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Many busy parents find that a traditional 9-to-5 job isn’t the best option while they’re raising young children. Working for yourself can provide more flexibility and control, as well as better work-life balance. But there are trade-offs.

Let’s take a look at some of the best self-employed jobs in 2024. We’ll also provide tips on finding a self-employed job that helps support a family’s needs.

What Jobs Are Considered Self-Employed Jobs?

At one time, self-employed business people typically worked out of a storefront or office with a small staff. Today, many self-employed individuals work from home with no employees. They deliberately keep their operation small to maintain flexibility in their schedule (and keep overhead costs down). Solo entrepreneurs usually have a strong background in a specific service they can offer to clients, such as accounting, marketing, or graphic design.

There are a number of different ways self-employed workers get paid. For instance, they may identify as an independent contractor when they work for larger businesses. They can also start a sole proprietorship or a partnership with another entrepreneur.

Because of the amount of time spent attracting and communicating with clients, self-employment may not be the best choice of job for antisocial people.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

Examples of Self-Employed Jobs for Parents

Self-employed jobs can be logistical, analytical, creative, or involve a skilled trade. Parents may pursue self-employed work as a freelance writer or a lawyer. As long as the work can be done independently, there’s virtually no limit to the type of services someone can offer when working for themselves.

Recommended: Best On-Campus Jobs

Tips to Finding Self-Employed Jobs for Parents in 2024

Parents who are considering self-employment should first ask themselves these questions:

•   How much do I hope to make per hour?

•   How many hours per week do I want to work?

•   What is my strongest skill set?

•   What services can I offer based on that skill set?

Parents have two options for pursuing work. They can apply for posted contract or freelance roles that seem like a good fit for their skills and scheduling needs. Or they can advertise their services and work on attracting clients.

Difficulties Parents Can Encounter When Looking for Self-Employed Jobs

One element of self-employment that many people struggle with is making the transition to boss. Parents who have a lot of responsibilities on their plate may find it especially hard to create a structured workday, or to make time between projects to source new clients.

Many self-employed people find it tough to promote themselves or set appropriate rates. Another money challenge: budgeting with a fluctuating income.

All of these things get easier over time, but the early days of self-employment can be challenging. If money management is a concern for you, check out these financial planning tips for freelancers.

Recommended: Does Net Worth Include Home Equity?

Pros and Cons of Self-Employed Jobs for Parents

There are advantages and disadvantages to working for oneself.

7 Self-Employed Jobs for Parents

What are the best self-employed jobs? The fact is, what’s best for one parent may not be right for another. Consider a broad range of possibilities before you settle on one. The following jobs were chosen because they offer flexibility and high wages.

1. Business Consultant

Average hourly pay: $37

A business consultant helps other businesses improve a select area of their business (such as their marketing department) or their business as a whole. Consultants can provide support to sales, finance, operations, HR, IT, and other areas. While business consultants can book time to work with clients in a way that fits their schedule, they will often need to do so during business hours since so much of their work involves client communications.

Requirements: Bachelor’s degree, master’s degree (preferred), or a certification from a business consultant association.

Schedule Flexibility [1-5]: 3

Duties:

•   Advising clients

•   Creating business plans

•   Improving employee performance

2. Software Developer

Average hourly pay: $37

Software developers write and test code for clients when creating systems software, apps, video games, and other products. Many clients need temporary or ongoing support in this area, which can provide software developers with a lot of flexibility. Developer roles usually appear on lists of ideal jobs for introverts.

Requirements: Knowledge of programming languages.

Schedule Flexibility [1-5]: 4

Duties:

•   Writing code

•   Testing code

•   Project planning

3. Virtual Assistant

Average hourly pay: $34

Supporting clients as an administrative assistant virtually. Because so much of this work can be done via email, and immediate responses aren’t expected, virtual assistants can often choose their own hours.

