After nearly 30 years in healthcare spanning cardiology, pulmonology, primary care, and urgent care, Dr. Michelle Cuevas, DNP, FNP-C, finally built her career entirely on her own terms.
She did not do it overnight, and she did not do it without a few costly mistakes along the way. But today, Michelle runs two businesses, continues clinical practice, travels the world with intention, and has stopped designing her life around her work. She designs her work around her life instead.
On a recent episode of the Money RX for CRNAs and Nurse Practitioners podcast, she sat down with host Brett Fellows, CFP, to share what she learned and what every nurse practitioner thinking about the 1099 path should hear.
The Catalyst: Wanting Control Back
For most of her career, Michelle was a high-achieving W2 employee. She earned her RN in 1996, became a nurse practitioner, and eventually earned her Doctor of Nursing Practice, all while raising eight children. By 2023, she had hit the top of the pay scale. Her schedule, compensation structure, and benefits were all decided for her.
That realization became the catalyst.
“As a traditional W2 employee, everything is decided for you,” Michelle told Brett. “I wanted to take that back.”
She formalized her clinical work with NP Specialist Nursing Inc. and began transitioning to 1099 work. The shift was gradual and intentional because she had a family to support and did not want her cash flow interrupted.
The Mistakes Most NPs Make Going 1099
Michelle is candid about the errors she made early in her transition, and her honesty is a gift to anyone considering the same path.
One of the most significant: she paid to establish an LLC in California without realizing that an LLC is not the appropriate business structure for a licensed professional in that state. The money was wasted, and it happened because she did not know what she knows now.
“No matter how smart and resourceful you are,” she said, “these things are very specialized.”
Her advice is to get professional help early. She found her financial advisor through word of mouth, and her attorney through careful research, specifically because he specialized in helping nurses start businesses. The combination made all the difference.
She also navigated varying state laws for 1099 work, quarterly tax estimates, payroll, and the adjustment from a predictable bi-weekly paycheck to variable income. All while raising a large family.
Is the DNP Worth It Financially?
Brett gets this question often, and Michelle’s answer is nuanced. The DNP did not translate into a direct income increase. What it did was open doors to leadership, credibility, and opportunities she would not have had otherwise.
For nurse practitioners weighing the return on investment of advanced degrees, this distinction could be the deciding factor. The financial payoff may be indirect, but it can be real and lasting.
Michelle served on the National Health Service Corps as an ambassador, helping nurse practitioners understand student loan repayment options. The biggest mistake she sees is that NPs react to the monthly bill rather than build a plan from the start.
“I think being more intentional with the plan to pay it off early is the most important thing,” she said. “No matter how big it is.”
Many NPs simply pay the minimum due without considering income-driven repayment options, refinancing strategies, or loan forgiveness programs. Starting with intention, from the moment you take on the debt, changes the outcome.
How She Evaluates a Side Business
When Michelle launched the NP Travel Specialist, a service-based travel advisory business that generates commission income, she applied a framework she now shares with others. Before committing to any second income stream, she asks three questions: Does it fit your lifestyle? Is it sustainable? Will it give you more flexibility over time?
If a side business does not pass those three tests, it is not worth the energy. If it does, it can grow alongside your clinical career rather than compete with it.
The Retirement Question
When Brett asked about retirement accounts, Michelle was refreshingly honest. She defers to her financial planner on the details, but she is using a solo 401(k) as a self-employed professional. That is the right vehicle for someone in her position. The lesson is not perfection. It is progress and having the right advisor in your corner.
What Financial Freedom Looks Like in Practice
For Michelle, financial freedom is not a number. It is the ability to say yes to what matters.
“I want to be able to say yes to things when I want to say yes,” she told Brett. “That control and flexibility, that is what we have always wanted.”
She plans major travel more than a year in advance and still leaves room for the impromptu, because her 1099 structure lets her control her calendar in a way W2 work never did. Her message to nurse practitioners who feel stuck: do not wait until you need the change to start building toward it. Warren Buffett’s principle of never relying on a single income stream is not just for investors. It applies to every NP who wants options.
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