Why wouldn't this cost of living hack work for California?

Nurses General Nursing

Published

Right now we live in Florida (put aside that I'm in school to be a PMHNP and that my wife currently works from home as one). If we went back to "bedside" why couldn't we live in Vacaville and commute to San Francisco (we each have about 10 years ICU experience) or live in Carson City Nevada and commute to Sacramento (or at least I could my wife could keep her current home based PMHNP, telemedicine job). In this way we could benefit from the high California pay (currently I make $45,00 no benefits working nights in the ICU) while minimizing the higher cost of living. Actually, I think living in Nevada and commuting to Sacramento might be the better bet even with relatively less pay in Sacramento than San. Fran. Currently, although I only live 32 miles from work in Orlando it takes me about an hour going one direction, but two hours with traffic going home.

Specializes in ED.
5 minutes ago, 2Ask said:

LOL- Hawaii is off the radar now... Hopefully there is some joy in the career for other reasons.

6 bedroom home in FL? Big place! How many children do you have and what do you envision for them while you are in the travel trailer across the country?

My oldest daughter is a doctor. She married an engineer. When she was in residency where MD's only make $58K, they lived ENTIRELY on her husband's salary and she put every nickel of her salary toward her med school debt. (which was in the ballpark of your debt) She paid off the entire debt before finishing residency (which is 4 years long). Next they paid off their house- no more mortgage! ($300K range). She's 35. She listens to Dave Ramsey on the radio. You might want to look into Financial Peace University.

If your wife makes 180K then her salary can cover ALL your living expenses in FL and put every nickel of your 80K toward your debt. You'll have it paid off within three years.

My thoughts exactly--a 6 bedroom house with a pool is pretty extravagant especially if there is substantial debt to income ratio.

The gyst of your comments is that your wife pays her half and you pay yours---n'er the two shall meet. Therefore, she's not going to assist in your debt paydown of your own educational expenses?

There was a conversation with my nephew about a Z280 or 300 or some stupid flashy car like that some years ago in my family. He dug his heels in hard, that he was NOT going to sell that car. Insurance through the roof. Couldn't put more than an overnight bag in the trunk. Useless in the Ohio snow.

No money for a decent place to live, so he mooched off of family members. No money for groceries so he mooched off of family members. He was fresh out of the service and "poor with money" as well (clearly)---but the key here was that he felt entitled to all of the high end things without the high end income.

No one could reason with him. He had to have these things. He wasn't sacrificing anything because he felt he should have to.

He lost the car to repo, so no getting around at all. Everybody was sick of hearing about his money problems and started closing the doors. The only time he got his situation under control was when he hit rock bottom and had nothing and a car debt that was ~$40K and no car.

It takes time to learn how to manage money which is what I'm trying to say. You have to want to do whatever it takes to get out of debt.

He did end up getting himself into a vocational program for electrical technician. Landed a decent enough paying job, moved to a medium sized town with good public transportation, sucked it up on the "high end lux apartment" he felt he needed---rented a studio---and he paid off that car debt.

After that he moved back to my hometown and got a job with a local business, and purchased a small but cute little house. His budget is tight, but he owns a used car and he's now engaged.

It takes time and sacrifice. The quick fixes aren't there anymore. I think being realistic about the situation and asking for a financial advisor to help you would be the first step in getting a good plan together.

3 Votes
Specializes in ICU, trauma, neuro.

Points of clarification:

1. Living in Hawaii will never be off my radar. In essence it is the only thing I've wanted my entire adult life. I enjoy, hiking, and snorkeling pretty much more than anything. I don't have any friends or family (other than my spouse and son). I have no aspirations for a "retirement" (other than working until I'm 70 or even longer). I always figured "work keeps you young" and I remember reading about an RN in Nevada named Peggy Morris who didn't even start nursing school until she was 57 and was working on a Medical Surgical floor at 81 (when I read the story)). I've always figured that "so long as I can hike, snorkel, read books, and play my PS4 on my off days" I can work forever. I do keep $550,000 in level term life insurance that my partner and son will get if I die before it expires (I think around age 66, it was a 20 year level term policy purchased at age 46).