Requirements: Office skills

Schedule Flexibility [1-5]: 4

Duties:

•   Scheduling calls

•   Providing email support

•   Booking travel plans

4. Editor

Average hourly pay: $31

Editors polish writing projects across a variety of industries and media formats. This work can be done independently from home, but may require virtual meetings during traditional office hours.

Requirements: Bachelor’s degree and industry experience.

Schedule Flexibility [1-5]: 4

Duties:

•   Writing copy

•   Editing copy

•   Mentoring writers

5. Copywriter

Average hourly pay: $28

Similar to editors, copywriters can work from home and do their work independently. Many writers are hired on a freelance basis, which gives them the option of taking on more projects when they have the time.

Requirements: Bachelor’s degree and industry experience.

Schedule Flexibility [1-5]: 4

Duties:

•   Crafting headlines

•   Writing technical guides

•   Creative writing

6. Web Designer

Average hourly pay: $35

Web designers create websites for clients from scratch, update existing website designs, and provide ongoing website support. This work can be done independently, but does require meeting with project stakeholders during business hours.

Requirements: Knowledge of design programs, and HTML and CSS programing languages.

Schedule Flexibility [1-5]: 3

Duties:

•   Build and design websites

•   Enhance user interface (UI) and user experience (UX)

•   Bring client’s vision to life

7. Career Coach

Average hourly pay: $24

Working as a career coach can create really flexible working hours for parents because many clients want to book sessions on nights and weekends when they aren’t working.

Requirements: Bachelor’s degree or master’s degree (preferred)

Schedule Flexibility [1-5]: 5

Duties:

•   Advising clients on job search process

•   Helping clients plan career trajectory

•   Resume consulting

💡 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

Being self-employed can be very rewarding — especially for parents. Working for yourself can make it possible to have flexible working hours and to work from home. Almost any service can be offered on a freelance or consulting basis. The key is to evaluate your skills and give yourself time to build a client base.

Challenges may include creating your own workday structure, making time for administrative tasks that aren’t billable, no paid time off, and a fluctuating income. Before making the leap into self-employment, it can be helpful to take a good hard look at the family’s financial situation.

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

How can a stay-at-home mom make money in 2024?

There are plenty of ways a stay-at-home mom can earn an income from home in 2024. One popular option for busy moms who need a flexible schedule is working as a virtual assistant on a part-time basis. These roles make it possible to work from home during times when children are napping or at school.

What is the best job to have as a parent?

There is no one best job for a parent to have, but there are some very desirable traits that appeal to most parents. Moms and dads are likely to value job opportunities that have flexible schedules, are remote, and have a high enough wage to support a family.

What job can I do from home with a baby

Nowadays, many job opportunities are remote, which can make it possible for people to work from home with a baby. Some parents may choose to create their own job by going the self-employed route. Others may pursue careers as a virtual assistant, bookkeeper, copywriter, web designer, or another role that they can perform from home.

Photo credit: iStock/pixdeluxe

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.

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Even if your parents are high earners (or you’re a grad student with a good salary), it’s worth filling out the Free Application for Federal Student Aid, or FAFSA®. While your earnings are a factor on the FAFSA, there are no income limits to apply or to qualify for aid, and not all programs are based on need. The FAFSA also provides access to non-need-based programs, including institutional merit aid and unsubsidized federal loans.

Regardless of income, It’s generally recommended to fill out the FAFSA as close to its release date as possible. Typically, the form becomes available on October 1 for the following academic year. The 2024-2025 academic year, however, is an exception. Due to upcoming changes to the FAFSA (and some adjustments in how student aid will be calculated), the application will be available in December 2023.

Read on to learn more about income requirements to be eligible for financial aid and why it’s probably a good idea to fill out the FAFSA.

What Are FAFSA Income Limits?

There is no income maximum when you file the FAFSA as an undergraduate or graduate student to attend college or career school. In other words, any student attending or applying to an eligible school can fill out and submit the online form, even if their parents are high earners.

In addition, there are no simple FAFSA income limits — or income cutoffs — for financial aid eligibility, in part due to the complexity of financial aid formulas.

