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A registered nurse in Los Angeles receives an annual compensation between $53,197 and $112,737, which includes the annual salary and bonuses. Therefore, the median salary in Los Angeles per year is $68,963, which is 24% higher than the average national compensation for an RN in the U.S.A (Payscale.com, 2018). However, these compensation amounts also depend on the level of experience of the nurse, whereby an entry level nurse with a maximum of five years’ experience earns up to $70,000 in a year, a mid-career nurse with between 5-10 years of experience earns up to $83,000 per year, an experienced nurse with between 10 and 20 years of experience earns up to $94,000 in a year, and a late career nurse earns up to $106,000 per year (Payscale.com, 2018).
Creation of the personal budget based on the personal income faced a few challenges in approximation of the expenses. The expenses outlined in the budget are estimates made based on the current rates charged on various items in Los Angeles. For instance, a fifteen-year fixed rate mortgage in Los Angeles requires monthly payments of $1,184.42 (Bankrate.com, 2018). Researching on these rates and making necessary approximations that fit within the amount available to be spent was difficult.
In a year, the expected income from salary is $45,975.33 after deducting income tax. The total potential expenses are as outlined below:
HOUSING AND LIVING
Rent/Fixed-rate 15-year mortgage
Amazon a la carte TV subscription
AT&T U-verse Home internet fibre
Continuous medical expenses
DEBT FINANCING AND MISCELLANEOUS
Student loan payments
A graphical representation of the expenses indicates that housing and living expenses consume a huge part of the personal income, followed by transport, health, debt, and discretionary expenses in that order. The following chart shows a representation of the expenses.
Figure 1. Pivot chart showing annual expenses
Mortgage rates in Los Angeles- Bankrate.com. Retrieved from https://www.bankrate.com/financing. On June 4, 2018.
Registered Nurse (RN) Salary- Payscale. Retrieved from https://www.payscale.com/Hourly_Rate. On June 4, 2018.
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