Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start. If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned…
Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start.
If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned out all the time.
Whether you’re making online content, helping people get fit as a personal trainer, or organizing medical records, there are many options for a job that helps you stay calm and relaxed.
Recommended reading: 40 Best Jobs Where You Work Alone
Best Low Stress Jobs
There are many low stress jobs listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Below are the best low stress jobs.
Note: While these jobs are low stress for some, they may not be for all. There may be a certain aspect of it that may make it low stress for you, such as being able to work alone, being able to work from home, having a flexible schedule, or doing something that you enjoy. But, nearly all jobs have some sort of stress that is a part of the job, so that is something to keep in mind. And, that doesn’t mean that these jobs are easy. Many of the jobs below are still quite difficult, requiring schooling (even getting your doctorate degree!) and hard work.
1. Blogger
If you enjoy writing and sharing ideas, becoming a blogger might be the perfect low stress job for you.
As a blogger, you have the freedom to create content on topics that interest you. Whether it’s personal finance, cooking, travel, tech, or any hobby, your blog is a space to express yourself.
I started my blog, Making Sense of Cents, in 2011 without much planning. I just wanted to talk about my own experiences with money. Surprisingly, since then, I’ve made over $5,000,000 from it. And now, blogging is my main job!
I really enjoy being able to blog full-time, and it’s much less stressful than the previous day job I had. But, it is still running my own business, so there are other stresses that come along with that, of course.
But, there are many positives as well! I can work alone, I get to make my own schedule, I am my own boss, I get to do the work that I choose to do, and I can work from home. I have an amazing work-life balance, and I wouldn’t trade this job for anything else.
So, what’s a blog? Well, it’s like what you’re reading now – it’s writing on a website. You can write a blog about something you really like, something you know a lot about, or even something you want to learn more about. People like to read blogs because they get to follow along with someone’s real experiences and journeys!
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
2. Sell printables
Selling digital printables online is a great way to work from home with less stress and make money.
Creating printables can be a less stressful job because you only need to make one digital file for each product, and then you can sell it many times. It’s also not expensive to start because all you need is a laptop or computer and an internet connection.
Plus, you can do all of this from home and on your own time.
Printables are things you can get on the internet and print at home. They could be games for a bridal shower, lists for groceries, planners for managing money, invites for events, quotes you can hang on your wall, or designs you can use for crafting.
I recommend signing up for Free Training: How To Earn Money Selling Printables. This free workshop will give you ideas on what types of printables you can sell, how to get started, the costs of starting a printables business, and how to make money.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Bookkeeper
Bookkeepers handle money matters for businesses, and they write down sales, keep track of expenses, and create financial reports.
This job allows you to work independently, earning a typical salary of $40,000 or more each year. You’ll mainly work with numbers instead of interacting with people.
Many bookkeepers like their jobs because they work regular hours and don’t have as much pressure as some other jobs.
You don’t need a college degree to start as a bookkeeper either. This is something that you can learn to get started, as there are no education requirements.
You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
4. Proofreader
If you already enjoy reading articles or books and spotting errors, then you may find this job interesting.
A proofreader’s main task is to read content and look for mistakes in spelling, grammar, and punctuation. They’re the last line of defense, ensuring that everything reads perfectly before it goes out into the world. Many proofreaders enjoy the flexibility this job has, as they can often set their own hours and work from where they feel most comfortable.
Many writers, website owners, and students hire proofreaders to improve their work. There’s a big demand for proofreaders, and you can find jobs on different sites.
Even the best writers can make errors in grammar, punctuation, and spelling. That’s why hiring a proofreader can be extremely helpful for almost everyone.
In fact, I have a proofreader for my blog. Even though I write all day long, I know that it is very important to have a proofreader go through everything that I write.
If you want to become a proofreader, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to begin your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
5. Transcriptionist
Transcriptionists listen to recordings and type out what they hear.
Becoming a transcriptionist is a low stress job if you’re looking for flexibility in terms of work schedules and the comfort of working from your own space.
Online transcriptionists typically earn between $15 to $30 per hour on average, with new transcribers usually starting at the lower end of that range.
A helpful free training to take is Free Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
6. Software developer
A software developer is a person who designs, creates, tests, and keeps up software applications, systems, and programs. They’re good at programming languages and frameworks, using their skills to make solutions that meet specific needs or solve problems.
Software developers work in different fields like technology, finance, healthcare, and entertainment. They work with other team members like designers, engineers, and project managers to finish software projects well and meet the needs of users.
I know many software developers who enjoy what they do. While it is a hard job, many of them are able to work from home, travel whenever they want, and they tend to enjoy solving complex technical issues.
Other less stressful jobs in a related field include becoming a computer systems analyst, software architect, computer hardware engineer, and web developer. For these jobs, you may need a bachelor’s degree in software engineering, computer science, or a related field.
7. Massage therapist
If you’re looking for a stress-free job that lets you help others, think about being a massage therapist. Massage therapists use their hands to ease pain, help people relax, and help people feel less stressed.
Massage therapy might be a little less stressful for you because the atmosphere at work is usually calm (after all, that’s why people are going there – to relax!), and you don’t bring work home with you (so, no late night phone calls from clients!).
Massage therapists usually work in places like spas, wellness centers, or chiropractic clinics. Some may also have their own private businesses or have mobile services, which lets them have a more flexible schedule and be their own boss.
To become a massage therapist, you will need to go to school for massage therapy and pass a state exam. This typically takes around 6 months to 2 years to complete (it depends on the state you live in).
8. Personal trainer
Personal trainers help people with their fitness and being more healthy, which can mean creating workout plans, motivating them to work out, or showing the right way to lift weights.
Personal trainers work in a gym, hospital, or even go solo as a freelancer.
This job has some flexibility, which is something that many personal trainers like. You get to choose who you train, where you work, and when you have sessions. Plus, you’re not stuck at a desk all day, which keeps things fresh and fun.
9. Dental hygienist
Dental hygienists clean teeth, check for things like cavities or gum disease, and teach patients the best ways to brush and floss.
You can start this career with an associate’s degree, which usually takes about two years to finish. Plus, you may be able to make over $75,000 a year as a dental hygienist.
10. Medical records technician
If you’re in the job search for low stress jobs in healthcare, then becoming a medical records technician may be for you.
Medical records technicians handle health information data, and they make sure that all the records (both electronic health records and paper files), such as patient history, test results, and treatments, are accurate, accessible, and secure.
It’s low stress because, unlike some roles in medicine, you won’t be on the front lines dealing with emergencies. Your work environment is typically calm, allowing you to focus on your tasks without the pressure of patient care.
To become a medical records technician, you typically only need a high school diploma, but some employers may want to see a certificate related to the field or higher education.
11. Optometrist
An optometrist is an eye doctor who helps people see better. They check your eyes, find out if you need glasses, and help keep your eyes healthy.
You may like being an eye doctor because:
You usually work regular hours. People don’t typically have optometrist emergencies.
The pay is great.
It’s usually a relatively calm job.
Plus, according to the Bureau of Labor Statistics, the median salary for optometrists is over $125,000 a year, and there is expected to be a 9% job growth outlook over the next decade.
12. Physicist
Physicists study the laws and principles that govern the universe, like gravity and motion, and how they apply to everyday life.
Most physicists work in research and development. Some work in offices, while others spend time in laboratories. There are also those who teach at universities.
The job comes with a reasonable stress level, as physicists frequently engage in deep thinking rather than dealing with tight deadlines or high-stress situations, and they typically conduct research. This can make for a fulfilling and low-pressure work environment if you enjoy physics.
To be a physicist, you will likely need a Ph.D. That means a lot of school, but it’s worth it if you love science and discovery.
13. Statistician
Being a statistician might be a perfect choice for your career if you love numbers and data.
Statisticians analyze data and identify patterns, such as by taking a bunch of numbers and turning them into useful information that companies can use to make decisions. Statisticians also might collect data from surveys and experiments.
Statisticians usually have pretty regular hours and it’s normally a quiet place to work, so you can focus just on your tasks without a bunch of noise. Plus, it’s not a job that is typically rushed, so you can take your time.
14. Mathematician
If you love numbers and problems that make you think, a related field to the above may be becoming a mathematician.
Mathematicians use mathematics to unravel patterns and address significant questions.
Mathematicians are needed in many different fields like academia, government, finance, and technology.
In academia, they work as professors and researchers, studying both theoretical and practical math ideas. Government agencies like NASA and the NSA hire mathematicians for jobs like exploring space and analyzing statistics. Financial companies hire mathematicians to make algorithms for things like evaluating risk, pricing items, and creating trading strategies. Also, big tech companies like Google and Microsoft use mathematicians to develop algorithms and analyze data.
15. Librarian
Becoming a librarian is a great job for someone who likes quiet places and books.
Being a librarian is not just about checking out books. It’s a role that’s all about helping people find information and enjoy reading.
Your main job as a librarian would be to help people find the books or online resources they need. You also get to put together fun programs, like story time for kids or book clubs. Keeping the library in tip-top shape is part of your work too, like putting books back on the shelves, managing schedules for employees and volunteers, and making sure everything is where it belongs.
Libraries are usually calm and quiet, which can make it stress-free for you. This makes your workplace quite relaxing, which is great if loud and busy spots make you feel stressed. Plus, you get to have a regular schedule.
Most librarian jobs need a bachelor’s degree at the minimum and sometimes, you will most likely need a master’s degree in library science (MLS) from an accredited program.
Librarians work in many places, such as public libraries, schools, law firms, universities, and more.
16. Orthodontist
One of the best high-paying jobs for people who don’t like stress is becoming an orthodontist.
An orthodontist is a specialized dentist who focuses on fixing teeth and jaw alignment problems. They help patients get straighter smiles and better oral health using treatments like braces, clear aligners, and retainers.
Orthodontists get extra training after dental school to become experts in diagnosing and treating issues like misaligned bites and other dental problems.
By carefully checking each patient, orthodontists make personalized plans to straighten teeth properly, leading to better-looking smiles and improved function of the teeth and jaws.
Being an orthodontist can be pretty low stress since they usually have a set schedule, seeing patients for regular appointments instead of dealing with sudden dental emergencies.
17. Groundskeeper/gardener
Becoming a groundskeeper or a gardener could be a great fit for you if you like being outside and want a stress-free job. You get to work with plants and make outdoor spaces look beautiful. This job is perfect if you’re looking for something that lets you enjoy fresh air and doesn’t have you sitting at a desk all day.
Here are some things that a groundskeeper or gardener may do:
Take care of plants and grass by watering, weeding, and trimming.
Make sure gardens look neat and are healthy.
Sometimes work with tools and machines, like lawn mowers and trimmers.
Shovel snow or take care of indoor plants.
This is one of the best low stress jobs because it is usually quiet, which makes it great for people who get overwhelmed by noisy places.
Recommended reading: 15 Outdoor Jobs For People Who Love Being Outside
18. Audiologist
Audiologists help people with their hearing, and this includes testing hearing, picking out hearing aids, and teaching people how to use them.
This is typically a low stress career choice because you get to work in an office and do similar tasks each day. You are not usually rushing around, instead you have a lot of calm one-on-one time with patients.
Audiologists work in different places like hospitals, clinics, private practices, schools, and research institutions.
19. Pet sitter
Becoming a pet sitter is a great job if you like animals and enjoy caring for them. This is a job that doesn’t typically have a lot of stress because it is not fast-paced. Plus, if you like pets, then you probably enjoy being around them, which can make the job fun.
A pet sitter’s main job is to look after pets while their owners are away. This might mean feeding them, giving them water, and playing with them. It’s important to make sure the pet feels happy and safe when their owner isn’t home.
You might have pets come to your home, or you can go to their owners’ place (this is something that is agreed upon beforehand). Dog walkers typically earn around $20 for every hour they spend walking a dog. Taking care of someone’s pet overnight can earn a person around $25 to $100 or even more each day.
I have used many pet sitters over the years for my dogs, and they all seemed to love what they do. Plus, my mother-in-law is a pet sitter as well, and she enjoys her time with the dogs that she takes care of.