In general, to be eligible for financial aid, you’ll need to:

•   Have a high school diploma or a recognized equivalency, such as a GED, or have completed a state-approved home-school high school education

•   Demonstrate financial need (for most programs)

•   Be a U.S. citizen or an eligible noncitizen

•   Have a valid Social Security Number

•   Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program

•   Maintain satisfactory academic progress in college if you’re already enrolled. Standards for satisfactory academic progress vary by school

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

How Are FAFSA Needs Calculated?

Your eligibility for scholarships, grants, work-study, and federal student loans depends on two key factors: your Student Aid Index (SAI) and the school’s cost of attendance (COA).

If you’re a dependent student with divorced parents, the parent who provided more financial support to you should complete the FAFSA. This is a new rule effective with the 2024-2025 FAFSA. (In prior years the parent you lived with more, or the custodial parent, would file the FAFSA.) If the parent that provides more financial support has remarried, you need to report the stepparent’s income and asset information as well.

SAI

The Student Aid Index (SAI) is the new name for Expected Family Contribution (EFC). Like EFC, SAI is an eligibility index number that a college’s financial aid office uses to determine how much federal aid a student would receive if they attended the school.

SAI is calculated using the information you provide in the FAFSA, including family income, assets, and the size of the household. One change from EFC is that the number of family members currently enrolled in college is no longer taken into consideration. As a result, families with more than one child in college will no longer have an advantage in getting aid over those with just one going to college. Another difference: Unlike EFC, SAI can dip into negative territory (as low as -$1,500) to better differentiate levels of need.

The new formula also increases the Income Protection Allowance (IPA) that shelters a certain amount of parental income (enough to cover a family’s basic living expenses) from inclusion in the calculation of total income. This means that more of a student’s or family’s income will be excluded from the calculation than with EFC, which could mean that more families will qualify for aid.

IPA is based on family size. For example, a family of three (not including the student) can exclude $29,040 from their income for 2024-2025, while a family of three can exclude $35,870. Income above those figures — the family’s so-called discretionary income — is what counts when calculating SAI.

Recommended: 2024-2025 FAFSA Changes, Explained

Cost of Attendance

The cost of attendance (COA) of a college or university refers to the estimated cost of a year of attendance at that school, including tuition, lodging, food, transportation, and personal expenses.

When financial aid staffers at a college or university calculate the amount of financial aid you can qualify for, they take their COA and subtract your SAI (and any other financial assistance you are already receiving) to determine your financial need.

You can get an estimate of how much financial aid you might qualify for by using the government’s Federal Student Aid Estimator .

Grants and Loans That Require Financial Need

Here’s a look at a few federal grants and loans that require you to demonstrate financial need in order to qualify:

•   Federal Pell Grants

•   Federal Supplemental Educational Opportunity Grants

•   Federal Work-Study Program

•   Direct Subsidized Loans

Different Kinds of Financial Aid

You may be eligible to receive different kinds of need-based financial aid as well as non-need-based aid, including Direct Unsubsidized Loans and Direct PLUS Loans for parents or graduate and professional students.

For the 2021-2022 school year, the most recent year for which these stats are available, undergraduate and graduate students received $234.6 billion in financial aid through grants, federal student loans, tax credits, and federal work-study, according to the Trends in Student Aid report from the College Board. The average full-time undergraduate student received $15,330, while the average graduate student received $27,300.

Pell Grants

The Pell Grant is a need-based financial aid program from the federal government that is designed to help undergraduates from low-income families afford college. The Federal Pell Grant award amount changes yearly. The maximum Pell Grant award for the 2023-24 academic year is $7,395. (The amount for 2024-2025 has not been announced yet.)

The actual amount of Pell Grant you can receive depends on your SAI, the COA at your college or university, your status as a full-time or part-time student, and the amount of time that you will attend school during the academic year.

