Retire by 30, thanks nursing! - page 28

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   kukukajoo
    I love your ambition! It has made me go out and get Suze Orman and Dave Ramsey books!!

    Just remember-

    Life is the Journey, not the end result.

    You wanna have a life getting there since we are all born terminal.
  2. by   Mommy TeleRN
    kuku - great point!

    Sometimes I think I get too tied up in the end result myself and I step back and say "at what price" I am getting started a little later... in my 30s... but since i started working full time as an RN I'm putting away in my matching 401k and as many years as I have to go it will grow to a nice sum over time.

    I recently picked up extra work and guess what..I ended up sick. So I think slow and steady really is better. My personal goal is to make the most $ I can by working my NORMAL hours lol... so I'm going for premium pay shifts like holidays and weekends to bring home the biggest check for the hours I'm already working.

    Once we get out of debt and don't have those payments our income will be plenty to enjoy our life now AND later.
  3. by   Tweety
    Quote from Mommy TeleRN
    kuku - great point!

    Sometimes I think I get too tied up in the end result myself and I step back and say "at what price" I am getting started a little later... in my 30s... but since i started working full time as an RN I'm putting away in my matching 401k and as many years as I have to go it will grow to a nice sum over time.

    I recently picked up extra work and guess what..I ended up sick. So I think slow and steady really is better. My personal goal is to make the most $ I can by working my NORMAL hours lol... so I'm going for premium pay shifts like holidays and weekends to bring home the biggest check for the hours I'm already working.

    Once we get out of debt and don't have those payments our income will be plenty to enjoy our life now AND later.

    I'm at that point in my life too. I'm just going to have to make it on working normal hours, even if it means I'll work until I'm 80 years old. I just can't see myself making that kind of sacrifice. I need time to rest, meditate, work out and sociaize, without living beyond my means and getting in debt. I hope that when I'm 80 I don't look back wtih regret and say "I wished I'd worked longer harder hours".

    Neither way is superior and I respect anyone with a goal who works 60 hours a week to get it. They are no better than me, and I'm not better than them. Different strokes for different folks.

    Not that I'm not concerned about retirement. I'm very concerned. I got a late start in my med 30s and I'm making up for lost time, but I decline to work 60 hours a week to make it up.
    Last edit by Tweety on Jan 12, '08
  4. by   llg
    Thoughts of "how much stress can I take to earn more money" are weighing heavily on my mind these days, too. At the age of 52, I have a great job and good paycheck -- but I am miserable because of some of the politics and relationships in my workplace. I am saving lots of money for my retirement, but I am not happy.

    If a lower paying job that I would enjoy would become available, I would take it to give myself a higher quality of life -- even though it would mean that I would have to delay my retirement.
  5. by   okchug
    Very interesting thread.....I have been dreaming of the day I go to work as RN so we can finally pay off the huge debt we have accrued from medical expenses, income tax, student loans, etc--none of which came from consumer practices. It should take my first year salary to do this, and then the paycheck is going into savings. We are blessed right now to live on my hubby's salary, but we can't get out of the hole...we're just maintaining.
    I admire the attitude of the op. How many people her age ever even think about saving money, or retirement??? Yes, the plan may need modification, but it's a start.
  6. by   kukukajoo
    Quote from Mommy TeleRN
    kuku - great point!

    Sometimes I think I get too tied up in the end result myself and I step back and say "at what price" I am getting started a little later... in my 30s... but since i started working full time as an RN I'm putting away in my matching 401k and as many years as I have to go it will grow to a nice sum over time.

    I recently picked up extra work and guess what..I ended up sick. So I think slow and steady really is better. My personal goal is to make the most $ I can by working my NORMAL hours lol... so I'm going for premium pay shifts like holidays and weekends to bring home the biggest check for the hours I'm already working.

    Once we get out of debt and don't have those payments our income will be plenty to enjoy our life now AND later.
    I will be right where you are soon and I just turned 39 Monday (my LAST birthday I will ever have, lol!). I feel like the late start puts me way behind, but I have a plan to catch up and sock away all I can after debts are paid off.

