Losing money being a nurse

Nurses General Nursing

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Raise notices just come out today. I realized that for every year I am a nurse, I am actually going backwards on the pay scale making less money than the year before. For example:

(Base hourly wage + Raise)- (insurance rates + premium increases) - cost of living increases = 8% less than what I was making last year.

Is this happening everywhere else or do I need to find a new job?

For people who say you shouldn't buy SUV's because of gas .... I understand but if you live in southern California like I do you also have to consider safety.

This weekend we were rear ended for the fifth time in the last three years and if we had been in a smaller car versus the forerunner we have now, we would have been injured or worse. A few years ago my husband was also hit by a truck that put him out of work for nearly a year.

Just curious...what type of vehicle were you rear ended by?

Anyway, I think that we need to remind ourselves that it is all relative. There are thousands upon thousands of people in this world who would consider even owning a car a luxury, who would thank God everyday for heat and clean water. It's difficult in the US because we are surrounded by materialism. But, honestly, let's broaden our perspective. There are kids who collect trash in waste dumps for 12 hours a day every day, and all they get is a stale piece of bread - people who labor in sweat shops for a dollar a day seven days a week...I'm sure you get my point.

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It is all about living within your means. It can be done by anyone with any income.

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Specializes in L&D.
I get ahead every year, partly because I change jobs fairly often. I do live within my means (one bedroom apartment, small car- never been hit and less likely to roll and I'm in SoCal too-, etc) and I do notice that my friends who complain about not being able to save any money all live like they think they're rich (*big, expensive cars, trips every 3 months, brand name clothes, etc).

How does changing jobs help you get ahead? I'm asking because I can never understand why or HOW someone can stay employed with the same employer for years and years...met one who's stayed with the facility for 15years!!! Ack. I can't stand them that long LOL.

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Dont,

All I have to say is Amen! BTW Good Post.

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Thanks.

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How does changing jobs help you get ahead? I'm asking because I can never understand why or HOW someone can stay employed with the same employer for years and years...met one who's stayed with the facility for 15years!!! Ack. I can't stand them that long LOL.

Because I always get an pretty good increase in pay when I switch jobs. I wouldn't accept a new job that paid less than my current one. I'm probably going to be switching in a month or two and the pay increase is about 30%.

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Because I always get an pretty good increase in pay when I switch jobs. I wouldn't accept a new job that paid less than my current one. I'm probably going to be switching in a month or two and the pay increase is about 30%.

It is true that you make more money switching jobs. I'm curious was to what job is going to pay better than the one you have now, if you care to share. But I'm also wondering: don't you lose retirement benefits when you do that? How does the loss of potential retirement benefits, if any, weigh against the pay increase.

:cool:

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Specializes in PeriOp, ICU, PICU, NICU.

Definitely factor in the high cost of living, gas, other bills etc and everyone is sure to be taking a step backwards.

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Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Retirement can be built in other ways than the company 401k. You can build your OWN retirement with very good financial planning, clearly.

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Retirement can be built in other ways than the company 401k. You can build your OWN retirement with very good financial planning, clearly.

Yeah, but the company contribution surely helps. And some hospitals in my area have better retirement plans than the 401K: defined benefit pensions where you're guaranteed X amount of income upon retirement, usually based on your highest income years, with cost of living increases built into the payments.

So ... I was just wondering if anyone has compared that kind of benefit loss against any salary increase you might gain by switching jobs.

:clown:

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Where do you live that you can't find jobs as a nurse?

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It is true that you make more money switching jobs. I'm curious was to what job is going to pay better than the one you have now, if you care to share. But I'm also wondering: don't you lose retirement benefits when you do that? How does the loss of potential retirement benefits, if any, weigh against the pay increase.

:cool:

I'm looking at a position in the LA area that would mean a bit of a commute, but a big raise.

I have never worked for retirement benefits. The retirement plans tend to be so stingy that they aren't worth it anyways. I currently work in a non-benefitted position and keep my retirement investments on my own just like I always have. Frankly, I think it's naive to expect all those pensions to really materialize in 30 years when I look at retiring. IMO, it would be foolhardy to rely on them. I invest in the 401K up till the limit of what my employer matches because I won't give up free money, then all the rest of my retirement savings is in roth IRAs, CDs, mutual funds, etc. I don't even like 401Ks all that much because you're just defering your tax liability to another day when tax rates may be much, much higher than they are now.

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