My Nurse Practitioner Salary Breakdown (The TRUTH w/ how much we really make) – YouTube Dictation Transcript & Vocabulary

1.i just got the final compensation statement from my previous nurse practitioner job and let me tell you it's not what I expected most nurses that I know whenever they're looking for jobs they always look at their hourly rate but there's really so much more that you have to look for when it comes to like salary and pay as a nurse or a nurse practitioner if you have watched my previous videos I have been talking about me quitting my really good nurse practitioner job and if you're interested in watching that video you can check it out here but essentially I left my job a few weeks ago and I got a mail from my employer from my previous employer about my whole total compensation statement which when I received this I was really surprised i went to go get the mail and before I even get the mail I get like an email from the post office of like what is going to be in my mail and I saw that it's from my previous employer so when I saw it I was like "Oh are they going to be charging me for anything extra are they going to be sending me uh extra paycheck from my PTO's or like my sick leave and all that stuff?" And so like I went ahead and got the mail and then to my surprise it was a letter from my work and it is the total compensation statement a look at your full value of your work at this hospital and essentially they laid out how much my compensation is what really entails that compensation the breakdown and everything else the benefits of working for that hospital i am not quite sure why they sent it to me i had asked like a few of my co-workers if they had received this sure why i'm not sure if it was because I put in my two weeks notice because I did receive it right after I turned in my 2 weeks notice but anyway so let's go over this compensation statement because if you're nosy like me you're probably wondering how much nurse practitioners are making right now or if it's even worth it to become a nurse practitioner monetary wise financially speaking if you are a nurse or a nurse practitioner who lives on the other side of the country you may see that there is a big discrepancy when it comes to like salaries and you're probably wondering why is that so I just looked it up and the median salary for nurse practitioners is around $132,000 in May 2024 according to the Bureau of Labor and Statistics and looking at that range like I make a little above that but keep in mind that how nurse practitioners make money is not just through their hourly rate and sometimes it depends on a lot of factors and some of those factors include your location people who live in California New York Hawaii they make more money than mostly everyone else in the country also your years of experience if you work for a unionized hospital or not if you if being a nurse practitioner is even part of a union or not and also if you work for a private company which includes a lot of bonuses so there are a lot of factors that you have to keep in mind when it comes to like looking at nurse practitioner salary but one thing that I do want to talk about in this video is that when you're looking at salaries don't just look at the hourly rate because sometimes like that can be deceiving like you may be paid less hourly but your benefits is extensive that is actually much better to be worked at one hospital over the other so let's go over my compensation package so in 2024 I'm going to just you know get cut to the chase and tell you because I know that's what you're here for my compensation package for 2024 is $37,2168 that's from this paper and it really shocked me because I was like where did that money go because absolutely I did not see that much money in my paycheck every 2 weeks so let's go over the breakdown of this so in here you can see that my actual base salary or earnings is $195,000 $6968 that's how much I got paid and even like the breakdown of that paycheck is ridiculously crazy living in California the amount of taxes that's taken out of that i will be making a video of my paycheck breakdown because I'm going to be receiving my final paycheck next week and I want to share with you how I budget that paycheck and also the breakdown of that paycheck so we're going to go over that in the next video but anyways that is my earnings and then the employer paid taxes is 13,2998 the employer paid benefits is $98,37.92 and in total compensation of that like you can see in this pie graph right here is 307,216.668 and that is my total compensation package which is really surprising right like I make this much money like that's crazy let's look at the breakdown one by one to kind of give you an idea of like where this money really come from in here in 2024 you can see that I do have certification pay meaning that if you are a certified nurse practitioner you have a 3% pay added to your paycheck so in 2024 like just having a certification I'm able to have $5,4856 in my pay and then you can see the employee premium pay 6% that's 10,76620 so this is a premium pay that they offer their employees so that premium pay was actually like a new hire premium that was given i was reading my car from you know 5 years ago and it's a new hire premium 6% paid bi-weekly which if added to the pay represents an additional $4.20 20 cents per hour and should you decide to contribute this into your retirement instead they will provide an employer match of an additional 6% in my case I actually think I opted for like an additional pay to me which I should have actually just done the retirement now that I know what I know now when it comes to retirement that way I would have gotten like a more match in my retirement but you know lesson learned but anyways that is the premium pay and then we have holiday pay in this hospital there are about like eight holidays i think only eight holidays throughout the year that we celebrate where we're paid 8 hours per shift for that holiday not even 10 like I work 10our shifts which in total I ended up getting 5,481.20 on that holiday pay for 2024 so that is including um you know Fourth of July Memorial Day the Christmas Thanksgiving i don't even think like New Year was a part of it i'm not quite sure what holidays are i'm going to post it right here and you know once I I looked it up but I I have no idea what those holidays are but in total I think we have eight and then we have jury duty pay because I did end up going to jury duty