Archive for November, 2009

Plastic Surgery-What do Millionaire Nurses Do?

Thursday, November 12th, 2009

I saw a reference today that the number of  a particular plastic surgery procedure, called a Labioplasty was increasing in England.  The procedure there costs about the equivalent of 4500 bucks-it would probably be twice that in the US.

This is not a medical blog, and I am not going to spend any time on the controversy of the procedure itself.  I have performed the procedure in my practice for a few women who have met insurance company criteria for the surgery.

I want to discuss the pro’s and con’s of plastic surgery when it comes to your personal finances.

Obviously plastic surgery is by definition elective.  It is a procedure that will not cure a disease or make your feel better physically.

The psychology folks would argue that when certain physical traits are present, or absent for that matter, your mental health is affected, so the surgery could be medically indicated from that standpoint-but again it is not the purpose of this post to deal with those issues.

Do you spend the money on plastic surgery when you have debt, no emergency fund,  and are not funding your retirement?

Most of you already know my answer, “Of course not!”  Plastic surgery that is elective should only be done when you have your finances in perfect order.  Don’t go into credit card debt or other wise borrow money for this.

Once you have your finances in order, if you want to put aside money for plastic surgery, then go for it.  I think two surgical opinions are in order, and extensive research into the positives and negatives are still in order.  But, make sure you check on the total costs involved including pathology, anesthesiology, and sometimes radiology, so you don’t get a surprise bill 6 months after surgery.  Have the cash ready and pay in full.

I hear almost every week in my practice, women who say they wish they hadn’t had that plastic procedure, that they thought they HAD to have.  So make sure you think this over very carefully.

So what are your thoughts about the financial aspects of plastic surgery-let me know.

If you have any comments or questions-hit the comment button.  Also we have added an email button on the bottom right-if you want to be notified of new posts, sign up.

And if your pocketbook needs plastic surgery-sign up for my free Ebook, “Emergency Money Resucitation” available at www.themillionairenurse.com.

Please let your friends and co-workers know about this blog, so we can broaden our conversations about money and personal financial questions.

The Millionaire Nurse Blog Salutes our Veterans

Wednesday, November 11th, 2009

I want to take the opportunity today to give honor to the veterans of our military.  The freedoms that we enjoy, that we all take for granted, were hard-won by the men and women who have served and are serving in our military.

Please take a few minutes today to give a word of thanks to those who have sacrificed so that we have so many choices in our country.  I have been fortunate to travel outside our country, and it only takes a trip to some of the slums of Nicaragua, or Venezuela, and to see the role the military takes in other countries to stifle freedom and outlaw dissent, to be able to appreciate our country.

We have freedoms in this country to travel freely, to meet, to have a tea party, and to have a meaningful say in how our government is run-and we should never take those freedoms lightly.

My goal in writing the “The Millionaire Nurse”, and in sharing thoughts and ideas in this blog is to help nurses and others to obtain financial freedom.  Financial freedom would be a waste, however,if we didn’t have all the other personal freedoms that we unfortunately frequently take for granted.

So, thanks to all of you who have served in our armed forces, and thanks to the families who have lost loved ones with the ultimate in sacrifice for us and our country, and thanks to those families who are currently missing one of their own, while they are serving in far away places around the globe.

May God Bless!

Black Friday-Blowing Your Spending Plan in a Moment of Frenzy?

Tuesday, November 10th, 2009

Black Friday Shopping

Black Friday-the day the retailers look forward to all year long.

The Friday after Thanksgiving gives all the retailers a chance to celebrate or suffer, as it frequently sets the tone for the holiday’s profits or losses.

Last year saw a drop in holiday spending as the recession took hold, the first drop in years.  What does this holiday season of spending look like?

Those of us on the other end of the  professional marketers spear, who have to do our best to avoid over-spending during this day are in the cross-hairs.  We will be bombarded by advertisements, and recommendations for who has the best prices.

Unfortunately this sort of hype works.  Who can forget the video shots of those riots a couple of years ago, where someone was killed by a horde of shoppers.

Enjoy Black Friday

So how do we prevent  over-spending, while still enjoying the traditions of shopping on Black Friday?

  1. Make sure you have a spending limit and stick to it.  Maybe carry your money in cash (safely of course), leave credit cards at home-similar to what some gamblers do to keep from over gambling.  You can only spend what you take.
  2. Make sure you have a list with prices of your planned purchases.  Part of the fun of this day, so I am told, is the excitement of finding something you were going to buy, at a better price than you had planned to spend!
  3. To find the best prices, and decide where to shop, do your due diligence.  Scan the shopping ads, and do your online research.  See this earlier post where I reviewed several coupon sites on the web.  See this question at Cash Commons, a great new site for personal finance questions on this subject.
  4. The best buys are early in the morning-you can’t be everywhere at once-so pick your battles-based on the amount of savings of items you have on your must-buy list.
  5. Enjoy the company of friends and family, make the day an adventure..