Pell Grant eligibility will be simplified for the 2024-2025 academic year. The maximum available amount will go to students or, if dependent, their parent(s) who fall below income thresholds for tax filing — adjusted gross incomes below 225% (single) or 175% (married) of the poverty line.

FSEOG

The Federal Supplemental Educational Opportunity Grant (FSEOG), which typically doesn’t have to be repaid (unless you don’t fulfill your end of the bargain by completing school), goes to students who demonstrate high need, as determined through the FAFSA.

The awards range $100 to $4,000 a year. The amount of money you can get depends not only on your level of need but also on when you apply, the amount of other aid you get, and how much your college or university can offer students.

Work-Study Programs

Work-study is a federally (sometimes state-funded) program that helps college students with financial need get part-time jobs either on or off campus to earn money for college. Students are typically responsible for securing their own work-study jobs.

Not all schools offer work-study, so it’s a good idea to reach out to the financial aid offices at the schools you’re interested in to see if they offer the program. To apply for work-study, you simply need to select the box on the FAFSA that indicates you want to be considered for work-study.

Direct Subsidized Loans

A Direct Subsidized Loan is a loan provided by the federal government for students who demonstrate financial need. You do not have to pay interest on the loan while you’re in school, during any deferment, or during the grace period. The government picks up this tab.

Before receiving the funds from a Direct Subsidized Loan, you need to complete entrance counseling, which goes over your obligation to repay the loan, and sign a master promissory note, which indicates that you agree to the loan terms.

For undergraduate students who get (or got) loans after July 1, 2023 and before July 1, 2024, the interest rate for Direct Subsidized Loans is 5.50%.

Direct Unsubsidized Loans

Like a Direct Subsidized Loan, a Direct Unsubsidized Loan comes from the federal government, but graduate and professional students can also receive these loans.

Unlike Direct Subsidized Loans, Direct Unsubsidized Loans are non-need based and the government does not pay the interest while you’re in school, during any deferment, and during the grace period. You will be responsible for paying all interest, which begins accruing as soon as the loan is dispersed.

For undergraduate students who get (or got) loans after July 1, 2023 and before July 1, 2024, the interest rate for Direct Unsubsidized Loans is 5.50%.

For graduate or professional students, the interest rate for Direct Unsubsidized loans is 7.05%.

It’s worth noting that for both types of Direct loans, you do not need to undergo a credit check in order to qualify. These types of loans also have annual and aggregate loan limits .

Direct PLUS Loan

Parents of undergraduate students and graduate or professional students can receive a Direct PLUS Loan from a school that participates in the Direct Loan Program. Some schools call this loan type a parent PLUS loan or grad PLUS loan to differentiate the two.

For Direct PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. There is also a 4.228% origination fee for all Direct PLUS loans first disbursed on or after Oct. 1, 2020.

You’ll undergo a credit check as a parent or a graduate/professional student to look for adverse events, but eligibility does not depend on your credit scores.

You can obtain up to the full cost of attendance of the school minus any other financial aid you receive.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Beyond Federal Student Loans

Do you have to file the FAFSA? No, it’s not required, but it is a good idea to do so. Schools, states, and other programs also use the FAFSA to determine merit-based grants and scholarships.

Aside from federal loans, here’s a look at other ways to pay for college.

Savings

Some parents, and grandparents, prepare for the task of paying for college well in advance using a tax-advantaged savings account, such as a 529 account. A 529 plan allows your savings to grow tax-free, and some states even offer a tax deduction on your contributions.The advantage of tapping into savings is obvious: You don’t have to borrow funds and pay interest.

Private Student Loans

Private student loans come from a bank, credit union, or other private lender. Loan limits vary by lender, but you can often get up to the total cost of attendance for school. Each lender sets its own interest rate and you can often choose to go with a fixed or variable rate. Unlike some federal loans, qualification is not need-based. However, you will need to undergo a credit check and students often need a cosigner.

