Mar
15
2024
Average Credit Card Processing Fees in America in 2022

Average Credit Card Processing Fees and Costs in America in 2024

By | Credit | Comments Off on Average Credit Card Processing Fees and Costs in America in 2024

Average credit card processing fees can range anywhere from 1.5% to 3.5%. While a few percentage points may seem low, these fees can add up and impact your business’ bottom line.

Whether you’re a merchant who runs your own business or someone with a side hustle, if you accept credit card payments, fees are likely going to eat into your gross profit. Read on to learn more about credit card processing fees and how you can reduce them.

What Is a Credit Card Processing Fee?

A credit card processing fee describes all of the fees charged to accept credit cards as a form of payment. These, which are incurred by merchants that accept credit card payments, can include interchange fees, payment processor fees, and assessment fees.

Processing fees can run over 3% of a total transaction. Rates can vary based on the size and location of a business, as well as the types of transactions and cards that are accepted.

Generally, businesses bake credit card transaction fees into their pricing in the form of credit card merchant fees. However, some businesses may provide a discount if a customer pays with cash. Others may set a minimum payment amount they’ll accept by card. Understanding how credit cards work can give insight into why some businesses don’t accept credit card payments.

Types of Credit Card Processing Fees and Costs

Credit card processing fees actually combine several fees. When talking about credit card processing fees, merchants are generally talking about the following:

•   Interchange fees

•   Assessment fees

•   Payment processor fees

Some of these fees, like payment processor fees, can vary depending on the credit card processor a merchant chooses. Others, like interchange fees, are set by the credit card companies and depend on the cards used.

Recommended: Charge Cards Advantages and Disadvantages

Interchange Fees

Interchange fees are collected by credit card issuers from the merchant when a credit card or debit card is used. Interchange rates vary depending on:

•   The type of card used

•   The type of business

•   The amount of the transaction.

Interchange rates can also vary depending on whether the payment was made online or in store.

Generally, interchange rates are presented as a percentage of the sale, plus a flat fee. For example:

•   If Hailey buys $50 worth of groceries with XYZ card, the grocer would have a set interchange rate based on XYZ card, which may be slightly different than ABC card.

•   XYZ card may have a 1.15% interchange rate, plus a flat fee of $0.30. That would mean that, from Hailey’s transaction, the store would owe $0.88 as an interchange fee.

Assessment Fees

An assessment fee is levied by the credit card network (the brand name on the card a cardholder uses, such as MasterCard or American Express). This fee may vary depending on whether the card is a credit card or debit card, as well as on the volume of transactions a business makes. There also may be larger international fees.

Unlike the interchange fee, an assessment fee is standard across transactions. It is also generally lower in amount than an interchange fee.

Card Processor Fees

Payment processor fees go to the payment processor, which facilitates the transaction. The card processor is the intermediary that communicates between the card issuer and the merchant bank. It may also include the point of sale (POS) system and provide the devices to take credit card payments.

The merchant does have some control over the amount of these fees. Credit card processing fees vary depending on the payment model selected. Costs could include per-transaction fees, a monthly service fee, and equipment rental fees.

Average Card Processing Fees in 2024

As mentioned above, card processing fees in 2024 depend on several factors, including whether payments are primarily processed in person or online. That said, average credit card processing fee ranges are provided below for the major credit card networks:

Average Credit Card Processing Fees By Network
Network Processing Fee Range
Visa 1.4% – 2.5% interchange; 0.14% assessment fees
Mastercard 1.5% – 2.6% interchange; 0.1375% assessment fees
Discover 1.55% – 2.5% interchange; 0.14% assessment fees
American Express 2.3% – 3.5% interchange; 0.165% assessment fees

In addition, there can typically be a per-use charge (say, 10 to 22 cents) which varies depending on, say, whether the transaction was in-person or online or over the phone.

Note that American Express is considered a bit differently than other credit card companies. Unlike the other three credit card companies in the table above, American Express is a closed-loop network. This means that it is not backed by another financial institution, which gives it more control over its practices and charges. American Express calls the fees it charges “discount fees,” which operate similarly to interchange fees.

If you do have an American Express card, this wouldn’t have any impact on things like your credit card limit or credit card minimum payment, but it may affect where your card is accepted due to generally higher fees.

Recommended: What Is a Credit Card Minimum Payment?

Factors That Determine Interchange Fees

Adding to merchant confusion, interchange fees vary depending not only on the merchant, but also depending on what sort of credit card is used in a transaction. Interchange fees are usually between 1% and 3.5% of the overall sale, but the actual percentage varies on a host of factors that are discussed below.

Credit Card Type

Credit card type plays a role in determining the amount of the interchange fee — even if all cards fall under the same brand. In general, debit cards have lower interchange rates than credit cards, which are unsecured debt.

Part of how a rate is assigned is based on risk level. For a merchant bank, a debit card can be less risky because the money is already accounted for within your account. (This is also why the process of how to apply for a credit card is more involved than it is for a debit card.)

Merchant Category Code

Shopping at a supermarket? Then you may be paying a different interchange rate than you would at the hardware store or dry cleaners. Every merchant has a category code, and those merchants within the same category will have the same fees.

