Money Talk For ER Docs™: Recent Episodes
ER Doc Advisor
Join your host Scott Wisniewski and a thriving community of ER Doctors who are learning to simplify money and make smarter financial decisions. As a hardworking Emergency Physician, it’s important to know the vital signs of your financial health, and the profession simply comes with complexities others don’t understand. This podcast is created to be your go-to resource for straightforward advice uniquely tailored for ER Doctors. Join us every week for new episodes, and you can find more tools, get personalized help and a free Financial Vital Signs Checkup at erdocadvisor.com/survey.
Ever wonder why some people obsess over every financial detail while others just want someone to handle it all for them? Money isn't just about math — it's deeply tied to how we're wired.
In this episode, we're diving into how your personality shapes your financial decisions — and why knowing yourself might be the key to getting (and staying) ahead. It's less about spreadsheets and more about self-awareness.
You ever scroll through the list of emergency department visits by sport? It’s more surprising than you’d expect. The activities racking up the most injuries aren’t necessarily the most extreme or dangerous—they're just the ones people do the most.
Which got us thinking… what if we looked at ER doctor personal finance through the same lens? Not just what’s flashy or dramatic—but the everyday stuff that quietly causes the most long-term damage.
The House officially passed the One Big Beautiful Bill Act—so today, we’re diving into what actually made it into the bill. If you listened to our earlier episode, you know we were taking some educated guesses, but now we’ve got real answers.
This bill is packed with changes—some extensions, some brand-new provisions—and while it’s not law yet (it still needs to clear the Senate), it’s already shaping major tax and financial planning conversations. So let’s break down what passed and what it could mean for your bottom line.
When it comes to passing on wealth, the traditional approach has been to wait—save everything, then hand it off through a will. But what if the most meaningful impact happens before that moment?
Giving while you're still here—intentionally, strategically—lets you see the effect of your support, guide the outcomes, and build deeper alignment with your values. In this episode, we explore why earlier is often better, and how giving now doesn’t just transfer wealth—it multiplies its purpose.
We all know the Roth IRA is a powerful tool for setting our kids up financially, especially when they’re earning early and you can stash away a few thousand dollars for decades of tax-free growth. But what happens when your child hits that in-between stage—say, age 19 to 25—still on your health insurance but no longer a tax dependent?
That’s where the HSA strategy kicks in, offering a surprisingly overlooked second phase of long-term wealth building. In this episode, we explore how to leverage this window to give your child a tax-free healthcare fund that could quietly grow into hundreds of thousands by retirement.
If you've been hearing rumblings about tax changes in 2026, you're not imagining things — we’re heading toward one of the biggest tax shifts in decades. The Tax Cuts and Jobs Act of 2017, which shaped much of our current tax system, is set to expire unless Congress takes action.
But right now, lawmakers are locked in a high-stakes budget battle, and no one knows exactly how it’ll end. This episode breaks down why that matters not just politically — but for your wallet, your financial plan, and the decisions you might want to make before the rules change.
Today, we're going to dive into a mindset shift that every high-earning professional needs to hear, especially our ER doc families making strong incomes. It's tempting to think that a $400K household is financially invincible. But the truth is: the system isn't designed to make you wealthy. It's designed to keep you comfortable.
And comfortable, if you're not careful, is the enemy of wealthy. We're going to walk through a real-world hypothetical of a $400K-earning ER doc, a stay-at-home parent, two kids, and all the common expenses that come with the lifestyle to show you exactly how easy it is to spin your wheels and not actually build wealth.
This episode is going to get technical — so if you’re not ready to get lost in the math and mechanics of debt, investments, and balance sheet risk, you’ve been warned. But for high earners like ER docs, these seemingly small decisions — like whether to pay down a mortgage early or redirect that cash flow into investments — can have six- or even seven-figure implications over time.
With today’s higher mortgage rates and more volatile markets, the old rules don’t necessarily apply, and what once was considered conservative might now be the riskiest choice of all. We’re going to break down how to analyze these trade-offs, with real numbers and real behavioral considerations that go way beyond “just do what feels right.”
Markets just experienced one of the most dramatic intraday reversals in history — and at the center of it all? Tariffs. In this episode, we dive into how sudden trade policy shifts, particularly around President Trump’s tariff announcements, are sending shockwaves through investor sentiment and market pricing.
We’ll break down what tariffs actually are, who really pays for them, and why reacting to market drops after the fact can be more harmful than helpful. If you’ve been feeling whiplashed by the headlines, this one’s for you.
Today is what most people call the “tax deadline” — but that term is more misleading than helpful. In reality, April 15 is less of a final cutoff and more of a decision point: you either file your return or file for an extension.
In this episode, we’ll walk through why the panic surrounding this date is often unnecessary, especially for those with more complex tax situations. Whether you’re already squared away or haven’t even started, there’s still something smart you can do today — and we’re here to help you make tax season uneventful on purpose.
Match Day is an unforgettable milestone—the moment your medical journey becomes real, and the future you've worked so hard for finally starts to take shape. But what often gets overlooked is how your match decision can deeply impact your financial path.
From student loans and cost of living to career opportunities and long-term goals, your choice matters more than you may know. In this episode, we’ll help you look at your match not just as a career move—but as the first step in a financial strategy designed to match your life.
Student loans — especially under income-driven repayment (IDR) plans — continue to be one of the most asked-about topics among ER docs. With all the recent changes, pauses, and legal uncertainty, figuring out what to do next has become increasingly difficult.
We’re recording this episode to help break down the latest updates, including the major change as of February 21st that halted all IDR applications, and to answer some of the most common questions we’ve been hearing. If you’re pursuing PSLF, on SAVE, PAYE, or just trying to make sense of it all — this episode’s for you.
The market is down, volatility is everywhere, and if you’re feeling uneasy about investing right now—you’re not alone. It can be terrifying to watch your portfolio drop or to commit new money when uncertainty is high.
But history has shown that those who stay the course and follow key investing principles come out ahead in the long run. Today, we’re breaking down how to navigate the fear, stay invested, and set yourself up for long-term success—even when the market feels like a horror story.
Big changes are happening at the IRS—thousands of employees are being laid off, and that could mean longer wait times, delayed refunds, and even fewer audits… for now. But does this mean you’re in the clear to take more risks on your taxes?
On today’s episode, we’re diving into what these IRS cuts really mean for you, how to stay out of trouble, and why playing it smart now could save you from a nightmare audit years down the road. Let’s talk all things IRS and how to keep your taxes stress-free.
Today, we’re talking about what every kid and teen should know about personal finance—starting with the basics: What is money? Why should you save? And how can just $100 grow into thousands over time?
Today, kids are flooded with flashy social media influencers pushing get-rich-quick schemes—so how do we convince them that slow, steady investing is actually the best path to wealth? We’ll break it all down, plus share real strategies for saving, investing, and setting up accounts like Roth IRAs and custodial investments to make money work for you.
Many underestimate how much their assets can grow—or how much they'll need for retirement. A $5M goal today could mean $12M+ in 30 years due to inflation, making financial targets seem daunting.
By understanding compounding, inflation, and strategic adjustments, you can make smarter decisions today that have a massive impact tomorrow. We'll break down key numbers, risks like sequence of returns, and why financial planning is an evolving process.
Whether you're selling stocks, real estate, or a business, capital gains taxes can take a huge bite out of your profits. But here's the good news—you have control over when and how you sell assets, and with the right strategies, you can significantly reduce your tax bill.
From understanding short-term vs. long-term capital gains rates, to tax-loss harvesting, tax-gain harvesting, donor-advised funds, and Qualified Opportunity Zones—this episode is packed with the insights you need to keep more of what you earn.
Think you’re getting your full 401(k) employer match? You may need to think again. Even if you max out your contributions every year, the way you elect to defer your paycheck could be quietly costing you thousands in free money.
In this episode, we break down the hidden flaw in many employer match structures, why high earners—like ER doctors—are especially at risk, and how a simple adjustment could mean an extra $800,000+ in retirement savings over your career.
On today's episode, we'll be diving into the unpredictable world of markets, investing, and economics. With the start of a new year and a new president, the market is full of mixed forecasts—half the experts are optimistic, while the other half are... not so much. But what’s the reality?
We’ll look at past market performances, including the surprising results from 2024 and Trump's first term, and evaluate why forecasts often miss the mark. Plus, we’ll discuss the importance of diversification and how to stay calm in the face of uncertainty.
With the inauguration of President Trump behind us, a wave of changes is already in motion—executive orders reshaping policies, and bold tax proposals that could have significant implications for your bottom line. While not everything in a campaign becomes reality, understanding these potential shifts is key to staying ahead.
In this episode, we’re diving into Trump’s new tax agenda, including how a C corporation instead of an S corporation could be the new norm for 1099 earning ER docs.
When it comes to taxes, income tax often takes center stage in our minds. But for high-income earners, like ER doctors, the tax landscape is much broader and more complex.
Beyond federal and state income taxes, there are hidden and often overlooked taxes that can quietly accumulate into a substantial burden. Let’s dive into how you can take control of your tax strategy and maximize your wealth.
This year brings new challenges for ER physicians—rising patient volumes, increasing administrative burdens, and the ever-present risk of burnout. In this episode, we’ll explore how these factors are reshaping careers and discuss practical strategies for maintaining balance, prioritizing mental health, and aligning your work with your personal and financial goals.
Whether you’re an experienced EP or just starting out, we’re here to help you navigate these shifts and build a sustainable path forward.
As the new year begins, it’s the perfect time for ER doctors to hit the reset button on their finances. In this episode, we’ll explore how to create a financial game plan that works for your unique career and lifestyle.
From setting achievable money goals to tackling student debt and maximizing investments, this episode will help you start the year on the right foot. Let’s turn your financial resolutions into reality.
Today we're diving deep into a retirement strategy that's gaining traction—we'll call it "phased retirement." Instead of the traditional abrupt transition from full-time work to complete leisure, phased retirement allows Emergency Physicians to gradually wind down their careers by transitioning to locum tenens positions.
