46 Tips for Joining the Real World

30 Tips for Joining the Real World

Woo-hoo! You have your degree, perhaps a job offer, a place to live with a chill roommate, and you’ve found your favorite cafe where the cold brew is just right. Life is great, right?

Yes, it is. Even if you don’t have all of the items above checked off. Starting your independent, post-school life is an exciting time, and it’s a moment to learn all sorts of adulting skills.

To help you with that, here are 30 things to consider, learn, or do to help you as you discover everything from how to speak up in meetings to how to find an in-network doctor. Just as you were probably on the receiving end of a lot of tips for college or freshman advice, now it’s time to level up on post-grad life.

30 Tips for Recent College Grads

Whether you’re just out of college or several years out, you’re hardly alone if you feel you have lots of questions about post-grad life and how to live it. Read on for tips for joining the real world and finessing your finances, career, and personal life.

1. Tackle Your Overall Financial Situation

Your finances can include a ton of stuff, especially as you get older and your investments and income become more complex. But at its most basic, understanding your financial situation means knowing your credit score, taking stock of your outstanding debts, figuring out ways to pay off student loans (if you haven’t already), and understanding what your monthly bills are.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

2. Embrace a Budget

Here’s another bit of advice for college grads: Once you know how much money you have, owe, and make, it’s time to figure out your budget. Even if you have one already, post-graduation is a perfect time to reconsider your budget and make updates as needed. Never made one before? The popular 50/30/20 budget can be a smart start.

3. Learn About Job Perks

No matter if your job is still shiny and new or an old hat at this point, it’s good to take time to review your employee handbook for perks you may have overlooked. Check out your company’s retirement plan types and health insurance plans. You’ll also want to review potential bonuses and perks, such as free gym memberships, commuting stipends, and the like.

4. Start Saving for Retirement

Seriously? Yes! This may not be the most fun thing to review (and likely wasn’t part of your college advice), but your future self will thank you. Take time to learn about a 401(k) plan that may be available at work and hopefully enroll. You want to at least contribute enough to get any company match, which is like free money.

No job yet or retirement plan you qualify for? Spend a bit of time learning about the different kinds of IRAs.

5. Evaluate Your Housing Costs

Location, local, location, right? Depending on said location, it can be hard to find affordable housing or even a job if your industry isn’t hot in your market. Before signing on the dotted line, consider how much home you can afford to rent. It can be expensive to live alone; having roommates can be a great way to save money.

6. Check Your Social Media

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing about hiring you. Those wild nights out with friends definitely don’t need to be broadcast via an account that’s public.

7. Network

Networking is crucial to helping you achieve your career goals. Whether through industry conferences or social media sites like LinkedIn, it’s smart to stay connected with professionals in your industry to get career advice and learn about job openings you may be the perfect fit for.

8. Schedule Some “You” Time

Even if you’ve already got a job, you may want to take stock of your social media. A professional online presence may help prevent current or future employers from second-guessing hiring you.

9. Start an Emergency Fund

Life is full of the unexpected, and that’s why it’s smart to have an emergency fund. Once you have a steady income, it’s wise to start an emergency fund, perhaps by a recurring automatic transfer into savings. Start slow and steady, and aim to build up to at least three to six months’ worth of living expenses in the bank. This will help protect you if you have an unexpected major car repair bill or job loss.

10. Find Your Medical Team

This tip is especially important if you’ve moved to a different state or city. Out-of-network bills can be costly, so having a doctor and knowing which hospitals are in-network can help you save money and stress in the long run. Ask coworkers, do online research, and don’t forget to explore where the nearest and best urgent care centers are.

11. Snag a First-Aid Kit and Emergency Bag

This may sound like your parents or grandparents talking, but no one sees an accident or disaster coming. You could get burned cooking brunch one Saturday, or a major storm could sweep through and leave you without power.

Store-bought first aid kits may be good starting points, but extra bandages, allergy relief pills, antacids, and other over-the-counter medicines will take your kit to the next level.

If you’re inclined to ready an emergency go-bag, consider packing at least three days’ worth of clothes, a mini first aid kit, cash, a flashlight, and other provisions you think you (and your pets or loved ones) may need if you need to leave your home in a rush.

12. Consider Life Insurance

Yes, you are young. But if your employer offers life insurance as a benefit, you may be wondering what it is — and whether you need it or should even pay more to increase the amount. So, how about a little research? Understanding life insurance policies can help you make the right decision for you. Even if you decide you don’t need it right now, you’ll be better prepared to sign up when the time is right.


💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.

