Why Nurses Need to Learn About FIRE Now

Sup nurses,

Retirement is something we all dream about, but the question is: are you financially prepared for it?

Here’s something to think about: Nursing is one of the largest healthcare professions in the U.S., with 4.35 million active RNs as of 2021. The workforce is growing, with 600,000 new nurses entering the field in just the last few years.

But while nursing offers stability, many nurses are dealing with heavy amounts of student debt—64.7% of RNs still carry unpaid debt from school. A lot of us, like Monica and I, know what it’s like to be in hundreds of thousands of dollars in debt.

But we’ve learned from our mistakes and have since increased our net worth to hundreds of thousands of dollars in the opposite direction with carefully placed investments.

So why not make sure retirement is one of those good ones?

Today, I want to show you how Monica and I are planning our financial future and why using a F.I.R.E. calculator could be one of the best tools to help you achieve your retirement goals.

The Power of F.I.R.E.

F.I.R.E. stands for Financial Independence, Retire Early, and the idea is simple: save and invest as much as you can now so that you can live comfortably off your investments later. It may sound intense, but it works because of the magic of compound interest.

Let’s dive into the numbers with our example and compare it to a scenario where someone is starting with zero savings.

Our F.I.R.E. Scenario

Right now, Monica and I have a net worth of $

772,844.96. If we keep investing $60,000 a year for the next 10 years with a 10% annual return, our net worth will grow to $3,056,431 by the time we’re ready to retire. Following the 4% rule, that means we could withdraw $122,257 per year and not run out of money.

Here’s how our net worth grows over the next 10 years:

• Year 0: $772,845

• Year 5: $1,647,611

• Year 10: $3,056,431

By letting our investments grow through compound interest, we could hit our retirement goals without even needing to put in extra hours at work.

Starting from Zero: The Comparison

Now, what if you’re starting with $0 in net worth but follow the same strategy Monica and I are using? Let’s say you invest $60,000 annually for 30 years at the same 10% return. By the end of 30 years, your net worth would be a whopping $10,856,605, and you’d be able to withdraw $434,264 each year following the 4% rule.

Here’s how the growth looks for someone starting from scratch:

• Year 0: $0

• Year 10: $1,051,870

• Year 20: $3,780,150

• Year 30: $10,856,605

Pretty incredible, right? Even if you’re starting at zero, compound interest is your best friend and can work wonders for your financial future.

What’s the Difference?

For Monica and me, we bolused our investments every year since moving to California, and with a positive net worth of nearly $773,000 means we can retire earlier and with less investment time—just 10 years compared to 30 years for someone starting from zero. However, whether you’re in a position like ours or starting fresh, the key is consistency and allowing compound growth to do the heavy lifting.

Why You Need to Plan Now

According to a 2023 Consumer Sentiment Tracker, 60% of retirees say they would go back and change how they planned for retirement. The biggest regrets? Not saving enough, starting too late, and underestimating future expenses, especially healthcare.

Here’s why planning now matters:

• The Rule of 25: You need to save 25 times your annual expenses to retire comfortably. So if you expect to spend $72,000 a year in retirement, you’d need $1.8 million in savings.

• The 4% Rule: Once you’ve saved enough, you can safely withdraw 4% of your savings each year, allowing your money to last through retirement.

Monica and I are working to grow our investments and secure our future so we can enjoy life without worrying about money. Whether you’re already saving or starting from scratch, it’s never too early—or too late—to start planning for your future.

Start Planning Today

• Invest now to benefit from compound interest.

• Buy and use our F.I.R.E. calculator to see how much you need to save for retirement and we’ll throw in a free “What is F.I.R.E.?” pdf—all for a low price of $9.99

• Make consistent contributions, and your money will work harder than you ever could.

Retirement might feel far off, but trust me, it sneaks up on you fast. The earlier you start saving and investing, the better off you’ll be. Let's secure our futures together!

See you next time,

Jason

P.S. Watch our latest YouTube video 🎥 titled “Left to Cali for Nursing & Why We're Moving Back to NYC”