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With the cost of higher education out of reach for many, more young people are flocking to high-paying trade jobs that don’t require a bachelor’s degree. Many of these jobs not only pay well, but are typically in high demand through unpredictable job markets or economic conditions.

What Is a Trade Job?

A trade job is a profession that doesn’t require a college degree, but rather a specialized skill or skill set obtained through a trade school or on-the-job experience and training. Popular trade jobs include construction managers, technicians, dental hygienists, mechanics, commercial pilots, and real estate brokers.

Pros of a Skilled Trade Job

A skilled trade job can be an attractive career path for a couple of reasons:

Educational Requirements

Unlike careers that require a college degree, which can cost hundreds of thousands of dollars and take four years to complete, trade jobs can often be obtained with less than two years of specialized education and at a fraction of the cost. Some trade jobs do not require any supplemental education at all, allowing trade workers to earn a living without being saddled by any student loan debt.

Recommended: Is the Average College Tuition Rising?

Job Security

Many trade jobs are in high demand due to the specialized knowledge and skilled physical labor needed to perform them. They are also potentially at lower risk of outsourcing or automation because they require a physically present human.

Cons of a Skilled Trade Job

On the other hand, there are negative connotations with some trade jobs, including:

Physically Demanding

Trade jobs that involve a lot of labor, like HVAC technicians, construction workers, and mechanics, can take a physical toll over the course of a long career.

Potentially Dangerous

Certain trade jobs have high injury and mortality rates, particularly ones that involve the operation of heavy machinery or working in hazardous environments.

25 Trade Jobs That Make the Most Money

Despite conventional wisdom that a bachelor’s or master’s degree is required to earn a good salary, trade jobs can pay very well. In fact, some of the highest-paying jobs in certain states are skilled trades.

Here are 25 of the highest-paying trade jobs in 2023, according to data from the U.S. Bureau of Labor Statistics:

1. Transportation, Storage, and Distribution Manager

•   2023 Median Annual Salary: $99,200

•   Requirements: High school diploma or equivalent; 5+ years of work experience

•   Job Description: Supervising and coordinating the transportation, storage, testing, and shipping of materials or products in accordance with government regulations.

•   Duties:

◦   Supervising workers involved in receiving or shipping

◦   Inspecting warehouse and equipment safety

◦   Analyzing logistics and collaborating with other departments

2. Elevator/Escalator Installers & Repairer

•   2023 Median Annual Salary: $102,420

•   Requirements: High school diploma or equivalent; apprenticeship; license (certain states)

•   Job Description: Assemble, install, maintain, and fix elevators, escalators, chairlifts and other moving walkways and equipment. In addition to understanding the mechanics and components of each system, they are typically involved in the physical repair or replacement of parts, as well as testing equipment to ensure it meets specifications.

•   Duties:

◦   Assembling elevators, escalators, and similar units

◦   Conducting preventative maintenance and inspections

◦   Maintaining service records

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3. Nuclear Power Reactor Operator

•   2023 Median Annual Salary: $120,350

•   Requirements: High school diploma or equivalent; long-term on-the-job training; U.S. Nuclear Regulatory Commission license

•   Job Description: Responsible for controlling and maintaining the systems that generate and distribute power to businesses, homes, or factories. This can include electricity generated through gas, nuclear, hydroelectric, wind, or solar energy.

•   Duties:

◦   Monitoring voltage and electricity grids

◦   Adjusting control rods and electricity output

◦   Recording systems data

Recommended: Tips for Using a Credit Card Responsibly

4. Radiation Therapist

•   2023 Median Annual Salary: $98,300

•   Requirements: Associate degree (preferred) or certificate; state and national license

•   Job Description: Administer radiation therapy to patients with cancer and other illnesses.

•   Duties:

◦   Explain treatment plans to patients

◦   Calibrate and operate radiation machinery

◦   Monitor patient and keep records of treatment

5. Subway and Streetcar Operator

•   2023 Median Annual Salary: $84,270

•   Requirements: High school diploma or equivalent; moderate on-the-job training; local transit training program (varies by location)

•   Job Description: Operate subways and aboveground street cars, ensuring passengers safely move from one location to another.

•   Duties:

◦   Operate train controls

◦   Make announcements and provide verbal directions to passengers

◦   Ensure overall passenger safety

Recommended: What Credit Score is Needed to Buy a Car

6. Nuclear Medicine Technologist

•   2023 Median Annual Salary: $92,500

•   Requirements: Associate degree from an accredited nuclear medicine technology program; state license; long-term on-the-job training

•   Job Description: Prepare and administer radioactive drugs for imaging or treatment, typically within hospitals, medical labs, and care centers.

•   Duties:

◦   Explain medical procedures to patients

◦   Prep and administer drugs to patients

◦   Maintain and operate imaging equipment

7. Gas Plant Operator

•   2023 Median Annual Salary: $82,560

•   Requirements: High school diploma or equivalent; long-term on-the-job training

•   Job Description: Oversee the day-to-day operations of industrial power plants used by utilities, oil and gas, and manufacturing companies.