This approach offers a multitude of benefits, both financial and psychological, which we will discuss.
Today, we’re revisiting a topic that keeps coming up in our conversations with clients and listeners—how to best approach your retirement contributions, specifically when it comes to choosing between pre-tax retirement accounts and post-tax brokerage accounts.
We'll get into the math involved with the decisions and when it may be appropriate to lean towards one over the other.
As we close out the year, it’s the perfect time for a financial checkup. While we often focus on our savings rate during our working years, once we transition into retirement, the spotlight shifts to something equally, if not more, important: our spending rate.
Today, we’re diving into how the way we spend impacts our long-term financial security, and why taking a step back to reflect on our spending habits at the end of the year is essential for making sure we’re on track.
As the year wraps up, it’s time to turn our attention to the essential financial tasks that need to be checked off before January 1st, 2025. In today’s episode, we’ll walk you through the key deadlines and action items for your year-end financial checklist—everything from maxing out retirement contributions to taking care of your RMDs.
Whether you're a W-2 employee or a 1099 contractor, there are some critical moves to make before the clock runs out. So, let’s dive in and make sure you’re ending the year on a strong financial note.
Today, we’ll break down the latest updates on 401(k), IRA, and HSA limits for 2025, and forecast the tax landscape under the new administration. We’ll also look at the possible extension and expansion of the TCJA, the SALT cap, and tax credits—and even provide a few things you may want to do before year-end and things you may want to wait to do until after the new year kicks off.
We’re diving into a topic that many people overlook when it comes to their finances—the importance of working with a unified financial team.
We recently received a question from an investment manager of a client we only handle tax services for, and it sparked an important discussion about the need for clear communication between financial professionals. Specifically, we’re looking at how IRA conversions can be impacted when tax planning and investment advice aren’t fully coordinated. We’ll also explore why splitting your financial advisors could actually lead to more confusion and missed opportunities. So, let’s break it all down and see why having one cohesive team in place is so crucial for making the best decisions for your financial future.
So today, we're diving into our post-election world, with a focus on student loans. Trump, plus a Republican majority in the Senate, means there's, at minimum, uncertainty on the horizon as it pertains to loan programs - income-driven, PSLF, SAVE, and anything in between.
If you’ve got student loans or you’ve been planning your path to forgiveness, we'll try to unpack what you may want to do now before things change and it's too late.
In this episode, we explore the Roth vs. Traditional retirement account decision specifically for ER docs. With high income, fluctuating tax brackets, and the potential for major tax changes in the future, choosing the right account can significantly impact your long-term financial strategy.
We break down the pros and cons of each account type, discuss how to leverage tax planning opportunities during your career and retirement, and help you navigate the complexities of saving for the future while balancing the unique financial challenges of being an ER doctor.
With the market performing well recently, many of you may find yourselves sitting on sizable gains in your portfolios. But how do you navigate these gains effectively to optimize your tax situation?
On today's episode, we'll break down the mechanics of tax-gain harvesting—what it is, when to use it, and how it can potentially save you money—alongside the more familiar tax-loss harvesting strategies.
With so much perceived to be at stake and tensions running high, it's easy to get caught up in the political drama. However, as a finance-focused podcast, our aim is to shift the conversation toward how financial markets have historically reacted to election outcomes.
We’ll explore the trends, debunk some myths about market behavior during elections, and offer our perspective on not only the market and economy, but personal finance as a whole whether we're led by a Republican or Democrat come November.
Disability can be one of the most significant financial threats to your career and income. 1 in 7 people will suffer from a disability that will last at least 5 years. That's fairly decent odds for a potentially severe financial outcome.
On today's episode, we’ll explore why having the right amount of coverage is vital, how to calculate your needs, and which riders you should consider to tailor your policy. This is a must-listen episode if you are in residency or under-covered with your current DI policy.
Finance can be complex. It's very easy to focus on the bells and whistles instead of the tried and true. So today, we’re stepping back to explore the core financial principles that every emergency physician should know. Understanding what areas to focus on, and which to avoid, is just as important whether you're fresh out of residency or a seasoned pro.
Over the past 14 years, we’ve seen a major shift in interest rates that’s changed how we handle cash. Starting back in 2008 during the financial crisis, rates were so low that many people kept minimal cash because it just wasn’t earning anything. But after the pandemic, rates climbed, making it easier to earn decent returns on savings.
Now, as we expect more rate cuts, it’s a good time to rethink how we manage our cash and consider smarter investment strategies.
How do you perceive your future self? How you answer that may matter when it comes to your finances. Research shows we may have a particular POV when it comes to looking forward at our lives, which can lead to challenges in saving for retirement.
On today’s episode, we'll explore how this disconnect, along with concepts like temporal discounting and loss aversion, can impact your spending habits now and in retirement.
We’ll kick today’s episode off with a surprising New York Times article that challenges the validity of supercentenarians and those so-called Blue Zones we discussed before. From there, we’ll explore the current economic landscape, where conflicting predictions are the name of the game.
With a heated presidential race and fluctuating markets, it’s time to unpack the chaos, debunk some myths, and find out what really matters for your financial future. Let’s get started!
We’re excited to feature our first client on the Money Talk for ER Docs podcast! We’ve planned to do this for some time now and couldn’t be more thrilled to have Dr. Brian Laakaniemi as a guest as he discusses his path to EM as well as his finances.
We love the idea of continuing to host existing clients on the podcast and we hope you, as a listener, not only enjoy hearing the perspective of a fellow emergency medicine practitioner, but also find value in their experience and insights. For legal purposes, we are required to disclose that Brian’s experience as a client may not be reflective of the experience of all clients and he did not receive any compensation for speaking with Scott. Hope you enjoy!
Identity theft is a real concern for ER docs due to high patient interaction volume. Consider the reality that accessing an EP’s signature can open up opportunities to obtain medications or allow for other financially-driven motives. Combine this with other variables, such as higher income and thus higher credit limits and a busy lifestyle that may prevent them from noticing identity theft schemes, it’s no mystery as to why ER docs as a subset of professionals are prime targets.
On today’s episode, we’ll discuss a large data breach that impacted most Americans and lay out the things you can do today to prevent fraud happening tomorrow.
We are constantly inundated with clickbait-y headlines and concepts that are hard to ignore. A once-a-day pill to shed fat, increase alertness, get wealthy, grow your hair back – whatever it may be, even the biggest skeptics can begin questioning their skepticism when painted a convincing enough picture. But what about velocity banking? Is it another fad or an exception? Can you really use this as a method to not only shave years off your mortgage, but also save hundreds of thousands of dollars in interest over the life of your loan?
On today’s episode, we’ll discuss the ins and outs of velocity banking and also revisit the math behind amortization schedules for refinancing.
From white water rafting to taking a trip to the grocery store, there’s always some level of practical analysis and mapping that can, and probably should, be performed. Doing so helps us make more informed decisions, capitalize on strengths, address weaknesses, seize opportunities, and mitigate threats to enhance overall well-being and productivity.
On today’s episode, we perform a SWOT Analysis of the personal finances of emergency physicians to really evaluate all of the ways EPs can find success (and failures) within their working career.
We all have experienced a pretty rapid run-up in mortgage rates since 2020-2021. Of course, no one knows where the top (or bottom) will be moving forward. But at least over recent history, rates have dropped a good amount to the point where there are mortgage opportunities for many to explore.
On today’s episode, we’ll discuss the decision-making process of refinancing and get into other forms of equity lines of credit that can be appealing even for those with low-interest rate primary mortgages.
The market and its behavior, though it may not feel like it, is predictable. It’s like a broken record: there will be ups and downs; some bigger than others. Despite this, in the moment, it can feel very serious or dire. But if we let history be our guide, there are plenty of lessons to draw from that show how to react and what to do to get through those stressful moments.
On today’s episode, we’ll talk about the market’s recent movement and also discuss the surge in small cap value stocks that will leave those who jumped on the large cap stock trend feeling a bit left out.
Happiness can come in so many forms. When it comes to the relationship between work and happiness, whether we care to admit it or not, they tend to be pretty intertwined. But what if they weren’t? How would you structure your life if you were optimizing for happiness over money?
On today’s episode, we’ll get a bit psychological and look at the science behind happiness and how much things like your job and spending money play a role.
Many ER docs may not be aware of cash balance pensions. These are a type of retirement plan that can really supercharge retirement savings and minimize tax liability. But buyer beware: these aren’t a DIY solution. That’s one of several reasons why they are underutilized despite being an extremely attractive option for saving large sums of money.
On today’s episode, we’ll discuss these relatively complex plans and how they may be the best tool to help guide ER docs to their retirement goals.
Conventional wisdom would suggest that becoming more educated should result in earning more money. And when you combine that sentiment with ambitions of change either within or outside of emergency medicine, seeking an Executive MBA may be an appealing option, especially for an ER doc looking to reduce clinical hours. But when it comes to EM, more money and a better opportunity may not be as matter of fact as it is with other careers.
On today’s episode, we’ll discuss our experience with clients who have pursued and obtained their Executive MBA and what changes it led to personally, professionally, and of course, financially.
It’s no surprise EM has experienced volatility over the past decade. Whether it’s in the form of general healthcare structure, insurance, government programs, private equity, and, importantly, compensation, it’s clear things may not be running as efficiently as they should be. This has led to talks of unionization growing in popularity as a means to make long-desired improvements.
On today’s episode, we’ll discuss the history of unions, review a study recently issued on this topic, and of course relay the messages and sentiments we’ve received from clients.
The majority of ER docs will earn contractor pay at some point in their career, which opens the door to new types of retirement accounts. One highly praised type is the individual 401(k). With all the great potential it brings, it also comes with additional responsibilities that can easily be overlooked if not careful, especially when considering the sheer number of tax deadlines and responsibilities an ER doc has.
