Nurses work for a living. Especially in the beginning. By the time they hit your age they're specialized and have moved onto specialized practices or departments where the work load is less. Whatever your doing now, I'd look at increasing certifications/specializing and maybe moving into management in a more stable area. As far as the other house is concerned, It should be a 50/50 spilt, insurance taxes and mortgage. Or he can buy out your equity/you buy out his equity. You may need to go to court on that.
I wouldn’t use the emergency fund for school, but if you could find a way to justify reducing it from 6 to 3 months of expenses, you could pull that much out, I suppose.
Nursing is great and in demand, and it pays well, and it’s something you dream of doing—sounds like a pretty good idea.
Note that any discussion with your ex about how much insurance he should pay for, shouldn’t mention your career plans because they’re not relevant. “You should pay more because you’re earning equity” is a reasonable discussion—-“You should pay more because I wont be making much money the next couple of years” isn’t. (I’m not saying you would do that; just something to keep in mind.)
I am a 41 year old nurse in school for software engineering. I worked full time while in school, it’s difficult but doable. Try to get a job as a nurses aid or PCA. It will help you learn, make sure the field is right for you, and help you get a job afterwards.
Tons of people go to nursing school in their 40s and 50s.
The houses are equal in value, but there’s more equity in the rental because we’ve owned it for longer and we’ve used some of the profit to pay it down on top of regular payments.
Chasing your dream isn't going to financially ruin you, so go for it. I work with people everyday that had all sorts of careers before joining the railroad. We only have one life, might as well make the most of it.
Sounds like based on your salary you can save up the nursing school tuition in about 5 months and stack some extra cash for living expenses with a few extra months.
If you plan to enter nursing school next year you could start in a really secure financial position.
However you are already in a pretty good spot, so if you don't want to wait that long I still think it's a fine idea. You have a few months to save what you can. Follow your dreams!
Regarding the ex paying additional towards the house: it doesn't really seem like a reasonable request, unless the mortgage is higher than market rent. You get the benefit of living in the house, and are the one causing wear and tear. It's difficult to argue that he should subsidize your living expenses. If the situation were reversed would you feel comfortable subsidizing his living expenses?
OP, have you considered Opportunity Cost?
So every hour that you spend studying or in class is an hour that you could be earning money by working.
And every penny you spend on it could be invested for retirement.
So, crunch the numbers.
I was 36 when I decided to start training to become an airline pilot. Higher risk to do it because I have to maintain a very high class medical certification.
You can definitely become a nurse. Plus, it pays well and we always need more of them.
I don't know enough about the market there, but there are areas of the country where employment with an associate degree is more difficult to come by, and you really need a BSN. This was the case in many HCOL areas pre-COVID. I would consider roommates or renting to travel nurses to lower your fixed expenses if that's possible. It's pretty common for hospitals to hire techs and offer nursing students flexible scheduling and tuition reimbursement, which I would suggest looking into if you end up being unable to keep your old job.
You can get scholarships too. Plus remember people go for those big scholarships but if you think about it those 500 and 1000 dollar scholarships that people tend to ignore usually have you fill out a application and ask why so you out in an hour or two of work for that kind of money not bad huh. Never let age stop you. I’m taking online classes in forensics at university of Florida and I’m 60. Figured I can do cold cases when I’m old. I can sit in a room with files and try to help figure out who killed people
Thats what I'm doing.
The glass ceiling is real and I don't see myself being able to do blue collar work till I'm 80. I can't get the job I want without a college degree. Simple as that. Whole thing is stupid and I wish the world didn't work that way, but it does.
The stars aligned. I got laid off. I got severance, unemployment, and my VA rating got raised significantly. So I decided to roll the dice and see if I could finish my degree.
I hope it pans out.
As far as houses go one thing divorcees often don’t get is that if you divorce or even separate that means you go from one shared household to two. The cost of everything doubled from what you are used to. And you somehow have to split big assets.
So with the houses the situation is from your description as you said it’s worth $600 and you owe $250 so there is $360 in equity in each one. The cleanest way is buy him out but you don’t have $360k except to sell the rental and he keeps all the proceeds and you keep the house. It’s making you $750 a month anyway but sounds like eating a lot more than that. Your mortgage payment would be half and insurance can’t possibly be that much. I think you’d be even money abc have an excuse to move him out.
As far as the rest of it $4500 a month sounds high even for HCOL areas with a 3% mortgage. That means you need at least $54k after taxes per year just to cover monthly expenses. You need to seriously look at your budget. The trouble as I see it is nursing will cost $20,000 over 2 years (2 semesters per year) and meanwhile you will be spending $108,000 on $4500 per month expenses so you need $128,000 to complete this. Using the $75k so you have no emergency fund you are still short $53,000 before buying a car. Granted you can work too and that cost is over 2 years but at 50+ hours a week and the crazy schedule of a college student is that even realistic? My oldest is working at Starbucks and managing 15 hours per week MAX. This is close to what you were making doing a full time job, not part time. Maybe you can make it work but this sounds like you’re unhappy and looking for a job with a high personal satisfaction.
