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.
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.
Nursing is a rewarding career that provides more than 3 million registered nurses (RNs) in the United States with various workplace choices and good salaries.
According to the 2016 U.S. Bureau of Labor Statistics report, the median nursing salary for R.N.s is $68,450 per year. The job growth rate between 2014 and 2024 is expected to rise by 16 percent, higher than the average for other occupations.
Although compensation is not the primary driving factor for most nurses who enter the profession, there are several options for R.N.s who want to make extra money as nurses.
Nurses can choose immediate or long-term options, ranging from taking nursing side jobs or travel nursing assignments to advancing their education for future opportunities.
Where Do the Majority of Nurses Work?
The country’s 5,564 hospitals employ the majority of R.N.s. However, changes in healthcare delivery in recent years have resulted in earlier patient discharges and a growing number of nursing jobs outside the hospital setting. For instance, more chronic illnesses are now handled in outpatient clinics.
In addition to acute care, nurses can work in outpatient ambulatory care, community health agencies, physicians’ offices, skilled nursing facilities, home health, and other environments.
Nurse salaries can vary widely because of location, working environment, specific job responsibilities, and individual nurses’ qualifications.
How To Make More Money As A Nurse
1. Complete your BSN degree.
Research by the American Association of Colleges of Nursing found that 79 percent of R.N. employers prefer to hire nurses with a bachelor’s of science in nursing (BSN) degree as entry-level employees. There also appear to be greater advancement opportunities for BSN-prepared nurses.
Magnet hospitals and those pursuing Magnet status must demonstrate that most of their nurses have BSN degrees or are on the educational path to earn this degree.
Some hospitals will offer nurses tuition assistance or student loan repayment, based on their commitment to continue their employment for a certain amount of time.
Today’s traditional and online BSN programs are designed to meet working adults’ professional and personal needs.
2. Pursue experience in a nursing specialty.
Decide on a nursing specialty that will meet your professional and personal goals, then complete certification courses to increase your knowledge and skills. Certified nurses have a better chance to earn the top pay in their field.
Some nurse specialties also offer better compensation than others, so doing some research early in your career may help you decide which path to pursue.
3. Volunteer to work overtime on occasion.
Working some overtime not only provides more money-making opportunities but can show management you’re a team member who’ll pitch in when needed. However, too much overtime can lead to fatigue or burnout, so set reasonable limits to guard yourself and your patients.
4. Get an advanced nursing degree.
Earning your graduate degree is one of the surest ways to make more money as a nurse, either as an advanced practice registered nurse (APRN), nurse manager, or other professional.
APRNs require a master’s degree and lead to more independent practice as either a nurse practitioner (NP), certified registered nurse anesthetist (CRNA), certified nurse-midwife (CNM), or clinical nursing specialist (CNS). CRNAs make the highest average salaries among all APRNs, averaging close to $160,000, according to the U.S. Bureau of Labor Statistics.
Other career choices with master’s or doctoral degrees include working as a nurse educator or nurse researcher or climbing the healthcare administration ladder.
5. Get creative with nursing side jobs.
When deciding how to make extra money as a nurse, some savvy R.N.s find that nursing side jobs can help them achieve their goals. Such extra opportunities might include:
Working per diem shifts on one of your days off
Teaching patients how to use medical equipment at home
Providing care for homebound patients
Tutoring nursing students online
Working as a camp nurse during weekends or vacation breaks
Writing blogs or other content for nursing publications
Giving flu injections at doctor’s offices or special clinics
Teaching patient education classes
6. Become a travel nurse.
Experienced nurses with recent experience in their specialties can earn excellent compensation as travel nurses. Travelers work temporary contracts in their choice of locations around the country, and their travel nursing agency covers most of their expenses.
The shorter-term, critical staffing assignments offered by NurseChoice are some of the highest-paying jobs in the travel nursing industry. Employment benefits include a contracted nurse salary, free housing, bonuses, travel reimbursements, health insurance, 401K, and other standard employment benefits.
If making more money as a nurse is one of your top priorities, ask your nursing recruiter to connect you to the best-paying assignments.
