February 21, 2024

3277 Views

4 Ways Travel Nursing Can Help You Achieve Your Financial Goals More Quickly

Posted on February 21, 2024February 20, 2024 by RNnetwork

RNnetwork provided this article.

Many nurses say one of the primary reasons they start travel nursing is to achieve their financial goals faster than they could in a permanent position. One of the main reasons telemetry/PCU nurse Scott Carpenter started traveling with RNnetwork was because he had a lot of bills he wanted to pay off. “My salary pretty much doubled when I started travel nursing,” Carpenter says. Now, after hitting those financial goals, he’s working on putting money away for retirement.

But it’s not just about higher pay.

Here are four strategies that travel nurses have used to meet their financial goals more quickly.

1. Pick up extra shifts

When he started nursing, Kyle Chadwick, a trauma/ICU nurse, had a bachelor’s degree from the University of Kentucky Medical Center but still made only about $23 an hour. He says it wasn’t enough to support him, so after a year and a half in a staff position, he started travel nursing to boost his pay.

Chadwick’s advice to make even more money is to take on extra shifts — just like with a full-time permanent position — and then work back-to-back assignments.

“Just like you would as a staff nurse, add in an extra shift here and there and stack your assignments one after another without much time off between them,” he says.

2. Be open to a variety of assignments

Home health nurse Chloe Callicoat turned to travel nursing after 13 years in a permanent position because she wanted to travel and get paid to do it.

“The key to increasing income as a travel nurse is to be willing to fill in anywhere,” she says. For her, that means doing any kind of home health for any patient. Because of this, she says she has doubled her income.

“It’s a huge difference,” Callicoat says. “I make every week now what I used to make every two weeks.”

3. Consider RV living instead of renting

ICU nurse Gabriel Rios started travel nursing at the beginning of the pandemic and says the key to saving more money is to “play the system.” For instance, he says some travel nurses buy a small RV and camp out. “You’re not just throwing money away on a hotel or an apartment.”

This is a tip that most travel nurses don’t employ, but it might be an option that works for you. Other ways to pocket more money include taking an assignment where you have family and staying with them or working on an assignment where you can rent a room from a friend.

4. Take advantage of all possible reimbursements

In addition to the higher pay, a travel nurse’s total compensation can include non-taxable reimbursements for things like housing, meals, incidental expenses (per diems), and travel to and from assignments, depending on the assignment. These can all help you achieve your financial goals sooner and offer additional ways to save money.

“First, you have to sit down, do the numbers, and see if travel nursing is worth it,” Rios says. “Then you can work out different ways to increase your pay from there,” he says. “That’s how you save more money faster.”

RNnetwork can help you find your next travel nursing job. Call us at 800.866.0407 or view today’s travel nurse job openings.

We hope you enjoyed this article on strategies that travel nurses have used to meet their financial goals more quickly. Do you have any strategies for meeting your financial goals more quickly as a travel nurse? Comment them below.

Find Your Next Travel Nurse Assignment with Our Job Board!

Are you on the hunt for your next travel nurse gig? Look no further than our job board! Click here to explore all our current opportunities.

Discover the Perfect Housing for Your Next Assignment

Need somewhere to stay on your next travel nurse assignment? We’ve got you covered. Check out our housing page to find your ideal home away from home. Click here to start your search.

By Nadine Westwood

October 13, 2022

4379 Views

6 Useful Apps for Managing Your Finances When You’re Working as a Travel Nurse

Posted on October 13, 2022October 5, 2022 by Nadine Westwood

The life of a nurse is busy enough without also having to worry about keeping your finances in order when you’ve got little time to spare each day.

Luckily there are lots of excellent apps out there which make it straightforward to stay on top of all things money-related, so let’s look at the best of the bunch and explain why they’re worth using.

Mint: Comprehensive budget tracking

This is one of the most celebrated and widely recommended budgeting apps on the market and for good reason.

First up, Mint is free to download and use, so as long as you can put up with the in-app ads, it won’t cost you a penny.

Next, there’s the intelligent way that it tracks spending and breaks down your outgoings according to their categories. So if you’re trying to manage your budget while on the move, it will give you a snapshot of where you’re up to in an instant.

Last, there’s the simplicity of the interface, which belies the comprehensive suite of functions that are on offer. Simply put, there’s no better free budgeting app out there than Mint.

SoFi: All-in-one stock trading

More and more people are getting into the stock market at the moment, and the convenience of apps like SoFi, which lets you trade stocks online, is a big reason for this.

The market moves quickly, so you’ll want an app that lets you keep tabs on your portfolio and invest in a diverse array of products, including ETFs and even cryptocurrencies. That’s exactly what SoFi offers, and in addition to assisting with trading from your smartphone, it also makes filing tax returns easier each year when you need to report your gains to the IRS.

