Retire by 30, thanks nursing!

[ThePrestige]

Ok check this out, i have a plan to retire by the age of 30:

I'm 21 yrs old and about to graduate a ADN program

i will spend 1 year gaining experience in the ICU, then i will spend the next 8 years as a per-diem or traveling nurse, working no less then 60 hrs a week, 11 months a year.

so heres the math:

40hrs X $43hr = $6880 month

20hrs X $65 hr = $5200 month

total (net income) $8100 month

$2500 month living expenses so $5600 month to invest

Starting with $5,000 and depositing $5,600 monthly over 8 years (at a rate of return 12%, compounded monthly and taxed at your marginal rate of 28%), you will save $769,593.Initial balance:$5,000Total deposits:$537,600Total interest earned:$315,268Total taxes paid:$88,275Total Saved: $769,593

Now i understand that 769K will be different due to inflation 8 yrs from now, so we will say 669k so at 10% a year $66,000 a year!

Now for 8yrs i will work my ass off and be traveling and have little social life, but at age 30 i will never have to work again, and i will probably never want to in nursing cause i will be burnt out, but i think it would be worth it, what do you think?

[CrunchRN, ADN, RN]

Go for it!

I wish i had become a nurse at that age and had your financial brains. Even if it takes a little longer than you think you will be doing a wonderful job of setting yourself up for retirement earlier in life than most of us can dream of.

You are young enough to push your body hard for a while.

[ThePrestige]

Hey guys thanks for all the comments! I do have a few things to say:

I am a male

I have been working 60+ hrs a week for 5 years now, sure its not nursing but trust me, i can handle the load

Patient safety is my number one goal and if i am a great nurse then who cares if i want to work overtime and earn some extra cash?

I am number two in my nursing class, and in perfect physical condition, my sleep, workout and diet habits are dialed in and i have excellent organization, all of these things have to be in place in order to put in 60hr weeks to remain fresh and thinking clearly. And yes, all of this does matter, people often get tired after long shifts because they are out of shape, poor diet, cant deal with stress (tai chi is the cure for that) so 60hrs to them is hell!

Sure things will change down the road, but if they do i will roll with them, the only thing i could see that would really send me off course is finding a special someone or getting a girl pregnant (i will be very careful)

I will always continue to work, but i will be able to choose where i work, what i do, if i want to take a few months off i can, and who says $66K is not enough to live on? thats more then what 85% of people on this forum make, so ?

I have talked to a few traveling agencies, so my estimates are correct as far as hours and pay, and to answer a few others comments:

i said i would work 11 months per year, that gives me one month to relocate to diff. places

that 8100 is NET take home, so 2500 - 8100 = 5600 to invest every month, some of you need to check your math

i know a great financial investor that my uncle has used for many years with a aggressive investment hes making 11 - 16% every year, so that part is accurate as well.

Good or bad i do appreciate all the feedback, i cant believe this thread blew up so fast!

I was also thinking that maybe allnurses.com should start an investment/planning/retirement section on here, because it seems like alot of nurses are in the dark about this. Just a thought

[smk1, LPN]

The OP is a man. I think a few people missed that -

Where are you, OP?

oops! I missed that. In any case I'm shocked to see the OP come back. I personally am appalled at the way the "realism" on this thread has been posted. I can't believe the negative tone toward someone who is trying to be financially responsible at a young age. He has a goal. If the goal ends up having to be modified, so be it. Anyway you look at it, this is a young man who is robably going to be financially solvent far before most people are (if they ever get there). He is going to do it with honest work and sweat. I applaud that. The patient sfatey concerns are all just speculation. The fact is that a 20-30 year old healthy young man could probably sustain this type of activity with few problems. It will be stressful, but he might be able to do it. The medical students/interns/residents manage with jobs that are just as taxing as do people in other professions. I couldn't do it, but who am I to tell someone else that they can't? We have no idea of what this young man is capable of so we shouldn't pretend that we do. Good luck OP, I hope you are able to retire young and have the life that you dream of.

[ThePrestige]

A few other things:

for those of you who said its "unrealistic" "impossible" , give me some exact reasons as to why, dont just say its unrealistic.

also, how is this any different then being a doctor? med school students put in easy 60 - 90 hr work weeks for 9 years, and they have way more responsibility and stress, and they are not even getting paid (well during residency, but thats not jack) !

