Are you a travel nurse? Or are you thinking about becoming one? A financial advisor who understands the unique needs of travel nurses can help you create smarter cash flows throughout your career.
You will likely find dozens of financial advisors in your hometown who are qualified to help you achieve your money goals with a personalized plan. But it can be more difficult to find a financial advisor with specialist knowledge and insights to optimize your finances and compensation plan and make the most of tax deductions and strategies available to you as a travel nurse.
Fortunately, many financial advisors offer virtual services so you can meet online wherever your job takes you, whether you work in a hospital in Hawaii or an outpatient clinic in Fort Lauderdale. This means you can choose to hire a financial advisor who is hundreds of miles away from your last location if you decide that their financial planning knowledge for nurses choosing travel nursing as a career can help you achieve better investment results. achieve.
👩‍⚕️ Smart Money Insights for Travel Nurses
This page is divided into sections to help you quickly find the information you need and get answers to your questions:
Q&A with Travel Nurse Financial AdvisorsGet Answers to Your Travel Nurse Financial Planning QuestionsBrowse Related Articles
– Financial advisors for travel nurses –
Three questions with Eric Simonson, CFP®, CRPC®, CLTC®
We asked Minneapolis-based financial advisor Eric Simonson to answer three questions for travel nurses (and those considering a career in travel nursing) who want to save and invest for their future.
Q: How does financial planning differ for travel nurses versus people who work/live in their hometown?
Eric: It can be easier to ‘overspend’ as a travel nurse because you don’t have a set routine and it is more difficult to prepare dinner on a set schedule, etc. Also, income tends to be more variable for travel nurses and because of both of These factors make budgeting a much higher priority. For most travel nurses, it’s challenging, but very important, to “save first” and then spend second instead of the other way around.
Q: If I own my home in my hometown, what options should I consider before becoming a travel nurse?
Eric: Is your house a good candidate for a rental property? Could this provide you with possible additional income? Do you want to be responsible for the maintenance of the rental yourself or hire someone to do this for you? If you don’t want to rent it out, is your house ready to be sold? Do you have to put in work to sell it? Would you like to keep the property for a while, in case you decide you don’t enjoy being a travel nurse? To have it as a ‘fallback’ option?
Meet Eric:
Check out Eric’s profile page on Wealthtender or visit his website for more information.
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Q: What questions should people consider asking a financial advisor before becoming a travel nurse?
Eric: Which credit card should I use to provide the best travel protection? How can I find flight deals or use credit card points to travel between destinations? Which travel insurance should I consider? How do my taxes work? Do I have to file a tax return in every location where I live?
Three questions with Will Salazar
We asked Boston-based financial advisor Will Salazar to answer three questions for nurses (and those considering a nursing career) who want to save and invest for their future.
Q: What are unique financial challenges you often see with nurses and how do you help them overcome them?
Will: There are three unique challenges that nurses face.
The first is that people in caring positions, nurses/doctors/therapists, are generally unable to properly care for themselves. Being so focused on others is great, but it’s hard to take care of others if you’re not taking care of yourself.
The second is bandwidth. Nurses can and work odd hours. Shift work can be unpredictable, that 8 hour day can easily turn 12 with a few emergencies and cancellations.
The third is a lack of educational resources for nurses who specifically understand the first two challenges. I understand that after one or several 12-hour shifts or every other day, the last thing you want to do is talk about your financial situation. Couple that with a lack of resources and it can be hard to even find a place to start. Nurses want that information, but just don’t know where to go.
How I help nurses is by being that resource in a recognizable way, approaching conversations with a clear understanding, empathy and a lack of judgment.
A potential customer once asked me, “Will you be mad at me if I have credit card debt?” To which I replied, “Why should I be crazy? I have credit card debt myself.”
I do my best to speak clearly at the beginning and explain it simply, and as our relationship grows, introduce more complex ideas. It is important to have trust and mutual respect. So meeting them where they are is extremely important. Another way I help is by being an accountability partner, as with all my clients, we set goals to work towards. Then when we talk about goals, I remind them: ‘You are the hero of this story, I am your faithful sidekick.
Q: What questions should nurses ask financial advisors to determine if they truly understand their unique needs?
Will: There are four questions that I highly recommend. This will help you determine if you can build trust while working with a financial professional. It will also help determine whether you like them or not. Ask for “their why”.
Why do they specifically help nurses?
Ask about their most embarrassing financial decision. A good professional will share it and be honest about it.
Ask if they live by the advice they give? When they do, it shows conviction in what they do. While it may not make sense to you, at least they do what they preach.
Q: What guidance can you give to nurses who are unsure whether to hire a financial advisor to make a more informed and informed decision?
Will: If you’re not sure, it might be helpful to talk to a few advisors. It will give you a good idea of ​​whether hiring one is the right decision for you. You may need a money coach or other type of financial professional. These conversations can make you valuable, as you can pick up helpful bits of information or concepts that apply to your situation.
As for guidance to make informed and informed decisions, I always recommend two books. The first is The Index Card by Harold Pollack and Helaine Olen. It is a very clear, easy to read. The concept of the book is that “the best financial advice for most people would fit on an index card.” The other book is The Millionaire Next Door. The biggest advantage of this book is that there are three common characteristics for the interviewees in the book. 1. They had a plan. 2. They stuck to their plan. 3. They were responsible for the plan themselves.
Financial Advisors Serving Healthcare Professionals
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About the author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas and enjoy the diversity of Houston and the vibrancy of Austin.
With over 25 years of experience in the financial services industry, Brian applies his experience and passion at Wealthtender to help more people enjoy life with less money stress.
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This post Looking for a financial advisor for travel nurses?
was original published at “https://wealthtender.com/insights/financial-planning/travel-nurse-financial-advisors/”