13.Dive into Hobbies

Not everything you do has to relate to your career. In fact, it’s likely healthier if you have interests outside of your career. You can learn to play instruments, sing, run, join a local soccer team, play games online, or enjoy any other hobby that helps you unwind and relax. Or maybe you’ll want to give back and spend some time planting at a local park or prepping meals at a soup kitchen. Find some passions, and pursue them.

14. Tackle Your Taxes

Welcome to the world of taxes, which likely wasn’t part of your college advice. But now, if you’re employed (full-time, part-time, seasonally, side hustle, or whatever), it’s time to learn how to prepare for tax season, which can help you avoid filing them late. Whenever you get an important piece of paperwork that’ll affect your taxes (such as W2s, charitable contribution receipts, or even home office receipts), you can put these in a safe place so you’re ready to go come tax time.

Then, determine if you’ll do your taxes yourself (say, with tax software) or work with a income tax preparer to get your return in on time.

15. Find Your Work-Life Balance

Each person has their own idea for work-life balance. If you’re not sure what yours is, consider taking the first few months on the job to figure that out. Being a good employee, for instance, doesn’t have to mean being the first person at the office in the morning and the last one out at night. If you feel tired or overwhelmed, it may be time to dig into and renegotiate those work-life boundaries.

16. Master Basic Home Repairs

Home repair costs can add up (especially as the years unfurl). You could save a lot by doing them yourself, especially if or when you own your own place and don’t have a landlord to pay for those costs. Such problems as a clogged sink, broken light switch, and dripping shower head may be easier than you think to fix.

If you do have a landlord, you might even get a discount on your rent by making simple repairs yourself. Just be sure to get a signed agreement from your landlord outlining how that will work.

17. Be Smart About Subscriptions

Monthly subscriptions can be so appealing, whether that means Japanese snack of the month club, exercise gear, or language lessons via a fun app. But these add up over time, and it’s easy to forget how many you have going at a given moment. Consider looking at what you’re actually subscribed to. Do you really need Max, Hulu, Peacock, and Netflix, or could you save on streaming services by dropping one (or two)? And do you really need so many gym passes and coffee clubs? Take a closer look, and spend less.

18. Learn to Cook

Takeout is great, but you could save money on food and healthy up your meals if you cook at home. It’s also helpful to plan your groceries ahead of time to avoid overspending and food waste. Plus, it’s a fun pursuit with loads of free recipes and cooking videos available online. Invite a friend over and make it a social occasion.

19. Speaking up in Meetings

If you think you don’t have much to add to the conversation, agreeing with what someone has said — and tacking on an extra thought — can be a way to participate and not feel like a wallflower.

20. Tweak Your Sleep Hygiene

Getting enough high-quality sleep can be a key contributor to your wellness. Going to sleep around the same time every night can help to ensure you get enough zzz’s so you can make good decisions and keep healthy habits. And here’s a reminder that taking your mobile device to bed with you is likely to lead to an hour or more of rabbit holes that rob you of your rest.

21. Invest Some Money

The idea of investing may sound intimidating, but you don’t have to be a Wall Street wolf to invest. Many rookies start small. Learn more about investing in your 20s and perhaps open an account.

22. Find a Mentor

If there’s someone higher up the ladder at your workplace with whom you click and who offers great guidance, ask them out for coffee to learn more about how their career progressed and see what advice they might share. You might wind up under their wing. You can also look for guidance via a professional group; you might find a mentor at a summit or similar event.

Mentors can often help you navigate your workplace, offer advice, and keep you motivated and sane when things get stressful. They also have contacts that may be helpful for you to know.

23. Change Your Mind

You’ve probably heard that tons of people end up with jobs outside of what they studied, even after getting a master’s or MBA. It could be that there aren’t a lot of jobs in that field –or maybe they realized that what’s interesting in theory is not in practice. If this turns out to be the case for you, just remember that fulfillment can be found outside of work. And people can change their minds.

24. Get Help

Unemployment, Medicaid, and other social nets exist for a reason. There are going to be choppy waters, and these services are meant to help. Using them because you got laid off or furloughed isn’t shameful. And if you can’t find employment, that’s another reason to get support vs. staying silent and toughing it out.

25. Put Home Maintenance on Your Calendar

When was the last time you cleaned your dryer vents? Do you know how to change the filter in your HVAC? Avoiding these kinds of things for too long can result in big maintenance bills — and potentially be a safety hazard. Not sure what to clean? Check out a house maintenance list and put reminders in your mobile device’s calendar.