•   Duties:

◦   Maintaining equipment and machinery

◦   Ensuring compliance with safety and regulatory standards

◦   Supervising employees and contractors at the plant

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8. Dental Hygienist

•   2023 Median Annual Salary: $87,530

•   Education Requirements: Associate degree; state license

•   Job Description: Examine patients for oral diseases and provide preventative care and education about oral hygiene.

•   Duties:

◦   Taking dental x-rays

◦   Assisting dentists in providing teeth cleaning and plaque removal

◦   Educating patients about oral hygiene techniques

9. Sonography Technician

•   2023 Median Annual Salary: $81,350

•   Requirements: Associate degree; state license

•   Job Description: Operate sonographs that produce images of the inside of a body in order to assess and diagnose medical conditions.

•   Duties:

◦   Prepping and administering sonograph exams

◦   Reviewing images and test results for quality

◦   Analyzing diagnostic information and providing summaries for physicians

10. Electrical Line Installer and Repairer

•   2023 Median Annual Salary: $85,420

•   Requirements: High school diploma or equivalent; long-term on-the-job training

•   Job Description: Install and repair electrical power systems and telecommunications systems.

•   Duties:

◦   Installing, inspecting, and testing power lines, and equipment

◦   Identifying defective devices, transformers, and switches

◦   Stringing power lines between buildings and structures

11. Construction Manager

•   2023 Median Annual Salary: $104,900

•   Requirements: High school diploma or equivalent; 5+ years of experience

•   Job Description: Supervise and coordinate the activities of construction workers.

•   Duties:

◦   Overseeing construction projects from start to finish

◦   Scheduling and supervising on-site contractors

◦   Preparing and monitoring budgets

12. Aircraft Technician

•   2023 Median Annual Salary: $75,400

•   Requirements: Certificate of completion from a Part 147 FAA-approved aviation maintenance technician school

•   Job Description: Repair and perform maintenance on aircraft and aircraft equipment.

•   Duties:

◦   Diagnosing mechanical and electrical issues

◦   Repairing aircraft components

◦   Testing aircraft parts with diagnostic equipment

13. Boilermaker

•   2023 Median Annual Salary: $71,140

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Assemble, maintain, and repair boilers, vats, or other containers used to hold liquids and gas.

•   Duties:

◦   Reading blueprints to determine where to position boiler parts

◦   Assembling boiler tankers using welding machines

◦   Cleaning boiling vats and replacing broken valves and pipes

14. Wellhead Pumper

•   2023 Median Annual Salary: $71,830

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate power pumps and equipment used to extract oil or gas from an oil field well.

•   Duties:

◦   Assembling pumps and attach hoses to wellheads

◦   Operating pumps and monitoring flow

◦   Transferring oil to storage tank or truck

15. Electronic Engineering Technologist

•   2023 Median Annual Salary: $72,800

•   Requirements: Associate degree (preferred); certificate from accredited program

•   Job Description: Assist electrical engineers with the design and development of communications equipment, computers, medical devices, and other electric-powered equipment.

•   Duties:

◦   Designing and assembling electrical systems

◦   Observing onsite systems placement and performance

◦   Performing quality control and identify issues

16. Real Estate Agents

•   2023 Median Annual Salary: $54,300

•   Requirements: High school diploma or equivalent; licensing exam

•   Job Description: Help clients buy, sell, or rent their properties.

•   Duties:

◦   Generating lists of properties for sale or rent and showing them to clients

◦   Advising clients on prices, mortgages, and market conditions

◦   Facilitating buyer/seller negotiations and final purchase or rental agreements

17. Respiratory Therapist

•   2023 Median Annual Salary: $77,960

•   Requirements: Associate degree

•   Job Description: Provide care for patients having trouble breathing.

•   Duties:

◦   Examining patients and recording symptoms and conditions

◦   Consulting with physicians on treatment

◦   Performing diagnostic tests

18. Building Inspector

•   2023 Median Annual Salary: $67,700

•   Requirements: High school diploma or equivalent

•   Job Description: Review building plans to ensure construction meets local and national regulations and ordinances.

•   Duties:

◦   Monitoring construction to ensure compliance

◦   Inspecting electrical and plumbing systems to ensure they are up to code

◦   Issuing violations for non-compliant work

19. Millwright

•   2023 Median Annual Salary: $62,980

•   Requirements: High school diploma or equivalent

•   Job Description: Install, dismantle, repair, reassemble, and move machinery in factories, power plants, and construction sites.

•   Duties:

◦   Repair or replace malfunctioning equipment

◦   Clean, adjust, and calibrate new machinery

◦   Move machinery and equipment

20. Electrician

•   2023 Median Annual Salary: $61,590

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Install, maintain, and repair electrical power, communications, lighting, and control systems.