20. Stock photo photographer
Stock photo photographers take photos of things like people, businesses, animals, and more, and sell them for other people to use.
Stock image sites are some of the most popular platforms for photographers to sell their pictures. These websites allow customers to purchase images for purposes such as websites, TV shows, books, and social media accounts. You can take a look at some of the stock photos I’ve purchased within this blog post as examples.
Stock photo photographers typically work by themselves, and this job can be done without much interaction with others. Most of the tasks involve using a camera and then uploading photos to a website.
As a stock picture photographer, you get to set your own schedule. This means you can choose when and where you work.
One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and continue to earn money from those photos for months or even years into the future. Since everything is online and mostly automated, there’s no need to talk with anyone directly.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Freelance writer
Freelance writers create content for clients, including blog posts, advertising materials, and more.
It’s common for freelance writers to work independently, receiving topics from clients and submitting their completed work. Occasionally, they may receive feedback, such as suggestions for improvement, but this is usually the extent of human interaction they’ll have.
This is one of the best low stress jobs from home where you work alone.
I have been a freelance writer for many years and I enjoy this job a lot. I get to work from home, make my own hours, work alone, and choose the topics that I write about.
Recommended reading: 14 Places To Find Freelance Writing Jobs As A Beginner
22. Graphic designer
A graphic designer is someone who creates designs for individuals and businesses.
They create things such as images, printables, planners, T-shirt designs, calendars, business cards, social media graphics, stickers, logos, and more.
Graphic designers tend to have the freedom to set their own schedules, especially if they work as a freelancer. This job allows you to work at your own pace, and most of the time, you don’t have to deal with rush hour traffic or crowds since a lot of graphic designers can work from home.
23. Hairstylist
We’ve all been to a hairstylist, so I don’t think I need to describe this job too, too much. Hairstylists cut, style, and take care of hair.
Hair styling is lower stress because you work with clients in a relaxed setting. Also, you don’t have to sit at a desk all day – you move around and talk with people.
Plus, you can set up your day the way you like it. If you want, you can take breaks between clients. This means you won’t feel rushed and can enjoy your work more.
24. Social media manager
Social media managers engage with people online and share news, pictures, and videos on behalf of a company.
You may find this to be a low stress job because you mostly type on a computer or phone as a social media manager. So, if talking in front of people makes you nervous, this could be the perfect job. Plus, you can often work from home.
25. Virtual assistant
One of my first side gigs was working as a virtual assistant, and it was both enjoyable and flexible for earning income.
While you have a boss as a VA, many of the tasks you handle will require you to take the lead and complete them independently, usually from your own home.
A virtual assistant is someone who assists people with office tasks remotely, whether from home or while traveling. This could involve tasks such as responding to emails, scheduling appointments, and managing social media accounts.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
26. Litter cleanup worker
This is one of the least stressful jobs.
If you have a business, it’s important to keep it clean and neat. No one likes seeing trash scattered about when they’re shopping, correct?
That’s why some business owners pay someone to tidy up before their business opens. A clean space makes the place look inviting and pleasant for customers.
This low stress job without a degree can be started all by yourself, and you can earn around $30 to $50 for every hour you work. It’s quite straightforward too. All you’ll need is a broom, a dustpan, and some tools to help you pick up litter more easily.
People like this job because they can work alone and it’s easy to clean an area up.
Recommended reading: How I Started A $650,000 Per Year Litter Cleanup Business
27. Economist
Economists examine how goods and services are made, shared, and used within an economy. They use different tools, like math and stats, to grasp and predict economic patterns and actions.
Economists might work for the government, giving advice to policymakers on things like money policies and taxes. They also help businesses by explaining market trends, so they can make good decisions about prices, production, and investments.
A somewhat related field to this would be becoming an economics professor.
28. Astronomer
Astronomers study objects and events in space beyond Earth’s atmosphere, like stars, planets, galaxies, and cosmic happenings such as black holes and supernovas.
They use a mix of observations, data analysis, and theoretical models to learn about the origins, changes, and behaviors of these objects. Astronomers usually use advanced telescopes, both on the ground and in space, to observe and gather data from far-off parts of the universe.
They also work with physicists, mathematicians, and engineers to create new technologies and tools for exploring space. Through their work, astronomers help us understand big questions about the universe, like how old it is, what it’s made of, and what will happen to it in the future.
Unlike many jobs, being an astronomer means regular hours with few surprises. Plus, the quiet of a lab or observatory is perfect for staying focused and calm.
29. Actuary
Actuaries assess and handle financial risks by using math and stats to analyze data and forecast future events.
They mainly work for insurance companies, pension funds, and financial consulting firms. Actuaries examine how likely events like death, illness, accidents, and natural disasters are to happen, and what impact they could have on insurance policies and pension plans.
Based on their analysis, they help create insurance policies, decide on premiums, and suggest investment plans to make sure these financial products stay stable and have enough coverage for customers.
If you enjoy numbers and are looking for a job that’s pretty easy on stress, becoming an actuary could be a smart move. Actuaries help businesses look into the future and protect against loss.
30. Radiologist
If you’re interested in a career in the medical field that is both high-paying and considered to have lower stress, you might want to think about becoming a radiologist.
Radiologists specialize in diagnosing and treating diseases and injuries using medical imaging techniques like X-rays, CT scans, MRI scans, ultrasound, and nuclear medicine. They analyze images to find any abnormalities and give detailed reports to other doctors, helping with patient diagnosis and treatment plans.
Radiologists work closely with other healthcare professionals to make sure they understand the imaging results and can provide the best care for patients.
31. Data entry clerk
Data entry is one of the easiest low stress jobs without a degree needed.
Data entry clerks input, edit, and verify data in databases or spreadsheets. They enter details like numbers and names into computers to maintain organization and records.
This job can often be done remotely and independently, with little supervision or interaction with customers. For some people, this is key to having a stress-free job, and I completely get it – this is what I want as well!
Data entry positions generally pay around $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
32. Yoga instructor
If you love helping others relax and stay fit, being a yoga instructor could be the perfect job for you if you want to find fun low stress jobs.
Yoga instructors lead classes and sessions in practicing yoga, a holistic discipline involving physical postures, breathing exercises, relaxation techniques, and meditation.
They help students through different yoga poses, focusing on correct alignment, breath control, and mindfulness. Yoga instructors create a welcoming environment where students of all levels can explore and improve their practice.
33. Dietitian
A dietitian talks to clients about their eating habits and helps figure out the best way to eat healthy.
Being a dietitian is usually not too stressful. You get to chat with people one-on-one or in small groups. You don’t have to rush around or handle dangerous equipment.
They can work in places such as hospitals, clinics, schools, community health centers, and food service establishments.
Frequently Asked Questions
Below are answers to common questions about how to find low stress jobs.
What’s the least stressful job?
The least stressful job will depend on your personality, as everyone is different. Some less stressful jobs include writing online, gardening, selling printables, and data entry. For me, I really like blogging, and I think it’s a great stress-free career that you can do at home.
How do I find a peaceful job?
If you want a peaceful job that doesn’t have a lot of stress, then I recommend first thinking about what you would find peaceful in a career, such as by looking for jobs with fewer deadlines and less contact with lots of people. Jobs where you can set your own pace, like a blogger or a freelancer, tend to have a peaceful workday. Think about what makes you feel calm, and then look for jobs that match that feeling.
What job is the easiest and pays the most?
Some jobs that are pretty easygoing and also pay well include orthodontist and optometrist. These jobs usually have regular hours and don’t need you to rush around. Plus, they pay more than enough to help you save for those things you love to buy.
What types of work-from-home jobs are low stress?
Working from home can be really laid back when you’re doing something like freelance writing, blogging, transcribing, or graphic design. You can pick the jobs you want and work when it suits you best.
What are the best low stress jobs for introverts?
If you’re quiet or introverted, then you might be interested in jobs where you can work solo or with just a few people. Jobs like a bookkeeper, transcriptionist, or data entry let you focus on your work without having to talk to many people.
What are high-stress jobs?
Some of the most stressful jobs include being a nurse, police officer, surgeon, social worker, anesthesiologist, firefighter, lawyer, airline pilot, paramedic, and in the military.
Best Low Stress Jobs – Summary
I hope you enjoyed this article on the best low stress jobs.
Nowadays, people are realizing how important it is to balance work and personal life and to take care of their mental health while lessening their anxiety about work. Some occupations, like software development and data entry, have this balance and a sense of calm.
Professionals such as dental hygienists, librarians, and dietitians also enjoy low stress roles with predictable schedules.
You don’t have to give up peace of mind to have a career. By thinking about what you’re good at and what you enjoy, you can find jobs that meet your goals while keeping stress levels low.
For me, I personally love having a career that has low stress. While it is still hard, I love that I can work from home, choose the work I do, and have a flexible schedule – all things that help me be less anxious and happier about the work that I do.
Inside: Learn what 29 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $29 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $29 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $29.50 an hour annually?
When you finally start earning $29 an hour, you are happy with your progress as an hourly employee. Typically, this is when many hourly employees start to become salaried workers.
In this post, we’re going to detail exactly what $29 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$29 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $29 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $29 = $60,320
$60,320 is the gross annual salary with a $29 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s Break Down Of 29 Dollars An Hour Is How Much A Year
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, multiply the hourly salary of $29 times 2,080 working hours, and the result is $60,320.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
That is slightly above the $60000 salary threshold, which is desired to become middle-income worker.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $29 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $29 times 1,040 working hours, and the result is $30,160.
Just over $30000 a year.
How Much is $29 Per Month?
On average, the monthly amount would average $5,027.
Annual Amount of $60,320 ÷ 12 months = $5,027 per month
Just over $5000 a month.
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $24 an hour, you average an extra $867 per month. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $2,513.
How Much is $29 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $29 = $1,160 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $580.
How Much is $29 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $1,160 and double it.
$1,160 per week x 2 = $2,320
Also, the other way to calculate this is:
40 hours x 2 weeks x $29 an hour = $2,320
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $1,160.
How Much is $29 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $29 per hour = $232 per day.
If you work 10 hours a day for four days, then you would make $290 per day. (10 hours x $29 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $116.
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$29 Per Hour is…
$29 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$60,320
Yearly Wage (50 weeks)
$58,000
Monthly Salary (173 hours)
$5,027
Weekly Wage (40 Hours)
$1,160
Bi-Weekly Wage (80 Hours)
$2,320
Daily Wage (8 Hours)
$232
Net Estimated Monthly Income
$3,834
**These are assumptions based on simple scenarios.
Paid Time Off Earning 29 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $60,320 per year.
This is the same as the example above for an annual salary making $29 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $29 times 2,000 working hours, and the result is $58000 per year.
40 hours x 50 weeks x $29 = $58,000
You would average $232 per working day and nothing when you don’t work.
$29 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $60,320
Federal Taxes of 12%: $7,238
State Taxes of 4%: $2,413
Social Security and Medicare of 7.65%: $4,614
$29 an Hour per Year after Taxes: $46,054
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$46054 ÷ 2,080 hours = $22.14 per hour
After estimated taxes and FICA, you are netting $22.14 an hour. That is $6.86 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting for under $22 an hour wage is much different.
$29 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $29.01-29.99.
This is super helpful if you make $29.15, $29.45, or $29.81.
Also, if you work various hours other than the standard 40 hours per week. You can adjust to your personal situation.
$29 an Hour Budget – Example
You are probably wondering can I live on my own making 29 dollars an hour? How much rent or mortgage payment can you afford on 29 an hour?
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $29 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $29 an hour was $22.14 after taxes. That would average $3838 per month.
According to the Cents Plan Formula, here is the high-level view of a $29 per hour budget:
Basic Expenses of 50% = $1919
Save Money of 20% = $768
Give Money of 10% = $384
Fun Spending of 20% = $768
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $29 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $29 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$402
Savings
15-25%
$1005
Housing
20-30%
$1,181
Utilities
4-7%
$176
Groceries
5-12%
$385
Clothing
1-4%
$20
Transportation
4-10%
$176
Medical
5-12%
$251
Life Insurance
1%
$15
Education
1-4%
$25
Personal
2-7%
$75
Recreation / Entertainment
3-8%
$126
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1,189
Total Gross Income
$5,027
**In this budget, prioritization was given to basic expenses.
Can I Live off $29 Per Hour?