Are you looking for your next or first travel nurse assignment? Click here to view our job board. Need to find housing for an upcoming assignment? Click here to search our housing page.
If you are a new travel nurse or looking into becoming a travel nurse:
Throughout you career as a nurse, chances are that you’ll probably have the opportunity to partake in a variety of retirement plans either by setting up one yourself or by working for different employers.
Some of the major areas capable of creating income for you when you retire will be discussed in detail:
401(k)
This is a plan established by your employer which enables you to have some money removed from your salary automatically and put into the plan. Many travel nurse agencies will match a percentage of the amount you deposit. This makes a 401K a great option for nurse retirement income as travelers.
401(k) plans permit you to put off paying your taxes pending when you begin to make withdrawals except if your employers offer a Roth option in which taxes are paid up front. In addition, some 401(k) plans allow you borrow funds from your plan assets however, you must wait to clock 59.5 years before you will be granted access to the money. If for any reason you wish to make some withdrawals before the age of 59.5, there are additional tax penalties that must be paid. Understanding the plan fully is very vital as well as knowing that taxes are only deferred to the future when not paid up front.
Pension
Luckily for some employees, employers set up a pension for you where money is paid in monthly. A pension provides an income stream in retirement and is also a wonderful addition to every account you own. A pension account is hugely beneficial but only a few companies still provide pensions, most of them don’t. There are lots of decisions to make prior to getting your pension. More often than not, you must decide if this income stream will last throughout your lifetime only or if you’d like to include your spouse in the plan. Unfortunately for travel nurses, pensions aren’t a viable option for nurse retirement income.
IRA
This is an individual retirement account which can be created and you get to deposit funds into it provided that you earn an income. There are limits on income which determines if you qualify to put in a contribution that is deductible. The IRA is very similar to 401(k) in that it has a Roth option which allows you deposit money into the plan after taxes have been paid and then grants you access to withdrawals that are free from being taxed in the future.
Social Security
Here’s how social security works; while working, you are paying money into the collection of funds continuously which entitles you to receive funds from the program every month when you retire. The age at which you can begin your social security income varies and the later you begin to withdraw, the higher you can earn. The standard age of retirement to earn benefits from social security is 66 years however, withdrawals can be made as early as 62 years or as late as 70.
Annuities
Annuities are very similar to pension and also a great means of generating a lifetime income stream for those without pensions. This comprises an accumulation and distribution phase where money grows and an amount is paid out monthly to the annuitant on the plan. The sum of money paid out is dependent on the amount of money accumulated inside of the plan and also on annuitant’s age.
Real estate
Real estate can also serve as another source of income when the income gotten from rent is more than the mortgage paid or if the mortgage has been paid off completely. This income stream will keep bringing in money for you and your family pending when you make a decision to sell off the property. Real estate that generates income is great provided that you’ve got the energy required to care for the property or you can employ somebody to help manage it for you.
Regular investment account
Having a regular investment account in addition to IRA and 401(k) can be of huge benefits. A general investment account is not affected by tax rules and is built in the conventional retirement plans. When you have some money invested outside of the plans that qualify for tax, it makes it possible for you to withdraw money before age 59.5 with no tax penalty. It will also provide you more flexibility around planning your tax and around when you are ready to retire.
Cash Value inside of life insurance
In addition to the death benefit, several permanent life insurance policies have a cash accumulation account which grows with time. The cash accumulation inside of life insurance policies grows on a tax postponed basis and although its growth is not as quick as money invested in the stock market, it’ll make a wonderful addition to your retirement plan. The assurances behind some of these policies give one the confidence that no market corrections will happen within the policies and so we can establish a more predictable future.
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Variable annuities and their underlying variable investment options are sold by prospectus only. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other information are contained in the prospectus or summary prospectus, if available, which may be obtained from your investment professional. Please read it before you invest or send money.
Chances are you became a travel nurse because you wanted a job where you could help people in need and see the country (or the world). But along with the rewards of traveling comes the responsibility of securing travel nurse housing and hotels. Travel Nurse housing can get expensive. Figuring out where and how to save money on hotels and housing while traveling is always a challenge.
