While nurses are praised for being our front-line heroes, they need to take care of themselves and learn to be financially independent
On this week’s episode of Stocks4Docs, we sit down with Tommye Hinton MSN, RN, CPHQ, NEA-BC, a principal of Brown ePoints Leadership Coaching/Development Firm. Tommye is passionate about leadership development and achieving outcomes and enjoyed every moment of her leadership journey. She excels in nurse executive leadership competencies
In Stocks4Docs fashion, we started by asking Tommye why it is important for nurses to gain financial independence?
Why Should Nurses Learn Financial Independence
Tommye explained that nurses should start early to gain financial independence. Nursing is a very demanding field physically and emotionally. It’s never too early to begin, she says, and it allows you to retire early if you choose. Or you might choose to do something else after nursing.
Learning how to invest appropriately and become financially independent is so critical. The best time to start is before you have to worry about college tuition. But even if you have a lot of bills to pay you can still take the time to educate yourself about investing.
When is the best time to start learning about finance?
Learning to invest has to be developed just like you develop an appetite for any other pursuit. Perhaps you are pursuing a hobby or you’re going to the gym or some other self-care activity that you’ve put on your list.
How do I start?
Time is so valuable, says Tommye, so it’s best to set a goal. Choose something very specific that you can measure and achieve but be realistic. Start with a small goal rather than a smart goal. And put yourself on a timetable.
Work with a team member
Tommye advises nurses to find an accountability partner to work together toward their financial goals. People work best in a chain, not in isolation. Nurses will especially recognize this because they’ve achieved their advanced degrees and certifications by working together. By finding another person who feels the same way as you or perhaps a team of three to four other nurses, you’ll start to see results and it will fuel your desire to be consistent and persistent to stick with your financial goal. Tommye recalls as a college student how she formed groups that set goals together. But they never set a goal to become more financially literate. If they had, she says, she wonders where they would be today.
Why it’s important to Tommye
Tommye’s philosophy stems from being passionate and wanting to help others. So, sfter 50 years of being a nurse and 40 years of nursing leadership in the C Suite level for health systems in the Midwest, Tommye decided to launch her own business as an executive leadership coach, particularly for leaders of color. She felt this was the best way to go forward.
While at that high executive level, she felt a lot of isolation and loneliness. She didn’t feel as if there were any executive sponsors to help her increase or develop her skills. Tommye made up her mind that once she retired, she would take everything that she had learned and channel it into coaching leaders to become their best selves, helping them to find their way forward into excellence. Her first year she launched Brown ePoints, a leadership coaching and development firm. Its goal is to advance leadership excellence globally by providing evidence based compassionate innovative leadership coaching. Tommye makes it easy for anyone to attend because all the coaching is done virtually.
Empowerment is key
Tommye believes that empowering people, especially women of color, is important to develop certain skills and increase their personal and professional effectiveness. To develop yourself as a whole person you need to set daunting standards and goals and get out of your comfort zone. Once you know you can manage, it helps you to explore new things. Don’t put off tomorrow what you can do today. Life is very short! Financial freedom increases the quality of your life and your relationships.
How can I get started?
One of Tommye’s first pieces of advice is to keep track of what you’re spending. Everyone wants to live life and not feel deprived. But if you track what you’re spending for two to three months, you’ll see many modifications that you can easily make. Tommye likens it to weight loss; once you start to make progress with your goal, you’re motivated to do more. Start small with an S&P 500 mutual fund from a well-known bank like Bank of America or Merrill Lynch that you can put away and forget about it. Each month you deposit a few dollars into it right from your paycheck. After a while you can start to put a little more money into the account and let it grow.
Nurses can do it!
Tommye encourages nurses to become financially literate. As a former nurse herself, she knows they have the knowledge to achieve financial success. Nurses might believe that financial literacy is difficult and overwhelming, but she says it’s not. Of course, there’s a learning curve. She has even pointed out to a fellow nurse the difficult work that she does every day. If you can do that, she says, you can learn financial literacy. It’s a piece of cake compared to your daily routine. No nurse is incapable of learning about finance. It’s the way of the future. All they need is exposure and an advocate to develop the appetite and help them see small successes, improve their confidence. She tells nurses that they have the best space in their brains to get it.
Now’s the time
Nurses are by nature nurturers, she says. They teach people to make the right decisions. As healthcare nurses, they’re known for their ability to be generous and compassionate. There are so many opportunities to help others, but nurses will find that they can expand their influence to help others when they themselves are financially right. So now it’s time to help yourself, she says. Find out what you’re spending. Decide today to learn how to make financial decisions that will benefit yourself.
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Tommye Hinton, MSN, RN, CPHQ, NEA-BC, is the founder of Brown ePoints Leadership Coaching and Development Firm. With more than 30 years of healthcare leadership experience and 20 years at the C-Suite level, spanning 4 health systems, she is passionate about leadership excellence.
She launched Brown ePoints to assist leaders – particularly leaders of color increase their professional and personal effectiveness, and to create a lasting legacy. Tommye’s I cube coaching model: Inquire, Influence, and Inspire helps individuals become leaders of influence and inspiration. If you want to assess your leadership journey, make a difference, guide your team to greatness, create momentum that fills your team with hope, personally brand yourself, or define a path to more effective leadership, become a member of the Brown ePoints family.