You guys are almost there. Study on! But feel free to read these when you need a break from the books.
For SRNAs
In the Beginning: Managing Money as an SRNA
CRNA school was not a high point for my financial statements. It was rough during the didactic section as I was writing $15,000+ checks each semester. The front-loaded layout meant we paid two-thirds of the total tuition costs in the first 4 semesters, which really took a toll. The only think I kept thinking was to stay the course. I applied to school with the goal of becoming a CRNA and this was the only way to get there.
On a brighter note, school consumed so much of my time that I didn’t spend money on anything else because there simply wasn’t time to do anything else. My cost of living was notably lower than my time working as a nurse. My annual cost of living totaled just over $15,000 annually for each of the three years. Rent was my biggest monthly expense at $500. Everything else was minimal such as insurance, utilities, and food. Because of the time commitment, I gave up all of my hobbies and extracurricular activities, which helped keep costs low. No vacations or trips. I did not have any debts such as undergraduate loans or truck payments, so no additional payments on anything.
I know school was time consuming for most of my class, so I would guess they too had a reduction in cost-of-living expenses. Sure, some went on vacation or socialized with non-anesthesia humans, but not me. What a nerd. Unfortunately, the entirety of advice for the SRNA community can be limited to just a couple points. One, live cheaply. Two, minimize the damage from student loan debt. Three, DO A ROTH CONVERSION during your years without income. No one mentioned that I should pay the taxes on my retirement accounts from my time as an RN while I don’t have an income and my tax bracket is the lowest it will ever be. WOW! The conversion would have been almost free as a student, but would cost me $10,000 to do it now. Don’t say you didn’t get anything from this blog. Click here to learn about a Roth conversion.
Don’t make any wild investment moves with cash you have saved up. Don’t upgrade your housing or vehicles. Keep your investments conservative and pay for school. If you need loans, don’t take out more than necessary. The interest rate is huge. The loans get so big that I was hearing students say they simply didn’t care any longer. Some used their loan money to buy vehicles or take vacations. I wouldn’t recommend this approach. Debt is the opposite of compounding interest. That $2,000 vacation at 7% will turn into a $2,450 vacation after 3 years when you finally start working and $3,000 after another 3 years by the time you get around to paying for it. Stay strong with the mindset that your first job and sign-on bonus will be a huge boost, but don’t waste money.
Remember, becoming a CRNA with $200,000 in debt is heavy, but absolutely doable WITH THE APPROPRIATE MINDSET. Until you have a positive net worth, live like you are broke, because you are. The profession is rewarding and the money is good. Many of you will be set up for life within a matter of years. Reach out any time and best of luck!
Transitioning to 1099 contractor work seems intimidating. This entry acts as my checklist to getting started. It’s everything you need to cause trouble and allow your focus to remain on medicine.