New Nurse With Large Disposable Income

[LDAthleteNurse]

I have accepted a position at a hospital that will have me earning at least $30 an hour. That is ALOT of money for me. Considering the fact that I will be 24, splitting living expenses 50-50 with mom, and I have a vehicle that is completely paid for, I will have lots of $$$ left over every month ($2800+) after my expenses are paid. What can I/should I do with the excess money? Hurry and pay off student loans (23k)? Save up and buy a new car cash? I don't have kids and I am single if that means much.

What did you do with your disposable income when you began your Nursing career?

ETA: I am not interested in becoming a home owner at this point. I like the flexibility of being able to pick up and go when I please and owning a home would make that difficult.

[LDAthleteNurse, BSN, RN]

Agreed. Speak with a financial planner at your bank. Save 10 percent, invest some and start an emergency fund. Three separate accounts. Pay your loans off quickly and consider picking up some OT for a few months.

I paid off 38,000 in loans and saved 90,000 within 4 years. I was not living with Mom, but I am frugal, especially when I have a goal. I bought a house last year with 25 percent down.

And save some back for retirement. Not many younger people think about that

Don't forget the basics: emergency fund, starting your retirement fund.

This is great advice and insight! Thanks so much guys!

[LDAthleteNurse, BSN, RN]

Loans. Get rid of them.

Congrats OP! Did you take your boards yet?

Thanks! & Nope. I'll take them late dec/early jan.

[Farawyn]

Thanks! & Nope. I'll take them late dec/early jan.

Nice that you have an offer then. Good for you!

[NOADLS]

Who woulda think that people live in houses!!?? I'm not aspiring to be a home owner anytime soon.

You're right. No need to become a homeowner. Instead, donate to the "NOADLS Candy Crush Fund." The purpose of this fund is so that I can retire early and play as much candycrush as I like. All donations are going towards a good cause.

[Farawyn]

You're right. No need to become a homeowner. Instead, donate to the "NOADLS Candy Crush Fund." The purpose of this fund is so that I can retire early and play as much candycrush as I like. All donations are going towards a good cause.

Start a GoFundMe.

[ThePrincessBride, MSN, RN, NP]

I am not sure how you will end up with that much money left over. Recheck your math.

I make between 29-34 per hour. Without overtime, I net about 3k after taxes, a mandatory pension contribution of 10 percent pre-tax, and very good health insurance (the best actually). I have no student loans or any other debt and I help my mom with bills. I don't see how you could possibly end up with that much cash leftover when you have 23k in student loans and splitting costs with your mother.

[LDAthleteNurse, BSN, RN]

I am not sure how you will end up with that much money left over. Recheck your math.

I make between 29-34 per hour. Without overtime, I net about 3k after taxes, a mandatory pension contribution of 10 percent pre-tax, and very good health insurance (the best actually). I have no student loans or any other debt and I help my mom with bills. I don't see how you could possibly end up with that much cash leftover when you have 23k in student loans and splitting costs with your mother.

My math is correct. I will bring home around $4300/month. I will only have $1200-$1500 in living expenses. Thank includes my student loan repayment of $230/month (in deferment until 6 mos after I graduate anyway, but I will start paying early.)

[shedevilprincss]

I think you are forgetting taxes and health insurance (assuming you are taking it from your employer). But still, taxes are gonna probably run you around 1/4 of your total paycheck seeing as how you have no dependents//exemptions.

[blondy2061h, MSN, RN]

Making $30 per hour, living with your mom, and no deductions. You're going to get killed with taxes.

After taxes, parking, health insurance, retirement, a small payment to my flex spending account, union fees, short term disability insurance, long term disability insurance, SSI, and a small donation to United Way- I my net pay monthly is about HALF of my gross pay.

Do you really want to live with your mom forever?

[Racer15, BSN, RN]

I put a lot back towards my loans, 10% into retirement funds, and $500 into savings each month. Disposable income is not so disposable when you break it down.

[Jensmom7, BSN, RN]

Thanks! & Nope. I'll take them late dec/early jan.

So, you haven't taken boards yet, much less passed them.

What's going to happen to your wonderful job if God forbid, you don't pass?

No license, no job. No job, no income, disposable or otherwise. No income...good thing you're still at home.

An important lesson; don't spend (or even save) money you don't have yet.

[NOADLS]

So, you haven't taken boards yet, much less passed them.

What's going to happen to your wonderful job if God forbid, you don't pass?

No license, no job. No job, no income, disposable or otherwise. No income...good thing you're still at home.

An important lesson; don't spend (or even save) money you don't have yet.

If the OP has to cross that bridge, there is always Seeking Arrangement