5 Tips to Save Money on Travel Nurse Housing:
1. Use a hotel booking site for Healthcare Travelers like Hotel Engine
Hotel Engine offers rates that frequently beat Kayak. As one of the first members-only hotel booking platforms, they can offer lower rates than leading travel sites. And you’ll be pleased to know that membership is free.
2. Search for apartments for long-term stays
You could go with the accommodations provided by your travel nursing agency, or you can select housing on your own. And if you can find a rate lower than the stipend you are being offered, that means extra money in your pocket!
Furnished Finder is a great option for your travel nursing housing needs.
3. Choose an Extended-Stay Hotel
Extended-stay hotels feel a little bit more like home than regular hotels, but they often have amenities that more apartment-style accommodations don’t. For example, many Residence Inns by Marriott provides free hot breakfast every day as well as light dinners (with beer and wine included) a couple of nights each week. For long assignments, many travel nurses find that extended-stay hotels strike a nice balance between the comforts of home (e.g., a kitchen so you can cook for yourself) and the conveniences of a hotel (someone still cleans your room every day). You can book extended stays via plenty of sites like Priceline, Hotel Engine, or Kayak.
4. Join Loyalty Programs
With the myriad choices available today, hotels are competing hard for repeat customers, and even budget hotels are getting into the loyalty rewards game. But most of the really excellent perks don’t kick in until you become an elite member. As a travel nurse who spends many nights per year in a hotel room, you can reach the elite levels very quickly, which means discounts, upgrades, freebies, and more. Many hotel loyalty programs also let you redeem your points for other types of travel, shopping, and dining. You name it.
When it comes to rewards programs, we recommend a nice mixture of the best cards, the best hotels, and the best booking site.
5. Call the Hotel Directly
With the amazing convenience of online booking, most people never even think to call the hotel directly. But many hotels are able to offer deals to individual customers over the phone that they could never offer publicly online. So, if you are looking for a place to stay for several weeks and don’t see a price you like, try calling directly. Anecdotal reports from traveling nurses around the Web suggest you can save up to about $7 a day this way.
The trick to saving on hotels during your travel assignments is to book smart. These tips will help you find a great rate on a great room, meaning you have extra money to enjoy exploring wherever you are! Do you have tips for finding great deals on Hotels & Housing? Please share them in the comments below.
How you spend your money depends on where you live. A dozen eggs in Denver might be more expensive than the same dozen eggs in Dover. For travel nurses, the cost of living changes is an important factor to consider when taking on new assignments in different parts of the country.
What is the “cost of living”?
It refers to the amount of money it takes to maintain a standard of living and cover basic needs, including food, housing, health care, and taxes in a particular location. Supply and demand of products, the minimum or average wage, and tax laws in different states affect these costs.
The cost of living will change further based on where you live within a particular state. A more crowded, popular city such as Los Angeles will likely cost more to live in than a rural town in northern California.
The amount of money you make will be directly tied to your cost of living. While a salary might be considered great in a place where it is low, it might not be enough to make ends meet in another location.
You can easily see how the cost of living affects travel nurses’ decisions regarding financially beneficial locations.
The relationship between the cost of living and your stipend
One of the main components of the cost of living in the rent in a given area. As a travel nurse, you will be given options for housing that can help alleviate the different costs of living you may encounter.
If you meet the stipend requirements, your pay package will include a tax-free housing stipend intended to cover housing costs while you are working. Your stipend will be based on the General Services Admission (GSA) per diem rates — the maximum travel expense reimbursement allowance for federal employees — for that area. Places with a higher cost of living generally have higher per diem rates.
Since the stipend rates are based on the GSA rates, which are based on location, your stipend will help cover the cost of living for that area. Alternatively, travel nurses can opt for provided housing from the agency, selected and paid for by the traveler.
Be prepared — It might take you by surprise.
The cost of living in your temporary location may shock you positively or negatively. The cost of groceries, restaurants, entertainment, gas, and even basic items such as toothpaste can vary greatly. To prepare yourself before a new assignment, use an online calculator that can provide the cost of living estimates between your current and new location. Knowing in advance how the cost of living affects travel nurses can help you make an informed decision. To return to our earlier example regarding eggs in Dover, Delaware, and Denver, Colorado. The average cost of a dozen eggs in Denver is 12 cents higher. But the cost of eggs isn’t as big of a difference as rent. The average rent in Denver is over $400 more expensive per month!
