Financial Independence And Nursing

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Are there any RNs here (or former RNs) who have been able to become financially independent or close to it after being an RN? The reason I ask is because I've been reading a lot of stories online about people who have become financially independent and able to retire before the age of 65 (some at the age of 35-40) and I admire that, like that, and find that to be inspirational. The thing is, many of these stories have been from people who were in the engineering field.

Is there anyone here who was able to take this path with past experience as an RN?

Specializes in Dialysis.

I don't use credit cards, as I wouldn't take advantage of any free miles or hotel stays. So if I can pay cash I do. My ex destroyed my credit so I couldn't get a card at this point anymore anyway! I've tried, even less desirable cards... I do max out 401k, but also realize this isn't foolproof, either. My mom (retired nurse after 48 years) had always taught my sister and I the value of this. She was set to retire in 2008, but due to the downturn she just retired last year. It taught me to not depend on that as a sole means to retire, either. I'm concerned for my future, because at my age (50-ish), I don't have much time to save, and my body, though in good operating shape now, is not guaranteed to hold out.

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Specializes in Nursing Professional Development.

I also use my credit card regularly (groceries, gas, etc.) and have profited from the benefits that come with the card. I also have an account at the local department store where I do much of my shopping, get my hair cut, etc. That store card offers me a good deal as I get 10% off most of my purchases when I use it. Of course, what makes these cards a benefit for me and not a liability is that they don't influence me to spend more money than I would spend if I didn't have the card. My 2 cards don't charge an annual fee and I never pay any interest charges because I pay them off in full each month. So I pay nothing for them ... but get benefits. And the last time I checked my credit score, it was above the so-called "maximum" -- because I was given bonus points in the scoring system.

I understand that some people shouldn't allow themselves to enjoy the benefits of credit because they can't control themselves. Having the ability to spend too much money stimulates them to spend more than they can afford. That's sad. But I respect them for recognizing that characteristic in themselves and taking the necessary steps to control it by not using credit even when it is to their advantage to do so. I wish I had the same discipline with food that I have with money. I can control my spending without any trouble -- but I can't control my eating. So I can empathize with those who have trouble controlling their spending.

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Specializes in ICU.
I don't use credit cards, as I wouldn't take advantage of any free miles or hotel stays.

How about free money or free gasoline? I just ordered $200 worth of stuff on Amazon that I didn't pay a dime for, and between the basic rewards and the rewards credit card for the gas station I use the most, I get gasoline for $0.08/gallon lower than the pump price, as well as earning statement credits on the gasoline card (i.e. free gasoline after I apply the statement credits).

Not to mention, one of my credit cards has a shop through us portal, where they offer different levels of cash back for shopping at certain stores. For example, if I am looking for clothes, I will try them on in the store, put them back, and then buy them online through the credit card's portal to get the cash back (assuming the shipping is free, and/or less than the amount of money I would get back from the cash back option).

Sorry, couldn't resist playing devil's advocate on your post. I feel like a lot of people really do think credit cards are all about airlines and hotels, and that's just not the case. They can save you a lot of money in everyday ways, too.

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Specializes in Dialysis.
How about free money or free gasoline? I just ordered $200 worth of stuff on Amazon that I didn't pay a dime for, and between the basic rewards and the rewards credit card for the gas station I use the most, I get gasoline for $0.08/gallon lower than the pump price, as well as earning statement credits on the gasoline card (i.e. free gasoline after I apply the statement credits).

Not to mention, one of my credit cards has a shop through us portal, where they offer different levels of cash back for shopping at certain stores. For example, if I am looking for clothes, I will try them on in the store, put them back, and then buy them online through the credit card's portal to get the cash back (assuming the shipping is free, and/or less than the amount of money I would get back from the cash back option).

Sorry, couldn't resist playing devil's advocate on your post. I feel like a lot of people really do think credit cards are all about airlines and hotels, and that's just not the case. They can save you a lot of money in everyday ways, too.

I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that

ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have

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Specializes in ICU.
I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that

ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have

That's rough. I'm sorry you went through all of that.

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I don't plan or expect to be traditionally financially independent, but I have saved enough to have freedom and not have to work all the time. For a few years I saved more than 50% of my salary (I don't have any kids) because I wanted to spend time abroad. In the end I found a paying job abroad, but I didn't worry at all during the four months I had off between quitting my regular job and starting a new one, and I'm not worried now as (after six weeks of additional travel) I'm taking my time to find a job I really want. I miss nursing and have no interest in retiring at this time, but I couldn't have done this without the money I saved to give me some freedom. I could easily live for two years without changing my lifestyle at all--barring a health crisis or accident, knock on wood.

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Specializes in ER/Tele, Med-Surg, Faculty, Urgent Care.
Retiring early is achievable if you start early and save often. Compound interest is a powerful thing.

I am debt free and sharing living expenses with my mom. I am putting twenty percent per paycheck to a 403b. I am maxing out my Roth every single year. I have several years in a pension and will have more working prn. I plan to drive my car until the wheels fall off. I won't marry especially to an irresponsible person. I plan to have no more than three dependents.

I plan to be able to scale back at fifty and be fully independent by 55. At 24 with more than 25k in retirement and a savings rate of 30 percent, early retirement is a real possibility for me...if I keep it together.

You are 24 and live with your mom? This is not my definition of an financially independent woman. Go ahead and "plan" to scale back at fifty? So you will live with mom for the next 25 years? While you plan life happens. It is good to plan but plans do not always work out. While you may say that your mom is similar to a roommate as fas as sharing expenses goes, financial independence for adults is not relying on anyone else. Guess you are not planning on having children? They are expensive. Do you plan to buy a house? You are not in a position to say that early retirement is until you achieve it.

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I have a grocery store points card that gets me 10¢ off a gallon at most local gas stations, for each $100 spent. But I do get a health miles card for $200 amazon.com each year through my health insurance. I can get a secured card, but due to how the ex did me, they want $1500 to secure. Lately, been involved in legal issues against my family which has led to a tax situation as well, means no $$$ to secure. I'd love to get a cc to help rebuild my credit. But after how my ex and my dads family have done me (another long story), it may be years before I could do that

ETA: and yes, I've talked to multiple lawyers and financial advisors. I just got stuck in a couple of bad situations that no one could have ever seen coming. I could lay around and cry about it, or choose to move on like I have

Sorry to hear about your situation, and hope things clear up soon.

Good news is that one's credit ratings and scores are only snap shots of time. Though it may seem like a long hard haul with proper use and guidance even the worse scores/reports one day will be good to excellent.

Best thing to do right now is find a way to get a secured Visa or MasterCard. Never use more than 1/3 of your total limit, and try to pay off all charges each month or as much as you can. Carrying a small balance is *not* the end of world, but again you want not to use a major portion of your entire balance.

Over time history of on time CC payments will boost your overall CC score and start to crowd out the bad. You should also make use of the free credit reports to examine yours from all three majors for errors.

At least you have income which is a good thing. While it may seem like an eternity the seven or ten years it takes for negative information to drop off one's credit report does pass. In addition again a history of recent on time payments and showing responsible use of credit will count more than something which happened five, six or seven years ago.

Different credit cards vary in terms of how far they go back looking at recent credit history. Better cards often marketed to those with "excellent" credit will look at five or more years. Those geared towards "good", "average" or "sub prime" may have different criteria. In most all cases best rates and terms for all credit goes to those with "excellent" scores.

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