You generally want to exhaust federal loan options before turning to private student loans, since private loans generally don’t offer the borrower protections — like income-based repayment plans and deferment or forbearance — that come with federal student loans.

Grants

Grants, which are typically need-based, are a type of financial aid that students generally don’t have to repay (unless they fail to finish the semester or year in college). The U.S. Department of Education offers the following grants besides Pell Grants and Federal Supplemental Educational Opportunity Grants:

•   Iraq and Afghanistan Service Grants

•   Teacher Education Assistance for College and Higher Education (TEACH) Grants

A student can seek other grants from their state, their college or career school, or another organization.

Scholarships

Scholarships, like grants, are a type of financial aid that you don’t have to pay back. You can apply for scholarships anywhere — through professional organizations, your job or your parents’ jobs, local organizations, religious groups, your college or career school — the list goes on.

There are a number of scholarship finders available online.

Part-Time Work

Even if you don’t qualify for work-study, you can look for a part-time job. If you have the time and energy to pair a part-time job with your studies, you can consider doing so after classes or on the weekends. Part-time work can help you pay for school or additional expenses, such as rent or groceries.

Private Student Loans With SoFi

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

FAQ

Can you get financial aid if your parents make over $100K?

The U.S. Department of Education doesn’t have an official income cutoff to qualify for federal financial aid. The reason is that the formula involved in determining need-based aid is complex and involves more than just your parents’ income. Assets, the size of your family, your school’s cost of attendance, and other factors all go into deciding how much aid you can receive.

Also keep in mind that not all financial aid is need-based, including Federal Direct Unsubsidized Loans and institutional merit aid. That’s why it’s important to fill out the Free Application for Federal Student Aid (FAFSA) each year.

How are FAFSA income limits different for divorced parents?

For the 2024-2025 FAFSA, the parent who provided more financial support to you is responsible for completing the FAFSA, regardless of who you live with. If the parent who provides greater financial support has remarried, your stepparent’s income and asset information must also be reported on the FAFSA.

Are FAFSA income limits different for independent students?

No. The U.S. Department of Education uses the same formula for calculating aid regardless of whether you are a dependent or independent student.

That said, independent students may receive more aid than dependent students simply because they tend to have less income and fewer assets to report. You can qualify as an independent student if you are any of these:

•   At least 24 years old

•   Married

•   A graduate or professional student

•   A veteran

•   A member of the armed forces

•   An orphan or a ward of the court

•   Taking care of legal dependents

Photo credit: iStock/Prostock-Studio

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


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

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Flexibility can be a real asset in a career. Maybe you’re young and figuring out your post-graduation path. Or you’re busy balancing the demands of running a home and caring for a family. Or you’re an athlete who needs plenty of time for training and recovery.

There are lots of flexible-schedule jobs out there, if you know where to look. Let’s check out some part-time jobs with flexible schedules.

What It Means for a Job to Have a Flexible Schedule

Whether you’re in college or caring for children or pursuing an unpaid passion, there are many reasons why someone would want some flexibility in their career.

But what does a flexible schedule mean exactly? According to the U.S. Department of Labor, a flexible schedule is one that allows people to work outside traditional 9 to 5 office hours. Aside from that, situations vary depending on the role and employer.

Workers may be able to choose the time they arrive at and depart work, for instance. With certain flexible work policies, employees still have to work a set number of hours per pay period or be available during a daily “core time.” So while the employee may not have to show up at 9am on the dot and leave at exactly 5pm, they may need to at least show up by 11am and stay until after 3pm. However, this type of shortened schedule could work for many people, including parents who are self-employed.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

Tips for Finding a Flexible Part-time Job in 2024

Flexible part-time jobs can be logistical, analytical, creative, or involve a skilled trade. When it comes time to search for flexible-schedule jobs, keep in mind these tips.

•   Stay focused. Job applicants who know what they’re looking for and what they can offer an employer can plan a more effective job search. If someone knows they have to have a flexible part-time schedule in order to accept a job, they can save a lot of time and energy by only applying for jobs that offer that. Trying to convince an employer to change their staffing plans is an uphill battle.