The app is award-winningly intuitive, and there are often incentives to encourage new customers to sign up, which will sweeten the deal further. So whatever your investment goals, SoFi is the app to use to reach them.

Venmo: Mobile payments

There are plenty of mobile payment platforms that let you send and receive money swiftly, and Venmo is arguably the top contender out there at the moment.

It functions like a digital wallet, meaning you can harness it for everything from splitting the bill at a restaurant with friends to sending gifts to family members.

Many businesses support Venmo as well, so paying for goods and services when you’re on the go is child’s play. Better yet, if you decide to set up a side hustle to supplement your income, you can use Venmo to accept payments as well.

Credit Karma: Free credit score & reporting

Even if you think you’re pretty good at managing your money, you won’t know where you stand unless you check your credit score regularly.

While some brands charge a fee if you want to access your full credit report, Credit Karma is free of charge.

It not only tells you your score out of 710 points, with weekly updates provided so you can monitor your progress over time but also pinpoints the factors that are influencing your score. That way, you can make changes that will boost your score in the future, and you’ll also know if there’s some issue or error that’s holding you back and needs to be rectified.

You can link bank accounts, track your mortgage, review credit cards, and even get suggestions for offers that will save you money on particular finance products, all within the Credit Karma app, so it really is convenient.

YNAB: Premium budget management

Mint may be free, but there are also premium products out there that target the same market and go above and beyond to justify the monthly fees they charge.

You Need A Budget, or YNAB for short, is one of the most feature-rich platforms out there and has some interesting aims underpinning its design.

For one, it wants to empower users by showing them where their money is going and encouraging them to make changes which will ensure every dollar counts for something.

It boasts that a typical user can expect to slash $6,000 off their spending in the first year of use, which justifies the almost $100 cost of an annual subscription.

Personal Capital: High-end wealth management

If your main issue is that you’ve got quite a bit of cash to put to work, and you don’t know how to go about this, Personal Capital has got you covered.

Wealth management is the name of the game here, and while the fees are fairly steep, the access to finance experts it affords you is perhaps the most saleable aspect of the app.

As you can see, it pays to match the finance apps you use to your needs, so don’t go all-in on installing every recommended app, but only choose the ones that make sense for your circumstances.

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By The Gypsy Nurse

July 17, 2022

4166 Views

3 Steps to Avoid Debt When Travel Nursing

Posted on July 17, 2022July 18, 2022 by The Gypsy Nurse

When it comes to a career in travel nursing, one of the best ways to find success in the field is to become comfortable in uncomfortable situations. Over your career, you will travel between assignments and locations and will always be working with new people. Successful travel nurses are flexible, confident, and can adapt to anything thrown their way. While these traits are important to the job, there are other factors to consider when travel nursing.

Thinking outside of the mental and physical tolls of the job, what are some other hurdles associated with travel nursing? In this time of steadily rising costs and inflation, finances should be right at the top of the list. Whether you’re an individual considering a job in the industry, or if you are a current travel nurse who’s looking to improve their financial standing, here are 3 useful tips any travel nurse can use to avoid falling into debt when on the road.

Fully Understand Your Financial Situation

Seeing as travel nurses are expected to move locations every few months or even every few weeks, you’ll find that financial literacy can be your best friend. Without a firm handle on your finances, expenses for things like travel, transportation, housing, and food can easily get out of hand. You don’t want to get to a situation where you are away from home and find yourself struggling just to get by. By diving headfirst into learning about your finances, you can gain control over your current and future financial standing. A good first step to gaining a better understanding of your financial situation is to calculate both your net worth as well as your debt-to-income ratio.

First, let’s take a look at what net worth means and why it matters. A person’s net worth is calculated by adding the value of assets they own subtracted from the value of liabilities against them. Some common assets to include are cash reserves, home equity, investments, and liabilities include student debt, credit cards, and a mortgage. The first time you calculate your net worth will most likely be overwhelming. It can be hard to remember every little asset or liability you have accrued. Using something like a personal net worth calculator can help facilitate the process to ensure you don’t leave anything out of your calculations.

Your net worth calculation will give you a snapshot of how your past has impacted your financial situation. Calculating your debt-to-income ratio will help you understand what your current financial situation is looking like. To calculate your debt-to-income ratio, all you need to do is take your total amount of debt payments made each month and subtract that amount from your monthly income. Most people aim to have a debt-to-income ratio of 30% or lower. This means that if you took home $5,000 in a month that your monthly debt payments should be $1,500 or lower. Again, if you need assistance with calculating your ratio, there are debt-to-income calculators available for free to help you along the way.