At this $29 hourly wage, you are more than likely double the minimum wage. Things should be easy to live off this $29 hourly salary.
However, it is still slightly above the median income of over $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $29 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $29 an hour annually?
You just have to have the desire to spend less than your income. Plus consistently save.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
Your mindset is everything.
This is what you say to yourself… Okay, I have aspirations and goals to increase how much I make. This is the time to start diversifying my income into multiple streams and start investing. I am going to stretch my 29 dollars per hour.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $29 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $29 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most crucial section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $29.50 will add up over the year. An increase to $30 an hour is a big milestone!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $29 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: How to Make Quick Money in One Day: 50 Best Ways to Make Cash
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially sound.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in 8 months. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Watch his inspiring story!
Tips to Live on $29 an Hour
In this last section, grasp these tips on how to live on a $29 an hour or just above $60k yearly salary. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $29 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $29 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $29 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your gross income. Learn more on gross pay vs net pay.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
Jobs that Pay $29 an Hour
You can find jobs that pay $29 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Freelance writer
Class A Truck Driver
Managers
Entry Level Marketing Jobs
Data Entry Clerks
Customer service managers
Bank tellers
Maintenance workers
Freight broker – Learn how easy it is to start!
Administrative assistants
Athletic Trainers
Event Planners
Day trader
Security guard
Movers
Cashiers
Warehouse workers
Companies that pay more than $29 per hour: Wells Fargo, Disney World, Disney Land, Bank of America, Cigna, Aetna, etc
$29 Per Hour Annual Salary
In this post, we detailed 29 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$60,320
That is making between $60000 a year and $62000 a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
You stop by your local supermarket on Sunday. It’s more crowded than usual, which makes finding a parking spot a little tough. You usually pick up a favorite brand’s organic, free-range chicken breasts, but you haven’t seen them stocked in a while. Instead, all that’s available are factory-farm brands — and they seem more expensive than they should be.
And those dog biscuits from the mom-and-pop bakery across town? They’re usually here, but you can’t find them, either. You’d ask an associate for help finding them, but you don’t see any employees who aren’t busy at the registers or behind the counter.
A version of this lackluster shopping experience is what antitrust experts fear everyday shoppers may encounter if The Kroger Company’s $24.6 billion acquisition of Albertsons Companies Inc. — which would be the largest grocery merger in the nation’s history — is permitted to close. On Feb. 26, the Federal Trade Commission filed a motion to block the acquisition, which was announced in 2022. Attorneys general from eight states and Washington, D.C., joined the FTC in its suit, and the attorneys general in two other states — Colorado and Washington — filed suits of their own against the move to combine the companies.
Several antitrust experts, including academics, public policy researchers and financial analysts, told NerdWallet that a merged Kroger and Albertsons could lead to less product variety, lower product quality, higher grocery prices and an overall worse shopping experience, with stores having fewer employees available for customer service. For workers, many of whom are part of the United Food and Commercial Workers International Union (UFCW), the proposed acquisition may threaten the competitive benefits and retirement packages that the union secured, UFCW representatives told NerdWallet.
One crux of the FTC’s case against the deal is the idea that a combined Kroger-Albertsons would create a monopoly in the supermarket sector, which it considers distinct from other kinds of food retail sectors, such as club stores (Sam’s Club, Costco), premium and organic stores (Whole Foods, Sprouts), superstores (Target, Walmart), dollar stores and e-commerce sellers.
“The FTC is saying that, among and within the entire constellation of companies that sell groceries at retail, there are niches within that larger constellation that matter, and one of them consists entirely of traditional grocery stores,” says James B. Speta, a professor of law at Northwestern University’s Pritzker School of Law. “The company is going to argue, ‘Oh, no, you’ve got to include all these others.’ When you do, composition in that larger market is less significant.”
And that is exactly what proponents of the acquisition say: that the real competition in retail grocery comes from Walmart and other non-traditional outlets.
Scott Moses, partner and head of the grocery, pharmacy and restaurants investment banking practice at Solomon Partners, a financial advisory firm, is representing Albertsons in the deal. Moses says it doesn’t make sense to consider the supermarket sector as distinct from the broader food retail market, which now includes companies like Walmart, Amazon, Costco, Target and several others. All of these companies have invested heavily in their grocery retail businesses over the past decade, competing with supermarkets and fundamentally altering the American grocery landscape.
Walmart owns a 30% market share of broader food retail, based on February 2024 earnings reports, Moses said, and traditional supermarket grocers make up 36% of the food retailers market when supercenters, dollar chains, specialty grocers and online sellers are included. The deal is essential for Kroger and Albertsons to survive the existential threat posed by those retailers, he says.
“The amount of capital that these folks are spending to drive their subscribed members and retain customers is radically more than any supermarket can remotely fathom competing with,” Moses says. “They simply cannot do it.”
Proponents and opponents of the acquisition slice the retail food market differently and tend to cite numbers that bolster their case. According to data from Food & Water Watch, a nongovernmental organization focused on corporate accountability, a combined Kroger and Albertsons would, alongside Walmart, control 55% of the food retail market, excluding convenience stores.
Based on a broader definition of food retailers that Kroger and Albertsons prefer, the new combined company would be the second-largest food retailer in the U.S., with an 11.8% market share, second to Walmart’s 17.1% share, based on widely reported rankings from the research firm GlobalData.
Less ‘urgency’ to innovate for customers, skeptics say
Kroger and Albertsons collectively own and operate nearly 5,000 stores in 48 states. Combined, they employ nearly 700,000 workers. The companies own more than 40 standalone grocery brands, including Safeway, Fred Meyer, Jewel-Osco, Ralphs, Dillons, Tom Thumb and Vons. Their brands are in all regions of the continental U.S. but are concentrated in the West, Midwest and New England. You’ve almost certainly visited one of their stores, and there’s a solid chance that a supermarket owned by either Kroger or Albertsons is your regular grocery store of choice.
Because Kroger and Albertsons are currently competitors, they’re naturally motivated to experiment with product offerings, promotions and prices, says William E. Kovacic, director of the Competition Law Center at George Washington University. These experiments can include stocking well-liked, locally made products that cost more to buy from suppliers than mass-produced alternatives, running sales during peak shopping seasons, or offering ready-to-eat meals and hot bar options.
“The FTC argues that the transaction will reduce the urgency that companies feel to do those kinds of things,” Kovacic says.
From the companies’ perspective, there’s no shortage of urgency to continue innovating and investing in product variety and promotions, Moses says, due to increased competition from Walmart, Costco and other non-supermarket food retailers. He says he first noticed similarities around 15 years ago between competition in the grocery space and the kinds of disruptions that eventually leveled the department store space, which led to hundreds of store closures, bankruptcies and job losses. Those department store disruptions came from some of the same retailing giants currently competing in the grocery space, like Amazon, Walmart and Target.
The continued existence of supermarkets is not guaranteed, Moses says. “If supermarket grocers aren’t allowed to level the playing field, it will not be long before grocery looks like department stores, with thousands of supermarkets closed and millions of union jobs lost.”
Conversely, antitrust experts worry that under a combined Kroger-Albertsons company, consumers would wind up paying the same or higher prices for food products of equal or lower quality. Eleanor Fox, an antitrust expert and professor at New York University School of Law, pointed to the $26 billion merger of Sprint and T-Mobile in 2020 as an illustration of how two companies that already command significant market share — just as Kroger and Albertsons do in the supermarket sector — can often behave after a merger.
In 2023, a federal judge in Chicago ruled that the merger led consumers to “pay higher prices” via “taxes and fees that were previously included in the plan prices, paying new fees and surcharges, or paying more for device protection plans or accessories.”
Of course, telecommunications and grocery are two starkly different industries. Still, Fox says the case is an example of how companies will often raise prices when facing less competition, simply because they can.
“When the competitor goes away, they can manipulate, they can do various things, they can decrease quality, they can decrease service,” Fox says. “They can simply not lower prices when their costs go down.”
Kroger, for its part, has publicly committed to lowering prices following the acquisition.
Workers fear losing hard-fought union benefits
Workers advocates are concerned about the potential acquisition’s impacts and fear workers may lose significant retirement packages, benefits and work shifts if Kroger and Albertsons combine.
Kroger and Albertsons are the two largest employers of unionized grocery workers in the U.S., and the majority of their employees are represented by the UFCW. That’s a powerful negotiating tool for the union, specifically when one company is more open to an agreement or proposal than the other company, says John Marshall, capital strategies director for UFCW Local 300, which represents members across Washington state, northeast Oregon, and northern Idaho.
“Currently, we can go to Albertsons, get a tentative agreement on that particular proposal, and then go to Kroger and say, ‘Look, this is what Albertsons has agreed to. If you don’t also agree to this, we may end up going on strike at the Kroger stores,’” Marshall says. “Yeah, Kroger understands that’s a very effective tool.”
If Kroger’s acquisition goes through, Marshall says the union’s negotiating power would be weakened, and benefits once guaranteed by the union — like its competitive pension plan — may be in flux, Marshall says.
Moses disagrees.
“Stronger company unions get better wages and benefits for their members than weaker company unions, because the weaker company unions can’t afford better benefits,” Moses says. “Teammates will actually be better off.”
Most union members receive a defined benefit pension plan, says Bertha Rodríguez, a representative of UFCW 770, which represents workers in California. Under that plan, a union employee can expect retirement payouts comparable to their Social Security benefits, Marshall says, and the pension pays employees for life.
Defined benefit plans are almost always better for employees than defined contribution plans, as individuals can outlive the funds available in a 401(k) retirement account. Plus, having a defined benefit plan makes it easier to plan for retirement, because workers know exactly what their retirement savings will be worth when they retire. Also, defined benefit plans are guaranteed to pay the worker for as long as they live, unlike defined contribution plans, which can run out.
“The retirement and health care that our union has negotiated are generally far superior to nonunion benefits,” Marshall says.
Because individuals can withdraw from their 401(k) accounts before retirement, many employees wind up doing just that to cover unexpected emergency costs, such as car repairs or hospital bills, Marshall says. But most pension plans won’t allow employees to withdraw until they reach retirement age. This makes pensions a safer bet for grocery workers’ retirement savings, Marshall says. Many of those workers earn hourly wages and may therefore be more vulnerable when facing an emergency expense and have few options aside from pulling money from their retirement savings.
It’s worth noting that the FTC’s prioritization of workers’ rights is a unique hallmark of the Biden administration’s focus on worker protections, Kovacic says. In past antitrust complaints, worker protections typically aren’t cited as prominently as they are in the FTC’s allegations against Kroger and Albertsons.
“An unmistakable theme of the Biden administration’s antitrust program has been to give greater emphasis to the effect that business behavior has on worker welfare,” Kovacic says.
It also reflects the recent growth of unions in the private sector. In 2023, the unionization level in the private sector rose from 6.8% to 6.9% — an increase of more than 261,000 unionized workers, according to the Economic Policy Institute.
Fear of store closures in small towns, despite assurances
Although Kroger has explicitly stated that there will be no store closures as a result of the acquisition, both workers and antitrust experts are concerned about the possibility of closures in smaller cities and towns with fewer grocery retailers.
“Kroger and Albertsons are two of the largest supermarket chains in thousands of local communities throughout the country,” the FTC states in its suit against the deal. “In hundreds of those communities, the proposed acquisition would create a single supermarket with market shares so high as to be presumptively unlawful under the antitrust laws.”
In Gunnison, Colorado, a city south of Boulder with a population of less than 7,000, there are three traditional supermarkets: a Safeway, which is owned by Albertsons; a Kroger supermarket and a City Market, which Kroger owns. (There’s also a Walmart.) If the deal were to close, residents would have to drive 65 miles to a supermarket that’s not owned by Kroger.
