Retire by 30 thanks nursing!

3 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?
sorry to burst your bubble but you'll probably need a lot more than that to retire. assuming you die around 75, you'll need about 45 years of income, minus inflation and increasing healthcare costs. even without inflation, $66,000/year X 45 years is about $3 million...?

Not sure you could do this without burning yourself out, among other things. Also, you would have to work some interesting jobs to get $43/hr as a traveler, as your company takes out money for housing, insurance, and other things that they take care of. Something to consider, but I think you still might have to work a bit longer than that - plus - traveling with only one year's experience in the ICU is a danger to both you and the unit. You should plan on getting at least 2 years experience before traveling.

1. I doubt you can maintain 60 hrs/week. Some employers will not allow it, which means you may not make OT on your extra 20 hrs. You may have to work per diem at a lower rate., and you may not get 60 hours on a regular basis.2. Where can you safely earn 10-12%? You need to preserve your capital for your plan to work. You may be lucky to earn half of that safely, which cuts your income to $33,000.3. Many per diem and travel nurses do not get many benefits that full-timers get - health, life, disability insurance, drug plan, pension and 401K matching, dental and vision plans, etc. Think of what this may cost you.4. The types of hospitals where you will make those rates are not likely to be great places to work-they are usually poorly staffed (there is a reason they pay so much). You may burn-out much sooner than you think. And one bad mistake due to poor staffing could cripple your career.A nice fantasy, but probably not realistic.

Why are you planning on dying when you're 41?

Hmmmmmm me thinks you will find out life is NOT all about the money honey!!!!!

I think you could look at reduced hours by your 40's if you:1. Paid a house off.2. Designed a very tight spending plan that you could live on.I don't think complete retirement is feasible by 30.

$2500/month living expenses is only $625.00 per week. You're also basing your figures on todays living expenses. Things do go up each and every year. Gas for your vehicle alone has gone up how much in the last few months! Car payments go up, insurance, and lest we not forget the dreaded health insurance! Mine alone has almost doubled in less than 3 years!Even if your figures do work (not taking out taxes or inflation) $769,593 over 45 yrs (lets assume you live to 75) is ONLY $17,102.07 a year. I don't think you could live on that. Without looking at the bigger picture $769K LOOKS like enough to live on without ever having to work for the rest of your life..but its only the case if you only plan on living a short life.I wish you the best, but I don't think your plan is fesiable.

My daddy used to have a saying, "don't count your chickens before they hatch".

Quote from HM2VikingI think you could look at reduced hours by your 40's if you:1. Paid a house off.2. Designed a very tight spending plan that you could live on.I don't think complete retirement is feasible by 30.

Quote from diarygirl512Not sure you could do this without burning yourself out, among other things. Also, you would have to work some interesting jobs to get $43/hr as a traveler, as your company takes out money for housing, insurance, and other things that they take care of. Something to consider, but I think you still might have to work a bit longer than that - plus - traveling with only one year's experience in the ICU is a danger to both you and the unit. You should plan on getting at least 2 years experience before traveling.

Quote from CT Pixie$2500/month living expenses is only $625.00 per week. You're also basing your figures on todays living expenses. Things do go up each and every year. Gas for your vehicle alone has gone up how much in the last few months! Car payments go up, insurance, and lest we not forget the dreaded health insurance! Mine alone has almost doubled in less than 3 years!Even if your figures do work (not taking out taxes or inflation) $769,593 over 45 yrs (lets assume you live to 75) is ONLY $17,102.07 a year. I don't think you could live on that. Without looking at the bigger picture $769K LOOKS like enough to live on without ever having to work for the rest of your life..but its only the case if you only plan on living a short life.I wish you the best, but I don't think your plan is fesiable.

Subtract about $2600 from your total figure, because that about how much taxes a month you're going to pay.I realize there's a lot of reality on this thread, but let me just say how commendable it is for you to have a goal and to have a plan. Even if it doesn't pan out that's awesome for someone your age. I only wish I had a plan when I was your age, and I wouldn't be scrambling and worrying about retirement now at the age of 48. Fully 1/3 of baby boomers, the first of whom are now in their 60s have nothing saved for retirement. Nada. Another 1/3 of us have inadequate savings. Only 1/3 will have a comfortable retirement. That's 2/3 of us who are unprepared, and 2/3 of 75 million is a lot.So kudos to you. Keep positive and dream big and work hard!!I will add it's a very unwise (and typically youth oriented decision) not to take out benefits. Get some good health insurance and a life insurance policy.