So let us hear from you folks out there, share with us your shopping stories.

Confess your sins if you spent too much-confession is good for the soul.

If you snag a great bargain, it’s ok to brag! Let us know.

Saving Money-Today!

Monday, November 9th, 2009

The most common comment, when I suggest starting on the path to financial freedom is “Save Money, I can barely pay my bills, how can I save any money!”

I then ask the following questions:

  • Do you have a financial plan or goal for where you want to be next year or 5 years from now in regards to your savings, debt and overall finances?
  • Do you  know your net worth?
  • Do you plan your spending, and know where your hard-earned money is going this month?
  • Do you know what your family is spending your money on?
  • Do you shop without a list or plan?
  • Are you using credit cards to “get you by”?

These are just a few of the questions that help to confirm the lack of planning your finances.  To be able to “Save Money” you must have a plan to “save money”.  It will never just happen by accident.

So check back with us over the next few weeks as we try to get back to basics of planning, and saving.

Your life will be much less stressful, which means you will be happier, as will those around you.

And remember, if you need “Emergency Money Resuscitation” check out my new e-book at www.themillionairenurse.com.  And please send your friends and co-workers to this blog and my home website so we can answer their questions about money.

Saving Money Daily: It is a State of Mind!

Sunday, November 8th, 2009

Saving money, as a way of life, is the goal of Millionaire Nurses.  This does not mean constantly thinking about ways to take advantage of others.  This does not mean negotiating with the lemonade salesman (the cute 8 year old down the street) for a better price on your refreshing drink.

Saving money daily, just means being aware of your long and short-term goals, and when confronted with spending choices, take a minute and be sure the choice fits your plans.

Just to give you a few examples in my life today:  I had to go to the hospital to see a patient ready for discharge.  No emergency, just a routine visit.   I got on my bicycle, rode the three miles to the hospital-saving money on gas as well as getting my exercise for the day.

Another example-I needed (wanted) different music for my aerobic exercise.  I received a Sansa Mp3 player for Christmas last year-nothing fancy.  It had been awhile since I loaded anything different on it.  I looked on the net for free downloads of exercise music and found the site: Podrunner.  This site has free downloads, that contain a brief commercial message that allows you to choose between different speeds of aerobic exercise.  The downloads are free.  They also have a pay version, and newsletter that you can sign up for.

This download was perfect for me to use while exercising on the 20-year-old cross-country ski machine I have at home, or the elliptical trainer I use at the local YMCA.

These are just two examples of ways you can save money daily, while not feeling as if you are being a skin-flint.

Let me and others know how you save money on a daily basis.  And for a free e-book, filled with money-saving tips, go to my website, www.themillionairenurse.com and sign up.  We will send you a free e-book along with a mini-course on personal finance.

Also please send a link to our site to your fellow nurses and nursing students, so they can join our journey.

Nurses Losing Their Job-Are You Ready?

Friday, November 6th, 2009

One of the reasons that many people go into nursing is for job security.  The old saying goes, you can always find a job as a nurse.  This also used to be said about teachers, but this recession has seen lay-offs and furloughs for teachers.

Is your nursing job safe?

In your favor:

  • The population is aging.
  • Preventive care is getting greater prominence, meaning more nurses for evaluation and counseling will be needed.
  • The un-and under-insured are still with us, in spite of all the rhetoric out of Washington-meaning Emergency care is still a big issue.

Issues that are potential threat to nurse job security:

  • The health care bill(all proposed so far) will gradually decrease payments to hospitals and physicians-big nurse employers-these cuts will be felt everywhere.
  • Most hospitals are already under financial stress and strain from decreasing reimbursements and higher costs associated with safety measures, and new technology.

So what do you do to be prepared.  In general, hunker down.  Start increasing your savings, sell any big-ticket items you can reasonable get rid of-such as a car with a big payment-or other toys you can do without.  Cut the budget and get rid of anything that is not absolutely necessary-so that you can increase your savings.  Keep your eyes posted about other job opportunities that may be in a more financially stable area.

There is an article in the WSJ today-read it here- the article discusses some of the legal options regarding protecting your assets such as your  home against creditors.  If you have a definite imminent threat to your job, it may be worth reviewing these options with an attorney.

Of course, don’t make any decisions without careful thought and deliberation.  Most poor financial decisions were made on the fly, without thinking long-term.  The amount of job losses in the nursing profession are sure to be much less than in almost any other area-so don’t panic un-necessarily.

So let me know your questions, or comments.  Please forward this link to any friends that may be concerned about their job security.

And remember, the free e-book “Emergency Money Resuscitation” available at www.themillionairenurse.com.