Scrubs to riches: A California nurse just went viral showing how she paid off her student loans by 27 while making up to $500K a year — here are 5 ways to build wealth without a wild salary
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A California nurse went viral for claiming she made between $250,000 to $500,000 a year — and paid off her student loans — by the time she was 27.
Olivia Reeves, 35, is a certified registered nurse anesthetist (CRNA) who chronicles her life to her 1.4 million followers on TikTok.
One of her videos — where she details her key steps to success — went viral on the social media platform earlier this year, grabbing more than 2.9 million views and over 289,000 likes.
“Want your life to look like mine? Then listen up,” she said in the TikTok. “I don't think my life's that cool, but I am proud of what I've done to get where I'm at.”
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As a CRNA, Reeves is an advanced practice registered nurse. Her job involves administering anesthesia and other medications to patients. CRNAs are the highest paid of all nursing specialties due to the high level of skill required to manage a patient’s anesthesia.
But whether you make $50,000 or $500,000, here are three things you need to do if you want to reach your own version of financial freedom.
Prioritize paying off debt
Reeves admits that, like many Americans, she “did not have a penny saved going through anesthesia school," so she took out student loans.
But the first thing Reeves did when she finished school and started working as a CRNA was pay off her debt.
Higher-interest debts like your credit cards or your car loan can weigh you down, and it’s especially hard to get out from under them if you’re juggling multiple bills with different timelines and interest rates.
To simplify things, you might want to consider rolling all of your debts into a single loan with a low interest rate.
You can use a free service called Credible* to comparison-shop for the lowest interest rates on loans of up to $100,000 with no collateral.
Once you find the right loan, you can use it to clear all your other debts immediately*. You’ll only have one payment to make each month moving forward, and you won’t be throwing as much of your hard-earned money away on interest.
Stop overpaying for essentials
In addition to picking up a side gig, you can also boost your monthly cash flow by cutting down the amount you spend on recurring bills, like your car insurance.
It can be easy to fall into a pattern of just paying your monthly insurance bill without a second thought, but experts recommend shopping around for better rates every six months or so.
And while spending an afternoon comparing car insurance rates doesn’t exactly sound like fun, you can use a free service called OfficialCarInsurance* to make the whole process a lot more quick and painless.
After providing some basic information about your driving history, OfficialCarInsurance will send you a range of policy options from top insurance companies based on your own unique needs. The smart matching system will help you make an educated decision that maximizes both coverage and affordability.
In a matter of minutes, you may be able to pay as low as $29 a month* — money that you can put to much better use somewhere else.
Read more: Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead. Get in now for strong long-term tailwinds
Invest for passive income
Once you’ve got a handle on your debt and have started to increase your monthly earnings, you should consider investing some of your extra cash for passive income.
It doesn’t have to be a lot at first — you can even start by investing your spare change with an app called Acorns*. Just connect your credit or debit card to the Acorns app, and every time you make a purchase it will automatically round up the amount to the nearest dollar and invest it in a diversified portfolio.
If you’re ready to invest a bit more but are worried about the state of the stock market, there are a number of stable, recession-resistant assets out there that can help you minimize your risk.
One solid option to consider is commercial real estate. With First National Realty Partners*, you can invest in institutional-grade commercial real estate properties that are all anchored by major grocery chains, like Whole Foods and Walmart. So even during a recession, you’ll still receive quarterly income.
And if you think you don’t know enough about real estate to break into the market, don’t worry — FNRP’s team of experts will do all the legwork for you*.
Put your savings to work
One of the best ways to make your money last is to save. But you need to make sure you’re saving effectively —if you’re just letting your nest egg sit in a checking account, you’re essentially throwing money away.
Switching to a high-yield savings account* will help your savings grow over time, and create a snowball effect: the more money you set aside, the more compound interest you’ll earn.
If you’re not sure whether your current bank offers the best return on your earnings, you can browse from a selection of top high-yield savings accounts* to see what else is out there.
While the national interest rate average is an APY of 0.4%, online banks can offer you much more competitive returns*.
Remember, you don’t have to settle for your current bank account just because it’s what you’re used to. Changing things up could earn you hundreds — or possibly thousands — in additional interest over time.
Work a side hustle
So how exactly did Reeves find the cash to pay off $200,000 of student debt before she hit her 30s?
“I threw money at it every month, working over time, working different shifts, working things to pay off my loans as soon as I could,” she explained in another TikTok.
Not all jobs offer overtime pay or additional shifts, but you can supplement your income by picking up a side gig. According to the job-search site Zippia, 45% of working Ameircans have a side hustle in 2023, and they spend an average of 13 hours per week doing it.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