26. Travel

Hopping on a plane and traveling to far-flung places can get a lot harder to do the more “adult” you become. It can be harder to take time off work, and perhaps you’ll have a family, meaning you will need a bigger travel budget. Now, when you’re young and probably okay with “roughing it,” it’s possible to travel cheap!

27. Learn to Say No

When you were younger, you probably didn’t have a lot of say in things; you did what your parents or professors said you had to. How times have changed! Don’t want to go out for drinks? Can’t finish that report by Monday? Your best bet may be to just be honest. Taking on too much may only backfire, so learning to say no without feeling guilty can be important for your mental health and work-life balance.

28. Avoid Lifestyle Creep

As time passes, you may well get raises and bonuses. And lifestyle creep can become a problem. What’s that? It’s the situation in which the more your income increases, the more you spend. While a pay raise may mean you can splurge a bit, if you wind up renting a bigger house, leasing a luxury car, and treating yourself to a week in Tulum, you could wind up in the hole. Instead, treat yourself within reason, and plow more money into savings, such as for a down payment on a future home.

Recommended: 9 Tips for Finding the Best Deals Online

29. Outfit Your Home Office

Are you going to be working from home for some or all of your week? Having ergonomic, comfortable, and functional furniture can help keep your back and neck from hurting and your mind from getting distracted. Don’t just perch on the couch or in bed with your laptop. Scan home office ideas if you’re in need of some inspiration.

30. Give Back

You’re joining the ranks of adults, so do the right thing and find a way to contribute and help others. Maybe you can spend some time on the weekend at a Habitat for Humanity site or make a charitable donation to a favorite cause.

The Takeaway

Your post-college years can be exciting and fun but also a bit confusing and challenging at times. Start with a few items on this list, and work your way through to build your life skills, launch your career, and manage your money confidently.

And if your student loan payments are getting in the way of you living your best post-college life, you may want to consider refinancing your student loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.


With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

Photo credit: iStock/Rattankun Thongbun


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Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers.
Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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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.


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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How Much Does a Speech Pathologist Make a Year?

The median annual wage for speech pathologists in the U.S. is $84,140, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $56,370 to more than $126,680.

How much money you can make as a speech-language pathologist may depend on several factors, including the industry in which you work, the level of education you attain, and where you live.

Here’s a look at what speech pathologists do and how they are paid.

What Is a Speech Pathologist?

Speech pathologists are health care providers who evaluate, diagnose, and treat children and adults who are experiencing communication difficulties because of speech, language, or voice problems. They also may treat clients who are struggling with developmental delays, memory issues, or who have trouble swallowing.

Speech pathologists typically work in a school, hospital, or rehabilitation/nursing home setting, or they may open their own practice. They often work as part of a multi-disciplinary team that also provides occupational therapy, physical therapy, and other types of care.

All speech pathologists must be licensed. While the qualifications can vary by state, a master’s degree from an accredited university is often required, along with several hours of supervised clinical experience, a Certificate of Clinical Competence in Speech-Language Pathology (CCC-SLP) from the American Speech-Language Hearing Association (ASHA), and a passing grade on a state exam.

Depending on the work you plan to do, other certifications may be required by your employer, including a teaching certificate if you practice in an educational setting.


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How Much Do Starting Speech Pathologists Make a Year?

Speech-language pathologists with one to three years of experience earned a median salary of $74,000 in 2023, according to the ASHA’s SLP Health Care Survey Salary Report. The job site ZipRecruiter lists Massachusetts, Washington, Colorado, Delaware, and Illinois as the states where speech pathologists currently earn the highest entry-level salaries.

Recommended: High-Paying Vocational Jobs for 2024

What Is the Average Salary for a Speech Pathologist?

So how much can you expect to make per year if you stay with a career as a speech pathologist?

The 2023 SLP Health Care Survey Salary Report found that several factors can have an impact on speech pathologists’ earnings, including job duties, the type of facility where they’re employed, if they work full- or part-time, if they’re paid a salary vs. hourly wage or on a per-visit basis, and whether they work in a region with a higher cost of living.

Here are the average annual salaries for speech pathologists by state.

