Ok check this out, i have a plan to retire by the age of 30:
I'm 21 yrs old and about to graduate a ADN program
i will spend 1 year gaining experience in the ICU, then i will spend the next 8 years as a per-diem or traveling nurse, working no less then 60 hrs a week, 11 months a year.
so heres the math:
40hrs X $43hr = $6880 month
20hrs X $65 hr = $5200 month
total (net income) $8100 month
$2500 month living expenses so $5600 month to invest
Starting with $5,000 and depositing $5,600 monthly over 8 years (at a rate of return 12%, compounded monthly and taxed at your marginal rate of 28%), you will save $769,593.Initial balance:$5,000Total deposits:$537,600Total interest earned:$315,268Total taxes paid:$88,275Total Saved: $769,593
Now i understand that 769K will be different due to inflation 8 yrs from now, so we will say 669k so at 10% a year $66,000 a year!
Now for 8yrs i will work my ass off and be traveling and have little social life, but at age 30 i will never have to work again, and i will probably never want to in nursing cause i will be burnt out, but i think it would be worth it, what do you think?
One more thing. Remember that you're hoping to bring home 8100/month.(after taxes) You yourself said that 66k/year (before taxes) is more than 85% of the people here make. And you're goal is to bring home 96300/year AFTER taxes...
Good heavens, people! A young person posts an optimistic plan, and so many jump all over him! Frankly, if I was the OP I don't think I'd ever frequent these forums again.
I'm sure the OP with modify his plans as he goes along. We aren't helping with some of the vitriol that's being tossed around here.
And as to those of you who have been positive, GOOD FOR YOU! Not enough of it in nursing.
Oldiebutgoodie
To be fair, I didn't notice people "jumping all over him". But I guess it's just a matter of interpretation in how one reads the negative reactions.
oops! I missed that. In any case I'm shocked to see the OP come back. I personally am appalled at the way the "realism" on this thread has been posted. I can't believe the negative tone toward someone who is trying to be financially responsible at a young age. He has a goal. If the goal ends up having to be modified, so be it. Anyway you look at it, this is a young man who is robably going to be financially solvent far before most people are (if they ever get there). He is going to do it with honest work and sweat. I applaud that. The patient sfatey concerns are all just speculation. The fact is that a 20-30 year old healthy young man could probably sustain this type of activity with few problems. It will be stressful, but he might be able to do it. The medical students/interns/residents manage with jobs that are just as taxing as do people in other professions. I couldn't do it, but who am I to tell someone else that they can't? We have no idea of what this young man is capable of so we shouldn't pretend that we do. Good luck OP, I hope you are able to retire young and have the life that you dream of.
Really??? Guess because I'm old, I'm not appalled at all by the responses. I don't think there were that many posts that were mean spirited. Yes some were negative and discouraging, but rather than be surprised and appalled, because it's such an outrageous plan, I rather expected it.
for those of you who said its "unrealistic" "impossible" , give me some exact reasons as to why, dont just say its unrealistic.
also, how is this any different then being a doctor? med school students put in easy 60 - 90 hr work weeks for 9 years, and they have way more responsibility and stress, and they are not even getting paid (well during residency, but thats not jack) !
Some of us are old ogres, so take it with a sense of humor.
Take the negativity with a grain of salt. Having a goal of working 60 hours a week in nursing for 10 years just baffles some of us who have long stressful demanding days. Sixty hour weeks would practically kill us. It's not impossible, and lots of people do it. Heck I had a goal once and worked 12 12-hour shifts in a row. But most of us can't commit to those kind of hours, and find it hard to imagine that anyone would want to do it for 10 years, so humor us here. Read the forums about how tough it is, especially the "first year in nursing forum". But with commitment, will power, determination and sacrifice of some sanity and health, it certainly isn't unrealistic or a impossible.
Also those of us who are older also know that "life happens". We get tired, we get burned out, we reprioritize, and things come up. I just spent a nice chunk of change on my out-of-warranty car. There's always something going on in my house, it needs painting, an appliance break downs. Then there's the dogs who get sick, on and on life happens the longer you live it.
Also, take note there are many positive and encouraging threads too. We're actually on your side and wish you well. Kudos to you!
Just take care of yourself, don't forget to eat right, exercise, take vacations, and love the one your with, because you can't take it with you and you're only young once.
I also apologize that I missed that your final number was a net, after taxes. There is no reason whatsoever you can't retire rich.
