Millionaires on nursing salaries

catlady, BSN, RN · Jul 3, 2006

I'd be more impressed with the idea of "nurses can become millionaires" if they'd started out as nurses, but it looks like they did most of their financial planning before they finished nursing school.

Two incomes are way better than one, as well. I'm just now recovering from the financial trauma of having been a true single mom for the last 16 years. So I'm way behind on savings, and it seems like every single time I make an investment, the market tanks. I'll be one of the geriatric greeters at Wally World that everyone feels so sorry for.

Tweety, BSN, RN · Jul 3, 2006

I've no doubt they will achieve their goals. Many middle income people if they make retirement their #1 priority can be millionaires when they retire. Also a little bit of luck in the right savings and investments. My father-in-law lived a middle income life and is probably a millionaire by now.

It's taken me 10 years to save $85,000 for retirement. This includes taking a bit hit during the early 2000's when the stockmarket ate up thousands of dollars But it also includes times when 10 to 20% returns were had in the years prior. Becoming a millionaire wasn't my #1 priority. Buying a house, fixing up the house, and the disasters that came along with owning a house, taking vacations, paying for my expensive private school RN to BSN program, and little material things, etc. have been the priority. The closer I push to 50 the more my priorioties are changing and I'm focusing more on my retirement.

I may not be a millionaire, but I would hate to live a middle class life only to be reduced to poverty when I retire. I'd still like to be comfortable.

Good luck Sharon, there's no reason with a little planning and discipline you can't make it.

SharonH, RN · Jul 3, 2006

I've no doubt they will achieve their goals. Many middle income people if they make retirement their #1 priority can be millionaires when they retire. Also a little bit of luck in the right savings and investments. My father-in-law lived a middle income life and is probably a millionaire by now.
It's taken me 10 years to save $85,000 for retirement. This includes taking a bit hit during the early 2000's when the stockmarket ate up thousands of dollars But it also includes times when 10 to 20% returns were had in the years prior. Becoming a millionaire wasn't my #1 priority. Buying a house, fixing up the house, and the disasters that came along with owning a house, taking vacations, paying for my expensive private school RN to BSN program, and little material things, etc. have been the priority. The closer I push to 50 the more my priorioties are changing and I'm focusing more on my retirement.
I may not be a millionaire, but I would hate to live a middle class life only to be reduced to poverty when I retire. I'd still like to be comfortable.
Good luck Sharon, there's no reason with a little planning and discipline you can't make it.

Thanks for the good wishes Tweety. I hope to acheive my goals. I have a friend who keeps asking me why I want to save so much? God love her but her FIL is a wealthy physician and she and her husband spend like people who know they are going to get a large inheritance. My dad is well off but I'm kind of hoping he lives forever. The stock market is almost stagnant right now, I've had very little success in that department and I'm almost too late to get into real estate but I'm going to keep trying. Maybe we will meet when I build my vacation in Florida one day. :)

Sylv · Jul 3, 2006

It sounds like that couple doesn't have children either.

Tweety, BSN, RN · Jul 3, 2006

It sounds like that couple doesn't have children either.

Children do have a way of zapping the savings for sure. However, with retirement being a priority (with kids being the #1 priority of course) most people with kids (and that includes the overwhelming majority of middle class reitrees) can do better than they do.

Tweety, BSN, RN · Jul 3, 2006

Thanks for the good wishes Tweety. I hope to acheive my goals. I have a friend who keeps asking me why I want to save so much? God love her but her FIL is a wealthy physician and she and her husband spend like people who know they are going to get a large inheritance. My dad is well off but I'm kind of hoping he lives forever. The stock market is almost stagnant right now, I've had very little success in that department and I'm almost too late to get into real estate but I'm going to keep trying. Maybe we will meet when I build my vacation in Florida one day. :)

Sure, we can meet for key lime pie, picked with key limes from my tree and enjoy the millinaire life. :lol2:

The savings rate of the American people is downright frigthening, something like 1% of our money goest into savings. If it wasn't for 10% coming out of my salary before my grubby hands touch it, I might be in the same boat because I like to spend what I make. Fortunately at the moment I'm in a good spot to save. I have zero credit card debt!!!!! And no car payment!!!! We've taken out a 15 year mortgage and that should be paid for when I retire (we have 12 more years to pay it). Being in a good spot to save and actually doing it are two different things and soon I'll have school loans (at my age????) and eventually a car payment. :lol2:

ZASHAGALKA, RN · Jul 3, 2006

When I worked for the VA, I knew several nurses that routinely put 10% into the 'thrift savings plan' that fully anticipated retiring before 60 as millionaires.

Not to take the thread off-topic, but this was WHY I supported Pres Bush's Social Security initiatives. I would LOVE to be able to have my very own 'thrift savings plan'.

401k's are decent alternatives, I guess. But the TSP is a premier program. And, as a mandatory program, it would have created many comfortable retirees.

As it is, all I have from social security now is a voucher that my money will be there someday, albeit un-compounded. Here's hoping.

~faith,

Timothy.

ZASHAGALKA, RN · Jul 3, 2006

Neil Boortz argues that with a flat 'sales tax', there would be tremendous pressure to save money (you aren't 'taxed' on it till you spend it).

Such a tax system would dramatically influence how people save - and why.

I'd be inclined to agree.

~faith,

Timothy.

Tweety, BSN, RN · Jul 4, 2006

Gee Timothy, I'm leaning towards agreeing with you on both the social security issue and the sales tax.

The first baby boomers become 65 in 2011..........the first of 70 million of us. With a smaller generation behind to support us, it could get ugly.

wjf00 · Jul 4, 2006

Neil Boortz argues that with a flat 'sales tax', there would be tremendous pressure to save money (you aren't 'taxed' on it till you spend it).
Such a tax system would dramatically influence how people save - and why.
I'd be inclined to agree.
~faith,
Timothy.

I think you hit the nail on the head here. I have been saying it forever. The income tax rewards spenders and punishes savers. I would love to see a sales tax replace the income tax. Everyone should be free to spend, but why should the ants support the grasshoppers. If someone wants a pool and a second and third luxury car, go ahead. But plan on working until you die.

llg, PhD, RN · Jul 4, 2006

A flat sales tax would be terrific for my situation, but it would never get enough public suuport.

I am single with no children -- so I don't buy a lot of consumer goods. Under such a tax system, I would pay very low taxes. Within the current system, my high income (and low deductions) put me in a high tax bracket.

Under the flat sales tax system,(oops! I had to edit that) families would pay a higher portion of the overall tax burden because they usually consume more consumer goods (not always, but often). 3 or 4 people consume more than 1 person. A family of 5 or 6 consumes even more. Those people would object. Also, businesses would object because people would lower their spending -- hurting their businesses and causing them to lay off workers. The laid off workers would be a burden for the economy... causing the need for increased taxes, etc. They couldn't just go get a job a "growing" business because most businesses would be experiencing the same thing.

I'm not saying that the problems couldn't be worked out eventually ... but it would require an enormous reorganizing of our economy and society. It would be traumatic for a lot of people who lost their jobs, their homes, etc. in the process. While it might create a better system in the long run (which I am not sure of one way or the other), the process of change would be painful. I doubt our government could pull it off -- and I am sure our society would not be willing to live through the pain of the change.

llg