Retire by 30, thanks nursing! - page 19

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... Read More

  1. by   lucy1976
    I agree with Mike,
    Also i think the problem, really is people trying to keep up with your neighbours, so many people literally throw money away by leasing fancy cars, or having huge payments, yet you can save so much by buying a used car and paying for it outright, ..( but no!.. what will the neigbours think!)..sad.. Yet people are okay spending sleepless nights worrying about bills!! Look at the mortgage crisis that we have now, that's threatening to damage the whole economy, Yes the banks did get greedy, but consumers are also to blame for taking up mortgages that they definately could not afford just because they wanted to keep up with other people, even though sometimes it makes more financial sense to rent!

    Quote from Tweety
    Definatley agree that Americans are the worst savers. Other weathly countries like Austrailia, Canada and especially Japan do a better job. Our live for today culture is going to bite most of us in the butt later on. Even people in Chile have a better savings plan for retirement than we do.

    I certainly don't think it's impossible for a nurse, or any middle income person to become a millionaire in their lifestime.

    But I do understand that those with families who live in areas outside the NE and East Coast with lower salaries, might need a little time to get there and I certainly don't judge them harshly for having to work a full time job until their 60s and not being able to go part time or retire in their 30's.

    I know why I am going to half to work until my 60s. I accept it. I'm not willing to work 60 hours a week to get there faster, 65 is fine with me. In fact, I'm starting grad school in Jan. to prepare for the 2nd half of my life to bring me into my 60s and beyond.
  2. by   lucy1976
    I totally agree Agnus, i sure hope that the poster doesn't get discouraged by all this naysayers...


    Quote from Agnus
    I do not need to read though this entire tread to know it is a crab bucket. Your original post invites that. It will be interesting to see how vulnerable you are to the crab effect.
    Never invite financial advice from nurses and never ask for nursing advice from financial professionals.
  3. by   Icandi2006
    I like your ambition and drive. I am curious, did you go into nursing for the $$$ or care for the sick and invalid. Hmmm... sounds like you are one of those nurses who is in it for the $$$. You will burn out quickly. Also what are the plans after 30 and retired??. One more thing before I go... you will be dangerous 60 hours or more as an ICU nurse. What kind of care are you providing?? You will get hired placed in a internship in a hospital ICU, work there for 6 months, you will think you have learned enough to get by and then you will be unleashed to the unsuspecting public. Working agency after agency. Very Sad!!! U work with nurses like that all the time. Only looking for the paycheck. Oh well!!! I hope your other classmates are not like you
  4. by   interleukin
    Your philosophy is understandable considering your very young age. But any attempt to micro-manage life like you have stated would be folly. There are so many holes in your plan you could push a planet through them.
  5. by   kath<3
    OK---maybe I am being too old school, and I am only a nursing student, not a nurse YET. I understand wanting to be financially successful, however, I question if you did not get into nursing solely for the money? Which, if this is the case, I would not want someone like this to be my nurse...I want someone who actually counts the lives he/she touched and helped saved, not the money in his/her bank account....my opinion
  6. by   hpcat
    It sounds like you know what you want, I would just suggest you also find a reliable financial advisor (ask successful friends and family) - let him/her know your goals. They can help you develop a strategy of saving and investing that will help ensure you have enough. A lot has to do with the type of lifestyle you want to live, you will need more or less depending on your preferences.

    I would suggest keeping health and long term disability insurance, though. I ruptured my C5-C6 disk in 2000 and was disabled for a year and a half. My medical bills added up to around a quarter of a million dollars! Without my insurance, I would have been ruined.

    At your age, you can find inexpensive plans for both. Keeping high deductibles on the health insurance can save you a lot of money. Also, someone recommended malpractice insurance, I live in NY where lawsuits are plentiful, it's a good idea! Don't think of insurance as money you're throwing away that you'll never see again (even though sometimes it feels that way), think of them as an investment in your financial security.