Method of Processing

How a payment is processed will also affect the rate of interchange fees. Card companies assess the risk of the transaction, considering the potential for fraud, chargebacks, and other things that may go awry.

For this reason, they may assign different interchange rates based on whether a purchase was completed online, in person, or even whether the purchase was made via swipe or tapping technology.

Network

Each credit card network sets its own fees based on the type of merchant. While the majority of the fee goes to the bank that issued your card, a small amount will go to the card network itself. This money will then be used to fund credit card rewards, perks, and protections offered by the card — all key parts of what a credit card is.

Pricing Models for Processing Fees

There are various pricing models for processing fees, and merchants can assess which one works best for them based on how they do business. There are three common models to consider: flat rate pricing, interchange plus pricing, and tiered pricing. Here’s a closer look:

Flat Rate Pricing

Like the name suggests, flat rate pricing provides a fixed rate for all transactions, which is inclusive of processing fees and interchange fees. This can be convenient, as it makes it easy to predict costs. However, it also could mean that your business is overpaying for transactions that have lower interchange rates, such as purchases made with a debit card.

Interchange Plus Pricing

Interchange plus pricing provides a detailed analysis of fees by breaking out interchange fees, assessment fees, and processor fees. This can be great for businesses looking for a level of detail into the fees they’re paying, and it can also help ensure that you’re not overpaying fees. However, some businesses may find this level of detail overwhelming.

Tiered Pricing

With tiered pricing, prices for interchange rates are separated into one of three tiers: qualified, mid-qualified and non-qualified. Tiering is dependent on how payment occurs (for example, in person or online) as well as how the card processing occurs (a payment may be downgraded based on how the card is processed).

While statements can be easier to read with this model, there’s less transparency than with interchange plus pricing. Additionally, because merchants can’t separate interchange fees from processing fees, it can be challenging to see a fee breakdown and understand the costs at a greater level of specificity.

Other Credit Card Processing Fees and Costs

In addition to the credit card processing fees outlined above, you also may pay a monthly subscription fee for processor use. This is independent of the number of transactions and may include customer service, POS equipment, and more. Sometimes, a higher subscription fee may result in a lower fee per payment.

You may also pay a fee for the initial setup when you sign up for a credit card processing company. What’s more, you could owe fees for if a customer disputes a credit card charge, in the instance of any chargebacks, and for non-sufficient funds.

How Often Do Payment Networks Update Their Interchange Fees?

Interchange fees are typically updated twice a year, though some might only do so annually or could refresh their fees more often.

Typically, rates have been rising by a fraction of a percentage point for payments made by credit card. This may not sound like a lot, but this can add up significantly — especially as more consumers are using cards over cash. Just think if your annual percentage rate (APR) on your credit card was to inch up; it’s a similar situation.

Recommended: When Are Credit Card Payments Due

The Takeaway

Credit card processing fees typically amount to between 1.5% and 3.% of a total transaction. Understanding credit card processing fees isn’t only helpful for entrepreneurs and small business owners. It can also help consumers understand why there might be an additional fee charged for certain payments made with cards. It’s all part of being a knowledgeable cardholder and using credit responsibly.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What is the typical fee for credit card processing?

The typical fee for credit card processing in 2024 is 1.5% to 3.5% for transactions. The rate is dependent on the type of transaction (in general, debit cards cost less to process than credit cards) and the processing system the merchant chooses. The actual percentage per swipe varies based on a host of factors.

Can I avoid credit card processing fees?

There are no ways to entirely avoid credit card processing fees, but there may be ways to make fees more manageable. One common way for businesses to manage credit card processing fees is to bake them into pricing and to offer cash discounts. Another way to potentially avoid credit card processing fees is to accept ACH payment methods for services.

Can the type of credit card determine processing fees?

Yes, the type of credit card is one factor that determines processing fees. For example, different categories of cards, such as reward cards, can have different fees than other cards, like debit cards.

Photo credit: iStock/tdub303

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

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

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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Mar
14
2024
woman holding dog in office

Budgeting For a New Dog

By | Budgeting & Goals, Life & Career, money | Comments Off on Budgeting For a New Dog

The United States is more than a little dog crazy: The percentage of households with a canine stands at 44.6%, meaning almost one out of two have a pooch. Owning a dog can be one of life’s great pleasures, whether you choose a tiny Chihuahua puppy or a mega, full-grown Great Dane as your new best friend.

But amid imagining all the cuddles and sloppy kisses, many prospective dog parents aren’t fully prepared for the expense of owning a pet.

This can indeed be an important question because not only can dog ownership be a major personal commitment, it can also be a considerable financial investment,g too. The initial first-year investment has been estimated at between $1,135 and $5,155.

If you’re considering bringing home a new pooch, here’s the information you need to know about budgeting for a dog and how much it’s likely to really cost.

8 Costs of Owning a Dog

It’s easy to fall in love with an adorable dog and feel as if you just must make it yours ASAP. But it’s wise to do a little research first about potential bills before bringing home your pooch.

