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?
This is an excellent post! The majority of Americans don't start think about retirement planning as young adults when time is a huge partner in accumulating wealth.
Instead of looking at only earning active income (through a job) the book opens up your mind to the possibilities of passive income (real estate, owning a business, etc...) which is a faster route for earning money.
As someone with years of experience in dealing with real estate I have to chime in and say that being in real estate is no way to earn money quickly. Those midnight infomercials selling fantasies of no down payment houses and such only set people up for failure and these kinds of advertisements should be illegal, they have caused a lot of people to go bankrupt.
Making money selling real estate is a very slow process. I don't think that show about people flipping houses for profit is very realistic, either. For every success story with that, I know for a fact there are people who get stuck paying taxes and maintenance on houses for years because they can't find a buyer. You really have to know what you are doing to not be had in real estate.
It is a wise investment, though. My husband and me have invested mostly in land and over 13 yrs. have watched the three properties we own more than triple in value. I think we've hit a stopping point at this time but it is nice to have a sizeable net worth.
I remember saying those same words, and by all means if you figure you can do it go for it. Providing there is no obstacles in your way and you are single with no children I say try it. Doesn't hurt see test an idea.
Kudos to you for thinking this proactively! I didn't figure this out until I was in my late 20's so you are far ahead of me.
We have quite a nice nest egg and no debt. I planned to retire at 50 and if it wasn't for a little thing called HEALTH INSURANCE it would be very attainable, lol. The beauty of nursing is that you should be able to find a job with health insurance and part time hours which is plan B for me.
As someone with years of experience in dealing with real estate I have to chime in and say that being in real estate is no way to earn money quickly. Those midnight infomercials selling fantasies of no down payment houses and such only set people up for failure and these kinds of advertisements should be illegal, they have caused a lot of people to go bankrupt.
Making money selling real estate is a very slow process. I don't think that show about people flipping houses for profit is very realistic, either. For every success story with that, I know for a fact there are people who get stuck paying taxes and maintenance on houses for years because they can't find a buyer. You really have to know what you are doing to not be had in real estate.
It is a wise investment, though. My husband and me have invested mostly in land and over 13 yrs. have watched the three properties we own more than triple in value. I think we've hit a stopping point at this time but it is nice to have a sizeable net worth.
I agree 100%. I was lucky in that when I started buying houses they were fairly cheap. I never had a mortgage higher than $800 a month so if they sat for a year while I was trying to get them rehabbed, which they ALL did, it wasn't a huge financial problem. I made money in real estate because:
#1 the timing was right (just dumb luck on my part)
#2 because I was willing to live like a squirrel in those dumps while updating them
Definitely a good investment but one that isn't liquid, you have to baby sit and be willing to hang on. It seems to me that most of the money lost in real estate is when someone gets in a position where they have to sell at a certain time. In almost all cases, unless the neighborhood is decaying, if the person could wait they wouldn't have lost money, imo.
i think your post says a lot about "what you are all about honey"
wow, that was pretty condescending. seriously, people need to quit with the assumptions. this thread has nothing to do w/ whether or not the op is a caring person or if he will make a good nurse.
I planned to retire at 50 and if it wasn't for a little thing called HEALTH INSURANCE it would be very attainable, lol. The beauty of nursing is that you should be able to find a job with health insurance and part time hours which is plan B for me.
I work per diem and buy my own health insurance that is not related to my employer. I also take good care of my health unlike most fellow Americans. For example, I minimize harmful stress by working as seldom as possible.
Specializes in Acute Care Cardiac, Education, Prof Practice.
Sorry but I wouldn't want a nurse with this kind of workload taking care of me. People can handle a lot of things, but 60 hours a week, travelling to facilities you aren't familiar with, and most likely under a lot of stress trying to keep this kind of goal in line doesn't make me feel like I would be getting the safest care.
I nurse for my soul so I guess that is why this idea of using "the care and safety of patients" as a stepping stone to finacial security blows my mind. Make money and retire early, but think about those you use to get there.
Sorry but I wouldn't want a nurse with this kind of workload taking care of me. People can handle a lot of things, but 60 hours a week, travelling to facilities you aren't familiar with, and most likely under a lot of stress trying to keep this kind of goal in line doesn't make me feel like I would be getting the safest care.
I work per diem and buy my own health insurance that is not related to my employer. I also take good care of my health unlike most fellow Americans. For example, I minimize harmful stress by working as seldom as possible.
As we get older its crucial to consider the value of excellent health benefits. You are only healthy until you aren't. I love your advice about minimizing harmful stress by not working much, lol.
Specializes in Acute Care Cardiac, Education, Prof Practice.
How many hours per week do surgeons work?
Can't say I would like an overworked surgeon operating on me either. I have been in the OR and surgery is violent and rough on a good day, let alone last case on a Friday night.
I work 12 hour nights 3 days a week and I am usually wiped out by the end of three consectutive shifts. I couldn't imagine working double+ that and being reponsible for the management of 3-6 pts (depending on the acuity of the floor) and all the little details involved with patient care.
But hey, if you feel the need to start an argument over patient safety than fine. Nurses need to be responsible for the safety and good care of the loved ones of real people. This career is not an avenue for fast cash and early retirement.
As we get older its crucial to consider the value of excellent health benefits. You are only healthy until you aren't. I love your advice about minimizing harmful stress by not working much, lol.
That's why I will always have health insurance.
Well, it's true. Nursing is a noble profession, but it's physically unhealthy.
Jo Dirt
3,270 Posts
As someone with years of experience in dealing with real estate I have to chime in and say that being in real estate is no way to earn money quickly. Those midnight infomercials selling fantasies of no down payment houses and such only set people up for failure and these kinds of advertisements should be illegal, they have caused a lot of people to go bankrupt.
Making money selling real estate is a very slow process. I don't think that show about people flipping houses for profit is very realistic, either. For every success story with that, I know for a fact there are people who get stuck paying taxes and maintenance on houses for years because they can't find a buyer. You really have to know what you are doing to not be had in real estate.
It is a wise investment, though. My husband and me have invested mostly in land and over 13 yrs. have watched the three properties we own more than triple in value. I think we've hit a stopping point at this time but it is nice to have a sizeable net worth.