Retire by 30, thanks nursing! - page 21

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   love-d-OR
    Atlhough I think it might be fairly impossible for the OP to retire at 30, I dont think he is doing wrong by planning early. I started saving for retirement when I was 20. Now Im 22 (will be 23 on the 25th, yay1), and investing and saving is something that comes out of my paycheck first. At times I get bashed by people my age because "you are too young to be thinking of that stuff" and "you are reading suze orman, that sounds boring." Why is it wrong for a 21 year old to think of his future? So what if he does not know enough at 21, does that mean he cant take initiative and try? The economy is changing, and so are the attitudes toward money among college students. Pretty much every college student has a credit card and even more of them have defaulted on them. Have you seen the stats on college loans, and the increasing difficulty on paying those loans off?

    Earlier someone stated that 1/3 of baby boomers did not have money for retirement, why do you think that is? Who do you think is going to pay for their medicaid and medicare? Now on the other hand you have someone planning ahead, and it is wrong?

    So maybe his plan is a little sketchy and maybe unrealistic (60/wk x 8yrs in ICU), but its better to aim higher and achieve less.

    I know of nurses at my hospital that have worked 12 days straight, I also know of nurses that work more than the typical 3 days a week. I dont know how healthy it is, because Im a student nurse. But I have had weeks where I worked four 12's straight and I was fine, but then again its ddifferent responsibilities.

    My point is, instead of crushing the OP why not advice him on a better saving strategy or on the challenges he may face working 60hrs/wk.

    Nursing is a caring profession, we all know that, but you cant fault someone for wanting to get paid for it!

    OP good luck! To all those that included educational and positive advice thank you. It helped.
  2. by   Tweety
    Quote from mikethern
    Well then L&D nursing must be easy. It would be interesting to see if you still love nursing 10 years from now.
    There's no need to criticize us lifers in love, or satisfied with nursing. So you don't love nursing and want to get ASAP and retire ASAP, that's fine.

    I feel about the same as I did when I started nursing 16 years ago, in fact I'm going for a Masters to Educate others into this profession I'm fond of and proud to be a part of. My goal is definately to retire ASAP as well, but it wont' be because I hate nursing. It will be because I'm a lazy slob and don't want to work.
  3. by   treysdaddy08
    Quote from mikethern
    Well then L&D nursing must be easy. It would be interesting to see if you still love nursing 10 years from now.
    Just because someone loves their work, then it 'must be easy'? I have a friend who is an infantryman in the army, and he loves his job. Are you saying his job is easy? Just because you dislike your job doesn't mean that everyone else will. In every profession there are people taht hate it, people that love it, and people that are in the middle. There are great days, horrible days, and days that don't make a difference. It (usually) isn't about the job. It's about the attitude that you bring. THAT is what determines how successful, and more importantly how happy you are in life.
    Last edit by Tweety on Dec 20, '07 : Reason: Toned it down
  4. by   treysdaddy08
    Quote from Tweety
    There's no need to criticize us lifers in love, or satisfied with nursing. So you don't love nursing and want to get ASAP and retire ASAP, that's fine.

    I feel about the same as I did when I started nursing 16 years ago, in fact I'm going for a Masters to Educate others into this profession I'm fond of and proud to be a part of. My goal is definately to retire ASAP as well, but it wont' be because I hate nursing. It will be because I'm a lazy slob and don't want to work.
    BRAVO!!! Well said!
  5. by   NoahNS
    I've only read the first page of responses, but it seems like some of the respondents think you are expecting to deplete the principle over time... which is not what it sounded like to me was your intention. If you just live off the interest maybe you would even be able to save some of that income and continue to grow your investment... or, on the other hand, maybe your investment would not yield the 10% you were hoping/expecting. In any case, I think I would agree with many of the others... that you're committing yourself to a pretty fierce ambition to remain bound to for such a big chunk of time. What concerns me much more, however.... is your apparent motivation for going into nursing in the first place. If it's just money you're trying to acquire... there are certainly much better ways to pursue that ambition... and with far less risk to a critical patient population.

    St. Paul had a suggestion you may wish to consider in his letter to Timothy (1 Timoth 6: 9-10):

    "But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition :angryfire ... for the love of money is the root of all evil: which while some coveted after, they have erred from the faith and pierced themselves through with many sorrows."