After you have a full view of your past and current financial situation, you can now start thinking about the future. As you start to think about your next travel nursing assignment, consider how much you can realistically spend in one month. You should be using your net worth and debt-to-income ratio to help guide you here. As mentioned, you want to keep this ratio below 30%, which makes the 50/30/20 method of budgeting a great option to try. This strategy separates your monthly after-tax expenses into three categories: 50% towards necessities (housing, food, transportation), 30% towards wants (shopping, social activities, travel, dining out), and the remaining 20% towards savings or paying off debts. In the context of travel nursing, utilizing a method of budgeting such as this one can be extremely beneficial for navigating price fluctuations between assignments and building out your savings.

Think Proactively About Where You Choose to Live

Although some travel nursing assignments offer living accommodations, some do not, and finding temporary housing can be difficult, costly, and can bring on unwanted stress. This is where being proactive can be hugely beneficial. As opposed to lengthy hotel stays or crashing with friends or family, there are several options available to find short-term living accommodations without breaking the bank.

First off, subletting is a great option in temporary situations and can allow for the flexibility you need when changing travel nursing assignments. Sublets come in all shapes and sizes, whether you need the whole place to yourself or if you’re okay with renting a room and sharing your space with others for the short while you’re on assignment. Depending on your desired location and proximity to work, subletting allows you to find affordable housing without having to make long-term commitments. A good place to look for sublets is either within a local Facebook community or housing page.

Rental intermediaries such as VRBO offer alternative solutions for short-term housing but can come at higher costs with additional fees included. A way to circumvent this is to reach out to the property manager, explain your situation and ask if they might be willing to offer a discount for stays longer than a typical weekend or vacation rental. While this is completely subjective to the manager, if they are open to working with you and providing a discounted rate, you may be able to find a stable home at a fraction of the price in comparison to booking hotel stays or subletting.

Given the long hours and stress, you’ll likely encounter during your assignment, finding a comfortable space to come home to and decompress is crucial to being successful in the role and ensuring the stability of your physical and mental health. Since housing will be your biggest expense during your time, you might as well plan as best as possible and work towards saving yourself the funds and reducing the stress that comes with the housing search process.

Don’t Be Afraid of Outside Help

Now that you’ve completed the first two steps in creating a budget and finding adequate housing accommodations, you must remain cognizant of your finances and be smart about how you choose to pay for everything. Far too often, people think they need to handle this all on their own, but leaning on outside help can both lower stress levels as well as improve your financial standing. Outside help can mean a lot of different things. Most often, outside help either will come in the form of an outside financial product or leaning on family and friends.

If you become friends with some of your travel nursing peers, looking for housing together can be a resourceful option for reducing your living costs and allocating more money to your savings budget each month. Finding short-term housing with another person allows for twice the reach in your search and provides you with some company at home, rather than living all by yourself or with strangers.

Another option that could provide more flexibility is applying for a personal loan to use for expenses and purchases while on assignment. This option provides you with the necessary funds to use for your needs upfront as opposed to dealing with the credit limits of cards. Loans are the best for longer-term stays as you will make payments in monthly installments that come with lower rates than credit cards and allow for less of a hassle when it comes time to pay your bills.

If you are thinking about applying for a loan:

Make sure that you are only making purchases that are necessary to your living situation. Things like furniture, utilities, or breaking an old lease are what outside financial products should be used for, not a new wardrobe or other impulse buys. And remember, no matter what method you choose, all that matters is that it’s the best for your situation and provides you with the least vulnerability to debt.

A career in travel nursing is both an exciting and fulfilling experience vital to our communities’ health and prosperity. Whether you’re new to the job or a seasoned veteran, planning for a new assignment can prove to be stressful in more ways than one, but with the right attitude and proper financial planning, you can reduce your anxiety and focus better on the job. At hand: saving lives!

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By Marichelle Jamelo

July 12, 2022

3972 Views

Retirement Savings to Consider For Travel Nurses

Posted on July 12, 2022December 27, 2023 by Marichelle Jamelo

401(k) PLANS AND IRAs IN 2022

Unless you’re fortunate to have parents or mentors to teach you how to retire financially independent early on, you’re like the rest of us who learned later in life. It isn’t until we land a nursing job that we discover there are different retirement vehicles, such as employer-sponsored 401(k) plans and IRAs, also known as Individual Retirement Accounts.

The truth is that nurses are experts in medicine, not finances, and it’s ok if you’re hearing the terms 401(k) or IRA for the first time. This article will cover the basics to be better prepared when talking with a financial representative or advisor. And no matter where you are in life, it’s never too soon or too late to start planning for retirement!

WHAT IS A 401K PLAN?

