Nurses and Financial Freedom

elkpark · Apr 21, 2015

How do you define "financial freedom"?

roser13, ASN, RN · Apr 21, 2015

Are there any nurses here experiencing the joys of financial freedom? I'm a 23 year old travel nurse who currently has about 26k of student loans left to pay off. I'm looking for a way to experience the benefits of financial freedom.
Has anyone done it and how? Please share :)

Work hard. Perhaps work more than one job. You're young - you can do that.

Never make just the minimum loan payment. Always pay more -the extra $$ go to principal.

Live cheap. Live like a 23-year-old, with roommates and a beater car.

caliotter3 · Apr 21, 2015

I had the means for financial freedom had I not insisted on pursuing nursing as a second career when I did. Had I any inkling of what was going to happen, I never would have gone down the nursing path, except, perhaps, I would have done the CNA thing over again. I would see myself quitting working as a CNA at some point though. Never did like how I was treated as a CNA and doubt that I would have put up with that for very long.

NOADLS · Apr 22, 2015

Make $100K a year by grinding out extra shifts and live like you make $15K a year.

klone, MSN, RN · Apr 22, 2015

Don't eat out, buy a car that's 10 years old, don't buy the newest and latest iPhone when it comes out. Don't go to Starbuck's. Work OT. Figure out how much money you need on a monthly basis to pay all your bills, buy groceries conservatively, and pay for gas. Then pour every extra dollar you make beyond your monthly expenses into your debt. Do that every month and you will have your student loans paid off in less than a year.

joanna73, BSN, RN · Apr 22, 2015

I owed 48,000 in student loans which were paid in 2.5 years and I had 18,000 in the bank at that point as well.

I moved to a rural area and worked permanent nights. I did nothing but work and sleep during that time. I didn't spend money except for groceries and my rent was cheap.

Two years after that, I put down 25 percent on a mortgage and moved to the city. I live well below my means and invest. It can be done with some sacrifice and a concrete written plan.

klone, MSN, RN · Apr 22, 2015

I will also add that Dave Ramsey's Total Money Makeover changed our family's lives (this is NOT a religious book, it is the secular version of Financial Peace).

After reading it, my husband and I realized we didn't want to be slaves to our debt and mortgage. We paid off $80,000 in consumer debt in 18 months, moved out of our house that was larger than we needed (2500 sq ft for family of 4) with a mortgage that was MUCH larger than we needed, rented for 3 years, then bought a house half the size and half the mortgage, and easily 1/3 of what we COULD afford if we wanted a $2800/month mortgage. We've lived here for almost 2 years, and we will have our mortgage paid off in another 8 years.

Reading that book totally changed our lives. We now plan to retire in our early 50s with no debt and a paid off house.

Jules A, MSN · Apr 22, 2015

You have gotten excellent advice. Work hard and live below your means.

I have always worked overtime as well as weekends and holidays. I live simply, payed off my mortgages early, have invested in real estate as well as maxing out whatever IRAs, 401ks etc. that I have been eligible for. Even though I supposedly make what only 4.4% of the US population makes from some silly graph I googled I drive my sensible cars until they are no longer worth maintaining. I don't have stainless steel appliances or own a flat screen television. Why would I buy new when what I have still works fine? When they crap out I'll invest in the latest technology but not until. Perhaps the biggest thing is that I'm happy with what I have so I don't need to constantly attempt to capture the magic.

joanna73, BSN, RN · Apr 22, 2015

Similar to the previous posters, I worked out a plan for paying off my debt early. More importantly, I've continued to keep to my budget and review monthly.

I use gadgets until they no longer work. I don't have cable tv. Why? Dvds are cheap and Netflix is 8 dollars a month. I'm not wasting money on purses, shoes, clothes, or other stuff. It's just stuff. I own only enough clothing that can be mixed and matched.

When I moved into my new house, I kept things simple. I only bought the pieces I need to be comfortable and bought on sale. My walls are bare at the moment but it doesn't matter. I'm waiting until I find one large piece of art that I really like, rather than wasting money to fill a space.

Keeping in mind the bigger picture of financial freedom is worth it, and it's small lifestyle changes that add up.

Soliloquy, MSN, APRN, NP · Apr 22, 2015

Work hard. Perhaps work more than one job. You're young - you can do that.
Never make just the minimum loan payment. Always pay more -the extra $$ go to principal.
Live cheap. Live like a 23-year-old, with roommates and a beater car.

I've been paying 800/month + and I've tried to up it to 1600/month but ugh!

Soliloquy, MSN, APRN, NP · Apr 22, 2015

Everyone's giving me really good advice. I truly appreciate it!