Feb
10
2025
The S&P 500 Explained and Defined
What is the S&P 500 index? An exploration into the popular market index, along with a look at ways to invest in the S&P 500.
Read more
Feb
10
2025
How Long Should You Hold Stocks?
How long should you hold stocks? Here are six investing strategies to consider when making the decision to hold or to sell.
Read moreFeb
10
2025
What Is a Fiduciary Financial Advisor?
Fiduciary financial advisors are professionals who have a legal obligation to manage assets or give retirement advice with their client’s best interest in mind. Among the guidelines fiduciary financial advisors need to abide by are avoiding conflicts of interest, being transparent (about fees and investments choices), acting in good faith, and being as accurate as possible.
Financial advisors aren’t the only professionals who can have fiduciary responsibilities. Lawyers, bankers, board members, accountants and executors can all be considered fiduciaries. Fiduciary financial advisors cannot recommend investments or products simply because they would pay them bigger commissions. They can be held civilly responsible if they give advice that isn’t in the best interest of their clients.
Key Points
• Fiduciary financial advisors are legally bound to act in clients’ best interest, ensuring transparency and avoiding conflicts.
• The fiduciary standard is stricter than the suitability standard, which only requires recommendations to fit client needs.
• To find a fiduciary advisor, ask about their fiduciary status, compensation, and transparency.
• Compensation models vary: fee-only advisors charge flat or hourly fees, fee-based earn fees and commissions, and AUM advisors charge a percentage of assets.
• Evaluating a fiduciary advisor involves checking their legal obligation, fee structure, and commitment to providing conflict-free advice.
What Is a Fiduciary?
A fiduciary is someone who manages property or money on behalf of someone else. The Consumer Financial Protection Bureau (CFPB), a government watchdog agency, describes a fiduciary as someone who is required, by law, to manage money or property on behalf of someone else to their benefit, not their own.
As a fiduciary, your four basic duties are to act only in your friend’s best interest, manage her money and property carefully, keep her money and property separate from your own, and keep good records. Basically, you are to do your very best to manage her finances honestly.
In this sense, a person who is named as a fiduciary may not have any particular financial planning expertise. Therefore, they may still choose to hire out the actual work of managing the money to a financial expert. In doing this, they are exercising fiduciary responsibility.
What Is the Fiduciary Responsibility in Financial Planning?
Someone who acts with fiduciary responsibility should act in the customer’s best interest. There is no universal standard for fiduciary responsibility because there are multiple agencies that act as regulatory bodies in the financial services industry.
The U.S. Department of Labor (DOL) is one, and the Securities and Exchange Commission (SEC) is another. Additionally, the organizations offering certifications, like the board of Certified Financial Professionals (CFPs), may provide their own guidance on fiduciary responsibility and code of conduct.
In 2016, the Labor Department issued what was called the “fiduciary rule,” requiring that any advisors offering retirement advice must act in their clients’ best interest. The rule was widely challenged from within the industry and subsequently overturned in the courts in 2018.
The DOL has subsequently tried to restore the rule, but the courts have, in recent years, shut down those attempts as well. Investors interested in working with financial fiduciaries are encouraged to inquire directly with various professionals, as there are still some guidelines in effect.
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Broker-Dealer Fiduciary Obligations
In June of 2019, the SEC passed its own version of the fiduciary rule, called Regulation Best Interest (RBI). It says that all broker-dealers (which includes brokers) must act in the best interest of the retail customer when making recommendations, without placing their financial interest ahead of the customer’s.
According to the SEC, broker-dealers must adhere to the following obligations:
Disclosure Obligation: provide certain required disclosure before or at the time of the recommendation, about the recommendation and the relationship between you and your retail customer;
Care Obligation: exercise reasonable diligence, care, and skill in making the recommendation;
Conflict of Interest Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to address conflicts of interest; and
Compliance Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest.
Not everyone is convinced that the new RBI standards do enough to protect the consumer. Additionally, the new RBI rules may have actually weakened the need for some Registered Investment Advisors to work in a fiduciary capacity.
Questions to Ask a Fiduciary Financial Advisor
Because the rules of fiduciary responsibility remain somewhat up for interpretation, the waters remain a bit murky for some retail customers, and the responsibility for finding a fiduciary requires effort on the consumer’s part.
Ask questions, carefully consider investment recommendations, and challenge possible conflicts of interest. It is good to be in the habit of asking the person you intend to work with whether they’ll be acting with fiduciary responsibility. Do not hesitate to ask them outright, “Are you a fiduciary?”
