Wednesday, November 30, 2011

Book Review: The Millionaire Nurse

A note to the reader: As always, I have received no remuneration for posting this book review. As a point of disclosure, I did, however, receive a free copy of the book from the author in order to facilitate the review process. 


Dr. Dean Burke, MD is a successful OB/GYN and author who has branded himself as a champion of nurses' financial freedom. Married to a nurse, Dean has an intimate understanding of the challenges and vicissitudes of the nursing profession, and he encourage nurses to leverage his knowledge and advice in the interest of their own financial well-being. Since nurses are so good at caring for others, Dean contends that they should also be just as good at managing their own lives, financially and otherwise. 

The Millionaire Nurse is a book and companion website that walk nurses through the basics of financial management, using simple language and understandable examples to illustrate the subject at hand. Dean offers practical advice on a variety of subjects, relating the issues generally to nurses' lives, nurses' income levels, and the challenges that he knows many nurses face in the real world. While money management is foremost in Dean's writings, time management and the enjoyment of life also figure largely in Dean's world of wealth and financial freedom. Dean's writing leans towards the casual, with pithy puns and down-to-earth language not usually found in books about money.

The subjects covered in The Millionaire Nurse include calculating net worth, debt management, homeownership (including buying and selling), budgeting, salaries and benefits, insurance, saving money at home, saving and paying for college, retirement and investing. And while a great deal of this information could be gleaned from any number of books, websites or magazines about finance, none of those sources are written specifically for the nurse, using real-life examples from nurses' lives and data that reflect the reality of those lives.

Dean states in his introduction: "My plan in The Millionaire Nurse is to help you to prioritize and rearrange your financial dreams into reasonable and reachable goals. I also feel it is my duty to give back to you, the nurses who have saved my rear-end more than once." 

Whether your financial situation is in need of intensive care, outpatient surgery or emergency resuscitation, Dr. Dean offers no-nonsense advice that I believe is sound, understandable, digestible, and practical. His free downloadable e-book, "Emergency Money Resuscitation", is a very helpful volume, as is his regular email newsletter that is sent periodically to subscribers.

Dean on investing: "Emotional decisions are the enemy of good investing. Just as when you're faced with an extremely ill patient, panicking never helps---especially the patient."

Dean on debt: "One of the most difficult aspects of retiring your debt is taking the ego out of your decisions."

Dean on setting financial goals: "Goals are necessary. In the long run, you'll begin to look forward to setting goals for yourself, not the least because they not only give you direction, they also act as self-fulfilling prophecies."

I recommend "The Millionaire Nurse", whether you plan to be a millionaire or not. We nurses work hard, serve the greater good, and many of us struggle financially like so many others, whether we live here in the United States or abroad. Dr. Dean offers a readable and user-friendly plan that can be shared with friends and family members alike. We should all be committed to our own financial well-being and freedom, and I'm grateful to Dean for caring enough about nurses to create products specifically geared towards our noble and valuable profession.

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