The Financial Cocktail: Money & Tax Strategy for CRNAs

There are roughly 321,000 financial advisors in the U.S. Fewer than 2% of them are fee-only fiduciaries, paid only by you, with no commissions and no product kickbacks.

Needing an advisor isn’t a financial literacy failure. CRNAs earn a high income in a profession that teaches almost nothing about personal finance. The real question isn’t whether you should have an advisor. It’s whose interest that advisor is legally required to serve.

In this episode, Leland covers:

• Fiduciary vs. suitability: why “appropriate” advice and “best” advice aren’t the same thing, and how whole life insurance shows the conflict
• When DIY works and when it doesn’t: the signs that your finances have outgrown your bandwidth
• What advisors actually cost: ongoing fees of 0.5–1% of the assets they manage vs. hourly, fee-only planners at $150–$500 or more for a single engagement
• The real cost of a “small” 1% fee: how it can cut a lifetime portfolio by 25–35%, and how Leland found a $4 million fee hiding in his own plan
• Stacked fees and the active-management myth: what the SPIVA data says about stock pickers
• How to prepare for your first meeting, so you’re paying for answers and not a meet-and-greet
• The five pillars to vet any advisor: fiduciary status, fee structure, comprehensive services, communication, and reputation
• Red flags to watch for and where to look: NAPFA, XY Planning Network, and the CFP Board’s verification tool

Don’t hire confidence. Hire a fiduciary, in writing, who is paid exclusively by you.

Next episode: contract negotiation for CRNAs.

Read the full blog post at thefinancialcocktail.com.

This podcast is for entertainment and educational purposes only and is not financial, tax, legal, or investment advice. Leland is a CRNA, not a fee-only fiduciary financial planner. Consult a qualified professional about your specific situation.

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Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

“Which is better, W-2 or 1099?” It’s one of the most-asked questions in the CRNA community, and “it depends” isn’t good enough. In this Q&A episode, Leland skips the gut feelings and works through the actual math.

Using the 2026 AANA Compensation Survey (a median of $290K total comp for W-2 CRNAs vs. $349K for self-employed CRNAs), we look at what each structure actually puts in your pocket once taxes, benefits and overhead are counted.

In this episode:

• The hidden value of a W-2: $30K–$60K in benefits that don’t show up in your salary
• Unoptimized vs. optimized 1099: how a Solo 401(k), the QBI deduction and business expenses turn a small edge into a gap of about $77K a year
• The break-even formula: how to work out the minimum 1099 hourly rate before a contract becomes a pay cut in disguise
• Current market rates: PRN, full-time 1099, locums and urgent-need assignments
• Comparing two offers from the same facility: why you compare net to net, not gross to gross
• Factors people forget: PSLF eligibility, malpractice tail coverage, guaranteed hours, schedule control and state income tax
• A simple rule of thumb: when the 1099 premium is worth the complexity, and when it isn’t

W-2 or 1099 isn’t a lifestyle choice. It’s a decision about how your finances are built. Make it on purpose.

Know your number, protect your income, and build something that lasts.

🌐 Read the full transcript and more at thefinancialcocktail.com

This content is for educational and informational purposes only and is not legal, tax, or financial advice. Please consult a qualified CPA, attorney, or financial advisor for guidance specific to you.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

A 2025 AANA review found that burnout runs as high as 72% among CRNAs, depending on practice setting. For many of you, it’s a matter of when, not if. Most CRNAs who hit that wall don’t have an exit ramp. They have a paycheck they can’t afford to walk away from.

In this episode, Leland explains why fixing that is a financial shift, not a mindset shift, and how to build your exit ramp before burnout arrives:

• Why the Moneymoon, your first 1 to 5 years as a CRNA, is the best time to build financial independence
• Time vs. rate of return: the one input you control, and the one burnout takes from you
• The math on one extra shift: about $1,000 invested at age 30 becomes roughly $5,500 in today’s buying power
• How trading three weeks of PTO for locum work can add around $400,000 in buying power over your first five years
• How to order the big three tax-advantaged accounts: 401(k), IRA and HSA
• The bridge account: why a taxable brokerage account is the real exit ramp for early retirement
• Why you have to force a gap between your income and your cost of living, because it won’t happen on its own

Burnout doesn’t run on your timeline, but your exit ramp can be built before it shows up.