•   Duties:

◦   Identify and repair electrical problems

◦   Install wiring and equipment for electrical systems

◦   Ensure compliance with National Electrical Code

21. Plumber

•   2023 Median Annual Salary: $61,550

•   Requirements: High school diploma or equivalent; apprenticeship

•   Job Description: Install and repair gas and water piping systems in homes, factories, and businesses.

•   Duties:

◦   Identify and repair plumbing problems

◦   Installing pipes and plumbing fixtures

◦   Clean drains, remove obstructions, and repair or replace broken pipes and fixtures

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22. Mining Roof Bolter

•   2023 Median Annual Salary: $66,660

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate machinery to install roof supporting bolts in underground mines.

•   Duties:

◦   Drill bolt holes into roofs

◦   Perform safety checks on bolting equipments

◦   Extract loose rock from bolting support

23. Broadcast, Sound, and Video Technician

•   2023 Median Annual Salary: $54,160

•   Requirements: High school diploma or equivalent; moderate on-the-job training

•   Job Description: Operate and maintain electrical equipment used for television broadcast, radio programs, live concerts, and films.

•   Duties:

◦   Setting up and operating equipment

◦   Monitoring and adjusting audio and visual quality

◦   Repairing equipment and fixing recording issues

24. HVACR Technician

•   2023 Median Annual Salary: $57,300

•   Requirements: High school diploma or equivalent; 6 months to 2 years at a trade school or community college that offers heating, air conditioning, and registration programs.

•   Job Description: Install and perform maintenance on heating, ventilation, cooling and registration systems for buildings and private residences.

•   Duties:

◦   Installing, testing, and repairing HVACR systems

◦   Replacing or repairing defective parts

◦   Conducting overall system maintenance and performance improvements

25. Masonry Worker

•   2023 Median Annual Salary: $53,010

•   Requirements: High school diploma or equivalent; apprenticeship or on-the-job training

•   Job Description: Use brick, concrete, and natural and manmade stones to build structures, walls, or walkways.

•   Duties:

◦   Design blueprints and calculate materials needed

◦   Break or resize materials into required shape

◦   Align, construct and polish finished structures

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The Takeaway

Many trade jobs can offer competitive pay and job security, without a significant upfront educational cost. Moreover, they provide an opportunity to help make a difference by solving real world problems.

Choosing the right career path is an important step toward achieving your financial goals. It’s just as important to practice smart financial habits, like setting spending limits, staying on top of your credit score, and establishing long-term goals.

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 skilled trades are in demand?

According to the Bureau of Labor Statistics, medical sonographers, respiratory therapists, industrial machinery mechanics, security and fire alarm installers are expected to experience the greatest job growth over the next ten years.

What are some of the best trades to learn that pay well?

Transportation managers, elevator installers, nuclear power reactor operators, and radiation therapists all earn a median salary above $80,000.

What are high paying trade jobs that require no degree?

HVAC technicians, real estate agents, subway operators, and plumbers all pay above-average salaries and require no formal degree.

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Photo credit: iStock/dima_sidelnikov

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

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

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

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

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Claiming unclaimed money from a deceased relative can be fairly straightforward — or more complicated — depending on state inheritance laws and the amount of supporting evidence to back the claim.

When a person dies without a will or other legally binding document outlining the distribution of their financial assets, that money may become “unclaimed” after a designated period of time. Unclaimed money is often turned over to the state where that person lived. However, it is possible for relatives to claim that money through the appropriate channels.

What Happens to Unclaimed Money from Deceased Relatives?

When no direct heir is identified, unclaimed money and assets from a deceased relative go to the state government. How soon the money goes to the state after the person dies will vary according to that state’s inheritance laws.

Once unclaimed money ends up in the hands of the government, the state authority will try to identify any relatives that are entitled to claim the money. Typically, a description of the assets and the name of the deceased are posted to one or several public and searchable websites. Some examples of these websites are:

•  Unclaimed.org

•  MissingMoney.com

•  TreasuryDirect.gov

•  FDIC.gov and NCUA.gov

•  PBGC.gov

•  UnclaimedRetirementBenefits.com

•  ACLI.com

Can You Claim Unclaimed Money From a Deceased Relative?

If you believe you are entitled to an unclaimed financial asset of a deceased relative, you can file a claim with the state government or business that is holding it. If you are specifically named as a beneficiary in the deceased relative’s will, the claim process can be relatively smooth. If not, you may still be able to claim that money but it will require supporting documentation or potentially a decision from a presiding probate court judge to ultimately verify the claim.

Recommended: How Much Does It Cost to Make a Will?

What Types of Financial Assets Can Be Claimed from Deceased Relatives?