Then, ask them to clarify what fiduciary responsibility means to them, their title, and the institution that they represent. Also, consider how they are being compensated, i.e. what does the financial advisor charge? Much, although not all, can be sussed out via the compensation model.
The Fiduciary Versus Suitability Standard
Previously, broker-dealers may have adhered to what is called the “suitability rule,” as opposed to a fiduciary rule. Although broker-dealers are now technically held to a fiduciary standard, it’s an important word to know, just in case you work with someone who does not fall under the SEC’s regulatory purview. Suitability is not the same fiduciary responsibility.
The rule by the Financial Industry Regulatory Authority (FINRA), a non-governmental regulatory organization, requires that a firm or associated person have “a reasonable basis to believe” that a financial or investment recommendation is suitable for the customer.
The firm needs to make this determination based on the customer’s “investment profile,” which can include age, other investments, financial situation and needs, taxes, liquidity and risk tolerance, among other factors.
How to Find a Fiduciary Financial Advisor
Finding a financial professional that assumes fiduciary responsibility is a great start.
That said, there is more to finding a trusted financial advisor than simply adhering to fiduciary standards. Being a fiduciary doesn’t guarantee that a financial professional offers the right service for you, or even that they’re someone that you’ll want to work with.
For example, a doctor may have a license to practice, but not a good bedside manner. Or, you may need a dermatologist, so making an appointment with a pediatrician won’t do.
Here are a handful of the services offered in the financial help space, along with their respective adherence to fiduciary guidelines.
Registered Investment Advisors (RIAs)
Generally, RIAs manage investment portfolios on behalf of customers. They may or may not offer other services, such as comprehensive financial planning.
Previously, all RIAs were held to a fiduciary standard. Counterintuitively, this may have changed with the new RBI standards, which may have loosened standards for RIAs.
Brokers
Brokers, such as a stock broker, are professionals who buy and sell securities on behalf of clients. Typically, a broker works on some form of commission from the sale of securities.
Before the RBI, brokers were not held to a fiduciary standard. They are now held to the new standards, though it remains to be seen exactly how this will shake out within the industry.
Certified Financial Planners (CFPs)
A CFP® may offer more holistic financial services, such as financial planning, budgeting, and personalized investment advice. Not all financial planners are CFPs — you may want to ask about the credentials of the professional you want to work with.
The CFP Board “supports a uniform fiduciary standard of conduct for all personalized investment advice. This fiduciary standard of conduct should put the interests of the client first, and should include both a duty of care and a duty of loyalty.”
Again, it is important to seek out the professional that will best serve your needs.
If a financial professional suggests a product or strategy, do not be afraid to ask questions.
How Are Fiduciary Financial Advisors Compensated?
Financial professionals are compensated in several different ways:
Fee-only
In this case, you would pay a financial professional, such as a CFP®, a fee to sit down and discuss a financial plan or roadmap. This could be a one-time meeting, or meetings could take place at regular intervals (such as quarterly or annually). If a financial planner is fee-only, then they will not receive any additional commissions on products being sold.
Fee-based
An advisor who is fee-based may charge a fee and collect commissions. This fee could be a one-time or annual fee, or it could be measured as a percentage of assets under management. For example, an investment advisor could charge a 1% annual fee.
Assets under management
Similarly, some investment advisors and planners who manage an investment portfolio may charge a percentage on top of assets that are being managed.
Hourly
Some financial professionals may charge by the hour. This may be more common for financial coaching and planning than wealth management.
Commissions
Commissions typically come in the form of payments to the financial professional, from the company that creates the product. Commissions are common on insurance products, like annuities and life insurance, and some actively managed mutual funds.
It is possible that a financial professional be compensated in multiple ways. Be sure to ask. A popular choice for those just getting started is a fee-only fiduciary financial planner. To find a fee-only fiduciary financial planner, you can likely find many with a simple internet search.
The Takeaway
Fiduciary financial advisors are professionals who are legally obligated to invest money or give retirement advice that’s in the best interest of their clients. Among the requirements fiduciary financial advisors need to abide by are minimizing conflicts of interest and being transparent about how they are compensated. Acting in good faith and giving accurate financial advice are also guidelines that fiduciaries are supposed to follow.
Investors looking for trusted help should try to find a fiduciary financial advisor. Some robo-advisors and online investing platforms offer access to a financial planner who can answer questions for investors.
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SOIN-Q125-031
Read moreFeb
10
2025
What Does Annual Income Mean When Applying for a Credit Card?
