Welcome to this week's Money Coffee Date Newsletter*
---
I am trying a different format for this week's newsletter!
Today, I want to share with you 3 reasons why you need to invest as a nurse.
I got into the investing game too late (but never too late). I started in my late 20's. Had I known about investing, the power of compound interest, and how I can have the option to retire earlier if I started investing early, I would've managed my money differently.
But here we are 😂 So, I want to share this with you so you don't make the same mistake and wait too late.
1. You're actually losing money not investing.
The money you have today will be worth less in the future. This is because of the term called "inflation". Inflation is the rate of increase in prices over a given period of time.
Remember the price of coffee many years ago?!
With the increase of prices, the value of your dollar goes down aka your purchasing power.
So money you keep in your traditional banks that give you 0.01% interest is just losing it's value over time. You have to invest it to keep up with inflation.
2. Your money will make money
Once you realize the importance of time when it comes to investing, you would tell yourself that "you should've invested earlier". So, how does your money make money throught investing?
This term: COMPOUND INTEREST
So, first of all, what is compound interest?!
Compound interest is interest calculated on both the initial principal and all of the previously accumulated interest. So it essentially means "interest on top of interest".
Think of your student loans. You probably paid for example $25,000 to get your nursing degree. As you pay off this student loan, you noticed that at the end, after you calculated everything you paid the servicing bank, the final amount is more than just $25,000. You paid $25,150 instead. That is because student loans with daily compounding interest- accrues interest every day, and the interest is added to the balance. Every day the balance goes up. So it feels like forever paying off your student loans.
Compound interest on investing, on the other hand, is what you want. Because you will see your money accrue interest over time and make more money for you.
Take a look at this graph that I always show on my free investing classes:
3. You can have options
Investing has definitely changed my life.
Since I started investing, I found the courage to actually pursue my other passions and not as stressed when it comes to money. Now, I work less hours and started a business that I love.
Once you become financially stable, you'll realize all the other possibilities this life could offer you. I thought I was going to work in the ICU until I retire in my 60s. Turns out, there are so many options and so many other avenues of success as a nurse.
Now, you're probably wondering... how do I get started?!
Investing is a journey and sometimes, just taking the first step is all that it takes. The first step for most people is learning the basics of money. I created a checklist just for you to take that first step.
---
Stock Market News
- Elon Musk's X Sues Advertisers for Boycott -Elon Musk's social media company, X (formerly Twitter), has filed a lawsuit against several advertisers, accusing them of unlawfully conspiring to boycott the platform
- Mortgage Rates Drop to 15-Month Low- Incoming refinances! Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year (per CNB)
- Recession warnings by JP Morgan CEO Jamie Dimon believing the odds of "soft landing" for the US economy
-
Buffet Apple Stocks selloff-Warren Buffett's Berkshire Hathaway cut its stake in Apple, selling nearly half of its position during the second quarter of 2024.
- BUY THE DIP? - Just continue dollar-cost averaging because is this dip even really the real dip? 😂
---
Remember, every step you take brings you closer to your financial goals. Let's make those steps count together!
Check out my youtube video: Retiring Early at 45 from Nursing (How I am doing it)
|
Did you like this newsletter format? Yes? No? Reply back. :)
Responses