Retire by 30, thanks nursing!

mariesmist · Dec 11, 2007

sorry to burst your bubble but you'll probably need a lot more than that to retire. assuming you die around 75, you'll need about 45 years of income, minus inflation and increasing healthcare costs. even without inflation, $66,000/year X 45 years is about $3 million...?

Diary/Dairy, RN · Dec 11, 2007

Not sure you could do this without burning yourself out, among other things. Also, you would have to work some interesting jobs to get $43/hr as a traveler, as your company takes out money for housing, insurance, and other things that they take care of.

Something to consider, but I think you still might have to work a bit longer than that - plus - traveling with only one year's experience in the ICU is a danger to both you and the unit. You should plan on getting at least 2 years experience before traveling.

bill4745, RN · Dec 11, 2007

1. I doubt you can maintain 60 hrs/week. Some employers will not allow it, which means you may not make OT on your extra 20 hrs. You may have to work per diem at a lower rate., and you may not get 60 hours on a regular basis.

2. Where can you safely earn 10-12%? You need to preserve your capital for your plan to work. You may be lucky to earn half of that safely, which cuts your income to $33,000.

3. Many per diem and travel nurses do not get many benefits that full-timers get - health, life, disability insurance, drug plan, pension and 401K matching, dental and vision plans, etc. Think of what this may cost you.

4. The types of hospitals where you will make those rates are not likely to be great places to work-they are usually poorly staffed (there is a reason they pay so much). You may burn-out much sooner than you think. And one bad mistake due to poor staffing could cripple your career.

A nice fantasy, but probably not realistic.

RainDreamer, BSN, RN · Dec 11, 2007

Why are you planning on dying when you're 41? :rolleyes:

Sabby_NC · Dec 11, 2007

Hmmmmmm me thinks you will find out life is NOT all about the money honey!!!!!

HM2VikingRN, RN · Dec 11, 2007

I think you could look at reduced hours by your 40's if you:

1. Paid a house off.

2. Designed a very tight spending plan that you could live on.

I don't think complete retirement is feasible by 30.

CT Pixie, BSN, RN · Dec 11, 2007

$2500/month living expenses is only $625.00 per week.

You're also basing your figures on todays living expenses. Things do go up each and every year. Gas for your vehicle alone has gone up how much in the last few months! Car payments go up, insurance, and lest we not forget the dreaded health insurance! Mine alone has almost doubled in less than 3 years!

Even if your figures do work (not taking out taxes or inflation) $769,593 over 45 yrs (lets assume you live to 75) is ONLY $17,102.07 a year. I don't think you could live on that.

Without looking at the bigger picture $769K LOOKS like enough to live on without ever having to work for the rest of your life..but its only the case if you only plan on living a short life.

I wish you the best, but I don't think your plan is fesiable.

oramar · Dec 11, 2007

My daddy used to have a saying, "don't count your chickens before they hatch".

Diary/Dairy, RN · Dec 11, 2007

I think you could look at reduced hours by your 40's if you:
1. Paid a house off.
2. Designed a very tight spending plan that you could live on.
I don't think complete retirement is feasible by 30.

Right now I am working on getting my house paid off faster - and it's still going to take me until I am in my mid-40's..... It's nice to think about retiring that early, but not very practical.

ThePrestige · Dec 11, 2007

Not sure you could do this without burning yourself out, among other things. Also, you would have to work some interesting jobs to get $43/hr as a traveler, as your company takes out money for housing, insurance, and other things that they take care of.
Something to consider, but I think you still might have to work a bit longer than that - plus - traveling with only one year's experience in the ICU is a danger to both you and the unit. You should plan on getting at least 2 years experience before traveling.

I should be good enough with 1 yrs experience, and $43 hr is totally do-able, i wont take any benefits, 401k, just straight cash, i wouldn't retire completely but i could work maybe 2 days a week and pay the bills with ease, and have lots of time to be a stay at home dad, do some volunteering, spend some time with the family, my concern is that i will probably burn out, only one way to find out..

ThePrestige · Dec 11, 2007

$2500/month living expenses is only $625.00 per week.
You're also basing your figures on todays living expenses. Things do go up each and every year. Gas for your vehicle alone has gone up how much in the last few months! Car payments go up, insurance, and lest we not forget the dreaded health insurance! Mine alone has almost doubled in less than 3 years!
Even if your figures do work (not taking out taxes or inflation) $769,593 over 45 yrs (lets assume you live to 75) is ONLY $17,102.07 a year. I don't think you could live on that.
Without looking at the bigger picture $769K LOOKS like enough to live on without ever having to work for the rest of your life..but its only the case if you only plan on living a short life.
I wish you the best, but I don't think your plan is fesiable.

Thanks for the reply, but investing 101 says "if you make 10% off your money at $660K you will be making $66,000 a year, so forever i would be making 10% off my money, see what i'm saying?

so assuming i dont invest into anymore, when i'm 100yrs old i will still be making $66,000 a year and still have that $660k in the bank.