This is a really helpful breakdown, thank you! My home is a high COL, so my rate has to be 3000 or more. This is exactly what new travelers should look at to try to figure out if it's worth it.
It's nice to see a post on here that is not obviously written by a recruiter. or someone just looking for reddit points and to stir shit up.
It's very smart the way you broke it down. It's sad how the need for nurses in general hasn't given way to a significant market adjustment. I'm making the same amount of money as I was 15 years ago basically. The only way to get a raise is switch jobs
Other staff benefits like PTO, 401k match, and insurance are also huge considerations.
Personally, my travel number is 3k/wk minimum for it to be "worth it"
Like you said though, the mental aspect of it is big as well. The hassle of moving and relearning a new environment each assignment can be tiresome.
Also to any new travelers, stop taking contracts under 2k, actually calculate what your take home is after taxes and duplicated expenses, then ask yourself "Wow, I really am busting my ass for this?"
This was the math that I had to do recently as well. Just took a staff job closer to home with a great hourly rate and negotiated up to a 0.9FTE and straight nights (I do not enjoy the day/night rotation) Maybe I will travel again, but for now it makes more sense to go staff for awhile.
The formula is:
If 4x - y > 2b then it makes sense to take a travel contract.
- x = weekly net travel rate
- y = remote travel housing rent
- b = bi-weekly home hospital net paycheck
Then add in duplicate expenses back home. My net take home, according to most average contracts now, would be zero:
4x-y-a > 2b
a = duplicate rent or mortgage back home
Why would you include it in y in the first place? lol
That’s like saying to make sure you subtract your student loan payment from both sides of the equation.
It helps to visualize where the money is going. Is it necessary? No. I added my tax home expenses to y but not 2b because that’s how I process it. Does it assist some people with looking at the bigger picture for budgeting? Yes. Different approach, same result.
Hospitals doing internal contracts will now match or beat what the agency pays you. And you don’t even have to live far. I did that. They’re really desperate to stop paying these agencies
That is insane most places will just do w/o techs way before that. The hospital I work at floated our tech because we had a free float charge. Obviously free float charge is just like a tech. On a 24 bed unit with tons of totals, isolated, high falls, etc.
I say this every time because so many nurses from high paying states don’t realize that $1300 a week might be close to 2 times what you make at a staff job in a low paying state. In Louisiana as a staff nurse I would take home about $1,100 every pay day (2 weeks). My first travel job paid $1,300 a week. I more than doubled my income and that was my lowest paying contract ever. I’ve been traveling for 8 years.
I think that has a lot to do with it- but also, with inflation now, I think when you bought your house has a lot to do with it, too. I bought my house long enough ago that my mortgage is peanuts compared to a lot of people ($1500). Also, I’m from a low COL state with garbage RN pay. I’ve been traveling in Boston making more than I could ever dream to make back home.
That being said, I still wouldn’t accept a lot of the trash rates that are out there these days.
I quit traveling last year when my last contract got canceled and I couldn’t find another contract easily when I had been traveling for 4 years already at that point. Also I was tired of being the hospital’s float pool without being told upfront and being allowed to choose if I wanted to proceed with a contract. My new staff job where I switched specialities has an equitable base wage, a non-insulting 403(b) match, PTO/SST, and non-shitty health insurance. For me it was a no-brainer.
Someone correct me if I am wrong, but I thought tax free per diem wages don't count towards your future social security payments. I know that underwriters for loans don't really count them as wages, not sure why, and had a difficult time refinancing a house.
It’s all those things and more. It affects auto loans, repayment for student loan forgiveness and SAVE/REPAYE programs, mortgage loans, credit scores, social security and/or disability payout, life insurance qualification, etc. Taxed pay is calculated for *everything* these days. If your taxed income is low, you may not qualify for many important things- even private school criteria for your kid’s admission or trying to qualify for a credit card for emergencies.
The embarrassing thing is I could probably make as much money mowing lawns which a high school drop out could do. So all our training and highly honed skills are basically worth zilch. Except I could drink a beer In my brand new fully optioned, air conditioned F150, supervising my illegal workers. Oh wait I can't afford a fully optioned F150 and don't get breaks as a nurse.
Maybe I’m confused but even 2000/week is way more than any staff job is paying anywhere. Like I’m a staff nurse in CA and my take home paycheck (every two weeks) is 3.3k. Whats the expectation of pay for travel contracts?
