25 Good Paying Jobs Without College Degrees for Students in 2022

Good-Paying Jobs Without a College Degree

A four-year college degree is a minimum requirement for many jobs, and more education can translate to higher earnings. It’s possible, however, to find jobs that make good money without college.

When comparing good jobs you can get without college experience, it’s helpful to consider earning potential and the skills you might need.

•  Many high-paying jobs don’t require a college degree, offering opportunities in fields like healthcare, transportation, and law enforcement.

•  Technical education, military training, or on-the-job experience can substitute for a degree in some industries.

•  Jobs such as air traffic controller, dental hygienist, and radiation therapist offer solid earning potential without a four-year degree.

•  Some roles, like commercial diver and court reporter, provide flexibility and freelance opportunities.

•  Consider industry demands, skills, and potential trade-offs when seeking good-paying jobs without a college degree.

Definition of a Good-Paying Job

There is no standard benchmark for what constitutes a good-paying job. According to the Bureau of Labor Statistics (BLS), the average annual wage in October 2024 was $60,580. That’s across all occupations, regardless of education level.

Whether that’s a good-paying job for you depends partly on your lifestyle. Some people can live comfortably on $60,000 or less, while others might struggle. A single person living in an area with a low cost of living may feel rich. But someone supporting a spouse and children in a high-rent area could easily disagree.

Jobs that don’t require college can pay more or less than $100,000, depending on the industry. (A spending app can help you stay on top of your financial situation once you the paychecks start rolling in.) But perhaps a better question is what kind of trade-offs are involved in working a good-paying job, in terms of time commitment and flexibility.

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Good-Paying Jobs vs Highest-Paying Jobs

The highest-paying jobs have a median pay of around $200,000 a year, according to the BLS. People who work in the highest-paying jobs may require advanced education, certifications, or specific job skills.

Does that mean good-paying jobs aren’t worth considering? Not at all. The highest-paying jobs can also be some of the most stressful jobs. Many of the highest-paying jobs are in the healthcare field, which can require long hours, dealing with emotional or mental stress, and working in potentially hazardous surroundings.

Good-paying jobs can still pay the bills, even if you don’t make a $100,000 salary. And the job itself may be less stressful and allow for more work-life balance, which some people prefer over a bigger paycheck.

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Pros and Cons of Jobs That Don’t Require a College Degree

As with all jobs, better paying ones have advantages and disadvantages. Whether it makes sense for you to consider jobs that make good money without college can depend on your financial and career goals.

Here are some of the main pros and cons to weigh when deciding whether to pursue a good-paying job and forgo college.

 

Pros Cons
Avoid the potentially high costs associated with a four-year degree Some employers are reluctant to hire candidates who don’t have a degree
Start off your career without student loan debt Certain career fields require a college degree for entry
Earn a steady income right out of high school Good-paying jobs that don’t require college can be hard to find, and hiring may be competitive

 

Why It’s Hard To Find Jobs Without a Degree

Finding good jobs without a college degree is often difficult because many employers have come to expect that job candidates will have a bachelor’s degree at a minimum. Additionally, many professions require four-year college degrees to be considered for entry-level positions.

There are lots of jobs you can get without a degree, or with an associate degree, but they may not pay as well as jobs that do require higher education. A college degree can make you a more attractive candidate for a position because it demonstrates to employers that you’ve taken steps to prepare for a successful career.

Does a four-year college degree or higher guarantee that you’ll be successful or make a lot of money? No, and some industries that require a degree pay very little. That’s another reason to consider good jobs that pay well without college being a requirement.

Tips for Finding Jobs Without a College Degree

If you’re interested in getting good-paying jobs without college, it’s important to do your homework. Specifically, it’s helpful to understand:

•   Which industries or career fields generally require a degree and which ones don’t

•   What skills, experience, or expertise may be substituted for a college degree when searching for good-paying jobs in specific industries

•   Whether it may be to your advantage to get an associate degree or a postsecondary non-degree certification

•   What is competitive pay for any good-paying jobs you’re interested in, based on industry standards and trends

•   The difference between salary vs. hourly pay and why it matters

You should also consider the types of jobs you’re interested in. If you’d like to do something hands-on, for instance, then you may be curious about what trade makes the most money and whether you’ll need an associate degree to enter that field.

Or if you’re the introverted type, you might be focused on finding the best paying jobs for antisocial people that don’t require a degree.

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25 Good-Paying Jobs Without a College Degree

Wondering which jobs pay the most without a college degree? We analyzed BLS data to find good-paying jobs that don’t need a four-year degree and compiled the following list based on:

•   Median annual pay

•   Minimum education level required (high school diploma or equivalent, postsecondary non-degree award, or associate degree)

•   Expected job growth through 2033

Read on for 25 good-paying jobs you can get without college.

1. Makeup Artist, Theatrical and Performance

Median pay: $68,590/year

Job growth outlook: 9%

Job description: Makeup artists apply cosmetic and special-effects makeup to performers in theatrical and other entertainment settings.

Job duties and requirements:

•   Create and apply makeup looks to performers

•   Complete touch-ups as needed to keep makeup looking fresh throughout the performance

•   Postsecondary non-degree award is usually required

How to get started: Makeup artists may attend cosmetology school or earn professional certifications in makeup artistry before applying for jobs. Some artists, however, are self-taught and start their careers by showcasing their makeup skills on TikTok or other social media.

Pros:

•   Makeup artists can make excellent money without a college degree

•   This is a highly creative job that often involves meeting new people

•   Makeup artistry can offer flexible hours and opportunities to travel

Cons:

•   Higher pay isn’t guaranteed

•   Work environments can sometimes be harsh, and artists may be subject to criticism

•   Not ideal for people who aren’t comfortable in a fast-paced work environment

2. Commercial Pilot

Median pay: $171,210/year

Job growth outlook: 5%

Job description: Commercial pilots fly planes and other aircraft, and can work for major airlines, charter companies, or private individuals.

Job duties and requirements:

•   Operate flight equipment to safely transport cargo or passengers

•   Check the condition of the aircraft prior to takeoff

•   Associate degree and on-the-job training may suffice for pilots who don’t plan to fly for major airlines

How to get started: Flight training and FAA certification are essential for commercial pilots. On-the-job training may be substituted for an associate or a bachelor’s degree.

Pros:

•   Commercial pilots can make a lot of money, even without a degree

•   Pilot jobs offer opportunities to travel to new places

•   Work can be flexible

Cons:

•   Requires extensive flight and on-the-job training

•   Flying for a living is generally a higher-risk occupation

•   Private pilots may have to contend with demanding clients

3. Air Traffic Controller

Median pay: $137,380/year

Job growth outlook: 3%

Job description: Air traffic controllers help to guide aircraft from one destination to another. They can work at major airports or smaller airfields.

Job duties and requirements:

•   Monitor the movement of aircraft in the air and on the ground

•   Communicate with pilots during takeoff, while in-flight, and during the landing

•   Sufficient work experience and on-the-job training

How to get started: If you’re interested in becoming an air traffic controller, you’ll need to first meet the minimum requirements. Typically, that means at least three years of work experience, a mix of work experience and education, or training through an FAA-approved program.

Pros:

•   Air traffic control jobs can pay exceptionally well

•   A college degree isn’t always required if you have appropriate work experience or training

•   Job growth is not spectacular but demand is expected to hold steady

Cons:

•   High-pressure job

•   May require working long hours, including weekends and holidays

•   Room for advancement may be limited

4. Nuclear Technician

Median pay: $101,740/year

Job growth outlook: -6%

Job description: Nuclear technicians work in nuclear facilities to assist physicists, engineers, and professionals in maintaining those facilities and conducting nuclear research.

Job duties and requirements:

•   Monitor nuclear facility equipment

•   Measure levels of radiation and collecting air, soil, and water samples to test for contamination

•   Associate degree or equivalent military service

How to get started: Anyone interested in working as a nuclear technician may first want to obtain an associate degree in nuclear science or a related field. Job applicants may be able to substitute military experience for an associate degree if they had nuclear training while enlisted.

