In this episode of "Beyond the Call Light," host Gary, the ER nurse, is joined by Ricky, the nurse financial guy, to explore the financial challenges and opportunities faced by nurses. From budgeting tips to understanding retirement plans, Ricky shares valuable insights to help nurses achieve financial freedom. Tune in to learn how to balance your passion for healthcare with smart financial planning.

Takeaways

• Nurses often lack a budget, which is crucial for financial planning.
• Understanding how retirement accounts are taxed is essential for nurses.
• Many nurses rely too heavily on pensions without contributing to 401(k)s or 403(b)s.
• Travel nurses must set aside funds for taxes and retirement.
• Disability insurance is vital for nurses due to the physical demands of their job.
• Maximizing health savings accounts (HSAs) can provide significant tax benefits.
• Financial literacy should be a focus in nursing education.
• Catch-up contributions can significantly boost retirement savings for those over 50.
• Side hustles can provide additional income streams for nurses.
• Discipline in financial planning is key to achieving long-term goals.

Chapters

00:00 Introduction to Financial Literacy for Nurses

06:49 Understanding Pensions and Retirement Accounts

14:02 The Importance of Financial Planning for Nurses

19:06 Catch-Up Contributions for Nurses Over 50

24:27 Roth IRA vs. Traditional IRA Explained

29:29 Creating a Fun Budget for Nurses

34:29 Defining Financial Freedom for Nurses

39:58 Small Financial Changes for Nurses

47:49 Debunking Financial Myths for Nurses