How We INVEST our NURSING income | $6k Per Month Invested | $350,000 Yearly Nursing Salary | fatFIRE
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- Опубліковано 19 чер 2024
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In this video, I break down how Monica and I INVEST our Nursing income. We set a goal to invest at least $6k per month in pre and post-tax income.
Now that we are back to work, after spending nearly 4 months off for baby bonding time, we are on track to invest at a very minimum $6k per month and hope to eventually increase that amount to $9k per month.
In this video I take you all the way back to 2015, the year we first started investing, all the way through 2021. I take a deep dive into our portfolio and show you every single type of investment we have accumulated over these last 6 years.
You finally get a first glance at what it's like for two nurses earning $350,000+/year who are trying to reach financial independence and retire early (FIRE, and in our case, more specifically, FatFIRE) in less than 10 years.
So, if this video piques your interest, I am sure you will also like the videos below:
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WATCH NEXT:
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○ How to Get a JOB at KAISER as a NURSE in 2021 | My Step-By-Step Guide | Our $350,000 Yearly Salary - • How to Get a JOB at KA...
○ $20k+ per month in 2021 as a NURSE in California | PAYCHECK REVEALED! & CALIFORNIA vs TEXAS Salaries - • $20k+ per month as a N...
○ Emergency Fund SAVING Tips & DEBT Pay Down 2021- $128,000 Paid Off In One Year & How We Did It! - • Emergency Fund SAVING ...
○ EXACTLY What do NURSES Make a Year in CALIFORNIA? Dual Income Nurse Salary in Sacramento (2020) - • EXACTLY What do NURSES...
○ How much Do Nurses Make? | Nursing Paycheck Revealed! 💰 - • How much Do Nurses Mak...
○ 5 Reasons Why You SHOULD Be Moving To California If You're A NURSE Working In NYC (or any US state) - • 5 Reasons Why You SHOU...
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NCLEX SAUNDER'S BOOK (I passed the NCLEX with 75 Qs because of this book) - amzn.to/3yr7a5v
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I WILL TEACH YOU TO BE RICH (This book changed my perspective on how you can attain wealth without sacrificing the things you enjoy doing) - amzn.to/3lyOOfm
THE SIMPLE PATH TO WEALTH (Learn to invest for retirement, the easy way) - amzn.to/3A6PP22
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Back at it again after my 18 day hiatus related to my 18-day run! Many of you have asked for this video. I'm not 100% satisfied with it and would have liked to have included more details (cryptocurrencies and dividend stocks portfolio breakdown), but I didn't want to bore you all with too much information. So, maybe I'll leave that for another video if you guys are interested. Also, my paycheck is here that includes 14 of the 18 days I worked. If you want to see it in next week's video, make sure you hit the like button on this video and subscribe to be notified!
Dude I'm an RN and I've made good money as a travel nurse. MAN you guys are geniuses and on a different level. Just brilliant and practical RN career advice. I think a lot of nurses flounder but they have a huge asset. Thanks for the tips!
As I type this, Figs is at $6.10 a share. This shows the power of indexing. This channel is fantastic and the only two cents that I would contribute is to please index in regards to the stock market portion of wealth building. VOO/SPLG/SPY or any other S&P 500 index etf is more then enough in regards to the stock market. Thank you for a wonderful channel.
Hi, thanks for your comment! Most of our holdings now are in a total stock market or S&P 500 index fund. But we still allocate less than 2% of our net worth toward riskier investments like individual stocks or cryptocurrencies.
I can't tell you enough that your video production, transitions, storytelling is off the hook!
I don't know if people understand the hours you've put into producing this 12 minute piece in addition to your work run.
In the long run, it will add to your UA-cam revenue share when other nurses catch on and binge watch and cause a spike in your watch time and retention.
The retention piece is what I'm impressed about. Almost hypnotic at times.
Which part of the financial industry were you in before becoming a nurse? Your Excel spreadsheets are on point.
Keep up the great work and Congratulations to the growing family.
This video makes me want to level up after 28 years of nursing. My wife and I are ER nurses too.
Wow, thanks so much for this comment. I'm a big numbers person and I'm always trying to do something to increase our retention rate, average view duration, and click through rate. I'm surprised that another RN would be aware that all of those things are important things to consider when run ING a UA-cam channel.
It really does take me up to a week or two just to make a 10+ minute-long video because a lot of research and education (on my part) has to go behind it since I don't want to be putting out information that isn't vetted.
