Retire by 30, thanks nursing! - page 3

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   madwife2002
    You know at 21 you think 30 is anicient, and then you get to 30 and you think 40 and so on. I think it is great you are planning so well for your future and I hope you achieve your goals I really do. But something called life sometimes gets in the middle and screws you up.

    You know you are so focused that I bet when you get to 30 you will have another goal to focus on, and retirement will be something you wouldnt consider doing. Good luck I wish I had had your enthusiasm at 20 instead of 40 LOL.
  2. by   StrwbryblndRN
    Don't stop dreaming and striving for it.
    Even if you accomplish half of what you said at age 40, you are still doing alot more than most people.
    Don't let anyone stop you or think you are nuts. I have heard true stories that parallel what you wish to achieve.
  3. by   Triple A's
    i want to commend you for thinking about retirement at such a young age. with so many people your age and mines (33), who are just letting life past them by. you have decided to take life by the horns, i like that alot. however, i think you should remember that although we may plan well, sometimes the things that affect us the most are the things that are not planned. so be prepare to make adjustment when neccessary.

    life is what happens, while were making plans.
  4. by   llg
    I, too, commend you on thinking seriously about your future and that you realize that you will need to save your money in order to finance your retirement.

    However, the fact that you forgot to include a lot of things in your plan (like taxes!) should tell you that you still have a lot to learn and need to remain flexible in your planning. Be prepared to modify your plan as you continue to grow and learn about life.

    BTW -- I have about $750,000 of saved up right now. But at age 52, I don't think that is quite enough to fund my full retirement yet. Housing, health care, long term care, etc. ... those things are expensive and I don't want to run out of money when I am in my 80's and have to rely on charity to pay for a "bottom of the heap" long term care facility. So, I am still working -- but hoping to be able to ease into retirement in about 10 years.
    Last edit by llg on Dec 11, '07
  5. by   Alex_RN2b09
    My problem lies with the issue of boredom I'd die if I had no major obligations outside family for 45+ years of my life. But that's me I guess I like being busy.

    Regardless keep planning for your future I'm 23 myself and am already working on my retirement fund. I'm not looking to retire as early as you are though. I'm sure my priorities will change as family and children come into the picture. In the end I'd like to work as an educator after I feel my time on the floor is complete and I have a good financial situation to live comfortably.
    Last edit by Alex_RN2b09 on Dec 11, '07
  6. by   DutchgirlRN
    Quote from AlwaysLearning!
    Ok check this out, i have a plan to retire by the age of 30:

    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?
    It's great that you're ambitious but your plan is not feasible. Minimum 60 hours a week in nursing is not doable at least not safely doable for your pt's safety.
    Last edit by DutchgirlRN on Dec 11, '07
  7. by   James Huffman
    Quote from DutchgirlRN
    Um...I think there's a whole lot wrong with your thinking.
    What's the problem with it?

    It's not something I'd do, but there's nothing wrong with it at all: it's a matter of choices and options, and I'm glad for people who have goals and focus and know what they want to do with their lives.
  8. by   DutchgirlRN
    Quote from James Huffman
    What's the problem with it?

    It's not something I'd do, but there's nothing wrong with it at all: it's a matter of choices and options, and I'm glad for people who have goals and focus and know what they want to do with their lives.
    There's a whole lot wrong with it. Patient safety being #1
  9. by   RN1980
    Quote from Alex_RN09
    My problem lies with the issue of boredom I'd die if I had no major obligations outside family for 45+ years of my life. But that's me I guess I like being busy.

    Regardless keep planning for your future I'm 23 myself and am already working on my retirement fund. I'm not looking to retire as early as you are though. I'm sure my priorities will change as family and children come into the picture. In the end I'd like to work as an educator after I feel my time on the floor is complete and I have a good financial situation to live comfortably.
    my problem would be, if i ain't workin i'm spending, hell retired at 30...i'll be broke by the time i'm 32...
  10. by   gerry79
    Working 60 hrs a week will ruin your body. I am a new nurse and assumed that I could work 60 hours and be fine... Well I found myself cranky, tired all of the time and less focused at work. Sure, my after tax check was $1800 a week, but I was miserable. I must also point out that I am about double your age, so stamina may not be an issue for you, but I know nurses who are your age that complain about working 40 hrs a week.

    I also commend you for thinking about your retirement at such a young age. My advice to you is to spend wisely, carry minimal debt, and live below your means. I don't know if your goal of retiring at 30 is feasible, but definitely doable by 45 or 50. If you are planning on having a family, then you will have to modify your plans a bit, but you can still retire comfortably early if you spend wisely and plan accordingly.
    Last edit by gerry79 on Dec 11, '07
  11. by   James Huffman
    Quote from DutchgirlRN
    There's a whole lot wrong with it. Patient safety being #1
    Patient safety and quality professional care are a given. There are people who work 10 hours a week who are bad nurses and provide sub-standard care. I assume that someone who is this focused knows that her goals won't be accomplished if patients are getting hurt.
  12. by   Altra
    Quote from AlwaysLearning!
    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?
    I'll use your hypothetical figures for income and living expenses.

    At $8,100/month gross pay, as a single person, you'll net about $5,500 after taxes.

    $5,500 net monthly income
    $2,500 monthly living expenses (your figure)
    $3,000 monthly potential savings

    IF

    the car doesn't need repaired/inspected/tires/etc.
    no accidental injury/illness
    unusual expenses re: family events, household maintenance/repairs, continuing education, all that misc. stuff called LIFE.

    If you can commit to saving something every single month you will be ahead of 98% of your peers. That's commendable. You'll "do the math" when you actually get a job, actually get a paycheck, and actually see exactly what your living expenses turn out to be.

    And think again about that "straight cash, no benefits" thing ... I won't even address the foolishness of going without health insurance when it's available to you. As a health-professional-to-be, I'll assume you can think that through yourself. If your employer offers a 401(k)/403(b) with an employer match -- you're throwing away free money if you do not participate.

    Good luck to you.
  13. by   military spouse
    Definately plan on giving almost 50% of it away to the govt. However, it sounds like you have a goal and that is a good thing.

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