I'm Confused...

May 13, 2008 02:46 AM

by waterlily252

I am a NICU nurse with 2+ years experience and my husband is an ICU nurse (with the same experience). We are both hoping to start traveling in the next year....

I have been reading things on this board for the last few weeks and I'm a little confused about one thing: Money

We want to travel to see new places, experience new hospitals, and save some serious money so we can buy a house when we find a place to settle. Most people on this board make it sound like you really don't make/save much money by traveling....how is that???! You are making equal or more than the current staff nurses at the hospital you work in..and if you get a housing stripend and find a place to live that isn't more than the amount you are pretty much banking all your paychecks!

When my husband and I added up what we would save if we didnt' have to pay for current housing it added up to almost 27K a year! Subtract a few 1,000 for taxes and it should still equal savings of 20K a year...right??

When talking to a few travelers that I work with they said this was about right...they currently make $33+ and hour (a few bucks more than me) and get enough housing allowance to live in a nice 1 bed apartment in a nice part of town. They both said they save about 20-30K a year traveling (and yes they do still go out and explore/have fun!)

Is this your experience? If not where am I going wrong??

bagladyrn · May 17, 2008, 06:10 AM

Re: I'm Confused...

Are you basing your figures on the housing stipend being "tax-free" money? If you don't have a qualifying tax home (a lot more than a mail drop), then everything that is paid to you for housing, travel, etc. is all taxable income. Some companies will not pay double the stipend for a married couple who travel together. (Not sure the right and wrong of this, but it has to do with tax implications again). Remember also that you are not getting paid during the downtime while you are traveling between assignments and you not only don't get sick leave, but may also have to reimburse the company for the prorated cost of your housing for any missed shift - really only fair as they have already paid it out and they don't collect from the hospital for shifts you don't work.
You probably can make good savings if you base your traveling on where the money is rather than the "fun" places to go and don't do much that costs money while there. Many of us travel for the experience and the chance to do new things and go new places that we've always wanted to go, so the savings sometimes takes a backseat to the fun. (Though you don't want to even start traveling without an adequate emergency fund put away!)
Good Luck!

waterlily252 · May 17, 2008, 07:25 AM

Re: I'm Confused...

I'm not assuming that things will be tax-free...the traveler I work with says she usually pays around 5-7K a year in taxes since she doesn't own a home. Still though at a 27K savings not having to pay rent....that is still a lot of $$.

I was surprised about them not offering husband/wife teams both stipends...the few companies we have talked to have stated that they do (they pay for housing and then give a stipend to the other partner..). Will have to make sure they are being truthful!

I don't mean to sound like I am in it only for the money...the main reason is for the travel/new experiences....I am just trying to understand why everyone says they don't make that much! Would hate to get a nasty surprise after I've signed on!

I just keep trying to figure out where all the money is going!! We don't plan on taking months off in-between assignments....and luckily we are in good health and haven't had to call in sick much ::knock on wood::

Anyone else have any insight? All I keep hearing is that I'm not looking at everything......help me see it!

bagladyrn · May 17, 2008, 08:23 PM

Re: I'm Confused...

Originally Posted by waterlily252

I'm not assuming that things will be tax-free...the traveler I work with says she usually pays around 5-7K a year in taxes since she doesn't own a home. Still though at a 27K savings not having to pay rent....that is still a lot of $$.

I was surprised about them not offering husband/wife teams both stipends...the few companies we have talked to have stated that they do (they pay for housing and then give a stipend to the other partner..). Will have to make sure they are being truthful!

I don't mean to sound like I am in it only for the money...the main reason is for the travel/new experiences....I am just trying to understand why everyone says they don't make that much! Would hate to get a nasty surprise after I've signed on! I just keep trying to figure out where all the money is going!! We don't plan on taking months off in-between assignments....and luckily we are in good health and haven't had to call in sick much ::knock on wood::

Anyone else have any insight? All I keep hearing is that I'm not looking at everything......help me see it!

Wow - 27 K rent?! Must live in an expensive area! Good that you are asking companies about the stipend/ 2 person issue. When I spoke of time off between assignments I wasn't talking about months - just that if you are going to different areas you need to plan on a week minimum between assignment (Finish one on Sat - end of week - can't be at the new place ready to start on Monday with travel and move in time usually). That 4 weeks per year with no check for each of you, but still having expenses - travel, food, motels - not all of which is reimbursed by your agency. Most have a max of 500-600 round trip for travel for each assignment. Occasionally there may be longer stretches off to accomodate the start date of a new facility, for instance if they only orient new travelers every so many weeks - common in larger facilities.
Not trying to discourage you - some people with good discipline and great financial sense do make out quite well as travelers. Others of us just go on our way enjoying the experience and spending about as we would at a staff job - living for the journey rather than the end point.

waterlily252 · May 19, 2008, 10:22 AM

Re: I'm Confused...

We live in Southern California....and yes the rent prices make us sick! But they are better then the mortgage payments out here!

Thank you for being honest!

bagladyrn · May 19, 2008, 11:40 AM

Re: I'm Confused...

Originally Posted by waterlily252

We live in Southern California....and yes the rent prices make us sick! But they are better then the mortgage payments out here!

Thank you for being honest!

With what I've posted above, the fact that I am still going strong after almost 12 years as a traveler should tell you that there is a lot more positive than the few negatives in travel nursing!

coastaldesire · Jun 22, 2008, 10:09 PM

Re: I'm Confused...

this is my first travel assignment and financially it is a flop. I am in So Cal and the price of "anything" here is phenomenal. Also, state taxes are taken out of my paycheck which is new to me. My home state of Texas does not do this and it is about $300 a paycheck. Also I am not given or allowed to work overtime because all labor is cheaper than me. I can't wait to get back home and start making some money again.

whoofers · Jun 22, 2008, 11:58 PM

Re: I'm Confused...

Originally Posted by coastaldesire

this is my first travel assignment and financially it is a flop. I am in So Cal and the price of "anything" here is phenomenal. Also, state taxes are taken out of my paycheck which is new to me. My home state of Texas does not do this and it is about $300 a paycheck. Also I am not given or allowed to work overtime because all labor is cheaper than me. I can't wait to get back home and start making some money again.

I am in the same boat as you. I'm in NYC and have both state and city taxes taken out. I can't get overtime, either. I am going behind my company's back and doing per diem work with another agency so I can break even.

I think the mistake is that when you work for a no income tax State, you have to work in another no tax state to make it pay as a traveler. I hear that New Hampshire pays well (at least $36.00/hour) and has no income tax. Now, if I were able to find my own housing and take the stipend, I think I would do OK.

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