Shocking? You’re in for an even bigger surprise if you’re heading to the Big Apple from a smaller town. The average monthly rent in the Manhattan area costs $3,984.33, compared to just $696.33 in Wisconsin Rapids, Wisconsin. You can expect to pay at least $1 or $2 more for most grocery items in New York, as well.
Staying prepared is an essential part of being a travel nurse. Fortunately, with the right staffing agency behind you, you’ll be able to navigate the changes more easily.
Are you looking for your next travel nurse contract? Check out these jobs from Health Providers Choice.
Making informed choices on investments as travel nurses often get overlooked.
Gypsy Nurses, your travel nursing career provides a tremendous amount of freedom and variety; you can explore new places, meet new co-workers, and control many aspects of your daily routine. However, as much as you may love being a Gypsy Nurse, that doesn’t mean you’ll want to do it forever.
Retirement goals are significant to travel nurses who look forward to spending more time with loved ones and a slower, more relaxing pace. So, you need to plan for retirement sooner rather than later to help ensure you get there and enjoy it!
Consistent Funding is KEY
Most retirement planners agree that it’s not the amount but regular, consistent funding that’s the key to successful retirement savings.
Some quick math: You might be surprised at just how much you can save with a steady plan.
For example: if you’re 25 years old and contribute $50 a paycheck with 26 paychecks per year, at a retirement age of 65, your retirement account balance could be worth $277,692. Increase that contribution to $60—that raises the potential balance to $333,231. These scenarios assume a very conservative 7% rate of return on your investment and are by no means a guarantee, but it’s important to understand the impact proper planning can have. While it’s certainly better to start saving early, understand that it’s also never too late to start saving for retirement – don’t give up if you’re an “older Gypsy” and haven’t started – now is the time!
Choosing the correct retirement vehicle is also critical in your planning.
With many agencies touting their 401(k) plans as retirement savings vehicles, you also need to take a hard look at what these plans can mean for you and your specific situation. The 401(k) plans the agencies are marketing often sound very attractive, yet if you take some time to read the fine print, the reality may surprise you.
In fact, after interviewing financial experts regarding 401(k) and IRAs as options for travel nurses, we found that a traditional IRA may be the smarter choice than a 401(k) for most travel nurses. Why? An IRA provides a convenient, effective, hassle-free way to manage your retirement account, regardless of who your employer is.
Here are some basic facts and realities of 401(k) and IRA plans we pulled together to help you sort through the noise out there:
Overview of IRAs and 401(k)s
Traditional IRA and 401(k) plans are the most popular types of retirement savings accounts that let the individual make “tax-deferred” contributions to the account. Tax-deferred means that you are not required to pay Federal income taxes on the money contributed to the savings account, but you’ll have to pay taxes on it later when you withdraw it upon retirement.
Investment companies typically administer these accounts so that the employee can invest the money in any number of available investment vehicles. All investment vehicles have some degree of risk associated with them and varying rates of return. Similar options are available for both 401(k)s and IRAs.
401(k) Matching Myths
Fact:
Many travel nurse staffing firms often hype the “matching” component of the 401(k) plans they offer. This means the agency will match the contribution up to a predetermined amount, dollar for dollar. For example, the agency could contribute $1 for every $1 that the employee contributes, up to 3% of their annual salary.
Traveler Reality:
Unfortunately, these firms rarely mention that most travel nurses don’t work at one agency long enough to meet the “vesting” requirements for matching funds. A “vesting period” is the period before the employer contributions are actually owned by the employee and can often be years long. For example, if the agency has a 2-year vesting period and you switch agencies after 1 year, you will forfeit the $1 for $1 employer’s match. These vesting periods are often unrealistic for travel nurses because they may change companies to secure specific job assignments.
Additionally, some agencies fail to make you aware that there is a “wait” period that requires some time frame of continuous employment before you can participate in the 401(k) program as well as any matching benefits. You may not even be permitted to take advantage of 30 – 90 days out, nearly the length of the assignment.
