Nursing salary’s are projected to rise later this year according to this article on Nursing Link. The Nursing Link website, owned by the staffing conglomerate “Monster”, of the famed Super Bowl ads, suggests that once the uncertainty over health care reform is over, employers will begin to develop their hiring, and pay levels for the future. This to adjust to the new laws expected from the changes in health care use.
They expect hiring bonuses, tuition reimbursement programs to all be increasing as nurses’ employers adjust to the aging/increased retirement of the nursing population. This occurring at the same time there are increased number of patients expected to be covered with health care reform. The aging baby boomers, the increase in chronic diseases related to obesity, and diabetes will add to expected increased level of care required.
So how does this affect “Millionaire Nurses”? Well, I’m glad you asked:
- If you plan your spending, have developed goals, and planned your financial year, then you know what you will do with any extra income-you just plug the money into whatever is your next priority in that spending plan.
- If you need to advance your education to get to the next level at your job, then negotiate reimbursement for tuition or whatever seminars are necessary.
- You will not be tempted to move to a new job for a “great signing bonus” unless you have done the math, and know the change is worth it. You will remember to put new transportation costs, any change in retirement, health or other benefits into the equation-make sure you are comparing apples to apples.
So what happens in a similar situation to a NON-Millionaire Nurse:
- Blow the extra income on a new flat screen, or car with years of payments-that will end up costing three times more than the pay raise.
- You just dream about working in administration, or other non-shift job, but don’t ever plan the necessary educational steps to qualify.
- You jump from job to job, liquidating your 401-k at each step. Never building up your retirement, and not realizing the change was not worth it until it was too late.
So hopefully you will get the raise and increased benefits predicted by “Monster’s Nursing Link” . And when you do, you will know what to do with it. That knowledge will keep you on the path to become: -“The Millionaire Nurse”.
And remember, if you need help dealing with your finances, check out my free e-book, “Emergency Money Resuscitation” , it will be followed by a mini-course on personal finance, with focus on managing credit cards, banking, and other great common sense tools to managing your money.