On today’s episode, we’ll discuss the upcoming Form 5500 deadline, go over the scary consequences of not filing it, and conclude with what can be done if you realize you haven’t filed in the past when you were liable to.
Maslow’s Hierarchy of Needs is a psychology theory that details our motivations as humans. Within that model, things like food, water, and health are all vital. But so, too, are employment status and property – actually within the same tier as health and safety. That shouldn’t be a surprise; our ability to fund our survival goes hand-in-hand with surviving itself. Yet, it’s almost like our brains can’t wrap around the concept that we will not work at some point in the future, whether we care to or not. That means the planning we do with our money today serves as the replacement for the work we won’t be able to do in the future. On today’s episode, we’ll remind listeners of the importance of making incremental progress toward financial goals and adhering to a plan.
What does the termination of a deferred compensation plan actually mean for employees? In the case of Envision, it appears to mean receiving a windfall of money upfront that was likely earmarked for retirement purposes. And if that wasn’t challenging enough, there’s inevitably going to be a tax hit that may not be fully realized until over a year after the funds are received. That’s a lot of responsibility and will definitely test the discipline and planning system of these affected ER docs.
So in today’s episode, we’ll discuss the specifics of Envision’s deferred comp plan termination (dates, distributions, and of course the tax impacts you should be aware of), but also give our insight into these plans in general when it comes to a savings option for ER docs.
There’s been a recent uptick in longevity protocols, research, medicine. There’s a lot of bio-hacking methods like fasting, ice baths, grounding, avoiding microplastics and other forever chemicals – basically it’s a hot topic and it’s exciting, enticing, and promising. However, what most people don’t consider is the financial impact of living longer. We can extend our lives, but how do we fund our lives now that we are living longer?
On today’s episode, we’ll get into the specifics of longevity as it pertains to a financial plan and asset management.
Social media is explosive and fast-paced. It’s also a breeding ground for misinformation. If you’re an ER doc who is maybe in a place where you’re looking for any opportunity to pivot out of EM, or simply looking for an alternative source of income, you may find yourself intrigued by an influencer’s unscrupulous financial advice.
On today’s episode, we’ll go over some of the common TikTok-esque financial trends clients have recently shared with us and give our words of caution on them.
There’s no question that most tax schemes blur the lines between fact and fiction. Every deduction can run afoul quickly, especially if abused. So much so that the IRS annually releases its own list to educate and inform the public about these schemes.
On today’s episode, we go over the “dirty dozen;” many of which target high-income earners, like ER docs, to ensure listeners are aware of the difference between tax scams and legitimate tax strategies.
Back-taxes are accompanied by repetitive, concerning, and somewhat threatening letters from the IRS and third-party collectors. It can be intimidating. And it should be. The IRS is no joke. That’s when tax resolution companies take advantage of your vulnerability and attempt to sell a miracle pill. The reality is: you only have so many options with the IRS and as an ER doc, it’s very unlikely anything but paying the balance back is going to be available to you.
So on today’s episode, we’ll discuss the over-promise and under-deliver nature of tax resolution companies and get transparent on what actual tax resolution looks like.
Each and every year, the single largest expense an ER doc pays is their taxes. This means a large percentage of our professional careers is spent staying on top of current tax legislation and strategizing around ways to legally reduce taxes for our clients. We’ve all grown accustomed to the current tax code and laws, but things do change, and inevitably will change, by the end of the 2025.
On today’s episode, we discuss what changes will occur if nothing is done and what impacts those changes will have on high-income earning ER doctors.
We just discussed the three best financial decisions an ER doc can make, but what about the three worst? What’s interesting is poor decisions have disproportionally worse outcomes than good decisions when it comes to finances. That’s something really crucial to understand and highlights why we are so risk adverse when it comes to the best ways for ER docs to become successful.
On today’s episode, we’ll go over three specific decisions that every ER doc needs to avoid if they intend to reach financial independence.
When you think about it, we all make millions of financial decisions over the course of our lives. Is it the culmination of all of those financial decisions that results in your success or not? Possibly. But there is undoubtedly a mindset that we see common in all of the most financially successful ER docs that provides the framework for each and every financial decision they make.
On today’s episode, we’ll discuss this framework and what we feel are the three biggest decisions that drive financial success for ER docs.
One thing about being in the field of personal finance is nobody will know everything. And the same is true for the field of emergency medicine. Yet, we do our best to acquire as much information as possible and pass that knowledge along.
On today’s episode, we’ll go over certain misnomers or confusions we often see when it comes to personal finance and leverage our 15+ years of knowledge to address them so you can be that much more prepared and equipped when it comes to your own finances.
Taxes are cumbersome and oftentimes painful (for most people). There are no two ways about it. But through proper planning throughout the year, plus a simple working knowledge of how the deadlines work, that combination really makes this responsibility manageable.
On today’s episode, we’ll reference IRS statistics on extensions for high-earning taxpayers and discuss how we feel every taxpayer should approach filing their returns.
ER docs tend to think of their income in shifts. We tend to think of it more from an after-tax perspective. In other words, we’re interested in how much ER docs get to keep, after taxes. So strategizing around that bottom line instead of simply working shifts can make a big difference not only on the perception of working, but also for wealth building.
On today’s episode, we’ll provide a simple breakdown and comparison between the two income types and the take-home they both receive off the same gross salary.
Mortgage rates are high relative to very recent history. Despite this, it’s inevitable that we may have to participate in those higher rates if we move, upsize, downsize, or acquire a first-time home. In any of these cases, there’s an unconventional and little know strategy for reducing your mortgage payment over the life of the mortgage term.
On today’s episode, we’ll discuss a cash flow improvement strategy that works well in today’s high interest rate and high stock market price environment.
Paying tax is a good thing because it means you’ve made money. But when it’s unplanned or unaccounted for (or worse – already spent!) that’s when major problems can arise. With the stock market roaring since October 2023, depending on what you’re invested in, your assets have likely bloated. In the event you need to sell out of these positions for any reason – car, house, change investments – there is a very good chance you will be incurring capital gains tax.
On today’s episode, we’ll go over four specific ways to help offset, or even eliminate completely, probably the most shocking tax liability source: capital gains.
Just as electric vehicles are relatively new, so is the tax code that was designed for them. Like anything in its infancy, there will inevitably be confusion, loopholes, and many updates to come.
On today’s episode, we’ll get into how ER docs in the market for an EV can still take advantage of free rebates even if tax policy has attempted to disqualify them based on income limitations.
The Internal Revenue Code is like an onion – there are so many layers to peel back. Within each of these layers are deductions and credits, each with their own set of rules. As a high-earning ER doc, you should be aware of areas where you can take advantage, and for completeness and simplicity, areas where you can’t.
On today’s episode, we’ll construct and discuss the longest list of deductions and credits available to ER docs that we can realistically come up with to hopefully aid in your tax filings this year and tax filings moving forward.
Recency bias: a cognitive bias that favors recent events over historic ones; a memory bias. I mention this because a composition of the 500 largest companies in the US, also known as the S&P 500, has recently hit all-time highs. While of course that’s a good thing, recency bias is running rampant, making it difficult to remember times when the S&P 500 has severely lagged behind other markets. And when this causes investors to abandon the science of investing and instead opt to own just a single asset class, problems can arise.
On today’s episode, we’ll discuss how periods of return, especially recent ones, can paint a very different picture than what has unfolded over longer time frames and how the infatuation with the best performers can taint the way we look at our own portfolios.
Taxes aren’t as much of a “season” as we tend to think. The reality is, taxes are all around us; they’re a daily occurrence. Thus, condensing an entire year down to a single week or month is a fool’s errand.
On today’s episode, we’ll talk about tax season from a different perspective. A perspective that hopefully creates a mental shift and ultimately improves the way you think about and prepare your returns moving forward.
ER docs tend to lead financially complex lives. With different income sources, different income types, and possibly earnings in multiple states, this provides a major hurdle when it comes to optimization. But not all hope is lost; the added complexity can often lead to opportunity, like in the case of additional contribution limits with multiple non-related retirement accounts.
On today’s episode, we’ll discuss the rules for multiple retirement accounts with separate employers and talk about how to remedy an accidental over-contribution, and even get into a scenario where an intentional over-contribution could make sense.
How do you pay for things? And what’s the thought process behind what card you pull out of your wallet? The effort you bring to this area of your spending is a precursor to living an overall better and more organized financial life.
On today’s episode, we’ll discuss the balance that works for most ER docs in a world of credit card rewards, mailed offers, referral codes, high-interest accounts, and banks of all shapes and sizes competing for your business.
529 plans are typically thought of as college expense accounts. And of course, they are first and foremost, but over the years we have gradually seen the flexibility and use of 529s expand. Whether that’s using them for K-12 private schools, opening an account early in the parent’s name in anticipation of the possibility of a future child, or even strategic changes to the beneficiaries of the account. But using it for retirement has never been an option… until now.
On today’s episode, we’ll start by discussing the Beneficial Ownership Information Report that is likely required to be filed if you have a business open and then we’ll transition into the updates to the 529 plan and how to utilize it for your benefit.
Oftentimes the benefits of a vacation are felt prior to even setting flight or hitting the road. It’s something to look forward to – and that can carry you through even the toughest of workdays. We know ER docs have a unique job when considering the hours and responsibilities, but it doesn’t stop there – PTO and flexibility are also vastly different from not only other job types in America, but even different jobs within emergency medicine itself.
On today’s episode, we’ll discuss the importance of building in vacation time, talk about the financial opportunity costs of taking vacations, and get into prioritizing the right kind of time off to help sustain a lasting career.
The retirement account landscape can be confusing. But maximizing these savings vehicles is so important for ER doctors seeking financial independence. So when the perfect storm of large savings needs meets tax and retirement planning strategies, the mega backdoor Roth strategy may be the tool to get the job done.
On today’s episode, we’ll give an overview of tax-preferenced retirement accounts, break down the mega backdoor Roth strategy, and go over the scenarios where it makes the most sense to utilize.