Retirement Plan Management 101
Fact:
Since you may decide to switch agencies over the course of your career, you may quickly end up with several 401(k) accounts that require attention. Managing these diverse accounts can get cumbersome as well as expensive. All of them will have some administrative fee associated with them. You can “rollover” the previous 401(k) to the 401(k) of your new agency, and you can also cash out or transfer to a traditional IRA.
Traveler Reality:
Many agencies don’t mention that additional fee are associated with certain actions that quickly lower your investment balance. For example, there are fees to transfer money out and taxes and penalties to cash out of your 401(k). The IRA for a retirement vehicle provides all the tax benefits of the 401(k) as well as the flexibility to fund it no matter which agency you work for or how many times you change; you carry it with you regardless of your employer or career choices. This means less paperwork, and it also avoids fees, both internal and external, for administration and transfer that are incurred if you have a 401(k).
Making Sense of Contribution Caps
Fact:
There is an $18,000 annual contribution limit (note: some plans have a “catch up” component that enables those over 50 years of age to contribute more) to the amount of money you can contribute to a 401(k) plan. In addition, there will often be a limit to the amount an agency will match in their program that’s dramatically lower than $18,000. Furthermore, there are investment limits to an IRA account. This is based on several factors, including your income. In general, the limit for IRA contributions set by the IRS is $5,500 for the 2017 tax year, with an additional $1,000 contribution allowed if you’re over 50.
Traveler Reality:
Data suggests that the IRA contribution caps do not impact most travel nurses. Most travel nurses don’t reach the maximum amount in their typical investment behavior. For example: using our $50 per paycheck example, this adds up to $1,300 for the year. It’s important to clearly understand if the cap is a practical issue before giving up all the benefits and flexibility of an IRA account.
The Gypsy Bottom Line – IRAs are a Better Choice for Most Travel Nurses
Many travel nurse staffing agencies are vigorously marketing their 401(k) plans, but these are filled with rules and restrictions that quickly diminish the overall value and convenience of a 401(k) and can make them poor choices as an investment vehicle for most travel nurses.
IRAs are a better retirement funding choice for most travel nurses. Here’s why—most IRAs provide:
Ownership: you can take it with you if you change employers with no paperwork No waiting period 100% vested on day one Automatic payroll deduction even if you switch agencies Options to save on a tax-deferred basis Simplified management Plans that can stay with you for the long term The ability to minimize fees
It’s possible to put your retirement within reach. Most importantly, our advice for travel nurses is to start saving as soon as possible. Carefully think about financial goals, and seek an agency that offers payroll-deducted IRAs.
We hope you found this information helpful. The Gypsy Nurse welcomes your comments, insights, or experience with these retirement plan options. Please share your comments here below – we would love to hear from you!
NOTE: The Gypsy Nurse is committed to serving the needs of today’s travel nurses. Our goal is to provide topical information and general guidance to our community. This information is not intended to replace that of a trained financial advisor. We strongly suggest that you consult with a certified professional to discuss your specific circumstances, retirement goals, and options.
In Step #14 of the travel nurse guide, we discussed knowing in advance what your bank allows and doesn’t when it comes to traveling. This is an important and often overlooked step. Now let’s take a closer look at the banking aspect of Travel Nursing.
Travel nurse banking should be a non-issue, right? Wrong. There are multiple potential complications for the travel nurse when it comes to banking.
You should consult with you bank before you leave home and cover these basic questions:
Is there a local branch at my assignment location?
Does the bank offer online check deposit?
Will I incur ATM fees and are they refundable?
Are my withdraw limits something that I can live with?
How do I resolve Fraud Alerts/blocks on my account?
If my bank cards are lost or stolen, what information will I need to obtain a new card?
Does your bank offer free online bill pay?
It doesn’t happen often but what happens if your company didn’t get your direct deposit set up on time for your first paycheck and you are issued a paper check? Receiving a paper check and having no local branch can be frustrating. This issue has been resolved in most cases by the mobile apps that are now available for check deposit. Find out if your bank offers this as an option.
