Retire by 30, thanks nursing!

Skeletor · Dec 12, 2007

Well, I'm glad your handle is "AlwaysLearning", because you indeed will be doing that for a very long time to come.
As for your....ideas....well, I have to say that they are unrealistic, not feasible, and will likely lead to a huge disappointment for you when you find that NONE of what you described is likely to occur. Unless you're planning on "offing" yourself somewhere around age 45, I'd say you should come up with Plan B for THAT reason alone.
There's alot more I could say, but I suspect that given the length of this thread, it's been well covered!

Nothing you have just said was of any help to the OP, and the comment of "offing yourself" was pretty festive. :nono: Whatever happened to words of encouragement, constructive criticism, and sound advice.

You should have a plan B for giving meaningful input in the future. :idea:

And we are all always learning, that's what life is all about; but you shouldn't give advice unless it's of value. Your words seemed more demeaning than helpful in my opinion.

'Tis the season for scrooges:lol2:

x_coastie · Dec 12, 2007

OMG!!! A young person thinking outside the box this day in age? We better put a stop to that! Insert all the things that can go wrong here _______________________.

I think it is funny that everybody is foaming at the mouth to point out all the things wrong with your plan, and all the reasons that you should not even try it.

The reason everybody is so angry is we (me) are sitting at home a little over weight and too far in debt, Now you come up with this plan to do much better than we have done so far, and live your life the way you want. Mean while we are slaves to the system with house/car/credit/student loans etc....

What people fail to see is this is just a plan and only a plan. Maybe you will not make 12% interest, but you can travel to a place that pays more (California) than you planned on and you live cheap. Maybe you plan on working 60hrs a week and find that you are not able to keep up, so you may have to add a year or two to your plan. Who cares? I know many people who are much older than you and work 60hrs+ per week doing manual labor, so most likely you will have no problems. If you stay financially stable at 30 you can buy a motor home/sailboat(inner passage NC?) and only work agency a few months a year (travel and enjoy life the rest of the time.)

You have a plan that can be adjusted.

You are thinking outside the box, like every successful person that ever lived.

You seem to be the type of person that does not need a $500 month car payment to feel special, a $2000 hooptee car will work just as well. Or take a PB&J to work instead of $10 take out, this stuff adds up to thousands of dollars very quickly.

There are very cheap places to retire in the US if you look around (which you will be while traveling.)

GO FOR IT AND MAKE US LOOK BAD!

jbp0529 · Dec 12, 2007

Ok, I'll bite. I've read almost all of the pages of this thread and find it very interesting. Never imagined there would be so much passion and heated emotions involving this thread when I started reading page 1.

My only thoughts/comments to add to the mix would be these:

I agree that one should plan for the financial future. But retire at age 30?? What are you planning on doing with the remaining 40+ years of your life, Alwayslearning? Not a sarcastic question by any means, just curious.

If the answer to my question is just "just relax and live off of the investment", wouldnt that get boring after a while? (I mean you would only be 30).

I guess my other issue is this: I think the majority of us didn't pick nursing as a career to make a quick buck, but bc we enjoy helping ppl in some way. Would be a shame to have someone out there taking care of our loved ones or ourselves, who maybe really didnt care, or who was overworked with 60hrs/wk to simply reach a financial end-point. Not saying this is necesarily how you feel, but based on your focus with money, its a natural assumption.

Best of luck.

MiaKeaRN · Dec 12, 2007

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?

More power to you!! I wish I would have had some goals when I was your age.....if I did, I wouldn't be 42 and only going to nursing school now. Best wishes to you....it may or may not work out exactly as you have planned, but don't let anyone make you feel bad about setting your plan into motion.

Skeletor · Dec 12, 2007

The reason everybody is so angry is we (me) are sitting at home a little over weight and too far in debt, Now you come up with this plan to do much better than we have done so far, and live your life the way you want. Mean while we are slaves to the system with house/car/credit/student loans etc....
You have a plan that can be adjusted.
GO FOR IT AND MAKE US LOOK BAD!

