[USER]

I have decided to start my FIRE journey by creating the goal of having $1M in my retirement account(s).

I’m a 25-year-old, full-time private caregiver in SD, CA who graduated with my BS in MIS in 2017 but decided to go back to school and do a career change to get my BSN (Bachelor of Science in Nursing).

I’m currently living at home so I don’t have rent but I do contribute every month.

I’m taking an Anatomy class at community college this semester and wish to take 2 more courses before I apply for nursing school.

I also want to do a free CNA program in a continuing education program at the local city college.

Long story short I would like to go to nursing school, preferably an ABSN program, but I know it will be expensive especially if I move out of my home.

I did find a 3-yr program at the local state university that will be much more affordable than any ABSN program.

The downside is it will take 3 years compared to the 2-2.5 yrs duration of ABSN programs.

I also want to keep investing but if I go to nursing school for 2-3 yrs I won’t be working full-time or perhaps at all.

Here’s some information about my lifestyle, expenses, savings, and investments.

Some of my fixed monthly expenses:
House – $600
Transportation – $572 (car loan, $10k down, I think $34k loan at 4.99% APR for 5 yrs, already paid 10 of 60 months), car insurance: $263, gas: ~$100, car wash subscription: $25
Eating/Drinking Out – $200
Utilities – $30

Credit card payments – around $1k (I pay off my CCs every month so I have zero CC debt)

HYSA: Wealthfront (now 4.5% APY)! If anyone wants to open a HYSA, I can send a link so the both of us get 5.0% APY for 3 months haha)

Brokerages:
Fidelity – I have 2 retirement accounts, a personally managed Roth IRA and a professionally managed Roth IRA Fidelity Go.

I just decided one day to try the Fidelity Go and stuck with it but I mostly invest in Roth IRA that I manage personally.

Robinhood – my first individual brokerage account that I used to invest in individual stocks and options trading years ago, but I stopped doing both of those and focused on investing in my retirement accounts like Roth IRA and 401(k).

Investments:
401(k) – work sponsored and my employer contributes 5% of my contribution, which is 20% of my weekly pay.

I contribute around $200-$300 per week depends on how many shifts I work.

Roth IRA – $6,106.66 contributed out of $7k limit for 2024. I do recurring investments for $115/week in FXAIX and stopped contributing to the Fidelity Go for now.

Most of my investments are in funds like FXAIX, QQQ, and REITs.

Specifically, my personal Roth IRA investments are DLR (REIT), FFLC, FXAIX, O (REIT), QQQ, and STAG (REIT). My Fidelity Go balance is $1,771.80 and the positions are FDFIX, FIBUX, FITFX, FLAPX, and FLXSX.

Individual brokerage account – all individual stocks. current balance is around $4,800 but I lost almost $5k to options trading many years ago… never again!

Current account balances (as of today):
Credit card – $1,448.27
HYSA – $30,971
Roth IRA – $14,680.84
Roth IRA Fidelity Go – $1,771.80
Individual brokerage account – $4,893.87
401(k) – $17,751.34

That pretty much sums up my current life. I would love to achieve my goals in the future of becoming a full-time RN and be able to keep investing and saving to retire early.

I know I might end up having to do student loans if I wish to go to nursing school outside of my hometown.

However, I believe it’s worth the debt since it will pay off when I start working.

I’m young and I believe I will be able to pay off my loans (car loan and potential student loans) if I work for a couple of years.

I would also love to travel and invest in a future home so that I am comfortable when I retire. All of these things are the stuff I think about when I want to FIRE.

Any advice on how to achieve my goal of $1M would be greatly appreciated!

Thanks so much

[Paula]

Why not just get an associates in nursing? Most hospitals pay for the bachelor’s or tuition reimbursement.
My degree only cost around $12k
Same NCLEX. Same RN.

[Shay]

Nursing is a wonderful career. Travel nursing is bomb and allows you to stack cash. I’m currently in San Diego on a contract and boy is it expensive to live out here.

I’d stay at home for the duration of your program, then go traveling!

[Judy]

Look for an accelerated nursing degree since you have a bachelor’s degree. South Dakota State university I think has one.

[Sara]

If you can find the accelerated program great but it is usually a much higher cost. I would get a Diploma or Associates and have your future employer pay for your BSN /any other education.

Less out of pocket costs for you.

[Andrew]

25 yo RN here, went to nursing school right after high school. Went to community college and did not go into debt at all and I wouldn’t recommend going straight for BSN as you can get your associate in 2 years and be working as an RN following that while doing an RN to BSN program online and very realistically finish in <1 year and have the hospital cover it if you don’t mind signing a contract to stay there for certain time.

I haven’t gotten my BSN because I don’t think it’s worth it for me.

Keep saving and investing, you’re doing great! Best of luck!

[Sarah]

Check out western governors university for a cheaper nursing option.

[Joe]

Aren’t you able to make more money with your MIS degree? I’m in SD and made a decent wage working in the government contractor space.

It’s so much easier than being a nurse.

[Wendi]

girl, dont go into nursing…it is not what it seems. been there done that….im in ur area. I suggest you go into tech

[Julissa]

Awesome job! That’s my son’s goal too! He is 20 right now so time is on your side and let compound growth work for you. His assets:
$30k in his 401k
$20k in his Roth IRA
$61k in his brokerage account
$10k in his savings (emergency fund)

He has no debt and his goal is to reach 1 million by 30.

I think it’s great that you have that goal.

I don’t beleive that getting more in debt with getting another degree is the answer though.

[Author]

Posts