RN Professions

Ep. 9: BONUS! (Let's Talk Money)

January 31, 2020 Season 1 Episode 9
RN Professions
Ep. 9: BONUS! (Let's Talk Money)
Chapters
RN Professions
Ep. 9: BONUS! (Let's Talk Money)
Jan 31, 2020 Season 1 Episode 9
Alli Merrell, Steffan Weiner

Hey guys, welcome to RN Profession’s first bonus episode! If you haven’t listened to Episode 8, then you should definitely hop on over and check out my recent conversation with Steffan Weiner, who is a psychiatric nurse practitioner in a California prison.

We had such a nice conversation discussing finances and student debt and investing and where to even start. This is such an important topic for anyone who makes money and is really helpful for those who want to have more of it. 

I hope you enjoy my conversation with Steffan Weiner.

Show Notes Transcript

Hey guys, welcome to RN Profession’s first bonus episode! If you haven’t listened to Episode 8, then you should definitely hop on over and check out my recent conversation with Steffan Weiner, who is a psychiatric nurse practitioner in a California prison.

We had such a nice conversation discussing finances and student debt and investing and where to even start. This is such an important topic for anyone who makes money and is really helpful for those who want to have more of it. 

I hope you enjoy my conversation with Steffan Weiner.



Instacart - Groceries delivered in as little as 1 hour.
Free delivery on your first order over $35.

