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!
Saudi Arabia, there are not many jobs for male nurses there; I have looked. Arab customs usually dictates that male nurses can not be alone w women and children as patients. There are some managers jobs that will take a BSN or MSN (very few). The pay is usually commensurate to your local/state/country pay; you probably won't find a $100,000 job over in the Arab countries any more.
A little more about the taxes. (Referencing the previous post with the tax brackets). 2 scenarios; worker A and worker B. Both will make $52,000 per year. Worker A will make $1000 a week every week 52 weeks; worker B will make $4000 a week for 13 weeks and $0 for 39 weeks. Worker A pay 24% tax rate each pay period; worker B pays 30% tax rate because the government thinks you are going to make $208,000 that year.
A $1000 x .24 = $240 in taxes per 52 pay periods = $12,480
B $4000 x .30 = $1200 in taxes per 13 pay periods = $15,600
Worker B pays a lot more in taxes per pay period, not a whole lot more per year and will probably get a refund of $3,120, that is simplified but that is how it works.
Get a job that you like, work a lot, save money, pay your taxes (everybody does, and it is relatively fair). Not necessarily in that order.
@sistrmoon: I heard some of my colleagues say that legal nurse consult bank, blah blah, but really though, if these lawsuits are worth millions of $ per case, do you really think they are going to hire nurses for somewhere between $100,000 or hire a doctor for what may seem quite more than $100,000 but in long run save potentially the hospital itself from the lawsuits? I knew a lady who had BSN and went over to get her JD, then yes she probably will land a job in legal nurse consultant or more likely hospital lawyer, but I don't really believe in LNC.
There are some ways you can go about earning some extra cash. Aside for taking on extra shifts you can work in a nursing call center. You'll find that most private clinics and insurance companies have their own advice lines for their clients. Or you can sign yourself up with various websites that offer money for responding to surveys or joining focus groups. Good luck to you!
I think it's not how much you make, it's how you spend it. If you have a car note, that's money out the door. If you have credit cards, that's money out the door. Learn to live on less.
Also, I'm on the fence about advancing your education to make more money. If you can go to school for cheap, OK. But how much do you stand to gain with an advanced degree? For me, it's about $5 more an hour. But initially won't your earnings just go to student loans? Also if you make more, will you spend more? For most people if their salary increases by $20,000 a year, they will get a different car, a different house, etc. So it's not really anymore money.
I think it's not how much you make, it's how you spend it. If you have a car note, that's money out the door. If you have credit cards, that's money out the door. Learn to live on less.
Also, I'm on the fence about advancing your education to make more money. If you can go to school for cheap, OK. But how much do you stand to gain with an advanced degree? For me, it's about $5 more an hour. But initially won't your earnings just go to student loans? Also if you make more, will you spend more? For most people if their salary increases by $20,000 a year, they will get a different car, a different house, etc. So it's not really anymore money.
good point, but NP can make easily over 6 figures, and yes with more money comes nicer things (or the desire of), but that also gives more room for more savings. On the side note, I don't have any undergrad loans, and from what it seems, I think the total tuition for graduate school would be within $24,000, which is well worth for what I would make after having the degree. Not only to mention that lots of hospital systems offer tuition reimbursements; for example, my hospital gives $5000/year for reimbursement without any obligations. If I do part time and finish in 3 yrs (6 semesters) and assume that tuition is $3000/semester, that's only $1000/semester out of pocket and totally manageable without even taking out loans.
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:
quick question about 401/403 retirement funds by the way. Just saw a video about wallstreet and stocks, etc and how there's a chance where you don't come out so good. I know that retirement fund is not so much like stock since stock is considered more quickie-money and higher risk. But is there a chance that when you have saved a lot away on retirement funds and, I don't know, say at 65, couple years before you retire, the fund crashes and all the savings go to zero value, and you don't get a cent, or at best a tiny fraction of it?
quick question about 401/403 retirement funds by the way. Just saw a video about wallstreet and stocks, etc and how there's a chance where you don't come out so good. I know that retirement fund is not so much like stock since stock is considered more quickie-money and higher risk. But is there a chance that when you have saved a lot away on retirement funds and, I don't know, say at 65, couple years before you retire, the fund crashes and all the savings go to zero value, and you don't get a cent, or at best a tiny fraction of it?
