A basic premise of investing is to sell high and buy low. That premise generally goes against our gut urges. Human nature has a strong urge to sell your investments when they are not doing well especially when they don’t do well over a long time. Creating a plan for investing in stocks and bonds helps balance our gut urges.
Can you imagine a generation of nurses who graduate financially savvy and investment smart? My undergraduate nursing program and my recent graduate nurse practitioner program had ZERO information about personal finance much less investing the money we’d be soon making. We just learned how much student loan we would get with the promise of TONS of good-paying jobs for nurses. Reality is I graduated with too much student debt and no financial advice from my nursing programs.
Often people end up living this way because they don’t know anything different, and this is how their parents and family have always lived. There are no current surveys that I’m aware of that examine nurses and their money habits. I would guess that nurses save pretty similar to the average American. And that’s SCARY!
I had no idea how the stock market really worked except lots of people would buy stocks and then hope to sell them for more than they bought them for. I remember my parents and relatives occasionally doing business with a stockbroker when I was growing up. The impression I got was that the stock market was risky and usually an educated guessing game and that my parents did not do very well at it.