Retire by 30, thanks nursing! - page 22

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   mikethern
    Quote from tiny2
    If retiring at 30 was that easy, I think everyone would want to be a nurse...sorry not a realistic goal..
    One's career choice is irrelevant. All that is required is the self discipline to save money every paycheck when you are young.
    Last edit by mikethern on Dec 20, '07
  2. by   mikethern
    .....
  3. by   jacklady
    If your telling us that 60hrs a week without a day break for 11mos..would be more than getting burn out but it's suicide... you will difficulty reach 40yrs old healthy... And it won't be enough to save for your future...
    of course you have your needs too and you need enjoyments that needs money to stress out youself... If you plan to have a family or helping your love ones in the future then that range of your working time is not realistic enough to save the money that you need... But on the other hand...that could be possible to achieve if you will focus on yourself alone and never give help to those who need financial support if ever there are any..and have self control like having fun without using a little money and become a workaholic... you can surely achieve that goal... but staying healthy with those traveling work and having no 24 hrs break in a week would be a big question mark??? you should prepare also yourself to die by then... but actually its up to you...God bless you in your decisions in life....Take care NURSE!

    Quote from AlwaysLearning!
    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?
  4. by   love-d-OR
    "you should prepare also yourself to die by then... but actually its up to you...God bless you in your decisions in life....Take care NURSE!"


    Wow Jacklady! Kind of cold dont you think...
  5. by   jacklady
    hehehe....yeah!!! kind a cold thing to think that's why we must not only think of money and kill ourselves by working just to have it...we also must think of how to take good care of our body while earning money...right? well, it either you will let money control you or you will control your own money....happy with much money but early death or having enough money with happiness until death... it's up to us right? God bless you feloww RN...think twice of your plans in life...

    Quote from love-d-OR
    "you should prepare also yourself to die by then... but actually its up to you...God bless you in your decisions in life....Take care NURSE!"


    Wow Jacklady! Kind of cold dont you think...
  6. by   SarasotaRN2b
    Quote from mariesmist
    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...?
    Not to mention taxes!!!!
  7. by   SarasotaRN2b
    Quote from RNperdiem
    Don't forget a rainy day fund. Car trouble, termites, major medical payments(insurance doesn't pay what it used to), always put aside something for emergency money.
    Another thing to keep in mind that it becomes harder to get health insurance as you get older. If you have any gap...i.e. from now until you turn thirty, it'll get tougher. Believe me, it's tough to be without insurance. Just this past year I was able to get it through my job, but in order to keep it, I will have to work full-time while I go to school. True, I am twice your age...but time goes so quickly!
  8. by   Tweety
    Quote from mikethern
    One's career choice is irrelevant. All that is required is the self discipline to save money every paycheck when you are young.
    Agree, everyone I know that retired early (sorry I don't know anyone 30 or younger that has retired) was extremely disciplined in saving and started young and invested in stocks. Several of them are teachers, another middle income profession. In fact I havent' meat a teacher yet that worked until they were 65 or beyond (of course most get nice state pensions on top of what they invest).

    I don't know if any of them were millionaires, I didn't ask, but they all lived simple not lavish, but comfortable lives that involved traveling. One friend I suspect was a millionaire retired at age 50 from university teaching, he had a Masters Degree. He owns three homes (two up north and one here in FL), but still lives on a budget. When asked what he does for a living he says "I manage my investments". Another dear friend of mine has been working part time, 24 hours a week, since age 50 (he's 55) and he cuts hair and always has. He made money in the stock market.

    Another friend of mine who is 45 is a great saver. So much so that he bought his house for cash 15years ago at age 30 for $50,000 and spent another $20,000 on a pool and upgrades, and recently paid cash for his car (a splurge on a 40,000 Volvo). He was able to take a year off between jobs. He's in research marketing.

    Wish some of my friends money savy would rub off on me. LOL
    Last edit by Tweety on Dec 21, '07
  9. by   Jo Dirt
    Quote from Tweety
    Agree, everyone I know that retired early (sorry I don't know anyone 30 or younger that has retired) was extremely disciplined in saving and started young and invested in stocks. Several of them are teachers, another middle income profession. In fact I havent' met a teacher yet that worked until they were 65 or beyond (of course most get nice state pensions on top of what they invest).

    I don't know if any of them were millionaires, I didn't ask, but they all lived simple not lavish, but comfortable lives that involved traveling. One friend I suspect was a millionaire retired at age 50 from university teaching, he had a Masters Degree. He owns three homes (two up north and one here in FL), but still lives on a budget. When asked what he does for a living he says "I manage my investments". Another dear friend of mine has been working part time, 24 hours a week, since age 50 (he's 55) and he cuts hair and always has. He made money in the stock market.

    Another friend of mine who is 45 is a great saver. So much so that he bought his house for cash 15years ago at age 30 for $50,000 and spent another $20,000 on a pool and upgrades, and recently paid cash for his car (a splurge on a 40,000 Volvo). He was able to take a year off between jobs. He's in research marketing.

    Wish some of my friends money savy would rub off on me. LOL
    My grandmother is proof that saving has to do with mindset, not income level. She wouldn't even buy a pair of shoes if they didn't come from a yard sale, and by the time she died she had consistently managed to save 70% (or more) of her income every year.

    I've got money in mutual funds but that only draws a little over $200 a month in interest. I put money in every month but sometimes it isn't much. I'm hoping I accumulate enough money to someday not have to worry about working but it doesn't look hopeful for me.
  10. by   mikethern
    Quote from motorcycle mama
    I've got money in mutual funds but that only draws a little over $200 a month in interest. I put money in every month but sometimes it isn't much. I'm hoping I accumulate enough money to someday not have to worry about working but it doesn't look hopeful for me.
    You would make a lot more money if you invested in high-quality individual stocks instead of high-fee mutual funds.
  11. by   mikethern
    Quote from jacklady
    If your telling us that 60hrs a week without a day break for 11mos..would be more than getting burn out but it's suicide... you will difficulty reach 40yrs old healthy... And it won't be enough to save for your future...
    of course you have your needs too and you need enjoyments that needs money to stress out youself... If you plan to have a family or helping your love ones in the future then that range of your working time is not realistic enough to save the money that you need... But on the other hand...that could be possible to achieve if you will focus on yourself alone and never give help to those who need financial support if ever there are any..and have self control like having fun without using a little money and become a workaholic... you can surely achieve that goal... but staying healthy with those traveling work and having no 24 hrs break in a week would be a big question mark??? you should prepare also yourself to die by then... but actually its up to you...God bless you in your decisions in life....Take care NURSE!
    If the OP works only 40 hours a week, he can still retire by age 35 if he invests in high quality stocks.
  12. by   oldiebutgoodie
    Quote from mikethern
    You would make a lot more money if you invested in high-quality individual stocks instead of high-fee mutual funds.
    But keep in mind that there are also low fee mutual funds, such as the Vanguard family of funds.

    Oldiebutgoodie
  13. by   mikethern
    Quote from mariesmist
    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...?
    Quote from SarasotaRN2b
    Not to mention taxes!!!!
    I'll explain this again. If the OP manages to save $660,000 from saving and investing, and this money gets an average annual return of 10%, he will have $66,000 of NEW FREE INCOME EVERY YEAR FOREVER WITHOUT HAVING TO WORK. That's a lot better than $66,000 a year for only 45 years especially if you have to work for it.

    Apparently, most people on this thread believe that once you retire, you can longer earn interest on your savings.

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