There isn’t a local branch or ATM. How do you handle the ATM fees? ATM fees can add up quickly. Some banks will refund these as a curtosey to customers on a monthly basis. If your bank doesn’t refund these fees, there are other options. Most department stores ie Wal-Mart, K-Mart, etc. will allow cash back with no ATM fee with a purchase. This option however depends on you making a purchase in order to avoid bank fees.
I recommend talking to your bank about their ATM policies and considering if the cost is avoidable. Your bank may have ‘partner’ banks in the area that you are unaware of. If your bank doesn’t offer a way to avoid these fees, figure out in advance how you will deal with withdraws. There are several options available:
– Budget and plan your weekly expenses so you only have one ATM withdraw weekly.
– Assess you need for additional cash EVERY time you make an ATM purchase and have an opportunity for a fee-free cash withdraw.
– Find a different bank option that will allow no ATM fees
Do you know what your daily withdraw and purchase limits are? If your wallet is lost or stolen you will want to minimize the potential amounts that would be available to a thief. If your bank has automatically set your withdraw and purchase limits, they may be well above what you even need. Find out what the limits are and determine if they can be lowered. If you rarely make a purchase above $500, there is no need to have your purchase limit set at $1500. If your maximum cash withdraw is never above $200 then change this as well.
When I initially called my bank to have my limits lowered they were floored. They couldn’t understand why I wanted my limit lower and not higher. I live pretty frugally day to day and the limits were way over what I would ever need on a routine basis. I explained to the bank that if my wallet was stolen I would rather the thief only be able to hit my account for $500 instead of $1500 and they began to see my logic.
What happens if I lower my ATM/Withdraw limits and need to make a purchase or withdraw that is over my pre-set limit?
If you have analyzed your spending habits thouroughly and have set an appropriate limit, this should happen only rarely. This is very easy to adjust while on the road. Simply phone your bank and ask for a one-time withdraw or purchase. The bank should be able to set this up right away and you’ll be on your way to big spending.
In addition to minimizing your potential losses if your bank cards are stolen, having a lower limit will cause you to contemplate any large purchases. It’s a great way to curb any impulse spending.
Have you ever been standing at the check-out line with a full basket of groceries only to have the teller inform you that your card was denied? As a service to it’s customers, banks will place automatic holds on your account for any suspicious activities. It can be frustrating if this happens but it’s important to remember that this is for your protection. Help the bank help you by communicating with them. How were they to know that you were going to be living in Seattle for 3 months? If you have never had transactions from the opposite coast and suddenly you have 10 of them, this will set off a fraud alert and lock you out of your account until it’s resolved.
This has happened to me and beyond the annoyance of having to figure out why, it was the pure embarassment of the situation that stands out in my memory. You can’t totally prevent this from ever happening but you can reduce the potential. All it takes is a simple call to your bank and inform them that you will be traveling. They will need the dates of travel as well as the locations. Don’t forget to include any surrounding states or areas that you think you might want to explore while on contract.
What do I need to know if my wallet is stolen while on contract? I’ve had my wallet stolen only once while on contract. I happy that it was only once but it was a near nightmare to deal with. Along with the fear that goes with any theft, there was a myraid of things that were just difficult to deal with gettiing replaced while away from home.
Banks will NOT mail your new bank card to any address other than your primary address listed on your account. This is important to know especially if you only have one bank. My first recommendation is to always have two banks and have them linked together. If your ATM card is lost or stolen, you can easily transfer money to the alternate bank and at least be able to buy gas and groceries until you receive the new card.
Have a back-up credit card or savings account in case of emergency with enough available balance to cover anything unexpected.
NEVER keep all of your cards in the same place. Having two accounts will do you no good if they are both lost or stolen.
Depending on how you have set up your mail, it could take a week or two to receive your new bank card in the mail. What would you do if you couldn’t access your account?
You should always have important banking phone numbers available. It’s a good idea to make a paper or digital copy of the front/back of all of your credit cards and save in a secure location in case of theft/loss.
Is online bill pay an option? The advantages of online bill pay for the traveler are tremdous. I have utilized online bill pay for several years now and can’t imagine going back to paper bills. As travelers, receiving mail can be timely. By the time you have received a bill it may be just days to a due date. If your like me and don’t read your mail quickly, you could easily be facing paying something late.
