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!
Specializes in Oncology; medical specialty website.
Another thing I encourage people to get--disability insurance! If your facility doesn't give you LTD, they usually offer it as a deduction. TAKE IT!. All it takes is a bad car accident or a serious illness, and you are in deep *you know what*. It's not that expensive; maybe the cost of dinner out. Also, if they offer supplemental disability, TAKE IT! I think the policy that I had was ~ $20/month. That sounds like a lot of deductions, but believe me, if you are sidelined, you are going to want it, since LTD only pays at 60%. The extra money really came in handy when I was out, then only working 0.5 FTE.
Another thing about LTD: I don't know if all policies are this way, but mine will continue to pay me until I am 65y. and go on SS. I can get by OK on what SSDI pays me, but again, the extra money from that secondary policy is a boon.
Then there's setting aside emergency savings. The last time I listened to Suze Ormon, she was advising 8 months worth of savings.
I know it sounds like a lot of money, but if you go through your expenses, it's pretty easy to find places to trim the fat. I used to like to stop for coffee and a biscotti at a local coffee shop...until I figured out that I was paying close to $1400/y for it. Got a Keurig, and bought big boxes of the biscotti at Costco. More money for me.
I wish I had been aware of these things when I was first starting out. I would have a whole lot more set aside for retirement. If you're a young person, you can have well over a million dollars for retirement, if you start planning now. Retire earlier as a millionaire...sounds pretty good. But it requires planning now.
I know a nurse that works 3-12hr shifts per week and is also a Real Estate Broker and an Insurance Agent. (and possibly other things I don't know at this time)
They leverage their position at work to get a lot of new clients, many are looking for starter homes or rentals. And of course they need insurance and someone they can trust.
Note that if you decide to get a Real Estate License or something, there are yearly fixed costs involved with doing that. Lots of people start out in Real Estate only to find they are doing only 1-2 transactions a year and driving around a lot showing property for free to people that are never going to buy anything.
I do PRN Nursing in Home Health, but I also have some other irons in the fire (so to speak) that boost my income without interfering with my Nursing work.
So if you don't want to burn out doing 60hrs a week Nursing, try and find something else that is Part Time. Not everyone is suited for being an entrepreneur or juggling 2 types of jobs though. Some people need a more regimented and defined "job" and thats OK.
For many years, I had a W-2 job and a 1099 (independent contractor) job; based on my earnings with the 1099 job, I did not have any penalty and ended up with tax overpayment each year.
Look up the terms of how much money you can make before tax (penalty) on the IRS website and work as a 1099er on the side and put the money away or pay off bills. I did both with my IC income.
If you don't mind me asking, how old are you? You strike as a "youngster" :)
Anyway, you've been given great info. making more money isn't free if your following.
I work 2 jobs, firefighter/paramedic as my main job, and RN on the side. I need the nurse job, I work PRN as my FD schedule 4 hour shifts. So the nursing cash goes straight into savings, stocks, IRAs.
I'm single never married and my daughter is grown and a working university grad. So that hassle is out of the way!
Few things:
Tax, deal with it, it is not going away. Me personally, I claim single, zero, whatever, I take the max out. I watch people pay serious money at the end of the year. I'd rather pay it during the year. Your choice.
Want more money. Spend less. That is the easiest answer. Live within your means. I have a used truck, no credit cards, a house payment cheaper than most peoples rent.
Cut the spending. Now obviously I don't know your financial background but simple adjustments to a persons spending will "net" serious results.
My grand dad always told me save 10% of each paycheck. I strive to put more back each paycheck but, thats the minimum.
If people would do a serious self study of their finances, they'd be amazed how much money than can keep for themselves.
If you don't mind me asking, how old are you? You strike as a "youngster" :)
Anyway, you've been given great info. making more money isn't free if your following.
I work 2 jobs, firefighter/paramedic as my main job, and RN on the side. I need the nurse job, I work PRN as my FD schedule 4 hour shifts. So the nursing cash goes straight into savings, stocks, IRAs.
I'm single never married and my daughter is grown and a working university grad. So that hassle is out of the way!
Few things:
Tax, deal with it, it is not going away. Me personally, I claim single, zero, whatever, I take the max out. I watch people pay serious money at the end of the year. I'd rather pay it during the year. Your choice.
Want more money. Spend less. That is the easiest answer. Live within your means. I have a used truck, no credit cards, a house payment cheaper than most peoples rent.
Cut the spending. Now obviously I don't know your financial background but simple adjustments to a persons spending will "net" serious results.
My grand dad always told me save 10% of each paycheck. I strive to put more back each paycheck but, thats the minimum.
If people would do a serious self study of their finances, they'd be amazed how much money than can keep for themselves.
Thank you for practical piece of wisdom. You're right, mid 20s, no marriage or kids and single. I am by no means a money-thrower. Of course, I go out and drink sometimes, buy groceries somewhere better than walmart (because quality of produce is horrendous there), postpone buying things I can afford to wait like shoes, clothes, couch, stools, vacuum, etc.