Average Speech Pathologist Salary by State

State Average Annual Salary
Alabama $81,140
Alaska $90,279
Arizona $83,423
Arkansas $68,644
California $94,592
Colorado $87,186
Connecticut $80,836
Delaware $82,742
Florida $66,895
Georgia $75,588
Hawaii $87,406
Idaho $90,774
Illinois $80,442
Indiana $85,185
Iowa $80,542
Kansas $75,362
Kentucky $72,228
Louisiana $73,799
Maine $91,996
Maryland $80,211
Massachusetts $90,970
Michigan $72,246
Minnesota $84,527
Mississippi $80,048
Missouri $77,637
Montana $82,167
Nebraska $78,728
Nevada $85,362
New Hampshire $88,375
New Jersey $89,146
New Mexico $84,483
New York $98,990
North Carolina $75,258
North Dakota $89,084
Ohio $82,280
Oklahoma $76,241
Oregon $89,146
Pennsylvania $90,666
Rhode Island $82,571
South Carolina $76,844
South Dakota $84,193
Tennessee $78,555
Texas $90,424
Utah $78,424
Vermont $97,120
Virginia $81,864
Washington $110,930
West Virginia $70,022
Wisconsin $87,933
Wyoming $86,602

Source: ZipRecruiter

Recommended: Cost of Living by State

Speech Pathologists Job Considerations for Pay and Benefits

If you decide speech pathology is the right fit for you, you may not need to worry about job security. The BLS is projecting that employment of speech pathologists will grow by 19% over the next decade, which is much faster than the average for all occupations combined.

Therapists are needed more than ever to assist aging baby boomers and others who’ve experienced a stroke, hearing loss, dementia, or other health-related issues. And there is an increasing need for those who wish to work with kids and adults on the autism spectrum. Therapists are also needed to help children overcome speech impediments and other communication issues.

A career as a speech pathologist also can offer a competitive paycheck. While the BLS reported the median weekly earnings for all full-time workers was $1,145 in the fourth quarter of 2023, the average weekly paycheck for a speech pathologist was $1,652, according to ZipRecruiter.

Of course, the pay and benefits you receive will likely be tied to the job you choose. If you’re employed by a public school district in a rural community, for example, you may not earn as much as a department head at a large health facility in a major city. Still, you can expect to receive benefits similar to other workers in the health-care field, including health insurance, a retirement plan, vacation pay, etc.

As you weigh your career decisions, consider using online tools to ensure you’re staying on track with your personal and financial goals. A money tracker app, for example, can help you create a budget and keep an eye on your spending and your credit score.

Pros and Cons of a Speech Pathologist’s Salary

Probably the biggest downside of choosing a career as a speech pathologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree and clinical training. Depending on the career path you choose, you also may need to earn certain certifications along with your state license to practice. And it may take some time to pay off your student debt.

On the plus side, you’ll be helping others in a career that can be extremely fulfilling, and you can earn a comfortable living while doing so.

Here are some more pros and cons to keep in mind.

Pros:

•   As a speech pathologist, you will be helping others and, in many cases, changing lives.

•   You’ll be working and networking with other professionals who will help you keep learning.

•   You may be able to design a schedule that fits your needs (especially if you have your own practice).

Cons:

•   You may have an overwhelming caseload, and the work could be frustrating and stressful at times.

•   You may have to work nights and weekends (even with a job in education or in private practice).

•   The paperwork can be daunting and may require working overtime or taking work home to keep up.


💡 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

Working as a speech pathologist can be professionally rewarding. Not only is the field growing, it tends to pay well, too. However, you can expect to make a substantial investment in time and money before you get the job you want. And how much you earn — especially when starting out — can depend on several factors, including the specialty you choose, who your employer is, and where you’re located.

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SoFi helps you stay on top of your finances.

FAQ

Can you make $100,000 a year as a speech pathologist?

Yes. While the median annual wage for speech-language pathologists in the U.S. is $84,140, the highest 10% of earners in this category make six-figure salaries.

Do most speech pathologists enjoy their work?

Speech-language pathologists came in at No. 3 on U.S. News & World Report’s ranking of “Best HealthCare Jobs” for 2024 and No. 10 on the news site’s list of “100 Best Jobs.” While the career was rated above average for stress, it received high ratings for both flexibility and opportunities for upward mobility.

Is it hard to get hired as a speech pathologist?

According to the U.S. Bureau of Labor Statistics, the job outlook for speech pathologists is good, and should be solid for the next decade. If you get the proper education and training, and you have a passion for helping others, it shouldn’t be too difficult to find work in this profession.


Photo credit: iStock/akinbostanci

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

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

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

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How Much Does a Psychologist Make a Year?

The median annual wage for psychologists in the U.S. is $85,330, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $50,000 to more than $140,000.

How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.

What Are Psychologists?

Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:

•   Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction.

•   Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.

•   School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.

•   Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.

•   Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.

It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science.


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What Does It Take to Become a Psychologist?

Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for those who are experiencing emotional or behavioral issues?

If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.

Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.

Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.

Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.

