It’s International Nurses Day and while we salute the efforts of our frontline workers, we also feel they are the most important people who deserve to have a secure and financially safe future. Here is how nurses can invest with confidence and retire with better returns than doctors:
SHIRLENE GRACE ISAAC
Rattled by rising prices, corporate failures and stock market disruptions? No matter how immersed you are in your nursing job amid a global pandemic, surely, you’ve noticed that the economy has been on shaky ground. With uncertainties swerving around you day and night, we wanted to ensure you are doing enough to safeguard your financial health, well-being and future.
While planning for retirement may seem like a distant job for you right now, it’s better to start right away and not be sorry later. Are you ready to talk money? Let’s get started then!
Why Invest?
Let’s be honest, even if you feel secure in your nursing job and have no trouble paying your bills, you still wonder from time to time if you could—or should—be doing more, right?
So, is investing necessary for financial success? Yes, it is. It doesn’t just give flexibility but also financial freedom. Without this financial freedom, many nurses won’t realize their full potential. And if you begin investing right away, you can enjoy that freedom post-retirement as well.
You can ensure financial stability by having an emergency savings account, eliminating debt, building their long-term savings, saving for retirement, identifying investments and working with a financial planner or CPA.
Where to Invest?
Yes, nursing is a great career and draws a decent salary, but extra money is always an advantage. Here are ways to use your nursing degree to secure the bag — and your financial future.
Nurses have what it takes to build wealth in a short amount of time. This freedom fully shows up in our roles you serve. When it comes to investing money, nurses have a ton of options to look into. Contributing to a retirement plan such as a 401k and an IRA is just one of the many.
They are a good medium for tax savings and grow significantly when it’s time to retire. Retirement accounts allow you to pay fewer taxes. What better way to save money than pay less taxes!
There are also a lot of cool apps out there such which allow you to invest your “spare change”, trade stocks, options, exchange-traded funds and cryptocurrency without paying commissions or fees.
Set up your automatic savings contributions
If you’re one of those nurses with strong willpower, you should try the below.
- Put in 10% of your income in a separate savings account at a separate bank. Close all access to that savings account.
- Open an Emergency savings account. It will protect you from financially devastating scenarios. An emergency savings ensures that you have enough savings which cover 3-6 months of living expenses.
Second-guessing your reasons to invest?
Don’t let your emotions get in the way of logic! We’ve all heard that a lot. While it’s ok to feel fear, confusion, overwhelmed and low in confidence, you can overcome this.
How? By incrementally educating yourself. This in turn builds confidence, competence, and most importantly builds money over time. Don’t wait too long to start investing! Set yourself on a journey of accumulating wealth that generates more wealth. Don’t put it off!
What now?
You do need some money to start investing so get started with your next paycheck. We understand that nursing is a great career that yields a decent salary, but the extra money is always a plus. Good luck and happy investing!
