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!
Shift differentials. You don't seem to want to work crazy OT or pick up a second full time job (don't blame you) so your best option is maximizing the amount of money you can make with your current work load.
One of the hospitals I did clinicals in has a program on their site called "shiftbid" that shows openings in the hospital and what the differential would be. The nurses would do their over time filling in on other floors because OT + the differentials and bonuses could put them at $50+ per hour.
Specializes in Oncology; medical specialty website.
@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.
You absolutely must think about the future and retirement. As was stated before, if you are not taking advantage of employer contributions, you are throwing money away. You have no idea what your future may hold. Social Security may be bankrupt by the time you qualify for it. You could wind up getting injured or have a serious illness that causes you to stop working sooner than you want to. If you max out your contribution to a retirement fund, you'll be in a much better place than if you hadn't. Plus it reduces your taxable income.
Personal exp.: I was very late to the game contributing to a retirement fund, but when I started, I gradually increased my contribution till I reached 13%. Since it comes out of your pay automatically, you don't miss it. Within 5 years I managed to get almost 60K in my account. I would still be contributing, but I got sick and had to go on permanent disability. (I still put some money aside for a retirement fund, even though I'm on disability.)
My grandfather used to say, "When you get your paycheck, pay yourself first."
You absolutely must think about the future and retirement. As was stated before, if you are not taking advantage of employer contributions, you are throwing money away. You have no idea what your future may hold. Social Security may be bankrupt by the time you qualify for it. You could wind up getting injured or have a serious illness that causes you to stop working sooner than you want to. If you max out your contribution to a retirement fund, you'll be in a much better place than if you hadn't. Plus it reduces your taxable income.
Personal exp.: I was very late to the game contributing to a retirement fund, but when I started, I gradually increased my contribution till I reached 13%. Since it comes out of your pay automatically, you don't miss it. Within 5 years I managed to get almost 60K in my account. I would still be contributing, but I got sick and had to go on permanent disability. (I still put some money aside for a retirement fund, even though I'm on disability.)
My grandfather used to say, "When you get your paycheck, pay yourself first."
ok, you definitely got me thinking about this. our hospital system does mandatory 3% contribution, and I know it's still a painful pill to swallow to save for retirement that seems so far away, but I think I will slowly increment my contribution. I don't know what the max percentage is, but will have to ask the some peeps about this.
The question I have for 401/403 is though; one of the big reasons I don't max out on 401/403 yet is because I don't really like the current hospital system and much rather work for other ones, so until I get into a system that I like, that's my excuse to put off for 401/403 (sigh). Let's say I contribute to 10%, and quit my job to move across to different hospital system 3 years later (much sooner than that I hope). What happens to those $$$ that I contributed? Do they transfer to 401/403 in the new employment? Thanks for your answers you economical geniuses you.
Specializes in Oncology; medical specialty website.
ok, you definitely got me thinking about this. our hospital system does mandatory 3% contribution, and I know it's still a painful pill to swallow to save for retirement that seems so far away, but I think I will slowly increment my contribution. I don't know what the max percentage is, but will have to ask the some peeps about this.
The question I have for 401/403 is though; one of the big reasons I don't max out on 401/403 yet is because I don't really like the current hospital system and much rather work for other ones, so until I get into a system that I like, that's my excuse to put off for 401/403 (sigh). Let's say I contribute to 10%, and quit my job to move across to different hospital system 3 years later (much sooner than that I hope). What happens to those $$$ that I contributed? Do they transfer to 401/403 in the new employment? Thanks for your answers you economical geniuses you.
Ehhh...no excuse. You can roll-over an account you start at one facility to another's. It's really easy to do; the place where you have your original account does most of the work. You just have to let them know where you're rolling it over. I've done it twice and it was no problem. Don't wait till you get the job you want; the longer you wait, the more money you lose and the more the govt. gets from you in taxes.