If we polled all ER doctors in America and asked them, “Which do you think would be financially more beneficial to you, being paid as an employee (W-2) or contractor (1099)?” we suspect ~75% or so would respond that they’d rather be classified as an employee. Well, that wish may come true as new regulation is set to go into effect in March that could challenge all independent contractor job statuses held by non-locum ER doctors which would force them to be restructured as employees.
On today’s episode, we’ll discuss this recent ruling and how EPs could be rallying behind something that could actually be detrimental to their finances.
When we sit back and really analyze the thousands of ER docs we’ve worked with and spoken to over the past 15 years, we’ve pinpointed one specific thing the financially successful have in common. Most would think high income, or even savings rate. While those may be great indicators, even those have flaws. No, this specific thing is, without fail, the best litmus test for success and we can make positive inferences without needing to evaluate any other piece of a client’s financial puzzle. You’ll probably never guess what it is.
On today’s episode, we’ll discuss this specific indicator of financial success and the nuances of it. Ask yourself, “Is this specific indicator part of my financial plan?”
It’s often the case that people are short-sighted with their retirement. The focus is on getting “to retirement” (saving and accumulating), but not necessarily how to get “through retirement.” That has its own layers, such as: How will you acquire money in retirement? From what accounts? In what order? Where will you be living in retirement? Spousal income? Social Security? You can quickly see there are dozens of variables at play.
On today’s episode, we’ll discuss Shohei Ohtani’s MLB contract and make parallels with ER doc’s deferring income – both in qualified and non-qualified ways.
A new year carries with it the best intentions for ourselves. From eating right and exercising, to relationships and hobbies, and even finances, we get a clean slate at becoming a better version of our past selves. And where many focus on general areas to improve or specific financial to-do’s, we wanted to come at things from a different perspective. One that hopefully sparks a moment of clarity and facilitates action.
On today’s episode, we’ll discuss all the things that will prevent you from achieving a beautiful and lasting financial life not only in 2024, but year-after-year. There’s a specific system you need to implement this month to ensure you stop the vicious cycle and begin maximizing wealth building now and moving forward.
For those who haven’t heard of Dave Ramsey, he’s an American radio personality who gives financial advice to roughly 18M listeners a week. Oddly enough, he isn’t actually a financial advisor; he does not have his own clients. Yet he has written several books on finance and his words carry a lot of weight. Mr. Ramsey recently had a pretty controversial statement go viral regarding how much a retirement portfolio earns and how much can safely be withdrawn from said portfolio in retirement.
On today’s episode, we want to speak to several of his outrageous comments and talk generally about investment expectations and realities.
Have you heard the notion that investing in the S&P 500 is synonymous with having a financial plan? How about investing in the S&P 500 IS diversifying your portfolio? If either of these thoughts haven’t crossed your feed yet, they may be soon as they’ve gained more and more traction lately given the performance of the index over the past decade or so.
On today’s episode, we’ll discuss both of these concepts in depth and how they can impact wealth building. Perhaps the rules for diversification have changed and a new strategy is prevailing… or not.
As we’ve discussed before, ER docs are a special specialty. Beyond the financial uniqueness, so, too, are the personality traits. Whether those personalities are formed as a result of becoming an EP or if they are a prerequisite for going down the path in the first place, that’s a topic for debate. In either case, the nature of the job promotes an interest in, ironically, getting out and leaving the profession in many cases. And with this desire, there tends to be a match found in start-ups with a bias toward medicine technology often in AI.
On today’s episode, we’ll talk more about the personality traits of ER docs and spin the startup element from our financial point-of-view.
It’s common to think tax brackets are fixed and only change or adjust when voted on – typically under new legislation. While this is somewhat true, what’s overlooked is within that voting there are year-to-year updates that are cooked in based on various factors. And once enacted, these changes can harm or benefit you. Either way, they sneak up similar to the way price changes at the grocery store or the gas pump do. In today’s episode, we’ll talk about the hard number changes to tax brackets, give examples of hypothetical ER docs and the corresponding tax changes, and even get into an interesting way of using tax brackets as a framework for lifestyle. The takeaway is: knowing the numbers, or leaning on someone who does, can have a massive impact on wealth building.
The year-end rush is here. Between holidays, vacations, wrapping up school, family – life gets a different type of hectic. But it’s the most important time to get things done if you haven’t already when it comes to year-end financial and tax planning. To make things easier, we’ve comprised a comprehensive checklist for ER docs that can hopefully be tackled by the end of the year with the goal of maximizing wealth building.
Feel free to reach out if you need help with any of the items we’ll discuss today.
Like most things financially related, EP’s are simply different than the average American. Purchasing a home is no different. So when the question of home affordability comes up, there are a lot of additional considerations at play than what may be necessary for others. We’re talking income variability, tax responsibilities, accelerated saving obligations, and so much more.
On today’s episode, we’ll address homebuying from the perspective of an ER doc and all the things that you should be considering beyond what a lender may approve you for.
The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things.
On today’s episode, we’ll recap and respond to the top questions we recently received from a group of 75 ER doctors.
The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things.
On today’s episode, we’ll recap and respond to the top questions we recently received from a group of 75 ER doctors.
The biggest risks associated with owning rental properties have to do with certain variables that are typically out of your control. Think neighborhood changes, real estate market cycles, and especially locality risks. So if there was a way to hedge some of this risk, and yield tax benefits, then owning rental properties would be more valuable than we typically communicate in our podcast, especially when compared to the earnings that are achievable for an ER doc with such a high salary.
On today’s episode, we’ll talk about a certain type of rental property and the tremendous tax savings that can be generated from it while simultaneously providing its own hedge to the common rental property risks.
A properly designed financial plan is truly a work of art. It requires decades of discipline, hard work, and thought. What most don’t realize is that they’re only halfway to the finish line once they reach retirement. If you look at a financial life like a marathon, the working years make up the accumulation or pace-setting part of the race. The second half is the draw-down or stamina period. That “home stretch” is all about strategizing to ensure your reserves get you to the finish line. This requires as much, if not more, effort and strategy as it took to accumulate.
On today’s episode, we discuss the early retirement years of an ER doc, the various strategies to distribute assets, and some expense considerations that often get overlooked.
We started this podcast for several reasons, one of which was to provide great content for ER docs. We wanted this to be true whether you’re a client, prospective client, or even a DIY’er. But there’s a bit of irony in our pursuit in that even if listeners pick up and implement a few nuggets of information they hear us discuss, there are likely tons of missed wealth-building opportunities occurring within their financial lives. In order for there not to be, it would require an almost inhuman ability to stay regimented and objective in one’s own financial behaviors and decisions all while completely understanding the nuances of financial planning. Basically, it’s extremely unlikely.
On today’s episode, we’ll discuss how financial planning may seem simple on the surface, but the reality is it spans across many disciplines – psychology, behavior, math, and science. And the irony is not adhering to all facets of financial planning likely means forgoing a substantial amount of wealth.
There’s a saying that goes, “It’s not what you earn, it’s what you get to keep.” This couldn’t be more true for ER docs – especially those with multiple income sources and self-employment income. Now picture being able to save a month’s worth of shifts in taxes every year. Pretty great, right? Fortunately, that could be a reality if four specific categories of tax savings are adhered to and maximized.
On today’s episode, we’ll go over these four “tax hacks” and discuss the various opportunities present within each.
There’s more job turnover than ever with the consolidation happening in EM. Of course, with any transition or change, it can be stressful. Inevitably questions will come to mind like: How long will it take to find new work? What will the pay be? How will management operate? But, one thing that can get overlooked is the topic of malpractice insurance – not just for the new job, but tail coverage for the prior one.
On today’s episode, we’ll discuss this topic of whether a private med-mal policy is worth it and the various considerations that go into making that decision.
Consciously or subconsciously, ER docs know they can’t keep doing their job forever. Unlike other professions, it’s rare to see people working into their 70s and 80s in this field. But what would a world need to look like for that to not be the case? How would things need to be structured to make working to 70, 80, or even 100, doable?
On today’s episode, we’ll discuss the concepts of “retirement” and “financial independence” and the things you’ll want to consider to not only get to these stages of your life, but to live a fulfilling life in them.
It’s been a couple of years since that infamous ACEP workforce study was released which forecasted an alarming surplus of ER doctors by the year 2030. Like seemingly all things relating to the emergency medicine space, the estimate doesn’t seem to be playing out as expected. If anything, if trends continue, we could be living in a world where the exact opposite is true – possibly an undersupply of ER docs.
On today’s episode, we’ll discuss what a recent expert panel of ER doctors presented on the future of the workforce, the factors that went into arriving at their findings, and what this could mean for you.
Making money while you sleep is a worthy pursuit. And what better way to do it than within the comfort of your bank account! Little risk; high returns… it seems these days everybody is comparing rates between different savings account options.
But someday the musical chairs will end and where will you be? In today’s episode, we’ll discuss cash as an investment vehicle, the topic of inflation, and all things long-term investing in high-interest rate environments.
Tax-loss harvesting is sort of like a buzzword – many have heard it, but the true value of it and how it plays out is often misunderstood or, at the very least, confusing.
While there can be value, the ultimate benefit is more nuanced than one would think. On today’s episode, we’ll hopefully show why that is and ultimately discuss whether or not it’s everything it’s cracked up to be, especially as it pertains to the investment accounts of ER doctors.
Change is inevitable in life, and healthcare is no exception. This was especially true during COVID, but even to this day, more debt, high inflation, and its effect on wages and supplies, as well as legislative changes, all combine to create volatile environments within healthcare.
On today’s episode, we’ll get into two recent cases of change – MedExpress and APP – and what this could mean for ER docs. As always, we’ll reinforce some financial suggestions that you should be considering amidst changes occurring all around you.
The time has finally come – student loan payments are officially commencing. And while we hoped a major legislative change would kick the can further down the road or eliminate the debt altogether, unfortunately, that hasn’t happened. With that said, there are some major updates that need to be considered that just went into effect.
