Retire by 30, thanks nursing!

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P_RN, ADN, RN

6,011 Posts

Specializes in ORTHOPAEDICS-CERTIFIED SINCE 89.

Sorry I have been up for 24 hours and I haven't read all these.......but let me add:

OR you could suddenly herniate a disk, have a stroke or break something really bad and have to retire on social security and start bringing in $960 a month before they take out Medicare, taxes etc....and yes it is taxable.

Athenas83

210 Posts

one word.....balance

save for retirement and try to enjoy life.

Shantas

149 Posts

Specializes in Med/Surg, Psych..
This is a cool thread.

To the OP: Good Luck with your plan! I, too, commend you for even thinking about saving for the future now.

I thought I'd be able to work a lot of OT when I started nursing school too. Then I graduated, started working, and two in a row was all I could stomach.:lol2: Three in a row almost killed me!:uhoh3: So things can change for you once you see what the job really entails, but by all means, if you have the energy, ROCK ON!;)

Also just wanted to add....we never plan to get ill. I have been very healthy all through my life. I really never had to see a doc other than my yearly physical. I am 35 yrs now. After finishing my nursing school I also did alot of over time, two jobs so on. But now I have developed gastric ulcer, back pain, insomnia, IBS....God knows what else is coming towards me. I never ever thought I would ever get ill, but as I got older and with all the stress from work and home I became unhealthy....you can really never predict whats lie ahead of you.

I am not trying to discourage the OP here but too much expectation can cause you to have disappointment sometimes.

Once again nursing is a very very physically and emotionally demanding profession.....once you get ill its difficult to get your health back ....in my oppinion its not worth while to kill ourselves for the sake of retiring early or money. Life is too short and too precious:o

Very ambitious, OP- hope you can do it!

Although, what agencies tell you they pay and what they actually do pay can vary a great deal.

Also, I worked with a semi-professional body builder RN, who was featured in Muscle and Fitness magazine. Besides the body building, she did 1.5hrs of cardio/day. Working 60 hrs a week kicked her butt, the same as it did mine. I find that doing a good job in nursing kicks your butt, no matter how fit or unfit the nurse.

Lazy nurses who neglect their pts don't seem to have this problem.

NavyVet

53 Posts

The amount of negative and hostile commentary coming from some folks on this board is astounding....and disheartening. It seems a lot of you naysayers are just bitter that you weren't focused or committed enough to attempt such a bold plan. A lot of people made assumptions, false ones I might add, that really gives everyone who reads your posts an insight into how you see the world and I must say, the view wasn't pretty. There were a few people who don't understand how investing works either and yet they chose to voice their opinions anyways.

Here's a pro tip for anyone who hasn't figured this out in life yet:

'"tis better to be quiet and thought a fool, than to speak and remove all doubt.";)

As to Alwayslearnings plan, the ideas you have are solid and should work if you have the fortitude to see it through. Some of your endgame numbers may need to be adjusted, and/or your time frame pushed out a couple years, and sliding into a part time role at work in your thirties. I didn't get serious about setting goals until I was 25, but I set up a plan and have been able to absorb the bumps in life and still be on track to meet my goals in the allotted time frames. Don't listen to the negativity, you will always come across people who like to tell others what they are or are not capable of. Some people like to try and keep others 'down' just so they don't feel so bad about their own shortcomings in life.

In closing, I'd just like to say how hard would it have been for people to wish him goodluck and encourage him to remain motivated? If after 5 years, he only has $100,000 saved at the age of 26 and has to adjust his time frame, who is it hurting? He will still be far ahead of the vast majority of us at that age.

Tweety, BSN, RN

34,248 Posts

Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
Here's a simpler wealth plan for all you cynics out there. A 21-year-old who saves $1,000 every month and gets a 15% annual return from premium stocks will be a millionaire by age 39.

I'm not doubting that a 21 year old can't be millionaire by retirement. What's hard to wrap my mind around is a 21 year old new grad n nursing that has $1000.00 a month to invest for all those years, presuming other expenses, as well as cash savings (a wise investment/savings plan has provisions for at least six or more months salary of cash on hand), that owns his own home (another wise investment unless he lives with parents or inherits his home), etc.

Guess if I lived in Calfironia with those high salaries, I could wrap my mind around it more.

The other thing thats hard to wrap my mind around is working 60 hours a week for 10 years.

I don't mean to be negative or discouraging, and my apologies to the op. For those shooting us down for being skeptical, you have to allow us this, because it is outrageous, not impossible for a new grad nurse, but outrageous. :lol2:

Tweety, BSN, RN

34,248 Posts

Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
The amount of negative and hostile commentary coming from some folks on this board is astounding.....

There aren't that many "hostile" posts are there? Seriously there are quite a bit of negative and discouraging comments, but there are an equal if not more number of supportive and positive comments. But "hostile posts are very few in my opinion.

I'm sorry but I'm not "astounded" by the hostility, but again, guess it's in the eyes of the reader.

Tweety, BSN, RN

34,248 Posts

Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
Most 401K plans suck because they offer actively-managed mutual funds with high expense ratios. In other words, you are paying high fees to get crappy performance.

I tend to agree, my 401 is performing rather poorly this past quarter, and there's been quarters over the years with losses. Then again there were years of double digit even over 20% to 30% gains, which I guess spoiled me.