Unclaimed money doesn’t necessarily have to be in the form of cash; it can also include other assets of value such as:

•  Real estate

•  Forgotten bank accounts

•  Bonds

•  Stocks

•  Certificates of deposit

•  Annuities

•  Royalties

•  401(k)s and other retirement plans

•  Vehicles and other physical assets

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What to Expect From the Unclaimed Money Process

If you’re planning to claim unclaimed money, the process will vary depending on the state you’re filing in and the asset in question. In some cases, you can file a claim online, provide proof of identity and any documented proof of ownership, and wait for your claim to be processed. Once the claim is approved, you receive the money. A budget planner can help you make the most of any unclaimed money you receive and also provide valuable financial insights.

In situations where the deceased did not have a will or an executor for the will, a probate court will typically appoint someone to oversee any ownership claims and asset transfers. If this is the case, you may have to wait longer or provide more documented proof in court before your claim is approved.

Once your claim is approved and you receive the money owed to you, you may be required to pay inheritance tax. Again, this depends on which state the deceased lived in. However, spouses are exempt from paying inheritance tax in every state.

The Takeaway

Claiming unclaimed money from a deceased relative is entirely possible. However, the complexity of the process will ultimately depend on the circumstances and location of the deceased. If you believe you’re entitled to claim unclaimed money from a deceased relative, leveraging an estate planning attorney or a financial advisor can help demystify the process and any specifics about your claim. Bottom line: It’s never too early to start thinking about your own estate planning needs and long-term financial goals.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

How do you know if a deceased loved one has left you money?

If a deceased relative has named you as a beneficiary in their will or another legally binding contract, the executor of that document or a probate court will likely reach out to inform you of any unclaimed money you are entitled to. If not, you can still check to see if you are entitled to money by searching one of the public online unclaimed-money databases or by reaching out to the deceased relative’s financial advisor or estate planner.

How do I find assets of a deceased person?

To find the assets of a deceased relative, try looking through their personal property, reach out to relatives and other friends with knowledge of their financial affairs, or inquire with the local probate court or state government agencies.

What happens when you inherit money?

Depending on where you inherit money, you may be required to pay inheritance tax. After that, you are free to do with the money as you please. However, it is often advisable to think hard about how to use that money to support your financial needs or long-term goals.

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Photo credit: iStock/mdphoto16

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

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

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

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Salary vs. hourly pay are two ways that businesses classify workers, based on how and when their compensation is doled out. Hourly employees, as you might guess, are paid for every hour of work that they do. Salaried employees, on the other hand, receive a fixed amount of compensation in exchange for their labor, regardless of how long it takes.

There are pros and cons to each, both for employers and employees, and there are numerous rules and laws that can come into play as well. But it boils down to this: Hourly employees’ compensation is tied to the time worked, plus applicable overtime. Salaried employees get a fixed amount.

What Is An Hourly Rate?

An hourly rate is the set per-hour compensation a worker or employee earns in accordance with their employment contract. That hourly rate can be any number above the federal wage floor, or minimum wage, of $7.25 per hour.

The lowest that an hourly worker in the U.S. can earn is $2.13 per hour, as set by federal law, for workers who receive at least $30 per month in tips. No matter the amount, an hourly rate is how much an employee earns for one hour of work.

What Is a Salary Rate?

As mentioned, salaried employees earn a fixed amount regardless of how many hours they work. As such, a salary rate is what an employee would earn over a fixed amount of time, such as a traditional 40-hour workweek. Since we typically discuss salaries on a yearly basis (for example, Job X pays a salary of $50,000 per year), a salary rate could be $961.54 per week ($50,000 annual salary divided by 52 weeks in a year).

The big difference, when it comes to salaried workers, is that there is no potential to earn overtime for working more than the predetermined number of hours (usually 40) as specified by their employer and applicable laws.

If you want to find out what is a good entry-level salary, you can do some research into averages in your industry and geographic area to get an idea.

Recommended: The Highest Paying Jobs by State

Why Are Some Jobs Hourly and Others Salary?

Federal laws and regulations determine whether some jobs can be exempt from overtime pay rules — in other words, salaried. This is to protect some workers from being classified as salaried when they may end up working many more hours in a given week than the standard 40.

Depending on the state you live in, there may be additional rules that stipulate why a position may pay hourly vs. salary.

The Big Difference Between Salary vs Hourly Pay

Whether or not a worker earns overtime pay is the single biggest difference between a salaried employee and one who is paid hourly. Overtime pay is paid out at a rate of 1.5 times the normal hourly rate, which is commonly phrased as “time and a half.”

Another way to describe salary vs. hourly pay is “exempt” vs. “non-exempt.” “Exempt,” in this sense, means exempt from overtime wages. Non-exempt employees are owed overtime wages for working more than 40 hours per week.

There are situations in which an employer may end up paying a salaried employee more for working more than 40 hours per week, but it depends on the specific agreement or contract between the two parties.

Additionally, salaried jobs tend to be more administrative, “professional,” or “white collar,” and may offer more or better benefits than hourly jobs. That’s not always the case, but if you’re climbing the corporate ladder and become a salaried employee, you may notice that the entire compensation package is a bit beefier than packages for hourly workers.