Recommended: High-Paying Vocational Jobs for 2024

How Much Do Starting Psychologists Make a Year?

The average salary for a starting psychologist in 2024 is $89,326, according to the job site Salary.com, but entry-level salaries currently can range from $75,493 to $101,117.

Of course, the work you do, your education level, certifications, and even your work location can impact how much you might earn as a beginning psychologist. The job site ZipRecruiter lists Washington, New York, Vermont, California, and Maine as the states where starting clinical psychologists currently earn the most money.

What Is the Average Salary for a Psychologist?

So, how much can you make per year if you choose a career as a psychologist?

You can expect your specialty to have a big influence on how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, while school psychologists earn the least.

Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.

If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.
Here’s how psychologists’ average annual salaries break down by state based on ZipRecruiter data.

Average Psychologist Salary by State

State Average Annual Salary
Alabama $129,310
Alaska $176,920
Arizona $132,948
Arkansas $130,467
California $145,770
Colorado $165,086
Connecticut $132,272
Delaware $155,187
Florida $106,610
Georgia $120,463
Hawaii $173,156
Idaho $139,446
Illinois $152,897
Indiana $135,754
Iowa $131,180
Kansas $123,671
Kentucky $138,059
Louisiana $119,804
Maine $142,367
Maryland $150,294
Massachusetts $174,781
Michigan $136,667
Minnesota $137,219
Mississippi $131,343
Missouri $146,175
Montana $130,944
Nebraska $147,086
Nevada $167,279
New Hampshire $139,791
New Jersey $143,454
New Mexico $136,445
New York $156,917
North Carolina $141,923
North Dakota $176,893
Ohio $133,380
Oklahoma $142,442
Oregon $177,795
Pennsylvania $143,748
Rhode Island $164,679
South Carolina $144,913
South Dakota $167,182
Tennessee $127,338
Texas $138,507
Utah $127,431
Vermont $153,232
Virginia $152,942
Washington $169,179
West Virginia $111,019
Wisconsin $142,067
Wyoming $137,573

Source: ZipRecruiter

Recommended: Cost of Living by State

Psychologist Job Considerations for Pay and Benefits

Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% over the next decade, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.

Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.

Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.


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

Pros and Cons of a Psychologist’s Salary

Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.

On the plus side, you’ll be in a career that can be both personally and financially rewarding.

Here are some more pros and cons to consider:

Pros

•   You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.

•   The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.

•   Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suits your needs.

•   You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.

Cons

•   Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.

•   You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.

•   If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.

•   Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.

As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.

The Takeaway

Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.

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SoFi helps you stay on top of your finances.

FAQ

Can you make $100,000 a year as a psychologist?

Yes. According to the latest ZipRecruiter data, psychologists in every state make an average annual salary that’s more than $100,000.

Do people like being a psychologist?

Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars. And U.S. News & World Report, which ranks jobs based on salary, upward mobility, work-life balance, among other factors — gave “psychologist” the No. 5 spot on its list of “Best Science Jobs.”

Is it hard to get hired as a psychologist?

According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.


Photo credit: iStock/Dean Mitchell

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

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

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

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Stock Buyback: What It Means & Why It Happens

One of the most popular ways a company can use its cash is through a stock buyback. Over the past five years, according to S&P Dow Jones Indices, big companies have spent more than $3.9 trillion repurchasing their own shares to boost shareholder value. Because of this significant activity, investors need to know the basics of stock buybacks and how they work to feel confident in making investment decisions.

What Is A Stock Buyback?

A stock buyback, also known as a share repurchase, is when a company buys a portion of its previously issued stock, reducing the total number of outstanding shares on the market. Because there are fewer total shares on the market after the buyback, each share owned by investors represents a greater portion of company ownership.

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How Do Companies Buy Back Stock?

Companies can repurchase stock from investors through the open market or a tender offer.

Open market

A company may buy back shares on the open market at the current market price, just like a regular investor would. These stock purchases are conducted with the company’s brokers.

Tender offers

A company may also buy back shares through a tender offer. One type of tender offer, the fixed-price offer, occurs when a company proposes buying back shares from investors at a fixed price on a specific date. This process usually values the shares at a higher price than the current price per share on the open market, providing an extra benefit to shareholders who agree to sell back the shares.

Another type of tender offer, the dutch auction offer, will specify to investors the number of shares the company hopes to repurchase and a price range. Shareholders can then counter with their own proposals, which would include the number of shares they’re willing to give up and the price they’re asking. When the company has all of the shareholders’ offers, it decides the right mix to buy to keep its costs as low as possible.

Why Do Companies Buy Back Stock?