Doing so can not only prepare you for the costs of pet ownership but potentially save you money on your pet as well. Knowing the expenses involved can help you budget, prioritize, and comparison-shop as you move ahead with getting your new best friend. Read on for eight costs that are likely to crop up.

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1. Adoption Costs

The initial cost of adopting a dog can vary greatly depending on if the dog comes from a shelter or purchased from a breeder. As a range, however, Animal Humane Society sets its standard dog and puppy adoption fees between $255 to $414.

The fee cost varies, as some dogs (such as purebreds) are in higher demand and the organization needs to cover the cost of caring for animals who may take longer to adopt out (such as older dogs).

At many pet rescues, adoption fees also cover the cost of extra services, like a pet physical exam, deworming, spaying or neutering, or common vaccinations.

Adoption vs Buying

If you’re wondering how adoption costs compare to buying a dog, consider that purchasing a Goldendoodle from a breeder costs an average of $2,200. What’s more, buying a pet from private breeders often does not come with the extra services that some non-profit rescues cover. So, if an owner is considering the breeder route, the out-of-pocket cost of future medical visits may be one more dollar sign to add to the eventual pet budget. This can help you know how much to allocate towards your new companion so you can avoid ending up with credit card debt.

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2. Food and Treats

Some of the tiniest puppies can morph, in just a few months or years, into heftier eating machines. Young puppies can grow quickly. And, all that fast growth can mean they’ll eat…A lot.

So, food and treats can also play a significant role in your personal budget when you bring home a furbaby. Individual dog budgets can vary based on the size of the pooch and type of food each owner opts to feed their pet. Food choices might include dry kibble, wet food, a raw food diet, or some mix of each.

What to feed a dog is all a personal choice between the owner and their veterinarian. However, if someone is looking to estimate the potential cost of feeding a new dog, estimates range from $250 to $700 for food and treats. This will vary with what kind of food you buy (organic? bulk?), where you live, and how much your pet eats.

Recommended: Ways to Save Money on Food

3. Toys

Toys may seem like a silly little add-on, but they can play an important role in puppy development and adult dogs’ mental stimulation.

Toys can help dogs fight boredom when they are left at home alone and comfort them if they’re agitated. (With toys to gnaw on, dogs may be less likely to turn to shoes for a midday distraction.) Rather than investing in pricey toys, a simple tennis ball will satisfy many dogs. And, a dog owner can grab a can of three, fun-to-chase tennis balls on Amazon for about $4.

However, the cost here can also depend on just how quickly an individual dog chews through the balls. Some doggos do a great job of tearing them apart. So, a pet owner may want to budget a small amount, say $50 or $75 a year or so, to buy their pooch some toys.

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4. Pet Sitters or Walkers

Taking a vacation with a pet? Then pet sitting isn’t an expense. But for many people who work outside the home or travel without Fido, it may be a good idea to consider a dog walker or pet sitter. This person can be a trusted friend or family member, a neighbor, a kid down the street, or a professional service.

Even if it’s a friend, a new pet owner may want to budget in some dollars to pay this person. Doggie daycare can run $40 or more per day (higher in certain areas, such as major cities), so it can be helpful for owners to know how many days each month they might need a dog sitter.

Also, if you are taking a vacation and aren’t traveling with your pet, know that a typical pet sitter will charge at least $30 a day to attend to your pup.

5. Incidentals

A lot of smaller expenses can come with owning a dog. Incidentals to budget for include things like, collars, leashes, dog beds, cleaning supplies, crates, pet bath products, and the all-important groomer. Many pet owners like buying their dogs clothes, which can add up as well. It can be wise to build in another cushion in a pet budget to cover the above-mentioned items, too.

Pet I.D. tags and registering a pet with the city are extra costs to bear in mind. (For reference, it can cost between $8.50 and $34 a year to obtain a dog license in New York City.)

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

6. Medical Visits

Dogs, like humans, need regular medical check-ups, so “How much will it cost?” is a wise question to ask when budgeting. Just like a human exam, dogs need blood drawn to check for diseases, routine vaccinations to prevent disease, and a general physical exam once a year to make sure their health is in working order.

The cost of health care for a dog can vary greatly depending on where the person and the pup live (and the age or breed of the dog). Recent estimates say routine visits can cost anywhere from $50 to $250, and overall vet costs can run from $700 to $1,500 or more per year.

Beyond vet visits, pet parents may also want to add in a budget for preventative medicine. Depending on where an owner lives, a veterinarian could recommend a monthly flea and tick medication, along with regular heartworm medication, to prevent the dog from becoming afflicted. Flea and tick meds can range from $40 to $200 a year while heartworm medication averages $5 to $15 a month, and treatment, if your pet is diagnosed, can cost $400 to $1,000.

7. Pet Insurance

While pet insurance won’t cover routine veterinary visits, it could come in handy if an emergency occurs with the pup.

For example, a new dog could eat something that causes it to get sick — like, ingesting pieces of a chew-toy or snatching food with bones in it off an owner’s plate (or street).

Many pet insurance plans will cover a portion of medicines, treatments (including surgeries), and medical interventions that aren’t tied to a pre-existing condition.