This is why today’s episode is a must-listen; we’ll go over Biden’s SAVE Plan option, some ER doc-specific math and case studies of when refinancing debt or hopping on (or switching) to an income-based repayment option may make sense, and finally end with some important deadlines you’ll want to make sure you are aware of.
High income and busy – those two ER doc characteristics make hiring financial help a common and reasonable decision. But it’s for those same reasons ER docs have a target on their back when it comes to financial solicitation. And not all sources of solicitation are the same; there are landmines out there that should be avoided at all costs.
One such landmine you’ll hear us frequently bring up is universal life insurance. On today’s episode, we’ll get into more of the math involved in these policies which will hopefully paint a vivid picture of the turmoil these policies can cause on finances.
As a high-earning ER doc, inevitably if or when you have a significant other, the topic of “should they work?” will come up. And that decision, though likely very personal in nature, actually has a lot of added financial layers that don’t exist in, say, the case where both partners need to work in order to fund the household.
In today’s episode, we explore the financial dynamics of dual-income households, get into all the variables at play including many that get overlooked, and give our positives and negatives on each side. We think you’ll be shocked at how much (or little) a $40,000/yr salary spouse actually takes home after accounting for the variables we’ll discuss today.
It can become a full-time job unraveling identity theft. While there’s no way to fully prevent it, there are definitely measures that can be taken to reduce the likelihood of it happening to you or a loved one.
In today’s episode, we discuss why ER docs are more susceptible to identity theft, the most common forms prevalent today, how to prevent them, and what to do if it happens to you.
There are very few people in the world who are happy to write a check to the insurance company. But it’s what’s referred to as a “necessary evil.” So when the question of “should you increase your coverage or not?” pops up, it’s easy to think of reasons as to why the current coverage amount is sufficient over obtaining more.
On today’s episode, we’ll talk about raising your disability insurance coverage from the point of view of the price-sensitive insured, as well as the objective fiduciary advisor, and also bring up blind spots that should be considered in making this decision.
It’s officially summer! Which means change is in the air for new attendings. Let’s set the stage a bit – typically work responsibilities are new and stress-inducing. And when it comes to finances, that tends to leave three different options. The first is it’s all so overwhelming, so it’s better to do nothing or procrastinate. The second is the understanding that something needs to be done, but that something ends up being rushed and likely does more harm than good. And finally, there’s a methodical and strategic plan created that sets the foundation for financial success into perpetuity.
Notice how two out of the three options are actually detrimental. That’s what we’ll discuss on today’s episode: how getting it right from the start makes such a difference. It’s for that very reason so many ER docs tell us they wish they had been introduced to us right out of residency.
Any big challenge or task can be broken down into many steps. This is a concept we discussed toward the end of last week’s episode. What if we take that approach and apply it to the working career of an ER doc? More specifically, quantify the number of shifts in the average career and utilize that knowledge to make improvements. Can that have positive tangible benefits in terms of career satisfaction and longevity? We think so.
In this episode, we’ll approximate that number of shifts, discuss the mental advantages of leveraging that information, and get into how financial behavior and choices can either shorten, or lengthen the number of, let’s call them “required shifts.”
In the movie Blank Check, a boy comes across and deposits a $1M check. And in the pursuit of achieving all his goals and dreams, he runs out of money. It’s very similar to the story of professional athletes running out of money within a few years out of the league. How that relates to today’s episode, without spoiling too much, is there’s a difference between being rich and being wealthy.
In today’s episode, we’ll discuss why almost all ER docs are rich, but many are not wealthy. The key difference beyond just age and geography, typically lies in financial behaviors.
AI has been a hot topic over the past year. Everyone is discussing new technology and how it will improve, or in some cases, not improve our day-to-day lives. But the one question on most people’s minds is: Will it replace my ability to make a living?
In today’s episode, we explore this question as it pertains to ER docs and emergency medicine. We’ll also look at how AI could impact financial markets and what that could mean for investment returns.
Having worked with ER docs for 15 years, we’ve heard so many stories, emotions, mistakes, and opportunities surrounding money. Oftentimes these sentiments are complex and require deep discussions and understandings. What we’ve done is distilled everything we’ve heard and experienced down to the various life stages during the career of an emergency physician.
On today’s episode, we’ll discuss three specific financial case studies, pose necessary questions to ask in each of these financial life cycles, and see how much they’ve changed over the past decade.
When the largest staffing company in America files for bankruptcy, as an ER doc, that should set off some alarm bells.
In this episode, we’ll talk about the events leading up to this point, how an employee versus a contractor of Envision differs in terms of bankruptcy proceedings, share some advice on safeguarding your income stream, and speculate on what could come next as only time will tell what the effects of this will be.
The idea of the US Government failing to pay its bills is a very scary thought. And the media loves to let the public know about it. Without question, the global implications of this could be catastrophic. But does that mean it’s worth losing sleep over as an ER doc?
On today’s episode, we’ll answer that question, provide a bit of history on the US debt ceiling, and of course, let you know what you can be doing to ensure you’re prepared for whatever may happen.
If you have a mortgage, you may be able to deduct interest paid on your tax return. Some may hear that and think “duh - obviously,” but it’s actually more complicated than most people consider. First, it’s not guaranteed; mortgage interest only counts if you itemize your deductions or if you’re a 1099 earner with a home office and you actualize your expenses. But even more difficult to comprehend is the amount you can actually take as a deduction, especially if you have a mortgage balance that exceeds certain thresholds, multiple loans, points, and refinances.
In this episode, we’ll get into the ways to maximize your deduction and bring clarity to what the IRS rules say on this matter.
The ability to delay an impulse for an immediate reward in order to obtain a more favorable reward at a future date defines what it means to delay gratification. And studies show individuals who are best at delaying gratification tend to be more successful.
Financial planning tends to give delayed gratification as it often takes years for the fruits of your investments to pay off. Tax preparation is more closely aligned with instant gratification. At most, you wait a year to receive your reward. But which is more important? We’ll get into that on today’s episode.
Tax laws, like electricity, move fast. The rules of last year, or even last month, no longer apply when it comes to electric vehicles. Have you considered you may earn too much to earn a tax credit? Or are you looking to purchase an EV that no longer qualifies for a tax credit? Have you considered how leasing may be different than buying now?
On today’s episode, we answer these questions and get into everything you should be aware of if in the market for a new electric vehicle or planning to make green changes to your home.
It’s normal to feel a variety of positive and negative emotions throughout your investment life. From fear to elation, from pessimism to optimism… no matter the feeling, how you perceive and act (or not) on those emotions is what matters.
Before you listen further, ask yourself how your portfolio performed in Q1, 2023. If you aren’t sure, that may actually be the healthiest response someone could have to that question. We’ll discuss why in today’s episode.
If you’re an ER doc working in another state from the one you reside in, it’s probably for a much better-paying job or opportunity. Then consider what we already know: taxes and finances for ER docs are complex. When you layer on top of that multi-state returns, multi-state taxes, and even multi-locality taxes, among so much more, ER docs quickly get up there as being one of the most complex professions when it comes to taxation.
In this episode, we’ll get into why ER docs are similar to athletes in this regard and all the things to be aware of when you venture out of your state to earn an income.
If you’ve listened to prior episodes, you’ve likely heard us talk about the benefits of having 1099 income. One benefit, in particular, is often overlooked and really takes the cake as the most special for those with children. An immediate deduction for you, savings for them, all while keeping it in the family? It’s too good not to take advantage of and every ER doc with kids should seriously consider earning at least some 1099 if only to just take advantage of this opportunity.
In today’s episode, we’ll discuss this strategy, go over the tangible real dollar benefits you can reasonably expect, and how to avoid pitfalls when implementing.
What it means to own real estate has changed dramatically, not just in the past three years, but even over the past three months. And who knows what the next three months, let alone three years, will look like. This uncertainty makes the decision to purchase real estate risky, but on the other end of the spectrum, potentially rewarding. And to realize that the average American has 70% of their net worth, or more, tied up in real estate, the implications are more important to discuss than ever.
In today’s episode, we’ll get into purchasing real estate in modern times. From the first-time home buyer, to the ER doc looking to upgrade, downgrade, or get into short- or long-term investing, we’ll discuss every angle from our point of view.
One of the most annoying “to-do list” items has to be setting aside time to prepare for what happens to your wealth after you die. That’s what an estate plan is, after all – the instruction manual for your hard-earned life’s wealth. Neglecting it, or potentially worse, misdirecting it can be costly to you or those who are set to receive your assets. And that’s only on one part of the equation (assets passing to your heirs). Remember that you may be receiving assets that may or may not have been planned for properly.
In today’s episode, we highlight an example of what can happen when assets pass between generations incorrectly and get into the important differences between beneficiary designations you may not be aware of.
For decades, emergency medicine was the “cool kid,” highly desired medical specialty. Now it seems there may be a trend forming that tells a different story.
In this episode, we’ll discuss the 2023 match results, learn what variables may be at play that yielded these results, and, of course, what that could mean for you, especially from a personal finance perspective.
When people think of a bank, they usually think of the ultimate level of security with a seemingly endless supply of money to pull from, fraud protection, insurance… the works. So when the public hears about the 2nd largest bank failure in U.S. history, followed by the 3rd largest, it’s understandable to be concerned.
On today’s episode, we’ll get into what happened, what may soon happen, and ultimately the things you can or should do to help protect yourself moving forward from a personal finance and investment perspective.
Life is all about choices. The more informed you are about a subject matter, the better a decision you’ll make. The same thing can be said about job offers.
In EM job offers, the “hourly rate” is the benchmark for comparisons. When stripped down, like in the case of 1099 income, the hourly rate is a very clean and valuable metric. It’s when the rate is tampered with, like in the case of W-2 positions adding in benefits and contingencies to arrive at a more appealing visual hourly rate number, that things get… tricky. In this episode, we’ll look at a specific job offer that a few clients have sent us and provide general guidance on things to look out for when considering taking your next job opportunity.
