One of the reasons that many people go into nursing is for job security. The old saying goes, you can always find a job as a nurse. This also used to be said about teachers, but this recession has seen lay-offs and furloughs for teachers.
Is your nursing job safe?
In your favor:
- The population is aging.
- Preventive care is getting greater prominence, meaning more nurses for evaluation and counseling will be needed.
- The un-and under-insured are still with us, in spite of all the rhetoric out of Washington-meaning Emergency care is still a big issue.
Issues that are potential threat to nurse job security:
- The health care bill(all proposed so far) will gradually decrease payments to hospitals and physicians-big nurse employers-these cuts will be felt everywhere.
- Most hospitals are already under financial stress and strain from decreasing reimbursements and higher costs associated with safety measures, and new technology.
So what do you do to be prepared. In general, hunker down. Start increasing your savings, sell any big-ticket items you can reasonable get rid of-such as a car with a big payment-or other toys you can do without. Cut the budget and get rid of anything that is not absolutely necessary-so that you can increase your savings. Keep your eyes posted about other job opportunities that may be in a more financially stable area.
There is an article in the WSJ today-read it here- the article discusses some of the legal options regarding protecting your assets such as your home against creditors. If you have a definite imminent threat to your job, it may be worth reviewing these options with an attorney.
Of course, don’t make any decisions without careful thought and deliberation. Most poor financial decisions were made on the fly, without thinking long-term. The amount of job losses in the nursing profession are sure to be much less than in almost any other area-so don’t panic un-necessarily.
So let me know your questions, or comments. Please forward this link to any friends that may be concerned about their job security.
And remember, the free e-book “Emergency Money Resuscitation” available at www.themillionairenurse.com.