I would say I save at least $1000-1500 a month and I think some of that needs to go to retirement fund like many suggested. I do have the "dammit, why am I not making more like him/her" kind of thing; my brother 2 yrs older (CS major) makes close to $85000/yr and I feel crap making only about mid 50s. I know most guys around my age don't make close to what I make, but I always had some obsession about money. You're right though, more money means more work. I know some of you pull crazy stunts like 6 days/week stuff, and yes that is a 100% deserved money, but I know I ain't right for that kind of things. Maybe it's what everyone looks for, easy money, and not very many find it
Yes, you must put money away. I have been saving for retirement since I started working, I have deferred comp (similar to a 401K,) a 401K, a Roth IRA, and qualify for Social Security and PERS, and I am still going to need to work till I'm 70 (due to you are not allowed to draw from Social Security and PERS without reducing how much you get.) I am 59 years old and was notified (you will start getting friendly little notices) that I will get approx. $20,000/year if I retire at 63 years old. I do not want to live on $20,000, so I plan to work till 70 (part time for last few years.) I ALWAYS claim "0" deductions so the max is withheld from my pay- I had to pay once, and I vowed "never again!"
Yes, you must put money away. I have been saving for retirement since I started working, I have deferred comp (similar to a 401K,) a 401K, a Roth IRA, and qualify for Social Security and PERS, and I am still going to need to work till I'm 70 (due to you are not allowed to draw from Social Security and PERS without reducing how much you get.) I am 59 years old and was notified (you will start getting friendly little notices) that I will get approx. $20,000/year if I retire at 63 years old. I do not want to live on $20,000, so I plan to work till 70 (part time for last few years.) I ALWAYS claim "0" deductions so the max is withheld from my pay- I had to pay once, and I vowed "never again!"
they say eligibility age for SS augments little by little as years pass, so by they time I can retire, I maybe 75 or even 80 who knows, and that's IF this country is stable enough to even provide SS, because the way things look, we got to do something about the healthcare that guzzle away our precious tax & country's money (the frequent fliers, the ridiculous lawsuits that scare docs into ordering everything under the sun, the unreasonable ER abuse)... there's a saying I once heard: China will go down due to pollution, Russia due to drugs, Japan due to tsunami, but US due to healthcare. I am convinced by it somehow.
By the way @ppfd, I do plan to pop out some offsprings in the future, maybe after 2-3 yrs, so there, I only got 2-3 yrs to be happy (lol). And on the side note, I am still a newbie in nursing and society, I don't want to go all out in retirement. I will increase my 401 contribution and work to maxing out on it and starting an IRA.
Any IRAs you guys recommend? I am hearing Scottrade IRA is good, but that's because I typed on Google "start IRA" and Scottrade popped up so it's not guaranteed. I need your opinion.
There is nothing wrong with wanting to make more money, hey we all have bills to pay but it sounds like you don't really enjoy nursing. If that is true you might want to reevaluate your career choice. That said, does your hospital have a Clinical Ladder program. My hospital's program offers 5.5%, 6.5% and 7.5% pay increases respectively for levels II, III and IV. Look into legal nurse consulting. This is something you can do on the side and pays quite well. I worked home health for a while in the 90's and the grass is not always greener. It looks like a lot of money because you get paid by the visit but no one tells you about the time spent back at the office doing the extensive paperwork (although I'm sure it is computerized now) which is time you do not get paid for. Hope you find a happy solution.
There is nothing wrong with wanting to make more money, hey we all have bills to pay but it sounds like you don't really enjoy nursing. If that is true you might want to reevaluate your career choice. That said, does your hospital have a Clinical Ladder program. My hospital's program offers 5.5%, 6.5% and 7.5% pay increases respectively for levels II, III and IV. Look into legal nurse consulting. This is something you can do on the side and pays quite well. I worked home health for a while in the 90's and the grass is not always greener. It looks like a lot of money because you get paid by the visit but no one tells you about the time spent back at the office doing the extensive paperwork (although I'm sure it is computerized now) which is time you do not get paid for. Hope you find a happy solution.
I have a coworker who did the legal nurse consulting training to the tune of $10-$15k and has not gotten much work with it.
OCNRN63, RN
5,979 Posts
Another thing I encourage people to get--disability insurance! If your facility doesn't give you LTD, they usually offer it as a deduction. TAKE IT!. All it takes is a bad car accident or a serious illness, and you are in deep *you know what*. It's not that expensive; maybe the cost of dinner out. Also, if they offer supplemental disability, TAKE IT! I think the policy that I had was ~ $20/month. That sounds like a lot of deductions, but believe me, if you are sidelined, you are going to want it, since LTD only pays at 60%. The extra money really came in handy when I was out, then only working 0.5 FTE.
Another thing about LTD: I don't know if all policies are this way, but mine will continue to pay me until I am 65y. and go on SS. I can get by OK on what SSDI pays me, but again, the extra money from that secondary policy is a boon.
Then there's setting aside emergency savings. The last time I listened to Suze Ormon, she was advising 8 months worth of savings.
I know it sounds like a lot of money, but if you go through your expenses, it's pretty easy to find places to trim the fat. I used to like to stop for coffee and a biscotti at a local coffee shop...until I figured out that I was paying close to $1400/y for it. Got a Keurig, and bought big boxes of the biscotti at Costco. More money for me.
I wish I had been aware of these things when I was first starting out. I would have a whole lot more set aside for retirement. If you're a young person, you can have well over a million dollars for retirement, if you start planning now. Retire earlier as a millionaire...sounds pretty good. But it requires planning now.