how do i max my income as new grad

RN 4 U · Jan 9, 2007

need help from experienced RNs on how i might maximize my salary and earning potential when i graduate as RN in May.
Is it negotiable, do you have to take what they offer?
What is the highest youve heard someone start out at?
I need to make as much money as possible as my wife is a stay at home mom so we will be living off my salary only.
Will i be able to afford a decent house?
Any other RNs just started out and live off one income? I would love to her from you. Can you afford a house in the $150,000 to 175,000 range?
thanks,
matt
If anyone has been successful at negotiating a higher pay rate starting out....please let me know...thanks

Pay, new grad. pretty much non-negotiable. no experience. no choice. when i started out i was concerned about the money issue also, as I am single mom and have bills to pay. I had to put myself on a budget. I am currently making it on my $19 an hour. I am currently working days during orientation but when off will be working nights at $26 plus weekend pay. I was ready to make all the money i could make, but since I have started I realize that it is not all about the money right now as I am not as competent as others might be and i need all the sleep and rest I can get so that i can become competent. I am not planning to overwork myself starting off. When i gain more experience maybe then i will be able to work a little OT but i really do not recommend it being new and all. To maximize your earning potential night shift and weekends are the way to go. Some offer weekend only shifts where you can make significantly more (FRI,SAT,SUN) because nobody likes to work weekends they are willing to pay more, but these are competive shifts and might be a waiting list.

ICRN2008, BSN, RN · Jan 9, 2007

At least here in the Heartland, its not negotiable.

Ditto. I was told at my HR interview that the salary will be X. Period. No room for negotiation as there isn't much of a shortage here.

ICRN2008, BSN, RN · Jan 9, 2007

I will echo what our financial planner has told us numerous times: "It is not how much you make, it's how much you keep."

Look at the benefits of dumping $2000 into a Roth each year beginning at age 22- you will be able to stop contributing at age 32 and end up with $1,000,000 for retirement! If your facility has a 401K or 403b, contribute to it up to the match amount. My husband's company will match 4% of his salary for every 4% he puts in.

lorster · Jan 9, 2007

need help from experienced RNs on how i might maximize my salary and earning potential when i graduate as RN in May.
Is it negotiable, do you have to take what they offer?
What is the highest youve heard someone start out at?
I need to make as much money as possible as my wife is a stay at home mom so we will be living off my salary only.
Will i be able to afford a decent house?
Any other RNs just started out and live off one income? I would love to her from you. Can you afford a house in the $150,000 to 175,000 range?
thanks,
matt
If anyone has been successful at negotiating a higher pay rate starting out....please let me know...thanks

Ok everybody, I'm playing nice today. Focker, we are a union hospital here so it is all negotiated during contract talks. Our new grads start at 20.00 an hour base pay. I am in Montana. We get time and a half for shifts picked up with less than a 24 hour notice. So that is a great way to make a bit of extra money. Weekend and night diffs are great also. If you can get certified (you have to put so many hours in) that also helps. Some nurses even go to other facilities and pick up perdiem work. Good luck to you on your career.

Sushu · Jan 10, 2007

Does the employer offer salary sacrifice? This way you can reduce the amount of tax you pay ..Tax free money!!!! :lol2:

Sue.

rags · Jan 10, 2007

I'm in WY and the pay for a new grad is very dependent on location. My first offer was close to home for $15.50/hr and the orientation was practically nothing. I would have been the only night nurse for the hospital units, ER and an extended care facility. 30 miles away was an offer for $18/hr with an awesome orientation and they even offered to send me to a 3 month program to specialize in something. I actually ended up relocating to a different part of the state and make $20.75/hr with diff. for nights. They offered me a 3 month new grad orientation as well as the floor orientation along with ACLS, PALS and a few other courses. They gave me a move expense check and paid for my NCLEX. I also really liked the staff and hospital. (tour your prospective hospitals and meet the people you will be working with. Do they seem happy? Do they appear to be stressed? What is their pt load?

I know there are other places within my state that start at even higher wages but I love the town I moved to and it also worked well for being closer to my family now. As far as not being able to get OT during orientation... I offered to be On-Call for other units to work in a CNA role for over time. I loved it! I not only got to know how the other units work but also was able to learn a great deal from each units nurses. I know I will eventually have to float to them from time to time so found it will make life easier for me now that I am familiar with set up and staff.

Only you will know if you can afford a house pmt and for how much. I do suggest working through your orientation and definitely get the NCLEX out of the way before you even start looking! You won't need that added stress when you prepare to take your test for licensure. I did look up a pmt for you on a house of $150,000 and used 7% interest (which is probably high) for a 30 year mortgage. Without taxes and insurance (add another $200/month) pmt would be: $997/month. For $175,000 house/30years/7%: $1164.

Hope that helps... Good luck to you!

rags

rags · Jan 10, 2007

I should also mention that the loan pmts were figured with no money down. That was for full finance. In our state they offer "first time home buyer" loans (mobile home ownership doesn't count) which give you better interest rates (by about 2%), lower closing cost's (and can be set up as a second loan) and only require you to put $500-$750 out of pocket (this is usually to pay for the appraisal or something other that is a small amount and is counted as a down).

Figured I might add this information because as a new grad you most likely don't have anything (or not much anyway) saved up. I know I certainly didn't!!!

rags

Jade005 · Jan 10, 2007

You won't be eligible for OT until after your orientation. Make sure you get a good solid orientation.
PRN and agency jobs tend to go to people with at least a year's experience.
Working all those extra hours sounds good on paper, but it's really tough, especially when you're starting out.
I think the weekend shift-night would probably be the best thing for you. You work 24 hours and get paid for 36, which qualifies you as fulltime. Then you can pick up shifts during the week as you need it.

I am just curious but does experience as an LPN make any difference? The starting wage where I live is less than what I already make as an LPN. I have worked as an LPN for 18 yrs and started at only $7.25 an hr to work my way up to $20. I would hate to take a cut in Pay esp after going thru The intense stress I have endured due to school full time and working full time. Not to mention the student loans I will have to pay back.

Mommy TeleRN, RN · Jan 10, 2007

The hospitals in my area add $ to the RN new grad pay for LPN experience. For instance one hospital counts every 2 years of LPN experience as 1 yr RN experience.

So like in your case it would be tne new grad RN base + 9 yrs RN experience = your new grad pay as LPN-RN.

Jade005 · Jan 10, 2007

Thank You! whew I was getting scared there for a few minutes. The starting pay is around $17 an hour here in OKLA and at that pay I wouldn't be able to afford to work as an RN. Pretty sad to get more education and end up with a $3 cut in pay for the trouble. I guess I will get back to studying and finish this last semester.

lashes · Jan 10, 2007

Work nights and weekends. Take classes that the hospital pays you take. Also, check and see if there is a clinical ladder you can climb; some hospitals pay extra when you belong to committees, do research, do clinical rounds etc. Overtime helps alot, especially if its double time.. Also, ur manager may need help preparing when its JHACHO time; non productive hours add up 2 . (I wish the houses here were in that price range!!)

nancy324 · Jan 10, 2007

Congrats on making it through nursing school. I agree with the other comments...most salaries will be non-negotiable. I work weekends only, nights and that has upped my shift differential. My hospital also has OT bonus of $7.50/hour. Also, being ACLS certified adds an education differential to my salary. If you are planning on doing 3 twelve hour shifts, you might consider doing agency after you get some experience.

Good luck!