When you apply for a credit card, the credit card issuer will ask you for your annual income. They want to be sure you have the means to pay your bills on time. Issuers may ask you to calculate your income in specific ways. For example, they may ask for net income or gross income when filling out an application.
If you’re single and work a salaried job, this may be fairly easy to figure out. However, for many people, income can be complicated and comes from a wide variety of sources. It also might be shared with a spouse.
Here’s a look at what you need to know about what annual income means on a credit card application, and how to know what types of income to include if you have multiple sources.
Table of Contents
- What Counts as Income?
- What Is the Difference Between Gross and Net Income?
- How to Calculate Your Gross Annual Income
- How to Calculate Your Annual Net Income
- What Types of Income Don’t Count on a Credit Card Application?
- What Happens If I Lie About My Income on a Credit Card Application?
- What Other Information Does a Credit Card Application Require?
- The Takeaway
- FAQ
Key Points
• Annual income includes salary, wages, commissions, tips, bonuses, and income from a spouse or partner.
• Pension benefits, Social Security, public assistance, alimony, and child support are also part of annual income.
• Gross annual income is the total of all income sources before deductions.
• Net annual income is calculated by subtracting taxes, retirement contributions, and insurance premiums.
• Misrepresenting income on a credit card application can lead to severe legal penalties.
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What Counts as Income?
For the most part, any money that is paid to you directly and that you have reasonable access to counts as income. This includes money you received from an employer or, if you’re self-employed, from clients. It can also come from other sources, such as investments or retirement benefits. Note that income tends to vary by age, and it is not the same as net worth.
The following are some examples of types of income credit card issuers may consider:
• Salary and wages
• Commissions
• Tips
• Bonuses
• Income from a spouse or partner
• Pension benefits
• Social Security benefits
• Public assistance
• Alimony and child support payments that you receive
• Interest
• Dividends
You may not have to include alimony or child support payments as income on a credit card application. The reason? Credit card issuers understand that those payments may already be earmarked for the support of an individual.
What Is the Difference Between Gross and Net Income?
When it comes to calculating income, it’s helpful to know what gross income and net income mean.
Your gross income is the total amount of money you make before any other deductions are taken from it. Deductions may include things like taxes, 401(k) contributions, and health insurance premiums. Your gross income represents income from all sources.
Your net income, on the other hand, represents how much money you have once all deductions have been made. For individuals, this is their “take-home” pay, which can be considerably smaller than their gross income. Credit card issuers may ask for net income as it represents money that you can access and isn’t earmarked for other purposes.
Tools such as spending apps can help you organize and manage the money you earn.
How to Calculate Your Gross Annual Income
Calculating gross income is relatively simple. You’ll need to add up income from all sources. For tax purposes, this will include wages, tips, bonuses, commission, capital gains, dividends, alimony, pension payments, interest, and rental income. You can find your adjusted gross income by subtracting above-the-line tax deductions, such as contributions to 401(k)s and traditional IRAs.
Credit card issuers can look at other income that’s not necessarily taxed, such as life insurance payouts or gifts. So be sure to include that in your calculation for a credit card application.
How to Calculate Your Annual Net Income
Calculate your net income by taking your gross income and subtracting deductions, including taxes, such as income taxes, capital gains tax, and employment taxes. You’ll also need to subtract contributions to retirement accounts and insurance premium payments.
If you receive a paycheck, there may be a line that spells out net income.
Recommended: How to Calculate Your Net Worth and Wealth
What Types of Income Don’t Count on a Credit Card Application?
There are some types of income that you can’t include on a credit card application. Generally, these are forms of income that you don’t have access to. For example, if your wages are being garnished to pay off a debt, you cannot include that amount of the garnished wages as income, as that money belongs to your creditor. Similarly, you can’t include money that goes toward alimony or child support payments or that you need to use to pay off tax debt.
What Happens If I Lie About My Income on a Credit Card Application?
It may be tempting to fudge your income on a credit card application. After all, tacking on a few thousands dollars to your income may be the difference between being approved for a credit card and being rejected. That said, you should never lie about your income on a credit card application. If you do, you’re committing fraud, and it’s a federal offense. So while it may not seem like a big deal to give your income a little boost, if you’re caught, you could face up to 30 years in prison and a fine of up to $1 million.
What Other Information Does a Credit Card Application Require?
