5 Ways to Boost Your Bank Account by Tonia Chisolm, RN, BSN

Feeling underpaid, undervalued, and overworked? Nurses make up the largest single component of hospital staff. Even though nurses comprise the majority of staff personnel, adequate compensation remains at the top of the list of issues voiced by many nurses. With the extensive skill set and vast knowledge base that nurses hold, earning additional income doesn’t have to be hard. Earning additional income may provide you with the ability to do away with overtime, go part-time, or even achieve PRN status. This flexibility can provide you with the time to do more of what you love and spend more time with your family without sacrificing your income. Let’s explore five ways to boost your bank account.

1. Ask for What You Want

This seems easy, but you would be amazed at how many nurses don’t ask for anything (monetary) more than what they’re offered. The thought of asking for more money appears “unlady like” for some and “unprofessional” to others. But this way of thinking doesn’t have to be. If this sounds like you, start off by writing out a list of why you deserve to be paid more and memorize it. Be prepared to discuss what’s on your list boldly and confidently when you speak to your manager. Ask for what you want and most likely deserve. It’s up to you to make them see your value. Only you know what you are deserving of, no one else. Remember, if you don’t ask for it, how will anyone ever know that you want more?

2. Rental Property

Now before you go saying, “I don’t have a second or third home to rent out,” consider this: converting an extra storage space or a guest room into a nice room for a student or better yet a travel nurse! There are plenty of travel nurses, students, and business professionals who seek out temporary quarters and sublease from homeowners all the time. I know this from experience, because I’ve rented a room from a homeowner while on a travel assignment in Maryland. This option has proven time and time again to be a great source of additional income for singles, couples, and families alike. Do your due diligence as a renter. Complete full background checks and ask for references. By completing these two screening tools beforehand, it will help reduce your risks drastically. If these potential renters are who they say they are, a background and reference check won’t be a concern at all. Just make sure to have a thoroughly written out rental agreement.

3. Multi-Level Marketing

This is an EXCELLENT way to make money and have fun! I am amazed that more nurses don’t take advantage of this money avenue. A few nurses I have worked with in the past have done this with Tupperware, makeup, jewelry, and clothes. Most of these items are used by your coworkers and colleagues, so why not be their supplier? This income stream can also be used with vitamins, weight loss meals, hair products, etc. You get to decide. The best part of this option is the opportunity to meet other individuals who may assist you in new business ventures.

4. Consulting

Who better to ask about nursing-based projects, apps, and clinical development than someone who holds a ton of experience in the profession? How wonderful would it be to get paid for your insight about the profession you’ve been a part of for “X” amount of years? A few months ago, the owner of a staffing company was looking to expand by adding nurses to his roster of professionals but had no idea where to start. A mutual friend gave him my contact number and 2 days later, I became a consultant for his business. Individuals who are focused on the growth and profit of their business will not hesitate to pay for your expertise. If paying you a few hundred dollars will make them thousands in return, smart business owners will quickly and happily invest in you. Position yourself as an expert with a vast amount of experience and knowledge so that others will seek you out or refer others to you.

5. Teaching

The profession that never goes out of style. We as nurses do this every single shift we work, so why not be paid for it and teach on your own schedule? Become a BLS, ACLS, and/or PALS instructor, why not? Get certified. Focus on a specific group: maybe nursing agencies or travel nurses as your focus market. You can also reach out to rural schools and businesses to offer your teaching services. Take advantage of the fact that most places are requiring some basic knowledge of life support for employment. Make yourself a resource for these business and you are sure to always have clients. Teachers are always needed.

Tonia Chisolm, RN, BSN

Tonia N. Chisolm, RN, BSN, author of From Broke to Bank In Nursing: Strategies for Increasing Your Income, has over 10 years Critical Care experience. Her extensive nursing career has consisted mainly in travel nursing, along with some mission work in Africa. Visit her website or join her Facebook group.