Pros:

•   Nuclear technicians can be compensated well for their time and skills

•   An advanced science degree is not necessarily a requirement

•   Nuclear tech jobs may offer opportunities to work independently

Cons:

•   Working in a nuclear facility is generally a high-risk job

•   Job outlook is declining, which means there may be fewer nuclear technician jobs to go around in the future

•   Advancement opportunities may be limited without a higher degree

5. First-Line Supervisor of Police and Detectives

Median pay: $101,750/year

Job growth outlook: 4%

Job description: First-line supervisors are responsible for overseeing the conduct of subordinate officers, managing investigations, and ensuring that all law enforcement protocols are properly applied.

Job duties and requirements:

•   Assist in criminal investigations as needed

•   Manage daily operations of police and detective personnel

•   High school diploma or equivalent

How to get started: Becoming a first-line supervisor begins with completing the necessary training to become a police officer. That usually means attending the police academy. Once hired as a rookie officer, individuals can work their way up the ranks to a supervisory position.

Pros:

•   First-Line supervisors can earn a salary that’s close to six figures

•   High school education may be enough to get started in a law enforcement career

•   Additional room for advancement

Cons:

•   Entry-level salaries may be relatively low

•   It can take years to work your way up to a supervisor position

•   Police work in general tends to be a dangerous profession

6. Transportation, Storage, and Distribution Manager

Median pay: $99,200/year

Job growth outlook: 9%

Job description: Managers are responsible for planning and coordinating transportation, storage, and distribution services or activities. Logistics manager is one job title that can fall under this occupational heading.

Job duties and requirements:

•   Oversee and organize operations related to the transportation, storage, and distribution of movable goods or commodities

•   Ensure that all activities are completed in accordance with local, state, and federal law

•   High school diploma or equivalent, plus relevant work experience

How to get started: Since this is a managerial role, it’s generally necessary to start off in an entry-level position in the transportation, storage, and distribution industry. On-the-job training and experience, as well as time on the job, can be key in earning advancement with this type of job.

Pros:

•   Suitable for organized and detail-oriented individuals

•   Well-above-average earning potential

•   Industry is experiencing above-average job growth

Cons:

•   May require long working hours

•   Can be a high-pressure job

•   Certain aspects may be more challenging, including working with a wide range of customers

7. Elevator and Escalator Installer and Repairer

Median pay: $102,420/year

Job growth outlook: 6%

Job description: Elevator and escalator installers and repairers assist with the installation, maintenance, and repair of elevator and escalator systems in commercial and residential properties.

Job duties and requirements:

•   Develop and implement plans for elevator or escalator installation

•   Maintain, service, and repair elevator and escalator equipment

•   High school diploma or equivalent

How to get started: The typical path to becoming an elevator and escalator installer and repairer begins with completing an apprenticeship. Apprentices may join a program approved by a union or trade industry to learn the necessary skills.

Pros:

•   No advanced degree needed to get started

•   Great earning potential for high school grads who are interested in a hands-on technical job

•   While job growth is slower than for other occupations, there continues to be high demand for workers with these skills

Cons:

•   May need to work on-call, which can complicate work-life balance

•   Elevator installers and repairers generally need to be comfortable working in close or cramped conditions

•   The work can sometimes be hazardous

8. Power Plant Operator, Distributors, and Dispatchers

Median pay: $100,890/year

Job growth outlook: -8%

Job description: Power plant operators, distributors, and dispatchers oversee systems that generate and distribute electric power. Nuclear power reactor workers can also fall within this job category.

Job duties and requirements:

•   Control and maintain equipment that’s used in power generation

•   Routinely conduct safety checks to ensure equipment is functioning properly

•   High school diploma or equivalent and on-the-job work experience

How to get started: A college degree is not required to work as a power plant operator, though it may benefit you to have an educational background in engineering or a related field. This job emphasizes extensive on-the-job training, though it’s possible you may need to obtain certain professional certifications for career advancement.

Pros:

•   No degree is needed to qualify for this job

•   Much of what you need to know can be learned on the job

•   Power plant operators earn a competitive salary

Cons:

•   Can involve hazardous working conditions

•   May require working long hours or on-call

•   Job growth is on the decline as use of renewable energy increases

9. Radiation Therapist

Median pay: $98,300/year

Job growth outlook: 3%

Job description: Radiation therapists administer radiation to people being treated for cancer and may work hand-in-hand with medical dosimetrists, medical physicists, and oncology nurses.

Job duties and requirements:

•   Explain treatments to patients and answer any questions they might have

•   Administer doses of radiation in a safe environment and at the levels specified by the patient’s treatment plan

•   Associate degree or certificate program

How to get started: If you’re interested in a career in radiation therapy, you may need an associate degree in nursing or a certificate in nursing to qualify. State law may also require you to be licensed or certified and complete ongoing education requirements.

Pros:

•   Earning potential is solid, and there may be room for advancement

•   Demand for radiation therapists appears to be holding steady

•   Good for people with strong soft skills

Cons:

•   May require working long hours

•   Can involve a lot of standing

•   Working with people who are severely ill can take a toll emotionally and mentally

10. Subway and Streetcar Operator

Median pay: $84,270/year

Job growth outlook: 4%

Job description: Subway and streetcar operators are responsible for the safe operation of subway trains, streetcars, and similar methods of transportation in compliance with local, state, and federal laws.

Job duties and requirements:

•   Operate subway or elevated trains or streetcars to convey passengers from one location to another

•   Some subway or streetcar operators may be charged with collecting fares

•   High school diploma or equivalent and on-the-job experience

How to get started: You’ll need a high school diploma or GED to apply for subway or streetcar operator jobs. That’s typically sufficient to get most entry-level positions and from that point on, you’ll largely learn what you need to know to do the job through hands-on training and experience.

Pros:

•   Pay scale is great for a job with no degree

•   Not required to sit at a desk all day

•   Working hours may be flexible

Cons:

•   May involve dealing directly with the public

•   There is some risk, as subway and streetcar accidents can happen

•   No hard physical labor but may be mentally and emotionally draining

11. Signal and Track Switch Repairer

Median pay: $82,710/year

Job growth outlook: 2%

Job description: Signal and track switch repairers are responsible for keeping track switch systems used on rail lines functioning properly. They primarily work within the railroad system, though they may also be employed by state and local government agencies.

Job duties and requirements:

•   Install and inspect track switches and signal equipment

•   Test, maintain, and repair gate crossings along railroad lines

•   High school diploma or equivalent and on-the-job training

How to get started: Getting an associate degree in electrical repair could give you an edge if you’re interested in getting hired as a signal and track switch repairer. However, it’s possible to break into this field with just a high school diploma because much of what the job requires is learned in a hands-on way. Completing an apprenticeship with an electrician could also be helpful.

Pros:

•   No degree is required to enter this industry, though it’s something to consider

•   Room for advancement

•   Above-average pay

Cons:

•   Generally requires good communication skills

•   Work has the potential to be hazardous

•   May require working on-call hours or long shifts

12. Postmaster and Mail Superintendent

Median pay: $88,670/year

Job growth outlook: -3%

Job description: Postmasters and mail superintendents oversee the operation of postal service branches and offices. This is technically not a federal job, but postal workers are entitled to the same benefits as federal employees.

Job duties and requirements:

•   Plan, direct, and coordinate administrative, operational, management, and support services at U.S. post office locations

•   Oversee the activities of employees working at post office branches

•   High school diploma or equivalent and on-the-job training

How to get started: If you’re interested in postal service jobs, you can apply for them online through the post office website. You’ll need to complete the Postal Battery Exam, but no degree or prior experience is required in order to get hired. This could be a good way to continue working after retirement.

Pros:

•   Room for advancement

•   Competitive pay and great benefits, including paid leave and health insurance

•   Full-time postmasters generally have weekends off

Cons:

•   Seasonality can make this job more hectic at certain times of the year

•   May involve dealing with the public from time to time

•   Job growth is on a slight decline, though there continues to be demand for postal workers

13. First-Line Supervisor of Firefighting and Prevention Workers

Median pay: $86,220/year

Job growth outlook: 4%

Job description: First-line supervisors oversee the activities of firefighting and prevention workers. They’re responsible for coordinating the operation of fire departments and may be referred to as a fire chief or fire captain.