Stock buybacks are one of several things a company can do with the cash it has in its coffers, including paying the money out to shareholders as a dividend, reinvesting in business operations, acquiring another company, and paying off debt. There are several reasons why a company chooses to buy back its stock rather than some of these other options.

1. Increases Stock Value

One of the most common reasons a company might conduct a share buyback is to increase the value of the stock, especially if the company considers its shares undervalued. By reducing the supply of shares on the market, the stock price will theoretically go up as long as the demand for the stock remains the same. The rising stock price benefits existing shareholders.

Recommended: Understanding Capital Appreciation on Investments

2. Puts Money Into Shareholders’ Hands

A company’s stock buyback program can be used as an alternative to dividend payments to return cash to shareholders, specifically those investors who choose to sell back their shares to the company. With dividend payments, companies usually pay them regularly to all shareholders, so investors may not like it if a company reduces or suspends a dividend. Stock buybacks, in contrast, are conducted on a more flexible basis that may benefit the company because investors do not rely on the payments.

3. Takes advantage of tax benefits

Many investors prefer that companies use excess cash to repurchase stock rather than pay out dividends because buybacks have fewer direct tax implications. With dividends, investors must pay taxes on the payout. But with stock buybacks, investors benefit from rising share prices but do not have to pay a tax on this benefit until they sell the stocks. And even when they sell the stock, they usually pay a lower capital gains tax rate.

4. Offsets dilution from stock options

Companies will often offer employee stock options as a part of compensation packages to their employees. When these employees exercise their stock, the number of shares outstanding increases. To maintain an ideal number of outstanding shares after employees exercise their options, a company may buy back shares from the market.

5. Improves financial ratios

Another way stock buybacks attract more investors is by making the company’s financial ratios look much more attractive. Because the repurchases decrease assets on the balance sheet and reduce the number of outstanding shares, it can make financial ratios like earnings per share (EPS), the price-to-earnings ratio (PE Ratio), and return on equity (ROE) look more attractive to investors.

What Happens to Repurchased Stock?

When a company repurchases stock, the shares will either be listed as treasury stock or the shares will be retired.

Treasury stocks are the shares repurchased by the issuing company, reducing the number of outstanding shares on the open market. The treasury stock remains on its balance sheet, though it reduces the total shareholder equity. Shares that are listed as treasury stock are no longer included in EPS calculations, do not receive dividends, and are not part of the shareholder voting process. However, the treasury stock is still considered issued and, therefore, can be reissued by the company through stock dividends, employee compensation, or capital raising.

In contrast, retired shares are canceled and cannot be reissued by the company.


💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.

The Pros and Cons of a Stock Buyback for Investors

When a company announces a stock buyback, investors may wonder what it means for their investment. Stock buybacks have pros and cons worth considering depending on the company’s underlying reasoning for the share repurchase and the investor’s goal.

Pros of a Stock Buyback

Tender offer premium

Investors who accept the company’s tender offer could have an opportunity to sell the stock at a greater value than the market price.

Increased total return

Investors who hold onto the stock after a buyback will likely see a higher share price since fewer outstanding shares are on the market. Plus, each share now represents a more significant portion of company ownership, which may mean an investor will see higher dividend payments over time. A higher stock price and increased dividend boosts an investor’s total return on investment.

Tax benefits

As mentioned above, a stock buyback might also mean a lower overall tax burden for an investor, depending on how long the investor owned the stock. Money earned through a stock market buyback is taxed at the capital gains tax rate. If the company issued a dividend instead of buying back shares, the dividends would be taxed as regular income, typically at a higher rate.

Recommended: Investment Tax Rules Every Investor Should Know

Cons of a Stock Buyback

Cash could be spent elsewhere

As mentioned above, when companies have cash, they can either reinvest in business operations, acquire a company, pay down debt, pay out a dividend, or buy back stock. Engaging in a share repurchase can starve the business of money needed in other areas, such as research and development or investment into new products and facilities. This hurts investors by boosting share price in the short term at the expense of the company’s long-term prospects.

Poorly timed

Companies may sometimes perform a stock buyback when their stocks are overvalued. Like regular investors, companies want to buy the stock when the shares are valued at an attractive price. If the company buys at a high stock price, it could be a bad investment when the company could have spent the money elsewhere.

Benefits executives, not shareholders

Stock buybacks might also be a convenient tactic to benefit company executives, who are often compensated by way of stock options. Also, some executives earn bonuses for increasing key financial ratios like earnings per share, so buying back stock to improve those ratios potentially benefits insiders and not all shareholders.

