I am a registered nurse. I chose this profession because I am interested in it and good at it. If you’d like to go to nursing school, be sure that’s what you want to do. It wasn’t quick, it wasn’t easy. If you are an entrepreneur at heart, nursing is a socialist grind. Things in nursing proceed according to the design of the doctor, so be sure you are willing to put up with that, too. I think that sitting behind a desk is a drag, and that doing invasive procedures is a lot more interesting. The tools in and around nursing can include some of the most cutting edge tools that science can offer. In my opinion, surgery, endoscopy, interventional radiology and heart catheterization labs are the best place to work.
From an income standpoint, hospitals always need nurses, and nurses can work as many hours as they want. There is also the potential for call time, which around this area, means $12-$15/hour for carrying a pager.
My brother tried for years to be a fireman. Every time a position opened up, there were hundreds of applicants for one position. I think I could go to the fire department right now and go to work as a critical care transport nurse.
Fdjake offers the best advice with regard to being an investor. You will not succeed as an investor by pursuing mediocrity and listening to all the advice of W2 employees.
I will say this: the gurus who tell you that you don’t need any money to invest in real estate are being optimistic, to be kind. I believe that you need at least 5% in capital reserves and that your real estate PITI should not exceed 60% of your earned income.
This is what I think you should do: Imagine you have 50 million dollars, after taxes, guaranteed in the bank. People often say: “I would take a year off” or “I would work to fight poverty, save the rainforest”…whatever… but then they say: “I would do something that I feel more passionate about.” Find that thing. Find what you are interested in and passionate about and pursue that.
A few years ago, the idea of quiting my job NEVER crossed my mind. Now it seems to be all I think about. So don’t know if I would call it a winner or not. But seems to work well with real estate.
Back when I went through flight school, it was cheap. Well I also lived in Arkansas, which helps a lot. My tuition was 1500 a semester and the plane I was flying was 100 bucks an hour with an instructor. Probably cost me around 35K total not including living expenses, for all of my ratings and a 4 year degree. That was a deal even back then. Now I hear of these guys coming out of just flight school, with no 4 year degree owing 100s of thousands in student loans. Crazy!! These flight schools/lenders are tailored to take every penny out of your wallet, not prepare you for an airline job. Typical Corporate American BS, but probably good training for what the airlines are going to do with ya these days.
You are getting great advice from most people on this thread. No question, get your nurses degree.
That income and stability will make you a much stronger investor. No need to become a realtor, as a matter of fact it can reduce your creativity by imposing more stringent legal requirements on you when you do deals.
When I say a stronger investor, I mean you will be able to hold out and be a better bargainer, to get better deals than if your next meal depended on your next deal. There are too many people paying retail today or near retail, that is idiotic in this market! We talk to people on a weekly basis who are ready to give you their property!
It is true that there are incredible tax benefits available to you as a home based real estate investor. However, I have seen a couple of posts advising you to increase your dependents according to some formula. Don’t do it! Dependents are living, breathing humans that depend on you for their finances, like, kids. Unless you are going to increase or decrease at will, the number of kids you have according to some formula, you are asking for trouble.
What the code says is that you can adjust your Withholding Allowances according to your expected tax liability. For someone making $20-$25/hr, you should be able to see an extra $500-$600 per month in take home pay compared to someone with no home based business.
We call that an Instant Pay Raise because the increase has to be reflected in your next pay check according to IRS rules, and you don’t even need to ask your boss’s permission.
Good luck to you!
Bill Young
Are you going to still live with your parents when you graduate? If not, you can get yourself a multifamily and live in one of the units and rent out the others. I wish I had done that. Again, just remember, make sure that nursing is a job you can handle. It won’t make sense to go that far, only to realize that the stress of the job is too much. The thought of $25/hr. sounds good until you have to disimpact someone (stick your finger up their butt) then, all of a sudden they poop all over you :shocked… I’ve seen it. Along with many other nasty things. That’s why I chose Respiratory Therapy. I highly suggest shadowing a nurse for at least 40 hrs. to get a good idea of what you’ll be required to do… Good luck.