Job duties and requirements:

•   Respond to fire calls and assign firefighters specific tasks to extinguish fires and rescue persons who may be trapped in affected buildings

•   Assess fire damage and write reports summarizing fire calls

•   Postsecondary non-degree certificate and on-the-job training

How to get started: A high school diploma may be sufficient to apply for a firefighter job, though it may benefit you to earn a degree in fire science if you’re hoping to obtain a managerial or supervisory role. You’ll need to be physically fit, attend fire academy, and complete a written exam as part of the application process.

Pros:

•   Opportunity to give back to your local community and do work that’s rewarding

•   Solid earning potential with room for advancement

•   Firefighting jobs include a solid employee benefits package

Cons:

•   Can involve working long hours and on-call hours, which can make achieving work-life balance difficult

•   Job may be physically demanding

•   Firefighting can also be mentally and emotionally taxing

14. Dental Hygienist

Median pay: $87,530/year

Job growth outlook: 9%

Job description: Dental hygienists typically work in dental offices and perform basic preventative care for patients, including visual exams and cleanings. They may work on a part-time or full-time basis.

Job duties and requirements:

•   Perform dental cleanings and take X-rays

•   Educate patients on proper dental hygiene techniques

•   Associate’s degree and licensing, when required by the state

How to get started: High school graduates who have taken courses in health or science may have a good framework for pursuing an associate degree in dental hygiene or enrolling in a dental hygiene training program. Licensing and certification may be required by the state before you can work in a dentist’s office.

Pros:

•   May offer the flexibility of part-time or full-time work

•   Potentially a great job for people who enjoy interacting with others

•   Dental hygienists typically have nights and weekends off

Cons:

•   Some patients may be more challenging to work with than others

•   May require lots of standing and bending, which can take a toll physically

•   Training and licensing can take time and money to complete

15. Police Officer and Detective

Median pay: $74,910/year

Job growth outlook: 4%

Job description: Police officers enforce the law and protect people and property. Detectives investigate crimes, which can include collecting evidence, interviewing witnesses and potential suspects, and testifying in criminal court cases.

Job duties and requirements:

•   Police officers respond to emergency and non-emergency calls, patrol assigned areas, make arrests, and execute search warrants

•   Detectives investigate crimes in order to identify victims and suspects, and collect evidence for cases that may be referred for prosecution

•   High school diploma or equivalent and on-the-job training

How to get started: A high school diploma may be all you need to apply for police officer training at a local accredited academy. Some departments may require an associate or bachelor’s degree. You’ll need to be physically fit and successfully complete a psychological evaluation.

Pros:

•   Opportunity to serve in your local community and give back

•   Room for advancement, particularly if you’re interested in detective work or a supervisory role

•   Opportunities for specialization if you’re interested in becoming a game warden or eventually pursuing a career in federal law enforcement

Cons:

•   Entry-level pay may be on the lower end

•   While a degree is not necessarily required, getting hired can be a rigorous process

•   Work involved can be mentally, emotionally, and physically taxing, and in some cases dangerous

16. Aircraft and Avionics Equipment Mechanic and Technician

Median pay: $75,400/year

Job growth outlook: 5%

Job description: Aircraft and avionics equipment mechanics and technicians maintain and repair aircraft. They can work at airports, repair stations, or hangars, and some may have previous experience serving planes in the military.

Job duties and requirements:

•   Diagnose mechanical or electrical problems with aircraft and make repairs

•   Test aircraft instruments to ensure that they’re in good working order

•   High school diploma, though an associate’s degree doesn’t hurt

How to get started: People who are interested in working in avionics may be able to enter the field with just a high school diploma, though some employers may look for an associate degree or higher. Technicians may need to complete FAA-approved training.

Pros:

•   The work itself might be interesting to someone who’s fascinated with planes or mechanical engineering

•   Above-average pay

•   Job growth outlook suggests that these jobs will continue to be in demand

Cons:

•   Working around airplanes and other aircraft can lead to hearing loss

•   FAA certification is required, which can take time to complete

•   Work schedules may be less flexible than other jobs

17. Claims Adjuster, Examiner, Appraiser, and Investigator

Median pay: $75,020/year

Job growth outlook: -5%

Job description: Claims adjusters, examiners, appraisers, and investigators handle various aspects of insurance claims filings. They typically work full-time and help insurance companies decide when to pay claims, based on the information they gather.

Job duties and requirements:

•   Investigate, evaluate, and settle insurance claims, including determining how much an insurer should pay

•   Review claims information to look for signs of insurance fraud

•   High school diploma or equivalent

How to get started: If you’re interested in insurance jobs, the path you follow can depend on what type of role you’re interested in. If you’d like to be an appraiser, for instance, you might complete a postsecondary non-degree award program and gain experience by working in an auto body shop.

Pros:

•   While job growth is expected to decline, demand for adjusters and related roles is set to rise as currently employed professionals age into retirement

•   Depending on which role you’re interested in, your work may take you outside the office versus keeping you at a desk all day

•   Work may be interesting for people who have an inquisitive nature

Cons:

•   Gathering information and writing reports can be tedious

•   A bachelor’s degree may be required for certain jobs

•   Work schedules may be less flexible than other jobs

18. Fire Inspector

Median pay: $71,420/year

Job growth outlook: 6%

Job description: Fire inspectors are responsible for visiting commercial and residential buildings and ensuring that they’re observing proper fire safety protocol. They can also specialize in fire prevention education or forest fire management.

Job duties and requirements:

•   Inspect buildings to look for fire hazards and ensure that structures are aligned with local, state, and federal fire codes

•   Review building plans with developers to ensure that new construction meets fire code standards

•   High school diploma or equivalent and previous experience as a firefighter

How to get started: Typically, fire inspectors first work as firefighters, though that isn’t necessarily a requirement for candidates who have other suitable education or training. A high school diploma may be sufficient for the job, though it may benefit you to earn a degree in fire science or attend a fire academy.

Pros:

•   Fire inspection is typically less hazardous than firefighting

•   Above-average pay with room for higher earnings if you decide to complete a degree program

•   Can be a rewarding job for people who want to do work that serves the public good

Cons:

•   Previous experience as a firefighter may be a requirement to get hired

•   Working hours may be long and irregular

•   Fire inspectors may potentially be exposed to hazardous materials or substances during the course of their work

19. Water Transportation Worker

Median pay: $64,930/year

Job growth outlook: 3%

Job description: Water transportation workers operate vessels that transport goods or people over bodies of water. Ferry operators, barge operators, and ship captains are all examples of water transportation workers.

Job duties and requirements:

•   Operate and maintain marine vessels in accordance with local, state, and federal laws

•   Ensure the safety of people or cargo on board marine vessels

•   High school diploma or equivalent and relevant work experience

How to get started: There are different requirements for each type of water transportation role. Sailors, for instance, typically don’t need formal education, but you might need Coast Guard-approved training to captain a ship or helm a barge. Certain water transport workers may need to obtain Merchant Mariner credentials or Transportation Worker Identification credentials.

Pros:

•   Water transport jobs may appeal to people who love being on open water or want to work outdoors

•   A bachelor’s degree isn’t always necessary but it could lead to higher earnings and promotions

•   More new openings are expected over the next decade as existing water transport workers retire

Cons:

•   Work schedule may be highly irregular and require you to spend extended periods of time away from home

•   Work hours may be long, with little time for breaks

•   Operating marine vessels can be a hazardous occupation

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20. Electrical and Electronics Installer and Repairer

Median pay: $67,220/year

Job growth outlook: 1%

Job description: Electrical and electronics installers get paid to install and repair electrical or electronic equipment. They may work in repair shops or factories and usually work on a full-time basis.

Job duties and requirements:

•   Inspect and test equipment to diagnose potential issues

•   Disassemble, reassemble, clean, and repair equipment

•   Training and education at the trade school level

How to get started: Electrical and electronics installers and repairers are typically expected to complete a training program through a trade, vocational, or technical school. Hands-on training, either through a school program or apprenticeship, can also be highly useful when seeking these types of jobs.

