Financially Independent Nurses

  1. Hello all my nursing friends out there! I am a young man about to embark on the journey of nursing school. I am currently on my way to financial independence and early retirement 7 years from now (if everything goes to plan). I cant wait to be a nurse and I plan on doing it for a long time but not by necessity. I am curious if there are those out there that have goals or aspirations of financial independence and early retirement through a nursing career.
    Best regards.
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  2. 9 Comments

  3. by   sallyrnrrt
    I no longer need to work ($)
    however I enjoy working full
    time in a physician office.......

    thankful for for productive and wise financial actions
    whichgratefully allows me to continue nursing practice....for the
    enjoyment of it....
  4. by   Noctor_Durse
    That's really great to hear! I get very inspired by these kinds of stories! Do you have any advice you can give me? I think I have a pretty solid plan but I am always on the hunt for more knowledge and new ideas!
  5. by   kakamegamama
    Quote from sallyrnrrt
    I no longer need to work ($)
    however I enjoy working full
    time in a physician office.......

    thankful for for productive and wise financial actions
    whichgratefully allows me to continue nursing practice....for the
    enjoyment of it....

    Ditto.
  6. by   Noctor_Durse
    Quote from kakamegamama
    Ditto.
    Do you have any advice or tips you can give me?
  7. by   adventure_rn
    That's awesome! I hope to be in that same situation. I'm pretty far off from retirement (in my late 20s), but I'm debt-free and nurturing a small nest egg.

    I think that nurses can definitely make a decent wage, depending on your circumstances and lifestyle. My first year as a nurse, I lived below my means in a small non-luxury apartment, and made enough money to put 20% of my salary towards my 401k while taking home enough savings for a down payment on a house. If I spent a ton of money on luxury vacations, or if I were a single parent of multiple kids, I might have a harder time putting money towards savings.

    If you're mobile, you can also maximize your earnings by living in a city with high nursing salaries relative to cost of living (northern California, Phoenix, and metropolitan Texas come to mind). However, you should probably stay away from NorCal until you have nursing experience, since the high salaries make new grad nursing jobs almost impossible to come by.

    Keep doing what you're doing: make a plan, stick to a budget, and live within your means. Like PPs have said, even if I have the ability to retire at 50, I love my work and I'll probably a crusty old bat hobbling around the NICU at the ripe old age of 70 (probably part time, though )
  8. by   Shookclays
    Quote from adventure_rn
    That's awesome! I hope to be in that same situation. I'm pretty far off from retirement (in my late 20s), but I'm debt-free and nurturing a small nest egg.

    I think that nurses can definitely make a decent wage, depending on your circumstances and lifestyle. My first year as a nurse, I lived below my means in a small non-luxury apartment, and made enough money to put 20% of my salary towards my 401k while taking home enough savings for a down payment on a house. If I spent a ton of money on luxury vacations, or if I were a single parent of multiple kids, I might have a harder time putting money towards savings.

    If you're mobile, you can also maximize your earnings by living in a city with high nursing salaries relative to cost of living (northern California, Phoenix, and metropolitan Texas come to mind). However, you should probably stay away from NorCal until you have nursing experience, since the high salaries make new grad nursing jobs almost impossible to come by.

    Keep doing what you're doing: make a plan, stick to a budget, and live within your means. Like PPs have said, even if I have the ability to retire at 50, I love my work and I'll probably a crusty old bat hobbling around the NICU at the ripe old age of 70 (probably part time, though )
    Since you're young, would you ever go back and further your education (grad school)?
  9. by   adventure_rn
    Quote from Shookclays
    Since you're young, would you ever go back and further your education (grad school)?
    I'm definitely planning to go back to school, but it's mainly for my own enjoyment rather than increasing my earning potential. I'm hoping to eventually get my PhD in global neonatal health, and I'd love teach/consult on neonatal health delivery services part-time while continuing to work in the NICU. Unfortunately teaching as an adjunct professor pays next to nothing, so it would be more of a hobby in addition to my 'real job' as a NICU nurse.

    I love the fact that many hospitals offer an education stipend to staff who want to get an MSN. It probably isn't feasible for people who want to become NPs, but it is an excellent option for people who hope to get an MSN in education or management.
  10. by   Meriwhen
    Quote from Noctor_Durse
    That's really great to hear! I get very inspired by these kinds of stories! Do you have any advice you can give me? I think I have a pretty solid plan but I am always on the hunt for more knowledge and new ideas!
    Live WELL below your means. Just because you can afford something doesn't necessarily mean you should buy it. And if you don't have the cash on hand for it, instead of whipping out the plastic with the 18% APR, maybe you should wait until you do have the cash.

    And make saving money a priority. I put away about 20-25% of my take-home pay each month. I consider it as part of my bills and pay it as though it was a monthly bill. And that amount is separate from what comes out of my pay pre-tax for retirement plans, etc...
  11. by   kakamegamama
    Quote from Noctor_Durse
    Do you have any advice or tips you can give me?
    Sorry for the delayed response...things have been crazy busy.

    Anyway, a good financial advisor can go a long way in helping you make wise financial decisions.

    Don't spend more than you make. Use credit cards only if you can pay them off each month. Live below what you think your means are. Dave Ramsey has some good advice as well.

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