Most retirement funds are diversified. So that like if something went completely bankrupt (ie price of gold crashed hurting the mining sector or or something) that you would only lose a little bit of money
And historically the stock market goes up on average around 7 to 11% PER YEAR
So the odds of you somehow losing money over 20-30-40 years has to be astronomically low.
Invest a crap ton of my money into my 403b and roth Ira
I'm not the slightest bit concerned of losing money
And there's some flexibility as to to when you start taking it out. So like if the market crashes in when you're 63 you can wait until you're 70 to start taking it out.
And you Don't take it all out at once
You might take out 5-10% a year or or whatever the minimum/maximum are at the time
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
Sounds like you are doing good considering what you make. Also sounds like you might work in the south, but definitely a part of the country that doesn't pay very high wages. If you are really determined to make more money, just consider moving. I live in Michigan. Cost of living here is decent comparatively speaking and I make $80K/yr without OT. I bought a 3,000 sq. ft. house, 4 beds, 2.5 baths, full finished basement for $150K in 2010. Housing has gone up a bit since then but not much. You do need to be careful of going somewhere for $50-60/hr if cost of living is also ridiculous, but there are areas where pay is good and cost of living is reasonable.
NP easily making over 6 figures depends on where you live. Around where I live, new NP makes about $65,000-$70,000/yr. I am experienced, do better but am salary and work (on average) 60+ hours/wk (when you figure hours spent on EMR after done seeing patients - average 4-5 hours/evening), plus I am on call 24/7/365 (unless on vacation.) Do the math - you do better as a staff RN making overtime (I get no extra for holidays/weekends - the problem with salary.)
Now, rich conservatives don't want to pay any taxes, but they also are outnumbered so they have to lie to lower income people to convince them that working isn't worth it.
That statement is ridiculous. No one wants to pay taxes, and democrats are the ones hooked on welfare. I don't directly identify with either party but I never met a conservative that didn't work for a living and I rarely meet a liberal that does or that didn't think they are entitled to something someone else has earned.
That statement is ridiculous. No one wants to pay taxes, and democrats are the ones hooked on welfare. I don't directly identify with either party but I never met a conservative that didn't work for a living and I rarely meet a liberal that does or that didn't think they are entitled to something someone else has earned.
Sorry to hijack your feed.
Thanks! I was wondering when someone was going to address that ridiculous statement.
Truckee
32 Posts
My 2 cents.
Saudi Arabia, there are not many jobs for male nurses there; I have looked. Arab customs usually dictates that male nurses can not be alone w women and children as patients. There are some managers jobs that will take a BSN or MSN (very few). The pay is usually commensurate to your local/state/country pay; you probably won't find a $100,000 job over in the Arab countries any more.
A little more about the taxes. (Referencing the previous post with the tax brackets). 2 scenarios; worker A and worker B. Both will make $52,000 per year. Worker A will make $1000 a week every week 52 weeks; worker B will make $4000 a week for 13 weeks and $0 for 39 weeks. Worker A pay 24% tax rate each pay period; worker B pays 30% tax rate because the government thinks you are going to make $208,000 that year.
A $1000 x .24 = $240 in taxes per 52 pay periods = $12,480
B $4000 x .30 = $1200 in taxes per 13 pay periods = $15,600
Worker B pays a lot more in taxes per pay period, not a whole lot more per year and will probably get a refund of $3,120, that is simplified but that is how it works.
Get a job that you like, work a lot, save money, pay your taxes (everybody does, and it is relatively fair). Not necessarily in that order.