I know a 61 year old nurse who I have seen work 7 days a week for the past few years. She is never sick and works hard so if a 61 year old can do that then I am sure a 21 year old can do it. Plus I know lots of Filopean nurse who have two full time jobs. I work with one who is pregnant and holds down 6 12hr shifts between 2 hospitals.
Really??? Guess because I'm old, I'm not appalled at all by the responses. I don't think there were that many posts that were mean spirited. Yes some were negative and discouraging, but rather than be surprised and appalled, because it's such an outrageous plan, I rather expected it.
There are definitely some posts with constructive criticisms, but there are a lot that are just negative. Basically you can't do it, if you can do it then your patients will be harmed, you are only in it for the money, you have to care to be a nurse and not just try to make money, your crazy, your too young to have a clue etc... those were the things I was shocked to see. I thought I would have seen a lot more encouragement. Of course life happens and things don't always turn out as planned, but whats the harm in having a good goal to work towards. (especially planning for retirement as this generation and those even 10-15 years older will probably not have any social security to fall back on).
I think it's great that the OP has an enthusiastic plan and seems willing to carry it out, if possible, but it seems like delusions of grandeur from the vantage point of age and experience. In other words, his statements read very much like the enthusiasm of someone not far out of adolescence. And not that that's a bad thing, it's just not a real indicator of how life will actually go for him. I imagine his goals will be tailored a little differently even at 23 as opposed to now. I would encourage him, if this is the path that he is sure he wants, to begin speaking with a trustworthy and knowledgeable financial planner now so that he can make the best choices possible.
You do not understand the power of compounding. If the OP works as much as possible, is as frugal as possible, and invests in premium stocks, he will be rich sooner than you can comprehend.
The fact that you do not understand investing does not give you the right to criticize people who do understand investing.
"Those who understand compound interest are destined to collect it. Those who don't are doomed to pay it."
Here's a simpler wealth plan for all you cynics out there. A 21-year-old who saves $1,000 every month and gets a 15% annual return from premium stocks will be a millionaire by age 39.
Hey guys thanks for all the comments! I do have a few things to say:
I am a male
I have been working 60+ hrs a week for 5 years now, sure its not nursing but trust me, i can handle the load
Patient safety is my number one goal and if i am a great nurse then who cares if i want to work overtime and earn some extra cash?
I am number two in my nursing class, and in perfect physical condition, my sleep, workout and diet habits are dialed in and i have excellent organization, all of these things have to be in place in order to put in 60hr weeks to remain fresh and thinking clearly. And yes, all of this does matter, people often get tired after long shifts because they are out of shape, poor diet, cant deal with stress (tai chi is the cure for that) so 60hrs to them is hell!
Sure things will change down the road, but if they do i will roll with them, the only thing i could see that would really send me off course is finding a special someone or getting a girl pregnant (i will be very careful)
I will always continue to work, but i will be able to choose where i work, what i do, if i want to take a few months off i can, and who says $66K is not enough to live on? thats more then what 85% of people on this forum make, so ?
I have talked to a few traveling agencies, so my estimates are correct as far as hours and pay, and to answer a few others comments:
i said i would work 11 months per year, that gives me one month to relocate to diff. places
that 8100 is NET take home, so 2500 - 8100 = 5600 to invest every month, some of you need to check your math
i know a great financial investor that my uncle has used for many years with a aggressive investment hes making 11 - 16% every year, so that part is accurate as well.
Good or bad i do appreciate all the feedback, i cant believe this thread blew up so fast!
I was also thinking that maybe allnurses.com should start an investment/planning/retirement section on here, because it seems like alot of nurses are in the dark about this. Just a thought
Always- I just want to put out there again that in a busy ICU, you will have patient's fragile lives in your hands and there will be a TON of stresses - anxious families, titrating drips, codes, dealing with physicians and management - I worked in one such ICU - It's a huge weight and responsibility. You seem like you take care of yourself, you will need to be especially careful with the plan you have set yourself out for.
And yes, nurses do need to think about retirement more - I do, and I contribute to my 401K and an investment portfolio as well, but I still won't be able to retire too early.
Which seems good for me - I need to feel useful,,,,,
I contribute to my 401K and an investment portfolio as well, but I still won't be able to retire too early.
Most 401K plans suck because they offer actively-managed mutual funds with high expense ratios. In other words, you are paying high fees to get crappy performance.
treysdaddy08
190 Posts
One more thing. Remember that you're hoping to bring home 8100/month.(after taxes) You yourself said that 66k/year (before taxes) is more than 85% of the people here make. And you're goal is to bring home 96300/year AFTER taxes...