The Financial Cocktail: Money & Tax Strategy for CRNAs

Leland Murren
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 The Financial Cocktail blends personal finance, tax strategy, and wealth-building into the right mix for CRNAs and student nurse anesthetists. Each episode delivers a precise dose of financial knowledge to help you stop just surviving the job and start building your life after it. 

Episodes

  1. 2d ago

    1099 vs W-2: Which Structure is Superior?

    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. 📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/1099-vs-w-2-which-work-structure-wins-for-crnas 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 paysThe 1099 reality: quarterly taxes, the full 15.3% self-employment tax, and the risk of $0 weeksHow the IRS decides your classification, and why misclassification matters2026 tax mechanics: business deductions, the QBI deduction and the phase-out for health-care businessesSole proprietor, LLC or S-corp, and the only two reasons Leland uses an S-corpRetirement accounts: a W-2 401(k) vs. the $72,000 Solo 401(k)The roughly $50,000 in benefits 1099 CRNAs have to replace themselvesWhy a $100,000 pay gap often shrinks to $30,000 to $60,000 once costs are countedA simple framework for choosing, and why 1099 work alone won’t make you richHomework: 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.

  2. Oct 13

    Your FI Number: How Much Do CRNAs Need to Walk Away? (The 4% Rule and the Trinity Study)

    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... 📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/your-fi-number-how-much-do-crnas-need-to-walk-away-the-4-rule-and-the-trinity-study 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 ageWhere the 4% rule came from: William Bengen's 1994 research and the Trinity studyThe simple formula: your annual cost of living × 25Why 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 calculatorSequence of returns risk: why the Ramsey "live off 10% a year" is dangerous adviceHow Coast FIRE, part-time work, lower withdrawal rates and asset allocation protect you when retirement starts in a downturnKnow 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.

  3. Oct 6

    The CRNA Moneymoon: Why Your First Few Years of Pay Shape Your Whole Career

    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. 📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/the-crna-moneymoon-why-your-first-few-years-of-pay-shape-your-whole-career 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+ incomeHedonic adaptation and why the goal is to live to your net worth, not your incomeWhy the average American saves only 2.7% of disposable income, and why CRNAs should aim for 25% or moreThe math of investing early over 10-, 20-, and 35-year horizonsA 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 tradeoffsThree steps you can take this month to protect your MoneymoonYour 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.

  4. Sep 29

    The Solo 401(k): The $72,000 Retirement Account CRNAs Aren't Maxing Out

    Your employer says the 401(k) limit is $24,500. For self-employed CRNAs, the real ceiling is $72,000. That's nearly triple. 📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/the-solo-401k-the-72000-retirement-account-crnas-arent-maxing-out 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 📘 Find us on Facebook Know a CRNA doing locums who doesn't know this account exists? Send them this episode. 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.

  5. Sep 29

    Your First CRNA Paycheck: The 10-Step Order of Operations

    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.  📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/your-first-crna-paycheck-the-10-step-order-of-operations 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  📘 Find us on Facebook  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.

  6. Sep 27

    Why This Show Exists — And Why You Can't Afford to Miss It

    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. 📖 Read the full write-up on the blog: https://www.thefinancialcocktail.com/blog/why-i-started-a-podcast-and-why-you-cant-afford-to-miss-it 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 wealthWhy generic guru advice and legacy investing strategies don't fit your income, taxes, or timelineWhat financial independence actually buys you: time, security, and optionsWhy waiting until 65 to reach financial freedom makes no senseWhat's coming up: 1099 vs. W-2, backdoor Roth IRAs, solo 401(k)s, LLCs, contract negotiation, malpractice coverage, PSLF, and high-income tax planningIf 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.

  • 6 Episodes

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 The Financial Cocktail blends personal finance, tax strategy, and wealth-building into the right mix for CRNAs and student nurse anesthetists. Each episode delivers a precise dose of financial knowledge to help you stop just surviving the job and start building your life after it. 

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