Archive for February, 2010

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Student Loans: Income Based Repayment-Is it For You?

Saturday, February 27th, 2010

Student loans have become almost the norm in our society.  I have blogged about it several times-so this is not another rant about the dangers of going overboard on student loans…..

Last year the government began a new program called Income Based Repayment-to assist those whose student loan repayment plans were taking up so much of their income each month-that they couldn’t afford them.

I have identified a few helpful links to assist you in determining if you are eligible.

I have been told by several readers that my investing blog posts are difficult to understand-(even though I try hard to make them easy/simple)  Not your fault, I just need to get better at   ‘splaining.

But the student loan world is so complex, dark, and difficult-that I keep thinking Darth Vader is going to come at me with his light saber!!!!  For you young people, who don’t remember Star Wars-Let’s see……-maybe the villain from Twilight-”James”…..(yes, I had to google that, no I haven’t seen the movie, or read the books…..)

So anyway-the student loan universe is difficult to maneuver through-because there are so many different programs, options, acronyms-oh my!

But in short, the Income Based Repayment calculator is available to help you determine if you qualify for this plan.

The second part is that if you do qualify for Income Based Repayment, then you may also qualify for loan forgiveness after ten years of paying back your loan-if you work for the government, or certain 503-C based organizations.   Public health nurses would certainly fit here, along with school nurses-again if you meet the income guidelines.  So any money remaining after 10 years on the program are forgiven….

Again check this resource developed by the Feds, to help determine whether you may qualify-remember even if you work for a loan forgiveness eligible job, if you haven’t  been placed on the IBR (income based repayment) program-you are out of luck.

This link will help to direct you to the bank, Sallie Mae or whichever place you got your loan’s website for info…..

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Can I Make You: A Millionaire Nurse?

Tuesday, February 23rd, 2010

Millionaire Nurse

Can I make you a Millionaire Nurse?   NO!

Do I think you should become   A Millionaire Nurse ?  If YOU want to!

Here I have a blog, a website, a book, and speaking engagements…..

“What is Dr Dean talking about, if his blog isn’t to make nurses millionaires, then what is it?”

Well, I can’t make any of you millionaires.  What can I do?

  • Give you permission to be Millionaires-convince you it is worthwhile to think it is possible.
  • Teach you the tools to learn to manage your money.
  • Teach you the basics of investing.
  • Teach you the difference between “bad” debt and “neutral” debt- I don’t believe there is “good”debt.
  • Teach you the differences between investing and gambling.
  • Teach you to think on your own, and understand why you do something, not just because I, or anyone else says you should.
  • Teach you to think and plan  before you spend.
  • Teach you the importance of insurance, wills, retirement accounts, emergency funds, college funds, and personal savings.

How do you learn the skills and mindset of Millionaire Nurses?

  • Be teachable.
  • Want to learn-no they are not the same….
  • Study, read, and absorb.
  • Look deep into your sub-conscious and try to understand why you are unsuccessful with managing your money. This may sound like psycho-babble, but I strongly believe it is true-if you don’t think you are worthy, wealth will not happen.
  • Be patient, Rome wasn’t built in a day-your personal finance Armageddon will not be repaired overnight.
  • Be consistent-again similar to above, but not the same, that drip, drip, drip of good financial decisions, will soon result in a reservoir full of M-O-N-E-Y.  Just like a stroke victim at physical therapy-progress is slow, but steady…

I heard a million times in medical school and residency-You see one, do one, then  teach one.

Nursing 1959

I will show you the operation, but you have to pick up the scalpel, and perform YOUR own  wealth building procedure.  Then my hope will be, you will remember to teach others-( or at least tell them about this blog!)

Housekeeping:Remember to get email delivery of my posts-sign up at the email delivery option on the right-saves you time-which is money!!

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Contest at Free Money Finance

Monday, February 22nd, 2010

I know I shouldn’t gamble.  Actually I didn’t gamble. Although this looks like the office “March Madness” pool-there is no money involved-just pride.

Free Money Finance has a contest going on, a competition of sorts between blog posts.   Yes it may be kinda juvenile-but I still like to win.

So go to the site, and in the comment section vote for “thumb”-That is me.  Of course only do it because you think my post is better.  Or that you like me.  Or, just cause….

Thanks,

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BillShrink: A Millionaire Nurse Way to Cut Expenses!

Monday, February 22nd, 2010

BillShrink is a website designed to assist you in comparing rates on your cell phone plan, local gas prices, Certificate of Deposit rates, and credit cards.

One of the first things you need to do on your journey to become “A Millionaire Nurse” is to improve your cash flow.  You do that by increasing your income, and by cutting expenses.  This is a “cutting expenses” exercise today!

How do you use BillShrink?  Depends on which of the above things BillShrink does, that you need.