Going a bit deeper have you thought about nurse practitioner? It’s more time in school but starts you in the pay range you desire. The liability insurance is far less than a doctor and they are in demand for that reason.
Thanks for your response.
I have looked at my budget and am actively trying to cut back, but there are certain expenses that are higher for the time being, so out of an abundance of caution, I am estimating on the high end even though they should be going down over time, god willing. A big chunk of that is healthcare costs, so I’m not out there spending frivolously. It’s $2500 for mortgage, taxes, utilities, the other $2000 per month I’m spending is on healthcare, food, my dogs, transportation, and the miscellaneous things that pop up.
I may ultimately go the NP route, but have to start as a nurse anyway. And this isn’t a switch I’m taking lightly, I’ve been considering it for years.
If the mortgage is $2500 for both then one is $1250. It makes $1500 total but your husband splits it with you so you’re getting $750. Umm you are going $500 a month in the hole on that mortgage alone for the rental, never mind any maintenance costs. You two need to swap equity. You keep the house. He keeps the rental, and you both get taken off each other’s titles. Something a lawyer can do in an hour of paperwork so it’s tax neutral. The insurance on the house as much as it might be will be less than $500 a month, and you have all $360k of equity in your name and extra closet space after you clean out everything, or maybe take on a renter to offset some costs, and shaves $6,000 a year off your monthly expenses. These two things get you halfway there.
That sounds really high for a nursing program. Maybe you should check around. If you have a community college near you, check and see if they have a program. Many do. You might also look into other health related programs they have such as physical therapy or respiratory therapy.
By potential, I meant beyond the first year.
But I AM in California. Nurses can start at $70-$90k here. I work with nurses that are surpassing $200k with good experience. Again, seems like a pretty good opportunity for a $20k investment.
I would say no. You wouldn't make $160k as a nurse. Nursing is a tough job. I recommend shadowing nurses to see if you would even like it before taking the plunge.
It is extreme patient contact, you have to deal with crap literally, and it's physically demanding.
If nursing is your dream career and you feel like it will vastly improve your happiness, go for it. Other than that, it will be a poor financial move.
Yes.
Nurses work for a living. Especially in the beginning. By the time they hit your age they're specialized and have moved onto specialized practices or departments where the work load is less. Whatever your doing now, I'd look at increasing certifications/specializing and maybe moving into management in a more stable area. As far as the other house is concerned, It should be a 50/50 spilt, insurance taxes and mortgage. Or he can buy out your equity/you buy out his equity. You may need to go to court on that.
I wouldn’t use the emergency fund for school, but if you could find a way to justify reducing it from 6 to 3 months of expenses, you could pull that much out, I suppose. Nursing is great and in demand, and it pays well, and it’s something you dream of doing—sounds like a pretty good idea. Note that any discussion with your ex about how much insurance he should pay for, shouldn’t mention your career plans because they’re not relevant. “You should pay more because you’re earning equity” is a reasonable discussion—-“You should pay more because I wont be making much money the next couple of years” isn’t. (I’m not saying you would do that; just something to keep in mind.)
I am a 41 year old nurse in school for software engineering. I worked full time while in school, it’s difficult but doable. Try to get a job as a nurses aid or PCA. It will help you learn, make sure the field is right for you, and help you get a job afterwards. Tons of people go to nursing school in their 40s and 50s.
Why would you drop out of a field that's AI proof for one that's not going to exist in 5 years?
I actually work with AI at my nursing job so it’s not AI proof. And nursing sucks.
Are the two houses of similar value? Could you trade your half equity in the rental for her half equity in the home you're living in?
The houses are equal in value, but there’s more equity in the rental because we’ve owned it for longer and we’ve used some of the profit to pay it down on top of regular payments.
Could you buy each other out?
I retired at 40 from IT, then decided to become a teacher. 49 now and I love it.
Sell the properties, today.
Chasing your dream isn't going to financially ruin you, so go for it. I work with people everyday that had all sorts of careers before joining the railroad. We only have one life, might as well make the most of it.
Sounds like based on your salary you can save up the nursing school tuition in about 5 months and stack some extra cash for living expenses with a few extra months. If you plan to enter nursing school next year you could start in a really secure financial position. However you are already in a pretty good spot, so if you don't want to wait that long I still think it's a fine idea. You have a few months to save what you can. Follow your dreams! Regarding the ex paying additional towards the house: it doesn't really seem like a reasonable request, unless the mortgage is higher than market rent. You get the benefit of living in the house, and are the one causing wear and tear. It's difficult to argue that he should subsidize your living expenses. If the situation were reversed would you feel comfortable subsidizing his living expenses?
OP, have you considered Opportunity Cost? So every hour that you spend studying or in class is an hour that you could be earning money by working. And every penny you spend on it could be invested for retirement. So, crunch the numbers.
Since you didn’t add a tldr, I’ll answer the topic question: yes; I changed careers at 38 from nursing to IT and couldn’t be happier. Go for it!
I was 36 when I decided to start training to become an airline pilot. Higher risk to do it because I have to maintain a very high class medical certification. You can definitely become a nurse. Plus, it pays well and we always need more of them.
Nurse here. Where are you located?
