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Debts are the Whips and Shackles That Will Enslave You

Posted

Specializes in CVICU. Has 28 years experience.

1. The truth out there is that for the most part with rare exceptions, Hospitals don't care where you went to school. Taking out tens of thousands of dollars in student loan debt to get a "designer" degree will not make you more competetive. It will however limit your opportunities because you have to generate a siginificant cash flow in order to pay off your debt.

2. When you do finally land your first job it most likely won't be the one you want. We all have to start somewhere to get our "foot in the door". When you have big debt you don't have the luxury of being able to be "between jobs". You will need to keep your crappy job no matter how much it sucks unless you have another one lined up and ready to go. Being without a paycheck even for a couple of weeks is not an option.

3. Big debt puts you in a position where you must "put up" with conditions you might not otherwise be willing to put up with because you can not afford to lose your job.

4. Money has been described as the "root of all evil", but the fact is that in our society (money=freedom). If you don't have it, or worse yet if you owe it to someone, then you are being controled.

Having said all of this, your outlook on life in general will be much improved when you go to your job because you "choose to" rather than "have to". I'm not saying that I am independently wealthy by any means. I have to work to live like everyone else but I do it on my terms.

Think about this, a lot of us before school worked jobs that didn't pay nearly as much as nursing and we got by OK. We did however had to work full time and then some to make ends meet. If you stay out of debt, you can make the same amount of money working a minimal amount of hours. This affords you to have a large quantity of something that is simply priceless and that is "time".

There are 3 types of poverty in this life and they are

1. Poverty of cash

2. Poverty of time

3. Poverty of the soul.

Solving "poverty of cash" by living in "poverty of time" is not a good trade off. We are all given a limited amount of time here on earth. When we work we are basically selling our time. I don't know about you but my time is priceless to me and I will only sell it to the highest bidder on my terms. However this is only possible if you plan it that way and stay out of debt.

kalevra, BSN, RN

Specializes in ED, Telemetry,Hospice, ICU, Supervisor. Has 5 years experience.

I definitely agree with your practical outlook.

JRP1120, RN

Has 1 years experience.

Agreed!

Medic/Nurse, BSN, RN

Specializes in Flight, ER, Transport, ICU/Critical Care.

+ another 1!

My husband and I own our homes, have 3 nice vehicles and no debt to speak of. We live below our means and I have been happily able to work or not from the beginning. Feels great - I encourage others to say the h@&& with the Jones and live for yourselves.

Life is short - your money or your life!!!

Good Luck!

:angel:

Dept sucks, however working a dead end job forever would have sucked more. I worked, lived within my means and only took out minimal debt for my community college education, you are right it does not matter what college you go to, I live in a big city that graduates hundreds of ADN and BSN students, I, being the ADN still managed to get a job, and in the department of my choosing. I would have kicked myself if I would have gone into serious dept for an ivy league diploma.

joanna73, BSN, RN

Specializes in geriatrics.

"Poverty of time" is one reason why I refuse to work full time. Yes, I have loans, but balance is key. Also, the more you work, the more taxes you pay. Not worth working a ton of hours.

Interesting observations.

I went to a very good community college and graduated second in my class. Was able to pay as I went--took money out of savings each semester to cover tuition and books--and earned enough to replace it all the first summer I worked. My husband and I have six kids, so this economical route was the only one that made sense for me.

This wouldn't work for everyone, but I'm very glad it worked for us.

Just one disagreement with your post--

4. Money has been described as the "root of all evil", but the fact is that in our society (money=freedom). If you don't have it, or worse yet if you owe it to someone, then you are being controled.

It isn't money that the Bible says is the root of all evil, but the love of money--the obsession with it to the point where you are wiling to do unhealthy things to get it. The interesting aspect of this is that you don't have to have a lot of money to love it. Both the rich and the poor can find themselves overly absorbed with finances.

Overall, I would encourage people to leave below their means, spend frugally, save money, look for bargains or second-hand items (but not junk or things that are poorly made), and learn to be satisfied with simple pleasures. Spend where you need to in order to function well, but keep your appetites in check when it comes to the non-essentials.

