First, I’d like to start by thanking all the people who are at the very front line of taking care of the COVID-19 patients. The nurses, doctors, respiratory therapists, EMTs, clinical partners, and surgical techs have been battling the highly contagious COVID-19 disease, even when it means risking their own lives. Their patience, perseverance, and dedication make me proud and privileged to be a nurse.
In New York City, number of COVID-19 cases currently top at 160,000 with 12,287 deaths while Los Angeles has confirmed 19,528 cases with 913 deaths. Healthcare workers in New York City are working tirelessly while the hospitals in California are half empty due to cancelled elective surgeries. For those of you who are financially stressed, consider how you can make extra cash during the Great Lock Down.
Many of nurses in California have used up their vacation days due to lack of childcare since the lock down and also there isn’t enough work. ICUs may be filled with COVID-19 patients but elective surgeries are cancelled and the OR nurses aren’t trained to cross over to the ICU.
If you have been furloughed or have a spouse whose been laid off, you may be feeling pretty desperate right now. Here are my 6 tips on how to find extra money:
1. Get a Roommate
If you have an extra room, why not rent our a room to a traveling ICU or an ER nurse? You can find them on travelnurseousing.com. You can find a non-nurse roommate on Craigslist. If living with a stranger is difficult for you, you can remind yourself that it is temporary.
2. Make Higher Income
It’s not a good time to find extra money being an Uber or a Lyft driver but you can make $10,000 per week (Krucial Staffing) by working in New York. You’ll not only make a lot of money but you would also be helping fellow nurses who can really use your help.
3. Spruce Up Your Competency
If it’s slow in your department, volunteer to train in ICU. The extra training will make you more marketable in the long run. Nurses in specialty areas have potential to make more money by taking call and working extra shifts. Many hospitals pay an added bonus for specialty areas such as operating rooms, ICU, or ER.
4. Dip Into Your 401(k)/ 403(b) Without Early Withdraw Penalty
Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, you can withdraw up to $100,000 from your 403(b) if you meet any of the following conditions:
- You, your spouse or your dependent have been diagnosed with COVID-19
- Negative financial impact from being quarantined, furloughed, reduced hours or laid off
- Taking care of a dependent with COVID-19
- You have been laid off due to the lock down
- Your pay was reduced due to taking time off for childcare
- You have been furloughed (taking vacation pay)
- Have a side business that lost money due to Coronavirus Pandemic
The caveat is that you will owe taxes (no one is exempt from this) but you will not have to pay the 10% penalty for early withdraw. You can spread the tax you owe over the next 3 years from 2020-2022. After you recover financially, you also have the option to redeposit the amount you withdraw within the three years. The IRS will refund the tax you paid if you redeposit it within that time. Call your HR Representative to get the details.
I don’t recommend this unless you are in a dire circumstance. Due to the decline in the stock market, you would be selling low, unless you intend to sell your bond funds. The money you withdraw will miss out on the recovery opportunity.
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5. Reduce Your Insurance
Since the Lock Down, if you and your spouse are both working from home, you are probably not driving much. Call your insurance company to see if they will lower the premium. Get the barest minimum coverage on all the cars, except one. Allstate has committed to refunding their customers $800 million dollars and other insurance companies have followed suit.
6. Buy a Car, House or Stocks at a Bargain
If you had planned on buying a car or a house, now is a great time. The interest rate is extremely low for both purchases. Money saved is money earned. It’s also a great time to refinance and reduce your monthly payment. Be warned that some financial institutions have already tightened the loan requirements and stopped issuing HELOC due to economic uncertainty.
Meditate, exercise, and reach out to your family on Facetime or Zoom, stay safe and optimistic. This too shall pass.
“Only thing we have to fear is fear itself”
-Franklin D. Roosevelt