We review hundreds of tax returns every year for newly onboarded clients. The majority of the time, we see missed opportunities that would have resulted in larger refunds. In some cases, we can amend to claim refunds. But in other cases, even if we can save the client some money, the workload involved in recreating returns from scratch makes it so it’s not worth pursuing. In that sense, it’s lost money that could have been avoided had it been prepared properly from the start.
On today’s episode, we’ll discuss yet another strategy that can exist for 1099 earner ER docs looking to maximize their refund. It’s just another example of why diligent and thorough tax planning adds up over time.
Are you aware of private equity’s involvement in emergency medicine? You may or may not have directly experienced their involvement, but if any of the following sound familiar, it very well could be the result of PE ownership: lack of flexibility internally to work more shifts; difficulty picking more desirable shifts; and/or less higher paying opportunities available.
The reason for this is similar to inflation. Take a company like Doritos. The way they combat inflation is by not only increasing prices, but by also decreasing the amount of chips per bag by 5%. Although it may seem inconsequential as a consumer, it adds up for the producer. The same thing exists for emergency medicine – things are getting smoothed out, but it can be difficult to notice. We’ll discuss that on today’s episode.
What does “retirement” really mean? We think it’s an overused buzzword that can mean so many things to so many people, but traditionally speaking, it refers to the age at which you stop working. On the surface this is a worthy pursuit; however, making this a focus or long-term goal may be jeopardizing more than you know.
In this episode we’ll discuss a risk everyone should be considering when thinking about retiring and hopefully shine light on why getting things together financially means so much more than “when am I going to stop working?”
Being an EP in and of itself puts you well beyond the average American when it comes to finances. But consider even that the finances of EPs differ from those of other physicians. And further, the finances of women EPs differ from male EPs. The more you drill into subsets, the greater the potential for anomalies.
In this episode, we’ll look into the topic of American women's savings disparities and how women EPs may differ, the important things you should be considering regarding non-working spouses, and even go beyond the financial realm into planning for life decisions and goals in retirement.
People are too busy living to plan for their death, and why would you? It’s expensive, time-consuming, and it makes you plan for something nobody wants to think about – their own demise. The irony is, if you don’t plan, it’s likely to undo many of the things that made your life worth living in the first place.
In this episode, we’ll talk about the concept of advanced planning, what that entails, and the importance of establishing a plan, no matter your family dynamic and asset situation.
As an ER doc, you’re well aware of hospital emergency codes and the essential information they communicate. This got us thinking – can we draw parallels between medical codes found in your workplace and financial situations we find ER docs encounter outside of the workplace?
In this episode, we’ll get into that along with the history of these codes and discuss the current usage of codes across the United States.
Balancing relaxation and recovery from irregular work schedules and family obligations is difficult enough for ER docs. Now throw in a considerably more complex tax situation than the average American, and it makes filing taxes correctly, timely, and without penalty, a difficult endeavor. The only way to achieve this, whether working with a preparer or not, is to have a process in place.
In this episode, we’ll discuss deadlines you need to know this year, the best way to ensure you don’t incur any penalties, and the risks associated with filing too early.
We are back with a continuation of our last episode on financial changes resulting from the SECURE Act 2.0. Where the last episode revolved around predominately Roth IRAs, this episode we’ll get into more contribution- and withdrawal-based topics that will be especially important for late-stage ER docs.
Retirement planning is like a math equation with many problems to solve for: the age, amount, tax bracket, account type and performance of when you not only put money in, but when you pull money out all materially matter when it comes to your retirement. And these rules are the framework that sets the stage for how your money can look tomorrow, or years down the road.
The Secure Act 2.0 is now Law. The legislation provides a slew of changes that could help strengthen ER Doc’s financial readiness for retirement. That’s IF these changes are understood and capitalized on. So often we see missed opportunities within the finances of ER Docs and new additions only further complicate things.
On today’s episode, we’ll summarize some major (mostly) Roth-related changes found in this 4,000 page Secure Act 2.0 bill.
It’s no secret the demands of being an ER Doc. With that, it’s not going to be unusual or uncommon for there to be difficult days in the workplace. To help manage that stress, cultivating hobbies and activities which bring enjoyment and fulfillment outside of work can be necessary to keep physicians from becoming patients themselves.
But what if these “hobbies” can yield tremendous tax savings on top of the mental perks? It’s something billionaires have been doing for years – can ER Docs do it too? We’ll discuss this and the common tax-advantaged ventures we see ER Docs partake in on today’s episode.
ER Docs are a unique financial bunch. Aside from the challenging profession that goes without saying, there are often overlooked financial realities, call them “pain points,” that can add to the already taxing nature of the profession.
In today’s episode, we’ll identify the ten most present pain points we notice working with ER Docs. Keep in mind, this list is not all-encompassing, nor will all apply to every listener. But, how many apply to you? And, how can you improve upon these in the new year?
It’s disheartening when we speak to an ER Doc that is freshly aware or surprised by something they’re dealing with in EM. This goes for inexperienced and experienced ER Docs alike. The thing is: negatives can be turned into a positive when embraced and accepted. As the Special Ops of medicine, if there’s anyone that can handle harsh realities, and manage them, it’s ER Docs.
In today’s episode, we’ll discuss, from our perspective, five truths of working in EM – some financial and others not. With the New Year upon us, we thought it would be a great time to remind our listeners to focus on the positives and set a good mindset heading into 2023.
When it comes to the job of an ER Doc, dealing with life-and-death situations on a daily basis is likely to be the most intense and challenging part of the job. However, for many, the workplace brings another challenge - workplace violence. Coming into contact with a revolving door of patients, many of whom are in vulnerable or frantic states of mind, increases the likelihood of verbal or physical abuse toward EPs. And the Bureau of Labor Statistics agrees with that statement when compared to many other occupations.
In this episode, we'll look at the nature of workplace violence and discuss how this can impact the mental and physical well-being and career longevity of ER Docs.
How many credit cards should you be carrying on your person? What expenses should be charged to what cards? How often should you get a new credit card and how does that impact your credit score? There’s a lot that goes into choosing the right partners for your money. It’s sort of like the operating system for your cash flow: all money flows through the accounts and cards you select.
We find ER Docs tend to have very different banking setups. That’s why we felt today’s episode would be a good way to help navigate the balancing act of credit card rewards, convenience, and practicality.
Before a pilot even takes off, the route to their destination is already mapped out. But just because this baseline is established, doesn’t mean there won’t be deviation along the way. Events like turbulence or maintenance can still occur outside the scope of the planned route. The fact that the plan exists allows pilots to pivot while understanding where they still need to get to. Without that plan, they’d quite literally be flying blind.
Unfortunately, we find a lot of ER Docs are flying blind when it comes to their finances. All the different income types, and even varying pay structures within each income type, can lead to uncertainty. It’s this same uncertainty that leads to exhaustion and stress. That’s why, we feel, having a framework to navigate from is so important. On today’s episode, we’ll discuss the best tool for managing an ER Doc’s cash flow.
Disability insurance is arguably the most complex insurance to analyze, discuss, and overall understand. When we look at other insurance, such as life, flood, even to some degree auto, those insurances have pretty defined circumstances for which need to occur in order to pay out. But with DI, there is a wide range of disabilities that can occur, policy definitions that can be met, job duties that can or cannot be performed, and even riders that can be included or not included on the policy. It really takes a specialist to understand the intricacies of DI policies.
On top of these complexities, there’s the human element of “a disability won’t happen to me.” Combine this with monthly premiums that come with these policies, it’s no mystery why ER Docs may decide to cheap out or avoid purchasing a policy altogether. In this episode we’ll address the common questions we get that will hopefully provide some clarity on the importance of obtaining proper disability insurance coverage.
It seems that people who historically have never been interested in politics have now become obsessed with politics over the past 5 or so years. In doing so, they let emotions seep into other areas of their lives. This couldn’t be more relative when it comes to investing and the general outlook of the economy.
Coming off the midterm election, in this episode we’ll discuss if there’s any room for emotion when it comes to investing and whether or not there is correlation between the political party in power and market performance.
Most ER Docs are searching for ways to diversify their income. What’s the number one method for achieving this that comes to mind? Rental properties. But so often are the financial realities of owning rentals overlooked. And most importantly: the methods for maximizing rental profitability never come to fruition.
In this episode, we’ll give our point of view, having worked with hundreds of ER Docs owning hundreds of rental properties, to communicate how rental properties tend to actually play out from a cash flow perspective, a tax perspective, and eventually a selling perspective.
When it comes to sports, everybody loves the big play. The game winning Hail Mary pass in football. Or, the knock-out punch in boxing. And when it comes to baseball: the walk-off home run. While these are entertaining for spectators, studies show that the majority of victories don’t rely on these single big plays. Instead, they rely on many small victories over the course of a game or a season.
Why do I bring this up? Because a lot of parallels can be drawn from this and applied to the financial “career” of an ER Doc. Today’s episode, we’ll discuss the appeal of home run-type ventures and the risks involved in them as compared to staying the course.
The “4% Rule” is a personal finance industry standard. If you’ve never heard of it, it’s a guideline for the rate at which you can pull from your retirement account and still have the account survive in retirement. A new study reveals the industry standard of 4% is overstated and could lead to millions of Americans running out of money in retirement if adhered to. A scary thought.
An even scarier thought is ER Docs have additional hurdles to overcome than the everyday American. So in this Halloween-themed episode, we’ll discuss what those factors are and end with how to overcome them.
Your vehicle can be one of the most important, and most difficult, deductions to get right as a 1099 earner. Beyond the lease versus buy decision is another layer: the depreciation factor. With that comes a whole slew of considerations most tend to overlook. What car to buy? When to drive it over another vehicle? How often to drive? When is the right time to buy and place the vehicle in service? And of course, when is the right time to sell and what are the repercussions of that sale?