BillShrink is a free site, but does require you to give your email address, and opt-in to use their service.  They do allow you to choose whether you want to get on their email list for up-dates on changes, for example if gas prices change at a station in your area-they will shoot you an email.

cellphone plan page

Now to review what BillShrink can do for you:

  • Cell phone bill comparison:  Answer a few questions about your current plan-or even upload your current bill-they analyze and come up with potentially cheaper alternatives-In my case, they recommended a pre-paid plan, since I spend so little time on the cell phone-When my contract is up, I will definitely consider that!
  • Credit Card analysis: You tell them about your current card use, your credit score (estimate will do) and whether or not you want miles, cash rewards etc, then they come up with alternatives-in my case they recommended an “Alaska Air” card.  Not sure that one helps me a whole lot…..(But to be fair, I didn’t review all the card offerings-who needs another credit card-I am preaching debt reduction here!!!!!)
  • Gas prices: tell them your route to work, and they give you alternatives of “cheaper gas!”  If you live in a metro-area with long commutes-this would be a real winner.  As mentioned, they will also update you by email of changes-”Go Gas Wars!!)
  • CD rates: I will admit to not checking this out-since I don’t have a CD to compare… But seems straightforward enough-as long as its FDIC insured-why not chase the best rate!

Now, having done a quick Google search, I have not found any real negatives about the site.  They do make money, when you decide to change your card, or cell plan, and click on one of their recommended choices. So there is always a conflict of interest risk.  But if you are making a change because it does indeed save you money-then I think your risk reward ratio is positive!  And we are all ok with people making money,  as long as it is ethical and above board…..

So please check it out.  Plug in your numbers, and if anyone saves any money at Bill Shrink and let us know here.  Help out your extended nurse family and share…..    That is what nurses do!!!!

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Posted in credit cards, Planned spending aka budget | No Comments »

Moving Forward, The Millionaire Nurse Way!

Saturday, February 20th, 2010

The Muse RN’s post in Change of Shift, hosted at INQRI got my attention today.  It is a post about “squatters”.  Now, being a OB-GYN, squatters had a particular meaning to me.  But it was no surprise,  The Muse’s definition was different than mine.

She  basically had a rant going about nurses who get to a certain position in their career, and then begin to coast.  They also clog up the system, become middle managers who just go to work everyday with no passion for their job.

I would say that the same thing occurs to most of us.  After a while, we get decent at what we do.  It doesn’t require a lot of thought, or challenge.  When we are not excited about what we are doing, it is human nature to just “mail it in” as they say.

So how do we keep from doing that?

  • Just knowing that it occurs, and watching for it, will help.
  • Always be on the lookout for a new challenge.  Whether that is a job change, promotion, transfer, or a new field completely.
  • Go to conferences-I always learn something at a conference-if you can’t go, because of money, then save for it.  In the meantime, connect with others over the net-that share your passion-(no not porn!).
  • Become a mentor to others, as the Muse suggests.  Take new grads under your wing.  Show them that not all the folks who have been around awhile are shriveled up, snarky,……….’s
  • Get Excited….
  • Work on being HAPPY!  Yes, there are always going to be things that could be better.  Richer, healthier, more good looking, more attentive spouse, children that could behave/appreciate you….. I could go on, and on, and on, and on!  But you are alive, you have a brain-or you wouldn’t be reading.  So smile a little, it won’t hurt-much!

So thanks Muse, for a thoughtful post.

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Posted in Nursing Profession, Quality of Life, Uncategorized | No Comments »

Getting Things Done: The Millionaire Nurse Way!

Friday, February 19th, 2010

I have been in the business of health care since I started medical school in 1977-yes before many of you were born.  I am old.  It is funny to think about, but my first two years of practice, I had several patients, say-”you can’t be my doctor, you are too young!”   Welllll, that hasn’t happened in a while.   No one, has so far, said to my face, “you are too old to be my doctor, but some probably think that….

After spending tens of thousands of hours trying to motivate people to lose weight, quit smoking, exercise more, eat less, I have now added-”pay attention to your finances” to my to-do list.

Now, I don’t do financial counseling/coaching at my medical practice-but on this site, and in my speaking engagements, my job is to motivate nures to take their finances seriously, and make changes to become more successful managing their money.

And it is funny, the response I get in the office dealing with healthcare issues is the same, when dealing with financial issues.

“I DON’T HAVE TIME!”

TIME-by John Morgan

Of course, I have heard that before.  Those who don’t have time to exercise, focus on their diet, or work on their finances, have plenty of time to watch television.  Or read the latest romance, go to the 3-D Avatar experience, hang out with their friends, go shopping at the mall, play video games, facebook-”farmville- can I get help with my barn???”

I am all for a little down time.  We all need to get away from our responsibilities occasionally, especially in a stressful profession like nursing.  But, sometimes you have to set aside time for what is most important.  You have to act like a GROWN-UP!

How many times have you seen that smoker in the ER with pneumonia, or COPD complications, that you didn’t think, “Why has he not quit?”  “Doesn’t he want to be around to see his grand kids grow up?”  Or the alcoholic, or the diabetic, who can’t seem to quit drinking or eating sweets excessively.

So, turn that around.  Are you spending quality time thinking about how to improve your finances, get out of debt, maximize your retirement, automate your savings account, make sure your will, insurance, and college savings are all set up?????

What are you waiting for?  Catastrophe, bankruptcy.  You know you need to.  Don’t put it off.  Get into the habit of spending an hour or two a week, planning and thinking about your future.  It will be a great investment-then go build your barn!

And if you want to join our team, at “The Millionaire Nurse” please sign up for our newsletter-by hitting the beautiful E-B00k on the left side “Emergency Money Resuscitation”.  We will send you the free E-Book and sign you up for our mini-course on personal finance.  We also will deliver out monthly newsletter-full of money saving tips and suggestions.

Make Time!

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Posted in personal finance, Quality of Life | 2 Comments »

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