Paying monthly for pet insurance, while the dog is young, could save an owner hundreds or thousands of dollars as a dog continues to age as well. (Generally, pet insurance costs less when a dog is younger). This kind of policy typically costs between $38 and $56 per month.

Pet insurance may cover things like ingesting harmful items or food, accidents, urgent care, and — in some cases — preventative medicine. The cost of pet insurance can vary significantly by your pet’s breed, age, and any other health history.

8. Emergency Fund

It can be wise to save up an emergency fund for pet-related expenses. Things just tend to happen with dogs around. They can accidentally knock things over with their tails, swallow objects. and need an emergency vet visit. Dogs can do a lot of damage in a short amount of time (ahem, chewed up leather shoes).

But, guess what? Having some financial discipline can be worth it for a lick on the face, a little playtime, and coming home to a happy dog. Planning ahead for a pet budget can help new owners focus on those tail-wagging moments with Fido instead of stressing over canine costs.

The Takeaway

More than 44% of US households have dogs as pets, which shows how beloved they are. But before you get a pet, it’s important to know the costs involved (which can add up to thousands per year) and budget wisely. Saving in advance can make adopting and then caring for a dog easier. You might look for a high-yield checking and savings account to help your money grow for this purpose.

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FAQ

How much does it cost to buy a new dog?

Costs can vary tremendously. Adoption fees are often estimated at between $255 to $414, and buying a dog from a breeder can run into the thousands.

What is the monthly cost of owning a dog?

The costs of owning a dog can vary greatly, from $40 to $290 a month, depending on factors such as the dog’s breed, age, health, and your location.

Can pet insurance save me money?

Pet insurance can save you money, but it really depends on your particular pet, the policy, and your specific situation. If the premiums and out-of-pocket insurance costs exceed what you expect to spend on your pet’s care, it may not be a wise buy.

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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://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.

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Mar
13
2024

Skilled Trade Jobs in Demand for 2024

By | Building Your Career, Life & Career, relay | Comments Off on Skilled Trade Jobs in Demand for 2024

You don’t necessarily need a four-year degree to have a rewarding career that pays well. In fact, there are plenty of jobs out there that don’t require a bachelor’s degree and meet a wide variety of talents and interests, from nursing to mechanical technicians.

Here’s an explainer of what exactly is a “trade job,” plus a list of 25 of the highest-paying trade jobs as of 2022, which is the latest data available from the Bureau of Labor Statistics.

What Is a Trade Job?

A trade job is a career that requires advanced training and skill that can be acquired outside a four-year bachelor’s degree. Instead, experience can be acquired through on-the-job instruction, apprenticeship, or vocational schooling.


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Highest-Paying Trade Jobs

If you’re interested in a job that doesn’t require a college degree, or you love working with your hands, consider this list of some of the highest-paying trade jobs in the U.S. The compilation shows average annual salary and was compiled from the Bureau of Labor Statistics.

By the way, most if not all trade jobs require workers to be on site. Working remotely is not an option.

1. Power Plant Operator, Distributor, and Dispatcher – $97,570

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

Duties: Control power plants and the flow of electricity from plants to substations, which then deliver power to homes and businesses.

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2. Real Estate Broker – $52,030

Requirements: High school diploma or equivalent. Must complete some real estate courses to be eligible for licensure.

Duties: Help people buy and sell properties.

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3. Registered Nurse – $81,220

Requirements: Bachelor’s degree in Nursing, Associate degree in Nursing, or a diploma from an approved nursing program. Registered nurses must be licensed.

Duties: Help provide and coordinate patient care.

4. Dental Hygienist – $81,400

Requirements: Associate degree

Duties: Provide preventive dental care and examine patients for signs of oral diseases.

5. Water Transportation Worker – $66,100

Requirements: Will vary by job. For example, there are no requirements for entry-level sailors, while other workers might need to complete Coast Guard–approved training.

Duties: Operate and maintain vessels that carry cargo and people on the water.

6. Diagnostic Medical Sonographer – $78,210

Requirements: Associate degree

Duties: Operate special imaging equipment to create images of patients’ internal organs or to conduct tests.

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7. Farmer, Rancher, or Other Agricultural Manager – $75,760

Requirements: High school diploma or equivalent

Duties: Run farms and other establishments that produce livestock, dairy products, or crops.

8. Gas Plant Operator – $79,460

Requirements: High school diploma

Duties: Help distribute or process gas for utility companies by controlling the compressors on main gas pipelines.

9. Pile Driver Operator – $70,220

Requirements: High school diploma and vocational training can be helpful.

Duties: Operate machines that drive pilings for retaining walls, bulkheads, and foundations of buildings, bridges, and piers.

10. First-Line Supervisor of Construction Trades and Extraction Workers – $77,650

Requirements: High school diploma and five years or more work experience

Duties: Directly supervise and coordinate the activities of construction or extraction workers, such as miners or those drilling for minerals.

11. First-Line Supervisor of Mechanics, Installers, and Repairers – $76,020

Requirements: High school diploma, some work experience

Duties: Directly supervise and coordinate mechanics, installers, and repairers. They may also advise customers seeking recommendations for services.

