Episode 5: The Nurse's Financial Guy helps nurses achieve their financial goals

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