Smart investing can lead to financial freedom, so a traveling nurse may wish to take steps to educate herself on best practices for a secure and comfortable retirement.
Investing can be an intimidating process, but it can also provide financial reward. Many investors should take stock of their financial situation before deciding which financial play book they would like to follow. An investor in his 20s or 30s is in a much different situation that someone who is nearing retirement.
For those looking to amplify their income by investing, many traveling nurses should start with a low risk method, such as a 401k account. The earlier a nurse starts a 401k, the greater her savings will grow. For example, a 4 percent increase of savings of $100 is more than a 4 percent increase of a savings of $80.
A traditional savings account is another key investment for the future. Starting as early as possible, try to save 10 percent of an annual salary. A savings account is a low risk investment, though it does not grow very quickly.
For investors looking for higher risk with a larger potential reward, there are long and short-term investment stock funds to choose from. The world of investments can be scary yet highly rewarding for a traveling nurse looking to supplement his income savings.