I worked as an administrative assistant at a corporate bank with brokers that sold treasury bonds when I was in my late teens and early 20s, as a business major in college. The reason they gave me the job there was because I told them I knew how to use excel (I did not, lol, and I actually had to teach myself as I went-before youtube was a thing).
You've been a nurse for a while so I'm sure you are probably thinking to yourself "damn we should have applied to Kaiser in Sacramento a long time ago and we'd be rich by now", lol.
@@NursesToRiches
Actually, I was doing 3 doubles as an independent contractor for California prisons back in early 2000s as well as working ER just to allow my wife to stay home with our kids because it was important for us to have a parent home to raise them.
Our 2nd daughter (22) is going to be finishing her 1st year as a nurse and her mom, her older sister, and I have been accelerating her nursing journey to make sure she continues her positive momentum. She's on the F.I.R.E. trajectory with over $20K saved so far. I will have to share with you a picture I made of her reading my "How to pay ZERO taxes" when she was 3, 17 and 22 years old.
I understand about the UA-cam KPIs because I told my daughter, Alyssa, that if I had to start all over again, I would start a Media company as a nurse (which you and Monica are doing). She's got 1 million views on her Tik Tok, got her LinkedIn profile (Alyssa Tajanlangit) and I will be featuring her on a brand new UA-cam channel.
On my end, I went into becoming a Medicare Nurse Navigator because that's where nursing attention is headed in the next 5-10 years. If you have your life and health insurance license with your media skills and talk about Medicare, your'e going to be unstoppable. Nurses have to find skills that are not tied to working in the hospital. That's my message to my 2 daughters and wife who are nurses. Digital assets (websites), Media and BRANDING are scalable, NOT bedside nursing. Let's go !!!
Let's connect, I've DM'd you. Wishing you more future success fam!
Planing on moving to CA in a month, I’m so happy I found your videos. You’re answering ALL these questions!
As a fellow CA nurse, I absolutely love your content man! Always great to see more FIRE nurses out here in the Golden State.
Thanks so much for this comment! I've been getting hate from a few nurses at work for discussing our pay on UA-cam. But, thankfully, there also others who have seen our videos and have encouraged me to keep at it cause they say the content is valuable to nurses who don't work in California.
They want to keep their pay a secret 🤐 lol.
I bet they wish they could but unions actually have to submit their contracts to the Department of Labor so it can go into the public record. So their pay is publicly available and it makes no sense that they would want to hide that information.
@@laureniszzz Thank you!
Thank you so much. Very insightful. What an inspiration.
Yes! FIRE movement for the win. I'm also planning to retire early hopefully in my late 40s
Nice, same here! I wish we would have started this journey sooner. But, hey, later is definitely better than never.
Great videos👍 I am enjoying watching.
Thank you so much! I'm glad you enjoyed it 😁
I waited very patiently, as a Kaiser nurse I greatly appreciate this! Keep it up fam!
It's great to see support from other Kaiser nurses. I've been getting a lot of hate from some coworkers that don't want me discussing our salaries on social media. But I recently switched to night shift and it seems like every single person is super supportive and wants to see me keep posting videos.
@@NursesToRiches although they may have settled in there field, me as a LVN who just got her BSN want to know and happy to know my options. This is a great platform for that for us who are starting over again. I sent many videos to my classmates to help encourage them. I wish more nurses would help each other in this aspect.
@@redseptember1599 thank you so much for the kind words and for sharing our videos. I also wish this information would have been available when I was a nursing student. Monica and I would have moved to California right away if we had known then what we know now.
Your knowledge is delicious!!... Thank you for sharing.
Dang dude, thanks, lol.
Great video! That's awesome seeing how much debt you were able to pay off and invest. Seeing videos like this makes me even more motivated to manage my finances well.
Thanks so much for the comment! It's never too late to start investing but if there were ever a time when you should start, the time is now 😁
I did 2.5 years in California. Loved my time on the golden coast and I love the pay. Also, love the nursing. I'm sure I'll be back one day.
That's what I hear from more than 90% of the travelers that come to work in California. Glad you had a positive experience!
I found your channel since my daughter started her nursing job last month after graduating as an RN. I opened her Schwab account today for her Roth IRA. She said she has to work a year before she is able to use the hospital’s 403b. I am from New York City, served a career in the military and retired to Texas. I receive my pensions and work full time in a high paying job and have a Roth 401k for the bank that I work in. I own two homes and never would live in Cali or NYC due to the high taxes and expensive homes. My goal is to pay off my homes and then travel around the world; again, but this time as a civilian. Hopefully before I reach 60 lol. Move to Texas sir!!
i love yur guys honesty!!