12. Legal Support Worker – $59,200

Requirements: Associate degree

Duties: Perform a variety of tasks to support attorneys such as interviewing clients, legal research, and case summaries.

13. Locomotive Engineer – $73,850

Requirements: High school diploma

Duties: Operate passenger and freight trains safely. May also coordinate train activities or control rail yard signals and switches.

14. Subway and Streetcar Operator – $75,880

Requirements: High school diploma or equivalent

Duties: Operate subways or elevated suburban trains that don’t have a separate locomotive, or may operate an electric-powered streetcar. May handle fares.

15. Line Installer and Repairer – $82,340

Requirements: High school diploma or equivalent

Duties: Install and repair lines for electrical power systems, telecommunications, and fiber optics.

16. Computer Network Support Specialist – $59,660

Requirements: Entry-level requirements may vary, but network support specialists usually need to have an associate degree. Applicants to these jobs may qualify with high school diploma and information technology certifications.

Duties: Provide technical support to computer users while also maintaining computer networks.

17. Claims Adjuster, Examiner, and Investigator – $72,040

Requirements: High school diploma or equivalent

Duties: Evaluate insurance claims and act as an intermediary between claimants and the insurance company.

18. Electrical and Electronics Installer and Repairer for Transportation Equipment – $71,740

Requirements: Specialized training at a technical college

Duties: Install and maintain mobile electronics communication equipment on trains, watercraft, or other mobile equipment.

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19. Avionics Technician – $70,740

Requirements: Some may obtain a degree or certificate from a Federal Aviation Administration–approved aviation maintenance technician school, while other candidates may be trained on the job or in the military.

Duties: Repair and perform scheduled maintenance on aircraft.

20. Fire Inspector and Investigator – $65,800

Requirements: High school diploma, on-the-job training, and typically some experience as a firefighter

Duties: Fire inspectors help ensure buildings meet federal, state, and local fire codes and inspect buildings for potential fire hazards.

21. Transit and Railroad Police – $76,380

Requirements: Typically you must have a high school diploma or equivalent, complete a transit and railroad police training program, and receive a passing grade on a law enforcement exam from your state.

Duties: Help protect employees, passengers, and railroad and transit property.

22. Insurance Sales Agent – $57,860

Requirements: High school diploma or equivalent

Duties: Work with clients and customers to explain and sell various types of insurance.

23. Media and Communication Equipment Worker – $74,490

Requirements: High school diploma or equivalent

Duties: Install, repair, and maintain audio and visual systems across various industries, such as corporate offices and the film industry.

24. Boilermaker – $66,920

Requirements: High school diploma or equivalent

Duties: Install, maintain, and repair boilers.

25. Construction and Building Inspector – $64,480

Requirements: High school diploma or equivalent

Duties: Inspects buildings to ensure they are structurally sound and in compliance with specifications, building codes, and other regulations. May focus on a specific area such as plumbing or electrical systems.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

The Takeaway

On the high end, trade workers can make $90,000 or more at a career that doesn’t require a college education. That’s well above the $59,540 that represents the annual median income of U.S. full-time workers. And with a diverse range of career options to choose from, individuals who choose a trade job have a good chance at finding a fulfilling career that matches their interests and personality.

As your career takes off and you start earning a salary, you’ll likely want to begin budget planning and setting financial goals like paying down debt and saving for your future.

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


See exactly how your money comes and goes at a glance.

Photo credit: iStock/kali9

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.

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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Mar
13
2024
30 Best High Paying Good Jobs For Extroverts That Pay Well in 2023

25 Best Jobs for Extroverts That Pay Well in 2024

By | Financial Independence, Life & Career, relay | Comments Off on 25 Best Jobs for Extroverts That Pay Well in 2024

The right career is one that capitalizes on an individual’s unique combination of skills, interests, and personality. Extroverts, for instance, tend to flourish in certain jobs and industries that introverts may not care for. And the worst jobs for extroverts are likely ones that attract introverts.

For all you extroverts out there, we’ve rounded up dozens of well-paying jobs that would be lucky to have you on board.

Key Points

•   Extroverts thrive in careers that leverage their social skills and preference for group settings.

•   Jobs well-suited for extroverts often involve significant interaction and collaboration with others.

•   Career options for extroverts range from insurance sales agents to high school teachers, each requiring different levels of education and training.

•   Many roles ideal for extroverts, such as public relations specialists and human resources managers, offer competitive salaries.

•   Extroverts are likely to excel in positions where communication and interpersonal skills are crucial for success.

How to Know If You Are an Extrovert

Before we look at jobs for extroverts that pay well, it’s important to understand what an extrovert is. An extrovert is someone who draws their energy from the outside world. Extroverts often feel comfortable in group settings and social situations. They tend to make good leaders because they enjoy working with people.

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Common Characteristics of Extrovert Jobs

Good jobs for extroverts are ones that involve working with other people to solve problems. Because extroverts thrive on the energy they get from connecting with others, they tend to do well in jobs that require a lot of collaboration and human interaction.

On the other hand, good jobs for introverts allow them to focus intensely without interruptions from colleagues.