[LydiaNN]

Hey guys thanks for all the comments! I do have a few things to say:

I am a male

I have been working 60+ hrs a week for 5 years now, sure its not nursing but trust me, i can handle the load

Patient safety is my number one goal and if i am a great nurse then who cares if i want to work overtime and earn some extra cash?

I am number two in my nursing class, and in perfect physical condition, my sleep, workout and diet habits are dialed in and i have excellent organization, all of these things have to be in place in order to put in 60hr weeks to remain fresh and thinking clearly. And yes, all of this does matter, people often get tired after long shifts because they are out of shape, poor diet, cant deal with stress (tai chi is the cure for that) so 60hrs to them is hell!

Sure things will change down the road, but if they do i will roll with them, the only thing i could see that would really send me off course is finding a special someone or getting a girl pregnant (i will be very careful)

I will always continue to work, but i will be able to choose where i work, what i do, if i want to take a few months off i can, and who says $66K is not enough to live on? thats more then what 85% of people on this forum make, so ?

I have talked to a few traveling agencies, so my estimates are correct as far as hours and pay, and to answer a few others comments:

i said i would work 11 months per year, that gives me one month to relocate to diff. places

that 8100 is NET take home, so 2500 - 8100 = 5600 to invest every month, some of you need to check your math

i know a great financial investor that my uncle has used for many years with a aggressive investment hes making 11 - 16% every year, so that part is accurate as well.

Good or bad i do appreciate all the feedback, i cant believe this thread blew up so fast!

I was also thinking that maybe allnurses.com should start an investment/planning/retirement section on here, because it seems like alot of nurses are in the dark about this. Just a thought

Out of curiosity, how do you know that $66K is more than 85% of allnurses posters make?

[CT Pixie, BSN, RN]

I have been working 60+ hrs a week for 5 years now, sure its not nursing but trust me, i can handle the load

that 8100 is NET take home, so 2500 - 8100 = 5600 to invest every month, some of you need to check your math

Umm, maybe I'm a bit slow today with all the studying I've been doing. But can you explain to me how that in your original post you said you were 21 years old. Then you state you've been working 60+ hrs a week for 5 years now?! Ok, my math skills are pretty good.

21-5=16 yrs old

How have you been working at the ages of 16, 17, and 18 60+ hours a week?!! I am assuming you did go to high school since you are currently in a nursing program (unless you quit at 16 and somewhere along the line you got your GED) There is NO way that you could be working 60 hrs or better during those years, unless of course your employeer(s) were breaking some serious rules about the amount of hours a high school student can work, the times they can work etc. (unless like I said you quit at 16 and somewhere along the line got your GED)

I also want to add, that I was so pleased to see a younger person thinking of the future and way to assure that he could be comfortable and not have to work like a dog until the day he died. I in no way was trying to put you down or squash your dream. I was simply answering your question in MY honest opinion.

[LydiaNN]

In all fairness, the OP did ask what we thought. It isn't like the myriad opinions expressed in response were unsolicited. I do appreciate the OP's good-natured response, though.

I, too, wonder how a 16 and 17 year old could work 60 hours a week, as well as how it is possible to meet all the requirements for graduation from a 2 year nursing program while working 60 hours a week. Doing what? And when was there time for these stellar sleep and exercise habits?

[MsLady06]

sorry to burst your bubble but you'll probably need a lot more than that to retire. assuming you die around 75, you'll need about 45 years of income, minus inflation and increasing healthcare costs. even without inflation, $66,000/year X 45 years is about $3 million...?

you maybe need to invest

[Jo Dirt]

Hey guys thanks for all the comments! I do have a few things to say:

I am a male

I have been working 60+ hrs a week for 5 years now, sure its not nursing but trust me, i can handle the load

I can see no one is going to be able to reason with this young man, only time and life experience is going to be able to do that.

AlwaysLearning, No one is trying to bring you down or rain on your parade, but it is obvious you are at a stage in life where this (hopelessly unrealistic) plan is no doubt a passing fantasy. We have all scribbled down numbers on the backs of napkins at one time or another so don't feel bad. I'd bet a year's salary you will discover life is not as simple as you are thinking it will be with your nursing degree out in the world.

And don't assume that the old fogeys on here are just "jealous" or resentful because they know you've uncovered some great secret they were never privy to, because, again, life comes at you quick and there is nothing new under the Sun. There is a saying about "the best laid plans of mice and men..." you can look up if you've never heard it.