Pros:

•   No bachelor’s degree required

•   Could be ideal for people who enjoy hands-on work

•   Licensing and certification may not be required, but it could help to open up opportunities for advancement or higher earnings

Cons:

•   Job growth is stable but not spectacular

•   Working around electricity and electronics is not a risk-free job

•   Can be a physical job that requires lots of standing, squatting, bending, and lifting

21. Occupational Therapy Assistant and Aide

Median pay: $65,450/year

Job growth outlook: 21%

Job description: Occupational therapy assistants and aids work in healthcare settings, including hospitals, doctor’s offices, and nursing care facilities. They help patients to develop necessary skills for daily living and working.

Job duties and requirements:

•   Occupational therapy assistants provide therapy services to patients

•   Occupational therapy aides provide support services to occupational therapy assistants

•   High school diploma for aides; associate degree for assistants

How to get started: If you’re interested in becoming an occupational therapy assistant aide, then a high school diploma may be all you need. You could pursue an associate degree if you’d like to advance into an occupational therapy assistant role. Certifications in CPR and basic life support may also be required for these types of jobs.

Pros:

•   One of the fastest-growing jobs in healthcare with excellent demand for qualified candidates

•   Great earnings potential for people with a high school diploma

•   May allow for travel or flexible work schedules

Cons:

•   Can be a physically demanding job

•   Flexible working hours are not always guaranteed, and you may need to work nights or weekends

•   Certain patients may be more challenging to care for than others

22. Court Reporter and Simultaneous Captioner

Median pay: $63,940/year

Job growth outlook: 2%

Job description: Court reporters transcribe official court proceedings, including trial proceedings, hearings, and depositions. Simultaneous captioners provide transcription services for video recordings that require closed captioning.

Job duties and requirements:

•   Court reporters attend court proceedings and transcribe the details word-for-word

•   Captioners transcribe dialogue for video recordings, including television shows and films, that are used to create captions for viewers

•   Certificate or associate degree

How to get started: Becoming a court reporter or captioner may start with completing a certificate or associate degree program at an accredited trade school. Court reporters may need to complete additional training to learn how to use transcription software. States may require certification or licensing for court reporters and captioners.

Pros:

•   Good-paying job for people without a four-year degree

•   Opportunities exist to do court transcription or captioning work on a freelance basis

•   While job growth is steady, rather than fast, demand is stable overall

Cons:

•   Work may involve sitting for long periods of time

•   Working hours may be long and might necessitate taking work home with you

•   Could be stressful as there’s no room for errors or mistakes

23. Telecommunications Equipment Installer and Repairer

Median pay: $62,350/year

Job growth outlook: -3%

Job description: Telecommunications and equipment installers and repairers are responsible for installing, maintaining, and repairing telecommunications equipment, including phone lines, cable lines, and wireless communication equipment.

Job duties and requirements:

•   Install telecommunications equipment in commercial and residential structures

•   Inspect, service, and repair telecommunications equipment

•   Certificate or associate degree

How to get started: Telecom equipment installation and repair jobs typically require some form of education beyond high school. Depending on the employer, that might mean a certificate or associate degree. Once hired, you can expect to complete on-the-job training.

Pros:

•   May involve travel or working in different settings, which is great for people who get bored easily

•   Salaries are above-average, with room to advance and increase earnings

•   Affords opportunities to meet new people and flex your problem-solving skills

Cons:

•   Average salaries are not as high as what you might get with other good-paying jobs that don’t require college

•   Additional education may be required for certain jobs

•   This kind of work has the potential be dangerous; for example, there is a risk of falls associated with servicing cell phone towers

24. Commercial Diver

Median pay: $61,300/year

Job growth outlook: 8%

Job description: Commercial divers can work in a number of capacities, but generally they’re paid to use their scuba skills. For example, divers employed by the oil and gas industry may be charged with inspecting underwater drilling structures to check for damage or structural issues.

Job duties and requirements:

•   Some commercial divers are paid to inspect and repair underwater structures and equipment

•   Other commercial divers may earn a living by photographing marine life

•   Postsecondary non-degree award and scuba training

How to get started: Becoming a commercial diver starts with deciding what type of work you want to do. For instance, if you want to get paid to photograph marine life, then you may want to complete a photography certificate program at an accredited school. If you’re interested in using your diving skills to repair underwater structures, then you may need to learn a specialized skill like welding.

Pros:

•   Diving for a living can be a fun job for people who like being in the water

•   Advanced education or training may not be a requirement for entry-level jobs

•   Diving jobs can offer flexibility and great earning potential

Cons:

•   Can be physically demanding

•   Work may not always be steady or consistent if you’re hired as a contract worker. Use a money tracker app to manage your income and budgets between paychecks.

•   Diving is an inherently dangerous activity

25. Drafter

Median pay: $62,530/year

Job growth outlook: -1%

Job description: Drafters use software programs to convert engineering and architectural designs into technical drawings. They may work in a variety of fields, including architecture, engineering, manufacturing, and construction. This could be a lucrative work-at-home job for retirees.

Job duties and requirements:

•   Use Computer Aided Design (CAD) software to design plans, working from sketches done by architects or engineers

•   Specify dimensions and materials for new building projects

•   Certificate, diploma, or associate degree

How to get started: Drafters may continue their high school education by attending a trade school to obtain a certificate or associate degree. They may also opt to obtain certifications in their field, though that isn’t always necessary to get hired.

Pros:

•   Drafting may be a good career for someone who’s artistic or creative

•   Getting certification or earning a four-year degree could boost your earning potential

•   Job growth is projected to slow but there will still be demand for drafters as current employees retire

Cons:

•   Requires exceptional attention to detail with no room for error

•   Economic disruptions, such as recessions, may reduce demand for drafters if construction slows

•   Certain aspects of the job can be repetitive or tedious

Recommended: What is The Difference Between Transunion and Equifax?

The Takeaway

Finding a good paying job without college is possible. Some require technical education, military training, or on-the-job experience. Industries that welcome high school grads include transportation, law enforcement, power plants, telecoms, the postal service, and healthcare. Perks can include the opportunity to travel and flexible hours. Some jobs pay more than $100K.

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.

FAQ

What good jobs can you get if you don’t go to college?

Some good-paying jobs you can get without college include air traffic controller, law enforcement, and certain healthcare roles. Trade jobs and jobs in transportation can also pay well and don’t necessarily require a college degree.

How can I get 6 figures without going to college?

If you’re interested in making six figures without a college degree, you’ll need to either find a good-paying job or start a successful business. It’s possible to make six figures online as a freelance writer or blogger, if you have good writing skills and are motivated to grow your business.

How do people make a living without a college degree?

Plenty of people make a living without a college degree by using their skills and experience to land good-paying jobs. Others can earn a good living, including making six figures a year, by starting their own business, which doesn’t necessarily require a degree.


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



Photo credit: iStock/MesquitaFMS

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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What Are Get Rich Quick Schemes?

Understanding and Avoiding Get-Rich-Quick Schemes

Unless you’re already a millionaire, you might be interested in finding ways to make more money and increase your net worth so you can join the ranks of the rich. You may even be tempted to participate in a get-rich-quick scheme to achieve your goals.

But hold on a minute: Get-rich-quick schemes attract people with the lure of easy money, but all too often, they create more financial problems instead of solving them.

Understanding these scams can help you avoid them — and avoid getting scammed by fraudsters.

Key Points

•   Get-rich-quick schemes promise large amounts of money for little to no investment but often fail to deliver.

•   Scammers use enticing language and false claims to attract victims to these schemes.

•   Examples of get-rich-quick schemes include MLMs (multi-level marketing), work-at-home scams, investment scams, and debt relief scams.

•   Spotting a get-rich-quick scheme involves looking out for upfront payments, misleading claims, secret tips, and unrealistic guarantees.

•   Legitimate alternatives to get-rich-quick schemes include starting a business, investing, and working with financial advisors.

What Is a Get-Rich-Quick Scheme?

Generally speaking, a get-rich-quick scheme is any plan or strategy that promises to put large amounts of money in your bank account for little to no investment. The term “get rich quick” has a less than desirable connotation, since these ventures often fail to live up to their claims.

It’s not uncommon to see get rich-quick-schemes advertised or promoted using language that’s designed to pique consumers’ interest. For example, you might come across a social media influencer that promises to help you “make money while you sleep” or “make money instantly without paying anything.”

That type of wording is often a red flag, and it may be a sign that a get-rich-quick scheme is actually a thinly veiled scam.