for one day and they paid me $7910 for this and I was in the jury for like the whole day i went home for lunch and I ended up coming back I think like around 4 or 5:00 p.m but I spent the whole day over there didn't even get called in actually I did get called in but um the trial was set to where I'm going to be traveling to the Philippines so I ended up not getting picked but anyways I got paid $7910 for that day paid time off $11,694 and so along with the education pay which is $4,431.88 those are what I had used so um not quite sure how many PTO's I have i think it depends on your seniority but it I think I get around 6 to 8 hours per paycheck which is not bad i'd have to check on that like how many PTOs I get every paycheck but anyways so yeah so that is one of them um but in my regular pay like just the base like if I don't have the premium pays the extra you know pays I would be paid $157,23.70 which is kind of like close to the median salary range of nurse practitioners but in overall I got paid $195,69 all for my pay so close to $200,000 and then we have the employer paid benefits this is the retirement we have deferred comp and they match it and this is uh 403b or 457b like if you are not familiar with all the retirement accounts I'm probably going to make a video about it but this is an employer sponsored retirement account and they matched it for 2024 $7,87 and then we have pension we have group term life insurance where if you know something happens they my family will get $10,000 which is honestly not that much like $10,000 that's it but it's crazy because like I'm looking in here the that paid group term life insurance for management and mid-management their coverage is $100,000 but for the union employees it's $10,000 i don't know what to say about that but that is the employer paid benefits and then the employer paid taxes these are the taxes that the employer paid on my behalf the social security and the Medicare totaled to $13,299 i'm not big big on numbers it's like it's funny because like I actually teach about investing but like looking at this numbers like okay that's good but I I don't get into the nitty-gritty of like numbers but it's actually really good to see you know like in breakdown how much I'm really compensated for the work that I do at my job do I think I'm paid good yes I do and I'm actually really thankful for it i like what I had mentioned in my previous videos no you know like no burning bridges i actually love the work that I have in this specific hospital and I love my attending physicians and my manager but it's time for growth it's time to go but yeah so that is my total compensation package now looking back now that I look at this compensation package like it's actually really nice because it's not just about the paycheck it's like everything around your compensation is the thing that really gives you leverage and you know stability when it comes to your profession and so that is one thing that you have to look for when you're looking for jobs as a nurse practitioner or even as a nurse it may be a little different for nurse practitioners cuz our um compensation is a little different than nurses but this is something that you have to keep in mind when you're looking for jobs that it's not just about the hourly rate you have to look at the compensation package which kind of brings me to like negotiation and also like whenever you get offered a specific amount of money when you're interviewing for a job it's also good to keep in mind all this additional uh benefits when negotiating for your salary so if they can't meet you at a specific hourly range maybe adding more education hours maybe adding like more PTO or like you know more admin time is something that you can look into but just keep in mind it's not just about the numbers and looking at this as well I also want to really emphasize the importance of investing and it's not really how much you make but how much you keep and invest that really matters at the end of the day i had a talk with one of my co-workers the other day because I was leaving already we had kind of like a conversation around this letter that came in the mail and I was asking her like "Did you get the same thing like did you get the same letter from our work?" and she said that she didn't but we kind of got into a conversation about retirement and all that stuff she was making me help her like um as far as like her uh retirement account and I did see that her she's been working there longer than me but she only have contributed less than me now I am not going to judge her or I'm not going to tell that you know that was I don't know the whole story i don't know if that's intentional but just like looking at that like when I was looking at her account because she did show it to me it seems like even though she had worked 2 3 years before me I still had more in my retirement than her because I prioritized investing in retirement than her but you know like I said like I don't know her whole story i don't know if that was intentional i don't know if she just knew i should have maybe asked her and see if I can help her regarding that but at the same time like I'm a very um I don't know if you know about um human design i am a projector and I don't like to give unsolicited advice unless I'm asked about it so I just kind of let it fly by and you know what matters is that she's still investing no matter what the amount is and it's like automated every month so that's that's that but anyways like it's not really how much make we we get paid the same amount right like we get paid the same salary same compensation but then like looking at the retirement account like it may not be the same because it's not how much you make it's how much you keep and invest and this is not to compare how much you've invested or how much you've saved to another person but it's more so just encouraging you to really take that step to really plan for your retirement now so yeah so that is um you know what this video is all about and like what I said earlier in the next video I'm going to talk about my paycheck routine and also going to budget my last paycheck full two weeks i did work full two weeks so I think it may be like a full paycheck with some PTO cashed in so I will go ahead and make that video for you once I get that paycheck next week and as usual you know if you want to learn about investing building wealth make sure you follow this channel and I will see you in the next video bye