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
Alli:
00:00
Hey, guys, welcome to Oran Professions First Bonus episode. If you haven't listened to Episode eight, then you should definitely hop on over and check out my recent conversation with Stephan Whiner, who is a psychiatric nurse practitioner in a California prison. We had such a nice conversation, discussing finances and student debt and investing and where to even start. This is such an important topic for anyone who makes money and is really helpful for those who want to have more of it. I hope you enjoy my conversation with Stephan Whiner Nurses seriously have the best job. Hi, I'm Allie. Join me each week as I interview nurses across the country to discuss their current nursing roles and responsibilities, schedules, salaries and so much more. Whether you're a nursing student hearing that dreaded in CLECs and establish nurse looking for a change of scenery, or are simply curious about the wonderful world of registered nursing, this podcast is for you. And I've been talking about this with lots and lots of like nursing leaders who say that this is something that nurses just don't know about, and for the amount of money we make to not have any set aside for anything like that is just, I mean, it's it's a It's a shame
Steffan Weiner:
01:18
you won't believe it or not. This is something that even physicians I don't know about mean Wall Street kind of views, people who make a lot of money, especially in the medical field. Ah, a cz whales or targets of some sort without proper education in finance that we all probably should have had never gotten high school or college. Um, you know, you kind of left out thereto wander on your own and navigate your own way. But nowadays there are a lot more resource. It is available for navigating this stuff. And, you know, it's interesting I've read about are actually listen to an audio book about 54 to about 54 audio books on finance in the last two years. So prior to that, I mean, I had some knowledge, but I didn't really know. You know, what really went on in the finance world and and you really do kind of get beat up. I mean, even more than you might realize
Alli:
02:18
well and even just the language, you know, if it's not something you're familiar with, the fact that it's money and it's words that I don't get, you know, it just makes this whole big, scary thing to even consider wanting to spend time to think about. So I think it's really smart to do the podcast thing. I mean, the, um yeah, the podcasts and audiobooks. If you're just driving, like, why not? Why not learn and take the opportunity? And that's one of the best things about my job.
Steffan Weiner:
02:40
You know what? Where I I made this realization a couple of years ago, actually, uh, hanging out with some friends, my wife's friends and, uh, you know what one of ah one of them pointed out to me or that asking, What do you do on these really long drives? You know, I was telling him I drive an hour and 15 minutes each way, and I told them, You know, I don't know what I listen to. I was like Ryan Seacrest on the radio. I don't know about my finger around. Why listen to some tunes I don't know. And, uh, they said, you know, if I were doing that, I would be spending my time educating myself. Uh, I'd be learning a new language or something. I I I said you know how you're really right. Um, I should be educating myself about something. I guess what I really have an interest in it is finance and, man, it was a shock to find out what? What I with regard to the way finances work in the the way Wall Street is kind of designed toe. Get it? Really? If you don't know any better, you really find yourself in a lot of trouble there. So, yeah, I found that spending my time educating myself during those drives was invaluable to me. Really changed my the structure of my life for the better. By doing that,
Alli:
04:06
that's so true. And you know what? It's I kind of came to this realization that when I make my schedule, um and I don't have like, if I don't have a lot of travel days in my week, I just kind of get in a to a routine and like go, go, go. But on days that I'm actually stuck in my car for you, No good. Two hours, and I'm listening to these podcasts and learning that it really does change my it changes my world because it changes my mind set. It kind of resets me. It gets me like thinking about new ways to be creative, new things to do, you know, different, different things that I probably should be doing. And it's honestly, it's just those two hours of sitting still, you know, listening to someone who's smarter than me. And so now, like me and Ford from last week, I told my husband was like, I need to have more days in the car so I don't get into that rat race of things but actually spend some time in reflection. You know? It's huge. So tell me about what do you do besides working in the prison? I know you're kind of doing some extra stuff. So tell me about that.
Steffan Weiner:
05:05
I always appreciate a nice side hustle. So for additional income Yes, I do. Ah, Surveys II basically, uh, went online, and I found lists that of ah, uh, places with that that have medical surveys that you can complete. Now you can complete thieves is a nurse to you don't have to have a D a license. All the surveys tend to pay you more if you. D'oh! But any medical professional, uh, you know, they can go online and get extra pay answering questions about medical devices or drugs, things like that, which is a really nice side benefit.
Alli:
05:44
So I want to move into, um So you guys there are doing well, you and your wife urd or make money and doing well, But why do you, um let's dive into, like how you're how you're doing well and sustaining and how you're saving how what you're making. I would love to talk about that.
Steffan Weiner:
05:59
Sure, absolutely. As mentioned, I make about three times with most nurse practitioners make and what Ah, typical psychiatric nurse practitioner makes working at the prison doing the overtime. Um, and I can't get into real specifics here. I'm contractually obligated not to, unfortunately, But you guys Congar Gle that I'm sure get some idea, um, is my wife and I. She's a 34 year old physical therapist, and I'm a 38 year old nurse practitioner, and we actually achieved a $1 million net worth in December of 2019. Ah, and that figure includes all debts, including mortgages and the value of our house and you didn't get here simply because of high income Bo. It's a common misconception that people make with people who are doing really well. A lot of this was about being very frugal and investing wisely. Um, and we also paid off debts aggressively by working overtime. Really, anyone can acquire high net worth. Most people point to my high income, as I mentioned, but the reason I'm able to acquire wealth at such young age, it really had to do it. Frugality. If I had to 0.0.1 thing, making a lot of money doesn't hurt. But I can assure you that that that's not the only reason most people think they have a learning problem when in reality they have more of a spending problem. Um, and frugality, uh, early on in your career is the key to success because it allows your money to compound over time from your investments and, uh, saving at least 20% of your income for investments, including retirement savings that will make you rich.
Alli:
07:49
