Revenue Streams and Compensation Packages

It’s no secret that many veterinary nurses are worried about money. This worry results in personal finances becoming a regular topic of conversation,¹ but hourly wages are not the only thing veterinary nurses should be focused on when it comes to their financial health. Bonus payment opportunities, side hustles, product and service discounts, and many other income streams and compensation package components are all too often overlooked or forgotten. Utilizing these options to help you earn and save more money may be the ticket to a more financially stable career in veterinary medicine.

1. Income Streams

The amount of money deposited into your bank account from each paycheck is often your primary income stream, but it shouldn’t be the only one. Financial experts recommend having multiple sources, even if you aren’t in veterinary medicine, in case you were to lose that main source of income.² This doesn’t necessarily mean having a partner to depend on or multiple full-or part-time jobs though. Side hustles are popular and useful ways to make money outside of your regular job. Craft making, pet sitting, flipping or reselling, conference lecturing, book authoring, telehealth contracting, website ad revenue, and other creative options abound depending on your interests, skills, and available time. Visit bit.ly/3Z7tPC0 to learn how to create multiple streams of income with real-life examples.

2. Employee Benefits

Many people only focus on the hourly wage they’ll earn from a job and forget about the benefits package an employer offers. Medical insurance, retirement savings account contributions, discounts on veterinary services and prescriptions, continuing education reimbursement, paid time off, and other benefits add up. These would be expenses that you would incur if your employer didn’t provide them as part of your compensation package. Employers that offer you quality medical, dental, disability, and life insurance; paid vacation and sick time; matching contributions in a 401(k) retirement savings account; licensing fee reimbursement; student loan repayment; tuition assistance; paid parental leave; gym memberships; and other things you would otherwise need to pay for out of pocket are more important than many veterinary team members realize. Unless there is a significant difference in pay between 2 jobs, choosing a job with a better benefits package is almost always a better option when it comes to your financial health.³

3. Industry Discounts and Perks

Aside from the discounts offered to you exclusively through your employer, many companies offer discounts to veterinary professionals. Pet food companies, veterinary supplement manufacturers, clothing and shoe brands, pet insurance providers, furniture companies, fitness companies, pet product companies and services, and even some animal hospitals provide professional discounts to veterinary team members. There are also many providers that offer free continuing education webinars, lunch-and-learns, and online resources to veterinary professionals. These discounts and perks can save you hundreds of dollars that you would have otherwise spent each year.