Thank you so much!
Thanks for this video. Im an RN in the NICU, ive been trying to educate myself more on this so i can hopefully retire early. I’ve always tried to max out my 401k (will be an RN for ten yrs next yr) but its so hard to understand investing. Please keep up the videos!
Thank you so much for the feedback! I do wish these things could be taught in school because if it were, more of us would be in a better financial position. I work with too many nurses earning over $200k/yr who are still living paycheck to paycheck.
@@NursesToRiches very true. A lot of us are only taught to save. And only realize later that we should be saving and investing and live below our means !
Great video 👍
Thank you so much!
The hard work shows on your face.
I've aged 10 years in just 18 days, lol.
@@NursesToRiches God bless you. ❤️
Nice channel subscribed
Wow, thanks!
I learned a lot today. Honestly never looked up a lot of this stuff but I’ve been contributing to my 401k
At least you've been contributing to your 401k. Most people don't even do that. You should look at the performance of your contributions so you can change it up if they're underperforming.
@@NursesToRiches I’ve never, ever checked that. But now I will.
@@NursesToRiches I think Nelson checked it for me years ago
Ahh man I'm shocked you aren't more on top of it. I remember you were better than me at math, so I expected you to be more ahead of me.
@@NursesToRiches yeah, It’s a lack of effort on my part to put my finances on paper and keep track of everything.
I am not sure Kaiser or other private hospitals are not for profit or profit earning hospitals, I definitely believed that compare to what they earned, the salary should be matched. Once the ratio is broken, then it’s hardly to advocate for different aspects.
I'm a foreign nurse and you make me want to relocate to the US asap
I guess my videos are working then, lol.
Is it easy to pick up for a run in the ICU or ER? Which place allows more opportunity to pick up 4, 8, 10 or 12 hr shifts?
ER has the most flexible shifts of any department but every unit that is not procedural will offer loads of overtime. Monica works on a Tele floor and she could work every single day of the year if she wanted to.
What app are you using with the dark background to track everything?
Sorry for the late reply. I use Personal Capital. You can get it here: personalcapital.sjv.io/gbYyZg (they have an Apple and Android app)
That’s strange that your guys’ ability to work OT lessened in the beginning of the pandemic. Meanwhile, for us here in Vancouver Canada, you could work as much OT as you physically can. Getting prebooked OT for months on end. I’m curious to know why that happened in your area. I work in ICU/ER and there was never a shortage or even threat that OT was going to be cut.
You have to remember that healthcare here in the US is privatized. This means that, at the beginning of the pandemic, when we had to shelter in place and hospitals were canceling all elective surgeries, the hospitals weren't making any money. It wasn't until congress started providing relief to hospitals that they began to hire more nurses and offer more overtime.
Do KP nurses have Roth 401k plan ? If not, CNA needs to work on that
We do not. Our union prioritizes the benefits that it's members want the most and the nurses that are part of the union are more concerned with their pension, safe staffing ratios, retirement healthcare benefits, and not having our jobs outsourced.
All the other unions have roth 401k at KP. Why not nurses?
@@jb9201 totally agree. Our union sends out a survey for nurses to choose their priority items for what they want to see in the new contract. Unfortunately, most of the nurses didn't choose improved investment options as a priority.
What are your thoughts on southern Kaiser decreasing wages for future hires. It is not right
It definitely isn't right. Kaiser earned over 6 billion in profit last year... And now they are trying to promote a business model where they are hoping to provide more care via telemedicine at home, thus reducing the amount of patients that seek care in the hospital setting. This could have a huge impact on the entire nursing profession and I don't like where it's heading, which is why I'm a big advocate for being financially independent.
Man this is awful. Kaiser nurses in southern Cali is going on strike so I hope everything will turn out good.
I have a theory that the reason for so much overtime in union hospitals is because union hospitals are trying to hire less nurses as possible but thanks to the nurse patient ratio they are in a balancing act which they rarely win. This is the reason for so much overtime and they are trying to do anything to cut as much nurses as possible.
@@rjsmusicstudio4716 I think you have a point. If it were less expensive to hire permanently-staffed nurses they would have done so long ago-we would never be short-staffed, and there would never be overtime available.
would you guys open a backdoor ira?
what portfolio do you use to manage all the accounts and investments?
Personal Capital. They have an ios and android app.
Do you invest in a traditional IRA account? Or would you recommend to just invest in a taxable brokerage account altogether? I don't wanna invest in my NYC hospital's 403b as I'm also thinking of moving to California in the future. Thanks!
