Retire by 30, thanks nursing!

Nurses General Nursing

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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?

And my final question to nurses who worry about this: have you ever known personally a nurse who was sued? I graduated from nursing school in 1980, and have been in full-time practice since then. I've never met one, and never had anyone give me an affirmative answer to this question.

Yes.

Do a google search, as you suggested. Search the one in Florida. Or look it up on YouTube. Some horrible nurses did some horrible things and are getting sued. This is an acception (hopefully) as they are being sued because they fragrantly did something wrong, but yes, I have known nurses that have been sued.

SAVE 4,000 a month. If the OP is correct in stating that his living expenses will only be 2500 a month, that means that he needs to make (after taxes) 6500 a month.

Okay, I missed the part that his living expenses are $2,500. AlwaysLearning, what are your expenses itemized?

Let's try a different interest rate using this calculator:

http://partners.leadfusion.com/tools...ngs02/tool.fcs

Save $2,500 a month for 9 years at the 15% (my average stock return) and you will end up with $565,000.

Keep up the working and saving for 5 more years, and you will have $1.4 million.

That's the power of compounding. Albert Einstein stated that compounding is the most amazing force in the universe.

Here's another example. Start with one penny. Double your money everyday. The first day you will have one penny. The next day, you will have 2 pennies. The third day, you will have 4 pennies. Guess how long it will take to have a million dollars? Just 28 days!

The point is, if you start saving early in your life, just keep doubling your money. That's how you get rich.

Let's try a different interest rate using this calculator:

http://partners.leadfusion.com/tools...ngs02/tool.fcs

Save $2,500 a month for 9 years at the 15% (my average stock return) and you will end up with $565,000.

My word. If I knew I could make this much in nursing I would have started when I was 16!!! Saving 2500/month, and having living expenses of 2500/month means you're TAKING HOME 60K A YEAR!!!! Most people don't even make that much!!! So we'll go back to the calculator. If you're in Washington State (again, no state tax, thereby less taxes taken out of your check), in order to take home 60k a year, or 5k a month, you will have to make 91k/year. How many nurses do you know that are within 5 years of being out of an ADN program (as opposed to MSN, which obviously makes more) are making 91k a year? How many are even making 65k? Up here there aren't many. I would STRONGLY suggest to the OP to not try to rush retirement, and if $$ and early retirement is that important to him, become an MD or a lawyer. He'll still work the 70 hour weeks, but he'll be making enough to retire very nicely at an earlier age than he would a nurse.

How many nurses do you know that are within 5 years of being out of an ADN program (as opposed to MSN, which obviously makes more) are making 91k a year?

California nurses do. I work in Central California, and a large number of staff nurses here earn six figures.

Also, let's take the OP out of the equation. A single nurse with no kids and no mortgage, working in California as a travel nurse with free housing can EASILY save $2,500 a month.

A typical American cannot fathom saving this much money because most Americans blow their whole paycheck each payday. No offense to Americans, as I am American.

Specializes in Med/Surg, Psych..

Your plan will only be possible if you stay single and have mac & cheese for all three meals.

Then again you will get burnt out after working all these hours. Trust me its not that easy.

I make $41/hr with full benifit, I work 72 hrs bi-weekly, plus I have another job, I make $36/hr without benefit, there I work 40 hrs bi-weekly. I dont get a weekend off. After working all these hours I get exhausted....I only plan to work two jobs another year or so. After making all these money and trying to budget I still dont have enough as there are always some sort of surprises....to add, my husband also works full time....we still dont have enough!!

I can gurantee you that you will be wanting to quit your job after working less then 6 months.....NURSING IS TOUGH......unfortunately:o

California nurses do. I work in Central California, and a large number of staff nurses here earn six figures.

Also, let's take the OP out of the equation. A single nurse with no kids and no mortgage, working in California as a travel nurse with free housing can EASILY save $2,500 a month.

California also has higher taxes and a higher cost of living. With the California taxes, assuming the same COL (2500/month) you'd have to make 102k/year, or 8500/month, which again is still higher than the OP's prediction of 8100 a month (and remember, he was only going to work 11 months out of the year). At 65/hr (his number, might be about right for California OT) he'd have to work probably 10 additional hours to secure that extra 400/month (after taxes). That is now 70 hours a week, every week for 8 years. That is also assuming the car doesn't break down, he doesn't get sick and miss a single day of work, he doesn't get burnt out, he doesn't get subpoened and have to go to court for a day or two, he doesn't go on a single date for the next 8 years...etc. Yes, he may get to retire at age 30, and live a "normal" life (meaning he's not going to live as though he's wealthy, just about average), but he's wasted 9 years of his life doing absolutely nothing else but work and sleep.

Specializes in Med/Surg, Psych..
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

Oh by the way you can make over $8100/month if you work in the California State Prison!! There benefits are also excellent.....perhaps you should try it out....but mind you, you wont be able to live in California with $2600/month, unless you stay single and rent a room from someone....and eat mac & cheese;)

OP, if money is that important and you want to continue your career in nursing, go get 2-3 years exp. in ICU while getting your BSN online from an accredited school (possible to do), then get your MSN and become a CRNA. Those guys make 150-200k/year. Then you can actually think about putting away 60k a year for 10 years.

but he's wasted 9 years of his life doing absolutely nothing else but work and sleep.

9 years of hell to retire at age 30 and have total freedom for the rest of your life isn't all that bad.

Life could always be tougher. Like say, being an infantry soldier in Iraq wondering if you might die tomorrow.

Also, look at the lives of medical students and residents. Their life is total hell, and they have patients' lives in their hands too.

9 years of hell to retire at age 30 and have total freedom for the rest of your life isn't all that bad.

9 years of hell to be able to make 50-60k/year (with inflation will probably be the equivilent to 43k/year now) isn't exactly "total freedom". Also, remember that he's planning that everything has to go exactly perfect. If he misses an average of 6 days/year because he's sick, and has say 12 days a year he doesn't work because he's between contracts (which I think is VERY liberal), and 12 days a year that he doesn't work for "other" reasons, that's 28 days a year he doesn't get paid that he's planning on getting paid. That's 8500 dollars he's not going to get. In ten years with interest that's over 90k!!!!

Life could always be tougher. Like say, being an infantry soldier in Iraq wondering if you might die tomorrow.

You mean those guys that are gone for 2 years and come back disabled with PTSD? 9 years of working 70 hours a week in an ICU...I don't think it's a far stretch to get there.

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