Explore the different financial aspects of the nursing profession to make the right career choices.
It’s not always easy to choose the sector in which to practise as a nurse, and the salaries and benefits aren’t the same in the public and private sector. You can quickly get lost and not know which strategy to adopt. But by taking your nursing salary and your prospects for development into account and defining your financial goals, you can make informed decisions for your future and establish a smart financial strategy
Make the right choice with our salary and financial strategy guide for the nursing profession !
Table of Contents
Find the Professional Context That Suits You
The advantage of the nursing profession is that it is full of professional possibilities. This profession offers a variety of different practices, settings, and work environments, in both the public and private sectors. There is a possibility of varied personal and professional growth to meet your needs and goals.
Therefore, it is important to take your personal and professional aspirations into account and evaluate your options by considering the strengths of each setting.
Learn More About Nurse Salaries in the Private Sector
In general, working in the private sector is often synonymous with greater freedom, but for many, it also means less security. However, if you inform yourself properly about the different investment possibilities, the private sector often proves more lucrative than the public. When it comes to nursing salaries, one of the crucial differences between the public and private sectors lies in financial planning for retirement. A nurse who works at a public health facility benefits from a government pension fund. For their part, nursing care workers in the private sector must invest the difference themselves in insurance and in anticipation of their pension. In both cases, it’s important to establish an appropriate financial strategy to make the right choices to grow your money and plan for retirement.
How to Choose a Financial Advisor?
When it comes to financial strategy, it’s important to choose carefully. That’s why it’s essential to ask those around you for recommendations before choosing your financial advisor. It’s always more reassuring to do business with a professional that your friends and family have recommended.. However, make sure this financial advisor will meet your expectations, because these differ from one person to the next. This may seem obvious, but it’s also necessary to verify that the financial advisor you want to work with is licensed to practise. Like many professions, financial advisors are governed by provincial or territorial securities regulatory bodies. There are other criteria for choosing the right financial advisor that can be discovered in our article dedicated to this topic.
How to Plan For Your Retirement Today?
It’s important to start planning for your retirement as soon as you start your career. Indeed, most people don’t think about this early enough, yet you can adopt sound financial planning by anticipating your retirement
It is therefore necessary to consider a few essential criteria:
- Establish a target age for retirement, according to your desires and means.
- Define your personal and family life plan (whether you want to become a homeowner and have children will greatly influence your financial planning for retirement).
- Evaluate the retirement income you will need: financial planning specialists estimate that a retired person needs 70% of the average gross annual income of their last three years of full-time work to be able to maintain their standard of living.
It may also be helpful to consider different investment strategies. Indeed, when it comes to investing for your retirement, it’s important not to put all your eggs in one basket.
Find Your Next Professional Challenge as a Nurse With Placement Premier Soin
Are you looking for a nursing job in Montreal? Check out our job offers section to discover our different missions along with a description of the position and the regions we serve.
We are regularly looking for nursing assistants who belong to the Ordre des infirmières et infirmiers du Québec (OIIQ) and are members in good standing of the Ordre des infirmiers auxiliaires du Québec (OIIAQ). Are you ready to seize new professional opportunities?