Why is it that many laypeople think nurses make a ton of money? It's kind of annoying that just about every other time I say to someone what I do professionally, they say "oh, there's a lot of money in nursing because of the shortage" or "oh, my aunt Sally is a nurse- she works for XYZ medical center and makes, like, $90,000 a year." I'm not venting because I expected there to be a lot of money when I got out of school (I just recently graduated); I worked as a CNA and know that many nurses don't make nearly as much as the public thinks they do. Hence, I certainly didn't get into nursing for the money- I chose to be a nurse because I thought it would be a great way to help others while working with people who value learning and intellectual challenges. But seriously, I don't take home much more than other people who are in the helping or public service professions. It just blows my mind when people I've met who are in business/law/finance talk so casually about how they're expecting $10-20,000 performance bonuses or how much vacation time they have coming up. I'm sure they work 60-70 hours/week for their salaries and are scared fudgeless about the prospect of layoffs. However, it's still mind-boggling how people who don't help others in their daily work lives get away with that much cash. So here's to hoping that enough future nursing students who want to quit their investment banking jobs do their homework and go to nursing school for the right reasons (not just the money). And here's to hoping that we as nurses can further educate the public about what we do and the fact that many of us don't get paid a lot for doing it.
Why is it that many laypeople think nurses make a ton of money?
I know nurses make what I consider "good" money. I got this idea from talking to nurses. Money was not my main motivation for choosing a career change to nursing but it was a consideration.
I'm surprised how much I make as a Home Health Aide. With overtime, I am making over 40k on an annual basis on a second year union scale. Even in this economy, I often have to turn down work.
I have another sincere question though, you say that in 20 years your $40/hr really wouldn't amount to that much (at least compared to today), but if you were to switch jobs or something wouldn't you be hired at the current going rate for nurses with you years of experience at that time? So wouldn't you really be making $50-60/hr? I read on a thread here a LONG time ago that job hopping was how some nurses kept their rate high. Wouldn't that work for you?
You really jack your retirement when you do that unless you completely fund it with independent IRA's. Most employers (hospitals) have a matching system and will match up to a certain percent anything you contribute. I think I'm quite a bit older than you so retirement is a big deal. Plus, as previously mentioned, I do not have the benefit of having a spouse so it's all on me. It's even more important for me to stay where I am since my position is a "state" job. I wish I had been smarter when I was younger and started saving into retirement but at that time hospitals still had pensions and the like. My employer has the highest pay scale in my city so there really isn't any place to go to get $50/60hr.
You really jack your retirement when you do that unless you completely fund it with independent IRA's. Most employers (hospitals) have a matching system and will match up to a certain percent anything you contribute. I think I'm quite a bit older than you so retirement is a big deal. Plus, as previously mentioned, I do not have the benefit of having a spouse so it's all on me. It's even more important for me to stay where I am since my position is a "state" job. I wish I had been smarter when I was younger and started saving into retirement but at that time hospitals still had pensions and the like. My employer has the highest pay scale in my city so there really isn't any place to go to get $50/60hr.
Yes, you are a bit older than me (I'm in my 20s) but I am also concerned about retirement. I don't want to wait until I'm 40 and then go crazy because I missed the last 20 years of building a savings! That's part of the reason I was asking. Also, when I mentioned the $50/60/hr, I meant 10-20 years down the line maybe there would be a possibility of that. Anyway, yeah, I thought the job hopping thing didn't sound so good either because of how it affects retirement but I wasn't sure.
Yes, you are a bit older than me (I'm in my 20s) but I am also concerned about retirement. I don't want to wait until I'm 40 and then go crazy because I missed the last 20 years of building a savings! That's part of the reason I was asking. Also, when I mentioned the $50/60/hr, I meant 10-20 years down the line maybe there would be a possibility of that. Anyway, yeah, I thought the job hopping thing didn't sound so good either because of how it affects retirement but I wasn't sure.