You may think it's painful (I felt the same way, too), but when you start seeing your account grow, it feels really good, and it motivates you to save more. I'd suggest starting off at the minimum you need to contribute, then after 6 months re-evaluate and see if you can bump up your contribution. Keep assessing on a regular basis if you can increase your contribution.
The IRS sets limits on how much you can contribute. I think right now it's $17,500/year.
I commend you for being open-minded about setting aside money for retirement. When you're young, it feels like it's so far into the future. Then one day you turn around and you're 50, 60 years old...you're going to want that money.
What's that expression..."People don't plan to fail. They fail to plan."
ok, you definitely got me thinking about this. our hospital system does mandatory 3% contribution, and I know it's still a painful pill to swallow to save for retirement that seems so far away, but I think I will slowly increment my contribution. I don't know what the max percentage is, but will have to ask the some peeps about this.
The question I have for 401/403 is though; one of the big reasons I don't max out on 401/403 yet is because I don't really like the current hospital system and much rather work for other ones, so until I get into a system that I like, that's my excuse to put off for 401/403 (sigh). Let's say I contribute to 10%, and quit my job to move across to different hospital system 3 years later (much sooner than that I hope). What happens to those $$$ that I contributed? Do they transfer to 401/403 in the new employment? Thanks for your answers you economical geniuses you.
403b/401k roll over to your new employer when you leave. The amount of money that you put in from your paycheck is always yours (plus or minus market change but don't get hung up on that especially early on). The employer match takes a certain amount of time to become yours. This is called vesting. At my current employer, you vest 33% every year so after 3 years of working 100% of the employer contribution belongs to me. If I leave before then I get a prorated percentage.
Using fake numbers: I contribute $100. My employer matches $100. I have $200 in my retirement account. If I leave after a year, I keep my $100 and $33 from the employer. If I leave after two years, I keep my $100 and $66 from the employer. If I stay until I'm fully vested, or three years in this example, I keep $100 I put in plus $100 employer puts in.
So even if I leave before fully vesting, I have money from they employer that I wouldn't have otherwise had. It's the best "return" you'll get on your money. And when you contribute more younger, compound interest has much longer to work it's magic and your money grows to much more.
Google retirement calculators and look at the difference in contributing a set amount starting now versus in 10 and 15 years. Starting young means you don't have to play a ton of catch up later.
This is a good quick intro with visual aids that I think explains it more clearly than I do:
Ehhh...no excuse. You can roll-over an account you start at one facility to another's. It's really easy to do; the place where you have your original account does most of the work. You just have to let them know where you're rolling it over. I've done it twice and it was no problem. Don't wait till you get the job you want; the longer you wait, the more money you lose and the more the govt. gets from you in taxes.
You may think it's painful (I felt the same way, too), but when you start seeing your account grow, it feels really good, and it motivates you to save more. I'd suggest starting off at the minimum you need to contribute, then after 6 months re-evaluate and see if you can bump up your contribution. Keep assessing on a regular basis if you can increase your contribution.
The IRS sets limits on how much you can contribute. I think right now it's $17,500/year.
I commend you for being open-minded about setting aside money for retirement. When you're young, it feels like it's so far into the future. Then one day you turn around and you're 50, 60 years old...you're going to want that money.
What's that expression..."People don't plan to fail. They fail to plan."
dang why aren't the schools giving the kids a lesson like this when we were little? i heard well, and looks like i better augment my contribution. cheers!
update: after further reads, I am newly enlightened about retirement savings. i saw it more as "invest couple $ every paycheck and never see them until my hairs are grey and all my bones broken". maybe a bit of misconception since you all say i can see it grow. compound interest is a beautiful thing eh
OhLookASquirrel
13 Posts
Shift differentials. You don't seem to want to work crazy OT or pick up a second full time job (don't blame you) so your best option is maximizing the amount of money you can make with your current work load.
One of the hospitals I did clinicals in has a program on their site called "shiftbid" that shows openings in the hospital and what the differential would be. The nurses would do their over time filling in on other floors because OT + the differentials and bonuses could put them at $50+ per hour.