Retire by 30, thanks nursing! - page 4
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
Dec 11, '07Specialty: 14 year(s) of experience ; From: US ; Joined: Dec '06; Posts: 4,121; Likes: 8,856While I admire your attitude towards savings(I'm a saver myself), what about your friends? When you hit 30 and have the time, your peers will be at the busiest time of their lives with work and family obligations. Will a 60 hour week allow you to keep ties strong with your family and friends?
Dec 11, '07Joined: May '07; Posts: 608; Likes: 402if atoms can be split and brains operated on, you can retire at the age of 30. go for it, disregard the pessimism, envy and regret that runs so rampant in society today.
you can earn generous returns on your 8 year savings accrual, i earn 5.00% apy just on my savings account alone. consider that the s&p 500's past 13 year return averaged 17.22%, also consider there has been no 20-, 30- or 50-year periods in which the s&p 500 has resulted in a loss.
you obviously would be able to live off of even the most conservative of interest earnings.
your financial roadmap is both outstanding and doable; just watch it unfold:spin: before your very eyes. if i didn't have to work another day in my life, i wouldn't; i would experience the world and everything it has to offer. i believe you will be able to find out when you are 30 years old just what that feeling is like
there are two kinds of people in this world, doers and watchers; you obviously have the mindset to be the next buffett, trump, gates type. you don't need luck, nor do you need input from anyone, just positive encouragement and proper financial planning, nothing more.Last edit by Skeletor on Dec 11, '07
Dec 11, '07Occupation: psych nurse Specialty: psych nursing ; Joined: Aug '07; Posts: 141; Likes: 72I am 29 and far away from retiring. It's a nice to have a plan but remember you are still very young and ideas change. Life can be expensive when you least expect it. I encourage you to start saving early, that is extremely wise on your part. Good luck!
Dec 11, '07Occupation: RN Joined: Jan '05; Posts: 411; Likes: 487And think again about that "straight cash, no benefits" thing ... I won't even address the foolishness of going without health insurance when it's available to you. As a health-professional-to-be, I'll assume you can think that through yourself. If your employer offers a 401(k)/403(b) with an employer match -- you're throwing away free money if you do not participate.
Dec 11, '07Joined: May '07; Posts: 608; Likes: 402Quote from DutchgirlRNExcellent job performance can be maintained working 60 hours a week; it is all dependent upon the individual themselves. There exist nurses who work the "typical" 36 hour workweek and loath clocking in every shift just like there are those who work their 36 hours at their primary place of employment with 2 12-hour agency shifts.There's a whole lot wrong with it. Patient safety being #1
Also, what does it matter what one's peers will be doing when he/she retires at 30, all that should matter to that person is that they have reached the goal they have set out to attain.
Working less than 60 hours per week has no greater effect on overall patient safety; it is up to the nurse to maintain their sense of mental and physical well-being to ensure their performance is up to par.
Dec 11, '07Occupation: CDU nurse Joined: Sep '03; Posts: 4,001; Likes: 542Ok, why are we not offering more advice and applauding her for actually thinking of her future at age 21? Yeah the plan isn't necessarily realistic, but even if she manages to save only 300k by age 30, wouldn't she be WAY ahead of most of us? I don't see a reason to be so condescending and judgemental. Maybe it is "all about the money" for her. WHy is that bad if she still takes good care of the patients? So maybe she isn't being realistic about how much she will need to retire early. Why not post constructive ideas for her to modify her plan? The 12% interest seems high as well, but she could get 7-8% pretty easily with a lot lower risk. I haven't read the whole thread, but I was very surprised at the first two pages here. I personally support the idea of a young person trying to do what is needed early on in their adult life to get where they want to be later on. That is acting responsibly.
Dec 11, '07Joined: Dec '06; Posts: 610; Likes: 324Just curious, are you in NS because you'd love to be a nurse or because it will make enough $ to retire very early?
Dec 11, '07Joined: May '07; Posts: 608; Likes: 402Quote from jackson145It doesn't matter what someone's reason is for entering the nursing profession just like it wouldn't matter to a doctor, lawyer or politician.Just curious, are you in NS because you'd love to be a nurse or because it will make enough $ to retire very early?
Everyone has their reasons for being in nursing; obviously money is a huge concern. If someone says otherwise, they need to rethink the trait of honesty, because I wouldn't work a day for free, and I doubt a doctor, lawyer or politician would either.
Your positive spirit has rubbed off on me, and that's just through some internet forum, imagine what is possible within your peer circle. Spread your good vibes and motivational attitude around, it's highly contagious.
Dec 11, '07Occupation: CDU nurse Joined: Sep '03; Posts: 4,001; Likes: 542Quote from jackson145Why does it matter either way?Just curious, are you in NS because you'd love to be a nurse or because it will make enough $ to retire very early?
Dec 11, '07Joined: Dec '06; Posts: 610; Likes: 324Doesn't really matter, just curious. One of my biggest reasons to choose nursing is financial security, after all. But, when you get into something for the wrong reasons, sometimes it makes you miserable. I think nursing is something you at least have to be interested in to be able to put up with its unique challenges.
Dec 11, '07Occupation: Jack of all trades Specialty: 20 year(s) of experience in Med/Surg, Geriatrics ; From: US ; Joined: May '01; Posts: 4,438; Likes: 3,919I admire your optimism and I appreciate your planning for the future. So many people have the mentality that they will always have bills so there is no use in even attempting to be financially solvent.
I will admit that I do think that you are being somewhat unrealistic in regards to the amount of monies you will need to retire as well as many variables unaccounted for such as investment returns not being guaranteed, burnout, etc.
Having said all that, the worst thing that can happen is that you will need to keep working for a few more years than planned so go for it!
Dec 11, '07Occupation: surg rn Specialty: 15 year(s) of experience in med surg ; From: US ; Joined: Aug '02; Posts: 511; Likes: 206I think that it would be nice but you certainly are setting yourself up for a major error and hence a major lawsuit. Not to mention having to live with that for the rest of your life. Nursing is a tough job and if you are only in it for the money you need to get out now. We deal with people, most of the time in crisis and you need to be on top of your game all the time.
I don't care how great a nurse someone is, 60 hours a week does not allow you to process information accurately and someone may die, and that someone may be you.
Driving home from work exhausted, or setting yourself up for some type of dependency to stay awake.
You need to re-think this plan.
Dec 11, '07Occupation: Occ health, med/surg, ER Specialty: Occ health, Med/surg, ER ; Joined: Nov '05; Posts: 476; Likes: 90I hope your plan works. Even if it doesnt, reach for the stars! You would be amazed how much I have in my 401k account and I have only been saving for 5 years. Retirement, here I come! LOL!