I believe you're listening to this podcast because you are interested in learning what opportunities are available to you or you're curious about what your future could hold. One thing I've learned over the past few years of my own professional development is time management that is reflective of my priorities and values. And let me tell you something. Grocery shopping for my family of five used to be a huge waste of time and energy. For me. Maybe grocery shopping is therapeutic for you and brings you joy. But if it doesn't, then let me help you optimize your calendar. Right now, I have been using insta cart for years and maybe their biggest fan. I can order groceries from all of my favorite stores and have them delivered to my doorstep within just a couple of hours. The best part is that each store will save my lists and then ordering becomes even easier. I can shop all the sales and see my total before a check out. Time management and budgeting has really never been easier for our in professions listeners. Insta Card is offering free delivery on your first order over $35. Just Goto are in professions dot com forward slash insta cart, which lets insta cart know that I sent you and help support this show. There are multiple stores available, and you can shop all of your favorite stores in one single order. You can chat with your shopper to add things you forgot or make substitution is that any of your items are sold out. Insta cart highlight steals to help you save money. And believe me, shoppers do pick the freshest produce and keep your eggs safe, too, and you can tip your shoppers accordingly. So Goethe or in professions dot com forward slash insta cart to get free delivery on your first order over $35. That's our in professions dot com forward slash insta cart. So in terms of being frugal, what besides that investing and things are available to you, what other things have you guys been doing to be frugal that you think most people are doing?
Steffan Weiner:
09:44
I tend to buy in bulk. I tend to go to, um and and I buy a lot when, uh, things were cheap. So, for example, when Toys R Us had a going out of business sale recently, I spent about $3000 buying as many toys as I could, not just for my son, who was soon to be born but also for future kitty gifts, you know, because my son is gonna be going to birthdays that were around that age when people are so I don't have to drive to the store or not the waste to get asked to drive to the store. I don't have to spend the time. I
Alli:
10:19
don't stress out the day before you. It's party time
Steffan Weiner:
10:24
and and I also tend to buy in bulk on Amazon. We used honey, actually, Um, so, uh, that honey will tell you a history of, uh, the price of certain items. And we'll tell you the cheapest item of a specific item that you're looking for on Amazon or other websites as well. But we usually use I Amazon. That's why I mentioned our, um is other sites, like honey out there as well. Oh, it essentially let you know if there's a big price drop in something. And when there is a big price drop, we buy in bulk. We have storage. So we buy a whole lot of stuff for cheap. And
Alli:
11:02
that is so smart. Yeah, things you know you're gonna need, like, toilet paper and
Steffan Weiner:
11:07
paper. Absolutely. I have so many paper towels in the garage right now,
Alli:
11:14
but I'm gonna need your address, because when you know when Armageddon comes, I don't want to spend.
Steffan Weiner:
11:20
Oh, yeah, I got the hook up. The canned goods were good for a long time. So
Alli:
11:25
So you guys must have one awesome budget. So is this is something that you guys maybe put on the calendar in a month at a time. You'll sit down and review everything or tell me just a little bit about how that works for you guys.
Steffan Weiner:
11:37
So we do budget? Um, I would say, Ah, every six months or so, we tend to sit down and look at our cash flow. Ah, and and we, you know, see what's coming in. We see what's coming out. And, you know, frankly, a budget is more or than just riding out your expenses on things and getting a picture. Although that help us, well, it's good to do that, but it's more than just getting a picture of what's coming in. What's coming out. Um, it's all so you know, determining what you're going to spend on certain items and limiting yourself from exceeding what you say you're going to spend on certain things. Um, so, yeah, that's a really important part of being frugal. But at the very least, I recommend doing this, uh, once annually and see what you're spending money on.
Alli:
12:29
Some true, because I think we do those, you know, especially with Amazon, Like, couple dollars here. A couple dollars there and before you know, it's like, Well, where did all the money go? I still have to pay for, you know, these things that are mandatory for life, Not just fun stuff. So and that's actually a process. My husband and I were working through it. Now we use the APP. Um, you need a budget, and so you can actually put in. Yeah, I could just put in everything, allocate every dollar to a category, and as you spend you separated by category, you can see what's left, you know, And we even got to a place from like, Oh, it's the 30th. I could have to wait two days for groceries Were doing chopped episodes in the kitchen tonight. You know, just it makes it interesting. You know, I'm not I'm not as good at doing it as he is. Um, but yeah, definitely. for those little things that you just get in. You're not thinking about it forces you to think about your money, and it's, you know, when you're using a card, you don't feel it as much so that it really helps. You kind of keep track on.
Steffan Weiner:
13:25
I'll mention, you know, it's really important to do this when you're young. It's so much more important to do this when you're young than when you're older. Because I am calm. Pounding is so important, essentially the mount, uh, that your money can increase on, and then it compounds on top of itself In the stock market you on average, they say it increases 7% per year. Well, that should cause your money to double every 10 years. It's so much more important to do this stuff while you're young.
Alli:
13:55
Totally, absolutely. And that's kind of something for anybody that's listening that doesn't even know where to start. I know Stephan, you're gonna give us kind of some some tips in a minute, but, um, Dave Ramsey, if you guys have heard of Brands e solutions, he's got some amazing materials. That, like, makes it real simple and lays it out for like the super basic beginner type person who is very uncomfortable with finances. Ramsey solutions. And they've got books for kids, young adults, teens, any area of life really, really important for married couples. You know, have ah have a conversation about it. Obviously,
Steffan Weiner:
14:27
one of the best quotes I've heard about him, um was that he's really good for people who are bad with money and really bad for people who are good with money. If you're really reckless with your spending habits and you and you got a lot of credit card debt Um, yeah, Dave Ramsey's definitely the way to go. But if you're relatively responsible, I there there are some other recommendations I might make such a cz, the white coat investor, uh, books in the website, uh, it was actually designed for physicians. Originally, they've actually accepted high earners from all categories now, and even spouses of physicians or other high earners. You know, there's a Facebook group on this website and they have, ah couple of books actually better that have found extremely helpful to, uh, learn how to create a, uh, portfolio and kind of construct my financial life with regard to insurance and things like that that that may otherwise cost you a lot of money if you don't know how to navigate properly.