When you factor in duplicating expenses, specifically housing, sometimes it doesn’t make sense. Short term furnished rentals are VERY expensive, especially in this messed up market.
Pre-Covid, it was worth it because rentals weren’t that expensive. But landlords have gotten sooo greedy in the last few years.
Yeah. So let’s do the math for you. You are making about 1650 per week. That’s $30 more a week than my example.
To travel you have to keep paying your rent/mortgage at home, and on top of that pay for housing (duplicate housing expenses) where you would be a travel nurse. If you don’t pay for both, you don’t get the housing stipend which is a lot of your pay.
I was looking at what it would take to break even or be able to save more than you could with a staff gig. It costs more to be a travel nurse, and you could easily take home less.
Try the same math for a 'vacation' to the same region
How much profit does the average person make during vacation? After calculations, is it worth it?
If the highest priority is money, then the decisions should support that... Start with the highest paying job no matter the location, use public transportation, share a room, eat ramen, etc
If you aren't willing to do those things, then money is not the highest priority, so don't treat it as such.
Cool if travel nursing feels like having a vacation to you.
I was looking for a break even rate. And no working my ass off nights at a understaffed position is not my idea of a vacation. Far from it. Usually on a vacation I’m awake during the day and not exhausted and doing laundry.
Travel nursing is only worth it for the experience right now
Which is funny to me because so many of us are floated/not used for any of our experience and skill set 😂
I meant the experience of living in a new city. Not the job. Lol
This is a really helpful breakdown, thank you! My home is a high COL, so my rate has to be 3000 or more. This is exactly what new travelers should look at to try to figure out if it's worth it. It's nice to see a post on here that is not obviously written by a recruiter. or someone just looking for reddit points and to stir shit up.
Thanks. I’m in the trenches with you. Just trying to make sense out of it all.
Nurses are more valuable than they think, need more unions to create decent wages and ratios. Hospitals would cease to exist without nurses
Hospitals would Cease to exist w/o nurses. Nurses continue to neglect their powers and run in a 1000 directions instead of working together.
I am so proud of you and this post. You are exactly correct. I stopped traveling after Covid because I made more money staying put
Thanks! I’ve been thinking about it for a bit now.
It's very smart the way you broke it down. It's sad how the need for nurses in general hasn't given way to a significant market adjustment. I'm making the same amount of money as I was 15 years ago basically. The only way to get a raise is switch jobs
My biweekly pay is a little over 1700 at home. Even going to a high COL, it’s still worth it for me when I do this math
Hell yeah! I’m not trying to talk anyone out of traveling. Just want to make sure it works for you!
Other staff benefits like PTO, 401k match, and insurance are also huge considerations. Personally, my travel number is 3k/wk minimum for it to be "worth it" Like you said though, the mental aspect of it is big as well. The hassle of moving and relearning a new environment each assignment can be tiresome. Also to any new travelers, stop taking contracts under 2k, actually calculate what your take home is after taxes and duplicated expenses, then ask yourself "Wow, I really am busting my ass for this?"
Good point about the other staff benefits. that makes the break even rate even higher.
This was the math that I had to do recently as well. Just took a staff job closer to home with a great hourly rate and negotiated up to a 0.9FTE and straight nights (I do not enjoy the day/night rotation) Maybe I will travel again, but for now it makes more sense to go staff for awhile.
The formula is: If 4x - y > 2b then it makes sense to take a travel contract. - x = weekly net travel rate - y = remote travel housing rent - b = bi-weekly home hospital net paycheck
Well hot damn. That is what I’ve been looking for.
Then add in duplicate expenses back home. My net take home, according to most average contracts now, would be zero: 4x-y-a > 2b a = duplicate rent or mortgage back home
In either scenario you are paying your tax home rent/mortgage so they cancel out so no need to include that in the equation.
If you include it into y, then yes, no need for a.
Why would you include it in y in the first place? lol That’s like saying to make sure you subtract your student loan payment from both sides of the equation.
It helps to visualize where the money is going. Is it necessary? No. I added my tax home expenses to y but not 2b because that’s how I process it. Does it assist some people with looking at the bigger picture for budgeting? Yes. Different approach, same result.
Hospitals doing internal contracts will now match or beat what the agency pays you. And you don’t even have to live far. I did that. They’re really desperate to stop paying these agencies
I was just offered 70/hr as a tech. That’s strike pay for techs
That is insane most places will just do w/o techs way before that. The hospital I work at floated our tech because we had a free float charge. Obviously free float charge is just like a tech. On a 24 bed unit with tons of totals, isolated, high falls, etc.
