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massalk OP t1_iuejlzr wrote

Reply to comment by Zestyclose-Handle-73 in Do I need to find a new financial advisor? by massalk

Because I am not financially literate. I make a good amount of money currently as a travel nurse, but have not invested in anything hardly until now and I'm almost 34. I want to retire early and I would really like to be able to have some passive income or a turn key business eventually so I dont have to work full time as a nurse.

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Zestyclose-Handle-73 t1_iuek7le wrote

You are financially literate enough to have found this place.

You are financially literate enough to be doubting the benefits of whole life insurance.

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massalk OP t1_iuekppo wrote

Well to be fair, it's only because I asked my dad about it and he said it wasn't a good idea lol. I would've had no clue otherwise.

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Zestyclose-Handle-73 t1_iuel608 wrote

Sounds like a smart guy.

I know you're worried about starting late, but you're in a great position because you're ready to start. Or, almost ready to start.

Have you read the prime directive?

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Parking_Goal_3301 t1_iuekmok wrote

It sounds like you ARE financially literate. Trust yourself and read things from reputable sources.

The max out IRA + 401K is good advice. I’m a little older than you you and doing a bit more high risk than moderate since I have time and it’s a god time to invest. If you don’t have dependents, I wouldn’t get life insurance or I’d just use whatever is offered through work. 1-2 years salary type of thing

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massalk OP t1_iuelchs wrote

I really think I am though. Whenever I read anything about finances, it doesn't make any sense to me. If it's not something medical, it's like my brain does not compute. I don't even know how I am a fully functioning adult with a good income.

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Appropriate-Safety66 t1_iuemjee wrote

To be fair, many medical professionals, including doctors, are not particularly good at financial matters.

Years ago, I read that doctors are very adept at falling for financial scams plus they are too embarrassed to admit when they have been scammed so they don't report it.

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massalk OP t1_iuen6g3 wrote

Yeah very understanndable. For nursing school, I didn't have to take anything besides basic econ. Everything else was science or social sciences related. I imagine it's similar for doctors. I really wish financial literacy was more of a focus for high school and college.

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Parking_Goal_3301 t1_iuemxsg wrote

Read “The Index Card” by Helaine Olen. She says everything you need to know about personal finances can fit on one 3 x5 index card. It shouldn’t be too complicated for most of us.

Too much complexity trips many people up and doesn’t make them smarter.

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massalk OP t1_iuenvgh wrote

Thanks for the recommendation! I just want financial freedom and I really want to be able to not have to work as a nurse full time. It's a hard job in multiple ways.

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