Salary Pay

As noted above, salaried employees earn a fixed amount regardless of how long they work. There are some obvious pros and cons to salaried positions, too:

Pros of Salary Pay

The clearest advantage of a salaried position is that an employee will earn the same amount of money during a given time period no matter how long they work. So, if they end up working 30 hours in one week, they still get paid the same as they would have if they worked 40.

Also, as discussed, salaried jobs often have better benefits, such as employer-sponsored health insurance and paid vacation days. Salaried jobs can also be a bit more secure than hourly positions and may offer workers more opportunities for advancement.

Cons of Salary Pay

Salary pay can be double-edged: While you’ll be paid for 40 hours even if you work only 30, you’ll earn the same if you work 50 hours, too. There is no chance for overtime pay if you work more than a standard week. That can be a big drawback for some workers.

Similarly, depending on the specifics of the position, it may be harder to keep your personal and professional life separate. Salaried positions may provide more benefits and job security, but that comes at a cost of more demanding work that may encroach on your personal time.

Hourly Pay

Hourly workers earn their paycheck by the hour. That, like salaried positions, can have pros and cons as well:

Pros of Hourly Pay

It’s worth stating again: The biggest plus to an hourly job is that you are eligible to earn overtime pay. That doesn’t mean hourly workers always will get overtime — many employers go to great lengths to make sure that they don’t — but it’s a possibility. And that can help ensure that you’re not working 50- or 60-hour weeks, which may be more common for salaried employees.

Also, hourly workers may earn double their standard wages on certain days, like holidays. And depending on the industry, working overtime may be standard or expected. That can help push an hourly worker’s earnings above salaried workers’, in some circumstances.

Cons of Hourly Pay

A big disadvantage to hourly-paying jobs is that they can be less secure than salaried positions. Turnover can be high, for example, and if the economy takes a turn for the worse, hourly workers may see their hours reduced, or their positions furloughed or eliminated. Further, hourly jobs aren’t usually very flexible, and may not offer paid time off or sick days to workers, either.

Recommended: Average US Salary by State

The Takeaway

Salaried workers receive a fixed paycheck regardless of the number of hours worked, whereas hourly workers are paid based on the number of hours they clocked. The big differentiator between the two is that salaried workers are not eligible for overtime pay, which is 50% more than their standard hourly rate. Each type of employment has its pros and cons, but usually salaried positions are more secure.

Regardless of how you’re paid, it can be helpful to keep your finances in order by using a budget planner app, complete with a debt payoff planner to help you get ahead.

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

Is it better to be paid a salary or an hourly rate?

Generally, salaried positions are often seen as more prestigious and can offer more job security and benefits. Many workers feel it’s better to be paid a salary because one receives a predictable paycheck, but it ultimately depends on the position and the employee’s personal preferences.

What is the advantage of salary pay?

The biggest and most obvious advantage of salary pay is that you have a fixed paycheck coming your way no matter how much (or little) you worked during a given time period. Of course, that can be a disadvantage, too, if you regularly work more than 40 hours per week. It also may be easier to budget with a fixed, salaried income.

What are the budget challenges of being a salaried employee?

Salaried employees are, in a sense, on a fixed income; they’re earning the same amount all through the year, and can’t go for a bigger paycheck by working overtime. If they don’t receive a raise annually, they may see their effective pay decline due to inflation, which can end up straining their budgets.

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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.

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Getting a law degree is bound to take a big commitment — in time, energy, and money. And it’s tough from the very first step. Getting into law school isn’t easy, especially for those aiming for the top tier. So the sooner you can attack the application process, the better.

Keep reading for an overview and timeline of how law school applications work.

Applying to Law School

When you’re figuring out how to go to law school, the application process alone can feel like quite a journey. In addition to completing a Bachelor’s degree, the law school application process involves preparing for and taking the LSAT, writing a personal statement, and securing letters of recommendations. With all that on your list, figuring out how to get into law school can feel like a bit of a maze.

After getting into law school, you’ll also need to pay for your education. This can also require some leg work, such as filling out the grad school FAFSA or potentially applying for scholarships or private law school loans. Continue reading for a more detailed explanation on the law school application process.

1. Prep for the LSAT

Because the LSAT, otherwise known as the Law School Admission Test, is the only test accepted for admission purposes by all ABA-accredited law schools, most American Bar Association-approved law schools in the U.S. require students to take the exam. The half-day, standardized test is administered nine times and students can take the test at home or from another preferred location, as the tests are now proctored remotely.

At a minimum, the Law School Admission Council (LSAC) recommends taking a practice test, including a writing sample, under the same time constraints allowed for the actual test. The results could give you some idea of your strengths and what areas need improvement.

Those who plan to take the practice test and/or sign up for classes will probably want to leave enough time before their LSAT test date. The LSAT and your GPA are two important numbers to law schools. LSAT scores range from 120 (lowest possible) to 180 (highest possible).

