Today, they have a growing stash, as well as a bold goal to amass $2 million in savings within the next 15 years.
Both Jeff and Leonora, 49 and 52, are registered nurses with advanced credentials.
Even the decision to enter the medical field was based on the couples' desire to secure high paying, dependable work. They went back to school for their nursing degrees (paying cash of course) and graduated in 1996.
I would like to hit the $1 million mark before I'm 50 (in 13 years) but I'm way behind as I was a SAHM for a couple of years and worked part-time while my kids were small. My husband will be no help in this regards so I'm on my own in my quest. But I think I can do it.
daye, i didn't say what really happened sorry. i really didn't really gain $200 when you considered i contributed over $2000. i had $2000 in my hand and just threw $1800 of it in the garbage can and burned it. that's the way it feels.
i contributed $2000.00 to my account but the balance rose by only $200.00. ouch.
the only reason i gained anything at all is about 45% of it is in in "fixed income" which gained a whopping 0.3% interest those three months.
ouch ok i see now, and yes i remember the reports looking like that on mine too usually the only thing that helped take the sting out of it for me was the employer match which helped off set it.
I just took a look at my 403K as I periodically do and I'm horribly depressed. Not one single fund out of the dozens there made any returns the last three months. 10% of my salary for three months gained me about maybe $200.00 bucks in my plan. Gee at this rate I'll be a millionaire in about 1000 years. I can take heart that the 12 month returns have been close to 10% which is awesome, but I'm getting concerned that it is all going to be erased.
The past 6 months have been brutal for me also. Not only my IRA is taking a beating but so are my individual stocks and my daughter's 529. It's so bad that the rate of retunr on our regular savings accounts are beating our stocks. regular savings! I continue to make contributions however because I am basically an optimistic person.
Sure, we can meet for key lime pie, picked with key limes from my tree and enjoy the millinaire life.
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.
You wanna talk frightening ? I work for a home health agency, and we have at least 50 employees at our branch. I called the HR person after I had finished my "probationary" period to ask about signing up for their 401k plan.
They offer matching up to 6 %, so I thought I had better take advantage. The HR lady said that she would look into it and call me back, because I was the FIRST person to ever ask about it !!!
We have several nurses in their 70s who work for our agency doing private duty care. One of them told me that she knows her memory is failing and she shouldn't be in Nursing anymore, but she has no choice because she needs the money.
You wanna talk frightening ? I work for a home health agency, and we have at least 50 employees at our branch. I called the HR person after I had finished my "probationary" period to ask about signing up for their 401k plan.
They offer matching up to 6 %, so I thought I had better take advantage. The HR lady said that she would look into it and call me back, because I was the FIRST person to ever ask about it !!!
We have several nurses in their 70s who work for our agency doing private duty care. One of them told me that she knows her memory is failing and she shouldn't be in Nursing anymore, but she has no choice because she needs the money.
I look at my stock investments from a "shopping" perspective. When the market goes down, that means that the stocks are "on sale" and the money I am contributing now is buying up shares at a cheap price. I think to myself, "Ooooo, they're having a sale! I'm glad I am buying some shares this pay period because I'm getting them cheap!"
With things down now, I am planning on making my annual deposit into my Roth IRA soon to take advantage of the low, low prices. :-) I don't want to put it off much longer and risk having the prices go up before I buy.
I think it is interesting how many RNs I've worked with who have declared bankruptcy or are absolutely HORRIBLE with their money. They work so much overtime and incentive pay just to pay their bills and allof their debts. Anyone else see this.
I think it is interesting how many RNs I've worked with who have declared bankruptcy or are absolutely HORRIBLE with their money. They work so much overtime and incentive pay just to pay their bills and allof their debts. Anyone else see this.
I don't know that any of my friends have declared bankruptcy -- though there may well be some that I don't know about.
However, I totally agree with your impression that, as a group, nurses seem to do a terrible job of managing their personal finances. What impresses me even more, is that so many don't even seem interested in learning how to do it better. It's as if they view that aspect of life as being "not applicable" to them.
That's why I usually try to respond and encourage financial threads on this forum. I want to encourage those nurses who read these threads to continue their interest in learning more.
Maybe allnurses.com should create a new forum just to deal with personal financial management issues for nurses. It could include topics related to the funding of our education, retirement, childcare costs, insurance issues, living sensibly within your means, negotiating salaries, etc. --- Hmmmm.... good idea ...
Maybe allnurses.com should create a new forum just to deal with personal financial management issues for nurses. It could include topics related to the funding of our education, retirement, childcare costs, insurance issues, living sensibly within your means, negotiating salaries, etc. --- Hmmmm.... good idea ...
Daye
339 Posts
ouch ok i see now, and yes i remember the reports looking like that on mine too usually the only thing that helped take the sting out of it for me was the employer match which helped off set it.