Nursing stands out as a promising career path for its job security, flexible work options, and opportunity for salary advancement. Beyond the intrinsic rewards of providing care, nurses enjoy a range of financial benefits that contribute to a secure and lucrative career. From competitive salaries to diverse career opportunities, though there may be various pros and cons of being a nurse, let’s explore the financial rewards that make nursing not just a vocation of the heart, but a smart financial choice:
5 of the best benefits of being a nurse
Regardless of career stage or specialty,it’s possible to take advantage of financial perks of being a nurse in these five different areas during their career.
1. Ability to set salary goals throughout your nursing career
Stability and predictability around salary means you could set clear goals and expectations for your income at each career stage. Nursing students that become Registered Nurses (RNs) could begin earning salaries that typically exceed the US average salary. Overall, RNs earn an average annual salary of $89,010,
Note that factors such as location, practice setting, specialty, certifications, and experience could make nursing salaries vary significantly by state and metropolitan area.
2. Build a high-earning career path with an advanced degree
In addition to predictable salary growth, you may have the potential to increase your salary further by obtaining an advanced degree within a specialization like cardiology or psychiatry.. In recent years, RN salaries have increased significantly, with Advanced Practice Registered Nurses (APRNs) receiving the highest increases.
Generally, the higher the degree, the greater the compensation level. Master of Science in Nursing (MSN) degree holders could earn a national average salary of $145,470, according to nursingprocess.com.
3. Build wealth with competitive benefitsWhether you’re employed by the government, a non-profit, the private sector or yourself, nurses have a variety of strategies for building wealth, investing for retirement, and saving for major financial milestones. Depending on your employer, you may have access to retirement benefits such as a 401(K), 457(b), 401(a) or another fund. It’s never too early in your career to take time to understand the retirement plan options available to you through your employer or union. Learn more about How Nurses Can Save for Retirement here. Nurses can also take advantage of savings on their favorite everyday products through programs like Laurel Road Perks! for Nurses. As a member, you could access exclusive discounts on premium brands, subscriptions, and services that save you time and money, and help keep you healthy at home or on-the-go. 4. Take advantage of condensed work week and options for overtimeCompared tonine to five desk jobs with rigid schedules, the flexibility in scheduling that may comewith nursing could open the door to financial benefits that may not be so obvious. A condensed work week may give you the ability to pick up extra shifts and significantly increase your salary through accruing overtime hours.A condensed schedule may also offer the possibility to save money on commuting costs and child-care or pet-care. 5. Enjoy lower debt vs. income – compared to other healthcare professionalsCompared with other healthcare professionals and specialties, RNs have the potential to take on less student debt and reach their earning potential within a few years of education and training. While APRN careers may require more years of training and potentially more student loan debt, there are still ways to maintain a lower DTI overall. Watch this quick-hit video to learn more about calculating your DTI. Carrying less student loan debt overall could give you financial freedom to start “living life” sooner. With additional programs such as loan forgiveness for nurses or student loan refinancing, you couldmanage and pay off your nursing school loans faster. Perks of being a nurseThough there are various financial benefits of being a nurse, the reward could extend beyond the paycheck. Nursing provides the chance to make a positive impact on the lives of others. With these tips in mind, as a nurse, you could enjoy both the financial benefits and beyond. |
In providing this information, neither Laurel Road nor KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.
SOURCES:
https://www.aha.org/lettercomment/2022-03-01-aha-provides-information-congress-re-challenges-facing-americas-health#:~:text=According%20to%20Bureau%20of%20Labor,shortage%20to%201.1%20million%20nurses.