    As for me, I don't think I could ever totally retire - I'm so workaholic I can't take a week's vacation without climbing the walls!
    :spin:
  7. by   MrsCannibal
    I personally cannot believe this thread is still going strong...wow.
  8. by   lasko
    Working 60 hours per week puts you and your patients at risk.
  9. by   sziq1
    Even if you retired at forty you might be stretching it. As one person posted several million may be a better bet. Retiring at 40 is still a really great age to retire, people these days are working well into their 60's and 70's so working a little longer than age 30 is still a really good deal!
    Just be careful and don't burn yourself out. who knows you may get into it and really love it and not want to retire!

    btw the RN's working for HBR(home based registry) are making 54.00 an hour at my facility just outside chicago! But they dont get any benefits so unless they have a spouse or some other source to get their healthcare and retirement it really isn't a deal.
  10. by   tmcdaniel
    wow!

    i guess i am old fashioned but i thought that nursing was about caring. i guess this younger generation is all about the money. they should choose a higher paying career if that is the case because nursing pays well in regards to money but pays much more in making a difference in people's lives and the way you feel at the end of the day.

    i think your post says a lot about "what you are all about honey"

    good luck making your financial dreams come true. there are plenty of holes in your theory and i feel for your patients if you are trying to work that many hours and are all in it for yourself.
  11. by   mikethern
    Quote from tmcdaniel
    wow!

    i guess i am old fashioned but i thought that nursing was about caring. i guess this younger generation is all about the money. they should choose a higher paying career if that is the case because nursing pays well in regards to money but pays much more in making a difference in people's lives and the way you feel at the end of the day.

    i think your post says a lot about "what you are all about honey"

    good luck making your financial dreams come true. there are plenty of holes in your theory and i feel for your patients if you are trying to work that many hours and are all in it for yourself.
    i wonder how enthusiastic you will be about nursing when you injure yourself on the job or catch a disease from a patient or get sued by a patient.

    although there are a lot of patients who are sick and could not prevent it, the fact is that most of our patients are sick because they neglected their health. why do most diabetes patients have diabetes? because they are overweight and do not exercise. why are most cardiac patients sick? because they eat junk food and don't exercise.

    i take good care of my patients, but i only feel sorry for the ones who took care of their health and still got sick or injured. i "care" less about patients who didn't give a crap about their own health.
    Last edit by mikethern on Dec 19, '07
  12. by   mikethern
    Quote from mirry007
    if you retire by 30, what will you do in your 40's? it's really boring being retired, i mean, how much golf/shopping/ travelling/ sleeping can you do? it's much better to carry on working 60-70 hrs weeks (including holidays) and then when you die at the age of 47 from overwork/ bad heart/ bad feet all your relatives will be very happy with you. look how much you left them in your will!! on the other hand, maybe you intend to retire at 30 by marrying a very old and rich 82 yr old???:[/font]balloons:
    financial independence is about having the freedom to retire when you want to. if you enjoy the unhealthy career of nursing, do it forever! the fact is that someday when you are not so young, you may not enjoy nursing anymore. if you spent your whole life buying fancy cars and spending your whole paycheck as soon as you get it, you won't be able to quit nursing even if you want to.

    if a perso can't think of a better way to spend time than nursing, then one have a serious lack of imagination in my opinion.
    Last edit by Tweety on Dec 19, '07 : Reason: toned down
  13. by   marilynmom
    To the OP:

    I say go for it! I think it is wonderful you are thinking about and investing in your future. Gosh, even if you can't retire by 30 just think of all the money you will have saved! I would love to retire early as well

    I can think of PLENTY I would be doing if I retired early--I can't believe people are on here saying how boring it would be, or whatever! Things like spending more time with my family, reading books, gardening, volunteer work, etc. are wonderful ways to spend my time.

    Good luck!!
    Last edit by marilynmom on Dec 19, '07

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