It's strange power the word "money" has, especially in this field since we are viewed as "angels", therefore expected to be paid as little as possible and still love the job for only the sake of helping others...
well, quite frankly, I joined this field for financial reason($), and I have no problem standing by that claim when anybody asks me, but I am single without kids, so have to pay almost 30% of income, and I know people out there make money so spanking easily. So has any of you figured out or heard of some tips to make some extra money? I know this nurse who used to do travel nursing + prn homehealth on the side and made almost $100,000/year.
Sure helping people is great, but I want to make more than what I do now, more than 12hr x3/week then guzzling 30% into taxes... (more shift I do, more goes to taxes anyways!) some people are just good at these kinds of things, so if you have some ideas, slam it on the table for us!
Take advantage of your employers 401K matching... it's free money. I don't understand why any doesn't start their retirement fund. It's never too early to start thinking about it.
I try to tell this to my younger coworkers all the time, but they just won't listen. I didn't at their age either.
Here's one way to do it though: each time you get a pay increase, increase your 401K contribution by 1%. Your take home pay and your savings continue to rise while you tax bill shrinks.
Take advantage of your employers 401K matching... it's free money. I don't understand why any doesn't start their retirement fund. It's never too early to start thinking about it.
Many employers are even getting rid of 401(k) altogether.
My employer has no retirement plan whatsoever.
Health insurance costs me $480/month alone.
As a result,at 32 yrs of age,i have nothing besides a savings account.
I have looked into a Roth IRA,but the max contribution is $5000/yr.
I live cheaply btw,but in this area if you try to be cheap while paying for housing you risk safety.
Now that i need a BSN,any money I have left over will be used toward that purpose.
To the OP,i realize that nobody pointed out advancing your education to make more money.
What is your current degree?
Why not become an APN,so that you can work 1 job instead of 2?
Specializes in Oncology; medical specialty website.
try hospice, i know some of my friends do it on the side as their low stress job. they do chart audits, they sit there sip coffee in an office with no pts. very relaxing, and very easy money.
As a former hospice nurse, I can assure you I didn't sit around the office sipping coffee. It can be very stressful dealing with a dying patient and the family. If you have to take call, getting up in the middle of the night to deal with a symptom crisis, a patient who is actively dying, or to pronounce a patient is hardly easy. Learning the orificenal of drugs used to treat symptoms, as well as how to manage pain medications is no walk in the park.
Maybe hospice is different where you live, but where I live, nurses are most definitely "hands on." The hospice certification was probably the most difficult cert. exam I've ever taken, closely followed by the oncology cert.
Sorry, just had to speak up for the hospice peeps out there who know just how demanding this job can be, if you're doing it right.
$10/hr for weekend diffs? Jumping jesus, where are you, California or Washington? I am in Dallas and weekends diffs are about $6/hr.
and @asystoleRN, I would love that much of money but like someone else mentioned, I want to work smart and less. Money is good, but I can't imagine working all 7 days. Also, your current 6 figure salary job seems wonderful, but those always come with long experience, which I do not have. I do want to enjoy life, happy moments with families and friends, but also work hard enough to make decent amount than about $53000/yr that I make right now.
I have also reconsidered the fact that I probably am hogwashed by the neoconservative myth about working OTs go straight to more taxes. Now I wouldn't hesitate to take advantage of those critical bonuses 1.5xbase money thanks to you awesome people.
I have BSN, and yes I do absolutely plan to advance to FNP. However as already mentioned, I don't want to sacrifice M-F and then all weekends to just rake money. I read a book named "4 hours work week" by Timothy Ferris few years ago, and I want to work smart, less hours, but proportionately more.
Just a note of caution about per diem and prn jobs. My first year working prn on top of my regular job I got screwed on taxes because the prn job withheld based on how much I was making at the prn only and I MASSIVELY under-withheld. I ended up owing $5k on taxes when I filed which sucked. Now I make sure that my per diem takes out extra taxes beyong what filing single 0 deduction takes (I'm married with 1 dependent but do not withhold based on that anymore).
I found the best way to make more money was simply to work overtime. None of the local places offer a higher rate for per diem so making 1.5x my hourly rate beats making my hourly rate somewhere else. And when I worked a lot of overtime, yes I paid more taxes, but my paychecks were still noticeably bigger.
Work weekends, work nights, pick up on holidays.
And do your 401k/403b at least to the company match or you're throwing away money. You can't afford not to think far ahead like that.
If you can get a foot in the door covering leave in a non clinical higher grade role you are lucky. I was in a grade 3 role and took a secondment to a grade 5 role for 4 months to cover long service leave (ahh Australia). Since I finished and returned to my grade 3 role I was pulled to the AHHM (grade 5 role) frequently. Always a nice pay bonus! A colleague of mine did a 12 month mat leave cover role as a clinical liaison. since she has returned to her ward role grade 2x she has been offered numerous part time roles at a grade 4.
Pick up an agency job. Once you get a name for yourself in the agency you will get offered more and more shifts.
I can salary sacrifice to my mortage before tax, thus reducing my taxable income.
Also look at your expenditures. I rattle the cage on my health insurance, water, electricity, car insurance frequently.
Look for government iniatives such as solar panel rebates.
Consider where you shop. Is it just because you have always shopped there? Discount grocery stores such as Aldi are becoming more and more main stream.
Talk to your bank about the best options for you. As a client you should have some free financial advice through them. Ask other banks what they can do for you.
@hiddencat: well you might have saved my behind from owing to IRS instead of getting tax returns (as measly they might be for singles). I agree with you... 1.5 x the base pay plus night diff is not something to ignore. Of course it would tremendously help if I was at department where I wanted to work and enjoy what I do, but for the time being, money is money. About 401&403: being young has many advantages, but certainly not thinking in terms of retirement. Argh
@potassium magsulf: having difficulty comprehending the grade roles and such, but sounds like you are talking about overseas nursing jobs. I wish I was like couple of peeps who just dash and go anywhere they please... travel to Dubai, Scotland, England for contract assignment without knowing anyone, how to live, or how much to be paid, god I wish I was brave like that haha. Agency nursing is a def thought after more experience in a specialty. I heard OR and ER agency or travel nurses bank.
Just since this is a financial thread I figured I might ask
What are some good financial career opportunities for nurses with NON APN advanced degrees ? Like I have an MBA + MSN NurseLeadership + (in the future) a DNP (non clinical) in like Nursing Administration or something?
Nurse Management/education always looked pretty interesting to me but ive also always heard that since those positions are usually salaried that they frequently make less than bedside nurses who earn hourly wages and are limited in their ability to pick up side jobs
Nurse anesthetist is a specialty that generally pays more from the starting block, but one has to be exceptionally qualified to get the required education.
ArtClassRN, ADN, RN
630 Posts
I try to tell this to my younger coworkers all the time, but they just won't listen. I didn't at their age either.
Here's one way to do it though: each time you get a pay increase, increase your 401K contribution by 1%. Your take home pay and your savings continue to rise while you tax bill shrinks.
Good times.