Financial Independence And Nursing - page 4

Are there any RNs here (or former RNs) who have been able to become financially independent or close to it after being an RN? The reason I ask is because I've been reading a lot of stories online... Read More

  1. by   RNinIN
    Quote from calivianya
    How about free money or free gasoline? I just ordered $200 worth of stuff on Amazon that I didn't pay a dime for, and between the basic rewards and the rewards credit card for the gas station I use the most, I get gasoline for $0.08/gallon lower than the pump price, as well as earning statement credits on the gasoline card (i.e. free gasoline after I apply the statement credits).

    Not to mention, one of my credit cards has a shop through us portal, where they offer different levels of cash back for shopping at certain stores. For example, if I am looking for clothes, I will try them on in the store, put them back, and then buy them online through the credit card's portal to get the cash back (assuming the shipping is free, and/or less than the amount of money I would get back from the cash back option).

    Sorry, couldn't resist playing devil's advocate on your post. I feel like a lot of people really do think credit cards are all about airlines and hotels, and that's just not the case. They can save you a lot of money in everyday ways, too.
    I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that
    ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have
    Last edit by RNinIN on Feb 17, '16
  2. by   calivianya
    Quote from RNinIN
    I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that
    ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have
    That's rough. I'm sorry you went through all of that.
  3. by   BonnieSc
    I don't plan or expect to be traditionally financially independent, but I have saved enough to have freedom and not have to work all the time. For a few years I saved more than 50% of my salary (I don't have any kids) because I wanted to spend time abroad. In the end I found a paying job abroad, but I didn't worry at all during the four months I had off between quitting my regular job and starting a new one, and I'm not worried now as (after six weeks of additional travel) I'm taking my time to find a job I really want. I miss nursing and have no interest in retiring at this time, but I couldn't have done this without the money I saved to give me some freedom. I could easily live for two years without changing my lifestyle at all--barring a health crisis or accident, knock on wood.
  4. by   sailornurse
    Quote from ThePrincessBride
    Retiring early is achievable if you start early and save often. Compound interest is a powerful thing.

    I am debt free and sharing living expenses with my mom. I am putting twenty percent per paycheck to a 403b. I am maxing out my Roth every single year. I have several years in a pension and will have more working prn. I plan to drive my car until the wheels fall off. I won't marry especially to an irresponsible person. I plan to have no more than three dependents.

    I plan to be able to scale back at fifty and be fully independent by 55. At 24 with more than 25k in retirement and a savings rate of 30 percent, early retirement is a real possibility for me...if I keep it together.
    You are 24 and live with your mom? This is not my definition of an financially independent woman. Go ahead and "plan" to scale back at fifty? So you will live with mom for the next 25 years? While you plan life happens. It is good to plan but plans do not always work out. While you may say that your mom is similar to a roommate as fas as sharing expenses goes, financial independence for adults is not relying on anyone else. Guess you are not planning on having children? They are expensive. Do you plan to buy a house? You are not in a position to say that early retirement is until you achieve it.
    Last edit by sailornurse on Feb 20, '16
  5. by   DoGoodThenGo
    Quote from RNinIN
    I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that
    ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have

    Sorry to hear about your situation, and hope things clear up soon.

    Good news is that one's credit ratings and scores are only snap shots of time. Though it may seem like a long hard haul with proper use and guidance even the worse scores/reports one day will be good to excellent.

    Best thing to do right now is find a way to get a secured Visa or MasterCard. Never use more than 1/3 of your total limit, and try to pay off all charges each month or as much as you can. Carrying a small balance is *not* the end of world, but again you want not to use a major portion of your entire balance.

    Over time history of on time CC payments will boost your overall CC score and start to crowd out the bad. You should also make use of the free credit reports to examine yours from all three majors for errors.

    At least you have income which is a good thing. While it may seem like an eternity the seven or ten years it takes for negative information to drop off one's credit report does pass. In addition again a history of recent on time payments and showing responsible use of credit will count more than something which happened five, six or seven years ago.

    Different credit cards vary in terms of how far they go back looking at recent credit history. Better cards often marketed to those with "excellent" credit will look at five or more years. Those geared towards "good", "average" or "sub prime" may have different criteria. In most all cases best rates and terms for all credit goes to those with "excellent" scores.

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