    I graduate in May with some debt but that may be taken care of if I agree to a 3 year employment at a local facility. I will still have my kids debt but they are also responsible for paying a lot of that off themselves when they graduate.

    I have been reading Suze Orman and now Dave Ramsey (and others)and I even got a book on investing for teens, thinking that I should be able to understand that one! I want to be ready and as informed as posisble and all these rules about 401K, Roth, etc. keep changing all the time. When I do graduate in May and get that dream job, I want to be able to invest wisely and also have enough to live and enjoy life a little hopefully. I have a wish list going of things I have been wanting/needing for some time.

    Have you heard of Debt Snowball? Its a way to pay off debt that makes sense on the surface but I need to look at it more. It tells you to pay off the higest interest debt first, then once that is paid off, you add that payment to the next highest, etc. until all are paid off.

    I think it does not take into consideration the debt amounts and only looks at interest rates though, but a 100K loan at 5% interest is actually costing you more than a 5K loan at 10%. So I think the idea is good, but you have to really look at the ones where you are PAYING the most interest per month, not necessarily being charged the most interest.

    I know I don't want to be in debt for long.

    Thanks for pointing out that sometimes overstressing your body can cost you- in health and then again in $$ to fix the health issue.
  7. by   Clipping
    what if you die? Plus you math does not add up. I would not retire at the age of 60 unless I had a MINIMUM of 1.5million in either cash or investments. Live your life.
  8. by   twotrees2
    Quote from AlwaysLearning!
    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?
    perhaps - if you dont buy anything, if you dont want a house or vehicle, and if youre not dead by the time you hit 30 from a heart attack from stress. i dont see it working but hope you can do it-
  9. by   Sarah Bellum
    Quote from kukukajoo

    Have you heard of Debt Snowball? Its a way to pay off debt that makes sense on the surface but I need to look at it more. It tells you to pay off the higest interest debt first, then once that is paid off, you add that payment to the next highest, etc. until all are paid off.
    If you are talking about Dave Ramsey's plan he actually says to pay off the smallest balance loans first, in order, up to the highest and ignore the interest rates. Each time you pay off a debt you add that payment onto the next debt so by the time you get to the last one (probably a big ol' student loan) you have a huge amount of money to throw at it.
  10. by   RNBelle
    as my dad said "you have your entire life to work". take the time to smell the roses, run off to europe, etc. i work 3 12's a week and cant even think about working anything more than that.
  11. by   kukukajoo
    Quote from 2ndcareerRNmaybe
    If you are talking about Dave Ramsey's plan he actually says to pay off the smallest balance loans first, in order, up to the highest and ignore the interest rates. Each time you pay off a debt you add that payment onto the next debt so by the time you get to the last one (probably a big ol' student loan) you have a huge amount of money to throw at it.
    Dave Ramseys is one way and there are others. I just finshed his book and hadn't read it before reading of the other ways (I actually bought it after doing a web search for debt snowball). I think that his idea with beginning with the smallest is that you feel accomplished when first is paid off and just keep going with that motivation.

    Truly though you can save money if you calculate which ones are costing you the most each month in interest, and it may not be the highest interest or balance. A local community service agency here has software where you plug in all your debts and interest rates and balances and it tells you which order to pay down in to maximize you savings on interest. It is really neat and I have not seen anything like it for sale anywhere. Once I graduate I plan on hitting it up for sure.
  12. by   sherylcross
    I agree with Jackson!
    it would be better if you are insured. I've already purchased long term care insurance for myself though Im only 31. The common misconception is that the elderly only needs it, but that's wrong. in fact, people receiving long term care are those with chronic illnesses and disabilities. However, it's only for those who can afford to pay the premiums.

    Although you have lavish retirement savings, they can just swept away given the fact that elderly care is very expensive. Many rely on Medicaid/Medicare to no avail.
    Last edit by TheCommuter on Sep 10, '10 : Reason: removed weblink
  13. by   NM nurse to be
    Wow this is an old thread! I wonder if the OP is still around and how the grand plan is developing by now?

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