We have taught our kids to be shrewd consumers who know value when they see it. And they are passing this knowledge on to their kids. This is what I call a living legacy.

klone, MSN, RN

Specializes in Women's Health/OB Leadership. Has 14 years experience.

I definitely agree with the OP.

For anyone looking to free themselves from the "shackle" of debt, may I recommend "Total Money Makeover" by Dave Ramsey? Following his plan, we paid off $70,000 of consumer debt in about 18 months.

Bringing the topic full circle - having little/no consumer debt definitely frees you to take jobs that you may not have the freedom to take if you have a ton of debt (such as PRN positions, part-time, or a job that doesn't pay a lot but will provide great experience).

cancanRN

Specializes in Icu, Corrections, CICU.

:crying2:I agree 100% today the amount that college costs is ridiculous who has 80,000 to send their kids to college just llaying in their bank accounts? And then these poor kids come out and can't get a job.

Sorry but, a little discipline and debt can be paid off just fine.

No BSN would have been worse...just sayin.

joanna73, BSN, RN

Specializes in geriatrics.

Agreed. The life of the average student loan is 9-10 years. If you are able to pay more than the minimum, do so. Interest can range from 10 to 25,000. I've always believed in living within your means and distinguishing between needs and wants. You need a roof, food, transportation. Everything else is really incidental.

For example, one of my friends refrained from going out or buying ANYTHING extra for 20 months in order to completely pay off her loan. While some people might view that as harsh, in the end, the sacrifice is worth it. I'm the same. Aside from the odd "treat'...if I don't need it, I don't buy it.

Fiona59

Has 18 years experience.

Agreed, Joanna. I graduated $13K in debt. Paid it back in under two years. I was fortunate to have a husband that works, so I could focus on repaying the loans with my paycheques. I dumped two income tax returns on those loans and it felt so good the day I got the paid in full notice from the agency.

KeepItRealRN, BSN, RN

Specializes in CVICU. Has 28 years experience.

Sorry but, a little discipline and debt can be paid off just fine.

No BSN would have been worse...just sayin.

That is if the amount of borrowed money is reasonable. No BSN is worth the equivalent of a mortgage. Designer degrees are a racket. In the big picture one BSN is no better than another BSN. Some just cost more.

Edited by KeepItRealRN

All of the above points are true but let's remember that thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.

joanna73, BSN, RN

Specializes in geriatrics.

When I read about the debt levels and the wages in the US, I'm appalled, and I really feel for you nurses. I'm Canadian, and all of our tuition fees for nursing are fairly standard across the country. A 4yr BSN is mandatory now, but the cost averages about 8-9 thousand per year, including supplies. 20, 30 or 50 thousand a year is unheard of for us. How would you pay that off???

Not to mention, because Canadian RNs are unionized, the pay and working conditions are pretty decent. Pay ranges from about 27 to 50 an hour plus differentials. LPNs start at around 23 per hour. Aside from Cali and a handful of other states, the pay for American RNs is not enough, IMO. Some of the reasons I am thankful that I live where I live.

Jules A, MSN

Specializes in Family Nurse Practitioner.

All of the above points are true but let's remember that thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.

Then I would skip that school. Like with mortgages just because you can get one doesn't mean you actually can afford it.

KeepItRealRN, BSN, RN

Specializes in CVICU. Has 28 years experience.

thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.

You got that right. And they are creating a college bubble in much the same way they created a housing bubble. The truth is when it all comes out people are going to start defaulting on their student loans left and right. But wait, you can't have your student loans wiped out by a bankrupcy anymore. So you will owe that money until the day you die. Every time you get a job and a pay check, Uncle Sam will be there to take a chunk of it. Don't have enough left to live on? Not our problem.

That is if the amount of borrowed money is reasonable. No BSN is worth the equivalent of a mortgage. Designer degrees are a racket. In the big picture one BSN is no better than another BSN. Some just cost more.

Whether its 10k 50k or 100k, I think people obsessed with student loans neglect to think about the earnings lets say for 10 yrs as an RN (if you can find a job these days) is going to gross out 500-700k....if you can't pay those loans off theres other things that your spending on that need to be cut. Additionally find me a job with as much versatility, earning power, and geographic versatility that a 2-4 yr degree affords?

Loan interest is still tax deductible, and usually low.