Do Extroverts Make More Money Than Introverts?

Being an extrovert can lead to a high-paying career. But extroverts don’t necessarily make more money than introverts. Education level, age, experience, and career choice can all greatly impact how much someone earns. Even your location factors in, as high-paying jobs vary by state.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

30 Best Jobs for Extroverts That Pay Well

What jobs are good for extroverts? Anyone looking to start a career or switch careers might consider one of these well-paying jobs for extrovert personalities. This list includes both jobs that don’t require college and those that do. Some even offer six-figure salaries.

Recommended: What Trade Makes the Most Money?

1. Insurance Sales Agent

Median Pay: $57,860 per year

Job Growth Outlook: 6%

Job Description: Work in an office or travel to meet clients. The role also has potential as a work-at-home job for retirees.

Requirements: High school diploma or equivalent

Duties:

•   Build relationships with potential customers

•   Sell insurance policies

•   Answer product questions

2. Musician and Singer

Median Pay: $39.14 per hour

Job Growth Outlook: 1%

Job Description: Perform music in a studio or live setting for an audience. Professionals can make union wages or charge by the song or performance.

Requirements: No formal educational credential

Duties:

•   Play instruments live or in studio

•   Sing songs live

•   Record songs

3. Actor

Median Pay: $17.94 per hour

Job Growth Outlook: 3%

Job Description: Perform in a live setting or for film and television recordings. Professionals make union wages.

Requirements: Professional or on-the-job training

Duties:

•   Perform in live theater

•   Promote products in commercials

•   Act in movies and television shows

4. High School Teacher

Median Pay: $62,360 per year plus excellent benefits

Job Growth Outlook: 1%

Job Description: Teach academic lessons to high school students and prepare them for college or the job market.

Requirements: Bachelor’s degree

Duties:

•   Prepare lesson plans

•   Teach students in a classroom

•   Grade papers

5. Human Resources Manager

Median Pay: $130,000 per year

Job Growth Outlook: 5%

Job Description: Plan and coordinate the administrative functions of a workplace.

Requirements: Bachelor’s degree

Duties: Work in office environments to help recruit and retain talent, and achieve business goals.

•   Recruit and hire employees

•   Make decisions about competitive pay and benefits

•   Mediate workplace conflicts

Recommended: Is $100,000 a Good Salary?

6. Public Relations Specialist

Median Pay: $67,440 per year

Job Growth Outlook: 6%

Job Description: Develop and maintain the public image of the individuals and businesses they represent. Those with high-profile clients tend to earn the most.

Requirements: Bachelor’s degree

Duties:

•   Write press releases

•   Create public image strategies

•   Provide damage control in crisis situations

7. Physician and Surgeon

Median Pay: $229,300 per year

Job Growth Outlook: 3%

Job Description: Diagnose and treat illnesses and injuries.

Requirements: Medical doctor degree

Duties:

•   Diagnose illnesses

•   Prescribe medications

•   Perform surgeries

Recommended: Is $100,000 a Good Salary?

8. Barber and Hairstylist

Median Pay: $33,400 per year plus tips

Job Growth Outlook: 8%

Job Description: Cut, color, and style client hair. Stylists at higher-end salons can make good money in salary and tips.

Requirements: Postsecondary nondegree award

Duties:

•   Cut and color hair

•   Style hair for special events

•   Provide other appearance services such as shaving

9. Bartender

Median Pay: $29,380 per year plus tips

Job Growth Outlook: 3%

Job Description: Mix and serve cocktails, wine, and beer to customers. Bartenders at higher-end establishments make most of their money in tips.

Requirements: No formal educational credential

Duties:

•   Mix and serve drinks

•   Offer beverage recommendations

•   Track inventory

10. Skincare Specialist

Median Pay: $38,060 per year plus tips

Job Growth Outlook: 9%

Job Description: Provide face and body treatments to clients in a spa or salon setting.

Requirements: State-approved cosmetology or esthetician license

Duties:

•   Assess clients’ skin needs

•   Offer skincare services like facials

•   Consult on skincare regimens

11. Dentist

Median Pay: $159,530 per year

Job Growth Outlook: 4%

Job Description: Diagnose and treat dental problems.

Requirements: Doctoral degree

Duties:

•   Treat patients’ gums, teeth, and mouth

•   Create treatment plans

•   Check for cavities and other dental issues

12. Registered Nurse

Median Pay: $81,220 per year

Job Growth Outlook: 6%

Job Description: Provide patient care.

Requirements: Bachelor’s degree and professional licensing

Duties:

•   Provide care in hospitals, physicians’ offices, home healthcare settings, and nursing care facilities

•   Communicate with patients about their needs

•   Educate patients and the public about health conditions

13. Waiter

Median Pay: $29,120 per year plus tips

Job Growth Outlook: -3% (decline)

Job Description: Take customer orders and serve food and drinks. Waiters at higher-end restaurants and catering companies can make a decent salary and excellent tips.

Requirements: Relevant work experience

Duties:

•   Take orders from customers

•   Serve food and drinks

•   Keep a clean and organized work environment

Recommended: What Trade Makes the Most Money?

