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Where should you put all that money you saved from your nursing job?

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Do you feel secure financially?

  1. 1. Do you feel secure financially?

    • Yes, I found the perfect income investment
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    • I only have social security income
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    • There is no trustworthy place to invest money for income purposes
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    • I can't even afford food and shelter
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    • My IRA left me shortchanged
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    • Someone offers me free food and shelter
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    • I resent being asked questions about my finances even when my real name isn't being used
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Rose_Queen
by Rose_Queen
As of right this second, any extra dollar I have is going towards paying off debt. I want to be debt free before I put a penny in a retirement or savings account.

I think there needs to be a balance between saving and paying off debt. Interest can make such a difference in the amount one gets during retirement. Even if it's only a little, it can make a big difference if you start earlier rather than later. Also, if there's an employer match, that would be throwing away free money!

I currently save what my employer matches plus another 1%. However, of what's leftover in my paycheck I am focusing on paying down debt. I started with the account with the highest interest rate first, then once that's paid off I'll roll that entire payment into the next account in addition to the minimum payment. So, right now I'm paying about $500 per month towards a personal loan. Once that's paid off, my graduate school loans have the next highest interest rate. I pay about $200 month right now. Once the personal loan is paid off, I'll increase my payment on that to $700 per month. Then, my car payment (odd how the interest loan for a car is lower than for a student loan) will get the extra $700 per month. It gives me the best of both worlds- debt payoff and savings that will accrue much more interest over time than if I waited.

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Saiderap
by Saiderap New Member
I think there needs to be a balance between saving and paying off debt. Interest can make such a difference in the amount one gets during retirement. Even if it's only a little, it can make a big difference if you start earlier rather than later. Also, if there's an employer match, that would be throwing away free money!

I currently save what my employer matches plus another 1%. However, of what's leftover in my paycheck I am focusing on paying down debt. I started with the account with the highest interest rate first, then once that's paid off I'll roll that entire payment into the next account in addition to the minimum payment. So, right now I'm paying about $500 per month towards a personal loan. Once that's paid off, my graduate school loans have the next highest interest rate. I pay about $200 month right now. Once the personal loan is paid off, I'll increase my payment on that to $700 per month. Then, my car payment (odd how the interest loan for a car is lower than for a student loan) will get the extra $700 per month. It gives me the best of both worlds- debt payoff and savings that will accrue much more interest over time than if I waited.

What I found helpful in times past was to go to my local bank and consolidate all my debts. This way, my credit cards were all zeroed out, my car was payed off, so I did not have to worry about it being confiscated, and I was given the option to pay interest only on my mortgage which was an open line of credit that I could borrow money out of. This saved me so many times.

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Rose_Queen
by Rose_Queen
What I found helpful in times past was to go to my local bank and consolidate all my debts. This way, my credit cards were all zeroed out, my car was payed off, so I did not have to worry about it being confiscated, and I was given the option to pay interest only on my mortgage which was an open line of credit that I could borrow money out of. This saved me so many times.

Ah, but sometimes the interest rate on a consolidation loan will be higher than the interest rates of the individual loans. I did consolidate credit cards once for a lower interest rate- but the interest rate was much higher than all of the others. One payment is convenient, but paying more in interest defeats the purpose of paying off debt.

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No Stars In My Eyes
by No Stars In My Eyes, LPN Platinum

Every time I come across the name of this thread, I laugh.

Then I cry.

Then I laugh again.

"All the money" I have "saved" could probably fit in one pocket of my bluejeans!

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toomuchbaloney
by toomuchbaloney
Every time I come across the name of this thread, I laugh.

Then I cry.

Then I laugh again.

"All the money" I have "saved" could probably fit in one pocket of my bluejeans!

I hope that things are looking up a bit these days.

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No Stars In My Eyes
by No Stars In My Eyes, LPN Platinum
I hope that things are looking up a bit these days.

Maybe not 'looking up', but at least things are not looking down so much. Meanwhile, our noses are still above water, and, at least at the present time, a fee is not charged for breathing air. :woot:

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Tweety
by Tweety

Interesting thread.

I pretty much do what a lot of you do. A few years ago when it looked like I wasn't going to retire comfortably I upped my 401K contribution to 15%. Seems like I have a good amount in there but when I think of the taxes I still have to pay on it, I'm not comfortable to retire early.

Another thing I have done is a loan consolidation through my credit union. I did this at a low rate about 20 yeas ago and pretty much stayed debt free but for cars and a mortgage. Until now that is when I took out a loan to buy a new air conditioner and pay off unexpected high dental bills (I have crappy insurance that paid only $1200 of a $7000 dental bill).

I also know the sting of needing an emergency cash reserve. I went through that a couple of years ago when I was out of work for 12 weeks with a shoulder injury. I stash a little away each paycheck in cash in a separate account away from my eyes. Interest rates for cash savings are quite low though.

I have paid off my car and have been putting that money away in yet another savings fund for travel. I take one big trip a year as an extravagance. This will more than likely delay my retirement plans until I'm 70, but I want to travel while I'm a robust and healthy 59 and not wait until retirement when I might become more frail.

I'm trying to find a balance between being good to myself in the hear and now and enjoy life, while saving for the future and trying not to have anxiety about it.

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Saiderap
by Saiderap New Member

I have recently learned that there is a difference between a "financial advisor" and a financial planner. A financial advisor usually borrows your money and uses it to make money for themselves and they can be a threat to your welfare and sometimes take advantage of vulnerable adults. A financial planner charges you a fee to go over your finances with a fine-tooth comb and they might see things you can't see. I have had some good luck taking control of my own money and keeping "financial advisors" at a distance. I have yet to cough up the money to see a financial planner.

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toomuchbaloney
by toomuchbaloney
Maybe not 'looking up', but at least things are not looking down so much. Meanwhile, our noses are still above water, and, at least at the present time, a fee is not charged for breathing air. :woot:

Seems like that fee might be closer than previously anticipated. Fascist kleptocracy isn't that great of a system for the working class.

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FranEMTnurse
by FranEMTnurse, LPN, EMT-I Platinum

What money? I don't have enough income to save anything, but I feel that I'm blessed anyway, because I have a wonderful family, and a fantastic home where all my needs are provided.:happy:

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toomuchbaloney
by toomuchbaloney
What money? I don't have enough income to save anything, but I feel that I'm blessed anyway, because I have a wonderful family, and a fantastic home where all my needs are provided.:happy:

Alarmingly high percentages of Americans live in a measure of financial peril. Economic anxiety is rampant in working class citizens. Income and wealth inequality are at historical highs with more tax giveaways to the kleptocrats just on the horizon.

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