    Pretty strong word, huh...???
  6. by   shodobe
    I think the OP has all the right ideas and should continue to go forward with his plans. He might not be able to retire at 30, but closer to 50, which still isn't bad! Too many people just shrug off the thought of retirement and put very little away each month towards that goal. Most hospitals have a very generous 401k plan and alot of nurses just don't take advantage of this. I have co-workers who I scold all the time about putting money away and not relying on SS to take care of them in the future. I work also 60-7- hours a week and pull in well over 130,000 a year. The one thing is all the money I take out is not taxed and more goes into my retirement fund. Right now I am fairly comfortable and take out 14% every pay period, amounts from $700-$900 per pay period. The only regret I have is I didn't start this soon enough. I have been contributing only for the past 10 years and kick myself everytime I think about the first 20 years where I did not contribute. I probably would have well over a million dollars by now. It is never too late to start and believe me when the time comes to retire and you have a nice nest egg to live off of, you will look back and know that this was the smartest move you ever made.. Even $50 bucks a pay period now while you are young is better than nothing at all. Think smart and plan for your future, look out for yourself because no one will.
    Last edit by shodobe on Dec 20, '07
  7. by   shodobe
    St. Paul had a suggestion you may wish to consider in his letter to Timothy (1 Timoth 6: 9-10):

    "But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition ... for the love of money is the root of all evil: which while some coveted after, they have erred from the faith and pierced themselves through with many sorrows."

    Pretty strong word, huh...???


    And your point?
  8. by   shodobe
    [QUOTE=mikethern;2557040]Hmm, the above post looks pretty insulting to the OP.

    Yep! It looks very insulting.I just can't understand why people in nursing all feel it is a calling for them and money is secondary. I guess they all must be born to a well-off family and don't have to worry about their future, whether they eat dog food this week or pay for their prescription drugs. You have to look out for numero uno because employers and the federal govt isn't. people have to wake up and start planning now and stop procrastinating because they WILL regret it.
  9. by   Tweety
    Quote from shodobe
    I just can't understand why people in nursing all feel it is a calling for them and money is secondary. I guess they all must be born to a well-off family and don't have to worry about their future, whether they eat dog food this week or pay for their prescription drugs. You have to look out for numero uno because employers and the federal govt isn't. people have to wake up and start planning now and stop procrastinating because they WILL regret it.
    I think we have to open our mind to the fact that nursing is a big wide variety of individuals in it for many differing reasons. Nurses come in all shapes and sizes from all types of lifestyles and backgrounds all around this big wide world.

    Some are in it for a "calling" only and aren't interested in the money. Probably the overwhelming majority of us are in it for a variety of reasons to include wanting to help people AND the nice middle income with stable job security. Then there are those few who are in it only because it's a quick way with an associates degree to make a middle income (or an above middle income if you work 60 hours a week).

    I don't think it's fair for one in either one of the above categories to be critical and not understanding of someone elses lifestyle just because it's not something we choose for ourselves. I've seen a little of both here, so I'm not just talking about one or the other.

    There's room for us all and we should be respectful of one another because one ideal is no better than the other just because I don't understand and don't follow that idea.

    You are right about one thing for sure, those who don't start planning on retirement now, or think they can't afford it, are in for a rude awakening in their old age.
    Last edit by Tweety on Dec 20, '07
  10. by   mvanz9999
    Quote from love-d-OR
    ..I started saving for retirement when I was 20. Now Im 22 (will be 23 on the 25th, yay1), and investing and saving is something that comes out of my paycheck first. At times I get bashed by people my age because "you are too young to be thinking of that stuff" and "you are reading suze orman, that sounds boring." Why is it wrong for a 21 year old to think of his future? ....
    ....and when those same people are 40 (or 38 in my case), they will be forever kicking themselves that they did not do the same thing you are doing. They will have lost 20 years of investment growth. I know, because I'm one of them.

    Of course you know you are doing the right thing, and I commend you and the OP for thinking ahead.
  11. by   Jo Dirt
    Quote from mikethern
    Not if you know how to invest correctly. If you save a nest egg of a million dollars and then keep it invested at 10% a year, you will reap $100,000 new income every year forever. If you can live on slightly less than $100,000, and keep the rest invested, your million dollars will keep growing so you can easily keep up with inflation.
    I've heard that once you make the first million the second million is always easy.
  12. by   mikethern
    Quote from motorcycle mama
    I've heard that once you make the first million the second million is always easy.
    Correct. The general goal of stock investing is to double your money every 5 years. Here's an example:

    Year 1 = $15,625
    Year 5 = $31,250
    Year 10 = $62,500
    Year 15 = $125,000
    Year 20 = $250,000
    Year 25 = $500,000
    Year 30 = $1,000,000
    Year 35 = $2,000,000

    It took 30 years to reach a million, but only 5 more years to reach 2 million.

    And these numbers are without additional deposits.

    The more money you have invested, the faster it grows. It's a snowball effect. That's why Albert Einstein called compounding the most powerful force in the universe.
    Last edit by mikethern on Dec 20, '07
  13. by   tiny2
    If retiring at 30 was that easy, I think everyone would want to be a nurse...sorry not a realistic goal..

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