25 year old, wants FIRE ASAP!

[Wants to FIRE by 45]

Hello ER! I'm a 25 y/o male who's about four months from becoming an RN and possibly 6 months from working in california. After discovering this community I developed the goal of being financially independent (not needing to work, having option of retiring) by 45. I think this is possible if I really hammer away at investing, working extra shifts, and keeping my lifestyle in check.

I'm currently at home (not enjoying it, but it made financial and practical sense while in nursing school), and would probably look to stack up a few months expenses before striking out and renting an apartment with a few roomates to keep costs low. This would allow me to hopefully save a nice down payment on a decent starter home.

I have NOTHING invested currently, and my starting income would be roughly 50k, possibly 60k and increasing to possibly 80-90k from there. This is a rough estimate I've received from family members who work as RNs in different parts of the state.

I'm not currently married, so no kids, and I don't think I have a desire to have kids.

I'd also like this post to serve a goal statement:

-I WILL be able to retire early, hopefully in my forties.
-I WILL have a house paid for before 40, if I desire to own.
-I WILL, by the time I pass on, have enough money to bless many, many deserving people, hopefully enabling them to bless others still.

Possibly most important:
-I WILL live a fruitful life, enriching the lives of those around me, and enjoying life as it was meant to be: free of financial stress!

I think that covers the big points, I'll update later if not. Thanks for taking the time to read my inaugural post!

Cheers!

 

[shasta]

good luck mate - just dont forget to also live along the way

Sounds like you got the juice.

 

[5971]

If you are young and single, travel nursing has some great opportunities which usually include a move/rent stipend.

Good luck!

 

[scrabbler1]

As someone who did retire at 45 about 4.5 years ago, I like your starting post and wish you well. (See my signature line.) One question I have is how much you owe in student loans and car loans (if you have any)? If you are childfree that will be a big help toward retiring at 45, as it was for me.

 

[Badger]

You should do well. Your starting salary was my final salary and that was with an advance degree and 40 years experience. It took me 15 years longer than your goal but I didn't start until I was 35 with losing some headway through a divorce and a job loss. Through it all I had some exciting life experiences and didn't sacrifice living life to its fullest in my own frugal way. So depending on what you percieve as being FI you should have no problem. I would suggest a good start would be reading all the posts and advice here to help you develop up a good plan.

Cheers!

 

[pb4uski]

Great attitude. Reminds me of 29 yo DD who is doing well - she's a saver and owns a paid off car, her own condo and already has some substantial retirement savings but is still having a lot of fun and enjoying life.

At this point in your career, look for the best experience you can get and build a portfolio of experience as it will increase your earnings capacity. Pay is less important than experience at this juncture as long as you are being paid fairly. I recall colleagues in my first job who changed jobs to a job that was much less of a learning experience but were thrilled because they got another couple thousand dollar a year. Bad move in the long run.

Save 10% of what you make (or more if it is financially comfortable), invest regularly in low cost no-load equity mutual funds and stay the course through thick and thin.

 

[aaronc879]

Great attitude. Reminds me of 29 yo DD who is doing well - she's a saver and owns a paid off car, her own condo and already has some substantial retirement savings but is still having a lot of fun and enjoying life.

Is she single?

 

[JoeWras]

Well you've chosen a profession that has the potential to enrich many lives. Thank God for good nurses.

I wish you the best in success and hope this career is works out for you.

 

[daylatedollarshort]

Housing is really expensive in coastal California, so keep that in mind when comparing salaries. If you get a 30% increase in salary in California, that may not make up for the higher cost of housing of living somewhere else. The central Valley (post real estate bubble) and smaller towns not along the cost tend to be more affordable.

 

[Wants to FIRE by 45]

As someone who did retire at 45 about 4.5 years ago, I like your starting post and wish you well. (See my signature line.) One question I have is how much you owe in student loans and car loans (if you have any)? If you are childfree that will be a big help toward retiring at 45, as it was for me.

My mid 90's honda is paid off and running well, and I'm very proud to say that I have NO student loan debt! I am fortunate that my father paid for my schooling for me, and I tried to keep it reasonabe. I chose this nursing school because it has a great reputation with the local hospitals and it was CHEAP. Tuition/books/supplies was about 5k for two years. Add in more for gas to clinical sites, insurance, replacing the odd stehoscope, etc... and I think I'll have gotten an RN for about 10 grand. Thanks for the kind words.

Cheers!

 

[Wants to FIRE by 45]

Great attitude. Reminds me of 29 yo DD who is doing well - she's a saver and owns a paid off car, her own condo and already has some substantial retirement savings but is still having a lot of fun and enjoying life.