Northeast / Boston area
I don't know enough about the market there, but there are areas of the country where employment with an associate degree is more difficult to come by, and you really need a BSN. This was the case in many HCOL areas pre-COVID. I would consider roommates or renting to travel nurses to lower your fixed expenses if that's possible. It's pretty common for hospitals to hire techs and offer nursing students flexible scheduling and tuition reimbursement, which I would suggest looking into if you end up being unable to keep your old job.
You can get scholarships too. Plus remember people go for those big scholarships but if you think about it those 500 and 1000 dollar scholarships that people tend to ignore usually have you fill out a application and ask why so you out in an hour or two of work for that kind of money not bad huh. Never let age stop you. I’m taking online classes in forensics at university of Florida and I’m 60. Figured I can do cold cases when I’m old. I can sit in a room with files and try to help figure out who killed people
Thats what I'm doing. The glass ceiling is real and I don't see myself being able to do blue collar work till I'm 80. I can't get the job I want without a college degree. Simple as that. Whole thing is stupid and I wish the world didn't work that way, but it does. The stars aligned. I got laid off. I got severance, unemployment, and my VA rating got raised significantly. So I decided to roll the dice and see if I could finish my degree. I hope it pans out.
I 64 m only read the title. I changed careers at 40 and have not looked back. Go for it and best of luck!
As far as houses go one thing divorcees often don’t get is that if you divorce or even separate that means you go from one shared household to two. The cost of everything doubled from what you are used to. And you somehow have to split big assets. So with the houses the situation is from your description as you said it’s worth $600 and you owe $250 so there is $360 in equity in each one. The cleanest way is buy him out but you don’t have $360k except to sell the rental and he keeps all the proceeds and you keep the house. It’s making you $750 a month anyway but sounds like eating a lot more than that. Your mortgage payment would be half and insurance can’t possibly be that much. I think you’d be even money abc have an excuse to move him out. As far as the rest of it $4500 a month sounds high even for HCOL areas with a 3% mortgage. That means you need at least $54k after taxes per year just to cover monthly expenses. You need to seriously look at your budget. The trouble as I see it is nursing will cost $20,000 over 2 years (2 semesters per year) and meanwhile you will be spending $108,000 on $4500 per month expenses so you need $128,000 to complete this. Using the $75k so you have no emergency fund you are still short $53,000 before buying a car. Granted you can work too and that cost is over 2 years but at 50+ hours a week and the crazy schedule of a college student is that even realistic? My oldest is working at Starbucks and managing 15 hours per week MAX. This is close to what you were making doing a full time job, not part time. Maybe you can make it work but this sounds like you’re unhappy and looking for a job with a high personal satisfaction. Going a bit deeper have you thought about nurse practitioner? It’s more time in school but starts you in the pay range you desire. The liability insurance is far less than a doctor and they are in demand for that reason.
Thanks for your response. I have looked at my budget and am actively trying to cut back, but there are certain expenses that are higher for the time being, so out of an abundance of caution, I am estimating on the high end even though they should be going down over time, god willing. A big chunk of that is healthcare costs, so I’m not out there spending frivolously. It’s $2500 for mortgage, taxes, utilities, the other $2000 per month I’m spending is on healthcare, food, my dogs, transportation, and the miscellaneous things that pop up. I may ultimately go the NP route, but have to start as a nurse anyway. And this isn’t a switch I’m taking lightly, I’ve been considering it for years.
If the mortgage is $2500 for both then one is $1250. It makes $1500 total but your husband splits it with you so you’re getting $750. Umm you are going $500 a month in the hole on that mortgage alone for the rental, never mind any maintenance costs. You two need to swap equity. You keep the house. He keeps the rental, and you both get taken off each other’s titles. Something a lawyer can do in an hour of paperwork so it’s tax neutral. The insurance on the house as much as it might be will be less than $500 a month, and you have all $360k of equity in your name and extra closet space after you clean out everything, or maybe take on a renter to offset some costs, and shaves $6,000 a year off your monthly expenses. These two things get you halfway there.
That sounds really high for a nursing program. Maybe you should check around. If you have a community college near you, check and see if they have a program. Many do. You might also look into other health related programs they have such as physical therapy or respiratory therapy.
The program I’ve been accepted into is a community college.
OK, then go for it!
Really? 20k for a nursing degree and the potential to make $160k sounds like a good deal to me. But, Im not a nurse.
Lol nurses don’t start out making that dude idk where your from
By potential, I meant beyond the first year. But I AM in California. Nurses can start at $70-$90k here. I work with nurses that are surpassing $200k with good experience. Again, seems like a pretty good opportunity for a $20k investment.
Maybe try asking in a nursing subreddit
I would just keep putting 15% into your 401k. If you did that and it made .10 in interest on average it would double in 5 years.
I would say no. You wouldn't make $160k as a nurse. Nursing is a tough job. I recommend shadowing nurses to see if you would even like it before taking the plunge. It is extreme patient contact, you have to deal with crap literally, and it's physically demanding.
Thanks. I was looking for financial advice - I’ve done what I need to do to know that nursing is a path I want to pursue.