The Takeaway

Like almost everything else to do with the stock market, the benefits and drawbacks of stock buybacks aren’t exactly straightforward. Investors need to ask themselves a few questions when analyzing the share repurchases of a company, like “why is the company conducting the buyback?” and “does the company have a history of delivering good returns?” Answering these questions can help investors decide whether a stock buyback is the best thing for a company.

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FAQ

Is a stock buyback positive or negative?

Stock buybacks have advantages and disadvantages for investors and companies. For instance, buybacks may increase the stock value and increase dividend payments to shareholders over time. However, stock buybacks may not be the best way for a company to spend its money in the long-term, and they may potentially benefit company executives more than shareholders.

When should a company do a stock buyback?

A company may do a stock buyback when it has the cash available and wants to increase the value of the stock, improve financial ratios, consolidate ownership, or drive demand for the stock.

Do I lose my shares in a buyback?

You won’t lose your shares in a buyback unless you want to sell them. The way a buyback works is that a company buys back stock from any investors who want to sell it. But you are under no obligation to sell your stock back to the company — it’s up to you whether to keep your stock or sell it back.



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.

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.
For a full listing of the fees associated with Sofi Invest please view our fee schedule.


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.


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

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Profit Sharing 401(k) Plans Guide: Rules, Limits, Basics: Woman with calculator

What is a 401(k) Profit Sharing Plan?

Like a traditional 401(k) plan, a profit-sharing 401(k) plan is an employee benefit that can provide a vehicle for tax-deferred retirement savings. But the biggest difference between an employer-sponsored 401(k) and a profit-sharing 401(k) plan is that in a profit share plan, employers have control over how much money—if any—they contribute to the employee’s account from year to year.

In other ways, the profit-sharing 401(k) plan works similarly to a traditional employer-sponsored 401(k). Under a 401(k) profit share plan, as with a regular 401(k) plan, an employee can allocate a portion of pre-tax income into a 401(k) account, up to a maximum of $22,500 in 2023, and up to $23,000 in 2024. Those 50 and older can contribute up to $30,000 in 2023 and $30,500 in 2024, thanks to catch-up contributions.

At year’s end, employers can choose to contribute part of their profits to employees’ plans, tax-deferred. As with a traditional 401(k), maximum total contributions to an account must be the lesser of 100% of the employee’s salary or $66,000 a year in 2023 and $69,000 in 2024, per the IRS. Those numbers jump to $73,500 for older employees who are making catch-up contributions in 2023 and $76,500 in 2024.

How Does 401(k) Profit Sharing Work?

There are several types of 401(k) profit-sharing setups employers can choose from. Each of these distributes funds in slightly different ways.

Pro-Rata Plans

In this common type of plan, all employees receive employer contributions at the same rate. In other words, the employer can make the decision to contribute 3% (or any percentage they choose) of an employee’s compensation as an employer contribution. The amount an employer can contribute is capped at 25% of total employee compensation paid to participants in the plan.

New Comparability 401(k) Profit Sharing

In this plan, employers can group employees when outlining a contribution plan. For example, executives could receive a certain percentage of their compensation as contribution, while other employees could receive a different percentage. This might be an option for a small business with several owners that wish to be compensated through a profit-sharing plan.

💡 Quick Tip: The advantage of opening a Roth IRA and a tax-deferred account like a 401(k) or traditional IRA is that by the time you retire, you’ll have tax-free income from your Roth, and taxable income from the tax-deferred account. This can help with tax planning.

Age-Weighted Plans

This plan calculates percentage contributions based on retirement age. In other words, older employees will receive a greater percentage of their salary than younger employees, by birth date. This can be a way for employers to retain talent over time.

Integrated Profit Sharing

This type of plan uses Social Security (SS) taxable income levels to calculate the amount the employer shares with employees. Because Social Security benefits are only paid on compensation below a certain threshold, this method allows employers to make up for lost SS compensation to high earners, by giving them a larger cut of the profit sharing.

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Pros and Cons of 401(k) Profit Sharing

There are benefits and drawbacks for both employers and employees who participate in a profit-sharing 401(k) plan.

Employer Pro: Flexibility of Employer Contributions

Flexibility with plan contribution amounts is one reason profit share plans are popular with employers. An employer can set aside a portion of their pre-tax earnings to share with employees at the end of the year. If the business doesn’t do well, they may not allocate any dollars. But if the business does do well, they can allow employees to benefit from the additional profits.

Employer Pro: Flexibility in Distributions

Profit sharing also gives employers flexibility in how they wish to distribute funds among employees, using the Pro-Rata, New Comparability, Age-Weighted, or Integrated profit sharing strategy.