If you have never heard of Dave Ramsey I urge you to call his show and talk about your plan (www.daveramsey.com ) No doubt he will only tell you a lot of what you have read already from the "naysayers" but maybe it will help hearing it from a self made multimillionaire who has actually built something from nothing.

Your enthusiasm is commendable but that plan is very naieve. I'm not cash wealthy. Yet, I believe I have made wise decisions regarding money. I work with nurses who, in spite of making decent money are juggling bills and credit cards and title loans, living in debt up to their eyeballs and can't pay their bills and my friend who is a fellow nurse, bless her heart, has borrowed money from me so she could have enough gas to get home. They are in awe that I seem to have no money troubles and always have money to pay my bills and buy my children Christmas gifts. What they don't seem to understand is that I have never owned a credit card, I rarely eat out and I don't take out loans. This means I live a very humble lifestyle and if I spend money it is on something that will be a long-term investment. There is no quick and easy way to wealth. As a result of investing in real estate over the years my husband and me have a net worth of more than $650,000. Since we plan to hold onto it I don't really see where we will be cashing in but wealth means different things to different people.

And if you are at the top of your class as a student it would be way smarter to advance your degree and become a NP.

I was also thinking that maybe allnurses.com should start an investment/planning/retirement section on here, because it seems like alot of nurses are in the dark about this. Just a thought

Please get some financial counseling from someone reputable who can advise you on setting realistic goals for your future. You really can become a millionaire with your nursing degree but not with the plan you are proposing. You will learn that soon enough, though, but why go through uneccesary trouble?

[rnmomtobe2010]

:eek:

[Jo Dirt]

A few other things:

for those of you who said its "unrealistic" "impossible" , give me some exact reasons as to why, dont just say its unrealistic.

also, how is this any different then being a doctor? med school students put in easy 60 - 90 hr work weeks for 9 years, and they have way more responsibility and stress, and they are not even getting paid (well during residency, but thats not jack) !

For starters, show the numbers you gave us to a financial advisor and ask them about the wisdom of such a plan. My bank has one who comes in once a month to counsel clients.

As for the work record, what have you been working at to go to school and do a 60 hr/week job? I worked 60 hour weeks regularly for a couple of years but it was at a very low stress job and could hardly compare to the greuling shift work at a hospital.

It's true, you can only help or hurt yourself, but I don't think it is pessimistic or unreasonable to point out obvious flaws in the plan. It isn't beating a person down, it's just fact. You can be a great successful person but it is going to take a different game plan.

[treysdaddy08]

A few other things:

for those of you who said its "unrealistic" "impossible" , give me some exact reasons as to why, dont just say its unrealistic.

also, how is this any different then being a doctor? med school students put in easy 60 - 90 hr work weeks for 9 years, and they have way more responsibility and stress, and they are not even getting paid (well during residency, but thats not jack) !

1) there are some good points about not having lived long enough to work 60 hours/week. If you're saying that you're second in your class, with clinicals and studying, AND have been working 60 hours/week, well then you should go to become an MD. You'd be a very successful doctor.

2) Look at your math, and look at ours. 43x40=1720, 64.5x20=1290. 1290+1720=3010x4=12040x11 (months)=132440. Now remember, this is very important. When you make more money, you get taxed at a higher rate. If you go to salary.com and put in a zip code, it will give you how much the 'average' person in that profession makes in that area. Now just change it and put in 132440. I put in CA because that's where your'e likely to make 43$/hour. making 132k/year in california, you bring home 3145 a paycheck, or 6290/month. If you want to make 8100/month, then you need to make approx 175440/year. That's a difference of 40k!!! If you take 40,000 and divide it by 65 (your overtime pay), that's an extra 615 hours/year. Devide that by 11 (the amount of months you plan to work) and that's 55 hours a month, or about 13 more hours per week. So instead of working 60 hours a week, you'd have to work 73. Every week. That's 6 days a week at 12 hours a day, plus an extra hour somewhere, and hoping that they don't take out for your lunch. IF you can pull that off, no matter how good of shape you are in, that WILL wear you down. Also, realize that you're *hoping* that you don't get called off for low census, that they don't hire an RN to pay 35 dollars an hour to, as opposed to the 80 they're probably paying your boss. All anyone is trying to say is try not to get too over zealous. It's a great plan, it just needs some tweaking. Perhaps try to retire at age 40, or 45. That sounds far more realistic, and you won't kill yourself getting there. I do hope this was of some help.