Travel nursing is the perfect opportunity for emerging entrepreneurial nurses to expand their income streams, increase capital, and add more flexibility to their lives. According to 2021 data from Indeed.com, the average travel nurse salary is $112,114 while the average staff nurse pay is $79,174. Travel nurse salaries in states like California can go up to $2,810 a week, with some agencies offering rates as high as $6000 during the height of the pandemic.
There are many success stories of travel nurses paying off student debt, making a down payment on a house, or taking a well-deserved vacation. If you’re considering taking the plunge but don’t know where to start, here are five steps to take.
Assess your readiness
- Am I ready to leave my staff job? (Two weeks’ notice is adequate.)
- Who will be affected by my decision to travel? (Spouse, partner, kids, pets, etc.)
- What do I need to earn in order to cover base expenses and make a profit?
- How long can I be away for? (Most jobs are 8-13 weeks.)
- Do I have enough nursing experience? (Many agencies require at least one year of experience in a specialty, preferably two.)
Research
Finding the perfect travel job comes down to determining where you want to travel, what the pay rates are in your areas of interest, and which agency to join. Keep in mind that it is currently a buyer’s market and you are the buyer. This means that you should have the agencies do the heavy lifting of finding a contract for you. There are an infinite amount of agencies to choose from, so how do you narrow things down? Consider the salary, agency reputation, and even the relationship with the recruiter. At the moment, the best place to start looking is social media. Here are some helpful resources:
·Facebook groups and Instagram posts
·Word of mouth and insights from nurse friends
·Agency websites
But first—paperwork
Once you have found a contract you’re drooling over, you might be ready to start cashing in. Not so fast! There is a heap of paperwork that needs to be completed as the recruiter validates your qualifications. Some documents they may ask for are a resume, certifications, driver’s license, I-9 verification, references, skills checklists, interviews, and proof of nursing licensure.
Pro tip: Some tools that can help you get organized to include the Adobe Acrobat PDF app (a free way to convert your documents into PDF) and Google Docs (for creating your resume, reference list, and housing history). Make sure to continue updating these regularly.
Ask questions
What is the full pay breakdown? The pay package is typically broken down into per diem expenses (non-taxable lodging, meals, and incidental allowances) and the hourly taxable rate. The higher the percentage of taxable gross pay, the less you take home. You can visit the IRS website for the maximum per diem rates per region. Other considerations include:
·Nurse-to-patient ratios, float and cancellation policies, scrub colors, charting systems, vaccination requirements, and days off.
Home sweet home
After signing a contract, it’s time to coordinate housing. If agency housing is not available or you have opted to find your own, here are some resources to find your ideal travel pad:
·Furnished Finder – This is a safe, verified housing network used by thousands of travel nurses every day.
·Airbnb – While it can be more expensive than Furnished Finder, Airbnb is reliable and easy to book.
·Hotels – Some offer monthly deals for long-term travelers.
Pro tip: Bunking with other travelers can significantly reduce the cost of housing, which is often the largest expense involved in travel nursing. Regarding transportation, you can choose to ship your car, rent, or drive your own vehicle. Some agencies will have a relocation stipend based on mileage, so make sure to ask about this. Also, consider setting up health insurance or liability insurance if necessary.
If you have made it this far, congratulations! Enjoy the adventure of traveling and increasing your earning potential! For more guidance on how to diversify your streams of income and become a financially-savvy nurse, check out our course here.
Sources:
1. https://www.indeed.com/career/travel-nurse/salaries