Though other factors are considered, if you want a good chance at getting into a certain law school, your LSAT score and GPA should be at or above the LSAT and GPA medians of that school. You can generally find this information on the college’s website.

Recommended: How to Study for the LSAT

LSAT Prep Timeline

Many law schools require applicants to take the test by November or December in order to be admitted the following fall. However, organizations like Kaplan, a college admission services company that offers test preparation services and admissions resources, suggest factoring in the law school admissions cycle when selecting your testing date. They note that June, July, and September test dates are generally popular since they allow for plenty of time for students to receive scores.

Be sure to factor in your schedule and workload when deciding when you’ll take the LSAT. Taking the test in June will give you time to retake it if you aren’t happy with your score — but if you’re still in college, you’ll have to prepare while you’re busy with coursework.

If you take the test in October, you’ll have the summer to prepare and you can take the test again in December, if necessary. But your applications may be submitted later than other test takers — and some schools already will have started filling their seats. Some students may choose to take a year off between college and law school to prepare for the LSAT and work on their applications.

Test takers may want to look for some free prep materials online or may decide to sign up for paid online classes, in-person classes, or tutoring sessions.

2. Register for CAS

The Law School Admission Council (LSAC) is a not-for-profit organization that offers services and programs to help students manage the law school application process. Creating an account at the LSAC.org website allows applicants to track their progress and manage deadlines as they connect with their selected schools.

The Credential Assembly Service (CAS), which is provided by the LSAC, is required by most ABA-approved law schools. For a fee (currently $45), the CAS will put together a report containing transcripts, LSAT scores, and letters of recommendation.

3. Submit Your Transcripts and Letters of Recommendation to CAS

Students must contact their college (or colleges) to have transcripts sent to the CAS. And it’s up to the student to find professors they believe will provide positive evaluations of their past and future performance to send recommendation letters to the CAS. It’s a good idea to do this in August or September when college offices and faculty are back in full swing.

You’ll only have to do this once. Then, when you apply to your chosen law schools, they can contact the CAS and request a copy of your report.

4. Search for Law Schools

There are several factors that could go into your school choice. Just as with your undergraduate education, you may want to apply to a mix of “reach” schools, “safety” schools, and a few that land right in the middle.

But the application process can be pricey, so if you’re on a budget, you may want to narrow the field. When you’re deciding how many law schools to apply to, here are some things to consider:

•   Location: If you’re hoping to go to a top law school, you’re probably prepared to relocate. If not, you may want to start your search by thinking about where you’ll want to practice law someday. After all, you’ll be building a network with your fellow students, professors, and people you meet in the community.

•   Reputation: Starting out, fellow attorneys (and potential employers) won’t know much about your skills. Instead, they’ll likely regard you as a “Duke grad” or a “Harvard man” (or woman), and judge you by what they know about your law school. That doesn’t mean you have to go to a big, prestigious school — but you may want to look for a respected school.

•   Interests: By attending a school that offers classes that focus on the type of law you think you’ll want to practice (sports and entertainment, criminal, business, health care, etc.), you’ll likely be better prepared for your career. And you’ll probably have an opportunity to find mentors who could help you as a student and in the future.

•   Recruitment, tours, and alumni events: If you have the opportunity, you may want to attend a meet-and-greet event in order to touch base with recruiters, former students, and faculty who can fill you in on what law school and a law career have in store. You also may be able to get an idea if the campus and community are a good fit for you.

•   Let the schools find you: The LSAC’s Candidate Referral Service (CRS) allows law schools to search a database and recruit students based on certain characteristics (LSAT score, GPA, age, geographic background, etc.). Registration is free for anyone with an LSAC.org account.

Recommended: A Guide to Transferring Law Schools

5. Apply to Law Schools

After you’ve taken the LSAT, set up your CAS, and squared away your letters of recommendation, you’ll need to start on your personal statement. Stellar LSAT scores and grades are important to a law school application, but a personal statement could also tip the balance in your favor. The goal of a personal statement is to explain to the admissions committee why you would be a valuable addition to their student body.

Start early so you have a chance to show your work to others who might help you fine-tune it — advisors, teachers, parents, friends, and any grammar snobs or professional writers/editors you might know. This is your chance to stand out from the crowd, so use your personal statement to explain what makes you, you. And if you’re applying to multiple schools, you may want to take the time to tailor your piece as needed.

When you have everything ready to go, you’ll have the option to apply to as many U.S. law schools as you like through your LSAC.org account. Make sure all the information on file is accurate and up to date, and keep good records of every step in the process.

And be patient: Many schools practice rolling admissions, which means the earlier you get your application in, the sooner you’ll hear back. But there’s no set timetable, so you may have to wait a while.

How Will You Score?

It can be difficult to predict how you’ll score on the LSAT, but taking practice tests can be an indicator of how well you’ll perform on the day of the exam. The questions on the LSAT are all weighted equally and you won’t be penalized for incorrect answers. What matters is the number of questions you answer correctly.