📌 Mentioned in this episode:

• Episode 3: The Solo 401(k)
• Episode 4: The CRNA Moneymoon

🌐 Read the blog, send your questions and request topics at thefinancialcocktail.com

This podcast is for education only. It is not individualized financial, tax or legal advice. Projections are illustrative and not guaranteed. Figures are for 2026.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

Are you a W-2 employee or a 1099 contractor, and do you know why? For most CRNAs, that decision got made by default. But how you’re paid shapes your taxes, retirement savings, benefits and long-term wealth.

In this episode, Leland covers what separates the two structures and how to decide which one fits your life:

• What W-2 employment really gives you, including the 7.65% of FICA your employer quietly pays
• The 1099 reality: quarterly taxes, the full 15.3% self-employment tax, and the risk of $0 weeks
• How the IRS decides your classification, and why misclassification matters
• 2026 tax mechanics: business deductions, the QBI deduction and the phase-out for health-care businesses
• Sole proprietor, LLC or S-corp, and the only two reasons Leland uses an S-corp
• Retirement accounts: a W-2 401(k) vs. the $72,000 Solo 401(k)
• The roughly $50,000 in benefits 1099 CRNAs have to replace themselves
• Why a $100,000 pay gap often shrinks to $30,000 to $60,000 once costs are counted
• A simple framework for choosing, and why 1099 work alone won’t make you rich

Homework: Pull out your last pay stub or contractor invoice. Add up your gross income, taxes, net income and benefits, then work out your effective pay per hour worked.

📌 Mentioned in this episode:

• Episode 3: The Solo 401(k)

🌐 Read the blog, send your questions and request topics at thefinancialcocktail.com, or email blog@thefinancialcocktail.com

This podcast is for education only. It is not individualized financial, tax or legal advice. Talk to your CPA or financial advisor before making big changes. Figures are for 2026.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

How much do you actually need to leave the OR for good? It isn't a guess or a feeling. It's a number. Find yours...

Northwestern Mutual's 2025 study found that Americans believe they need $1.26 million to retire comfortably, and most fall far short. CRNAs are in a better position than most to beat those averages, thanks to high income and a strong ability to save. That only works if you know your number.

In this episode, Leland breaks down the math behind financial independence:

• What financial independence (FI) really means: a ratio, not an age
• Where the 4% rule came from: William Bengen's 1994 research and the Trinity study
• The simple formula: your annual cost of living × 25
• Why cost of living moves your FI number more than anything else. A $100 monthly subscription adds $30,000 to your target.
• How the TFC fam set their first FI number with a compound interest calculator
• Sequence of returns risk: why the Ramsey "live off 10% a year" is dangerous advice
• How Coast FIRE, part-time work, lower withdrawal rates and asset allocation protect you when retirement starts in a downturn

Know your number, then build the plan to get there.

📌 Mentioned in this episode:

• Episode 4: The CRNA Moneymoon

🌐 Read the blog, send your questions and request topics at thefinancialcocktail.com

Episode correction: The Trinity Study was actually published in 1998 by three Trinity University professors, Cooley, Hubbard and Walz, which is where the name comes from. Pfau wrote later research on withdrawal rates.

This podcast is for education only. It is not individualized financial, tax or legal advice. Historical returns do not guarantee future results, and all projections are for illustration.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

You'll graduate broke, and then a paycheck lands that's bigger than anything you've seen before. What you do in the next 12 months will quietly set the course of your whole financial life.

In this episode, Leland Murren, CRNA, introduces the Moneymoon. Like a honeymoon, it's the exciting phase that follows a major life change, in this case passing boards and starting practice as a CRNA. It lasts 1 to 5 years, and it's the best window you'll ever have to maximize a large gap between what you earn and what you spend.

We cover:

• The graduation-day snapshot: about $150K in debt, stepping into a $230K+ income
• Hedonic adaptation and why the goal is to live to your net worth, not your income
• Why the average American saves only 2.7% of disposable income, and why CRNAs should aim for 25% or more
• The math of investing early over 10-, 20-, and 35-year horizons
• A real case study: holding cost of living steady, adding extra shifts, setting a SMART goal with an FI number, and moving to full-time locum work, with honest talk about the tradeoffs
• Three steps you can take this month to protect your Moneymoon

Your Moneymoon ends whether or not you plan for it. Keep the gap open while you have it.