According to Investopedia, a 401(k) plan is a retirement savings or investment vehicle offered throughout the US. It is one of the most recognized retirement plans because many American employers provide it to their employees.

A percentage of your pre-taxed paycheck will go directly into this retirement account. As an incentive, an employer may match a portion of your contribution. A 401(k) contains investments such as stocks, bonds, and mutual funds that help your money grow. You can choose how you want your money invested. You can also consult with your 401(k) plan company representative.

REQUIREMENTS

Start date

Your employer will specify when you can join the plan. For example, you may be able to participate on the first day of the calendar year following the completion of the required year of service.

Years of service

Most plans require 1 to 2 years of service before participating in a 401(k) plan. Some employers determine your eligibility using hours served. Check with your employer’s HR department for details.

Ownership

You may be required to put in one year of service with your employer to be considered 100 % vested. What this means is that what you contribute with your own money is yours, but vesting applies only to the portion of your retirement contributions that your employer matches.

BENEFITS OF A 401(k)

You control your money

You have the flexibility to increase or decrease your contributions at any time. You also can be as aggressive or as conservative as you want.

Employer matching

Your employer may offer to match a percentage or all of your contributions. What your employer matches is essentially free money.

The contribution limit in 2022 for nurses under the age of 50

According to CNBC, the maximum amount you can contribute in one year is $20,500, which is $1000 more than in 2021.

A higher catch-up contribution in 2022 for nurses ages 50 and over

Nurses over age 50 are eligible for catch-up contributions into their 401k. You can contribute additional money up to $6,500 above the $20,500 yearly limit.

Tax advantages

You contribute with pre-taxed dollars, which lowers your taxable income. This means that you may pay less in taxes at the end of the year. Your money also grows tax-deferred, and you don’t pay taxes on it until you retire.

Easy payroll deductions

Having your money automatically deducted from your paycheck makes saving effortless. It’s like how the saying goes, “out of sight, out of mind.”

Portability

The money you contribute to and earn in your 401k is yours and can go wherever you go. For example, if you switch jobs, you can roll it over to your new employer’s 401k plan, roll it over to another tax-deferred retirement plan, or do nothing and leave it with your old employer. You choose! Be sure to check with a financial advisor to see what would be the best option for you.

A 401(k) is a great option to start investing in if you haven’t already. But what if the travel agency you work for doesn’t offer a 401(k) plan? The good news is that a 401(k) plan is not the only option. Another option is an Individual Retirement Account, or IRA can be an option.

WHAT IS AN IRA?

An IRA is a type of retirement savings account that has tax advantages. You can open an account on your own at almost any financial institution, such as a bank, investment company, or brokerage firm. There are two main types of IRAs a Roth IRA and a Traditional IRA.

ROTH IRA REQUIREMENTS AND BENEFITS

Eligibility

You can contribute to a Roth IRA if your income is below a certain level. More specifically, your modified adjusted gross income and you’re filing status will determine if you are eligible. You can check the IRS website for more information. Please consult a financial representative or advisor for more information about your eligibility.

Ownership

Your Roth IRA is yours. You have the flexibility to increase or decrease your contributions at any time up to the maximum contribution limit per year. You also can be as aggressive or conservative as you want.

Contributions

You make contributions with after-tax money. In other words, you use money from your paycheck to fund your Roth IRA. Therefore, there is no immediate tax benefit for contributing.

The contribution limit in 2022 for nurses under age 50

The contribution limit is $6,000 a year if you’re under age 50. Contribution limits typically change every 1 to 2 years.

The contribution limit in 2022 for nurses ages 50 and over

If you’re age 50 and older, you can contribute up to $7,000 a year. Contribution limits typically change every 1 to 2 years.

Taxes

Contributions into a Roth IRA are not tax-deductible.

Withdrawals

A required minimum distribution (RMD) states that you must start to withdraw from your retirement account each year at a certain age. However, there are no required withdrawals until after the owner’s death.
If you’re 59 ½ or older and the account is at least five years old, you can withdraw your money tax-free and penalty-free. Other qualified distributions can be tax-free as well. Please consult with a financial representative or advisor for more information on what is considered a qualified distribution.
Early withdrawals before 59 ½ are taxed as ordinary income, and there is a 10% penalty by the IRS. There are certain instances you can withdraw without being penalized. Consult with a financial representative or advisor for more information.

Growth is tax-free

Your money grows tax-free. Roth IRAs continue to grow through compounding even during the years you can’t contribute.

TRADITIONAL IRA REQUIREMENTS AND BENEFITS

Eligibility

Anyone with earned income can contribute to a Traditional IRA but with income restrictions that differ from a Roth IRA. Please consult a financial representative or advisor for more information about your eligibility.

