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?
When you know what it's like to actually be a nurse and pull 13 hour shifts in the ICU, with everybody pulling you each and every direction, then you can let me know if you will feel like a safe practitioner working 5 12 hour shifts a week for the next 8 years straight.
Until then, you have no idea of what it's like and can not comment on how attention to detail will prevent you from making mistakes-because you have no clue.
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.
It's wonderful that you have a financial plan already, as many have said before.
My only caution to you is that you just don't know what the future holds for you. Quality of life is just as important as your financial goals, and for those 8 years, if you are actually able to stick to this plan, you would have no quality of life outside of work (that is assuming that work is extremely fulfilling for you.
Enjoy your youth and your life -- it will not last forever! No one on their death bed looks back and wishes they had worked more.
Specializes in Accepted...Master's Entry Program, 2008!.
I refuse to comment on the plan, but only commend you for thinking of retirement at 21. If only I had been like that. It's rare that one considers retirement at such a young age.
Forgive me, for I am not the typical older and weathered battleaxe that lusts for the day I can retire; however I am very familiar with working consecutive 12 and 20 (yes you are reading correctly) hour shifts while serving our Great Country in the military. I do know that it isn't safe doing such as I did, but I did it, and I did it with great pride and attention to detail.
By the way, I did it for the same country where optimism "afforded" us the freedoms which we partake in on a daily basis.
This is from a "typical older and weathered battleaxe" that is new to nursing. If you can work a busy med surg unit 60 hours a week for 8 years, then my friend you must have some of the biggest kahunas on the planet and bionic parts to boot!
I'm not a nurse yet, so I can't say I know what its like, but I do know what its like to have a family and a job. To the OP, this is a nice plan, but keep in mind that things don't always go as planned. You're only 21 yrs. old. What if life happens? What if you get married and have children? Once that happens, it will be very difficult to impossible to stick to your original plan of working and traveling all these hours, and saving all this money. It's nice to see someone who is willing to dedicate themselves to nursing, but its not a good idea to make nursing your whole life. When will you have a social life? When will you have time for hobbies? If you're in nursing only for the money, you probably will not enjoy it, and will not last long in the profession. Those are just my thoughts.
I know our dreams and plans have a lot of grandeur when we are young.
If a person was disciplined to the point of living on beenie weenies, riding a bicycle, shopping at yard sales, not going on vacations, etc.. and they could put away a thousand dollars a week in ten years they could accumulate a million dollars investing in mutual funds and that would be a good little chunk of change.
It[s a good plan but so much changes in your twenties and life happens.
When you know what it's like to actually be a nurse and pull 13 hour shifts in the ICU, with everybody pulling you each and every direction, then you can let me know if you will feel like a safe practitioner working 5 12 hour shifts a week for the next 8 years straight.
Until then, you have no idea of what it's like and can not comment on how attention to detail will prevent you from making mistakes-because you have no clue.
Well said cardiac!!! That 60 hour workweek for 8 years sounds like the fast track to burnout by 30, not retirement. You are only planning on 2days off a week? Plan on one of those for sleeping because you are going to be exhausted. Think you will feel like housework etc on that one extra day off?? Not likely, but if you can, sure sounds like a fun day off!! If you figured a family into that equation anywhere, I can tell you they will not appreciate those hours. And on the patient side of your workweek, I don't think I would want to be under your care on that 5th shift. Fatigue does show, not only in your appearance and demeanour but also in your care!
Why are you selling yourself short? You're going to an RN shortly. Are you going back to school for your BSN,MSN, PhD? Maybe you don't have to work like a slave for 9 years to achieve your goals and miss out on the best time of your life. There are too many lucative opportunities out there. Get a few years experience then get a legal nurse certificate and you can make $100-150/hr. You're 21, get a job, save your money wisely, continue your education and I guarantee you that your quality of life will be a whole lot better. If you're in Nursing just for the money, working all of those hours is going to make you very bitter. You have to love what you're doing to make a sacrifice of that proportion. Believe me, the money will always be there.
cardiacRN2006, ADN, RN
4,106 Posts
When you know what it's like to actually be a nurse and pull 13 hour shifts in the ICU, with everybody pulling you each and every direction, then you can let me know if you will feel like a safe practitioner working 5 12 hour shifts a week for the next 8 years straight.
Until then, you have no idea of what it's like and can not comment on how attention to detail will prevent you from making mistakes-because you have no clue.