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 $$$ left over every month ($2800+) after my expenses are paid. What can I/should I do with the excess money? Hurry and pay off student loans (23k)? Save up and buy a new car cash? I don't have kids and I am single if that means much.
What did you do with your disposable income when you began your Nursing career?
ETA: I am not interested in becoming a home owner at this point. I like the flexibility of being able to pick up and go when I please and owning a home would make that difficult.
Obviously I'm just trying to get ideas on what to do with the $$$ when it gets here, which will be soon considering I will start in January. I'm hopeful and optimistic about passing boards and I am DILIGENTLY preparing myself for them. Of course I haven't started spending or saving anything yet because I don't have any money yet. A little fore-planning and brainstorming doesn't hurt.
Im a young, new graduate seeking advice & You sound very bitter and negative. Frankly, you come off as very pessimistic. It was a great thread until you came along with your debby-downer mentality. You actually do this alot AEB previous posts on other threads. Get thee behind me with your negativity. Just found out allnurses has a muting capability and I will CERTAINLY be using it on you.
*sigh* You get told something you don't want to hear and the best you can do is trot out the old "you sound very bitter and negative" routine?
Not bitter and negative at all. It's the same advice I would give my own child. Get the license that will allow you to have the money in the first place before you make plans on what you're going to do with it.
The hospital isn't going to give you a "do-over" if you don't pass the first time. Back in the day, we were known as RNLPs (RN License Pending) when we had a position prior to taking Boards the first time. This was in the Stone Age when Boards were only offered twice a year and it could take 6 weeks to get the results.
If you passed, you got to keep your job. If you failed, you were immediately removed from the RN schedule and offered a position as a Nurses Aide. Now, unless you went to a school that required you to obtain a CNA certificate, you're going to be SOL.
You are very young. With all the arrogance of youth. Please, mute me if you choose-I'm willing to bet that's been your reaction to things you don't want to hear for a long time.
Basically the Internet equivalent of sticking your fingers in your ears and going "la-la-la".
Calling me names doesn't insult me or make me feel bad. However, your snap and snarl reaction to sound cautionary advice makes me wonder if you really have what it takes to be an RN in today's market.
I wish you luck in all your future endeavors. Fortunately, you're a complete stranger to me, and ultimately, whatever happens during your life journey is not my circus, not my monkeys.
So much fuss over the user name. She isn't claiming to be a nurse yet. Let the girl have a little joy. This is a huge accomplishment and she is excited. Good point her user name is 2BNURSE.
I had 38,000 in student loans when I graduated. I was also paying 900 for rent. My loans were paid within 2.5 years and I bought my house 2 years after that.
Uncle Sam will make sure that you have little disposable income haha. I was like you when I got my offer letter, I make 38 an hour and thought I would be rolling around in disposable income. Being single with no dependents means that the government helps themselves to a large amount of my pay. After retirement, taxes, and union dues I'm left with a little pocket change to enjoy life on a budget lol. Don't count your chickens before they hatch.
Just thought I'd add - sorry if someone else has already said this, I haven't read the whole thread - but even if you don't want to own a house for yourself, if you end up with a large amount of disposable income, buying a house/condo/whatever for rental purposes isn't a bad idea. You can hire a property management company to deal with the day to day hassles for you and just let the income roll in.
Get enough of those going, and at some point, you may make enough off your rental properties to quit working altogether.
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.
Good for you for thinking and planning for the future. I am sure you received a lot of advice to pay down those student loans ASAP. The sooner you get rid of those the more of your income will be truly disposable.
Even if you can afford to buy a car with cash, don't unless you have established credit. Making a larger down payment and financing the rest will help you with establishing credit and paying on the car loan on time every month will ensure that credit rating stays good. Just make a little larger than minimum payments and you will pay down the principal even faster.
I know that at this point in your life you have no interest in being a homeowner, but when you do that excellent credit will be very important. Having available savings for that down payment will also be a must. If for whatever reason you never decide to buy a home, think of all the fun things you could use that savings toward.
Put as much as you can afford into retirement accounts. If you future employer offers a 401K match take full advantage of that.
Also consider health insurance. Depending on where you live and the policy you decide is best for you that can be crazy expensive and is something you should not go without. Make sure and try to save enough to cover any deductibles and co-pays you may need to pay out of pocket. Even if you are ridiculously healthy, sometimes the unexpected happens.
Last but not least. Please don't be shocked when that disposable income is not nearly as much as you expect. Taxes, retirement funds and health insurance will probably take a bigger chunk than you expect. Also expect car insurance to go up if you get a new/newer car.
You guys are offering incredible advice. I really appreciate the time you all took to give me positive words and such great advice. I have a question: as far as insurance is concerned, I am a young, fit and very active female with no preexisting conditions. Do I need an extensive health care plan or do I just need a bare bones package? Does it even work like that? Thanks!
Jensmom7, BSN, RN
1,907 Posts
*sigh* You get told something you don't want to hear and the best you can do is trot out the old "you sound very bitter and negative" routine?
Not bitter and negative at all. It's the same advice I would give my own child. Get the license that will allow you to have the money in the first place before you make plans on what you're going to do with it.
The hospital isn't going to give you a "do-over" if you don't pass the first time. Back in the day, we were known as RNLPs (RN License Pending) when we had a position prior to taking Boards the first time. This was in the Stone Age when Boards were only offered twice a year and it could take 6 weeks to get the results.
If you passed, you got to keep your job. If you failed, you were immediately removed from the RN schedule and offered a position as a Nurses Aide. Now, unless you went to a school that required you to obtain a CNA certificate, you're going to be SOL.
You are very young. With all the arrogance of youth. Please, mute me if you choose-I'm willing to bet that's been your reaction to things you don't want to hear for a long time.
Basically the Internet equivalent of sticking your fingers in your ears and going "la-la-la".
Calling me names doesn't insult me or make me feel bad. However, your snap and snarl reaction to sound cautionary advice makes me wonder if you really have what it takes to be an RN in today's market.
I wish you luck in all your future endeavors. Fortunately, you're a complete stranger to me, and ultimately, whatever happens during your life journey is not my circus, not my monkeys.