Paying for Law School

Once you’ve cleared the hurdle of applying to law school, you might want to start considering ways to pay for law school. You may be familiar with the financial aid process from applying for undergraduate loans, but graduate students are also eligible for federal student aid.

The requirements of FAFSA are similar for grad students, and the information provided will be used to determine federal financial aid like scholarships, grants, work-study, and federal student loans. When those sources of funding aren’t enough — graduate private student loans could help fill in the gap. Though, they are generally considered after all other sources of financing have been exhausted because they don’t offer the same borrower protections (like deferment options) as federal student loans.

The Takeaway

Applying to law school requires dedication, time, and preparation. Taking the time to understand the application process can help students get into law school. Plan out your LSAT study schedule so you are prepared for test day, think critically about which law schools are a best fit for your personal and professional goals, and don’t forget to devote enough time to write, edit, and rewrite your personal statement.

Once you’ve gained admission, you’ll need to figure out how to pay for law school. Law students are eligible for federal financial aid like grants, scholarships, and federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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

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Call it the Great Unretirement. Millions of Americans who are of retirement age are still working. According to one recent analysis of U.S. Census Bureau data, 22% of people aged 65 or older are still clocking hours professionally, with almost one in four of those being self-employed.

The reasons for working past age 65 can vary: The desire to stay engaged and challenged is one; the realities of needing to bring in income to keep pace with inflation and rising expenses is another.

No matter what your motivation, there are opportunities for seniors to work, including home-based ones. Here, learn about some of the most popular career paths to pursue later in life, from the privacy and comfort of your home.

11 Work-at-Home Jobs for Retirees

Consider these 11 work-at-home jobs for seniors; one or more may suit your skills and interests. Hours will vary, depending on how much time you have available and how much demand there is. Given that these are online jobs, you will probably need your own computer and headset or earbuds. Some companies may provide workers with tech gear.

1. Instructor

The online learning industry is booming: It’s expected to grow 20% year over year from now through 2030. Being an online instructor can therefore be a fast-growing job opportunity, too.

Almost anything you’ve mastered can be turned into an online course: baking, strength training, or traveling on the cheap. Whether it’s a hobby or a profession, you might be able to convert it to profit in an online course that students can purchase. Sites like Teachable and Coursera allow would-be teachers to set up an account and create courses that could provide passive income for years.

•   Median pay: $30.33/hour

•   Qualifications: Will depend on what you are teaching; in some cases, simply your own experience and knowledge is enough. In others, you may need credentials, such as post-grad degrees or proven success in a particular realm (whether gardening or fundraising).

2. Consultant

Using the skills you cultivated during your career can be a wise way to earn money when you’re a senior. If you happen to have years of experience in a field such as business or design, taking on clients as a consultant can be a great way to share your expertise and bring in income. Sites like LinkedIn and Indeed can also help, allowing you to search for job opportunities by location, contract status, and experience level.

•   Median pay: $47.73

•   Qualifications: You’ll need to show that you are qualified to advise on a topic based on a track record of business success. Using your professional and personal network to find clients can also be important.

💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.

3. Tutor

If you have the skills to teach but don’t want to do all the back-end work of creating and selling a course, look for jobs tutoring online. Tutors are hired not only by U.S. schools, individuals, and companies but also by international ones, making it potentially a flexible and lucrative path.

•   Median pay: $18.80

•   Qualifications: These will vary with the opportunity. Some people may be able to tutor simply based on having deep knowledge of a topic or having aced a subject in school. Others may require teaching licenses and credentials.

4. International English Teacher

The more interconnected the world becomes, the more important it is for people around the world to be able to speak a common language. If you are a native English speaker or if you speak English really well, you may qualify to teach English to students around the world. For this role, you’ll likely need to get a certificate, but once you are qualified, you can apply for jobs teaching online or even set up your own business.

How much you earn as a teacher can depend on whether you are teaching individuals or working with a larger agency, which may have deeper pockets.

•   Median pay: $26

•   Qualifications: These will vary. Some people in more informal settings may not need credentials. Otherwise, it can be vital to have a valid state teaching license and either a TEFL or CELTA certificate, reflecting that you are trained and ready to teach English to others.

5. Customer Support Agent

Customer support agents work with a business’ clients on the phone, through a chat function, on social media, or even through email to address questions. They typically help customers with things like making returns, processing exchanges, and resolving billing problems.

Agents must have good communication skills, empathy, solid problem-solving skills, and enough technical aptitude to use the company’s customer support system.

•   Median pay: $18.80

•   Qualifications: Depending on the job, you may need prior customer service experience. Typically, companies will offer training.

Recommended: How to Earn Residual Income

6. Technical Support Agent

This role is similar to customer support, except you will be solving customers’ technical issues, often with a device, a website, or an app. For example, the customer might need help changing their billing address on an app they use, or they could require guidance on using software they bought. You will need some technical know-how, but often companies train employees and provide a knowledge database for them to use to help resolve customer problems.

