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?
Specializes in Acute Care Cardiac, Education, Prof Practice.
you have to take into account the cost of living. in wisconsin i started at $22.oo here in atlanta $21.07 for someone with less than a year of experience.
cost of living comparison from salary.com:
the cost of living in [color=#0d0d9d]atlanta, ga is [color=#0d0d9d]31.5% lower than in [color=#0d0d9d]washington, dc. therefore, you would have to earn a salary of [color=#0d0d9d]$30,811 to maintain your current standard of living.
this would probably explain part of the difference in salaries from one area to the other.
ps. oddly enough baltimore is cheaper, but i don't know how they figure for the dc increase which might explain why you get paid more, but not a ton more at starting.
the cost of living in [color=#0d0d9d]atlanta, gais [color=#0d0d9d]4.5% higher than in [color=#0d0d9d]baltimore, md.therefore, you would have to earn a salary of [color=#0d0d9d]$47,031to maintain your current standard of living.
Not here, thank goodness. I'm in the Balto./DC area and LPNs start in the low to mid 20s with benefits and around $28 for per diem work.
I have a cople of RN friends who have disclosed their salary and keep in mind that they have 10-15 years experience but they are making between $38 and $45.
I am in Charleston, SC. I was actually thinking about moving to Atlanta, Maryland, or upstate NY when I graduate next year.
you have to take into account the cost of living. in wisconsin i started at $22.oo here in atlanta $21.07 for someone with less than a year of experience.
cost of living comparison from salary.com:
the cost of living in [color=#0d0d9d]atlanta, ga is [color=#0d0d9d]31.5% lower than in [color=#0d0d9d]washington, dc. therefore, you would have to earn a salary of [color=#0d0d9d]$30,811 to maintain your current standard of living.
this would probably explain part of the difference in salaries from one area to the other.
ps. oddly enough baltimore is cheaper, but i don't know how they figure for the dc increase which might explain why you get paid more, but not a ton more at starting.
the cost of living in [color=#0d0d9d]atlanta, ga is [color=#0d0d9d]4.5% higher than in [color=#0d0d9d]baltimore, md. therefore, you would have to earn a salary of [color=#0d0d9d]$47,031 to maintain your current standard of living.
thanks for adding these its interesting stuff especially because i hope to move south at some point. i figured atlanta was similar or more expensive than balto. so i don't understand why their wages would be so much lower. do you know what lpns make in atlanta?
dc is more expensive for housing but the wages, unless you are working in an inner dc city hospital, are similar to baltimore wages. there are so many facilities within an hour of each other that this is a great place for nurses to live and work, imo.
Specializes in Acute Care Cardiac, Education, Prof Practice.
Unfortunately I don't know what LPN's make at my facility since we don't have any. They only hire RN's.
As far as RN's:
Madison, WI was about $24.oo and hour starting in the city and $22.oo (+ $2.50 nights) where I worked about 40 minutes north. If you went further north you could make more because the majority of students from the three nursing colleges in Madison tended to stay in the area.
I think when you look at nurses making 30+ dollars an hour you need to take into account:
Years nursing.
Years nursing in the same place/unit/hospital.
Amount of extra curricular work they put in (i.e. committees, etc)
Shift differential (I make $21.07 BASE then $3.50 nights and $4.50 weekend diffs= 24-26 or so and I only work 36 hours a week)
Benfits: Some people can work and make $30+ because they have benefits through thier spouses and don't have to take the hospital benefits. (Here in Atlanta you get $42.00 or so per paycheck bonus if you don't take benefits here)
Cost of Living: Like I stated before, the area you live in dictates a lot about your pay. I could have gone to Santa Cruz after graduation and made $45.oo but the cost of living is so high there.
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
If you are single, with no dependents, prepare to get more than that deducted from your paycheck.....
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
If you are single, with no dependents, prepare to get more than that deducted from your paycheck.....
It doesn't matter how much is deducted from his paychecks. Anyone can adjust the amount deducted from his paychecks by using IRS form W-4.
All that matters is his total income tax.
$6,880 a month + $5,200 a month = $12,080 a month = $144,960 a year. Using the IRS withholding calculator, his federal tax would be $32,061 a year, leaving him with $112,899 net income a year or $9,408 net income per month. After state taxes it comes pretty darn close to the OP's estimation of $8,100 a month.
Hi. Go for it! I work 52 hours a week and there are some weeks i am tired but it is a great idea. I had a mountain of credit card bills that i had to get rid of and thank god we have the job we do otherwise i would still be in the same hole i was in. I wish you luck.
This has probably already been covered...just saying one thing more...
The OP mentioned he wants to get married and be a stay at home dad in the future. That is an awesome goal, but working 60 hours a week is going to make it extremely hard to maintain a relationship unless you and your future wife are in perfect synch, which very few people are. Don't forget the personal committments in your life. :) (Speaking from the POV of a doting girlfriend. Your future wife will very likely need as much support from you as you will from her.)
This has probably already been covered...just saying one thing more...
The OP mentioned he wants to get married and be a stay at home dad in the future. That is an awesome goal, but working 60 hours a week is going to make it extremely hard to maintain a relationship unless you and your future wife are in perfect synch, which very few people are. Don't forget the personal committments in your life. :) (Speaking from the POV of a doting girlfriend. Your future wife will very likely need as much support from you as you will from her.)
MiketheRN, that's very true! I'm not saying it's impossible at all.
I am saying that speaking from a girlfriend/wife's point of view, a home life is so much more harmonious when both members of a relationship dedicate time out to enjoy each others' company and reap a little of what they have both sowed together.
Well, if the OP can go from a 25 year old with 2 years ICU experience in November of 2006 to a 21 year old just graduating from an ADN program in one year's time there's no doubt in my mind he can retire at 30. ~ Diane
Tait, MSN, RN
2,142 Posts
you have to take into account the cost of living. in wisconsin i started at $22.oo here in atlanta $21.07 for someone with less than a year of experience.
cost of living comparison from salary.com:
the cost of living in [color=#0d0d9d]atlanta, ga is [color=#0d0d9d]31.5% lower than in [color=#0d0d9d]washington, dc. therefore, you would have to earn a salary of [color=#0d0d9d]$30,811 to maintain your current standard of living.
http://swz.salary.com/costoflivingwizard/layoutscripts/coll_result.asp?presentsalary=45000&presenthomemetrocode=192&presentworkmetrocode=192&newhomemetrocode=8&newworkmetrocode=8¤tlocation=192&newlocation=8&x=32&y=7
this would probably explain part of the difference in salaries from one area to the other.
ps. oddly enough baltimore is cheaper, but i don't know how they figure for the dc increase which might explain why you get paid more, but not a ton more at starting.
the cost of living in [color=#0d0d9d]atlanta, gais [color=#0d0d9d]4.5% higher than in [color=#0d0d9d]baltimore, md.therefore, you would have to earn a salary of [color=#0d0d9d]$47,031to maintain your current standard of living.