Alli:
15:32
Yeah, thank you for making that clarification, too. I think you're so right in that, um, you know, there's a difference between having to manage debt and then coming into a role where you've got money and you want to invest it wisely. And I think it's a unique goods. A good clarification there. I just want to ask you another question, you know, as were kind of coming to a close. If you could go back in time to Stephan as a nursing student, what would you tell yourself?
Steffan Weiner:
15:58
So the first thing I would have told myself is that you don't have to be a nurse, a nest that to be successful financially. A lot of new nurses think that, and they go into nursing school thinking this is what they have to have to do in order to make a lot of money in the nursing field. Um, I wish I had known that I could be a psychiatric nurse practitioner. I would have never flown all the way out to New York in the first place. As I mentioned, I would have saved me a lot of headache. Um, another important lesson. Eyes that it doesn't matter much where you go to school to become a psychiatric nurse practitioner or any other, uh, you know, profession. Frankly, unless it's something very specific, like law degree or someone I have in the nursing field, it really doesn't matter. Education is what you make of it. Uh, you get out of it, what you put in, you know, the school. It's self matters. Little the cost sure matter. So, um, the size of your loans can seriously impact your future. And I had done well in school, so I had some great options when I was, uh, looking at nurse Practitioner School. Um, so I could have attended, you know, some prestigious schools like N Y. U or Columbia. However, I looked at the tuition and living expenses associated with the schools like that, I would have been $200,000 in debt, didn't make any sense s. So I decided to come back to California, and I went to Cal State Long Beach in 2011 for about $25,000 my income is higher than the vast majority of those who attended very prestigious schools. Eso It turns out nobody gives it em where you graduate from at all. Um, and all all they really care about is that I can't describe it. I diagnose competence competently. Um, additionally, uh, came out of school with no loans and had some money left over to start investing. On top of that, um, I would tell myself to read and listen to audio books on finance early on. The sooner you start learning about this stuff, the sooner you can retire and the more stable your life's gonna be. Um, I have listened to you approximately 53 year, 55 finance book somewhere in there during my commutes over the last couple of years. Ah, and they say that reading your first investment book is worth about $2 million to you. After reading many books like these, uh, I fully believe this to be the case. If you don't read books like this, you won't know anything about how money works. Honestly, the financial world, including most financial advisors, will burn. Burn? Yeah, pretty badly, without even without you. Even knowing it. Most people won't take this advice because they find the topic boring or and it makes it, uh It takes a bit of effort to learn this stuff, but no more effort than listening to this podcast right now, however you can do in the car. I would also recommend spending time on a white coat investor website and getting involved on white co investor Facebook Group.
Alli:
19:20
I'm super excited to look at that, and I will link to all those books that you've mentioned so that every has a chance to find those. It's really interesting, Stephan, because it sounds like you had successful parents that were, you know, professionals and giving you wisdom like, Don't go into this. Don't go into this, But try this. And, um, it's kind of like this full circle story where you had this goal If I wanna have 100 K a year and then that dream was crushed just because this whoever Yeah,
Steffan Weiner:
19:47
well, you know, as it turns out, I I'm really I think I was right. I would be insane to look for a job that was $100,000 per year. I would never take that
Alli:
20:01
have him crush your dreams, you know, And it's just funny because it's like he's thinking this is some silly goal. But that's why we get a job anyways, right is to make money and earn a living, and we also get to help others while we're doing that. So I just appreciate that you were so willing to, um, to live through the quote unquote failure of not not realizing your dream of nurse and messages. You know, I'm not fitting well into that, you see, But pushing Ford reflecting back, asking your friend like what? You know what's going on? What? What are we going to do? What we're gonna do about this? And I think that that in that situation, a lot of people can isolate themselves and drawing and just say, Well, maybe I'm just not, You know, maybe I just I'm a failure. Maybe my dreams are not meant to come true, but it sounds like you really sought out wisdom and and that you were had this opportunity to come learn about a new role. Okay, well, let's go look into that and then just taking the responsibility on, um, you know, growing yourself and and being responsible with all of your earnings and making it a good situation for your wife and your child. I mean, it's just amazing. And I'm I'm really glad to have you on this podcast to share that story. Share your rule is a psychiatric nurse practitioner within the prison system because that's such a unique job that I don't think many people keep in mind. Um, I think is really interesting what you're doing, and and I'm glad that you took the time to talk with us about the investing because it's it's such a huge part of, um of being an adult, right, and then just keeping your eye on how California is changing things and what to be aware of. And and I'm glad to be able to share. All these resource is that you provided with the listeners because I think that I think they will get a lot about it a lot out of it, because I know there's still a lot of questions around, um, around, you know, investing and saving wisely and paying off debt in. And I'm glad that you've kind of gone through that for us, so that you can give us some of the best books out there. So seven, thank you so much for coming on. And it's
Steffan Weiner:
21:55
my pleasure. And, you know, if you want, I'm happy to answer any questions people might have for me. Personally, I don't mind at all if you weaken, leave my email address, uh, on that link as well, along with the other links as well, if you like. If anybody's interested in and kind of learning a little bit more about how to structure your financial life or or, you know, located under control,
Alli:
22:21
Yeah, that would be so helpful. Maybe you'll do that with, you know, you're you're gonna cut it down to 50 hours weeks made with those extra five
Steffan Weiner:
22:30
extra. Sure Find time,
Alli:
22:55
if you haven't yet. Please subscribe to the RN Professions podcast. Follow me at our end professions on instagram and please join in on the conversation. We've got a lot to talk about, and if you would like to be on the podcast to share your specialty and nursing journey way, love to hear it. Please connect with me at Alley at our in professions dot com. That's a L L. I at r and B r o M e S s i o n s dot com Thanks for tuning in.
×

Listen to this podcast on