Who earns more: nurse practitioners or ultrasound technicians?

When you’re planning out your roadmap to wealth, it can be the height of prudence to be conservative and rational with your decision making process. For many, this dictates in early venture onto the career path, even though there ultimately goal may be building and maintaining their own business rather than working for others.

With this in mind, I decided to do some investigation into two popular and wealth-creating careers to see which would be the best fit for a young up and coming business person. The two career paths are both in the medical field — which we all know is one of the fastest growing industries in the world thanks to its abundance of need. They are: nurse practitioners and ultrasound technicians.

Nurse practitioner is a great choice for a young person looking for a challenging, practical, rewarding and high pay career. Judging from these figures, nurse practitioner earnings average over $90,000 per year with a per hour of nearly $45(!). Granted, you will likely be forced to accumulate some debt to make it through school and will also have to go through a period as a protege or intern, but nonetheless once that is over you have a solid and high paying medical career in your pocket to grow from. You face a lot of challenges in your day to day life with this job (dealing with egos, patients) so this may not be for everyone from a personality standpoint, however.

Ultrasound technicians are another up and coming job in the medical field. Though decidedly less lucrative than nurse practitioner — the mean pay rate for ultrasound techs  is $66,000 per year ($31+ hourly) — this is still an attractive career. The pay is relatively high and you have potentially more job security since your performance is evaluated by your ability to accomplish a technical task rather than your ability to ingratiate yourself with a physician. This is something to keep in mind when planning and researching. Either way, I hope you’ve found some good info here to get you on the right health care career track.

All  facts, figures, and information on medical industry pay rates in this article comes courtesy of HealthCareSalaryWorld.

Business First: Keeping a Low Cost of Living

business hobo

If you watch television and/or live in an extremely nice neighborhood, then you know what the typical cost-of-living is like. Maybe a two-story house, a few cars, a big family-sized TV with all the gadgets and packages to go along with it. Maybe you dine out every weekend or splurge on some clothes for your beautiful wife that will leave you if you don’t get her the prettiest outfit possible. Whatever your conception is of the “normal” life that you are burdened to follow, throw it out the window.

Nobody should tell you how to live your life or what to spend your money on. Just because you see other people get drinks after work every day and dine-out at the nicest restaurants does not mean you need to as well. Think of it this way: every ounce of suffering you cause yourself now by saying “no” to all the little expenses (dining out, clothes, movies, etc.), they will all come back to reward you later on down the road. To over-simplify things – live like a bum!

If you live like a bum and really survive on the bare necessities; imagine how much money your could save. But like I said on the “path to luxury” piece, it’s not going to be easy. So many of us are accustomed to systematic expectations; like dining out on the weekend with the whole family, that we lose sight of the necessities. You don’t NEED to eat the most expensive restaurants, or drive the fanciest car. What is the worse that will happen?

Most people fear the social oppression. Your co-worker looks at you pulling up in a beat-up Honda Civic with a crack window and a leaky exhaust, and scoffs at how “financially superior” he is than you. But is that the truth? No. You’re the smarter one. By avoiding unneeded expenses and luxuries now, you set yourself up to bring ALL of it back in to your life later on down the road.

This is a very simple concept, but is perhaps the toughest of them all. When I mentioned discipline as being a key component to your “path of luxury”, this is exactly what I meant. It takes lots of discipline to say “no” to impulsive spending habits and little flurries of splurges, but when you do, it’s going to feel so much better in the end. Think of it like running; you try to fight it and avoid it at all costs, but once you step outside and start going, you feel so much better. Your priorities shift, and that shift changes your mindset on your life. It’s a powerful thing, and not an easy concept to execute, but it separates the weak from the strong.

Investments: Putting it all together

cash

If you put all the information in the last blogs together, hopefully you can get my message. The path to luxury is a road that many attempt to travel upon, but most don’t make it to the other side. With that said, if you can stay disciplined, avoid impulsive spending, and really learn to prioritize what you NEED from what you WANT, then you can at least figure out where to go.

Now, that’s just it; you can figure out where to go, but now it’s about getting there. We all want to rich and live a luxurious life style. It seems like fantasy, but it’s more realistic than you may have imagined it. The biggest element in your possession now is time. You have the discipline, you own everything you have, you’re living off bare necessities and not letting your scoffing co-workers bother you about your beat-up Honda, and now is when you start building – building for the future.

You may wonder if this whole “path to luxury” thing is all about preparing for the future; if this is you, then you are one smart person because it is! You also may be wondering on how you’re going to be a millionaire exactly. You’re saving more than you ever have been, but you’re still not driving Lambo’s or anything. That’s because you need to start investing. And when I say “you need to invest”, I mean right NOW! Right this instant!

Now is where the magic happens: If you invest $2,000 a year ($167 a month) at a 12% interest rate at age 19, but stop investing in 7 years (age 26), you will be a millionaire by the time you are 58. That may seem like a long ways away, but compare that to this: you invest the same amount at age 27 and don’t stop investing this amount until you are 65 years old. Even with a non-stop investment plan, you won’t be a millionaire until you are 62. Even then, at age 66: The one who invested earlier will be at 2.2 million while the latter investor is only at 1.5 million.

This is the power of investing EARLY! Even if it’s not $2,000 a year, or at a %12 interest rate, you need to start investing now. But hold up! You can only do this if you are dedicated and disciplined. Your discipline is what holds the ground under your feet, and keeps you from falling on this bumpy path to luxury. Are you ready?