Get-rich-quick schemers can also take a more subtle approach and make promises that seem legitimate when taken at face value. Student loan forgiveness scams that claim to be able to help you wipe out student debt in exchange for a fee are a great example of this (you’ll learn more examples of these traps in a minute).

Recommended: 8 Common Online Bank Scams and How to Avoid Them

How Do Get-Rich-Quick Schemes Work?

Get-rich-quick schemes work by drawing people in and using some type of financial incentive as bait. Potential victims may be told that they’ll be able to make a large amount of money very quickly if they just pay a fee or make an initial investment. Or they’ll be told that they can get their debts eliminated for much less than what they owe.

In other cases, a get-rich-quick scheme is a major money scam that’s designed to get people to part with their hard-earned money in exchange for a product or service that will supposedly help them make more money. The purpose of this type of scheme is to get people to purchase something; the individual who’s hawking it can then make money themselves. Put simply, you are unlikely to benefit financially.

Using social media influencers as an example again, an influencer might promote a book or a course that teaches a “proven” system for how to make money online. They encourage their followers to buy the book or course and suggest that if they do so, they’ll be able to grow their income and get rich.

What their followers may not realize is that the influencer is likely getting paid for that promotion. Their posts may be sponsored by the book author or course creator. Or perhaps they’re earning affiliate commissions for referring people to the products. If the influencer convinces enough people to buy whatever it is they’re selling, they might get rich quick while their followers may not.

Technically, influencers and bloggers are required to disclose paid relationships to their audience. But disclosure alone doesn’t convey any guarantee that the product they’re promoting will work the way they say it will. So people buy in, expecting results that they may or may not see.

Recommended: How To Make Money Even With No Job

Are Get-Rich-Quick Schemes Illegal?

Get-rich-quick schemes themselves are not outlawed, though there are numerous regulations that attempt to protect consumers from scammers. As mentioned, influencers are required to disclose relationships they have with the brands that they promote. The Truth in Advertising Act exists to prevent companies or individuals from making false or misleading claims when advertising products and services. Advertisers must also be able to back up the claims they make with scientific evidence, when appropriate.

Whether a get-rich-quick scheme falls within legal boundaries or is illegal can largely depend on the nature of the scheme. Multi-level marketing (MLM) is a great example. What is an MLM? In simple terms, it’s a business structure in which people earn commissions by selling products or services to friends and family members. Mary Kay and Avon are two well-known examples of multi-level marketing operations that are legit.

MLMs are not illegal, but pyramid schemes are. What’s known as a pyramid scheme can resemble an MLM, but the difference is that all the money is made by bringing new people into the program. The person who recruited a new participant earns money by charging them an entry or registration fee or perhaps an introductory product package of some sort. The higher up you are in the pyramid, the more money you can make.

A Ponzi scheme is another type of illegal get rich quick scheme. In a Ponzi scheme, the person or persons at the top promise investors they can double or triple their money. They take the investors’ money and keep it for themselves, paying out nominal amounts to people who invested earlier in the scheme. The scheme can keep going — and continue making the people at the top rich — as long as new investors keep joining. Bernie Madoff, the convicted financial fraudster, was notorious for running one of the largest Ponzi schemes in history.

Recommended: Avoiding Mobile Deposit Scams, Fakes, and Hacks

Examples of Get-Rich-Quick Schemes

Get-rich-quick schemes can take many different forms, and it isn’t always easy to recognize them for what they are. Some of the most common examples of legal (and illegal) get-rich-quick schemes include:

•   MLMs and pyramid schemes disguised as MLMs

•   Work-at-home scams that promise you’ll earn major money

•   Investment scams that promise high returns for very little money

•   Side hustle and online business scams

•   Debt relief and credit repair scams

•   Lottery scams

•   Fake job listing scams

•   Scams related to student loan forgiveness or government benefits

•   Home improvement scams

•   Mystery shopping scams

•   Giveaway or free prize scams

And of course, there’s the ever-enduring “Nigerian prince” scheme. This scam and its many variations promise you a large inheritance, finder’s fee, or compensation in exchange for accepting a deposit into your bank account. Scammers, who claim to be royalty (perhaps hoping that will impress their target and sound legitimate), ask that once you receive the deposit, you send part of the money back to them and keep the rest.

In reality, the scammer is trying to trick you into handing over your bank information, so they can try to use your account number and routing number to cheat you. Or else they ask you to wire them a small amount to cover processing fees before they can send the money along to you. It’s an ongoing get-rich-quick scheme that unfortunately continues to collect victims.

Are Get-Rich-Quick Schemes Reliable?

A get-rich-quick scheme can make lots of promises, but they generally fall short when it comes to the delivery. What you can usually count on with a get-rich-quick scheme is that you’ll lose money if you participate. That’s because that’s how these schemes are designed to operate.

Getting money for nothing sounds attractive, and so it’s easy to fall victim to influencer schemes when you see the lavish lives they lead on social media. But there’s a significant difference between rich vs. wealthy and, again, there’s no guarantee that any get-rich-quick scheme will produce the results you want.

Even if you don’t lose money outright, you may only get a small return on investment. Or it can take much longer to see results. For example, say you’re interested in becoming a blogger so you can quit your full-time job. You see a popular writing course advertised by lots of different bloggers who claim to be making six figures a year.

You buy the course, believing that in exchange for your payment of just $497 you’ll soon be on your way to making $10,000 or more each month from home. Except you complete the course and don’t see instant results. In fact, it takes you more than three years to build up your business to the point where you’re making any kind of steady income.

You might eventually get rich, but there’s no “quick” about it. That’s why get-rich-quick schemes are so problematic. They rely on people looking for a shortcut to easy money, despite the reality that building one’s income and net worth typically takes years.

Recommended: Are You Bad with Money? Here’s How to Get Better

Tips to Spot a Get-Rich-Quick Scheme

Identifying a get-rich-quick scam isn’t always easy since some scammers can be so convincing and seem so sincere. And in some cases, schemes for quick riches are based on legitimate ways to make or invest money. If you’re worried about getting conned by a get-rich-quick schemer, here are some of the ways to spot a scam in action.

Upfront Payment

A request for upfront payment is often a dead giveaway that a scam is afoot. Email phishing scams like the “Nigerian prince” scheme are a great example. There are some common credit card scams that fall into this category as well. These scams make false claims about being able to raise your credit scores overnight or wipe out credit card debt instantly, as long as you pay their fee first.

Misleading Headlines With False Claims

Scammers often use clickbait-y headlines to grab consumers’ attention. They can make claims that are grandiose or outright false to get you to click and check out their product or service. You may not realize how misleading those claims are until you’ve bought into the scheme.

Secret Tips and Information

Another tactic scammers may use to get your attention is to tell you they have insider information that they’re willing to share with you to help you get rich. Of course, you’ll only be able to access those secret tips once you’ve purchased something or paid them a fee. It’s particularly important to be wary of those so-called secrets when it comes to investing, since insider trading is illegal.

“100% Success Rate Guaranteed!”

Scammers may also use language that suggests that everyone who’s ever used their product or service has seen success or that success is guaranteed. That could fall under the heading of misleading information in violation of the Truth in Advertising Act. And even if it’s technically true that the success rate is 100%, the results may not be the same for everyone.

Recommended: 8 Ways to Make Your Money Work For You

If It Sounds Too Good to Be True

Here’s perhaps the easier rule for spotting a get-rich-quick scam: if something seems too good to be true, it probably is, as the saying goes. Attempting to fact-check or verify claims that someone is making about a product or service can help to weed out scammers. If you can’t verify any of the claims they’re making, that’s a sign to be wary of their statements.

Going to Trusted Sources, Not Influencers or Celebrities

Influencers and celebrities can make a lot of money promoting products or services that are designed to help you get rich. But again, they may be getting paid for that promotion, so they can’t be considered a reliable source.

Researching get-rich-quick offers through trusted sources is important for separating fact from fiction. For example, the Federal Trade Commission (FTC) can be a great resource for reading up on the latest scams targeting consumers.

Unwilling to Share Their Business Model

Transparency is key to rooting out get-rich-quick scammers. Let’s say someone claims to be able to help you make $10,000 by starting your own business from home but is unwilling to tell you how they do it. That’s a sign that you might not want to take them at their word.

