Becoming a travel nurse can offer a lot of attractive benefits (beyond the opportunity to travel) 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.
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 potentially bring in comparable or higher earnings.
Some of our most successful travel nurses earn more than $100,000 per year – just ask them. 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.
Check out more details here – http://cms24-7.com/travel-contracts/ – and see all our available jobs here – http://cms24-7.com/contracts/
Bonuses and High Needs Rates!
Another income boost for travel nurses comes from bonuses. Some hospitals 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.
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.
And, because you’re not tethered to a salary job, you have more flexibility to move around and seek out better offers while getting to travel all over the country. Doing good work will help you continue to get multiple placements and contract extensions. Not taking off too much time in between assignments will naturally push your annual earnings higher.
In essence, the harder to fill a position is, the better the compensation will be. By making yourself available, willing to travel to any destination, and fortifying yourself with advanced credentials, you can qualify for the best paying travel nurse jobs.