If you’re like a lot of CRNAs, dealing with money isn’t always your top priority. That’s especially true 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 of building a financial plan and following the steps put in place. A solid financial plan can eliminate some of the worry and concern that arises when the stock market takes a tumble or work begins to slow down. It is inevitable that more uncertainty will come in the future, so make it a priority to take control of your finances now.
When we work with CRNAs, there’s often very similar reasons why they get lost in the financial world: bad tools, bad directions, and lack of focus.
Let’s take a look at each one:
Bad tools: What tools are you using to make financial decisions? An 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 who 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 to get you there. And don’t forget to ask for help. We all rely on others to make our lives better and that’s exactly what a financial advisor can provide.
When you first begin your career as a CRNA, things might seem pretty manageable. You don’t make as much money, you might not have anyone else who depends on you, and your assets are limited. But as you get older, your priorities shift, and it becomes more difficult (not to mention time consuming) to manage a financial plan. You can 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 and dedication provides you with peace of mind and financial freedom later in life.
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With decades of experience working exclusively with CRNAs, CRNA Financial Planning® has the knowledge to help you save more of your hard earned money and determine appropriate tax minimization strategies. Schedule a free 15-minute introductory phone call to discuss your current situation and needs. You can also call our office at 855.304.3748 or email us at firstname.lastname@example.org.