“Combined, Kroger, Albertsons — were this merger to go through — and Walmart would control 55% of the food retail market,” says Karen Gardner, a senior policy associate at the Center for Science in the Public Interest, a food-focused consumer advocacy group based in Washington, D.C. “That means that there’s two CEOs who would be in control of the majority of food sold in America, and that doesn’t seem like a good idea to me.”
When asked about potential store closures, Moses rejected the notion that it would ever make financial sense for a combined Kroger-Albertsons to close any supermarkets.
“I don’t know how much more explicit they can be,” Moses says, referring to Kroger’s assurances that no stores would close due to the acquisition. “What you need, frankly, is to be larger, so you have more of an ability to invest more in lower prices, more in better stores, more in better wages, more in marketing, so that you can retain more customers.”
A hearing to evaluate the FTC’s block is scheduled for Aug. 26 in the U.S. District Court in Oregon. In January, before the FTC filed its suit, The Kroger Company issued a statement saying its acquisition of Albertsons would likely close before the end of the company’s second fiscal quarter on Aug. 17.
When it comes to their kids, many of your employees may be willing to put their retirement on the line.
As HR pros focus on workforce planning, understanding the burden that college costs impose on most employees is a key component for successful financial wellness programs.
Paying for college is a daunting challenge, and even financially savvy parents can become overwhelmed and confused by the college financing process. That’s where employer-sponsored education efforts can help. Employers who understand the following common college financing traps can better plan programs to alleviate the stress of paying for college and improve financial wellness overall.
Trap One: Prioritizing Their Children’s Education Over Their Own Retirement
By now, it’s become a financial wellness mantra: Parents should prioritize their retirement savings before saving for or paying for a child’s college education. After all, the thinking goes, students can borrow for education costs, but parents can’t borrow money to pay for retirement. And if parents don’t properly prepare for retirement, their children may end up supporting them in their later years, jeopardizing their future finances.
But with ever-rising tuition costs and the increasing burden of student debt, it may be harder for your employees to follow that tried-and-true advice. The cost of college has more than doubled over the past four decades — and student loan borrowing has risen along with it. Americans collectively owe more than 1.7 trillion in student loan debt, according to the Federal Reserve .
Trying to ease the burden on their children, your employees may be raiding their future. Among people aged 25 to 80 who are saving for both retirement and future college expenses, 58% say they are delaying retirement, and 41% say they have withdrawn money from their own retirement funds to pay for a child’s (or other relative’s) tuition, according to a July 2023 survey by the Society of Actuaries .
When an employee delays retirement to catch up on missed retirement savings or pay off education loans, it can be costly to an organization. What’s more, if paying for college forces an employee to work longer than they want to, the result may be a less productive, less engaged worker.
Recommended: SoFi Survey: The Future of Financial Well-Being at Work
Trap Two: Mismanaging PLUS loans
Parent Loans for Undergraduate Students (PLUS loans) are underwritten by the federal government and allow families to borrow without the same credit checks and other limits imposed on other types of lending. Because these loans are in a parent’s name, your employees may naturally gravitate to them as a way to help their children avoid debt.
But there are drawbacks. Unlike federal student loans, there are no limits on the amount parents can borrow as long as it doesn’t exceed education costs. To qualify for a PLUS loan, parents need only pass a check for an “adverse event” such as a recent bankruptcy filing or foreclosure. There is no consideration of the borrower’s ability to repay the loan. Given the often astronomical costs of attending a four-year college, your employees may quickly find they have taken on more debt than they can comfortably handle.
In addition, PLUS loan interest rates, set by the government each year, are usually significantly higher than student-held federal loans (8.05% for 2023-2024 versus 5.50%) and sometimes higher than some private college loans.
If parents default or consolidate their PLUS loans, or if they receive a forbearance or a deferment, the interest that continues to accrue is capitalized. That means that principal and payments can become even more unaffordable for employees. In addition, if the loans go into default, the government can garnish wages, Social Security checks, and tax refunds.
Recommended: Preparing for College Resource Guide for Parents
Trap Three: Avoiding College Financing at All Costs
Another common mistake lurks on the opposite side of the spectrum. In an effort to avoid college debt of any kind, parents who have some, but not enough, college savings may decide to forego saving for retirement, dip into retirement savings, or use home equity to pay tuition bills as they come.
Withdrawing 401(k) savings can result in significant penalties, taxes, and, importantly, lost principal and earnings. Cash-out home refinancing can lead to higher and perhaps unaffordable mortgage payments. Even putting retirement savings on hold when the year’s tuition is due can translate into large gaps in savings goals, depending on the number and ages of children attending college.
These are all understandable mistakes. As we saw above, an overreliance on debt to pay college bills can seriously jeopardize financial well-being. But so, too, can dismissing the strategic use of financial aid and loans to finance college costs.
For instance, your employees may neglect filling out the Free Application for Federal Student Aid (FAFSA), figuring that they earn too much to qualify for federal financial aid. According to Sallie Mae’s How America Pays for College 2023 report, 71% of families filed the FAFSA for the 2022-2023 academic year, down from 86% in 2016-2017.
These parents may not realize that without the FAFSA, the student will not be awarded federal subsidized and unsubsidized loans, which can be attractive for their low rates and, in the case of subsidized loan, help from the government in paying interest.
More importantly, many schools require students to submit a FAFSA to be eligible for merit-based scholarships and grants, even though these funds are awarded according to the student’s academic record and other achievements, not financial need. Merit-based aid does not have to be repaid and is usually awarded to undergraduates for the full four years.
While too much debt is never smart, a prudent and affordable mix of well-structured student debt can help parents avoid sacrificing retirement savings, home equity, and other long-term savings to pay for college now.
Employer-sponsored college financing education and one-on-one college counseling can help ensure parents understand the complexities of financial aid and student borrowing so they can balance long-term and current financial needs and goals.
The Takeaway
Employers who help parents avoid these common college financing traps may help alleviate what is fast becoming one of the largest sources of financial stress in your workforce.
SoFi at Work can help with student loan repayment platforms, extensive education efforts, plus a lending suite of student, graduate student, MBA, and parent loans. For organizations that are looking to help their employees get ahead on their education financing goals, SoFi at Work also offers a 529 College Savings Program, which can be integrated into any payroll system.
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You don’t necessarily need a four-year degree to have a rewarding career that pays well. In fact, there are plenty of jobs out there that don’t require a bachelor’s degree and meet a wide variety of talents and interests, from nursing to mechanical technicians.
Here’s an explainer of what exactly is a “trade job,” plus a list of 25 of the highest-paying trade jobs as of 2022, which is the latest data available from the Bureau of Labor Statistics.
What Is a Trade Job?
A trade job is a career that requires advanced training and skill that can be acquired outside a four-year bachelor’s degree. Instead, experience can be acquired through on-the-job instruction, apprenticeship, or vocational schooling. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Highest-Paying Trade Jobs
If you’re interested in a job that doesn’t require a college degree, or you love working with your hands, consider this list of some of the highest-paying trade jobs in the U.S. The compilation shows average annual salary and was compiled from the Bureau of Labor Statistics.
By the way, most if not all trade jobs require workers to be on site. Working remotely is not an option.
1. Power Plant Operator, Distributor, and Dispatcher – $97,570
Requirements: High school diploma or equivalent, long-term on-the-job training
Duties: Control power plants and the flow of electricity from plants to substations, which then deliver power to homes and businesses.
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2. Real Estate Broker – $52,030
Requirements: High school diploma or equivalent. Must complete some real estate courses to be eligible for licensure.
Duties: Help people buy and sell properties.
Recommended: Should I Sell My House Now or Wait?
3. Registered Nurse – $81,220
Requirements: Bachelor’s degree in Nursing, Associate degree in Nursing, or a diploma from an approved nursing program. Registered nurses must be licensed.
Duties: Help provide and coordinate patient care.
4. Dental Hygienist – $81,400
Requirements: Associate degree
Duties: Provide preventive dental care and examine patients for signs of oral diseases.
5. Water Transportation Worker – $66,100
Requirements: Will vary by job. For example, there are no requirements for entry-level sailors, while other workers might need to complete Coast Guard–approved training.
Duties: Operate and maintain vessels that carry cargo and people on the water.
6. Diagnostic Medical Sonographer – $78,210
Requirements: Associate degree
Duties: Operate special imaging equipment to create images of patients’ internal organs or to conduct tests.
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7. Farmer, Rancher, or Other Agricultural Manager – $75,760
Requirements: High school diploma or equivalent
Duties: Run farms and other establishments that produce livestock, dairy products, or crops.
8. Gas Plant Operator – $79,460
Requirements: High school diploma
Duties: Help distribute or process gas for utility companies by controlling the compressors on main gas pipelines.
9. Pile Driver Operator – $70,220
Requirements: High school diploma and vocational training can be helpful.
Duties: Operate machines that drive pilings for retaining walls, bulkheads, and foundations of buildings, bridges, and piers.
10. First-Line Supervisor of Construction Trades and Extraction Workers – $77,650
Requirements: High school diploma and five years or more work experience
Duties: Directly supervise and coordinate the activities of construction or extraction workers, such as miners or those drilling for minerals.
11. First-Line Supervisor of Mechanics, Installers, and Repairers – $76,020
Requirements: High school diploma, some work experience
Duties: Directly supervise and coordinate mechanics, installers, and repairers. They may also advise customers seeking recommendations for services.
12. Legal Support Worker – $59,200
Requirements: Associate degree
Duties: Perform a variety of tasks to support attorneys such as interviewing clients, legal research, and case summaries.
13. Locomotive Engineer – $73,850
Requirements: High school diploma
Duties: Operate passenger and freight trains safely. May also coordinate train activities or control rail yard signals and switches.
14. Subway and Streetcar Operator – $75,880
Requirements: High school diploma or equivalent
Duties: Operate subways or elevated suburban trains that don’t have a separate locomotive, or may operate an electric-powered streetcar. May handle fares.
15. Line Installer and Repairer – $82,340
Requirements: High school diploma or equivalent
Duties: Install and repair lines for electrical power systems, telecommunications, and fiber optics.
16. Computer Network Support Specialist – $59,660
Requirements: Entry-level requirements may vary, but network support specialists usually need to have an associate degree. Applicants to these jobs may qualify with high school diploma and information technology certifications.
Duties: Provide technical support to computer users while also maintaining computer networks.
17. Claims Adjuster, Examiner, and Investigator – $72,040
Requirements: High school diploma or equivalent
Duties: Evaluate insurance claims and act as an intermediary between claimants and the insurance company.
18. Electrical and Electronics Installer and Repairer for Transportation Equipment – $71,740
Requirements: Specialized training at a technical college
Duties: Install and maintain mobile electronics communication equipment on trains, watercraft, or other mobile equipment.
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19. Avionics Technician – $70,740
Requirements: Some may obtain a degree or certificate from a Federal Aviation Administration–approved aviation maintenance technician school, while other candidates may be trained on the job or in the military.
Duties: Repair and perform scheduled maintenance on aircraft.
20. Fire Inspector and Investigator – $65,800
Requirements: High school diploma, on-the-job training, and typically some experience as a firefighter
Duties: Fire inspectors help ensure buildings meet federal, state, and local fire codes and inspect buildings for potential fire hazards.
21. Transit and Railroad Police – $76,380
Requirements: Typically you must have a high school diploma or equivalent, complete a transit and railroad police training program, and receive a passing grade on a law enforcement exam from your state.
Duties: Help protect employees, passengers, and railroad and transit property.
22. Insurance Sales Agent – $57,860
Requirements: High school diploma or equivalent
Duties: Work with clients and customers to explain and sell various types of insurance.
23. Media and Communication Equipment Worker – $74,490
Requirements: High school diploma or equivalent
Duties: Install, repair, and maintain audio and visual systems across various industries, such as corporate offices and the film industry.
24. Boilermaker – $66,920
Requirements: High school diploma or equivalent
Duties: Install, maintain, and repair boilers.
