Nurse Your Purse
The title of this article is without a doubt politically incorrect. It should say, “Nurse Your Purse, Pocket Book, or Wallet,” but that didn’t sound quite as catchy! Anyhow, my intention for this article is to hopefully help a nurse realize that their tomorrows are not promised and it may be time to make informed decisions and become financially confident. The years you have until retirement are getting smaller and smaller every day and it is time to act and act fast!
You see, so often we forget about saving for a rainy day, which is a day many people believe will never come. When planning for our future, whether it be for a few years down the road, a decade down the road, or for our retirement, saving just doesn’t seem to be all that sexy while we’re doing it.
Why, you may ask?
Well, in my opinion, we as humans are very much into instant gratification. We want what we want and we want it now. It’s difficult to imagine our future selves spending that money when the time ahead seems astronomically far away. I get it. I don’t find the fun in it either, but I do find comfort in knowing my older self will appreciate my younger self at some point in time in the future.
Unfortunately, if we continue along Procrastination Highway long enough, we will soon realize that the possibility of creating the wealth we’ve always dreamt of will be just that: a dream. The greatest force that we have on our side is time and that’s because time allows for something amazingly powerful to happen called compounding returns. As time dwindles, so does our “chance” at making dramatic returns over time. It doesn’t take a math wizard to know that numbers compound in a significantly greater manner the longer they can do so! The Rolling Stones have a hit song called “Time Is on My Side.” Though they are one of my all-time favorite bands, they would’ve been completely mistaken if they were talking about compounding returns!
If you are like many nurses that I’ve had the pleasure of knowing, you live a very consistent life. You are methodical in the way you handle most of your business affairs and with important decisions to be made. Not only do you work with a great deal of passion, but you are reliable when assisting patients and colleagues and are very dedicated to the career field you’ve chosen.
My goal is to make sure you’re being as diligent about staying focused on saving in general and for your retirement as you are with all those other quality attributes I’ve mentioned.
In my opinion, the consistency you’re able to lend to saving and investing for your future is more important than the type of investment vehicle you’re in, the type of portfolio you’re in, the fees associated with your account, or even having a top-notch financial advisor on your team of professionals. It’s not that none of those areas aren’t extremely important, but the disciplines you build within yourself and the ability to remain consistent with those disciplines are what will allow you to create significant wealth over time. Obviously, I cannot make a guarantee because my compliance department will literally kill me, but I think it’s safe to say that saving more over a longer period will prove to be your best financial friend.
So, how do you start? Well, the first step is to identify that there’s something you want to change about the way you’ve been handling your financial affairs. Secondly, I’d suggest doing research on financial topics or taking some type of financial awareness class. When you get it in your mind that you are ready to take a minor plunge, it wouldn’t hurt to think about a budget that takes into consideration what you know your monthly income to be, less your fixed expenses so you have a general idea of what you’re able to start setting aside for your future. At this point, you’ll probably want to learn more and more to grasp how this “new you” will benefit the “newer you” years into the future, and that is typically best well-served by hiring a financial professional to help you dive deep into all the financial decisions you’ve made thus far and how they’ve impacted your life.
You’ve now taken the plunge!
You’re mentally where you need to be about your finances, you’ve done some research on your own, and you’ve asked for help from a professional that wants to help you succeed. That is about half of the battle with the remaining portion of that battle simply within yourself. Sounds crazy, right? The only thing that would be crazier is to wait any longer! Once you’ve conquered the realization of what needs to be done and you’re conscientious about the decisions that need to be made, the only thing left to be is consistent and disciplined! Those simple attributes that you already possess as a committed nurse in a very strenuous and demanding yet noble field, transcend into so much – even when it comes to being financially healthy!
So, just as you nurse your clients back to health, think about nursing your purse, and give it as much attention as you do your career. What I can guarantee is that there will be a point in time when there’s only one person you’ll want to thank for saving more and saving often and that’s your former self!
Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.