2. When I say our fiances are separate. I mean that while we have been together 25 years and had a private ceremony we didn't file the paperwork and we do not live in a state that recognizes "common law" marriage. She kept her name separate and other than her helping me out this last year when I have barely worked in grad. school. He money is hers and mine is mine. She won't be paying my debt and we own nothing together (we rent our house). We have one child who is 18. I will probably never agree to purchase a home outside of Hawaii (where I never imagined being able to do more than rent a small condo or apartment). Because doing so would be resigning to the fate of not moving to Hawaii. Short of moving to Hawaii the only thing even mildly appealing is having our own practice (or my own practice depending) in an independent practice state, providing superb care, and paying my coworkers a living wage.

3. Most of my debt occurred for my ASN degree 11 years ago, a bit more during my BSN and the rest for my NP about $30,000 is accrued interest on the original debt. Most of it was used to "offset" working only part time during school. If I could "replicate" her income then I could take care of my debt in a couple of years, but that seems unlikely right now. So working in California as a travel RN shouldn't be taken off the table.

4. We probably couldn't rent a three bedroom house now for what we pay for our six bedroom. We started renting it in 2009 from a British couple who had been renting it for 1K per week as a vacation home, but hit hard times and were ready to let it go in foreclosure. We drive two minivans one a 2003 Honda with 320,000 miles and a 2012 with 175,000.

2 Votes
Specializes in Psychiatric and Mental Health NP (PMHNP).
15 minutes ago, myoglobin said:

Living in Hawaii will never be off my radar.

Then why not look for a job in Hawaii? The Big Island is actually quite affordable.

2 Votes

Thanks for clarifying that you are not married

It make a huge financial difference

1 Votes
4 minutes ago, myoglobin said:

Points of clarification:

She kept her name separate and other than her helping me out this last year when I have barely worked in grad. school. He money is hers and mine is mine. She won't be paying my debt and we own nothing together (we rent our house). We have one child who is 18.

So you have been a "kept man" this past year? And you are considering moving out west solo which means she'll be responsible for all the living expenses in Florida anyway.

So why not be a "kept man" for 3 more years and use every nickel of your income to pay off your debt? Would your wife be on board with an idea like that?

6br seems a large home with only one child... perhaps some room for belt tightening?

0 Votes
Specializes in ICU, trauma, neuro.

Of course I could go back for my Phd or DNP part time and keep my loans in deferral for another five to seven years (Forgiveness won't work because they were consolidated, and before that many were for ASN and the programs pretty much only pay for BSN loans). Heck, maybe Sanders will get elected and follow through on his promise to forgive student loan debt. The older I get the more progressive I become on financial (and union) issues. Maybe, during that time I will get a higher paying job or build a successful practice where my debt doesn't seem overwhelming.

Also, she uses a bedroom for her office and if I am successful in replicating her position I would/will use another one for the same purpose. Three bedroom homes around here are going for about $2,000 per month, in places with higher crime. Also, I supported her during her last year of NP school (not as much as she did me however). Also, a big part of my "thinking process" is exactly about figuring a way to maximize my income so that I can "pay my debt down". Not that it makes a big difference to her financial situation so long as I can go back to kicking my half of the rent and groceries back in every month.

0 Votes
1 minute ago, myoglobin said:

Of course I could go back for my Phd or DNP part time and keep my loans in deferral for another five to seven years (Forgiveness won't work because they were consolidated, and before that many were for ASN and the programs pretty much only pay for BSN loans). Heck, maybe Sanders will get elected and follow through on his promise to forgive student loan debt. The older I get the more progressive I become on financial (and union) issues. Maybe, during that time I will get a higher paying job or build a successful practice where my debt doesn't seem overwhelming.

Something here is deeply wrong, distressing, and simply not sustainable.

5 Votes
Quote

I will probably never agree to purchase a home outside of Hawaii (where I never imagined being able to do more than rent a small condo or apartment). Because doing so would be resigning to the fate of not moving to Hawaii.