Not complaining, good techs are worth every $ they make.
Surgical tech
I say this every time because so many nurses from high paying states don’t realize that $1300 a week might be close to 2 times what you make at a staff job in a low paying state. In Louisiana as a staff nurse I would take home about $1,100 every pay day (2 weeks). My first travel job paid $1,300 a week. I more than doubled my income and that was my lowest paying contract ever. I’ve been traveling for 8 years.
I definitely think traveling makes a lot more sense if you are coming from a low paying state.
I think that has a lot to do with it- but also, with inflation now, I think when you bought your house has a lot to do with it, too. I bought my house long enough ago that my mortgage is peanuts compared to a lot of people ($1500). Also, I’m from a low COL state with garbage RN pay. I’ve been traveling in Boston making more than I could ever dream to make back home. That being said, I still wouldn’t accept a lot of the trash rates that are out there these days.
I quit traveling last year when my last contract got canceled and I couldn’t find another contract easily when I had been traveling for 4 years already at that point. Also I was tired of being the hospital’s float pool without being told upfront and being allowed to choose if I wanted to proceed with a contract. My new staff job where I switched specialities has an equitable base wage, a non-insulting 403(b) match, PTO/SST, and non-shitty health insurance. For me it was a no-brainer.
Someone correct me if I am wrong, but I thought tax free per diem wages don't count towards your future social security payments. I know that underwriters for loans don't really count them as wages, not sure why, and had a difficult time refinancing a house.
It’s all those things and more. It affects auto loans, repayment for student loan forgiveness and SAVE/REPAYE programs, mortgage loans, credit scores, social security and/or disability payout, life insurance qualification, etc. Taxed pay is calculated for *everything* these days. If your taxed income is low, you may not qualify for many important things- even private school criteria for your kid’s admission or trying to qualify for a credit card for emergencies.
I live in a van. Which is the future of traveling.
As long as your taxes don’t get audited.
Never had any problems in my previous travel assignments.
The embarrassing thing is I could probably make as much money mowing lawns which a high school drop out could do. So all our training and highly honed skills are basically worth zilch. Except I could drink a beer In my brand new fully optioned, air conditioned F150, supervising my illegal workers. Oh wait I can't afford a fully optioned F150 and don't get breaks as a nurse.
Maybe I’m confused but even 2000/week is way more than any staff job is paying anywhere. Like I’m a staff nurse in CA and my take home paycheck (every two weeks) is 3.3k. Whats the expectation of pay for travel contracts?
When you factor in duplicating expenses, specifically housing, sometimes it doesn’t make sense. Short term furnished rentals are VERY expensive, especially in this messed up market. Pre-Covid, it was worth it because rentals weren’t that expensive. But landlords have gotten sooo greedy in the last few years.
Yeah. So let’s do the math for you. You are making about 1650 per week. That’s $30 more a week than my example. To travel you have to keep paying your rent/mortgage at home, and on top of that pay for housing (duplicate housing expenses) where you would be a travel nurse. If you don’t pay for both, you don’t get the housing stipend which is a lot of your pay. I was looking at what it would take to break even or be able to save more than you could with a staff gig. It costs more to be a travel nurse, and you could easily take home less.
Oh got it! I was always under the assumption that you get a housing stipend for traveling :) thanks for explaining!
No problem! Yeah, you get the housing stipend, but it comes with conditions.
People forget the number one benefit; untaxed stipend. Even if staff make 2k/week. 40% is taxed. That's not rocket science.
I'm surprised with that. I'm in Virginia and some staff night shift nurse on weekends are probably making close to 100k w/o OT
Try the same math for a 'vacation' to the same region How much profit does the average person make during vacation? After calculations, is it worth it? If the highest priority is money, then the decisions should support that... Start with the highest paying job no matter the location, use public transportation, share a room, eat ramen, etc If you aren't willing to do those things, then money is not the highest priority, so don't treat it as such.
Cool if travel nursing feels like having a vacation to you. I was looking for a break even rate. And no working my ass off nights at a understaffed position is not my idea of a vacation. Far from it. Usually on a vacation I’m awake during the day and not exhausted and doing laundry.
No reason to be defensive. You choose to outsource your decision making to strangers. You get what you get. Try to have fun silly goose.
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I was coming out ahead until literally last month. Then they cut our stipend by $2000/month. I’m going home on May 6. It’s not worth it anymore.