“You Do Not Need Any Experience!”

Wouldn’t it be nice if you could make a fortune with no prior experience or knowledge? That’s the hope upon which some get-rich-quick fraudsters capitalize. While there are legitimate ways to make money that don’t necessarily require years of experience, scammers can use that to persuade people to buy into a product or service that leaves you holding the bag. Or they can twist their wording to make it seem like you can make money even without experience, when really, there’s a steep learning curve involved.

Recommended: 6 Money Habits to Develop Financial Success

Alternatives to Get-Rich-Quick Schemes

Getting rich overnight probably isn’t the cards for most people, unless they happen to win the lottery or a wealthy relative passes away and leaves them a huge inheritance. If you want to get rich (or become wealthy), you’ll most likely need to put in some effort and give it some time.

Here are some legitimate wealth-building alternatives to get-rich-quick schemes:

•   Starting and growing a business

•   Using side hustles to supplement your income

•   Asking for a raise or promotion at work

•   Moving to a higher-paying job with a different company

•   Reducing spending and paying down debt

•   Investing money consistently

•   Working with a financial advisor or wealth manager

Admittedly, these ideas may seem a lot more boring and difficult than get-rich-quick schemes. But they’re all proven ways to increase financial stability and raise your net worth.

Banking With SoFi

Trying to get rich can be a lofty and elusive goal, but you can certainly take steps to improve your financial situation. Keeping your money in the right bank account can be a great place to start.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can get-rich-quick schemes be good?

Get-rich-quick schemes often require you to pay money for an investment or product that claims to help you grow your wealth immediately. Typically, though, the results you get can be very different from what you expect. In other words, they are unlikely to be good.

How many businesses are considered get-rich-quick schemes?

There are no definitive statistics on how many businesses are considered to be get-rich-quick schemes. Multi-level marketing companies and direct sales companies often get labeled as get-rich-quick operations, even when those businesses are legitimate. This makes hard numbers difficult to find.

What can I do if I have fallen for a get-rich-quick scheme?

If you’ve fallen for a scam, try to minimize or limit your losses by not funneling any more money into the scheme. If you believe the scheme is illegal, you can report it to the Federal Trade Commission. You could also file a police report and report the scheme to your state attorney general’s office. If a scammer tricked you into handing over your banking or financial information, alert your bank to monitor your account for potentially fraudulent transactions. You may also need to update your login details for financial websites.


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



Photo credit: iStock/alfexe

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Guide to Adding a Beneficiary to a Bank Account

Adding a beneficiary to a bank account is similar to naming a beneficiary to a life insurance policy or retirement account. A bank account beneficiary is entitled to receive the assets in the account when you pass away.

Should you name a beneficiary to your bank accounts? Maybe, if you’d like to ensure that the money goes to a specific person, group of persons, or entity after you die.

There are, however, some bank account beneficiary rules to keep in mind when deciding how to handle your accounts. Here, you’ll learn more about:

•  What a bank account beneficiary is

•  What privileges a beneficiary has

•  The pros and cons of naming a beneficiary to a bank account.

What Is a Beneficiary on a Bank Account?

A bank account beneficiary is an individual or entity who’s entitled to inherit assets once the account owner passes away. Generally, the beneficiary to a bank account can be anyone you choose to name, including:

•  A spouse

•  Adult children

•  Siblings or other relatives

•  Trusts

•  Charitable organizations.

It may be possible to name a minor as the beneficiary to a bank account if your financial institution allows it. However, you might be better off appointing someone to act as a custodian for them and naming that person as the beneficiary, since leaving assets to children can get tricky from a legal perspective.

You could also set up an account in their name if you want to establish an account for a minor. The minimum age to open a bank account alone is typically 18 or 19, depending on which state you live in. However, parents can open youth savings accounts or teen checking accounts on behalf of minor children.

All beneficiaries to the account have an equal share. So, if you have five adult children and you name each of them as beneficiaries to your bank account, it would be a five-way split when it’s time to divide the assets. Each person would receive 20%.

Bank Account Beneficiary Rules

If you’re interested in naming one or more beneficiaries to your bank accounts, it’s helpful to understand a little more about how it works. Your bank can offer more information on adding beneficiaries or removing them, if necessary. In the meantime, here are a few key things to know.

Is a Beneficiary Required?

You’re not required to name a beneficiary to a bank account. However, if you’re opening a new bank account, the bank might ask you if you’d like to name one or more beneficiaries.

Is there an advantage to naming a bank account beneficiary? There are a couple, actually.

•  Naming a beneficiary ensures that the person you choose will inherit the assets in your account after you’re gone.

•  Bank accounts that have a beneficiary are not subject to probate. Probate is a legal process in which a deceased person’s assets are inventoried, outstanding debts are paid, and remaining assets are distributed to their heirs. It can be costly and time-consuming, but accounts with named beneficiaries are exempt from the process.

Can Beneficiaries Interact With Your Account?

You might be wondering what control, if any, a beneficiary might have over your account. For example, when can a beneficiary withdraw money from a bank account?

The simple answer is that a beneficiary can’t do anything with the account until you pass away. Unless you add them as a joint owner, they wouldn’t be able to make withdrawals or get information about the account.

Once you pass away, however, the money becomes theirs. At that point, they could do whatever they like with it since they technically own it. Keep in mind that naming a beneficiary wouldn’t prevent a government withdrawal from your account if your balance is offset for unpaid debts.

Recommended: What Is Private Banking?

Does Marriage Affect Beneficiary Rules?

Whether marriage impacts bank account beneficiary rules can depend on how the account is owned and what state law dictates.

If you and your spouse are both listed as joint account owners, for instance, then the beneficiary you name would likely need to wait until both of you pass away to collect any money. An account that’s owned solely by you could be passed on to your beneficiary without any of the money going to your spouse.

However, your spouse may be able to contest the beneficiary designation with the probate court. You may also need your spouse’s consent to leave assets in a bank account to someone other than them after your death.

If you get divorced and your spouse was the beneficiary to your bank account, you’d likely want to update that designation. Otherwise, they’d still be entitled to any money from the account after you’re gone.

Are There Any Downsides to Having a Beneficiary?

Naming a beneficiary to a bank account has its upsides, but there are some potential drawbacks to keep in mind as well.

•  The beneficiary can do what they want with the money once they inherit it. If you’d like to have a say in how they manage those funds after you’re gone, you might be better off leaving the money in a trust instead. With a trust, you can specify exactly how and when your heirs can access their inheritance.

•  Beneficiary designations can also get tricky if you change your mind later. You may need to close the account and open a new one to remove a beneficiary, depending on your bank’s policy.

•  Naming beneficiaries can also be problematic if it causes infighting among your heirs. For example, you might name your daughter the beneficiary to your checking account but not your son. That could lead to squabbles between them and even legal disputes if your son challenges the beneficiary designation after your death.

Do All Banks Allow Beneficiaries?

Do bank accounts have beneficiaries automatically? Usually, the answer is no. But most banks allow you to name a beneficiary to bank accounts. Credit unions can allow them too. You can check with your bank to see if naming one or more beneficiaries is an option.

If your bank does allow beneficiaries, it’s a good idea to familiarize yourself with the rules. For example, the bank might restrict who you can name and the number of beneficiaries allowed. Or it might have certain guidelines for changing or removing beneficiaries later.

Can you open a bank account for someone else if your bank doesn’t allow beneficiaries? You might be able to, depending on the bank’s rules. For example, you could set up a joint account for yourself and someone else or open an account for a minor child. Either one could allow you to bypass beneficiary designation rules.

Payable-on-Death Accounts vs. Bank Account Beneficiaries

When you open a new bank account you may be able to designate it as a payable on death (POD) account. Payable on death means that when you pass away, the money in the account is payable to the beneficiary or beneficiaries that you named at the account opening.

It’s possible to add a beneficiary to a bank account after the fact. That may be as simple as filling out a form or logging onto online banking and adding the beneficiary’s information to an existing account. The money in the account would still be payable on death to the beneficiary once you pass away.

Whether your bank specifically refers to your account as payable on death or not, the beneficiary rules are the same. Anyone who’s named to inherit the assets in the account would not be able to touch them until after you’ve died.

Recommended: How Many Bank Accounts Should I Have?