There are many options available for online bill pay. From fully automated scheduling to single payments. Once you have set up the online bill pay schedule that you are comfortable with, it can nearly eliminate not only the paper piles but also the monthly headaches.
Are there other questions that you have regarding banking while on contract? Do you have tips to add to the list above?
If you’re grappling with the high costs of your school loan for your education, there are many programs available through a series of Federal and State-based financial assistance programs. These benefits can be determined based on the area in which you live, position (whether you are an RN, or a Nurse Practitioner, etc.), and level of education. In this series, we’ll look at some of the most popular programs.
Below are some basic guidelines around the Federal NURSE Corps Loan Repayment Program (NHSC). In short, repayment benefits are paid based on your length of service. However, there are many requirements and restrictions that apply. Please be sure to investigate the options thoroughly to ensure you are eligible and can take advantage of forgiveness benefits.
The NURSE Corps Loan Repayment Program (NHSC)
By definition, the NURSE Corps Loan Repayment Program enables dedicated registered nurses committed to caring for underserved people to serve in hospitals and clinics in some of America’s neediest communities, improving the lives of their patients and transforming their own.
Benefit Overview:
For 2 years of nursing service at a qualifying facility, the Federal Government will pay off 60% of your qualifying nursing school loan
For 1 additional year of nursing service, the Federal Government will pay off another 25% of your original loan balance
Service obligation at one of the thousands of eligible nonprofit hospitals, clinics, nursing schools and other facilities located in designated mental health or primary medical care Health Professional Shortage Areas across the U.S.
Results
Funding preference is based on your financial need and the facility where you work. According to the U.S. Department of Health and Human Services, in FY 2015, the NURSE Corps Loan Repayment Program:
received more than 6,000 eligible applications,
made approximately 600 initial awards to RNs and advanced practice registered nurses working at Critical Shortage Facilities and
gave out more than 1,110 initial awards to nurse faculty working at eligible schools of nursing, awarding a total of $39.7 million.
95% of those awards were made to RNs and advanced practice registered nurses working in Health Professional Shortage Areas (HPSAs) with scores of 14 or higher.
This program will open again for applications in early 2017.
Most people try to get wealthy through quick schemes, gambling, lottery, or hoping to inherit some money in the future. The possibility of acquiring wealth through these means is almost non-existent. The truth is that most people can acquire wealth if they can follow basic guidelines and discipline. The challenge is that there are different obstacles and distractions along the line. So, staying clear is very important.
These problems might be:
Lack of discipline (living outside of your budget), personal and consumer Inflation as well as having an overall financial plan.
Lack of Discipline
How disciplined are you when it comes to your financial plan? Do you feel satisfied that you are saving and investing every month/year?
Most people lack discipline of following a path of savings and investing and therefore they never reach their goals and objectives. Understanding the impact of starting early and knowing the right amount of new savings will help start the process.
As soon as an individual/family begins to build savings for their short, mid and long-term goals, they may be on the road to becoming wealthy. Relying on unusual rate of returns or on a possible inheritance only discourages new savings and encourages people to live beyond their means.
Personal Inflation
All goods and services tend to become more expensive over time and according to www.BLS.gov, $1,000 in 1995 would have the same value as $1,560 of today. This means that goods and services over the last 20 years increase cumulatively by 56%. This is one type of inflation but there is also personal inflation which involves improved lifestyle, new technology gadgets that are replaced every 2 years, and maintaining the lifestyle of friends and neighbors. If you can control these roadblocks, you will be closer to becoming wealthy in the future.
With systematic savingsin place, understanding your goal of each savings/investment account and sticking to the plan will give you financial success.
There are other aspects involved when developing a financial plan that will create wealth for you and your family. One of these areas involves being certain that unexpected life events such as loss of job due to sickness, premature death or market corrections does not stop your goals and dreams.
Happy Nurses Week 2025! We’re so grateful for all that nurses do—every single day. This week is all about you, and we’re excited to celebrate with a giveaway! Need more details? Visit our Facebook page.
Ownership: you can take it with you if you change employers with no paperwork