Ownership

Your Traditional IRA is yours. You have the flexibility to increase or decrease your contributions at any time up to the maximum contribution limit per year. You also can be as aggressive or as conservative as you want.

Contributions

There are some ways you can fund a Traditional IRA.

You can contribute after-tax dollars, but you have to inform the IRS that you’ve already paid tax on those dollars. Please consult with your tax preparer or tax lawyer for more information.
You can roll over other retirement plans, such as a previous employer’s 401(k) plan.

Contribution limits in 2022 for nurses under age 50

The contribution limit is $6,000 a year if you’re under age 50. Contribution limits typically change every 1 to 2 years.

Contribution limits in 2022 for nurses ages 50 and over

You can contribute up to $7,000 a year. Contribution limits typically change every 1 to 2 years.

Taxes

Contributions to a Traditional IRA can be tax-deductible. The IRS website explains when you’re allowed to claim your contributions as a deduction on your taxes. Please consult with your tax preparer or tax lawyer for more information.

Withdrawals

A required minimum distribution (RMD) for a Traditional IRA starts at age 72. Therefore, you must begin withdrawing from your Traditional IRA at age 72. There is a penalty for withdrawing after age 72.
You can withdraw at age 59 ½ or older without restrictions or penalties. The IRS will treat your withdrawals as ordinary income, and it will be taxed.
Early withdrawals before 59 ½are subject to taxes and a 10% penalty. There are certain instances you can withdraw without being penalized. Consult with a financial representative or advisor for more information.

Growth is tax-deferred

Your money will grow tax-deferred. Any earnings you receive on your investment can produce gains of their own, and this type of cycle repeats itself having the potential to make more money. You don’t pay taxes on the growth until you withdraw money in retirement.

The goal is to empower you with some basic information about 401(k)s and IRAs. The good news? You don’t have to be an expert. That’s what financial advisors are for! So remember, no matter where you’re at in your traveling nursing career, you’re in the driver’s seat.

We hope you found these tips for retirement savings for travel nurses helpful.

By The Gypsy Nurse

March 27, 2022

10685 Views

Emergency Fund for Newbies

Posted on March 27, 2022January 26, 2023 by The Gypsy Nurse

So, you want to be a traveler and make the ‘Big Bucks’? The first thing to realize is that Travel Nursing isn’t the ‘cash cow’ that many think it is! Read about some of the other Travel Nursing Myths you should be aware of.

Have a clear vision of the realities

Travel nursing can be an amazing lifestyle and experience but it’s important that you go into it with a clear vision of the realities. Contracts can, and DO get canceled (I’ve had it happen). This can occur for a variety of reasons from a bad fit to the hospital suddenly being over-staffed, budget reasons, or even a manager that just doesn’t like you. Fair? No! Reality? YES!

End a contract early

In addition, emergencies arise that might require you to end a contract early. Family medical issues are the number one reason for this occurring. There is also the issue of sick time, canceled shifts due to low census, and time off between contracts. It’s important to remember that as a traveler, we don’t get sick pay or vacation pay. If you miss work due to sickness or take time off between contracts, it’s up to you to make sure you are financially prepared.

Issues with Pay

As with any company, there can also be issues with ‘pay’. (Know your company’s reputation well!). I’ve experienced hiccups with the setup of my direct deposit, which delayed my pay as well as a couple of various payroll issues where my hours didn’t get transferred correctly. Mistakes aren’t common with payroll but they do happen and when they do, you don’t want to be left without grocery or gas money until it gets fixed!

How do I determine how much I need to set aside for an emergency fund.

There is no set number or amount that would fit everyone’s situations. I always recommend that you have enough in savings to at the very minimum get you back home! Ultimately, the best scenario would be to have a buffer of 3 months worth of financial back-up in addition to what you determine it would take to get you back home. This should be an easily accessible ‘liquid’ account that you can access on short notice.

Unemployment for a traveler

I get asked often if there are expected periods of unemployment for a traveler. As for a steady paycheck….travel positions are abundant right now, especially if you are flexible on the location. You shouldn’t have any trouble staying employed. If you are prepared for those unexpected cancellations and time off between contracts, you should be fine. I’ve personally been traveling for over 9 years and by being flexible on location, I’ve never been without a position when I wanted one. But having an emergency fund set aside in case an emergency arises or you have difficulty securing your next position is crucial.

A good place to start is

Monthly expenditures * Re-employment period (or 3 months) + expenses to return home = Baseline safety net amount
Many of us have traveled without a significant financial buffer but it’s not something that I recommend. For more information on travel nursing, you may want to read through these articles on Contracts.