In this episode, we’ll paint broad brushstrokes on Section 179 and bonus depreciation while also honing in on the potential for tax deductions available for ER Docs when purchasing a vehicle.
The average American has it much easier than ER Docs when it comes to health insurance. For one, they are probably employed by a company not only offering options to choose from, but also assisting in paying the premiums for those options. Whereas many ER Docs are 1099 earners on their own when it comes to making selections and footing 100% of the bill for coverage. Additionally, the average American will likely work until age 65 where they will be eligible for Medicare coverage. ER Docs, on the other hand, tend to retire before that meaning they have to yet again navigate the waters of obtaining health insurance on their own.
With health insurance being one of the most individualized aspects of financial planning, in this episode we get into various aspects you should be considering this upcoming open enrollment to ensure you’re obtaining the right coverage.
On this special anniversary episode, we take a dive in the responses to our free Vitals™ survey. We get into savings rates, East Coast vs West Coast comparisons, average mortgage and student loan balances for ER Docs, and so much more.
This will be a fun one. Just remember, while data can be valuable, every individual’s circumstances are different. Keep an open-mind and enjoy it for what it’s worth!
The IRS is a formidable force that shouldn’t be taken lightly. So when you owe what are referred to as “back-taxes,” how those are handled is extremely important. Despite the plethora of options that the IRS gives to help taxpayers stay current with their taxes, all too often we find ER Docs are owing significant amounts from prior years. And back-taxes can have this almost quicksand like effect where you never feel like you can get back ahead once you get behind.
On today’s episode, we get into the “why” and “how” ER Docs find themselves in this position, what the various options are to get back to current, and how a detailed cash flow plan may be the only way to truly avoid a levy or garnishment situation.
There are tried and true building blocks to a financial plan – areas where if you at least hit those, you can achieve a large percentage of what is needed to reach your goals. The key thing is this: you have to hit all of them… and do so effectively. Because over-concentrating or under-concentrating in one or another will inevitably wreak havoc on the rest of your plan.
On today’s episode, we’ll present 5 “pillars” for becoming a Financial Wizard.
Retirement looks different for every ER Doc. Many plan to retire early. Others may reduce workload and extend their working years. Aligning retirement with a spouse is another common goal. Regardless of the way you retire, how you access your retirement savings should be a major point of interest, especially if you are being tax and investment allocation conscious.
The traditional way of pulling money out of pre-tax retirement accounts by selling positions then distributing the cash proceeds may not be the optimal strategy for many. Yet, it’s the way most people end up handling things. On today’s episode, we discuss a different way – one that is often overlooked or unknown.
One of Biden’s campaign pledges was to provide student loan relief. Well that day has appeared to come… at least to some degree. Based on the overview of Biden’s three-part plan, most ER Docs won’t benefit because of income that surpasses the thresholds. While that may be true in some cases, digging into the details presents potentially a different story.
On this episode, we get into how there is actually tremendous opportunity here for many ER Docs, even those with high income. So don’t rule yourself out just yet.
If you fail to plan, you plan to fail. That couldn’t be truer when it comes to imagining your retirement. ER Docs get so busy and caught up in the day-to-day grind that it can be difficult to find time to envision a reality, perhaps 10, 20, or 30 years away. But thinking about it and discussing it can actually provide comfort and motivation in the present.
On today’s episode, we’ll evaluate what “retirement” or “financial independence” means for different people and discuss why having a plan, even if that plan changes over time, is the best way to buffer yourself against all future uncertainties.
It’s important to remember: The IRS is your partner in everything you do. We know ER Docs already pay a lot in tax. The last thing you want is to get audited and potentially pay even more tax. So will the IRS hiring 87,000 new agents over the next 10 years mean more audits and potentially more tax paid in the coming years for ER Docs?
We’ll explore that question and take a look into the current state of the IRS in this episode.
There are several financial “rules of thumb.” Take not exceeding 28% of your gross pay on your mortgage payment or maintaining 6 months of spending as cash reserves, as examples. And while these may not be adequate for everyone, they can serve as a general guideline and promote action where otherwise action would not have been taken otherwise. In that sense, these guidelines carry positive influence.
In the same vein, on today’s episode we’ll discuss a principle that not only applies to personal finance, but bleeds into all aspects of life. It’s called the Pareto Effect.
The K-1 is an animal. It’s the tax form that reports the earnings, losses, dividends and more in pass-through businesses like S Corporations and partnerships. A large portion of ER Docs receives K-1 income – either issuing their own via S Corp, receiving one as a partner in a small or large group, or even as an investor in a limited partnership venture. In any case, the form itself is highly confusing, not in the least bit cut and dry, and overall not something to be taken for granted.
That’s why in this episode, we get into the nitty gritty of what K-1 income is, the different ways to handle and report it, of course, ways to reduce your taxable income when receiving it, and some landmines to watch out for.
It’s human nature to want to escape a situation that is worsening. House is on fire? It’s probably best to get out. Boat is capsizing? The saying “abandon ship” exists for a reason. Given this reoccurring theme, we as humans are “anti-deterioration”, if you will. But when it comes to the stock market, is that the right mentality to have? To answer that, it takes an evidence-based look at things that, once viewed, may paint another picture.
On today’s episode, we’ll explore this topic and what the evidence says about what you should do with any extra cash you’re waiting to invest.
Applying for a residency is stressful. There’s the matching process, applications, interviews, and looming questions like “Will I get my first choice?”, “Will I get at least somewhere in my top 5?”, and inevitably, “Will I get a match at all?” With a looming theory that EM is getting more and more competitive, the landscape for MS4s seems tougher than ever. But is that the reality?
We’ll dig deeper into the theory of competitiveness and more on today’s episode.
With new legislation comes new opportunities… and sometimes hurdles. That’s why it’s vital we stay diligent in keeping up with the financial-related topics being tossed around in Congress. Sure, some Laws or Acts never end up seeing the light of day. But today’s retirement plan-specific proposals have received almost unanimous bi-partisan support positioning them as highly likely to pass later this year.
We’re talking about the SECURE Act 2.0 and all of the very EP-specific changes it contains on today’s episode.
It’s never fun seeing your investment portfolio go down in value. But with uncertainty, volatility, disruption, and shifts presents opportunity.
In a previous episode, we referenced five action items to take during a downturn. In this episode, we’ll re-evaluate one of those topics: the Roth IRA – probably the most powerful, yet illusive type of retirement account available to ER Docs. We’ll get into how supercharging it during market downturns can add tremendous flexibility to an otherwise limited financial situation.
The most alluring investment is one that is guaranteed with a high rate of return. What if I were to tell you an investment option that checkmarks both of those boxes does exist right now? You’d probably be eager to get more information.
On today’s episode, we’ll talk about I Bonds, give some background into them, and even inform you on how to buy them. But are they all what they’re cracked up to be? We’ll also get into the drawbacks that keep this from being a life-changing investment it appears to be on the surface.
We work with hundreds of ER Docs across the country all with different ages, personalities, beliefs, socio-economic backgrounds and even career paths within EM. It’s really a melting pot of people. But despite these differences, we have identified five financial personality types, we feel, encapsulate the majority of our clients.
Our goal for this wasn’t to put people in a box or make anyone feel judged; rather, it was to help ER Docs identify their financial strengths so they can feel great about those while also identifying their weaknesses to promote positive change if it’s desired. Where does your relationship with money put you on our list?
We all experience that feeling when you make a purchase and you end up regretting it. It happens. Could be as small as spending more than you usually would on a dinner and you’re left feeling unsatisfied. Or it can be more significant, like in the case of purchasing a car and that car not living up to the experience you were hoping for. In either case, there’s a sense of regret and that regret is tied to your relationship with your income, expenses, and expectations. It can be difficult to assess whether the feeling is temporary – maybe in the case of a one-off transaction – or if it’s part of an ongoing trend that persists across your entire financial picture.
On today’s episode, we look into a different kind of burnout than the work-related burnout ER Docs are accustomed to hearing about and focus on ways to restructure your relationship with spending to help combat this feeling and reprioritize what’s important to you.
We find the average ER Doc pays about 28% in Federal income tax. That’s a good chunk of change. But that percentage doesn’t consider various other taxes that likely apply: state income tax (~5%), payroll tax (~5%), sales & local tax (~5%), and property tax (~1%). Combined, those add up to somewhere in the ballpark of 44% of an ER Doc’s income going toward taxes… and that’s before factoring in things like capital gains and estate taxes. With the average ER Doc earning ~$350,000/yr, after-tax income is somewhere just shy of $200,000 given these assumptions. And that’s before retirement contributions, insurance premiums, and other pre-tax deductions.
In this episode, we’ll break down the main tax categories, give a little background into them, and discuss various “what can we do” scenarios to lessen the tax burden. Every bit helps.
An interesting thing about being a parent is that there is variation from person to person on how children are raised. The topic of money, and the way it’s viewed, understood, and managed is no exception. For some, parenting on the topic of money may revolve around financial acuity: making sure their child understands checks and balances and the value of a dollar. For others, it may mean pushing innovation and being an entrepreneur. And for others, it may mean saving a certain amount in a child’s name as a cushion for when they leave the nest.
Regardless of your desires, on today’s episode, we cover the topic from various perspectives and provide methods that can make a tremendous difference, financially, on your child’s life.
We recently did a podcast episode titled, “Should You Be Concerned About A Recession?” where we got into the history of market downturns and what those tell us about what is going on today. The conclusion? Markets reward those who stay disciplined when it’s hardest to do so. Basically, inaction is the best course of action. But say staying put isn’t for you – are there actions that you can take when the markets are volatile to lessen the blow of losses and even position yourself better for when things improve?
In this episode, we’ll go over 5 actionable tips you can do to improve your investment situation, even in a downturn.
