The one where I (sort of) quit my job

Hello and welcome back! I have been absent from this blog for the past few months as I have been busy hitting burnout rock-bottom whilst dealing with a host of other life changes. Suffice it to say that I was excited to bid 2022 farewell. I was entering the new year with a cautious feeling of excitement, much like when one peeks outside for the first time after a bad storm.

At the end of last year I decided to trade in my stable permanent position that offered benefits and a pension, for an unpredictable travel nursing gig. I know, quelle surprise, another burnt out ER nurse becomes a travel nurse. It was a decision made in part out of desperation because I couldn’t bring myself to work another 2-week stretch of night shifts at my regular job, and in part out of stubbornness because I refused to take a pay cut by working a less stressful job. Thankfully the transition has been fairly smooth because I have spent the COVID years learning as much as I can about financial planning.

So what does one need to do in order to confidently quit the “safe but soul-sucking” gig? Well, firstly you will need to build up that emergency fund to handle at least 3 months of expenses in case things go wrong. While nursing is a fairly stable profession as far as job security, unexpected things still happen- a contract may get canceled, you may not get the amount of shifts you were counting on, a paycheque can get delayed because of a computer system glitch etc. It’s always good practice to have some “oh shit” money set aside for your own peace of mind.

Secondly, I had to set up private health and disability insurance as I would no longer be covered under my employer. This is where I have to thank my 21 year-old self for making a damn smart decision. You see, I had set up my own private health insurance while I was in university. When I got hired to a permanent position at a hospital, instead of canceling my private health insurance outright I chose the option of putting it “on hold”. The insurance company has been charging me $9/month for this option and the benefit is that I did not have to go through the application process from the beginning to requalify. This time around when I needed my health insurance I just called the agent, gave her the date when I needed my coverage to resume and that was it- no forms to fill out, no health questionnaires to answer. The disability insurance took longer to set up (about 6 weeks) as I was applying for a new policy.

Lastly, the biggest (and for some by far the scariest) part of giving up a permanent position is taking on the responsibility of saving for retirement. Since I no longer held a position and only remained on the “casual” list, I would no longer be contributing into my employer’s defined-benefit pension. I can already hear gasps of disbelief that I would give up such a sought-after benefit in exchange for career and schedule freedom. I could launch into a very long commentary about the deteriorating work conditions for nurses, that even a pension isn’t enough to get us to stay but I will spare you all that soap box. And truthfully, I fully trust my ability to be intelligent, diligent and level-headed when it comes to saving and investing for retirement. I am linking my Instagram post that lists the books, blogs and personal finance experts that have helped me get to this point (https://www.instagram.com/p/CoWEs3yPk-j/?utm_source=ig_web_copy_link). And in case you are apprehensive or scared about managing your retirement accounts, my advice is to find a fee-only financial advisor to help you come up with a plan. A fee-only advisor means that you get charged a flat fee for the service, and the advisor’s income is not dependent on selling you mutual funds with exorbitant management fees that eat away at your returns.

All in all, I do not regret my career move in the slightest because it was the best decision for me and my mental health. If you are contemplating becoming a casual/per diem or a travel nurse, I hope this entry has shown you that it is entirely possible with a little bit of planning. And even if you have no plans of leaving your employer, the basic knowledge of personal finance will put you in a powerful position of feeling secure that you can depend on yourself instead of your job.