25. Construction and Building Inspector – $64,480
Requirements: High school diploma or equivalent
Duties: Inspects buildings to ensure they are structurally sound and in compliance with specifications, building codes, and other regulations. May focus on a specific area such as plumbing or electrical systems. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
The Takeaway
On the high end, trade workers can make $90,000 or more at a career that doesn’t require a college education. That’s well above the $59,540 that represents the annual median income of U.S. full-time workers. And with a diverse range of career options to choose from, individuals who choose a trade job have a good chance at finding a fulfilling career that matches their interests and personality.
As your career takes off and you start earning a salary, you’ll likely want to begin budget planning and setting financial goals like paying down debt and saving for your future.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
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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.
Millions of employees work from home at least part time. They’ve carved out dedicated office space and plopped laptops on kitchen counters and in closets. They almost never can declare the home office tax deduction.
Millions of self-employed people have also created workspaces at home. If they use that part of their home exclusively and regularly for conducting business, and the home is the principal place of business, they may be able to deduct office-related business expenses.
Why the difference? The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated many itemized deductions, including unreimbursed employee expenses, from 2018 to 2025.
Read on to learn whether or not you may qualify for the home office tax deduction.
What Is a Home Office Tax Deduction?
The home office tax deduction is available to self-employed people — independent contractors, sole proprietors, members of a business partnership, freelancers, and gig workers who require an office — who use part of their home, owned or rented, as a place of work regularly and exclusively.
“Home” can be a house, condo, apartment, mobile home, boat, or similar property, and includes structures on the property like an unattached garage, studio, barn, or greenhouse.
Eligible taxpayers can take a simplified deduction of up to $1,500 or go the detailed route and deduct office furniture, homeowners or renters insurance, internet, utilities needed for the business, repairs, and maintenance that affect the office, home depreciation, rent, mortgage interest, and many other things from taxable income.
After all, reducing taxable income is particularly important for the highly taxed self-employed (viewed by the IRS as both employee and employer.)
An employee who also has a side gig — like driving for Uber or dog walking — can deduct certain expenses from their self-employment income if they run the business out of their home. 💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.
Am I Eligible for a Home Office Deduction?
People who receive a W-2 form from their employer almost never qualify.
In general, a self-employed person who receives one or more IRS 1099-NEC tax forms may take the home office tax deduction.
Both of these must apply:
• You use the business part of your home exclusively and regularly for business purposes.
• The business part of your home is your main place of business; the place where you deal with patients or customers in the normal course of your business; or a structure not attached to the home that you use in connection with your business.
Regular and Exclusive Use
You must use a portion of the home for business needs on a regular basis. The real trick is to meet the IRS standard for the exclusive use of a home office. An at-home worker may spend nine hours a day, five days a week in a home office, yet is not supposed to take the home office deduction if the space is shared with a spouse or doubles as a gym or a child’s homework spot.
There are two exceptions to the IRS exclusive-use rules for home businesses.
• Daycare providers. Individuals offering daycare from home likely qualify for the home office tax deduction. Part of the home is used as a daycare facility for children, people with physical or mental disabilities, or people who are 65 and older. (If you run a daycare, your business-use percentage must be reduced because the space is available for personal use part of the time.)
• Storage of business products. If a home-based businessperson uses a portion of the home to store inventory or product samples, it’s OK to use that area for personal use as well. The home must be the only fixed location of the business or trade.
Principal Place of Business
Part of your home may qualify as your principal place of business “if you use it for the administrative or management activities of your trade or business and have no other fixed location where you conduct substantial administrative or management activities for that trade or business,” the IRS says.
Can You Qualify for a Home Office Deduction as an Employee?
Employees may only take the deduction if they maintain a home office for the “convenience of their employer,” meaning the home office is a condition of employment, necessary for the employer’s business to function, or needed to allow the employee to perform their duties.
Because your home must be your principal place of business in order to take the home office deduction, most employees who work part-time at home won’t qualify.
Can I Run More Than One Business in the Same Space?
If you have more than one Schedule C business, you can claim the same home office space, but you’ll have to split the expenses between the businesses. You cannot deduct the home office expenses multiple times.
How to Calculate the Home Office Tax Deduction
The deduction is most commonly based on square footage or the percentage of a home used as the home office.
The Simplified Method
If your office is 300 square feet or under, Uncle Sam allows you to deduct $5 per square foot, up to 300 square feet, for a maximum $1,500 tax deduction.
The Real Expense Method
The regular method looks at the percentage of the home used for business purposes. If your home office is 480 square feet and the home has 2,400 square feet, the percentage used for the home office tax deduction is 20%.
You may deduct 20% of indirect business expenses like utilities, cellphone, cable, homeowners or renters insurance, property tax, HOA fees, and cleaning service.
Direct expenses for the home office, such as painting, furniture, office supplies, and repairs, are 100% deductible. 💡 Quick Tip: A major home purchase may mean a jumbo loan, but it doesn’t have to mean a jumbo down payment. Apply for a jumbo mortgage with SoFi, and you could put as little as 10% down.
Things to Look Out for Before Applying for the Home Office Tax Deduction
If you’re an employee with side gigs or just self-employed, it might be a good idea to consult a tax pro when filing.
To avoid raising red flags, you may want to make sure your business expenses are reasonable, accurate, and well-documented. The IRS uses both automated and manual methods of examining self-employed workers’ tax returns. And in 2020, the agency created a Fraud Enforcement Office, part of its Small Business/Self-Employed Division. Among the filers in its sights are self-employed people.
The IRS conducts audits by mail or in-person to review records. The interview may be at an IRS office or at the tax filer’s home.
A final note: Taking all the deductions you’re entitled to and being informed about the different types of taxes is smart.
If you’re self-employed, you generally must pay a Social Security and Medicare tax of 15.3% of net earnings. Wage-earners pay 7.65% of gross income into Social Security and Medicare via payroll-tax withholding, matched by the employer.
So self-employed people often feel the burn at tax time. It’s smart to look for deductions and write off those home business expenses if you’re able to.
To shelter income and invest for retirement, you might want to set up a SEP IRA if you’re a self-employed professional with no employees.
Recommended: First-Time Homebuyers Guide
The Takeaway
If you’re an employee working remotely, the home office tax deduction is not for you, right now, anyway.
If you’re self-employed, the home office deduction could be helpful at tax time. To qualify for the home office deduction, you must use a portion of your house, apartment, or condominium (or any other type of home) for your business on a regular basis, and it generally must be the principal location of your business. This is something to keep in mind if you’re in the market for a new home, since writing off a portion of your home expenses could help offset some of the costs of homeownership.
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FAQ
How much can I get written off for my home office?
Using the simplified method of calculating the home office deduction, you can write off up to $1,500. Using the regular method, you’ll need to determine the percentage of your home being used for business purposes. You may then be able to deduct that percentage of certain indirect expenses (like utilities, cellphone, cable, homeowners or renters insurance, property tax, HOA fees, and cleaning services). Direct expenses for the home office, such as painting, furniture, office supplies, and repairs, are generally 100% deductible.
Can I make a claim for a home office tax deduction without receipts?
The simplified method does not require detailed records of expenses. If using the regular method, you should be prepared to defend your deduction in the event of an IRS audit.
The IRS says the law requires you to keep all records you used to prepare your tax return for at least three years from the date the return was filed.
What qualifies as a home office deduction?
Things like insurance, utilities, repairs, maintenance, equipment, and rent may qualify as tax deductions.
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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.
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Looking for jobs where you can bring your child with you? Yes, some jobs and companies let you bring your child to work. More and more companies are supporting parents by providing on-site childcare facilities. Plus, along with the rise of remote jobs, there are many jobs out there that let you bring your child…
Looking for jobs where you can bring your child with you? Yes, some jobs and companies let you bring your child to work.
More and more companies are supporting parents by providing on-site childcare facilities. Plus, along with the rise of remote jobs, there are many jobs out there that let you bring your child to work, eliminating the costs of paying for childcare.
In this post, we’ll explore different jobs that let you take your child to work, along with a list of remote jobs that give you the flexibility to work at home and take care of your children at the same time.
Whether you want to make extra income or if you are looking for a full-time career, many options may interest you.
Recommended reading: 25 Best Work From Home Jobs To Make $1,000+ Monthly
Best Ways To Bring Your Child To Work
Here’s a list of jobs where you can bring your child to work.
1. Nanny or babysitter
Working as a nanny or babysitter gives you the option of possibly bringing your child to work.
Before bringing your child to work, it’s important to come up with an agreement with the family you work for. Have clear communication and set expectations of what it will be like if you bring your child to work with you.
There are many ways to find nannying and babysitting jobs online, especially with websites like Care.com. I’ve found several nannying and babysitting positions with my free profile on Care.com.
You can also share your services on local Facebook groups, Indeed, and SitterCity. References from past childcare jobs are important, along with offering a background check.
2. Daycare (where you work for someone else)
You may also be able to bring your child to the daycare or preschool that you work for.
You need to consult with your employer about this first and check the daycare’s policies and employee handbook. Many daycares have it in writing whether or not you can bring your children to work with you. Some daycares allow it, while others are strictly against it.
To find a daycare job, search on websites like Indeed or call local daycares near you and see if they are hiring. Childcare work is in high demand and there are always jobs available in this field.
Your child may be in your classroom if they are in your age group, or they may be in another group of children. Typically, the cost is not free, but you may get a discounted rate to bring your kid to the same daycare that you work at if you are a childcare worker.
3. Own in-home daycare (where you run your own daycare)
If you can run your own daycare, this is going to allow more flexibility in bringing your child to work. Many daycare centers are run by parents looking for a more suitable job where they can bring their own kids with them to work.
However, there are still some things to keep in mind. You need to make sure that you are complying with local licensing regulations and requirements for running a daycare, along with maintaining professionalism at work while having your own child at the daycare.
Starting your own daycare from home requires careful planning. You need to think about things like local zoning laws to make sure you can run a daycare in your home and make sure your home is safe for children. You may need certifications and training like CPR and first aid certifications, along with early childhood education courses. Getting the proper insurance to protect your business in case of accidents on your property is important too.
You also need to think about how you’ll attract clients and what kind of marketing you’ll do. Word of mouth is huge, so make sure to always provide the best business and care (plus, these are children we are talking about – so high-quality care is always important!).
4. Drive a school bus
If your child’s school is hiring school bus drivers, this can be a great gig to not only take your child to and from school but also earn extra cash.
Bus drivers need to be 21 or older, have a valid driver’s license, and clean driving record. You may even need to obtain a CDL (Commercial Driver’s License).
The school will also require a background check, and provide school bus driver training, which is provided by the school district or a third-party organization.
The salary for a school bus driver depends on things like location, experience, and the district. The average salary for school bus drivers ranges from $30,000-$40,000, along with getting benefits like health insurance, retirement plans, and PTO.
5. Food delivery services
Working as a delivery driver may give you the option to bring your child to work with you.
Some food delivery platforms prohibit from having anyone else in the care of you on food delivery runs, so this is important to find out before bringing your child with you to work.
Getting a job as a food delivery driver is relatively easy as long as you meet the minimum age requirements and have a valid driver’s license. Each platform is going to have different benefits including pay, flexible work schedule, payout time, and sign-up process.
6. Photographer
One way to do photography and be able to bring your child with you is to take stock photos.
Stock image websites are among the most popular platforms for photographers to sell their pictures. These websites allow customers to buy royalty-free photos for personal or business use. Various entities, including websites, TV shows, books, and social media accounts, frequently use stock photos.
A significant advantage of stock photo sites is the potential for passive income. You can take pictures, upload them, and potentially earn money from an old photo for months or even years to come.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
7. House cleaner
Working as a house cleaner possibly allows you to bring your child to work depending on the policies of your employer, the nature of the job, and safety considerations. Some employers allow it, while others have strict rules against bringing a child to work.
As a house cleaner, you may be working with cleaning chemicals and heavy equipment, so you need to consider whether it’s suitable to have a child present in this kind of situation. It’s important to have a backup plan in place for times when you cannot bring your child to work.
8. Blogger
I started my blog back in college over 10 years ago and it’s still my full-time job. I’m my own boss, create my own schedule, and get to take vacations whenever I want.