By Honza Hroch – CreativeNurse

July 4, 2020

22677 Views

3 Travel Nurse Financial Management Tips

Posted on July 4, 2020May 19, 2021 by Honza Hroch – CreativeNurse

Travel nursing is a very demanding profession that can leave little time for anything outside of work and family responsibilities (let alone sleep!). As a result, travel RNs often find themselves scrambling when it comes to personal finances or long-term financial stability.

As precious as free time is, it’s important for travel nurses to take time out to focus on the financial component of their lives regularly, or we suffer the consequences later! To help, we’ve compiled these 3 tips for travel nurses to help manage personal finances more effectively.

Travel Nurse Personal Finances Tips

1.) Don’t do it on your own:

Use a combination of technology and a financial advisor to help get financially organized. Utilize technology to get organized and utilize the help of a financial advisor. There are numerous financial, organizational software programs available on the market. Most of these do a good job helping you to stay organized. At a minimum, you need a program where you can input all of your data and accounts. Additionally, you should have a program where you can link your accounts so that values get updated daily. This will help you see where you are in regards to having enough short-term liquidity, building adequate long-term investments, and all areas in between.

Becoming and staying financially organized will help you transition between jobs and help you stay on track to becoming financially independent.

Now, technology is great, but you will also need some human interaction to help you make the right financial decisions. So be sure to team up with an advisor where technology and human touch go hand in hand. This gives you have someone to call when questions arise and someone who can coach and guide you during both good and bad economic times.

2.) Set up automatic savings plans as a financial platform

It is tough to save money consistently if there is no automatic system in place. Relying solely on having the discipline to not spend all of the money in your checking or savings account can be a difficult and stressful task. On the other hand, it’s easier to have savings automatically allocated towards different accounts every month and have the money taken straight out of your paycheck or out of your savings/checking account. By having automatic deductions in place, two things occur that will ease your mind.

First, new savings and wealth are being built. Second, it gives you the freedom to spend everything left in your checking/savings account. By doing it this way, you will have less stress around what you can afford and what you cannot spend money on, and you know that you are saving for the future.

3.) Don’t stick your head in the sand – be engaged when it comes to your money!

You shouldn’t have to meet with your advisor and talk to your advisor all the time. However, you must be aware of how, where, and why your money is invested the way it is. You must have an investment policy statement and a profile set up that fits with your investment allocations. It’s also important that it fits with your overall financial plan and risk comfort level.

Make sure you talk or meet with your advisor at least two times a year. Make sure that the advisor is aware of job & family changes in addition to any other events that might affect your overall plan.

As a general rule, you should be fully aware of why the plan is set up the way it is. Consider understanding allocations, industries, geographies, etc. This is not only true when it comes to your investments but also holds in regards to:

your insurance portfolio
your debt reduction plan
savings rate (more on this in a future article)
overall financial plan.

2016-25878 Exp. 7/18

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 677 Ala Moana Blvd, Suite,720,Honolulu,HI (808-695-2100) PAS is an indirect, wholly-owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY. CreativeNurse is not an affiliate or subsidiary of PAS or Guardian.

FIND Travel Nurse JOBS

By Honza Hroch – CreativeNurse

February 10, 2019

14178 Views

4 Easy Ways Travel Nurses Can Pay Off Mortgages Early

Posted on February 10, 2019May 6, 2021 by Honza Hroch – CreativeNurse

As a travel nurse, your home will be one of your biggest acquisitions in life, making the monthly mortgage payment a major financial obligation for you.

If you had means of paying off the debt faster or how you can avoid paying a lot of interest on the mortgage, that would be really great.

Anyway, the good news is there are actually ways the loan could be paid off faster. And the payment plan can be accelerated. More good news is that interest charges are remarkably low nowadays. Thus, the cost of the loan isn’t very high and the entire accruable interest paid is lesser compared to the past when interest rates were a great deal higher. The whole reduced rate on interest situation is wonderful because it continues to keep the payment on monthly mortgage lower. In addition, more people are able to purchase houses. And the interest paid on the loan as a whole is not that high. However, what most people are not considering is if the reduced interest rate is creating more problems on the other hand. Has this reduced rate on interest changed how homeowners ought to see the payoff alternatives? That question will be addressed when we’re done highlighting faster ways by which mortgages can be paid.

Here are four ways that’ll ensure you are free from paying mortgages in no distant time. We’ll also discuss one way you shouldn’t fast-track your mortgage payments.

Bi-weekly payments

When you pay half monthly mortgage payment every two weeks. At the end of the year, you would have effectively made an additional full payment. Which automatically reduces the total number of years it would have taken you to pay off the mortgage.