You should invest in your hospital's 403b first, you can always roll it over to the next hospital you work in. We don't invest in a traditional IRA because our plan is to retire before we're 59.5, even though you can still withdraw your contributions penalty and tax free before 59.5, for now we rather invest in a taxable brokerage account so we can pull it out at any time in the future (regardless of our age).
@@NursesToRiches awesome! I work at sinai lol and my hospital's 403b doesn't match. They offer pension only if you stay for at least 5 years. You think it's still advisable to still invest in 403b instead of putting everything in a taxable brokerage account? If I contribute $10k per annum in a 403b for example all $10k will be deducted from my taxable income right? that's the only reason why I think I should take advantage of a 403b that won't match contributions. Thanks!
Yes, contribute to your 403b. It will lower your taxable income and you can just roll it over once you switch hospitals, unlike a pension plan - you can't roll those over and they're useless unless you're with the company until you retire (and you don't even know if the pension will still be available to employees in 20-30 years).
Nice , thanks for the video. RN from Indiana.
@@NursesToRiches was it easy for you to rollover your 403b plan at Mount Sinai/TIAA over to your 401k in California? I've been ready bad reviews about the high fees with a 403b and lower gains. Thanks!
What I dont understand is: how are you able to work for that many days in a row without being physically exhaused or mentally broken?? After 2 or 3 days I'm so tired I need rest for my body nevermind my brain. I'm in my 30's
Like I told another commenter "Honestly, going in for 4 hours on your days off, when you are only scheduled to work 5 days every two weeks, really isn't difficult at all. You still have time to go to the gym, eat healthy, and take good care of yourself."
@@NursesToRiches Good stuff, I hear what you're saying and the money looks incredible, thanks.
In California, you make money in the very same proportion as you spend it. Period!
Im a single momma nurse with debt but still getting by comfortably. Do you know of anyone whose doing this in my type of shoes? No child support, I own a home, I make a pretty great salary in TX as a nurse whose been doing this for about 13 years. I want to invest better.
Hi! I know many nurses that have stay-at-home husbands and are living comfortably. But, this is mainly because they are earning more money in this part of California than anywhere else in the country. One nurse in particular has 4 children, 3 of them from a previous marriage for which she pays child support. Her current husband is a stay-at-home husband. She bought their house for $550k. Her net worth is $750k. She has $70k in an emergency fund, $40k to spend on fun activities per year, and she has no debt. This would obviously be much harder to do in Texas because the salaries are at least half of what we eran here.
Oh wow! I am from California and have actually considered the move back but all my family (mom sisters brothers) have migrated to texas so here I am too. I don’t know….so it is really true that RNs in California average a salary in the $100/ hour? I’ve been browsing into travel nurse opportunities there and haven’t seen that much. Maybe has to do with where I was looking? I was Southern California born and raised so maybe nurses don’t make that much in the areas I looked into?? Lots to think about 🤔
@@melissabarbee4255 yeah Southern California pay is horrendous compared to its cost of living. However, if you work in Northern California you'll easily make over $100/hr. I made a video of the highest-paying hospitals. You can watch it here: ua-cam.com/video/Q_MnlMAAtnI/v-deo.html
@@NursesToRiches Wow! What am I doing?! I had forgot about the overtime thing AND I do miss union. When I worked my first hospital job in Colton California I was forced to take my two 15 min and a 30 min break AND they had LVNs to do shift relief so that could really happen…looking back at the hospital I worked….even though in Southern California with horrendous pay (lol) those nurses still stay a long long time…I believe unionization helps. I miss forced breaks! Lol….I had time to get some exercise and me time in on my breaks…here in tx there often isn’t time and usually have 6 patients even as a charge sometime also precepting and charging at the same time. Crazy! Here overtime doesn’t start unless you get in over 40 hour a week I think. Thank you for providing valuable information! I’ve lived in Northern California too as that is where I got my biology degree! I could do that move! Appreciate you for the valuable videos and it sounds like I need to start constructing a plan to move where I could invest better 🤔. 👍🏾
@@melissabarbee4255 yes currently I'm in your shoes and I must say this is alot to handle alone. Currently I'm looking to collect a loan. What do you think about that?
If you are not in BTC or ETH or have bought a strip mall or two your investments won't be able to keep up with the cost of inflation. Your investments have to make more than inflation at 15% a year. Only real estate, crypto, or a great stock and option account that you trade in can beat 15%.
I guess it's a good thing I didn't take your advice...