As a blogger, you get to work from home and create your own schedule. This allows you to “bring your child to work” but also maintain a relatively flexible lifestyle when raising a child. This can be great for balancing work and family life.
Building a successful blog takes time and consistency, but when done right, can make income.
Bloggers make money through advertising, sponsorships, affiliate marketing, and product sales. You can even make money by offering coaching services on your blog or writing for other popular websites in your niche.
You can learn how to start a blog with the free How To Start a Blog Course (sign up by clicking here).
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9. Proofreader
Another great remote job that lets you stay at home with your child while earning money is proofreading.
A proofreader is someone who is in charge of reviewing written content to identify and correct errors in spelling, grammar, punctuation, and formatting.
Proofreaders work for all kinds of companies, including advertising agencies, media outlets, government agencies, and even bloggers and other small business owners.
Proofreaders can earn between $15-$50 an hour depending on their experience, type of project, and industry demand.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
10. Freelance writer
I’ve been a freelance writer for almost a decade and it’s one of my favorite ways to make money. This is because freelance writing can be done on my own schedule. An agency (or whoever is paying me to write the article) will send me what they want the article to be about, how many words to write, and other important information that needs to be included.
Since this job is remote, this means you can work from home and “take your child to work” with you.
So, this can be a great job to look into for a stay-at-home mom or dad of young children.
How much you earn as a freelance writer depends on your skills and experience. If you’re just starting, you may earn between $50-$75 per 500-word article. As you gain experience and get better, you can charge a lot more. The larger and more impressive your portfolio becomes, the easier it gets to land jobs and get paid higher rates.
Recommended reading: 14 Places To Find Freelance Writing Jobs
11. Transcriptionist
A transcriptionist is someone who converts spoken audio files into written text (this is what transcription is). Your tasks include listening to audio recordings and accurately transcribing them into a written format. Transcriptionists work in fields like legal, medical, academic, and business-related industries.
Starting pay for a transcriptionist is in the $15 an hour range, with that number increasing once you’ve honed in your skills and experience, and have a wider database of clients who have worked with you in the past and want to hire you again.
Many transcriptionists are stay-at-home parents, and that is because you can get started relatively easily (it is easy to meet the qualifications to become a transcriptionist) and you can work on your own time and create a flexible schedule that works for you and your children’s schedules.
Recommended reading: How To Become A Transcriptionist From Home
12. Virtual assistant
I’ve been working as a virtual assistant for years and it’s one of my favorite jobs. I get to work from home and set my own schedule. Virtual assistants usually work for a person, company, or small business owner doing administrative tasks to help the business run smoothly.
As a virtual assistant, you’re working from home which means your child can stay at home with you while you’re working.
Tasks for virtual assistants include tasks like responding to emails, social media management, customer support, and more.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
13. Customer service representative (at home)
Customer service representative jobs are often remote, therefore you may be able to leave your child at home with you while you’re working.
Customer service representative tasks include assisting and supporting customers with problem resolutions, inquiries on products, order processing, and even offering technical support in some cases.
Finding a job as a customer service representative is easy. Check out job boards like Indeed and type in “Customer Service Representative” and hundreds of jobs will come up. Make sure to look for jobs that are 100% remote, as some of these jobs may be in person.
Typically, to get started, you will just need a computer, phone, and internet access.
14. Mystery shopper
As a mystery shopper, you are grading restaurants, stores, and other businesses on how well they are doing.
My sister was a mystery shopper and often brought me with her on mystery shopping outings. She made around $150 to $200 a month in extra money doing this and she also earned free items as well, like food at restaurants, makeup, and more.
Bestmark is a popular mystery shopping company that connects mystery shoppers with jobs. Mystery shoppers get reimbursed for their time via check or cash and typically get paid out 2-4 weeks after the job is completed.
Recommended reading: How To Become A Mystery Shopper
15. Newspaper deliverer
As a newspaper deliverer, you may be able to bring your child to work with you when you’re delivering newspapers. Delivery times typically range from 4 AM-6 AM, and in some cases, there are late evening deliveries and weekend deliveries.
Before bringing your child to work, make sure the newspaper company permits you to bring your child with you as some companies may not be okay with this.
16. Gym worker (many jobs have on-site daycares)
Gyms all across the country are now offering free on-site daycares for customers. This is to entice people to come to their gym and also allows parents to workout without having to pay and arrange childcare to get to the gym.
Depending on the location, gyms that offer childcare include EOS Fitness, Life Time, LA Fitness, YMCA, and even local and county gyms.
I have a friend who works part-time hours at a local county gym. She works in the daycare room and gets to bring her toddler and baby with her. This can be a good option to look into if you don’t have school-aged kids, and need to bring your young children to work with you.
17. Find a company that has onsite daycare for their employees
There are many companies out there that provide on-site daycare for their employees.
My husband’s company provides 100% employer-sponsored on-site childcare at work, so anyone who works at the company can bring their children to work and save money on childcare costs. This is a growing benefit that more and more companies are offering to employees.
When searching for new jobs, read the benefits offered at the company and see if on-site childcare is listed.
Frequently Asked Questions
Below are answers to common questions about bringing your child to work jobs.
What are the best jobs where you can bring your child to work?
The best jobs that let you bring your child to work include jobs like nannying and daycares, and remote jobs like blogging, proofreading, or working as a customer service representative. All of these jobs typically let you bring your child to work or you get the benefit of working at home, saving money on childcare costs.
Can you bring your baby to work with you?
Whether or not you can bring your baby to work with you depends on many factors, including:
Company’s policies
Nature of your job
Local regulations
Many jobs have family-friendly policies in place that allow you to bring your kids to work for a certain period, especially during the infant stage. Some employers even have designated areas to support parents who bring their children to work, including on-site childcare facilities, flexible work hours, or remote work options.
Is it acceptable to bring your child to work? Can I take my child with me to work?
Whether or not it’s acceptable to bring your child to work depends on each company and the type of job. Some jobs fully support parents to bring their children to work and even have a 100% company-sponsored childcare facility. Other companies may not allow bringing children to work if such childcare facilities do not exist at the company. It may also be dangerous to bring kids to certain jobs if you work in a field like construction.
Can you work a remote job with a baby?
One of the best ways to work and save money on childcare costs is working remotely. This method of work is becoming increasingly common thanks to technology and shifting attitudes toward flexible work arrangements.
If you do land a remote job, here are some tips for successfully working with a baby:
Establish a schedule that accommodates your work responsibilities and baby’s needs.
Set up a dedicated workspace that is quiet and comfortable where you can focus on work.
Aim to get a job that has flexible work hours, so you can take care of your child when they need it, and perhaps work during naps.
That being said, it doesn’t mean that online or remote jobs are easy, or that working from home and watching a kid at the same time will be easy. It can be hard to manage both at the same time.
Do companies still have bring your kid to work day?
Some companies do still have bring your kid to work day. Keep in mind, this is usually only one day out of the whole year.
If you work at a daycare can you bring your child for free?
If you work at a daycare, you can usually get a discounted rate if you bring your child.
How to find jobs that would welcome children and don’t require a nanny or sitter?
Some workplaces are much more welcoming than others. Finding jobs that already cater to kids (such as daycares) or working from home are two options to start with.
Bring Your Child To Work Jobs – Summary
Being able to bring your children to work is becoming more accepting and even supportive, with companies providing on-site childcare facilities.
There are many child-focused businesses, such as private preschools or daycares, where you may be able to bring your child to work with you.
Along with the rise of remote jobs, you may be able to work at home and take care of your children at the same time. If you work from home, such as by being a proofreader or virtual assistant, you may be able to work a flexible schedule and work in your spare time, such as when your child is napping or sleeping. Working around your children’s schedules is one way to work from home for stay-at-home parents.
Running her own business and deciding on her own hours is how my sister works from home with a child. She is a full-time blogger (she owns the very site that you are reading – Making Sense of Cents).
What do you think are the best kid-friendly jobs for moms and dads?
Hedging, Renovation, QC, Validation, Verification Products; Investor and Correspondent News and Metrics
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Hedging, Renovation, QC, Validation, Verification Products; Investor and Correspondent News and Metrics
By: Rob Chrisman
6 Hours, 35 Min ago
“I saw a woman at Walmart with March Madness teeth… She was down to the final four.” No one is talking about 30-year mortgage interest rates heading down into the 4’s; many would be happy if they came down into the 5’s. Heck, forget about mortgage interest rates because they’re going to do what they’re going to do. Originators are equally interested in potential or existing borrowers. New data reveals that Americans are spending nearly as much on interest payments for credit cards and other kinds of consumer debt as they are on mortgage interest. But hey, if your client has their debt under control, LOs can help them by passing along Home Facts so that they can do an analysis of where they might like to live. (Found here, this week’s podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Hear an interview with Lending Tree’s Jacob Channel on the rent-versus-buy debate and just how far people should stretch their finances to achieve the dream of homeownership.)
Lender and Broker Services, Products, and Software
Collecting interim servicing payments is a pain, but not with Fee Chaser. With its seamless integration into Encompass® by ICE Mortgage Technology™, Fee Chaser automates upfront fee collection and can handle those pesky interim servicing payments as well. Check out Fee Chaser by LenderLogix here.
Today’s mortgage landscape demands greater efficiency. Xactus, a leading verification innovator, makes it easy to obtain all the verifications lenders need to be more efficient and advance the modern mortgage. For example, with its ICE Mortgage Technology Encompass Partner Connect™ integration, you can streamline your consumer verifications. Encompass Partner Connect provides direct access to Xactus verification products including Credit ReportX, Flood ReportX, Undisclosed Debt VerificationX, Tax TranscriptX, Employment VerificationX, Income VerificationX, Fraud ReportX, and Social Security VerificationX. In fact, Xactus was the first third-party service provider to integrate credit with Encompass Partner Connect, and won the 2023 ICE Innovation Award for Lenders’ Choice for Innovative Service Provider. Heading to the ICE Experience in Las Vegas? Experience Xactus’ award-winning innovation. Stop by Xactus’ booth or email [email protected] to schedule a meeting. For the latest updates and news about important industry innovations, follow Xactus on LinkedIn.
If you thought McDonald’s® invented the combo meal, you’d be wrong. The honor actually belongs to defunct fast-food chain Burger Chef, which introduced the classic trio of burger, fries and a drink as one meal. Known as “The Triple Threat,” it sold for just $0.45. While that kind of pricing belongs to a bygone era, lenders using Fannie Mae’s Desktop Underwriter® (DU®) validation service can enhance their validation processes by leveraging AccountChek by Informative Research to validate income, employment and assets with a single report. By using direct deposit banking data to evaluate income and employment, lenders can streamline borrower eligibility. Additionally, current AccountChek users don’t have to change their process. The AccountChek report they have been using for years already provides the needed transaction data to DU. To get started, visit Fannie Mae’s webpage, and submit the request form to begin the activation process.
Most lenders are painfully aware of rising loan origination costs, which is a common trend in a down market. But certain costs like credit (surging by 400 percent) and verifications (up by 141 percent) have soared disproportionately, with incumbent providers exploiting their market dominance as virtual monopolies. Yet some lenders are fighting back… Like Lower, which has found a way to save as much as 80 percent on these operational line items and win more loans. Sign up for this exclusive webinar taking place on March 21 at 2pm ET, featuring Rob Chrisman, James Duncan and Donielle Geiser (Lower), and Richard Grieser (Truv), where they’ll share their take on today’s market and how they’ve reduced costs on operational line items previously thought to be beyond a lender’s control. RSVP today!
Introducing the All-New Quarterly Conversations About QC Newsletter! Get the latest quality control news delivered directly to your inbox with QC Ally’s new email newsletter. Designed to be your trusted loan quality resource, you’ll get the latest industry headlines, helpful tools designed to inspire your business, and regulatory updates each quarter. Recent features include eGuides to strengthen your QC processes, webinars discussing how to successfully implement new requirements, and industry conference takeaways. Sign up today to stay in-the-know on updates designed to spark discussion and inspire your business!