14. DJ

Median Pay: $20.46 per hour

Job Growth Outlook: -4% (decline)

Job Description: Act as an emcee for events such as weddings and award ceremonies. Popular DJs can earn hefty appearance fees for a few hours of work.

Requirements: Relevant work experience

Duties:

•   Play music

•   Create playlists

•   Host events

15. Political Scientist

Median Pay: $128,020 per year

Job Growth Outlook: 7%

Job Description: Study the origin, development, and operation of political systems and plan political strategies.

Requirements: Master’s degree

Duties:

•   Study political systems

•   Create reports and presentations

•   Consult on strategy

16. Advertising Sales Agent

Median Pay: $58,450 per year

Job Growth Outlook: -7% (decline)

Job Description: Sell advertising space to businesses. Many sales agents work on commission and can bring in high incomes.

Requirements: Relevant work experience

Duties:

•   Sell advertising space for radio, television, newspapers, and other media platforms

•   Meet sales quotas

•   Maintain client relationships

17. Real Estate Broker and Sale Agent

Median Pay: $52,030 per year

Job Growth Outlook: 3%

Job Description: Assist clients in the buying and selling of real estate. Successful agents can make big commissions on home sales.

Requirements: High school diploma or equivalent

Duties:

•   Help clients find properties

•   Negotiate sales contracts

•   Host open houses

18. Interpreter and Translator

Median Pay: $53,640 per year

Job Growth Outlook: 4%

Job Description: Convert information from one language into another.

Requirements: Bachelor’s degree

Duties:

•   Translate between languages for a variety of organizations

•   Speak simultaneous translations during meetings

•   Translate documents, such as books and business materials

19. Advertising, Promotions, and Marketing Manager

Median Pay: $138,730 per year

Job Growth Outlook: 6%

Job Description: Plan advertising and marketing efforts to generate interest in a business’s products and services.

Requirements: Bachelor’s degree

Duties:

•   Develop marketing campaigns

•   Create special promotions

•   Oversee the creation of advertisements

20. Flight Attendant

Median Pay: $63,760 per year

Job Growth Outlook: 11%

Job Description: Assist passengers and respond to safety issues and emergencies.

Requirements: High school diploma or equivalent and certification from the Federal Aviation Administration

Duties:

•   Navigate safety issues

•   Serve food and beverages

•   Assist with putting away luggage

21. Lawyer

Median Pay: $135,740 per year

Job Growth Outlook: 8%

Job Description: Advise and represent businesses, government agencies, and individuals on legal matters.

Requirements: Law degree and passing a state bar exam

Duties:

•   Advise clients

•   Represent clients in court

•   Review and draft contracts

22. Physical Therapist Assistant

Median Pay: $57,240 per year

Job Growth Outlook: 19%

Job Description: Help patients regain movement and manage pain after an illness or injury

Requirements: On-the-job training

Duties:

•   Set up equipment

•   Care for patients

•   Work with physical therapists to help patients make progress

23. Marriage and Family Therapist

Median Pay: $56,570 per year

Job Growth Outlook: 15%

Job Description: Work with couples and families to resolve relationship challenges.

Requirements: Master’s degree

Duties:

•   Provide counseling to patients

•   Help mediate conflict

•   Offer mental health support

24. Interior Designer

Median Pay: $61,590 per year

Job Growth Outlook: 4%

Job Description: Work with individuals or businesses to plan, source, and arrange decor.

Requirements: Bachelor’s degree

Duties:

•   Make indoor spaces functional and aesthetically pleasing

•   Consult with clients

•   Choose essential and decorative objects

25. Career Counselor

Median Pay: $60,140 per year

Job Growth Outlook: 5%

Job Description: Help clients choose a career path.

Requirements: Master’s degree and licensure for career counselors and advisors in some states

Duties:

•   Guide clients toward appropriate career paths

•   Interview prep

•   Review resumes and cover letters



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

There are many jobs for extroverts that pay well, from business roles to creative performers. Many jobs don’t offer traditional salary or hourly wages; instead, a large portion of income is made through commission or tips. Some of the jobs we list require college degrees or professional certifications, but many only require a high school diploma or on-the-job training.

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

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What jobs are good for an extrovert?

Many jobs that are a good fit for extroverts are those that involve working with clients or patients in a collaborative setting, such as doctor, lawyer, or hairstylist.

What is the most fun, high-paying job?

A lot of fun, rewarding jobs pay well. For example, a bartender at a high-end restaurant can earn hundreds of dollars a night in tips.

What odd job makes the most money?

A job many people may not expect to make a lot of money is political scientist. This career path can lead to a median annual salary of $128,020.

Photo credit: iStock/Harbucks

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.

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.

SORL0124004

Read more
Mar
13
2024
What is the Greenshoe Option? Definition & How it Works

What is the Greenshoe Option? Definition & How it Works

By | Growing Wealth, invest, Investing | Comments Off on What is the Greenshoe Option? Definition & How it Works

The greenshoe option allows underwriters involved with IPOs to sell more shares than initially agreed upon: usually up to 15% more. That can occur if there is enough investor demand to purchase the shares.

