Has anyone considered doing this?

  1. I know as a nurse, I will have the ability to work when I want (12 -16 hour shifts, weekends only, five day weeks, three day weeks etc) so I would be able to make a lot more money and work more hours than most other people. So, theorectically( I hope I spelled that right lol) I would be able to work let's say two 16 hour weekend days and still work three 12's during the week and still have two days off. Now I was reading this book that claims no one has to go into debt, even for a house and a car. In the book, a couple made 80,000 between them per year and saved 40,000 a year for 3 years and bought a 175,000 house CASH. So now they have no house note. They each got used cars and paid cash also. So, now they have eliminated the two biggest bills people have and they have no debt at all. Now, even with two children, I know I can live off of 40,000 a year. I could work either two jobs or work a lot of overtime and make 70,000 or 80,000 a year and in 3 to 4 years I could buy a house cash and a benz if I wanted. I find this vey appealing and quite doable, especially for a two income household. There would be no more worrying about losing my income and having the bank come take my car or house because I'd own it outright. What are you thoughts on this?
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  2. 10 Comments

  3. by   SharonH, RN
    Quote from CRNASOMEDAY25
    I know as a nurse, I will have the ability to work when I want (12 -16 hour shifts, weekends only, five day weeks, three day weeks etc) so I would be able to make a lot more money and work more hours than most other people. So, theorectically( I hope I spelled that right lol) I would be able to work let's say two 16 hour weekend days and still work three 12's during the week and still have two days off. Now I was reading this book that claims no one has to go into debt, even for a house and a car. In the book, a couple made 80,000 between them per year and saved 40,000 a year for 3 years and bought a 175,000 house CASH. So now they have no house note. They each got used cars and paid cash also. So, now they have eliminated the two biggest bills people have and they have no debt at all. Now, even with two children, I know I can live off of 40,000 a year. I could work either two jobs or work a lot of overtime and make 70,000 or 80,000 a year and in 3 to 4 years I could buy a house cash and a benz if I wanted. I find this vey appealing and quite doable, especially for a two income household. There would be no more worrying about losing my income and having the bank come take my car or house because I'd own it outright. What are you thoughts on this?

    I have to tell you that I was very intrigued by this. So I found a compound interest calculator and a mortgage calculator and did some computing. For the sake of comparison, I made the following assumptions: that all money is invested in a high-yield money-market account only as opposed to stocks or real estate, that their income stays the same and does not increase, and that they are able to adjust to any increases in cost of living without decreasing their savings and that they have to pay ~$5000 annually in property taxes and insurance costs. The numbers are not exact and I'm not an accountant so I might have made some errors. But it came out like this:

    Plan #1If they bought the house outright:
    Beginning savings: 0
    Annual deposits: $35,000
    Annual interest rate: 5%
    Over 15 years = 793, 012.21
    - annual income taxes which will be substantial without mortgage interest to deduct.


    Plan #2If they bought their house like the rest of us with a mortgage(assuming no down payment, a 15 year mortgage and 5.5% mortgage interest rate):
    Beginning savings: 175,000
    Annual PITI: 22,158.80
    Annual deposits after PITI: 17,840
    Annual interest rate: 5%
    Over 15 years = 768,248.66
    + whatever you save on annual income taxes with mortgage interest deduction

    Difference: 24,763.55, not accounting for the income tax equation.


    I really can't see any disadvantages to doing it that way. However, the idea of working 65 hours a week in this profession is quite ambitious. You might think that 2 days off a week is plenty but I can tell you from personal experience that 12 and 16 hour shifts are draining and you might find yourself spending your only 2 days off recovering from your work days. I know that there are people who do it, I've done it, but it becomes a quality of life issue very quickly especially when you have children. Just something else to consider.
  4. by   Lisa CCU RN
    I've worked 40 hours during the week and then two 16's on the weekend as a CNA and I was fine, so I think I could work that schedule. It would be worth it to me. I don't understand your plans though. I'm not educated at all on issues of income tax( as of this date I haven't made enough money to have to pay them, I always get it back in EIC) but I assume that's what you were talking about as far as property taxes etc. Anyway, this couple apparently was childless and lived in a rich woman's extra room in her house for 3 years or so and paid just 250 in rent. I would assume this was there only expense.
  5. by   fergus51
    I work with nurses who try to do this and I can tell you they are not at their best after their first few shifts of the week, though none of them sees any difference. I would not want you looking after me or my family in that state of exhaustion. Plus, when you consider how much you pay in taxes, the amount you take home isn't so great with all the OT. To take home 80K you have to make a LOT more than that. I've already made almost 80K this year, but paid 25K of it in taxes.
  6. by   jkaee
    Disregarding the whole money issue altogether.....think of it this way.....when your kids grow up, what do you want them to say about you...."My parent was around to play with me, and have fun with." OR "Hey guys, my parents worked all the time, but guess what, they didn't have a mortgage payment!!!!"

    Life is to short to work like that!