In addition to income, you can expect a credit card issuer to ask for the following information on a credit card application:
• Legal name and a valid U.S. address
• Housing costs, which help the issuer determine how much debt you can afford to pay back
• Your Social Security or Individuals Taxpayer Identification Number, which is needed for the credit card issuer to make a hard pull on your credit report to check your credit score
Issuers consider your credit score when they determine whether to extend credit to you. A high credit score shows lenders that you have a history of responsibly managing debts and paying your bills on time. Lower credit scores indicate that a borrower is less likely to make on-time payments, and lenders may be less likely to approve them for a card.
The best way to maintain a healthy credit score is to always pay your bills on time. You can receive a free credit report each year from the three major credit reporting bureaus: Experian, TransUnion, and Equifax. Check your credit report regularly to ensure there are no mistakes that could be dragging down your score. Report mistakes to the credit bureaus immediately.
Recommended: How Do I Check My Credit Score?
The Takeaway
Credit card companies look at your annual income to determine how much credit you can afford and to assess their risk in extending you credit. Some may specify how they wish you to calculate your annual income, frequently asking for gross or net income. Gross income is the total amount of money you make before any other deductions are taken from it. Net income represents how much money you have after deductions have been made. To calculate either figure, you’ll need to gather information about all your income sources.
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.
FAQ
What does it mean when a credit card application asks for annual income?
Credit card companies may specify how they want you to report your annual income. They may ask for gross income, which includes all income before taxes and deductions, or net income, which is income after taxes and deductions have been subtracted.
What counts as annual income?
Annual income includes all money that you can say you reasonably have access to. This typically includes salary and wages, commissions, tips, bonuses, income from a spouse or partner, pension benefits, Social Security benefits, public assistance, alimony and child support payments, interest, and dividends.
What doesn’t count as annual income?
You cannot include income that you don’t have access to, such as garnished wages, alimony and child support payments you’re required to make, or money that must be used to pay off tax debt.
Photo credit: iStock/max-kegfire
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.
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.
SORL-Q125-046
Feb
10
2025
The 10 Most Satisfying Jobs You Can Get in America Without a Degree
If you don’t have a college degree, certain jobs may be out of your reach. But does that mean that you can’t feel professionally fulfilled? Absolutely not. There are many careers that don’t require post-secondary education and can provide workers with a sense of happiness and purpose.
Here’s a look at the characteristics that make a job rewarding, the industries that offer the greatest sense of well-being, and the most satisfying jobs you can get in those industries that don’t require a degree.
Key Points
• High-paying jobs without a degree include construction site manager and senior real estate manager.
• Networking and industry-specific job boards help in finding satisfying roles.
• Satisfying jobs offer flexibility, benefits, and safe working conditions.
• Some industries with the happiest workers are construction, accounting, manufacturing, real estate, health care, education, technology, tourism, legal, and retail.
• Examples of satisfying jobs without a degree are construction inspector, real estate broker, musician, truck driver, and legal secretary.
Characteristics of a Satisfying Job
It can be tough to pin down the characteristics of a satisfying job. That’s because satisfaction can be subjective. There are plenty of roles out there that you may prefer to avoid but others would be over the moon to try.
That said, the most rewarding jobs tend to share some qualities. According to the Urban Institute, good jobs typically offer:
• Liveable wages that allow employees to cover basic needs.
• Growth opportunity within the company to improve skills and advance.
• Workplace flexibility and control over one’s schedule.
• Benefits, such as paid leave, health care, and retirement contributions.
• Safe working conditions.
Once you find a satisfying job and start earning a paycheck, a money tracker app can help you manage your finances. The SoFi app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.
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Why Is It Difficult to Find a Satisfying Job Without a College Degree?
There are other characteristics you might find necessary to consider work satisfying. For example, you might want a job where you help people, like a doctor, or a job where you work with animals, like a veterinarian.
Unfortunately, without a post-secondary degree, your pool of available jobs will likely be limited. Depending on the job market in your area, that may mean you have to compromise on the job you choose or relocate so you can be closer to meaningful work you qualify for.
Recommended: Should I Go to Community College?
Tips for Finding a Satisfying Job Without a College Degree
It’s a good idea to start your job hunt with online search engines. Your search will likely lead you to large job sites that compile listings from industries across the country. If you’re looking for a particular type of role, you may want to try industry-specific job boards.
Networking and word of mouth are also good ways to find work. Reach out to people in your area who work in the industry you’re looking to join. Ask to meet with them to learn what you need to do to successfully apply for a job in that field, and put the word out that you are actively looking.
Just because a job doesn’t require a degree doesn’t mean you won’t be able to find one that pays well. Consider exploring high-paying trade jobs and high-paying vocational careers to find jobs that pay top dollar.
Once you begin to earn a salary, consider using a spending app to help you budget and track your money.