Pay a bit extra every month

Adding a little extra to your monthly mortgage payments reduces the principal. And eventually leads to paying off your mortgage faster as opposed to only paying the least amount required.

Refinance

If possible, refinance to a lesser rate of interest and continue to pay the initial amount. By so doing, you’ll keep within the budget you made originally but you will pay off your mortgage faster.

Switch from a 30-year mortgage to a 15-year mortgage

Changing to a 15-year mortgage enables you to be free from paying mortgages in 15 years. Although your monthly payments will be significantly higher. It offers an interest rate that is lower compared to a 30-year mortgage.

Which method is best for you?

The above-listed instances are all easy and simple methods of paying off your mortgage faster and it is equally a simple means of saving some money as well. However, the question now is if paying off the mortgage is what’s best for you. Whether you choose to switch from a 30-year to a 15-year mortgage or you come to a decision to make extra payments on your monthly mortgage, what matters is that you are content investing your money at the interest rate of your mortgage.

Choose the best option for you

If you’ve got a 4% interest rate on your mortgage and you are also able to get some deductions on tax, think about it and choose if the best option is to pay it off faster. Let’s suppose you put an additional $500 monthly towards your mortgage for the next 10 years. Now, consider taking that $500 and asking yourself what you’d be pleased to get a rate of return over a 10-year period. Also, find out the flexibility, upside potential, and liquidity. If your opinion is that there are more potential benefits somewhere else and that you will be able to get something better than 4% in due course, you might consider other options instead of putting it in your house.

You could also decide to open an account on the side where you can invest your money and take out that money whenever you want. To pay your expenses rather than pay off the mortgage faster. Because interest rates are significantly low now more than ever, it may be smart to accelerate your payments.

Before tying up your funds where it will be hard to access when you need it, make sure you have a savings account with a reasonable amount of liquid money.

Want more information on travel nursing?

Check out our Travel Nurse Guide

By Honza Hroch – CreativeNurse

July 5, 2018

37380 Views

As a Travel Nurse, What Should I Do With My 401(k)?

Posted on July 5, 2018October 12, 2023 by Honza Hroch – CreativeNurse

Many travel nursing companies have 401k plans in place and offer the plan as an employee benefit for their travel nurses. The 401k is a great place to put money aside, and very often, the company may even match the contributions made by the travel nurse, which makes it even more beneficial.

As a travel nurse, though, there are considerations that should be made before participating in the plan. Make sure to check how the matching works and look into how the vesting schedule is set up. The matching is basically going to show what the company will put into your 401k, and it is normally a percentage of your salary and can depend on what you put in yourself. The vesting schedule will show you how long you have to stay with the employer to keep the money they put into the plan. The vesting schedule often follows a sliding scale where you get to keep a higher percentage of the employer contribution the longer you stay. This is important to look at since travel nurses often change jobs more frequently than regular nurses.

How Do I manage multiple accounts?

As you advance your career and work for different employers, you may end up with multiple retirement accounts. This can be difficult to manage and also inefficient. Here are the 4 main options you have to manage your multiple accounts.

Option #1: Cash Out the 401k

You can cash out the account, pay tax and potential penalty on the distribution, and then take that after-tax money and invest it or spend it. This is often not the most efficient or most attractive choice to make, especially if you have a good amount of money inside the retirement plan. The cash out will be added to your other regular income (for the year in which you take your cash out), and suddenly you may end up in a higher tax bracket.

Option #2: Transfer to a new 401K

Do a transfer of the money to your new employer’s new plan if the new plan allows for this type of transfer. From a tax perspective, the tax law encourages transfers between companies and these types of plans. As long as you don’t make any withdrawals, you will not owe any current income tax, and all your old plan money can continue to grow until you begin income from this plan in retirement. As a travel nurse, this may not be the best choice as you may switch employers again.

Option #3: Transfer to a Traditional IRA

You can transfer the money directly to a Traditional IRA set up in your name. Again you have to arrange this transfer between the plan you are leaving and your new choice of IRA provider. In this type of case, you do not receive money, and again there is no current income tax concern. This will often make the most sense since an IRA is your own personal account, and it stays with you no matter where you end up working.

Option #4: Transfer to a Roth IRA

You may transfer the plan money into a Roth IRA if you qualify. In a Roth conversion, you will pay current income tax on the amount that you are converting, and then you can qualify for income tax-free distributions later on. This works as well as long as you follow the rules around Roth conversions.

So what is the best option?

It is not possible to say which option is the best. Things such as current liabilities, short-term savings, age, income, and what else is in place financially will determine the best route. In many circumstances, you will need to do a full financial assessment before making a correct decision. Your financial advisor can help direct you, taking all of these items into consideration.