At this point in your career, look for the best experience you can get and build a portfolio of experience as it will increase your earnings capacity. Pay is less important than experience at this juncture as long as you are being paid fairly. I recall colleagues in my first job who changed jobs to a job that was much less of a learning experience but were thrilled because they got another couple thousand dollar a year. Bad move in the long run.

Save 10% of what you make (or more if it is financially comfortable), invest regularly in low cost no-load equity mutual funds and stay the course through thick and thin.

This is sound advice, thanks! I am looking to find a hospital where I can really sink my teeth into the nursing profession and learn as much as possible. This may involve a job change after a year or so to (hopefully) move to a city with a larger teaching hospital. I've heard that the technology and protocols for care are the latest and greatest, and it can look great on a resume if I were to leave for a different institution.

Cheers!

 

[haloFIRE]

If you believe you can, you can.

Best of luck, and much fun along the way!

 

[jclarksnakes]

The first thought I had when reading your introduction is that a career in the military as a nurse could get you to your goal. The military would also likely pay for advanced training during your career.

 

[Wants to FIRE by 45]

The first thought I had when reading your introduction is that a career in the military as a nurse could get you to your goal. The military would also likely pay for advanced training during your career.

Interesting, I'll have to look further into that. Thanks for the suggestion.

 

[gauss]

early FI plan

I would consider the following strategy if I were you.

• Get your CRNA certification.
• Get a job paying $150k or more per year.
• Move out of your parents home, but get a roommate or two.
• Save at least 65% of your take home pay.
• Consult this chart at Mr. Money Mustache under The Shockingly Simple Math Behind Early Retirement entry".
• Should be FI in a little over 10 years.

-gauss

 

[5971]

I would consider the following strategy if I were you.

• Get your CRNA certification.
• Get a job paying $150k or more per year.
• Move out of your parents home, but get a roommate or two.
• Save at least 65% of your take home pay.
• Consult this chart at Mr. Money Mustache under The Shockingly Simple Math Behind Early Retirement entry".
• Should be FI in a little over 10 years.

-gauss

I think if you want to retire early, CRNA would not be the way to go. Too much time in school and too much debt. Plus, you need a minimum number of years as an RN and ICU time I think. Not easy getting into those schools nowadays.

 

[Focus]

It seems odd to me that you're already psychologically committed to retiring early before you've even embarked on your career! It's difficult at 25 to know what you'll want to do at 45. There's a lot of livin' to do between one and the other, and if you're anxious to end your career at this stage, you're not likely to enjoy the journey. You don't want a focus on the future (which may or may not end up being as you now envision) to take away from living in the present.

That said, saving substantially during your career while continuing to live beneath your means will likely let you achieve FI earlier than most, and the resulting freedom will widen your range of options later in life. I'm sure we'd all agree that's a worthwhile goal.

 

[obgyn65]

Actually some CRNAs make good money, and the OP could work while taking the MSN online.

I think if you want to retire early, CRNA would not be the way to go. Too much time in school and too much debt. Plus, you need a minimum number of years as an RN and ICU time I think. Not easy getting into those schools nowadays.

 

[5971]

Actually some CRNAs make good money, and the OP could work while taking the MSN online.

I don't dispute that they make good money.

If he wants to FIRE early, e.g. In 10 years as gauss suggested, the CRNA path doesn't make sense --3-5 years as a nurse then 2-3 years in CRNA school.

If he wants to FIRE at 45, I guess it would. Certainly, better then the NP path IMHO.

 

[Wants to FIRE by 45]

It seems odd to me that you're already psychologically committed to retiring early before you've even embarked on your career! It's difficult at 25 to know what you'll want to do at 45. There's a lot of livin' to do between one and the other, and if you're anxious to end your career at this stage, you're not likely to enjoy the journey. You don't want a focus on the future (which may or may not end up being as you now envision) to take away from living in the present.

That said, saving substantially during your career while continuing to live beneath your means will likely let you achieve FI earlier than most, and the resulting freedom will widen your range of options later in life. I'm sure we'd all agree that's a worthwhile goal.

Thanks for the reply. I guess my main goal isn't to retire by 45, but to have the option of retiring/being financially independent by 45.

 

[Wants to FIRE by 45]

I've briefly considered the CRNA route, and I suppose its still an option, but I really enjoy the patient interaction aspect of nursing. Maybe that's just because its still relatively fresh and new to me, but the NP path is something I've heavily considered.