Happy Lunar New Year!
or should I say " I hope you get rich" this year!
This newsletter is about making more money this year because as you know, one of the biggest factors in building wealth is increasing your income. I found that there are so many ways to do that within and outside of nursing.
New grad Ellaine would've never thought of making six figures as a nurse-- but truth be told, as soon as you shift your mindset to that of abundance, you will realize that your potential and the opportunities are limitless.
Back in 2011, I was making $60,000 as a nurse, fast-forward 14 years, I am making a good amount of money using my degree. Here are some of the ways I have made more money and how you can make more income as well:
Check out my Youtube Video: How to Make $300k as a Nurse
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1. Work in High-Paying Locations
Geography matters when it comes to nursing salaries. States like California, New York, Massachusetts, and Texas often pay nurses significantly higher wages due to cost of living, demand, and legislation.Changing where you work can make a difference in your income as a nurse.
- Travel nursing is another lucrative option, with contracts often paying $3,000-$6,000 per week.
- Consider working in underserved areas or facilities offering bonuses and student loan repayment programs.
2. Advance Your Education
Higher education opens doors to leadership and advanced practice roles, often accompanied by substantial pay increases.
Specialization is one of the quickest ways to boost your earning potential. This is what I did.
Advanced practice roles such as Nurse Practitioners (NPs), Certified Registered Nurse Anesthetists (CRNAs), and Clinical Nurse Specialists (CNS) command high salaries due to their advanced training and expertise.
3. Pursue Overtime, Per Diem, and On-Call Work
One of the perks of nursing is the ability to pick up extra shifts. By strategically taking on overtime or working per diem, you can significantly boost your annual income.
- Many nurses make an additional $50,000-$100,000 per year by working extra shifts.
- Hospitals often pay premium rates for holidays, weekends, and on-call coverage.
4. Leverage Entrepreneurial Opportunities
Nursing entrepreneurs are carving out unique paths to financial success. Nursing provides a lot of skills that can be transferrable to being a business owner.
Speaking and consulting: Nurses with experience can earn thousands per event or project by sharing their knowledge.
Open a practice: In many states, nurse practitioners have full practice authority and can open their own clinics.
Start a business: From staffing agencies to wellness centers, you can have built thriving businesses using their expertise. You can do this as a side hustle as you work your full time nursing jobs.
5. Maximize Benefits and Negotiate Contracts
Beyond your base salary, the right benefits and contracts can significantly impact your income. You really have to factor in education hours, CME, vacation, PTO, pension, retirement match when it comes to thinking of your income.
- Negotiate sign-on bonuses, relocation assistance, and student loan forgiveness.
- Seek roles offering retirement matching, stock options, or continuing education stipends.
6. Build Multiple Sources of Income
Relying solely on your paycheck limits your earning potential. You can leverage your skills and expertise to generate income outside of traditional roles.
- Start a side hustle: Tutoring nursing students, consulting for healthcare companies, or offering health coaching.
- Create digital products: Write eBooks, create online courses, or build a blog/podcast about nursing or health topics. You can also become a content creator that provides valuable education to your audience.
- Invest strategically: Use your nursing income to build a portfolio of investments, such as stocks, rental properties, or retirement accounts. Your money can grow while you sleep.
Final Thoughts
Earning $300,000 as a nurse may seem ambitious, but itās achievable with focus, creativity, and a willingness to step outside the box. By leveraging your skills, advancing your education, and exploring entrepreneurial opportunities, you can not only increase your income but also design a career that aligns with your personal and financial goals.
Also remember that your nursing income is just one part of the equation in building wealth. It is not how much you make, but how much you save and invest is what matters!
Download my FREE Financially Free Checklist below if you want to know the steps to financial freedom as a nurse.
3 Stock Market News This Week š
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Meta (META +0.32%) beat expectations, but also said it would make less money next quarter than expected. -
NVDIA ($NVDA) lost $6B in value last monday as investors reassess its dominance in AI chips following DeepSeekās emergence. Former Intel CEO Pat Gelsinger argued that concerns over Nvidiaās future are overblown, calling it a "buying opportunity."
- Tesla ($TSLA) Missed Q4 earnings but still up: 402.83 USD+13.73 (3.53%)today
2 Actions To Do Today š±
- MONEY: It's time to start tracking your finances. If you have not downloaded a FREE app to track your income & expenses:
- MONARCH MONEY - great for couples
- Empower (Personal Capital)
- LIFE: What are you thankful for today?
ONE Quote to be inspired
"Small steps. Long vision" - Pitbull
Just a reminder to think long-term & it's okay to take your time <3
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