I'm sorry you put life on hold and never bought a house because of the Hawaii dream... ? A home would have appreciated and you can sell it when you are ready to relocate. If you had bought a house in Florida around 2012-13, they are worth twice as much now or more depending on where. (Not saying to do it now- I think prices there are a bit inflated for FL... and in a few years you'll have access to all those cheap over 55 condos).

Also check out the Keys and the Caribbean for snorkeling and Tennessee Smoky Mtn and Central and South America for hiking- easy striking distance from FL and if you went twice a year, it might scratch some of the itch. (Not advocating lavish spending or debt here. If you shop carefully, a vacation like that can be a reasonable investment in sanity- I'm going on a cruise with a sibling to the Caribbean this fall for $50/day each- 3 Caribbean islands and snorkelling in the plan)

1 Votes
Specializes in OB-Gyn/Primary Care/Ambulatory Leadership.
1 hour ago, 2Ask said:

LOL- Hawaii is off the radar now... Hopefully there is some joy in the career for other reasons.

6 bedroom home in FL? Big place! How many children do you have and what do you envision for them while you are in the travel trailer across the country?

My oldest daughter is a doctor. She married an engineer. When she was in residency where MD's only make $58K, they lived ENTIRELY on her husband's salary and she put every nickel of her salary toward her med school debt. (which was in the ballpark of your debt) She paid off the entire debt before finishing residency (which is 4 years long). Next they paid off their house- no more mortgage! ($300K range). She's 35. She listens to Dave Ramsey on the radio. You might want to look into Financial Peace University.

If your wife makes 180K then her salary can cover ALL your living expenses in FL and put every nickel of your 80K toward your debt. You'll have it paid off within three years.

She sounds like my kind of person! We've been preaching Dave Ramsey to our kids since we discovered him 10 years ago. My 21-year-old son took it to heart, and now has about $20,000 already in an IRA, maxes out a Roth every year, and is also saving money for a down payment on a house. In about 4 years he'll be earning about as much as I do now, and he wants to retire by age 50.

3 Votes
Specializes in ICU, trauma, neuro.
9 minutes ago, klone said:

She sounds like my kind of person! We've been preaching Dave Ramsey to our kids since we discovered him 10 years ago. My 21-year-old son took it to heart, and now has about $20,000 already in an IRA, maxes out a Roth every year, and is also saving money for a down payment on a house. In about 4 years he'll be earning about as much as I do now, and he wants to retire by age 50.

The thing about Dave Ramsey's advice is that you have to share common goals (he also doesn't like separate finances). If two people want radically different things (ie one doesn't want to live in Hawaii and the other lives for the prospect). His plan doesn't work well. I don't really care about food, sports, sex, friends, or going out. I do like snorkeling in clear water, hiking in beautiful places, watching Netflex, listening to paranormal podcasts, reading books, and playing PS4 video games (or more accurately watching my son play them). That's pretty much it. I've dated three women in my life and two of them were before age 25 (I'm with the third). I'm pretty much a high functioning Asperger's type of person I literally can't socially smile, and find eye contact allmost painful and for me "Hawaii" (and really Kauai) is my substitute for fine food, friends, sports, sex and most everything else.

1 Votes
Specializes in OB-Gyn/Primary Care/Ambulatory Leadership.
2 minutes ago, myoglobin said:

The thing about Dave Ramsey's advice is that you have to share common goals (he also doesn't like separate finances). If two people want radically different thing (ie one doesn't want to live in Hawaii and the other lives for the prospect). His plan doesn't work well.

I would not be with someone who wanted radically different things in life than I do. Simple as that.

But you can still use his "debt snowball" to pay off your own debts, with your own income.

3 Votes
Specializes in Psych, Addictions, SOL (Student of Life).

Just so you know NP's in Hawaii have full practice authority! So why not just go directly to Hawaii and start living the life you want. My folks lived there for 13 years and as another poster stated parts of Hawaii can be affordable. Kauai has only one hospital so I imagine NPs would be in high demand.

Hppy

0 Votes
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