Most CRNAs Are Plagued By Debt

This year marked a tipping point of wealth in the United States. According to a 2015 survey, this is the first point in history that there are more affluent Gen Xers (born in the 1960s to 1980) than affluent Baby Boomers. The survey defined affluent as over $100,000 in household income, which represents the top 23% of U.S. households. While there are more affluent Gen Xers and Millennials than ever before, many are overwhelmed by debt.

HIGH INCOME AND HIGH DEBT

While the recovering economy and new jobs continue to improve our standard of living, many affluent CRNAs are still stressed about their finances. The average graduate from nurse anesthesia school has paid over $30,000 in tuition alone. Despite high wages, many CRNAs have trouble managing student loan debt and mortgages, while also trying to save for retirement.

A recent survey from MyBankTracker found that 30% of Millennials said they would sell an organ to get rid of their student loan debt and that 56% of them are putting off major life decisions like getting married, buying a home, and having children due to their overwhelming debt. Because Millennials took on more debt than generations before to fund their education and graduated during a market downturn, many are having a hard time paying down their student loans.

ACCELERATING YOUR PAYOFF SCHEDULE

At CRNA Financial Planning®, we work with CRNAs to proactively plan to pay off debts. Many of our clients come to us with education loans between $80,000 and $100,000. We find that by taking on one freelance shift per month, CRNAs may be able to decrease the time it takes them to pay off their loans from 10-15 years to just over 4 years.

Are you worried about your debt and how it may be affecting your retirement plan? Would you like to create a plan to pay off your loans sooner? Working with an experienced financial advisor can help you see your overall financial picture clearly and plan to pay down your loans while still pursuing other important goals.

About Jeremy Stanley

Jeremy Stanley is the founder of CRNA Financial Planning®. He has been providing advice and guidance for Certified Registered Nurse Anesthetists (CRNA) for over 18 years. As a CERTIFIED FINANCIAL PLANNER™, Jeremy has met rigorous certification and professional standards set by the CFP® Board. He is committed to adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. Jeremy is also the author of the book “The Wealthy CRNA,” which lays out a foundational roadmap for CRNAs to help them plan their financial futures.