🌐 Read the blog, send questions and request topics at thefinancialcocktail.com

This podcast is for education only. It is not individualized financial, tax or legal advice. All projections are illustrative, and the personal figures describe one household's experience. They are not benchmarks or guarantees.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

Your first CRNA paycheck hits your account, and for about 30 seconds you feel like the richest person you know. Then the student loans, rent, and car payment come calling. Nobody teaches you what to do next. Until now.

In this episode, Leland Murren, CRNA, lays out the First Paycheck Protocol: a 10-step order of operations that tells you where each dollar goes, and in what order, before you spend it. It's built for the CRNA pay landscape, not generic money advice. The sequence works whether you're a new grad, an SRNA close to graduation, or years into practice and ready to reset.

In this episode:

- Gross vs. net: why a $250K salary doesn't mean $20K a month

- W-2 vs. 1099: the tax set-aside every independent contractor needs from day one

- The 30-day rule: why doing nothing is your best first move

- The 10-step prioritization ladder, from overhead and emergency funds to employer match, high-interest debt, the big 3 tax-advantaged accounts (401(k), IRA, HSA), bridge accounts, and generational wealth

- The lifestyle inflation trap, and why the comparison problem is worse in anesthesia

- The Moneymoon: the 1–5 year window that sets your financial trajectory for life - Why a guilt-free spending line keeps the whole plan sustainable Your first paycheck isn't a finish line. It's a starting pistol.

🔗 More at https://thefinancialcocktail.com

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If this episode found you at the right moment, share it with a classmate or colleague. No gate keeping here! There are chairs for all of us.

Disclaimer: This podcast is for educational purposes only and is not individualized financial, tax, or legal advice. Consult a qualified professional before making financial decisions.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

Your employer says the 401(k) limit is $24,500. For self-employed CRNAs, the real ceiling is $72,000. That's nearly triple.

In this episode, Leland Murren, CRNA, breaks down the Solo 401(k), which may be the strongest wealth-building tool in the tax code for 1099 CRNAs, locums providers, and anyone with self-employment income. If you pick up even a few 1099 shifts on the side of a W-2 job, this one's for you.

In this episode:
- Where the 401(k) came from, and the tax arbitrage that makes it work
- The two-bucket structure: how being both employee and employer pushes your limit to $72,000
- A real-world example: how a CRNA household can put up to $144,000 a year into Solo 401(k)s
- 2026 SECURE 2.0 updates: the age 60–63 super catch-up and the new Roth catch-up rule for high earners
- Traditional vs. Roth Solo 401(k): which bucket fits your season of life
- Solo 401(k) vs. SEP-IRA vs. SIMPLE IRA vs. defined benefit plans
- Why a SEP-IRA can wreck your Backdoor Roth (the pro-rata problem)
- A decision checklist: is a Solo 401(k) right for you?

The tax code isn't neutral. It rewards people who understand the rules. Open one. Max it. Thank yourself in 20 years.

🔗 Questions or topic requests: https://thefinancialcocktail.com
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Disclaimer: This podcast is for educational and entertainment purposes only and is not individualized financial, tax, or legal advice. Contribution limits reflect 2026 IRS figures (IRS Notice 2025-67). Consult a qualified CPA or financial professional before making decisions.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

You earned the hardest credential in nursing, but statistically there's a 70% chance you don't have a real financial plan. In this first episode of The Financial Cocktail, Leland, a self-made millionaire and locum CRNA, explains why high earners still struggle with money and why most financial advice was never built for CRNAs.

In this episode:

• Why 38% of six-figure earners can't cover a $1,000 emergency, and the traps behind it: lifestyle creep, student debt, rising fixed costs, and illiquid wealth
• Why generic guru advice and legacy investing strategies don't fit your income, taxes, or timeline
• What financial independence actually buys you: time, security, and options
• Why waiting until 65 to reach financial freedom makes no sense
• What's coming up: 1099 vs. W-2, backdoor Roth IRAs, solo 401(k)s, LLCs, contract negotiation, malpractice coverage, PSLF, and high-income tax planning

If you've ever Googled "backdoor Roth," understood half of it, and closed the tab, this show is for you.

Subscribe, leave a review, and send your questions and topic requests. This show is a conversation, not a lecture.

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.

Keep the conversation going:
Read more at thefinancialcocktail.com
Enjoying the show? Subscribe and leave a review. It helps other CRNAs and SRNAs find us.
Have a question or topic request? Email us at ldmurren@thefinancialcocktail.com

The Financial Cocktail is for educational and informational purposes only and is not financial, tax, investment, or legal advice. Always consult a qualified professional regarding your individual situation.