CRNAs already have plenty to worry about each day and it’s convenient to put finances to the side. As we’ve seen in 2020, the unexpected can happen at any time so we need to make sure you have a plan for your money. Today we’ll talk about the way CRNAs typically get off-track with their finances but we’ll also give you steps to getting everything in order.
Click the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
If you’re like a lot of CRNAs, dealing with money isn’t always a priority. That’s especially during a year like we’ve experienced in 2020. It’s easy to put financial planning aside and worry about what’s immediately in front of you at work and at home.
But times like these reaffirm the importance in building a financial plan and following the steps put in place. It can eliminate a lot of worry and concern that arises when the stock market has a huge drop or work begins to slow down. The one certainty is that more uncertainty will come in the future so make it a priority to get ahold of your finances now.
When Jeremy works with CRNAs, there’s often very similar reasons why they get lost in this world: bad tools, bad directions, and lack of focus.
Let’s take a look at each one:
Bad tools: What are you using to make financial decisions? That online retirement calculator or an income projection? Many of the tools out there can be helpful but they’re far from accurate, especially when you consider your specific needs.
Bad directions: Who are you relying on for advice? Where are you doing your research? A lot of people that provide information or guidance don’t always have your best intentions in mind. That can lead you in a direction that doesn’t move you closer to your goals.
Lack of Focus: Like we’ve touched on, CRNAs face a lot of challenges and distractions every, single day. It’s easy to lose focus on your finances and miss opportunities as they arise.
The good news is that it’s never too late to regain your bearings and get back on track. The first step is identifying where you want to go and then you can build a financial plan that gets you there. And don’t forget to ask for help. We all rely on others to make our life better and that’s exactly what a financial advisor can provide.
When you first begin working as a CRNA, things might seem pretty manageable. You don’t make as much money, you might not have anyone else that depends on you, and your assets are limited. But as you get older, it becomes much difficult to manage a financial plan and you end up second-guessing yourself at the first sign of trouble.
Don’t let that be your situation. CRNAs are blessed to work in such a rewarding profession, both emotionally and monetarily. Make sure all of your hard work provides you with peace of find and financial freedom later in life.
Check it out at the top of the page and use the timestamps to help you navigate through the many topics we discussed.
3:38 – If every job paid the same, which one would Sharon choose?
5:26 – What would Jeremy choose?
8:11 – Quote of the Month: “There’s a gigantic difference between earning a great deal of money and being rich.”
9:34 – An interview with Tom Brady stuck with Jeremy.
11:21 – Mailbag question: The coronavirus scare has me convinced that the market will keep crashing again and again. I’m ready to move everything to cash right now. Is there any reason to wait?
14:27 – Getting lost in the financial world happens to a lot of CRNA clients.
15:15 – Examples of bad tools people use that lead them astray in retirement planning.
17:36 – The next issue is bad directions.
19:41 – Another reason people make mistakes is a lack of attention.
21:41 – What you need to do to get back on track.
24:40 – Don’t be afraid to ask for help.
27:30 – Develop a plan for where you want to go and how you want to get there.
29:02 – This COVID pandemic might be a bit of a financial wake-up call for CRNAs.
In 20 plus years of doing this, what I’ve found is the people that have it all are not the people that have it all financially but they are happy in their situation.”-Jeremy Stanley, CFP®, AIF®