About CreativeNurse:
The CreativeNurse was created to help nurses make educated financial decisions in all areas of their financial life. We have educational seminars, personal planning sessions, and much more to help you make informed financial decisions.

Securities products are offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 677 ALA MOANA BLVD SUITE 720 HONOLULU, HI 96813, ph# 808.695.2100. PAS is an indirect, wholly-owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY. CreativeNurse is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

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By The Gypsy Nurse

May 25, 2018

43933 Views

Nurse Perks Revealed: Hotel and Car Rental Discounts for Maximum Savings

Posted on May 25, 2018December 19, 2023 by The Gypsy Nurse

Traveling can get expensive, and when it’s your job, it’s important to cut these expenses whenever and wherever you can. One of our Network group members has some ‘insider’ tips and tricks for getting discounts on Hotel, Flight, and Car Rentals.

Hotels want to make money . . .

Provided by: Thelma Okere, BSN RN

It cost way more to have an unoccupied room than an occupied one. When you are negotiating a long-term stay at a hotel, this is the mentality you need to have when going in for *kill*. States such as California, Texas, Arizona are notorious for travel nurses, so guess what? Hotels in these States will automatically try to empty your account and give you a ridiculous rate. Let that all marinate in your minds for just a second.

Tip #1 Expand your search area to 10 Miles
States like CA, TX, and AZ, do not negotiate decent rates close by the hospital. 9 times out of 10, they already know how to get a higher rate (to use all of your housing stipends). If you want a super deep discount, negotiate hotels at least 10 miles away from any major medical facility.

Tip #2 Go UPSCALE
To negotiate rates at UPSCALE extended stays such as Staybridge, Candlewood, Residence Inn, Holiday Inn, Marriott, etc., you contact that hotel and say, “Hi, I need to speak with your sales or marketing director.” Do not negotiate rates with the front desk person. Only the sales and marketing person can give you *HUGE discounts* Be certain to let them know that you are staying for 90 days (or more). Be upfront about the fact that you are a travel nurse.

Tip #3 Be mindful of the city and cost of living
If the original room rate is $100 or more per night at any of these Upscale extended stays, be prepared to negotiate at least $1300 or more monthly. If the rate is below $100 per night, you can pretty much name your price. As a matter of fact, many times they will ask you how much you want to spend. This is no lie.

Tip #4 Pay Attention to the Clues
If it seems like the sales or marketing person is in between yes or no, you can sense it. This is when you might say, “Hey, I will even recommend other travelers here.” Bingo!!!. Please don’t use this until you know they are about to give in.

Tip #5 Extended Stay of America Only!!!
Extended Stay of America is the only hotel chain with a separate number, not corporate, to use for negotiations. This is the number for what is called their “Plus Program” 1-800-398-7829. When you call, make sure you tell them that you are calling to get a rate for the Plus Program and that you are staying 90 days. This rate is pretty much half of half. You have to commit to at least 60 days and have to pay 1 month upfront. They don’t charge your credit card until you check-in.

*FLIGHTS*
The best time to look at and book your flight is Wednesday between 1 am and 2 am. Do not book online. Call the airline directly, and you will be blown away!!!

*First class flights* Always leave out on a Tuesday and upgrade at the gate for $25 to $50 bucks.

*CAR RENTAL* Rent a car for less than $9 A Day ~ THIS IS NOT A MISPRINT ~Go to priceline.com under “express deals,” book a really cheap hotel for whatever city you want a car in, and it will pop up car rental deals. Oh, and by the way, they send these car rental deals to your email daily once you book through express deals on every city you put in your search engine because due to this fabulous technology called the Internet, it has a way of tracking everything you search…

OTHER TIPS
*Vacations* always book at exactly 45 days to go

*Vegas luxury suite* or any nice room in Vegas. When you get to hotel registration, look for the youngest “guy” you can find standing at the counter. Place between your credit card and driver’s license a folded-up tip between $20 and $50 bucks and slide it to them all at once. When they see the money say, “yes, do you have any nice rooms for me?”

Additional TIPS for finding Travel Nurse Housing: 5 Tips to Save Money on Hotels & Housing. Please post to the comments if you have any ADDITIONAL tips, discount codes, or helpful advice!

The Gypsy Nurse has partnered with Hotel Engine to provide Travel Nurses with great discounts on top hotels across the USA. Join FREE through The Gypsy Nurse! Please note: to access, you will need to create a separate membership account with Hotel Engine to enjoy these benefits. Click here to sign up.

Here are four strategies that travel nurses have used to meet their financial goals more quickly.

1. Pick up extra shifts

2. Be open to a variety of assignments

3. Consider RV living instead of renting

4. Take advantage of all possible reimbursements

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