I wish I was smart enough to know how to invest to consistently get 15% returns 100% of the time. I'd be a millionaire by retirement too.:lol2:

RNsRWe, ASN, RN

3 Articles; 10,428 Posts

Nothing you have just said was of any help to the OP, and the comment of "offing yourself" was pretty festive.:nono: Whatever happened to words of encouragement, constructive criticism, and sound advice.

You should have a plan B for giving meaningful input in the future.:idea:

And we are all always learning, that's what life is all about; but you shouldn't give advice unless it's of value. Your words seemed more demeaning than helpful in my opinion.

'Tis the season for scrooges:lol2:

Oh, for goodness' sake, that was just over the top.

Nothing I said was of any help? Really? I was trying to have the OP see that his plan was not realistic, nor reasonable. The OP did not ASK for help, by the way, but was instead telling everyone how fabulous this plan would work, and apparently asking us for glowing feedback. Pointing out that there were faults with that theory IS helpful, unless all you want out of this world is people telling you "go for it!!" without any idea as to whether that plan would have any hope of working. THAT is rather unhelpful, in my opinion. Not sure what you meant by my comment being "festive"....?

Words of encouragement, constructive criticism, sound advice...hmmm. Ok, I suppose I SHOULD have told the OP that working no less than 60 hours a week, 11 months of the year, for 8 years was just a SWELL idea. Encourage that? I think that's foolish, and while I didn't use those words, I hoped to convey the message that he really needed to look at this closer. Sound advice? How about "develop a realistic plan once you have a JOB, have INTERVIEWED for what's out there so you know what you can expect to earn for how many hours a week for how many weeks a year, learn what benefits cost, what a realistic long-range cost of living actually IS, and then you can develop a strong, mature savings plan".

What "Scrooge" had to do with bringing a reality check around to a student, not yet a working nurse, I haven't any idea.

RNsRWe, ASN, RN

3 Articles; 10,428 Posts

I think it's great that the OP has an enthusiastic plan and seems willing to carry it out, if possible, but it seems like delusions of grandeur from the vantage point of age and experience. In other words, his statements read very much like the enthusiasm of someone not far out of adolescence. And not that that's a bad thing, it's just not a real indicator of how life will actually go for him. I imagine his goals will be tailored a little differently even at 23 as opposed to now. I would encourage him, if this is the path that he is sure he wants, to begin speaking with a trustworthy and knowledgeable financial planner now so that he can make the best choices possible.

Bingo.

When my parents told me that my expectations at age 20 were not realistic, nor reasonable, I'm sure I felt that they were stomping on my dreams rather than giving sound feedback.

When those of us being called "pessimists" or (weirder still) "scrooges" try to tell a very young person that the plan he's laid out is also not reasonable, nor realistic, we are not trying to crush the guy but rather have him START to think about his plan another way. Or several other ways.

It is NOT discouraging to tell this young man that his ambitions of a wealthy retirement at the age of 30 are not realistic. It is FAR less kind, in my opinion, to cheer him on with "go for it" responses that might lead him to believe that he's developed a sound career plan and sound savings plan.

I have thanked my parents (YEARS later!) for telling me what they thought of my screwy plans, even though I didn't agree. And now, looking back, *I* can see how out of kilter they were. To my 20-year-old mind, they were just fine. Why are those of us who are offering the same insight considered naysayers??

CT Pixie, BSN, RN

3,723 Posts

I just wanted to comment to those who are claiming that those of us who don't see the OP's plan working exactly as he posted are not ALL losers who wish they had thought of it. Nor are we ALL lazy and unmotivated to work a lot of hours ourselves to obtain the OP's goal. Nor are ALL of us jealous of him (whether it be his youth or his plan to retire at 30). we are not mean old battleaxes trying to squash the hopes and dreams of the younger generation, we aren't scrooges, or pessimists. Comments like those are just ridicioulous. MOST of us are trying to help him see and realize that life happens, plans do not go as expected, and that he might have to adjust his time frame/savings etc.

I am not yet 40 (although I do see it peeking around a corner thats too close for comfort :lol2:) I have a savings plan thats ongoing for retirement and adjust accordingly. What I thought I could do in the "future" when I was 21 isn't exactly what was possible, saving X amount per month, working X amount of hours to get X amount of money to save etc. I had to adjust different aspects. I will certainly not be a multi-millionaire, but I will be (or should be IF all plans fall into place) as we say "comfortable". and I didn't have to work myself to death for 8, 9, 10 years and do nothing but sleep and work.

I see the majority of the posts, allbeit not "praising" the OP's plan, but pointing out things he might have over looked. Thats NOT being negative, thats giving constructive critisism. Being negative is bashing the plan and not showing what is wrong with it and offering advice that might make it better.

Anyway, its getting late, and I need to bolt off to school. Part of My "plan" to get me to the comfortable retirement I want

anonymurse

979 Posts

The amount of negative and hostile commentary coming from some folks on this board is astounding....and disheartening.

Before you go around condemning everyone, you have to consider that a key part of his plan is very weak. He plans to put all his money in the hands of strangers, then EXPECTS a steady 12% to roll in as easily and unfailingly as punching keys on his calculator. To get 12% you have to take risks. Calculators don't model risks. You may think you have something low risk (to me, only T-bills are low risk right now), but if you have your whole nest egg in mutual funds when the market tanks, or in CDs when banks fail, you're just as hosed as if you torched the cash with a Bic.

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