Many people say that, if you want to be wealthy or rich, nursing is not the career for you.
In a sense, there is a lot of truth to this. If you look at the history of nursing, it was more of a ministry to mankind than a money-making profession in the early days.
For many, it still is a ministry, although today it is a career with financial advances and bonuses along the way.
You can build wealth and riches as a nurse if you plan well.
What does it mean to be rich or wealthy?
In my previous article about saving, I defined wealth as having more resources, giving you freedom to do things that you like. The words “rich” and “wealthy” refer to prosperity and abundance in possessions, possessing a great deal of money and having more resources than you need.
One way to gain more resources is to invest.
There are many things that one can invest in. Today, I want us to look at the investment of buying a house.
I’ve met at least five nurses over the past two years who have lost their homes because they could not afford to live in them anymore.
The question is, was buying the home a good or poor investment for them?
Buying a house can be a good investment if you consider it an investment from the very beginning.
There are some questions that you will want to ask yourself.
Can you afford it?
Take a good look at your income. If you take out a mortgage, what percentage of your salary will you be using to pay it back?
If your mortgage is more than 33 percent of your net salary, then the house you bought is too expensive for you.
You may reason that, if you and your spouse put your income together, that will make your mortgage payment 33 percent.
That is a risky move; it is safer to reason that if one of you loses a job, the other will be able to make the payments.
Decide on how long you want to pay the mortgage? Is it 15 years or 20 years?
Consider the area that you buy your property. Is it easy to sell should you consider reselling?
What if you wanted to rent it? Is it easy to get a tenant?
Not all houses are great investments. You may never make any money from your home because the value may go down and you may start to owe more than the cost. The properties in your area may also drop in value so that you cannot sell your home for a profit.
However, you can focus on the benefits of your home, like having a backyard that your kids can play in, having lots of space and privacy for your guests, having a swimming pool for fun during the summer, and having enough space for your pets.
The key is not to spend more than you can afford, because when you are constantly broke with no savings for the future, it means you are not investing -but rather, you are making bad decisions.
I would like to hear your thoughts on investing in buying a home.