    JMHO.
  7. by   Tweety
    I worked with a nurse who was very ambitious like that. He made 100,000.00 a year by working for two agencies doing two contracts at two hospitals. He worked minimum of six 12-hour shifts a week. His goal is to retire young, but to also pay off some debts he acquired. So he's very driven. One can accomplish a lot in nursing.

    During this time he got a divorce, spends 1/3 of his salary in child support for a child he rarely sees.

    I work overtime when I have a goal. But never more than one shift a week. Which isn't that often lately.

    I'm not at a point where I value material things like a house and car more than my sanity and health. I need time to read, study, work out, work on my relationships and enjoy life. For me, nursing affords me a life where I can do that and work only 3 12-hour shifts a week. It's tough because I have a massive 15 year mortgage that I plan on paying off before I retire. But when I need extra money, it's nice to work in a field where I can work extra if I need the money.

    My advice to you is work hard, save, but also take the time to eat right and exercise. Play the rest of the movie. Twenty years from now you've got a nice house that's paid for, a car paid for, all the free time in the world, but you're overweight, your blood pressure is high, and you have no siginificant relationships other than your peers at work. Scale back a little is my best advice. Overtime is good and I've done a lot of it myself.

    Good luck. Sorry if I sound like your dad. LOL
    Last edit by Tweety on Oct 23, '05
  8. by   Lisa CCU RN
    Quote from jkaee
    Disregarding the whole money issue altogether.....think of it this way.....when your kids grow up, what do you want them to say about you...."My parent was around to play with me, and have fun with." OR "Hey guys, my parents worked all the time, but guess what, they didn't have a mortgage payment!!!!"

    Life is to short to work like that!

    JMHO.
    I was in no way suggesting doing this forever; I would only do it three years and then after I had my house, I would stop. I just don't like the idea that we are forced to go into debt and then when you get sick or cannot work, they want to just come and snatch it all from you.
  9. by   jkaee
    Quote from CRNASOMEDAY25
    I was in no way suggesting doing this forever; I would only do it three years and then after I had my house, I would stop. I just don't like the idea that we are forced to go into debt and then when you get sick or cannot work, they want to just come and snatch it all from you.

    Believe me, CRNA, I totally get where you are coming from. In fact, my DH and I are planning on making a major move soon (from PA to SW Virginia) just for that very reason. We can make a good amount off our house, pay off almost all of our debt (I was out of work for a while with babies and stuff) and live debt free. There's a price to be paid for the move, but we have to think of our future and being in debt is not what we want.
    The problem we have now is that I work 3 weekends a month (12 hr shifts) and my husband works M-F. If something happened to either one of us, we'd be up that proverbial creek. We'd lose everything. So, we're doing something about it.

    I know where you're coming from....I just don't know if they way you want to accomplish it is healthy or feasible. 3 years may not seem long to you, but once baby/toddler/preschool-hood is over....it's over. You won't get it back.

    Think carefully on this one, friend.
  10. by   Jessy_RN
    Quote from jkaee
    Disregarding the whole money issue altogether.....think of it this way.....when your kids grow up, what do you want them to say about you...."My parent was around to play with me, and have fun with." OR "Hey guys, my parents worked all the time, but guess what, they didn't have a mortgage payment!!!!"

    Life is to short to work like that!

    JMHO.
    We share the same view. Personally, I am always thinking of the "what if".
    So, what if I expire and not get to enjoy it.

    I rather live the moment and enjoy it. (Responsibly of course)
  11. by   jkaee
    Quote from Future_RN_Jess
    We share the same view. Personally, I am always thinking of the "what if".
    So, what if I expire and not get to enjoy it.

    I rather live the moment and enjoy it. (Responsibly of course)


    Exactly......I want to live rich....not die rich.

    CRNA, please understand that we're not bashing you. Like I posted before, I can completely understand your reasoning. I give you credit for thinking things through. My husband and I really didn't do that for years, kinda just lived for the moment, and now we're forced to fix it. I commend you for having the foresight to see what can happen in the future if you don't make the right decisions now. Maybe it can work for you, but I have never seen anyone able to work that type of schedule without practically killing themselves. And to be honest, you'll have no idea just how physically and emotionally demanding nursing is until you get into it. I'd hate to see you work so hard to get your degree, just to crash and burn a year later.
  12. by   CHATSDALE
    we had a nurse who worked 6-2 at our facility and weekend option at another . she had the goal of having a house build to her specs and she was saving her money to that end.. she was living off her husbands income for all current expenses her children were grown and gone BUT she was so stressed out that she was difficult to work with.. this finally led to her being fired .
    i don't know if the stress of the two jobs is what was the cause of the problems with the other nurse [to be honest i don't know if the other nurse was entirely innocent in the matter but that is another tale]

    set a limit to the amount of time that you will work...three years sounds a bit much but you know your physical limitations better than anyone...and yes to face the first of the month w/o bills can pay off permanently

    just remember when you committ to this the patient deserves the very best care that they can receive..sometimes a warm body with a license is not enough

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