TPO, Broker, and Correspondent Product News
Renovation lending fuels loan production, boosts profits, and fortifies housing inventory in competitive markets. Explore the rising demand for renovation loans with Planet Home Lending’s Guide to Renovation lending, tailored for correspondent lenders. From seizing opportunities to fostering robust partnerships, it offers a step-by-step roadmap. Request your exclusive copy today.
Freedom Mortgage Wholesale reminded brokers that it is historically, currently, and forever wholesale, and has posted some solid numbers about its status. In 2023 Wholesale increased its sales force by 20 percent, 25 percent of whom were rehires. Wholesale increased its Ops staff by 125 percent, 70 percent of whom were rehires. Freedom doubled its production two months in a row and is still growing.
But not to be overlooked is that Freedom is very active in the philanthropic arena through Freedom Cares. Last year it donated $660,000, used a holiday toy drive to raise $60,000 to support Children’s Hospital of Philadelphia (CHOP), The Salvation Army, and Toys for Tots, has, for 11 years, donated over $100,000 and nearly 2,000 backpacks (with school supplies) to Rucksacks to Packpacks. Freedom Mortgage’s employees and vendors raised $50,000, providing 500,000 meals for people facing hunger through Feeding America’s “Freedom from Hunger, and in 2023, through Project Gratitude, sent 1045 handwritten and video thank you messages to active-duty service members. And let’s not dismiss the 2,300 logged hours of employee volunteer engagement.
The real estate investment trust affiliated with Angel Oak Companies posted a $28.6 million profit in the fourth quarter. For the full year of 2023, the REIT generated a profit of $33.7 million; all but forgotten is 2022’s reported loss of $187.8 million. Angel Oak REIT participated in four non-qualified mortgage securitizations in 2023, contributing $662 million in unpaid principal balance to the issuance. The REIT’s earnings increased after it sold off non-QMs with relatively low interest rates. Its statistics reflect the industry’s: The REIT held $380 million in whole loans at the end of the fourth quarter, up from the $284 million held at the end of the third quarter. The company increased the weighted average coupon on its whole-loan portfolio to 6.78 percent as of the end of the fourth quarter compared with an average WAC of 5.83 percent at the end of the third quarter. As of the end of February, the WAC on the REIT’s portfolio had increased to 7.14 percent.
One should know the big news from Fannie Mae: Lenders now will be able to validate assets, income, and employment with a single 12-month asset report in Desktop Underwriter®. That same asset report will also identify the borrower’s positive rent payment history and cash flow history. This could be a boon for both lenders and homebuyers: Think faster cycle times, less paperwork, and enhanced access to credit, not to mention the ability for lenders to get Day 1 Certainty®, which can help improve loan quality and reduce the risk of repurchase. “Fannie Mae is continually focused on modernizing the mortgage finance experience and exploring new ways to help our lenders open more doors for aspiring homeowners in a responsible and sustainable way. With this new update in Desktop Underwriter, we are removing a hurdle from the loan application process and bringing greater speed, simplicity, and certainty to both lenders and borrowers,” said Cyndi Danko, Fannie Mae’s SVP and Single-Family Chief Credit Officer. The enhancement goes into effect in DU on March 29. Reach out to your Fannie Mae representative for help getting started.
Capital Markets
Interested in learning more about moving from best efforts to mandatory loan sales? Maybe you’ve already moved to mandatory and are looking for even more pickup and ways to mitigate risk? Join MCT’s Moving to Mandatory Loan Sales webinar on April 4th at 11am PT to learn how mandatory loan sales is helping lenders improve profitability while reducing risk. In this webinar, MCT’s Scott Holtz, Vice President of South Regional Sales, will discuss how to leverage mandatory loan sales to improve profitability, manage risk with pipeline hedging, and operational changes needed for the transition. Register for the webinar or join MCT’s newsletter to receive the latest educational content.
Between Fed Chair Powell testifying before the House Financial Services Committee and the latest Beige Book, there was a lot of Fed news for investors to digest yesterday. A slew of stronger-than-expected economic data has raised concerns that the FOMC is preparing to walk back its anticipated 75 basis points of easing in 2024, and the Fed Chair told the House panel that he’s in no rush to lower rates, though doing so will probably be appropriate “at some point this year.” He repeatedly stated that he does not see a risk of recession right now. Powell will be back on Capitol Hill today to appear before the Senate Banking Committee, though the potential for market-moving remarks is low.
The Fed’s Beige Book for March described overall economic activity since the last report as having “expanded at a modest pace since earlier in the year.” Consumers showed more sensitivity to rising prices and spending softened in recent weeks as businesses found it harder to pass through higher costs to their customers. Leisure and hospitality sectors varied from District to District, the Fed said in its survey of regional business contacts. Manufacturing activity was little changed while residential real estate demand improved. Employment rose at a slight to modest pace while price pressures persisted. If the economy evolves broadly as expected, the Fed is likely to begin dialing back policy interest rates 25 basis points between three and four times this year.
Ahead of February payrolls this Friday, we received a couple of labor market indicators yesterday. Job openings fell slightly in January to 8.86 million, and the number of job openings per unemployed worker was little changed at 1.45. The ADP Employment Change report pointed to the addition of 140k payrolls in February, slightly less than 150k expectations, while the January increase was revised up to 111k from 107k. The JOLTS data signal that the jobs market is slowly settling down, consistent with wage inflation pressures cooling and without a troubling slowdown in net job creation and overall economic activity. The gradual softening in the labor market will likely keep the FOMC comfortable in waiting a little while longer before beginning to cut rates.
Today’s economic calendar kicked off with Challenger job cuts for February: U.S.-based employers announced 84,638 cuts in February, up 3 percent from last month and 9 percent higher than the 77,770 cuts announced in the same month in 2023. Markets have also received the latest European Central Bank decision and remarks from ECB head Lagarde in her press conference, the latest jobless claims (217k last week, unchanged from 217k), trade deficit (high at $67.4 billion, a subtraction from growth), and productivity and unit labor costs (3.2 and .4 percent respectively). Chair Powell will be back on Capitol Hill before the Senate Banking Committee to testify on the Monetary Policy Report later this morning, and other releases of note include Treasury releasing the details of the mini-Refunding consisting of $56 billion 3-years, $39 billion reopened 10-years, and $22 billion reopened 30-years, remarks from Cleveland Fed’s Mester, Freddie Mac’s Primary Mortgage Market Survey, and January consumer credit. After the initial salvo of news, we begin Thursday with Agency MBS prices better .125-.250, the 10-year yielding 4.07 after closing yesterday at 4.10 percent, and the 2-year at 4.53.
Employment and Transitions
Unlock success with PrimeLending’s East Meets West Podcast! Join EVPs Karen Blakeslee and Al Velasco, the production leaders from the Eastern and Western divisions, for a lively discussion about the pulse of the housing market. Discover how PrimeLending empowers our loan officers to compete and win. Karen and Al also discuss leveraging new products to create more opportunities. Tune in for exclusive access to the wisdom of Dallas-based Branch Manager and perennial top producer, Mark Raskin (NMLS# 176513). Mark shares invaluable insights and proven tips, providing a backstage pass to success in today’s market. Check out East Meets West to learn why PrimeLending loan officers rank our engaged, experienced leadership as a game-changer. If you’re a top producer ready to turn up the volume on your career, contact Nic Hartke today!
Landmark Bancorp, Inc. announced that it has appointed Abigail (Abby) Wendel to serve as president and chief executive officer of the Company and Landmark National Bank, its wholly owned bank subsidiary, effective March 29. Wendel also will join the respective boards of directors of the company and bank, and succeeds current President and CEO, Michael Scheopner, who will serve in a non-executive role until his retirement at the end of the year. Congratulations!
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I didn’t know how to pronounce Les Miserables until 2017. Now I know all the songs. My wife bought us tickets to the show for my birthday this year. What a triumphant masterpiece! 99% of children dislike art museums, musicals, and reading the news. But many adults find beauty or intrigue in those same ideas.
A similar “boring-to-not-boring” transition happens in personal finance. The problem is that the fun doesn’t last. We had fun getting our personal finances under control. We got hooked on that fun. It lasted for months or even a few years. Money went from a scary unknown to an exciting area of optimization.
But then we got it all figured out and…well, the thrill is gone as B.B. King sang. And thus you find yourself here, on a .blog domain. Who uses .blog?!
Don’t despair. The lack of financial fun is a good thing. It’s a sign that your finances are in a great place.
But I still find fun financial things to think about and learn. There are a few traditionally “boring” topics that I find exciting. I’ll share them below, and maybe you’ll be intrigued too.
Get to Know Your Taxes
Can it get more boring than taxes?!
Actually, I like taxes. Over the past two years, I’ve realized that the tax code is half puzzle and half game, and I love puzzles and games.
The rules are well-defined (but there are a lot of them). I certainly do not know all the rules, but the more rules I learn, the better my “strategies” become.
The “pieces” interact in different (and sometimes surprising) ways. There are always multiple ways to “solve” a tax problem. Some solutions decrease this year’s taxes, and others decrease future taxes. Sometimes, we trade off lots of effort and paperwork to save a few bucks; is that a worthwhile trade?
If you’re a young W2 worker (like me), there’s not too much to know. Our tax scenario is fairly simple.
But if you’re a retiree earning Social Security income, making IRA withdrawals, realizing short and long-term capital gains, earning interest, dividends, and more, you’ve got an interesting puzzle before you! The interactions on a simple 1040 Federal Tax return can be quite complex and involve thousands of tax dollars per year.
If you’re a business owner or a real estate investor, the “puzzle” intensifies! This is why a good CPA accountant is worth their weight in gold.
To be clear, tax planning is not about cheating the tax system. When accountants tell me they’re “aggressive,” I take it as a euphemism for “I bend the tax code until it breaks.” That’s bad—and usually illegal. Avoid that. If you’re an honest accountant, please find a different word than “aggressive.”
But working with a tax professional who 1) knows the “rules” of the tax code and 2) enjoys optimally “solving the puzzle” you bring to them…well, odds are they can solve your puzzle much better than you can alone.
Pro tip: starting this year, review your 1040 Federal Tax Return (or your country’s equivalent)…try to go line-by-line, and if you don’t understand what a particular line item means, look it up.
Wait. For A Decade or Two.
The Best Interest is a big proponent of long-term investing, which, as you might have noticed, includes the verbiage “long-term.”
We’re not talking weeks or months. We measure in decades. We beat a slow-tempo’d drum of basic tenets, like “buy and hold” and “diversify” and “don’t look for needles, buy the whole haystack.“
BORING!
To spice things up, I like to remind myself (and you) of market history. One of my favorite cautionary tales is that returns are never promised, and we’ve suffered decades of zero returns.
In that article linked directly above, I put together this chart:
WOW! Multiple ~20 year periods of zero return?!
As I’ve realized in hindsight, there’s a problem with that chart. Everything is factually correct, but the chart presents data differently than most people think. I inflation-adjusted the data. In other words, the chart does not measure dollars and cents. It measures purchasing power.
There have been multi-decade periods when investors’ purchasing power was stagnant. Their accounts increased in value, but inflation ate the entirety of those gains.
Most of us, though, measure our accounts in dollars and cents. We understand the reality of inflation, constantly knawing at our purchasing power. But we don’t inflation-adjust our conception of the world. If $1.00 grows to $2.00, we see exactly that. We don’t say, “…but inflation was 14%, so really it’s like I only have $1.86.”
To fix this problem, I reconstructed the plot to show nominal dollars.
If you read my primer on accounting for inflation in retirement, the chart above lives in “the convenient world” while the chart below lives in “the true world.”
The lesson: it’s realistic for your diversified stock portfolio to go through a ~5+ year period of negative nominal returns. If you’re unlucky, it might stretch out to 10+ years!
Now that’s exciting (in the same way BASE jumping is exciting).
It’s a far stretch from the lazy shorthand of “the S&P returns 10% year!” that too many FinFluencers use. I’ve been guilty of that shorthand, and I understand its usage when calculating 30-year compound math.
I despise that shorthand, though, when I hear it used to explain expected stock market returns to a new investor. New investors need to know that stock investing is not a smooth ride. It’s not always up and to the right. It involves years – if not decades – of what feelslike wasted time.