Retirement's a big deal for anyone, regardless of how old we are or aren't.
Kudos (seriously!) to you for being the age you are and actually considering this sort of stuff now, even if you're only thinking about it. It's so much more than so many other folks your age do.
Specializes in Nurse Leader specializing in Labor & Delivery.
It's not how much you make, it's what you do with it.
A family that lives on $60K a year, but is frugal and has no consumer debt and a small mortgage that will be paid off early is a whole heck of a lot "wealthier" than a family who makes $150K a year but has two new cars and the biggest mortgage they can afford.
The reason that the public has that perception is the media. The news media will always report the highest salary numbers that they can find, and neglect to mention that they're talking about NYC or SF Bay area with 5-10 yrs experience!
The reason that the public has that perception is the media. The news media will always report the highest salary numbers that they can find, and neglect to mention that they're talking about NYC or SF Bay area with 5-10 yrs experience!
It's not how much you make, it's what you do with it.
A family that lives on $60K a year, but is frugal and has no consumer debt and a small mortgage that will be paid off early is a whole heck of a lot "wealthier" than a family who makes $150K a year but has two new cars and the biggest mortgage they can afford.
Long Live Dave Ramsey!
Thank you for bringing this up! It took, what, 9 pages of replies, until someone points this out? My parents do not have college degrees and thus, do not make much money. However, they are frugal. They buy what they need. Even then, life in America is quite luxurious compared to living in a third world country where they lived for more than 40 years. Due to using their money wisely, they were able to buy a house and pay that house off in 8 years! Cars are payed in full, no car payments ever. They also have been paying for my living expenses and tuition entirely. Now, they are in the process of buying a new house for investment reasons. I feel as if they are better off than many people making double, triple their salaries. They have no debt, no payments of any kind, just monthly bills. That is what you call financial freedom.
Living with parents who are smart about their money has been a great learning lesson for me. I am 20, but I feel like I am more responsible about money than some people twice my age. I wish people would be more cautious with their money and use some common sense. You don't need that new BMW or a McMansion that you'll spend 30 years paying off (if you don't foreclose...) to be happy. Everyone needs some Dave Ramsey or Suze Orman in their life!
Living with parents who are smart about their money has been a great learning lesson for me. I am 20, but I feel like I am more responsible about money than some people twice my age. I wish people would be more cautious with their money and use some common sense. You don't need that new BMW or a McMansion that you'll spend 30 years paying off (if you don't foreclose...) to be happy. Everyone needs some Dave Ramsey or Suze Orman in their life!
You're lucky to have parents who have set such a great example for you. So many Americans "buy in" to consumerism and just buy, buy, buy. Apple just released their newest iPhone . . . people stood in line to be the first to buy it!! Why? What's wrong with the older model?
I truly believe that for people who are hooked on consumerism and having to always have the latest and greatest of everything, no amount of money would ever be enough! Even a billion dollars a year!! They'd just buy a private island or two!!
Thankfully, *my* babysitter doesn't charge $85 billable per hour. Don't know how much you're paying *your* babysitter!
Not every hour a lawyer works is billed (just because x task is expected to take 4 hours doesn't mean it's GOING to)... especially a new grad who gets delegated time consuming tasks from the law firm's partners' cases. I'm glad that your babysitter charges less than $85 per hour??
Even away from the high COL areas and the $40 plus hourly pay the "average joe" thinks nurses make big bucks. When the "workers" you know are happy to make 10 or maybe 15 and hour, my almost 30 IS big bucks. The COL here is low, I don't have a huge house but I always keep a relativly new car. I make more than one of my brother in laws and his wife combined and they still have 3 teens at home....
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Intern67
357 Posts
I know nurses make what I consider "good" money. I got this idea from talking to nurses. Money was not my main motivation for choosing a career change to nursing but it was a consideration.
I'm surprised how much I make as a Home Health Aide. With overtime, I am making over 40k on an annual basis on a second year union scale. Even in this economy, I often have to turn down work.