Episdoe 5: The Nurse's Financial Guy helps nurses reach their financial goals.

Summary
In this episode of Beyond the Call Light, host Gary speaks with Ricky Dukes, a financial expert specializing in helping nurses manage their finances. They discuss the unique financial challenges nurses face, including common mistakes, the importance of budgeting, and the benefits of understanding retirement plans. Ricky emphasizes the need for financial literacy among nurses, particularly regarding pensions, 401(k)s, and health savings accounts. The conversation also covers the potential pitfalls of travel nursing, strategies for early retirement, and the role of side hustles in achieving financial goals. Throughout the discussion, Ricky provides actionable advice and insights to empower nurses to take control of their financial futures.
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