5 years is a long time. 10 years, per math, is longer. Are you excited to stay the course that long through thick and thin?
Important note: this analysis looked at a lump sum investment. Dollar-cost averaging, though, smooths this ride out immensely!In fact, DCA actually takes advantage of bad times and volatility. I’m a huge fan of DCA’d monthly contributions through thick and thin.
Know Your Flow
Cashflow is the cinder block of personal finance.
It’s boring and basic and plain and every other synonym thereof.
But it’s also foundational.
You cannot build strong personal finances without healthy cash flow, and you won’t know if you have healthy cash flow unless you measure it.
Buy Protection
Speaking of BASE jumping…
The exciting part of extreme sports is “the jump” itself. But it’s someone’s job to consider the “boring” questions like,
“Is that parachute packed correctly?”
“Can that bungee cable support a 300-pound man?”
“If he doesn’t make it and lands in the pit of burning tires, what’s the rescue plan?”
Ok. That’s kind of funny. But on a more serious note, about the modern miracles of CPR and AED?
Christian Eriksen is a Danish soccer player, currently on the roster for Manchester United. On June 12, 2021, Eriksen had a cardiac arrest during a national team game against Finland. 50 years ago, he would be dead. But because the training staff is both CPR-trained and well-equipped with a automated external defibrillator (AED), Eriksen’s heart was shocked (one shock!) back to life. He’s still plays today.
A similar cardiac arrest happened to Damar Hamlin in a Buffalo Bills football game in January 2023. Again, an AED shocked his heart back to life. He’s alive and well and still playing football.
These might be 1-in-10000 events. Easy odds to ignore, right? But asking, “What happens if…” can lead you to some life-saving answers. A little preparation goes a long way.
The personal finance world skews less life-and-death than cardiac arrest, but some of the financial “Q&A” will point you toward:
A well-funded emergency fund.
Life insurance (term only!)
Home and auto insurance
Disability insurance
An umbrella insurance policy
If you’re unsure what kind of insurance you do (or don’t) need, ask yourself:
If something bad happened on [this axis], do I have the assets needed to pay for it?
If I died, would my family have the assets and cash flow to continue our desired lifestyle? If not, you need life insurance.
If I got disabled and couldn’t work…
If my house burned to the ground or got swept away in a hurricane…
If I got sued when the mailman trips on my sidewalk…
Etc. etc.
If you don’t have the assets to cover your liability, you need insurance.
You Made It. Go Live Life!
If everything in your finances feels boring, that’s a good thing. You’ve reached the top.
There are plenty of nuanced topics to nosedive into.
Or, you can just go live your life. Go check out a musical or a museum. Another story must begin!
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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More than half of college students graduate with some debt. The average federal student loan debt balance is $37,718, while the total average balance (including private loan debt) may be as high as $40,499, according to the Education Data Initiative.
While those numbers may look daunting, keep in mind that you typically don’t need to start repaying your student loans until six months after you graduate. What’s more, lenders (both federal and private) generally offer a number of repayment options that can make managing student loan debt easier.
Here’s a look at nine tips and strategies that can make repaying your student loans as stress-free as possible.
1. Understand Your Total Debt
Before you can determine the best way to manage student loan debt, you’ll want to get a full picture of what you owe. You may graduate with several loans, both federal and private, and the interest rate may be different depending on when you took out the loan.
You can find your federal student loan balances by logging into your account at StudentAid.gov. For private student loan balances, you can contact your loan servicer or check your credit report (you can request a free credit report from AnnualCreditReport.com ).
💡 Quick Tip: With benefits that help lower your monthly payment, there’s a lot to love about SoFi private student loans.
2. Know Your Repayment Terms
In addition to your unpaid balances for each student loan, there are other repayment factors that impact your payoff strategy. This includes each loan’s:
• Term Your repayment term is the amount of time until you get out of student loan debt, if you follow your original repayment plan.
• Interest rates This is the cost of financing. While federal student loan rates are the same for every borrower, private student loan rates range based on the lender, the type of interest rate (fixed or variable), and the borrower’s credit score.
• Grace period Many student loans offer a grace period, which is the length of time that you have after graduation before you need to start paying back your loans. Often the grace period is six months after you graduate or drop below half-time attendance.
Recommended: Average Student Loan Debt
3. Determine if You Qualify for Loan Forgiveness
If you have federal student loans, you could be eligible for certain debt forgiveness programs. These programs can wipe away all or a portion of your student debt after you’ve satisfied certain repayment and eligibility criteria. Some pathways to forgiveness include:
• Public Service Loan Forgiveness (PSLF) Under PSLF, government and nonprofit workers may be eligible to see the remaining balance of their federal student loan debt forgiven after making 120 qualifying payments. You can use the government’s PSLF help tool to see whether you work for a qualifying employer and generate your PSLF form.
• Income-driven repayment (IDR) An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income. If your federal student loans aren’t fully repaid at the end of the repayment period (which may be 20 or 25 years), any remaining loan balance is forgiven.
• Teacher Loan Forgiveness Teachers who work full time for five consecutive academic years at a low-income school may be eligible for up to $17,500 in loan forgiveness. To qualify, you must meet the FSA’s requirements as a highly qualified teacher.
4. Select a Repayment Plan That Works for You
Depending on the type of student loan you have, you may be able to choose from a variety of different repayment plans. Loans in the federal system offer access to a set list of repayment options, while private loan repayment plans vary. Choosing a payment plan that works with your budget can make it much easier to deal with student loan debt.
Private Student Loan Repayment Options
When you take out a private student loan, you may be able to choose between several different repayment plans. These may include:
• Immediate repayment This means you’ll make full monthly payments while you’re still in school.
• Interest-only repayment Here, you’ll pay only the interest on your loan while you’re still in school.
• Partial interest repayment With this plan, you’ll make a fixed monthly payment while you’re in school that only covers part of the interest you owe.
• Full deferment If you go this route, you pay nothing while you’re enrolled in school. However, your loan balance will grow during that time due to accruing interest.
You may also be able to choose your loan repayment term, such as five, 10, or 15 years. Picking a shorter repayment term can help you save on interest (it may also help you qualify for a lower interest rate), but may mean a higher monthly payment.
Once you pick a repayment plan, you generally can’t change it after the fact. However, if you experience a financial hardship, the lender may agree to temporarily lower your payments, waive a payment, or shift to interest-only payments.
Federal Loan Repayment Options
All federal student loans are on the Standard Repayment Plan (which is a 10-year fixed payment repayment plan) by default. However, you can request to enroll in other plans, such as:
• IDR Plan Income-driven repayment (IDR) plans base your monthly payment amount on how much money you make and your family size. The four IDR options are: Saving on a Valuable Education (SAVE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR). Depending on the plan, your payment is reduced to 10% to 20% of your discretionary income. After satisfying a certain number of months of qualifying payments on an IDR plan, you can get the remaining balance of your loan forgiven.
• Graduated Repayment Plan With this option, payments are lower at first and then increase, usually every two years. Payment amounts are designed to ensure your loans are paid off within 10 years (or within 10 to 30 years for Consolidation Loans).
• Extended Repayment Plan With this plan, your payments can be fixed or graduated and your loan term is stretched to 25 years.
5. Consider Consolidating or Refinancing Your Loans
If you have multiple federal student loans, even if they are with different loan servicers, you may be able to combine them into one loan with a single monthly payment through a Direct Consolidation Loan. This can simplify loan repayment and make it easier to manage student loan debt by giving you a single loan with one monthly bill.
Whether you have federal, private, or both types of loans, you might consider refinancing your student loans with one private student loan, ideally with a lower interest rate and/or better repayment terms. This can simplify repayment and could also help you save money. Just keep in mind that if you opt for a longer long term, you can end up paying more in total interest. Also be aware that if you refinance federal loans to private, you may lose some benefits, such as student loan forgiveness and IDR plans.
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6. Ask Your Employer About Student Loan Assistance
Many employers are now offering student loan repayment assistance or tuition reimbursement as a way to recruit and retain top employees.
And starting in 2024, employers will be able to pair student loan repayment with contributions to a traditional 401(k) plan. With this benefit, an employer matches a worker’s student loan payments as if they were payments to a qualified retirement plan, even if they don’t contribute to the company’s retirement plan.
The upshot: It can be worth asking your employer if they have any repayment assistance — or are planning to offer it in the future.
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7. Explore Payoff Strategies
Whatever type of student loan repayment plan you have, there are steps you can take on your own to help manage your student loan debt, and even speed up repayment. Here are two effective strategies to consider:
• Making extra payments toward principal If you have any extra cash to spare after you make your minimum monthly loan payment(s), consider putting it directly toward lowering your principal balance. Doing this can help you reduce the amount of debt you owe, pay off your loans faster, and save you money on interest over time. Just be sure to tell your lender in writing that your extra payment should go toward the principal and not toward future payments.
• Avalanche repayment method This can be useful if you have multiple student loans. With this approach, you make minimum student loan payments on all your loans and then direct any extra money toward the loan with the highest interest rate. Once that loan is paid off, you funnel your extra funds to the loan with the next-highest rate until that debt is paid off, and so on until all your student debts are gone. This payoff method can speed up loan repayment and also save you money.
8. Take Advantage of Lender-Specific Benefits
Some student loan lenders offer certain benefits to their borrowers. For example, federal, as well as many private, lenders offer a discount on the interest rate if you agree to set up your payments to be automatically withdrawn from your checking account each month.
In addition, some private lenders offer specific borrower perks, such as a one-time cash reward if you get above a certain GPA or the ability to earn reward points that you can then use to lower your monthly payments. It’s a good idea to learn about — and take advantage of — any repayment benefits your lender offers. This can make it easier to handle your student loan debt after you graduate. 💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
9. Budget Your Finances Accordingly
No matter the amount or type of student debt you have, a key way to manage repayment is to set up a basic budget. While that may sound complicated, it’s actually a relatively simple process.
The first step is to figure out how much money you have coming in each month (like your income after taxes and any help you may receive from your parents). Next, make a list of all your fixed monthly expenses, such as rent, utilities, phone/cable bill, food, and minimum payments due on loans, including your student loans.
You then subtract your fixed costs from your total income. Whatever is left is your disposable income — the money you have to spend on things like eating out, movies, other entertainment, and clothing.
Going through this exercise can help ensure you have enough funds to make your loan payments each month and avoid getting hit with late fees or, worse, defaulting on your student loans.
The Takeaway
There’s no one right way to handle student loan debt. Federal student loan borrowers have access to many student loan repayment strategies that can make paying off your debt more manageable. Private lenders typically also offer several different repayment options and sometimes even forbearance or deferment for borrowers who run into financial difficulty making payments.
No matter what type of student debt you have, you can utilize smart repayment strategies (such as making extra payments towards principal or using the avalanche repayment method) to pay off your loans faster and save money on interest.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
How to pay off 70K in student loans?
There are many ways to pay off $70,000 in student loans, depending on the type of loans you have and repayment goals.
If you have federal student loans, you might sign up for an income-driven repayment (IDR) plan. With these plans, your payments are based on your income — typically 10% to 20% of your discretionary income. In addition, you could have any remaining balance forgiven after 20 to 25 years, depending on the plan.
For any type of student loan (federal or private), you might consider refinancing. This involves taking out a new private student loan and using it to pay off your existing student loans. Depending on your credit, you might get a lower interest rate, which could save you money on interest. You might also be able to shorten your loan term, and pay off your loans faster.
What is the best student loan repayment method?
The best repayment method for you depends on the type of student loans you have, your repayment goals, and your current financial situation.
If you’re looking to repay your loans as quickly as possible, you might consider paying interest while you’re in school and then, after you graduate, making extra payments toward the principal whenever you can. Another way to potentially pay off your loans faster is to refinance. This may allow you to lower your interest rate and/or shorten your repayment term.
What age group holds the most student loan debt?
Borrowers between age 30 and 39 hold the most student debt, with an average student loan balance of $42,748, according to the Education Data Initiative.
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