•   Prepare to hear No. Know that it will take a while to find the right fit, and that rejection is a normal part of any job search. Psychologically preparing yourself can help you persevere until the right job comes along.

•   Don’t be a square peg. If a flexible part-time schedule is what matters most, you may need to be flexible yourself in other areas. For example, accept that you may need to compromise on title, salary, or industry. Giving up the highest-paying job for one with a more relaxed schedule can be worth it.

•   Go remote. Work-from-home jobs with flexible schedules can often be easier to find than on-site jobs that have flexible schedules. When reviewing online job boards, look for flexible schedule remote jobs.

Recommended: Does Net Worth Include Home Equity?

Why It Can Be Difficult to Find Part-time Jobs With Flexible Schedules

It can be difficult to find flexible-schedule part-time jobs because many jobs require being in a certain location at a certain time. For example, a hairstylist has to show up for work when they have appointments scheduled. A restaurant has to know they have enough servers on hand during operating hours. Even a corporate job where some work can be done remotely and independently can require being online during set times so that it’s easy to communicate with coworkers.

Great Part-Time Jobs With Flexible Schedules

Perhaps someone wants to take on a second job to help them pay down their debt or save for a dream vacation. Whatever the reason, it’s easy to see the appeal of a part-time job with a flexible schedule.

While there are countless part-time jobs on the market that can suit a variety of workers’ desired schedules, these are some of the best flexible schedule jobs for Gen Zers and Millennials. And if you’re in college, don’t miss our list of the best on-campus jobs.

1. Landscaper and Groundskeeper

Average hourly wage: $17.39

Job description: Landscapers and groundskeepers typically set their own schedules and plan which days they’ll tend to a client’s yard, but they don’t have to tell them exactly what hour they’ll show up to do their work.

Requirements: In some areas a license may be required to use pesticides and fertilizers.

Schedule flexibility: 4

Duties:

•   Mowing lawns

•   Removing weeds

•   Planting and maintaining flowers, bushes, and trees

2. Recreation and Fitness Worker

Average hourly wage: $22

Job description: Running a fitness or recreation class can be fun and rewarding work that is often performed on a part-time basis. Many instructors can choose when they host their classes (like when their young child is in school), but they do have to stick to those times.

Requirements: Licensing or background checks may be required.

Schedule flexibility: 4

Duties:

•   Plan programming

•   Run classes

•   Clean up post-class

3. Freelance Software Developer

Average hourly wage: $37

Job description: Many businesses hire freelance software developers to create computer programs and applications for business or consumer use. Some meetings during business hours may be required.

Requirements: Knowledge of select programming languages.

Schedule flexibility: 4

Duties:

•   Write code

•   Test code

•   Meet with project stakeholders

4. Virtual Assistant

Average hourly wage: $34

Job description: Plenty of professionals can’t afford or don’t need a full-time assistant. Instead, they hire virtual assistants who can tackle administrative work for a few hours a week. Virtual assistance can be a rewarding job for introverts who are conscientious and organized.

Requirements: Office skills

Schedule flexibility: 4

Duties:

•   Scheduling meetings

•   Managing clients’ inbox

•   Helping with administrative work

5. Freelance Copywriter

Average hourly wage: $28

Job description: A writer can work with many different brands as a freelance copywriter and can choose when they want to take on new projects and what hours of the week they work on them. Working as a freelance copywriter is also a great side hustle.

Requirements: Bachelor’s degree and industry experience

Schedule flexibility: 5

Duties:

•   Research

•   Writing copy

•   Editing copy

6. Freelance Web Designer

Average hourly wage: $35

Job description: Freelance web designers work independently designing websites for a variety of clients, instead of a full-time job. Work-from-home web design can be a well-paying and fulfilling job for antisocial people.

Requirements: Knowledge of design programs, and HTML and CSS programing languages.