You could not have put it any better;) You hit the nail right on the head x_:yelclap:

bagladyrn, RN · Dec 12, 2007

Do a web search. Google queries about nurses and lawsuits brings up results dealing with physicians being sued. If this were the terrible plague that the sellers of malpractice insurance would have us believe, it would be very easy to find instances of nurses being sued.
Likewise, if suits were this common against nurses, liability insurance wouldn't be as cheap as it is. At under $100 per year for 99% of nurses, it's nothing. And since it's nothing, that tells me that the insurance companies know this is a very minor risk.
And my final question to nurses who worry about this: have you ever known personally a nurse who was sued? I graduated from nursing school in 1980, and have been in full-time practice since then. I've never met one, and never had anyone give me an affirmative answer to this question.

Regarding your final question - the answer is Yes - me! I was named in a lawsuit simply on the basis of being on staff on a unit at the time an incident occurred. A good malpractice lawyer and computer charting got me dropped, but I was sued and without malpractice insurance would have had to pay at least for that lawyer myself.

cardiacRN2006, ADN, RN · Dec 12, 2007

I think it is funny that everybody is foaming at the mouth to point out all the things wrong with your plan, and all the reasons that you should not even try it.
The reason everybody is so angry is we (me) are sitting at home a little over weight and too far in debt,

I'm neither overweight nor too far in debt. That is a blanket, and incorrect, overgeneralization of those of us who are being realistic.

And I wasn't foaming at the mouth pointing out the things wrong with the plan, just pointing out issues with patient safety. Do you not agree that as nurses, patient safety is our number one goal?

bagladyrn, RN · Dec 12, 2007

To the OP:

I think it's great that you have plans and goals for yourself at your age. Even if things don't work out exactly as you plan you will still be ahead of the game. Keep a positive attitude and don't see changes in your plan as defeat, simply as changes in direction and you will do fine.

My son at your age had plans to have a million by the age of 30 - instead, at 29 he has a wonderful wife, a gorgeous daughter, and travel and life experiences that money can't buy. They both do have new plans and retirement and savings, but as far as I can tell he doesn't have any regrets for the turns his plan has taken!

Good luck to you!

anonymurse · Dec 12, 2007

Ok check this out, i have a plan to retire by the age of 30:

Go get 'em, Tiger.

mikethern · Dec 12, 2007

Okay, I am an RN who has been picking and buying my own individual stocks since 1999. Your goal is easier than even you think it is.

You only need to save $4,000 a month.

$4,000 every month for 9 years with 11% return creates $732,000. Tax is not an issue if you rarely sell your stocks. You only get taxed when you sell stock. When you do sell stock 9 years from now, it will be taxed at only 5%.

Anyone who thinks $732,000 is not enough money to retire does not understand the power of compounding. If you keep the money in the stock market and continue to get a return of 11%, you will earn $80,000 a year in interest alone until you die. If you can spend less than $80,000 a year and keep the rest in the stock market, the $732,000 will keep growing even though you no longer work. For example, if you retire at age 30 with $732,000 and choose to spend only $50,000 a year, your money will keep growing and you be a multimillionaire in your forties even though you stopped working at age 30.

Bottom line: Do not listen to people who think your plan is impossible. It is very possible if you work hard, be very frugal, and choose good stocks.

By the way, I am a 38-year-old RN who works only 12 hours a week and should be a millionaire by age 50 because I know how to pick good stocks. My average return has been 15% a year since I started investing in 1999.

Here is a calculator I used in order to figure out your goal....

http://partners.leadfusion.com/tools/motleyfool/savings02/tool.fcs

medsurgnurse, RN · Dec 12, 2007

I see that you have zero listed for your experience as a nurse. So how would you even know what it's like, or how safe it is, to work 5- 12 hr shifts each and every week?
These shifts aren't easy. Otherwise, we'd all work 5 12's a week. And shifts typically run >12hrs.
This plan is naive-at best.
Great that he's(the OP) an optimist, but he's not a realist, and you need both to be the next "Buffett or Trump"
We should all be saving what we can----but not at the expense of our patient safety.

Zero experience listed because this OP has not even GRADUATED YET! I admire goals but this is beyond ridiculous. First n-eed to graduate. Second- need to pass NCLEX. Third -Find a job. Fourth- GET minimun 2 years experience.

To the OP you said you think you'll be good enough with just one year experience, you really have no idea. Great nursing comes with experience.

mikethern · Dec 12, 2007

To the OP you said you think you'll be good enough with just one year experience, you really have no idea. Great nursing comes with experience.

True, but one year of experience is enough to become a travel nurse. A travel nurse working only 40 hours a week can easily save enough money to on invest in stocks and retire in 9 years. You just have to be very frugal, unlike most Americans.