonable as they could charge 2% or more depending on the wholesale lender they partner with.
You can also find the broker fee on the Closing Disclosure (CD) and the ALTA Settlement Statement when it’s time to sign docs and close your loan.
Okay great, so what do brokers make?
A survey said they were paid 2.25 points per loan on average
On a $300,000 loan amount that would be $6,750 in compensation
While it sounds like a tidy sum, you have to consider their volume and operating costs as well
It’s pretty close to what real estate agents make, usually 2.5% of the sales price
A press release from 360 Mortgage Group detailing the compensation changes said mortgage brokers generate an average revenue of 2.25 mortgage points on a home loan.
For example, on a $500,000 mortgage, they’d make roughly $11,250 in revenue. That sounds pretty good, doesn’t it?
But as mentioned, we have to subtract the costs of doing business, which are variable. From there, you’d have your profit per loan.
Not a bad take for helping people get mortgage financing, depending on how many loans are closed each month, and what expenses are involved.
As you can see, mortgage broker salary will definitely vary based on the size of the loans they typically close. In more expensive areas of town (or the country), brokers might make six-figures or much, much more.
While those in lower-priced metros could make significantly less if costs are still relatively similar.
Additionally, brokers who focus on mortgage refinances might have higher loan volume than those who help home buyers purchase real estate, as the latter can be harder to come by and slower to close.
Of course, if they partner with a local real estate office or two, they have the ability to generate a ton of purchase loan business too, so it’s hard to say either specialty would be more successful universally.
Their average income will also depend on the financial institutions they choose to partner with, as compensation structures and points per loan will vary across different mortgage lenders.
One aspect of a mortgage broker’s job is linking up with lending partners that are good at quickly closing loans, while also offering competitive pricing. As such, these partners can greatly affect a mortgage brokers salary.
[How to get a wholesale mortgage rate?]
Will mortgage brokers still make the same money?
While it might be more difficult to make a ton of money on a single loan
Brokers still have the ability to make a very good living even with limited volume
A broker who closes just $2 million a month could earn over $500,000 annually
Very few other occupations pay anywhere close to that much
The 360 Mortgage Group believes brokers will be able to adapt to the compensation changes, and if you know anything about the mortgage business, new rules are typically circumvented overnight.
Many mortgage lenders are now publishing multiple mortgage rate sheets, with one version lender-paid compensation and the other borrower-paid compensation.
So brokers can simply pick up a specific compensation-based rate sheet they’d like and be on their way.
For example, if they want to make 2.50 points, there’s a rate sheet for that. If they only want one point, there’s a rate sheet for that too.
But the rule change will probably reduce average incomes for loan brokers, since they won’t be able to take a little from both the front and back of the loan.
Receiving compensation from just one entity, as opposed to two, means it’ll be more difficult to charge an excessive amount per loan, though not impossible.
This is relatively good news for home buyers and existing homeowners looking for refinance who will hopefully enjoy lower mortgage payments, but bad news for mortgage brokers, who continue to lose market share. It could also dent their total pay.
It’s recommended that you shop for a mortgage by gathering rate quotes online, at your local bank/credit union, and also via a mortgage broker or two.
You’ll never know who might have the best rate/terms unless you actually take the time to shop around!