Schedule flexibility: 3

Duties:

•   Design web pages and sites

•   Code designs

•   Present to clients and incorporate feedback

7. Freelance Editor

Average hourly wage: $31

Job description: Similar to copywriters, editors can work freelance for multiple clients.

Requirements: Bachelor’s degree and industry experience

Schedule flexibility: 4

Duties:

•   Nurturing writers

•   Editing copy

•   Publishing content

8. Business Consultant

Average hourly wage: $37

Job description: A business consultant can offer services to multiple businesses who need support as a whole or who are looking to improve a certain area of their business, such as their marketing efforts, operations, or HR.

Requirements: Bachelor’s degree, master’s degree (more advantageous), or a certification from a business consultant association.

Schedule flexibility: 3

Duties:

•   Assess potential areas of improvement

•   Create improvement plans

•   Find ways to cut costs

💡 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 plenty of great flexible-schedule jobs that millennials and Gen Zers can pursue to give them the time they need to attend school, start a business, or take care of young children. Some remote freelance roles can be entirely flexible — such as web designers, writers and editors — while other jobs require your presence during certain core hours.

Choose whether you prefer a more physically demanding job — such as landscaper or fitness worker — or an office job that requires a laptop (like virtual assistant). It may take time to find the right position, so be patient. It’s also a good idea to keep an eye on how your money comes and goes to ensure you’re sticking to your savings goals.

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

FAQ

What part-time job has the most flexible hours?

There is no single part-time job that has the most flexible hours. That said, jobs where work can be done independently and remotely usually have the most flexibility. Jobs like working as a freelance writer or graphic designer are good examples of jobs someone can usually do during times that work well for them.

What job gives you the most free time?

Flexible-schedule work-from-home jobs can give workers the most free time because they don’t have to worry about a commute. It’s also usually easier to control your work schedule when you work from home. As a bonus, you can use your breaks to be productive — by tackling household chores or working out — or enjoy down time.

What jobs can I make my own hours?

Some jobs with flexible schedules allow workers to set their own hours. The key is to look for a job where the hours someone works doesn’t matter as much as the type of work they produce.

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

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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What Are the Dogs of the Dow?

The “Dogs of the Dow” is an investment strategy that focuses on large, established companies that offer relatively high dividends. There are different ways to pursue the strategy, but it generally attempts to outperform the Dow Jones Industrial Average (DJIA) by investing in the highest dividend-yielding stocks from among the 30 stocks that comprise the DJIA.

The Dow Jones is among the oldest and most popular stock indices in the world, with casual investors often using it as a shorthand for the performance of the broader stock market, and even the global economy. Over time, the Dogs of the Dow tends to perform in line with it.

The Dogs of the Dow strategy became popular in 1991 with the publication of Beating the Dow in which author Michael B. O’Higgins coined the term “Dogs of the Dow.” The strategy itself reflects the assumption – usually true – that blue-chip companies have the stability to continue to pay out their regular dividends regardless of the performance of their stocks.

How the Dogs of the Dow Work

The formula for identifying the companies in the Dogs of the Dow is – by the standards of economics – fairly simple. It comes down to the stock’s dividend yield, calculated by dividing the annual dividend paid by a stock (in dollars) by its stock price. The stocks with the highest dividend yields are the Dogs of the Dow.

Followers of the Dogs of the Dow strategy believe the dividend paid by a company more accurately reflects its average value than the trading price of that company’s stock. Unlike the dividend, the stock price is always in flux.

When the stock prices of companies go down in response to the business cycle, the ratio of those companies’ dividends to their stock prices will go up. In other words, the dividends of those stocks will be disproportionately high in relation to their stock prices. Adherents of the Dogs of the Dow strategy believe the companies with that high dividend-to-stock-price ratio will eventually revert to their mean and should grow faster when the business cycle turns, and their prices increase. In addition to promising performance, the strategy also offers investors regular income in the form of dividend payments.


💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Who Are the Dogs of the Dow in 2023?