The Takeaway

Adding a beneficiary to a bank account could make transferring money to loved ones easier, especially if you’d like them to be able to sidestep probate or just feel financially secure during a trying time. If you’re not sure whether you can add a beneficiary to a bank account or not, you can ask your bank for more details.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can a beneficiary take over a bank account?

A beneficiary is entitled to inherit a bank account when the original account owner passes away. Someone who is listed as a beneficiary, but not a joint owner, would not be able to take over the account or access it during the owner’s lifetime.

What happens when you add a beneficiary to your bank account?

When you add a beneficiary to your bank account, you’re telling the bank that you’d like the money in the account to go to that person (or persons) when you pass away. The beneficiary would be able to inherit the account from you after your death.

Who gets the money in your bank account after your death?

If you name one or more beneficiaries to a bank account, then those beneficiaries would be entitled to get the money in your account when you pass away. On the other hand, if you don’t name a beneficiary, then your bank account can get included in your estate. It would then be distributed to your heirs, according to the terms of your will or state inheritance law if you die intestate (without a will).


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



Photo credit: iStock/g-stockstudio
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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

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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.

This article is not intended to be legal advice. Please consult an attorney for advice.

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What Is the Average Salary by Age in New York?

Ever wondered if location makes a difference in the size of your paycheck? New Yorkers on average earn an annual salary of $74,870, according to a Forbes analysis of data from the Bureau of Labor Statistics (BLS). For perspective, the average annual salary in the U.S. is $63,795 according to the national average wage index.

Here’s a deeper dive into the average salary in New York by age and location.

Average Salary in New York by Age in 2024


The average income by age in New York increases with age until people hit their mid-60s. Adults under 25 earn an average annual salary of $39,366, while those in the 25 to 44-year-old range pull in an average income of $85,570. Workers in the 45- to 64-year-old range earn the most, with average annual pay of $88,827.

That makes sense, given that most people don’t reach their highest-earning years until their 40s. The average salary in New York by age drops to $51,837 for those 65 and older, which can be attributed to more people leaving the workforce to retire or cutting back on the number of hours worked.3

Using a money tracker can help you stay on top of your income and expenses through every stage of your earnings journey.

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Recommended: Highest Paying Jobs by State

Average Salary in New York by City in 2024


The average salary in New York is higher than the average pay in the United States but earnings aren’t the same in every city.

If you’re using a budget planner app to keep a close eye on your finances, your choice of hometown can make a difference in how far your money goes. Here’s a comparison of the top 10 highest-earning cities in New York, according to ZipRecruiter.

City

Annual Salary

Queens $103,148
Islip $101,069
Albany $99,106
Monroe $98,563
Bronx $96,858
Brooklyn $96,659
Deer Park $95,266
Vernon $94,513
Oyster Bay $93,458
Borough of Queens $92,914

In these cities, the average monthly salary in New York ranges from $8,595 at the high end to $7,742 at the low end. By comparison, the average salary in the U.S. breaks down to $5,316 monthly.

Recommended: How to Calculate Your Net Worth

Average Salary in New York by County in 2024


What’s considered a good entry-level salary or annual salary in New York can vary by county. Here’s a look at the average salary for 10 counties across the state, according to BLS data.

County

Annual Salary

New York $157,465
Westchester $95,004
Albany $79,768
Nassau $78,312
Saratoga $68,640
Erie $66,300
Richmond $65,884
Kings $60,476
Oneida $60,008
Broome $59,332

Examples of the Highest-Paying Jobs in New York


The highest-paying jobs in New York pay well over $100,000 annually, with some of the best-paying jobs topping $200,000 in yearly salary on average. Even the top 100 highest-paying jobs offer an entry-level salary in the six-figure range.

Have your sights set on landing a six-figure salary job? Some of the most lucrative job titles in New York, according to Zippia, include:

•   Finance Services Director: $226,494

•   Hospitalist Physician: $215,888

•   President/Chief Executive Officer: $201,998

•   Executive Vice President: $192,649

•   Internal Medicine Physician: $192,457

•   Chief Administrative Officer: $188,629

•   Operator and Truck Driver: $185,868

As you can see from this list, many of the highest-paying jobs in New York are in the business and medical fields, though some may be good jobs for introverts. Your average earnings can depend on your years of experience, education, and chosen career path.

The Takeaway


Understanding the average income by age, for New York or any other state, can give you an idea of how you compare to other workers. It’s important to remember, however, that earning six figures or more isn’t an automatic guarantee that you’ll be financially secure. Student loan debt, high housing costs, and inflation can test just how far your money goes.

If you’re working your way up the career ladder while paying down debt and focusing on savings, your net worth may be a better metric to track. You can use a net worth calculator by age to see where you should be, compared to people in your age range. If you’re ahead, then you know your financial plan is working. And if you’re behind, you can work out a strategy for getting caught up.

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.

FAQ


What is a good average salary in New York?


A “good” average salary in New York state depends on the cost of living in your city or county and your spending habits. Your marital status can also make a difference. A single person living in New York City might be able to live comfortably on $70,000 a year, while a couple with two kids may need $300,000 a year in salary to cover expenses.

What is the average gross salary in New York?


The average New Yorker earns an annual salary of $74,870. That’s nearly $15,000 more per year than the average worker in the U.S. earns.

What is the average income per person in New York?


The average income per capita in New York is $47,173. This number is below the average salary figure for New York overall, as per capita income counts all people, including those who are not working or earning income.

What is a livable wage in New York?


A livable wage for a single person with no children in New York is $26.60 per hour. If you assume a 40-hour workweek and 50 weeks of work per year, with two off for vacation, that adds up to $53,200 per year. Meanwhile, to earn a livable wage, a married couple with two kids would need $33.53 per hour if both parents work, or $46.47 per hour if only one works. That’s an annual income of $69,742 or $96,658, based on the same 40-hour week and 50 weeks of work per year.


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



Photo credit: iStock/LeoPatrizi

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Tips for Financially Recovering From Money Addiction?

When you think of addiction, you might automatically think of people who are dependent on drugs or alcohol as a coping mechanism. But it’s also possible to be addicted to money. This issue can manifest itself through unhealthy behaviors such as gambling, frequent overspending, or extreme saving (yes, it’s possible to overdo a good thing).

Having an addiction to money can be harmful financially and emotionally; it can also put a strain on your personal relationships. Recognizing the signs of a money addiction can be the first step in making a recovery. Read on for a closer look at the signs and symptoms of money addiction, how it can impact your life, and strategies that can help you overcome it

Key Points

•   Money addiction involves compulsive financial behaviors that can harm personal and financial well-being.

•   Signs of money addition include an obsession with obtaining, spending, or saving money, as well as risky financial behaviors like gambling.

•   An addiction to money can lead to stress, debt, and strained relationships.

•   Recovery requires acknowledging the problem, seeking help, and using money positively.

•   Improving your financial habits and mindset can help break the cycle of addiction.

What Is Money Addiction?

Broadly speaking, addiction is defined as a chronic disease that leads people to engage in compulsive behaviors, even when the consequences of those behaviors may be negative. The precise cause of addiction isn’t known, but it is believed to be a combination of a person’s genetics, brain circuitry, environment, and life experience.

When someone has a money addiction, their compulsive behaviors are centered around money, and they may approach their finances in a way that’s outside the norm of what people typically do.

For example, having a lack of savings or too much debt are common financial challenges that many people face. If you have a healthy relationship with money, you might try to remedy those issues by opening a high-yield savings account and setting up an automatic transfer of 5% or each paycheck into the account, or by creating a workable debt payoff plan. While your finances might not be in great shape, there isn’t any indication of compulsive behavior.

Someone with a money addiction, on the other hand, will typically have a different relationship with their finances. They might commit to an aggressive savings plan, for example, because they believe they have to save even if it means sacrificing basic needs. Or they may compulsively shop for emotional fulfillment while turning a blind eye to their debt.

Can You Be Addicted to Money?

Money addiction is a real thing for many people. The Diagnostic and Statistical Manual of Mental Disorders (DSM), which is the official manual of the American Psychiatric Association, specifically recognizes certain financial behaviors as addictive. For example, the DSM classifies gambling disorder as an addictive disorder.