Recommended: 25 High-Paying Trade Jobs in Demand
Top 10 Most Satisfying Jobs You Can Get in America Without a Degree
Now for the tricky part: How to take a subjective measure like satisfaction and apply it to a list of jobs that don’t require a degree?
For this list, we looked at TollFreeForwarding.com’s roundup of 10 industries that offer the greatest sense of well-being, which was based on data from the job and recruiting site Glassdoor. Those fields include:
• Construction
• Accounting and taxes
• Manufacturing
• Real estate
• Health care
• Education
• Technology
• Tourism
• Legal
• Retail and e-commerce
What are the most satisfying jobs? Read on for examples.
Travel Agents
Travel agents help people plan and book their travel arrangements, including transportation, lodging, and entertainment options.
Median annual wage: $47,410
Job outlook: Employment in this industry is expected to grow 3% through 2033.
Real Estate Brokers and Sales Agents
Real estate brokers and sales agents help people who are looking to rent, buy, or sell properties. They tend to be self-employed and are usually able to set their own hours.
Median annual wage: $56,620
Job outlook: Employment is expected to grow 2% through 2033, which is slower than average.
Construction and Building Inspectors
Construction and building inspectors work alongside or as part of a team to make sure that new buildings meet codes, ordinances, zoning restrictions, and match up with specifications made in building contracts.
Median annual wage: $67,700
Job outlook: Employment for this job is expected to remain flat through 2033.
Computer Support Specialist
A computer network support specialist typically tests and evaluates a company’s network system, performs routine maintenance on it, and troubleshoots issues. It may be a good fit for people who want a job with little social interaction.
Median annual wage: $60,810
Job outlook: Employment is expected to grow 6% through 2033, which is faster than average.
Legal Secretary
Legal secretaries typically work in law offices and provide administrative and research support to lawyers and paralegals. In addition to traditional secretarial duties, they may also schedule appointments with clients, organize and maintain legal documents, and prepare court statements and forms.
Median annual pay: $56,330
Job outlook: Legal secretary jobs are expected to grow 2.1% through 2033.
Home Health Aide
Home health aides are among the fastest-growing jobs. They help people with chronic disabilities or illness perform acts of daily living, like getting dressed and eating. They may work in a client’s home, a group home, or a day service facility.
Median annual wage: $33,530
Job outlook: Jobs for home health aides are expected to grow 21% through 2033, with about 820,500 openings projected.
Musician
Musicians sing or play musical instruments in recording studios or in front of live audiences in concert halls, clubs, and churches. Many singers work part-time.
Median hourly wage: $39.14
Job outlook: Employment for singers is expected to grow through 2033 by 2%.
Truck Driver
Truck drivers are charged with transporting goods from one place to another. It’s typically a pretty solitary line of work, but if being on the open road brings you happiness, it might be worth considering.
Median annual salary: $54,320
Job outlook: Employment is expected to grow 5% through 2033, which is average for all occupations.
Material Recording Clerk
Material recording clerks help track product information and keep supply chains running and businesses on schedule.
Median annual wage: $44,210
Job outlook: Employment is expected to decline 4% through 2033.
Retail Sales Worker
Retail sales workers help customers in stores find the products they need and then ring them up at the cash register. They may also restock shelves.
Median hourly wage: $16.30
Job outlook: Employment is expected to stay the same through 2033.
The Takeaway
Not having a college degree doesn’t mean you can’t find fulfilling work. Satisfying jobs that don’t require a degree can be found in any industry, though certain roles may provide a great sense of well-being. Examples include a construction inspector, a real estate broker or sales agent, a retail sales associate, a musician, a truck driver, and a legal secretary. As you hunt for a job, look for roles that match up with what you want in terms of the type of work, workplace, amount of social interaction, and wage requirements.
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.
FAQ
What are the most satisfying jobs?
According to a 2024 Washington Post analysis of AmeriCorp data, the most satisfying jobs can be found in community and social services. Examples of such jobs include community health workers, school counselors, and social workers.
What jobs pay over $100,000 without a degree?
It is possible to find jobs that pay over $100,000 a year and don’t require a college degree. Two examples are construction site manager and senior real estate manager.
How can I make $100,000 a year without a degree
If you want to make more than $100,000 a year without a college degree, begin by researching jobs that offer high wages and only require a high school diploma. You may then consider taking an entry-level position that allows you to gain the skills and experience needed so you can advance to higher wages.
Photo credit: iStock/Pekic
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.
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.
SORL-Q125-045
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