The 2023 Dogs of the Dow are led by Verizon with a dividend yield of 6.62%, followed by Dow with a dividend yield of 5.56%. The others are: Intel (5.52%), Walgreens (5.14%), 3M (4.97%), IBM (4.68%), Amgen (3.24%), Cisco (3.19%), Chevron (3.16%), and JP Morgan Chase (2.98%).

The Dogs are always changing, as are the companies that make up the DJIA itself. In 2020, for example, Salesforce.com joined the index – a rare entrant that has never paid its investors a dividend. In the same year, troubled aerospace titan and DJIA member Boeing suspended its dividend.

Between 2022 and 2023, Cisco and JP Morgan Chase joined the list, and Merck and Coca-Cola left the list because their dividend yields dropped.

It’s easy to see that the highest-yielding stocks in the DJIA are always changing. This means that an investor who is pursuing this strategy needs to regularly rebalance their holdings, whether monthly, quarterly or annually.

One reason such rebalancing is necessary is that even though the large stocks in the DJIA typically have lower volatility than some other stocks, their values still change over time. So rebalancing is an important step toward preventing a situation where one stock plays too big of a role in a portfolio’s performance. But with a Dogs of the Dow strategy, rebalancing is even more important, as the companies that fit the description will change on a semi-regular basis.

Investing in the Dogs of the Dow

Different investors view the Dogs of the Dow differently. Some say it’s only the five or 10 DJIA stocks with the highest dividend-to-share-price relationship. But it’s worth noting that not all 30 companies on the DJIA index currently pay dividends.

Investors can buy 10, 15 or all 30 of those stocks through a brokerage account. Or they can invest in the DJIA by purchasing exchange-traded funds (ETFs). There are even Dogs of the Dow ETFs that invest in the dividend-focused strategies similar to Dogs of the Dow approach. But when buying one of these funds, it is important to read their strategies before investing.

Recommended: What Are Dividend ETFs?

Pros and Cons of Dogs of the Dow Strategy

There are several advantages to using a Dogs of the Dow strategy, but there are also some drawbacks for investors to consider.

Dogs of the Dow: Pros

• The strategy invests in Blue Chip companies with a long history of success and industry-leading positions.

• It has a history of outperforming the DJIA.

• Investors receive regular dividend payments.

Dogs of the Dow: Cons

• The IRS taxes dividends paid by the stocks at the income-tax rate rather than the lower capital gains rate.

• It is a value-oriented strategy that may lag during growth markets.

• The strategy isn’t widely diversified.

💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.

Does Dogs of the Dow Still Work?

The Dogs of the Dow struggled during the market upheaval of 2020. As a group of 10, the Dogs lost 13% over the course of the year, well below the 7% increase posted by the DJIA. In 2021, the Dogs were also below the DJIA and the S&P 500. And 2021 was the third straight year the Dogs didn’t do as well as the broader Dow.

However, in 2022, Dogs of the Dow did better than the DIJA with a positive return of 2.2%, while the DJIA had a negative return of -7.0.

Historically, Dogs of the Dow has occasionally done worse than the broader DJIA, notably in the financial crisis of 2008, when it suffered larger losses than the index. But through the 10 years that followed, it outperformed the Dow, though not profoundly.

But even small amounts of outperformance add up over time. A $10,000 investment in the DJIA made at the outset of 2008 would have grown to approximately $17,350 by the end of 2018. The same amount invested in the Dogs of the Dow strategy would have reached $21,420 by the end of 2018, assuming that the investor rebalanced their holdings once per year.

Recommended: What Is the Average Stock Market Return?

The Takeaway

Dogs of the Dow is an investment strategy that uses dividends as a way to spot undervalued Blue Chip stocks, and to benefit from economic cycles.

While investors may be interested in exploring the Dogs of the Dow, the strategy does have pros and cons. Investors should weigh the benefits and drawbacks carefully before using it.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Photo credit: iStock/Helin Loik-Tomson

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

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

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