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?
What a bunch of negative replies...however would be much less taxing to just marry rich!!!!
A friend told me in the 10th grade that she was going into nursing to catch a doc and that's exactly what she did. Whatever else might be thought of her, it's rare to find anyone who has a plan 2 years before graduating high school that they stick to undeviatingly until they achieve their goal.
You would make a lot more money if you invested in high-quality individual stocks instead of high-fee mutual funds.
I don't know enough about what I'm doing to do that. I've got the money distributed among several low risk companies in what they call growth stock mutual funds. It just seems like I put money in but it isn't enough to make a difference in the bigger scheme of things.
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...
This is an excellent post! The majority of Americans don't start think about retirement planning as young adults when time is a huge partner in accumulating wealth.
I commend you for looking at building your financial base through hard work but also examine other avenues such as real estate, starting or owning a business such as a car wash, laundromat, etc... There is a great book called - Rich Dad, Poor Dad by Robert Kiyosaki. It is a book about what the rich teach their children about money that the middle class don't. It really changed my mindset about money. Instead of looking at only earning active income (through a job) the book opens up your mind to the possibilities of passive income (real estate, owning a business, etc...) which is a faster route for earning money.
I think you are on a right track and with some additional exploration of the various routes to accumulating wealth, you will be well on your way to building a well stable and successful future.
I am not old enough to provide true insight on this topic, I do however want to say - I am 20 years old and am SO DIFFERENT from the person I was at 18, it's not funny. That's even a farther departure from when I was 16 - not even in the same solar system.
I encourage you with your goals, but I would advise you to keep in mind that your goals may change. You may not like the work you do, even burnout notwithstanding. I've gone through what seems like 800 hypothetical career changes in the past year alone. I will plan everything out to the nth degree and then something comes along that changes it all.
Specializes in ICU, SDU, OR, RR, Ortho, Hospice RN.
This is an excellent post! The majority of Americans don't start think about retirement planning as young adults when time is a huge partner in accumulating wealth.
I commend you for looking at building your financial base through hard work but also examine other avenues such as real estate, starting or owning a business such as a car wash, laundromat, etc... There is a great book called - Rich Dad, Poor Dad by Robert Kiyosaki. It is a book about what the rich teach their children about money that the middle class don't. It really changed my mindset about money. Instead of looking at only earning active income (through a job) the book opens up your mind to the possibilities of passive income (real estate, owning a business, etc...) which is a faster route for earning money.
I think you are on a right track and with some additional exploration of the various routes to accumulating wealth, you will be well on your way to building a well stable and successful future.
:uhoh21:
I will plan everything out to the nth degree and then something comes along that changes it all.
anonymurse
979 Posts
A friend told me in the 10th grade that she was going into nursing to catch a doc and that's exactly what she did. Whatever else might be thought of her, it's rare to find anyone who has a plan 2 years before graduating high school that they stick to undeviatingly until they achieve their goal.