MoneyWiseRN

In this enlightening episode of the Money Wise RN Podcast, we had the pleasure of speaking with Sophia, a seasoned traveling nurse practitioner with a profound journey towards financial independence. Sophia shared her experiences and strategies that have allowed her to not only excel in her career but also achieve remarkable financial milestones.

• Career and Financial Independence: Sophia detailed her career trajectory, starting as an LPN and eventually becoming a traveling nurse practitioner. She reached financial independence in her early 30s, highlighting her strategic financial decisions, such as refinancing student loans and living minimally to maximize savings.
• Investment Strategies: Sophia emphasized the importance of investing early, particularly in 401(k)s and index funds. She shared how she transitioned from high-fee funds to more cost-effective solutions, boosting her investment returns.
• Real Estate Ventures: Sophia also delved into her real estate investments, a critical component of her financial strategy. She discussed purchasing properties below market value, managing them effectively, and leveraging them for additional income and tax benefits.
• Lifestyle and Savings: Living as a traveling nurse practitioner has afforded Sophia unique opportunities to save a significant portion of her income. By having housing and transportation provided by her employer, she maintains a high savings rate, which has been crucial in her journey towards financial independence.
• The FIRE Movement: Sophia is an avid follower of the Financial Independence, Retire Early (FIRE) movement. She shared insights into different FIRE strategies, such as "Fat FIRE," and discussed how reaching different financial milestones has influenced her personal and professional life choices.
• Advice for Financial Independence: For nurses looking to embark on a similar path, Sophia recommended starting with simple steps like maximizing 401(k) contributions, setting up an emergency fund, and gradually moving towards more sophisticated investments.

Sophia's story is not just inspiring but also instructional for anyone in the nursing profession aiming to achieve financial independence. Her practical tips on savings, investment, and lifestyle adjustments prove that with the right strategies, financial freedom is within reach.

Listeners can find more about Sophia and her financial insights on her blog linked in the show notes, and follow her journey on Instagram at @traveling_np and @wealthy_np. For those interested in personalized guidance, Sophia is now offering financial coaching to help other nurses start their journey towards financial independence.

LINKS:

Sophia's Blog: The Traveling NP

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In this captivating episode of "Money Wise RN," the spotlight shines on the financial savvy and entrepreneurial spirit of Janine Kelbach. Once a dedicated OB nurse, Kelbach has brilliantly transformed her career path into that of a freelance writing virtuoso, becoming the driving force behind the successful Savvy Nurse Writer brand.

Listeners are in for a treat as Kelbach recounts her extraordinary transition from nursing to the written word, serving as a beacon of hope for those yearning to change careers without jeopardizing their economic well-being.

Delving into Kelbach's narrative, the audience will discover invaluable insights into making a career shift through a financial prism. She generously shares her secrets on assembling an impressive portfolio that showcases one's skills, effectively shedding the "newbie" tag and opening doors to abundant opportunities.

Kelbach's expertise extends to the nitty-gritty of freelance finances. She educates on the pivotal aspects of monetary management that are crucial for freelancers, including how to attract and maintain a consistent client base and the importance of meticulous income tracking. Her advice is transformative for anyone eager to flourish in the dynamic gig economy.

Beyond the numbers, Kelbach addresses the emotional complexities of career transformation. She candidly discusses the challenges of identity and the emotional highs and lows that come with stepping away from a long-held professional role. Additionally, she offers strategies for combating the loneliness that can sometimes shadow the entrepreneurial journey, emphasizing the importance of staying connected within the community.

As the episode draws to a close, Kelbach doesn't leave the audience without support. She presents a treasure chest of resources tailored for nurses who are curious about the realm of freelance writing. Regardless of one's experience in nursing, Kelbach stands ready to guide listeners in finding their unique writing voice.

Prepare to be inspired and financially enlightened as "Money Wise RN" welcomes the exceptional Janine Kelbach. Join us to learn how you can script your own tale of success, ensuring your financial health remains as robust as your newfound career ambitions.

Savvy Nurse Writer Program:

Janine's Podcast:

Free Website Guys: they will build aspiring entrepreneurs a free professional website you can use as a nurse writer. There is not catch- just that they hope to work with you in further design when the money starts coming in!

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In this episode of Money Wise RN, I discuss the topic of side hustles for nurses. I start by acknowledging that many nursing blogs recommend picking up extra shifts as a side hustle, but I question whether that truly qualifies as a side hustle or just working more at the same job.

I then dive into six side hustle options that nurses can consider.

1. Freelance Writing: Nurses can leverage their healthcare experience to write for healthcare blogs, magazines, websites, and academic journals. The average hourly wage for healthcare writers is $46.
2. Online Tutoring: Nurses can tutor nursing students or students in other healthcare-related fields. They can also tutor high school or college students in subjects like microbiology. The national hourly wage for nursing tutors is approximately $27.
3. CPR Instructor: Nurses can work as CPR instructors for businesses, communities, social groups, and events. They can complete the CPR certification process through the American Red Cross, with an average hourly pay of $37.
4. Medical Transcription: Nurses with experience in medical terminology can transcribe medical reports or dictations into digital documents. The average hourly wage for medical transcriptionists is $18.20.
5. Immunization Nurse: The demand for immunization nurses has increased during the pandemic. Nurses can administer vaccines in patients' homes, workplaces, businesses, or clinics. The national average hourly wage for immunization nurses is approximately $39.
6. Ear Piercing: Nurses can work from home or at companies like Rowan or Blow Mall USA, offering ear piercing services. The average hourly pay is $28 plus tips.

I also briefly mention my personal experience with running an Etsy store, where I sell study guides and practice exams for nursing students. While it requires time and effort, it has provided me with passive income.

I highlight the benefits of having a side hustle, such as financial security, flexibility, and the opportunity to use skills in new and creative ways. However, I also caution against overextending oneself and risking burnout.

In conclusion, I encourage nurses to explore side hustles that align with their skills, interests, and schedules. With creativity and hard work, nurses can find a side hustle that brings both financial security and personal fulfillment.

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In this episode of Money Wise RN, host Pamela Miller interviews her guest, Angel from Nurses Investing for Wealth. They discuss the importance of nurses understanding and managing their finances in order to achieve financial freedom and dive deep into a topic that is not widely addressed; loan forgiveness for nurses. Angel shares her personal experience with this, as well as her personal journey of burnout and financial struggles, which led her to start Nurses Investing for Wealth. She highlights the fact that nurses have the potential to be financially free, but often struggle with putting the pieces together. Tune in to learn more about how nurses can create financial freedom and live a life they love.

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.