Why Travel Nurses Make More Money
Becoming a travel nurse can offer a lot of attractive benefits that are hard to pass up, starting with excellent earning potential. Travel nurses can in fact earn more than, salaried RNs who work full-time hospital jobs.
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Figuring out how much a travel nurse’s salary compares to a full-timer is a bit more complicated than just comparing pay stubs. Travel nurse earnings break down differently than salaried positions. Essentially, travel nurses work as contractors through an agency for assignments that typically last between 8 – 20 weeks at a time.
So how exactly do travelers earn more than RNs who do shift work? Find out about travel nursing salaries, and how to make more money by taking your expertise on the road.
It’s A Game Of Taxes
For anyone interested in travel nursing, be prepared to get out your calculator and do some number crunching. A good portion or your compensation will usually be tax-free, which is why even without the big base salary of a full-time RN, you can bring in higher earnings.
Travel nurses get a daily rate that covers expenses like room and board, meals, travel, and other costs, and most of time, that is all non-taxable income.
When exploring agency jobs, be sure to find out how the “blended rate” that is being offered breaks down. In other words, how much income is taxable and how much is not. That will help you compare opportunities to decide which one is most lucrative for you.
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Benefits And Bonuses
Even though you’ll be doing contract work, many travel nursing agencies still offer generous health and wellness benefits packages. Travel nursing agencies also sometimes offer matching retirement savings contributions. For the most part, these sorts of benefits will be for longer length assignments, but in order to attract more talent, agencies are offering an array of perks.
Another income boost for travel nurses comes from bonuses. Some employers offer a sign-on bonus, while others might offer completion bonuses for when your contract is up, or extension bonuses if you stay on longer if needed.
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How To Make Even More
Travel nurses that earn the most are those who are willing to take assignments in high demand areas where a nursing shortage or a limited talent pool exists. Being willing to take work in less popular cities or regions, or filling a unique need will make employers more willing to offer higher competitive wages.
In addition, choosing a location in which the cost of living is lower than a big city can help stretch your earnings even further. You could essentially find a low cost apartment, or even share expenses with a roommate, and then have extra money left from your stipend.
Agencies also tend to reward travel nurses with better offers if they can be ready to start a new job at a moment’s notice, since many positions must be filled quickly. Making it known that you are available to start right away can be a great way to make yourself more marketable.
Another way to make top dollar is by working with multiple companies. Some companies have lower hourly rates and higher stipends or vice versa. Bonuses and benefits will also vary from company to company so it is in your best interest to work with multiple and compare offers.
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In essence, the harder to fill a position is, the better the compensation will be. By making yourself available and willing to travel to any destination you can qualify for the best paying travel nurse jobs.