Debt-Free Finance: Owe Everything

debt clock

To many, credit cards are our best friends. They give us the things that we want without losing anything, or so it seems that way. If you read my last blog about how the only thing standing in your way of being rich is yourself; I should tell you that I lied. There is one thing that will derail your path; not just derail it, but completely obliterate it – debt. Debt is the reaper of dreams and luxury. Now, to the regular person, it seems obvious, “avoid debt, yes, I know”, but when we get put into the situation where we really want that brand new car or that brand new gaming console, we act on impulse and we buy it when we don’t have the funds to back it up.

When on this “path to luxury” (it has a good ring to it), there is a very important step that you must take. You need to take a look around you, and list off the top ten most valuable things that you own. Then, ask yourself whether or not you REALLY own them. Actually owning something does not mean “in the process of paying it off”. If you’re paying something off, you might as well just be renting and paying rent on it because really, somebody else owns it. If you took out a loan on a car, the bank owns it. Maybe not technically, but that’s how you need to think of things from now on. Everything you own, you REALLY need to own.

So why? Why is this? In America and many modern societies, it has almost became a norm to have debt. “Debt is a regular part of life”, is what I was told growing up. But no, that’s not true.

Debt is the easy way out of things, and if you remember, the path to luxury is extremely bumpy; there is no “easy way out”, so therefore, debt and credit cards is NOT the path to luxury, but what it is, is deceitful.

I used to have a neighbor that would drive up in a brand new Hummer about every other month. A different model, a different color, a different size, every other month. I used to think of him as a role model; someone who I really aspired to be because I wanted to own that many cars and have as big of a pool as he did. However, one day I came home and everything was gone. The IRS took it all away: his cars, his house, and even the majority of his valuables. He was in so much debt that he had no way to pay it all off. All of those hummers that he had, weren’t his. He thought they were, but they aren’t.

That’s why it is SO important that you own, really OWN, everything that you have. Don’t put things on your credit where you have “imaginative” money, because that path is so much more slippery than the path to luxury. That path may seem nice with apple-trees and a white picket fence, but a few paces in, the storm clouds move in and it darkens.

Wealth Management: Keeping Your Investments Safe

under construction

When you’re on your path to wealth it’s of the utmost importance to maintain a realistic appraisal of your portfolio. The current rage in London, New York, Frankfurt, Zurich, Dubai, and every where in between is to focus on paper or computer wealth. Numbers that exist only in paper and on a computer monitor. When it comes to building real, sustainable, wealth, you need to make sure that your investments and your activities cross over into the physical realm. Not all that glitters is golden, after all.

That’s why it’s necessary to pursue projects and investments in the real world. From construction, to real estate development, to infrastructure projects, your ultimate goal as a wealth creator is to leave lasting remnants of your activities on this planet and to provide lasting evidence of your participation in the economy and great activities of human kind.

In a financial setting, you might protect your assets with insurance, call options, and certain derivatives. While these type instruments might be available on real life projects in some instances, you need to make sure to physically guard your real world development projects. For construction safety management services, Intuitive Safety Solutions has been my go-to provider in years past and likely will for future instances.

What you’ve got to realize about these type activities, is they have much more instrinsic value than stocks and bonds. Say everything goes south with civilization, whatever wealth you have on paper or in the computer will become worse than worthless. But a bridge or a house or an industrial building still has loads of value. In fact, its relative value will become even greater since the paper wealth will have evaporated. The comparative purchasing power of your factories and infrastructure projects will be greatly increased.

Just remember that on your road to wealth, sometimes you have to pave it yourself.

Financially Paving Your Path to Wealth

luxury villa
Most, if not all, of us have the desire to become extremely wealthy. We want to wake up in the morning have other people make us breakfast, pick out our outfit for the day (out of the thousands of possibilities), and choose which Lamborghini you’re going to drive. Unfortunately, that ultimate goal does not come easily, which is why so few people actually make it. But don’t be mistaken, it’s achievable, but not without a lot of hard-work.

Believe it or not, most people don’t become rich from not doing anything. Most of us think the mass majority of billionaires today just inherited it all from their late, great ancestors, but that is far from the truth. Around 80% of billionaires today are first-generation billionaires, which means they are the first ones in their ancestry to achieve that level of wealth. So what does that mean exactly? People work for their luxury, and they work damn hard too.

Yes, there are the few that win the lottery and get to live comfortably for the rest of their lives, but you can’t count on that happening to you. The quickest way to become rich is by first accepting that you’re going to have to work your tail off, inside and out.

The path to luxury is a very bumpy road that is going to put you through massive ups-and-downs, so if you’re prepared for them and know they’re coming, then there is a much better chance you can arrive at your destination.

On top of expecting difficult obstacles, one must be disciplined. There is not a rich man alive today that doesn’t know how to control his/herself; if there was, he/she wouldn’t be rich for much longer. In order to stay in control of your money and wealth, you must take a hard look at yourself in the mirror and realize that the most likely person to derail your chances of luxury is yourself. Your own being is the one that will try to get you to spend money when you don’t have to, the one that will tell you to quit and give up, and the one who will tell you trust people whom you shouldn’t. You are standing in your way from being a billionaire.

Like I said, the path to luxury is an extremely bumpy road with twists and turns, but if you can just stay true to your senses and keep chugging along, you WILL make it there. There is no easy way to get rich, if there was, everyone would be rich by now. But the problems lie in yourself, not with other people. Hard work and discipline will get you to that desired destination. If you don’t have the ability to work hard and be disciplined, then you either figure out a way to change so you do, or you might as well kiss your dreams of luxury good bye.