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?
If this type of plan would actually work, do you honestly think all us other folks would still be working into their 50's and 60's??
A few months or a year from now, whenever, you will get to your first nursing job, and then the reality of nursing will strike you. Nursing is not a bad job, but it can be very hectic and stressfull, I know you are young, but so am I and I cannot do more than about 45 hours a week, and even then my patience runs thin with patients.
Good luck... Like just about all the other people I am going to tell you that you will be working far beyond 30, unless you gain a large inheritence or win the lottery. If either of those come your way, could you share it with the rest of us poor folk who are still forced to work at 30. Thanks for a good laugh or two.
Sweetooth
Oh geez. The reason Americans have work in their sixties is that Americans are notorious for not saving enough. Also, most Americans know nothing about stock investing.
I am 38 years old, I work only 12 hours a week, and I will be a millionaire about 12 years from now.
I never got an inheritance, I never won the lottery, and I had $40,000 of debt 11 years ago.
The only people who say that it is impossible for a nurse to become a millionaire are nurses who will never be a millionaire.
The only thing I've been trying to say is that it is quite possible for the OP to reach his goal of retiring young, but that he quite possibly is being unrealistic about the timing due to youth and lack of life experience. That's all.
The only thing I've been trying to say is that it is quite possible for the OP to reach his goal of retiring young, but that he quite possibly is being unrealistic about the timing due to youth and lack of life experience. That's all.
I will agree that retiring at age 35 is much more realistic goal than retiring at age 30. His life savings will more than double between age 30 and 35. The more money you have, the faster it grows. It's a snowball effect.
Pessimists never call themselves pessimists. Instead, they smugly label themselves "realistic."
But they are not realists. A realist is someone who realizes that the world is pretty open-ended, that there are wonderful possibilities there, and that they, too, can do wonderful things.
I like reading stories about people who have failed. Not because I want people to fail -- far from it -- but because people who fail usually pick themselves up and keep going and still do wonderful things.
Will the OP fail? I hope not. But even if she does, I bet she'll have a lot more fun and get further and do more than if she never dreamed.
California nurses do. I work in Central California, and a large number of staff nurses here earn six figures.
Also, let's take the OP out of the equation. A single nurse with no kids and no mortgage, working in California as a travel nurse with free housing can EASILY save $2,500 a month.
A typical American cannot fathom saving this much money because most Americans blow their whole paycheck each payday. No offense to Americans, as I am American.
Yes, single with a great girlfriend. When we met 5 years ago, she had no savings. Now she has $85,000 at age 34 because I invested her money for her. Even if she stops adding more money to her stocks, her stocks will be worth over $2 million by the time she is 65 years old. That's the power of compounding.
While that can certainly be true in some fiscal quarters (see Tweety's post), it is highly economically unsound NOT to contribute to a 401/403 (and/or advise others not to) when many employers match funds.
Amen to that! If your employer matches and you don't go for the full match, you are just throwing money away. All I have to do is invest 2% of my salary and my employer matches with 9%.
Thanks!
mikethern
358 Posts
Oh geez. The reason Americans have work in their sixties is that Americans are notorious for not saving enough. Also, most Americans know nothing about stock investing.
I am 38 years old, I work only 12 hours a week, and I will be a millionaire about 12 years from now.
I never got an inheritance, I never won the lottery, and I had $40,000 of debt 11 years ago.
The only people who say that it is impossible for a nurse to become a millionaire are nurses who will never be a millionaire.