Because IPO share prices can be volatile, the greenshoe option is an important tool that can help underwriters stabilize the price of a newly listed stock to protect both the company and investors.

Understanding the Greenshoe Option

Also called the over-allotment option, the greenshoe provision is part of an underwriting agreement between an underwriter and a company issuing stock as part of an IPO, or initial public offering. The greenshoe option is the only type of price stabilization allowed by the Securities and Exchange Commission (SEC).

The SEC allows this because it increases competitiveness and efficiency of IPO fundraising. It gives underwriters the ability to stabilize security prices by increasing the available supply. It is the responsibility of an underwriter to help sell shares, build a market for a new stock, and use the tools at their disposal to launch a successful initial public offering.

The greenshoe option got its name when the Green Shoe Manufacturing Company was issued the first over-allotment options in 1919.

💡 Quick Tip: Access to IPO shares before they trade on public exchanges has usually been available only to large institutional investors. That’s changing now, and some brokerages offer pre-listing IPO investing to qualified investors.

How Does a Greenshoe Option Work?

During the IPO process, stock issuers set limits on how many shares they will sell to investors during an IPO. With a greenshoe option, the IPO underwriter can sell up to 15% more shares than the set amount.

IPO underwriters want to sell as many shares as they can because they earn on commission as a percentage of IPO sales.

All of the details about an IPO sale and underwriter abilities appear in the prospectus filed by the issuing company before the sale. Not every company allows their investment banker to use the greenshoe option. For instance, if they only want to raise a specific amount of capital, they wouldn’t want to sell any more shares than necessary to raise that money.

There are two ways an underwriter can over allot sales:

At the IPO Price

If the IPO they are underwriting is doing well, investors are buying IPO shares and the price is going up, the underwriter can use the greenshoe option to purchase up to 15% more stock from the issuing company at the IPO price and sell that stock to investors at the higher market price for a profit.

A Break Issue

Conversely, if an IPO isn’t doing well, the underwriter can take a short position on up to 15% of the issued stock and buy back shares from the market to stabilize the price and cover their position.

The underwriter then returns those additional shares to the issuing company. This is known as a “break issue.” When an IPO isn’t performing well, this can reduce consumer confidence in the stock, and result in investors either selling their shares or refraining from buying them.

The greenshoe option helps the underwriter stabilize the stock price and reduce stock volatility.

Types of Greenshoe Options

There are three types of greenshoe options an underwriter might choose to use depending on what happens after an IPO launches. These options are:

Full Greenshoe

If the underwriter can’t buy back any shares before the stock price increases, this is known as a full greenshoe. In this case, the underwriter buys shares at the current offering price.

Partial Greenshoe

In a partial greenshoe scenario, the underwriter only buys back some of the stock inventory they started with in order to increase the share price.

Reverse Greenshoe

The third option for underwriters is to purchase shares from market investors and sell them back to the stock issuer if the share price has dipped below the original offering price. This is similar to a put option in stock trading.

Recommended: How Are IPO Prices Set?

Greenshoe Option Examples

Here’s an example of how a greenshoe option might work in real life.

Once the IPO company owners, underwriter, and clients determine the offering or initial price of the newly issued shares, they’re ready to be traded on the public market. Ideally, the share price will rise above offering, but if the shares fall below the offering price the underwriter can exercise the greenshoe option (assuming the company had approved it in the prospectus).

To control the price, the underwrite can short up to 15% more shares than were part of the original IPO offering.

Let’s say a company’s initial public offering is going to be 10 million shares. The underwriters can sell up to 15% over that amount, or 1.5 million more shares, thus giving underwriters the ability to increase or decrease the supply as needed — adding to liquidity and helping to control price stability.

💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.

What the Greenshoe Option Means for IPO Investors

The greenshoe option is an important tool for underwriters that can help with the success of an IPO and bring additional funds to the issuing company. It reduces risk for the issuing company as well as investors. It can maintain IPO investor confidence in a newly issued stock which helps to build a long-term group of shareholders.

Although buying IPO stocks can be very profitable, stock prices don’t always increase and sometimes they can be volatile. It’s important for investors to research a company, look at the IPO prospectus, understand what the stock lock-up period and greenshoe options are before deciding to buy.

The Takeaway

Buying shares in IPOs can be a great way to invest in companies right when they go public. Although IPO investing comes with some risks, and IPO stock can be volatile, investment banks and companies going public use tools such as the greenshoe option to minimize volatility.

Whether you’re curious about exploring IPOs, or interested in traditional stocks and exchange-traded funds (ETFs), you can get started by opening an account on the SoFi Invest® brokerage platform. On SoFi Invest, eligible SoFi members have the opportunity to trade IPO shares, and there are no account minimums for those with an Active Investing account. As with any investment, it's wise to consider your overall portfolio goals in order to assess whether IPO investing is right for you, given the risks of volatility and loss.


For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

Photo credit: iStock/AzmanJaka

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.

New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For SoFi’s allocation procedures please refer to IPO Allocation Procedures.


Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

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.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
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.

Claw Promotion: Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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