Employer Pro: Lower Tax Liability

Another advantage of profit share plans is that they allow employers to lower tax liability during profitable years. A traditional employer contribution to a 401(k) does not have the flexibility of changing the contribution based on profits, so this strategy can help a company maintain financial liquidity during lean years and lower tax liability during profitable years.

Employee Pro: Larger Contribution Potential

Some employees might appreciate that their employer 401(k) contribution is tied to profits, as the compensation might feel like a more direct reflection of the hard work they and others put into the company. When the company succeeds, they feel the love in their contribution amounts.

Additionally, depending on the type of distribution strategy the employer utilizes, certain employees may find a profit-sharing 401(k) plan to be more lucrative than a traditional 401(k) plan. For example, an executive in a company that follows the New Compatibility approach might be pleased with the larger percentage of profits shared, versus more junior staffers.

Employee Con: Inconsistent Contributions

While employers may consider the flexibility in contributions from year to year a positive, it’s possible that employees might find that same attribute of profit-sharing 401(k) plans to be a negative. The unpredictability of profit share plans can be disconcerting to some employees who may have previously worked for an employer who had a traditional, consistent employer match set up.

Employee/Employer Pro: Solo 401(k) Contributions

A profit share strategy can be one way solo business owners can maximize their retirement savings. Once a solo 401(k) is set up with profit sharing, a business owner can put up to $22,500 a year into the account, plus up to 25% of net earnings, up to a total of $66,000 in 2023. In 2024, they can put up to $23,000 into a solo 401(k) account, plus up to 25% of net earnings, for a total of up to $69,000. This retirement savings vehicle also provides flexibility from year to year, depending on profits.

💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.

Withdrawals and Taxes on 401(k) Profit Share Plans

A 401(k) with a generous profit share plan can help you build your retirement nest egg. So what about when you’re ready to take out distributions? A 401(k) withdrawal will have penalties if you withdraw funds before you’re 59 ½ (barring certain circumstances laid out by the IRS) but the money will still be taxable income once you reach retirement age.

Additionally, like traditional 401(k) plans, a profit-sharing 401(k) plan has required minimum distribution requirements (RMDs) once an account holder turns 73.

Investors who anticipate being in a high tax bracket during their retirement years may consider different strategies to lower their tax liability in the future. For some, this could include converting the 401(k) into a Roth IRA when doing a rollover. This is sometimes called a “backdoor Roth IRA” because rolling over the 401(k) generally does not subject an investor to the income limitations that cap Roth contributions.

An investor would need to pay taxes on the money they convert into a Roth IRA, but distributions in retirement years would not be taxed the way they would have if they were kept in a 401(k). In general, any 401(k) participant who qualifies for a Roth IRA can do this, but the additional funds in a 401(k) profit share account could make these moves that much more impactful in the future.

The Takeaway

A 401(k) profit-sharing plan allows employees to contribute pre-tax dollars to their retirement savings, as well as benefit from their employer’s profitability. But because profit share plans can take multiple forms, it’s important for employees to understand what their employer is offering. That way, employees can work to create a robust retirement savings strategy that makes sense for them.

Another step that could also help you manage your retirement savings is doing a 401(k) rollover, where you move funds from an old account to a rollover IRA. You may want to consider this option if you have a 401(k) from a previous employer, for instance.

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FAQ

Can I cash out my profit-sharing?

You can cash out your profit-sharing 401(k) without penalty once you reach age 59 ½. Withdrawals taken before that time are subject to penalty. However, if you leave the company, you can roll over the profit-sharing 401(k) into an IRA without penalty as long as you follow the IRS rollover rules.

How much tax do you pay on profit-sharing withdrawal?

You pay regular income tax on profit-sharing withdrawals. Depending on what tax bracket you’re in, you might pay anywhere from 10% to 37%.

Is profit-sharing 100% vested?

Depending on your company, your profit-sharing contributions may be 100% vested right away, or they may follow a vesting schedule. If your employer requires you to work for the company for two years before you’re eligible to participate in a profit-sharing plan, your contributions must be fully vested right away.

Can I roll my profit-sharing plan into an IRA?

You can roll over your profit sharing plan into an IRA when you leave your company. You can choose to have the funds directly transferred from your profit-sharing plan to an IRA, or you can have the money paid to you and then deposit the funds into an IRA yourself. Just be sure to complete the rollover within 60 days to avoid being taxed.



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.

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.
For a full listing of the fees associated with Sofi Invest please view our fee schedule.


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.


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

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