Money For Nurses & APRNs–Make More From What You Already EarnJan 23, 2023
Welcome to Day 1 of the 4 day Nurses Investing For Wealth Rev Your Riches Challenge™. 👏🏻👏🏻👏🏻
What should I do with my excess money?
Nurses & APRNs inevitably ask, ‘What should I do with my excess money?’
People will tell you that in order to invest well you should open an account –like a 401k, 403b, IRA– then send your excess money to it. Put in as much as you can. Wait for it to mature. Eventually you’ll have enough to retire on. Probably. Hopefully…
Here’s my answer to this question.
First, stop asking that question!
Advice to dump your money into an account and hope for the best is wrong because it’s not your goal to invest well enough to hopefully retire some day. You want an investing strategy that you are confident is going to make you work optional as soon as possible.
And I don’t blame you because nursing is a burnout job. Nurses nowadays can’t rely on working until traditional retirement age. There are all kinds of reasons for this and none of them are your fault. But what this means is that you must be extra careful with your money so you’re ready to step away from nursing when the time comes.
Do these 2 things instead
The real way to be a good investor and plan your freedom is to learn how to get the most out of every dollar you earn.
This means knowing how to do 2 things:
- Pick the right investments to purchase such as stocks, bonds, real estate, or cryptocurrency. And here’s a quick hint: what’s right for your colleague, your family member, or that stranger on the internet isn’t what’s right for you. You’ll base your picks on your own circumstances.
- Then, and only then, select the right accounts to use–specifically the ones that sell the stocks and bonds you want to buy. Because, nope–all accounts don’t sell the same thing. There are dozens of accounts to choose from-yes, many more than just workplace retirement accounts and IRAs. That’s why it’s best to set your investment strategy so you can send your money to the right account from the get-go.
And before you can do these things, you need to know what the heck you’re looking at inside your accounts!
And that’s what I walk you through inside this video. I cut out all the fluff and tell you exactly what you need to know about
- Brokerages–what they are and how to find the ones you probably already use.
- How to stop making this mistake: confusing investment accounts–403b, 401k and IRA–with investments.
- How to find the investments you already own (& probably had no clue about).
In Video 1 of the Nurses Investing For Wealth Rev Your Riches Challenge™, we covered 3 actions you can take right now–in just 4 minutes!– to jumpstart your investing journey. We'll pick up right where we left off in Video 2, Deciphering Investment Word Salad–End Confusing Financial Jargon.
Bring your homework!
- Log in to your brokerage(s).
- Locate your account(s).
- Find your investments–this will look like word salad and alphabet soup. Don’t worry about it. We’re coming back to that.
- Note down the accounts and investments you find.
- Post your homework in the FB group or in the comments just below. That’s how you get direct access to me and get your questions answered during the challenge!
Are you new here? The best place to start is here in my free 2 hour training.
💻 Free, On Demand, Video Training
Fellow Nurses: How to Become Work Optional in One Hour a Month–Without Burning Out, Wasting Time on One-Size-Fits All Finance Strategies, or Falling for Bogus Investment Ploys