Whether you end up addicted to money can depend in part on your experiences and the money values you developed in childhood. If you frequently ask yourself, “Why am I bad with money?” the answer could be that you learned negative financial behaviors from your parents and the people you grew up around. Genetics and biology also play roles.

What money addiction looks like for one person might be very different for another. And it can sometimes be difficult to recognize those behaviors as addictive. For example, someone who spends $20 a day on lottery tickets in the hope of someday winning the jackpot might not see that as compulsive or having a money addiction. They could fail to realize how that behavior might be harming them financially because they’re so focused on the idea that they’ll win eventually.

Signs You May Be Addicted to Money

How do you know if you have an addiction to money or are just bad at managing it? As mentioned, experiencing common money issues such as debt or a lack of savings can indicate that you might need to work on learning personal finance basics like budgeting. But there are other signs that could point to a full-fledged money addiction. Here are some signals:

Life Revolving Around Obtaining Money

One major clue that you might be addicted to money is feeling obsessed with the idea of getting it. It’s one thing to wonder how you’re going to stretch your finances until your next paycheck; it’s another to spend most of your waking hours thinking about how to get money. If you often think of how you can obtain money instead of considering how to make the most of the money you do have, that could be a sign of a money addiction.

You don’t have to be broke to have this mindset either. You might be making $250,000 a year at your job, for example, but still not think it’s enough and constantly consider ways you could make more money.

Engaging in Dangerous or Risky Behavior

Certain behaviors could signal a money addiction if they involve your taking big risks that you’re not necessarily comfortable with. For example, when a money addict gets paid, they might take that money to the casino instead of using it to pay bills. Their addictive mindset doesn’t allow them to factor in the risk that instead of winning big, they might lose it all.

Money addiction can play out in other ways that might not seem risky at first glance. Trading stock options or futures, for example, is something plenty of people do every day. If your guess about which way a stock will move pays off, you could net some decent profits.

Where that kind of behavior becomes problematic is if you’re constantly losing money, but you continue investing anyway. It’s similar to the person with a lottery ticket addiction. You keep telling yourself that your winning number is sure to come up eventually, but in the meantime, you’re steadily losing money.

Not Wanting Others to Know Your Money Struggle

Covering up your money behaviors can be another strong hint that you have a financial addiction. That includes things like hiding receipts, credit card bills, or bank statements, or hiding the things you’re purchasing from a spouse, significant other, or another family member. You may act defensive or defiant when someone tries to ask you about your money situation.

Here’s another simple test to determine if you’re addicted to money. If you have to ask yourself, “Why do I feel guilty spending money?“, that could suggest that you know there’s a problem with what you’re doing.

Living in Denial About Spending

Your spending patterns can be one of the best gauges of whether you have a money addiction, provided you own up to them. Avoiding your financial life can be a symptom: If you shy away from checking your bank statements or adding up how much credit card debt you have, those could be red flags for money addiction.

Understanding why you spend the way you do can be a first step toward recovery. For instance, there’s a difference between compulsive vs. impulsive spending. Knowing which one you engage in more often can help you identify the triggers that are leading to bad money habits.

Unwilling and Unable to Change Money Habits

Another sign of money addiction is a sense of resignation, or knowing that you have a problem with money but not doing anything about it. You might feel ashamed to let someone else know that you need help with money, for instance. Or you might take the attitude that things have been the way they are for so long already that there’s no point in trying to change the situation.

Fearing the Loss of Money

No one wants to lose money but having an unnatural fear of doing so could be a clue to a money addiction. Being afraid of losses can keep you from making smart decisions with your money that could actually improve your financial situation. For example, you might be so afraid of losing money in the stock market that you never invest at all. In the meantime, you could potentially miss out on thousands of dollars in compound interest growth over time. Or it might have you working 24/7 and never enjoying downtime because you are so focused on making as much as possible to avoid feeling poor.

Another expression of money addiction could be saving so much that you have very little spending money. If you feel compelled to save a certain, possibly excessive, amount, it could keep you from paying bills on time and enjoying the occasional dinner out or movie because you feel every penny must go into your bank account. This behavior can be akin to hoarding and can likewise interfere with daily life.

Effects of Money Addiction

How money addiction affects you personally can depend on what form your addictive behaviors take. Generally, there are a number of negative side effects you might deal with as a result of money addiction, including:

•   Constantly feeling worried or stressed over money

•   Failing to set or reach financial goals

•   Carrying large amounts of debt

•   Having little to no money in savings

•   Missing out on legitimate opportunities to grow your money

•   Getting no enjoyment from the money that you do have

•   Living with a scarcity mindset

•   Having strained personal relationships because of money.

In short, money addiction can keep you from having the kind of financial life and daily life that you want. The longer you’re addicted to money without addressing the causes, the more significant the financial and emotional damage might be. The sooner you learn to manage money better, the less you will pay (literally and figuratively) for it.

Tips to Recover From Money Addiction

If you have a money addiction, you don’t have to stay stuck with it. There are things you can do to cope with and manage an addiction to money, similar to how you’d deal with any other type of addiction.

Improving your money mindset can lead to positive actions and break the addictive cycle. Here are some key steps on your path to recovery.

Being Honest

Before you can break your addiction to money, you first need to be honest with yourself that you have a problem. It can be difficult to acknowledge that you have an issue with money, but it’s necessary to identify what’s behind your compulsive behaviors.

You may also need to come clean with others around you if your financial behaviors have affected them directly or indirectly. For example, if you’re hiding $50,000 in credit card debt from your spouse, that’s a conversation you need to have. They probably won’t be thrilled to hear that you’ve run up so much debt, but they can’t help you address the problem if they don’t know about it.

Seeking Help

Fixing a money addiction might not be something you can do on your own. You might need professional help, which can include talking to a qualified therapist to understand your money behaviors and improve them. Or it could mean working with a nonprofit credit counseling company to hammer out a budget and a financial plan for getting back on track. Or it might mean taking both of these steps.

Even having an accountability partner can be helpful if you’re struggling with overspending. Any time you’re tempted to make an impulse buy, you can call up your accountability buddy and ask them to talk you through it until the urge to spend passes.

Using Money for Good

Depending on how it’s used, money can do a lot of good. If you have negative associations with money, you can help turn that around by using it for positive purposes.

For example, you might start making a regular donation to a charitable cause you believe in. Or if you’ve neglected saving in favor of spending, you might try paying yourself first by putting part of every paycheck into a high-interest savings account. Prioritizing savings and focusing on your needs vs. wants can be a form of financial self-care that can help with breaking a money addiction.

Understanding Why Basing Your Self-Worth on Money Is Unhealthy

When you’re addicted to money, you might have a mindset that the amount of money you have determines your value. That’s an easy trap to fall into if you spend a lot of time on social media, where you’re likely to see a steady stream of influencers living dream lives. You can end up in a cycle of FOMO (or fear of missing out) spending in an effort to live a lifestyle that you can’t really afford.

That’s not a healthy place to be financially or mentally because you can find yourself constantly chasing “things” in order to feel whole. Recognizing that your self-worth goes beyond how much money you have in your bank account or which designer brands you wear can be a key step in recovering from a money addiction.

The Takeaway

Money addiction can strain or even wreck your finances, but it doesn’t have to. If you identify the issue and then are willing to take steps to manage it, you may well be able to thrive. Consider taking some first steps, whether that means opening a new bank account for savings and automating deposits into it, or contacting a credit counselor. Moves like these can help you develop a positive relationship with money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is it called when you are addicted to money?

It’s called a money addiction when you have an unhealthy relationship with money that leads to compulsive or dangerous behaviors. Being addicted to money means that you have an emotional or mental dependence on it that can have potentially harmful side effects.

Can saving money be an addiction?

Saving money can be an addiction if you’re so focused on saving that you neglect meeting your basic needs or you’re blind to your ability to use money for good. If you’re only interested in seeing your savings account balance go up, you might miss out on opportunities to put your money to work in other ways or enjoy life.

Does money create dopamine?

The release of dopamine in the body is associated with pleasurable or novel experiences. If you get a rush from certain money behaviors, like saving excessively or impulse shopping, then that’s a sign that those behaviors might be triggering a dopamine release.


About the author

Rebecca Lake

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.



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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

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