•   Median pay: $21.13

•   Qualifications: Varies depending on the company doing the hiring. It is common for businesses to train their agents to know the ins and outs of their product or service so they can help clients.

7. Travel Agent

Booking travel may seem to be a self-service online task these days, but there are still plenty of travel businesses that need employees. These might include travel companies that work with corporate clients or medical centers that help patients with travel logistics. Some of these hire and train individuals to manage travel booking.

Also, if you have expertise in a certain kind of travel (such as multigenerational travel to Disney properties or budget travel), you might be able to offer travel agent services on that front.

Being organized and having good customer service skills is important in this position, and having experience with the intricacies of travel arrangements can help. Some jobs, including more lucrative ones, may require specific credentials or knowledge of travel software.

•   Median pay: $20.64

•   Qualifications: Will depend upon the job. Some may hire those without specific travel experience but with good people skills; others may want candidates to be a certified travel associate.

8. Virtual Assistant

A virtual assistant tackles all kinds of tasks, from scheduling appointments to writing emails to updating clients’ social media accounts. Virtual assistant jobs can be great part-time gigs for seniors at home because they often only require the skills you already use to manage your own life. If you’re particularly good at management and working with executives, you can snag lucrative clients and really see your retirement earnings soar.

•   Median pay: $24

•   Qualifications: Will vary depending on the particular job. Some clients may seek prior administrative assistant experience; others may want an individual who is familiar with certain travel booking software.

9. Bookkeeper

Obviously, having experience in the bookkeeping field can be an asset for this role. You can help small business clients who don’t have the budget for a full-time bookkeeper or a big accounting firm manage their finances. These businesses could include local restaurants, small shops, or individual medical practitioners.

•   Median pay: $24.31

•   Qualifications: Some companies will train employees; others will want those who are already familiar with software such as QuickBooks, so it can be wise to train up on your own time. While a degree in business or accounting can be a plus, on-the-job learning may be possible, regardless of your degree.

10. Tax Preparer

Tax preparers can be employed by firms like H&R Block, who train them before tax season, or independently, working directly with clients. A lot of tax preparation is formulaic, but to serve clients well, it is key to be familiar with all the rules that change from year to year.

Also, this tends to be a seasonal job, with crunch time leading up to Tax Day in April.

•   Median pay: $18

•   Qualifications: As noted, the company you work for may train you in proper practices, and it’s important to keep on top of the latest tax code changes.

11. Data Entry Specialist

If you can type quickly and have an eye for detail, data entry may be for you. It can be a precise and rote job, putting information into spreadsheets and forms. You can generally land a data entry role without any experience, but if you go for a position in a field where you have expertise — say law, medical records, insurance, or consumer packaged goods — the pay is likely to be higher than elsewhere. That can help pad out your savings account or pay bills.

•   Median pay: $20

•   Qualifications: As noted, jobs may be available without related experience.

Recommended: 11 Benefits of Having a Side Hustle

Spotting a Scam

As with all things online, there’s always a possibility that something may not be quite as it seems, and that includes online job postings. Remote working opportunities are especially susceptible to fraud because everything is typically conducted digitally, via email and Zoom, so you don’t know if the person really is who they claim to be. Sadly, there are a substantial number of scams that target seniors.

As you look for remote opportunities, be cautious of listings that seem too good to be true. Offering a generous amount of money for very little work or requiring payment before work can begin are red flags. So too are job offers that involve an upfront overpayment for you to purchase supplies. Investigating opportunities thoroughly and familiarizing yourself with the latest job-related scams can help prevent you from being victimized. No one wants to have to recover from being scammed.

The Takeaway

Opportunities for seniors and retirees to beef up their savings and retirement investments through remote online work are abundant and varied. It may be necessary to spend some time searching to find gigs that tap your interests and skills and offer a suitable schedule and pay. Some jobs might include bookkeeper, tutor, and travel agent.

And when you do find the perfect remote gig to supplement your retirement income, find the right bank to partner with for storing, spending, and saving your funds.

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 4.50% APY on SoFi Checking and Savings.

FAQ

Are there any work-from-home jobs for seniors that don’t require upfront costs?

Yes, most legitimate work-from-home jobs do not require upfront costs. Many companies will train employees. In fact, the request for upfront costs could signal that you are dealing with a scam vs. a legitimate job opportunity.

How much would a retiree expect to make while working from home?

The pay scale for remote work for retirees can vary tremendously. Many jobs pay around $20 an hour, though some offer less compensation. Opportunities that require specialized qualifications can pay significantly more.

What are some good work-from-home jobs for seniors?

There are an array of work-from-home jobs for seniors, such as being a business consultant, tutor, tax preparer, or customer service representative.

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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% 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 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 a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% 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 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 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 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 Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

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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.

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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