There’s a particular expenditure that 70% of those 65 or older today will incur and that number is anticipated to only go up in the future. Saying that alone could mean a lot of things: potatoes, a new phone, maybe a walking cane. But the expense I’m referencing is the main culprit for why the elderly, aged 75+, make up the fastest-growing group filing for bankruptcy. To top it off, it’s only getting more expensive at a pace faster than even education costs and it’s very difficult, and potentially impossible, to insure for. What is this mystery expenditure? Long-term care costs.
If you haven’t thought about it, you’re not alone. For today’s episode, we’ll get into the range of costs of care, who you may have to pay for it for beyond yourself, and how to pay, if necessary.
Investors have grown accustomed to fairly consistent positive returns over the past decade. Have there been periods of loss? Sure. But overall, the positive trend has been staggering. And it’s that recency bias that can make it tough to cope with downturns in the market. Maybe you’re hearing the “should I be selling stocks?” internal dialogue a little louder than you remember hearing it in the past.
If this is you, today’s episode may bring the perspective you need to focus on what you can control and make sure logic overcomes emotion, no matter how dire the situation may feel.
Every professional service is different in terms of the customer and service provider interaction. It tends to be true that the more personal the product or service is, meaning the more tailored it is to the customer, by default, the more involved the customer has to be in the process. Take buying the newest PlayStation as an example. The product is what it is and the same one is universally bought by all. Now consider the opposite end of the spectrum where there’s a specific financial planning process, for a specific specialty, for an even more specific person or family. The dynamics are completely different in those two examples.
That’s what we’ll discuss in today’s episode – what it’s like to be project managers to ER Docs and the workload requirement, on both ends, to successfully implement a financial plan.
Envision is the 500-lb gorilla in emergency medicine. What happens to them sends ripples through the EM landscape whether you work for them or not. A question we’ve received of late is: What happens to tax-deferred money under an EDP, or more commonly referred to today as a DCP or defined contribution plan, if a company, like Envision, goes under? Do the same protections that exist for an IRA or 401(k) exist for a non-qualified plan?
If you’re at all interested in the business-side, or private equity’s involvement in healthcare, today’s episode is a good one to tune in to as we’ll break down the structure that makes up a staggering 40% of US ER Departments and, ultimately, how that impacts the finances of ER Docs.
The fastest-growing renter segment of our population goes to high income earners. That seems counter-intuitive; high income earners are able to overcome the barrier to entry associated with home ownership – e.g.: down payment, loan qualification, and credit – better than low income earners. So if it isn’t a choice, what are the factors at play that are leading to this upward trend? And if it is a choice, why are more and more high income earners, like ER Docs, choosing to rent over buy?
We’ll get into that, the tax implications of each as it pertains to the decision, and all of the emotional elements that are at play in today's episode.
The perfect storm of events led to a significant rise in what we call “meme investing.” That’s where you throw caution to the wind and take a stab at hitting it big through risky or speculative investments. It started with the pandemic – people bored at home; no sports on TV; Vegas shutdown. Then the headlines of GME and AMC stock “get rich quick” stories led to FOMO. All while, waiting there only a download away, were online trading companies, like Robinhood and Webull, ready to accept anybody willing to play the game. Did you take part in “meme investing?” Are you still taking part in “meme investing?”
With recent volatility in the markets, we’re seeing more and more ER Docs reconsider having side accounts. But does holding money aside for YOLO’ing really have much of an impact on a financial plan? We’ll look into that on today’s episode.
ER Docs have a unique characteristic of being “hybrid earners,” meaning accepting income both as an employee earning a W-2 and as a contractor earning 1099 in the same year. And we find a large percentage do exercise this ability; if not in most years, eventually at some point in their careers. So that begs the question: is there a perfect mixture of 1099 vs. W-2 that yields specific advantages, like tax savings and retirement deferral opportunities? And is there a point where earning too much of one over the other yields diminishing returns?
Nobody wants to work more to earn less, so we’ll look into those questions in today’s episode and get into what that hybrid-earning “sweet spot” could look like.
It’s apparent that the happiest people in life have learned how to achieve balance. But achieving balance is one of, if not the most, challenging thing in life because it’s embedded in every decision we make: our relationship with work; our relationship with food; spending time with family; and the list goes on.
ER Docs have to be masters of balance when it comes to work because if they aren’t, the long hours, intense conditions, and high-stress environment, repeated 15+ times a month for 20-30 years will eventually take its toll somewhere over that period. So while it may be a requirement to find balance career-wise, it’s another to find it in spending. That’s why today’s episode is focused on the concept of a “reverse bucket list” and re-evaluating our personal satisfaction equations to make future spending more intentional and fulfilling.
Feeling a never-ending sense of unrest with today’s current events? There was COVID that shook our world for a couple of years. We caught some semblance of normalcy with the Winter Olympics. But today, we have the Federal Reserve planning to hike rates in an effort to combat the prevailing high inflation we see all around us… and a war, with an uncertain outcome. While it can feel raw and emotional, we have to be reminded that this time is not different. Events like these have happened several times before. Can we draw upon our past to arrive at logical conclusions for our present?
That’s the topic of today’s episode: bringing rationale to an otherwise chaotic world we’re living in.
“The road to success comes through hard work, determination, and sacrifice.” This is a quote from Dolzinski and it paints a picture that we must give up things in order to achieve a better, larger thing eventually. Delayed gratification, if you will. In many cases, that’s true, especially when it comes to financial planning. Saving a little bit extra now instead of spending it means longer compounding interest on that investment, as an example. Or, delaying retirement a couple of years means a more comfortable retirement down the road. But does that always need to be the case?
That’s the topic of today’s episode: two specific non-behavioral strategies available to ER Docs that, when implemented correctly, can impact financial success as much as behavioral changes.
The Godmother of the Emergency Physician recruiting world – Barb Katz – joins Scott on this special edition of the Money Talk For ER Docs podcast. Barb shares her unique perspective on the job market Pre-COVID and her anticipation for what is to come. She gets into hourly rates and sign-on bonuses, where opportunities seem to be popping up, the pay discrepancies from location to location, and what residency programs are, or are not, doing to prepare new graduates entering the workforce. Ultimately arriving at the answer for: Has a new norm been set for the job market and if so, how long will that last?
Everybody will find value in listening to this episode, but especially those who are soon to graduate or those looking for a new job or worried for the security of their current job.
Transition from W-2 to 1099 is a bigger deal than you might first think. So we’ve set out to create the most ER-specific “how-to” guide we can come up with to help those navigating this change. This is Part 2.
We encourage you to re-listen, or listen for the first time, any prior episodes mentioned as they can assist in giving more details in areas we simply can’t fit in this mini-series. And as always, feel free to reach out at info@erdocadvisor.com if you have any questions or need clarification. Enjoy!
Transitioning from W-2 to 1099 is a bigger deal than you might first think. So we’ve set out to create the most ER-specific “how-to” guide we can come up with to help those navigating this change. This is Part 1.
We encourage you to re-listen, or listen for the first time, to any prior episodes mentioned, as they can assist in giving more details in areas we simply can’t fit in this mini-series. And as always, feel free to reach out at info@erdocadvisor.com if you have any questions or need clarification. Enjoy!
EP’s are used to making reactive decisions. It’s the nature of the job. The preparation, or proactiveness, comes in the form of education, supplies, machines, and a setting designed to make those spontaneous cases that come through the ER as prepared for as possible. It’s tough to imagine a world without that preparation.
Now imagine financial planning, where many EP’s have little to no background or expertise. It’s one thing to react when you have a framework; it’s another when you may not even know what to do with what few decisions you have left at that moment. So in this episode, we go over proactive vs. reactive financial behavior and how each yields very different outcomes.
Asset allocation and risk tolerance go together like two peas in a pod. But what’s the best way to determine that stock-bond mix? Questionnaires and surveys are the industry norm, but do they truly reflect the risks ER Docs need to take to achieve their goals?
On today’s episode, we define risk, dive into what mix is appropriate for most ER Docs, and distinguish the difference between risk tolerance and risk capacity.
We’ve talked about the power of diversification in the stock and bond markets, but what about expanding beyond? At first glance it makes sense: you’re adding even more diversification to your portfolio thereby spreading your eggs over additional baskets. But before you seek alternatives, like crypto, business ventures, real estate, art, and commodities, there are three qualifiers you need to evaluate before diving in.
In this episode, we’ll go over if alternatives make sense for ER Docs. Or, if accepting that additional risk could dampen long-term goals when things don’t go right.
It’s that time again! Taxes. Benjamin Franklin was right over 200 years ago when he said, “Nothing is certain except death and taxes.” But just because that’s the case, doesn’t mean filing has to be a pain.
In this episode, we go over the important deadlines you need to know, discuss a few little-known tips, and review the most common questions we get every tax season.
A topic that is often overlooked until we bring it up with a client is when to get life insurance. It’s a bit of a conundrum on the surface: When you’re young and healthy, the risk of dying seems lower or you may not even have someone dependent on your income yet. But when you get older, your risk goes up, and so does the premium you’ll be paying for a policy.
In this episode, we’ll discuss when that right time is and get into why the insurance industry is undergoing a statistical once-in-a-millennium event making it more important than ever to review and qualify for insurance.
Last year felt like a blur for many. Before we were able to even process 2020, we were nearing the end of 2021. It was a year of uncertainty, anticipation, and hopes for a return to normalcy—and one that showed yet again the importance of trusting markets and remaining flexible.
In this episode, we’ll do a dive into the top economic and investment themes of 2021 and analyze what we can learn from them moving forward.
The Omicron Variant has contributed to ER volumes being at all-time highs across the US. It wasn’t too long ago, volumes were low. In either case, such volatility has left financial consequences – both positive and negative.
In this episode, we explain this K-shaped divergence, both in the economy and internally within emergency medicine, and discuss why maintaining a financial plan in times of variance becomes more and more vital.
A New Year means a clean slate. With that typically comes resolutions: exercise more, eat healthier, quit smoking… and dare we say prioritize your finances!
But unlike other resolutions that may only last a month or two, there is a way to stay true to prioritizing your finances. And when done correctly, studies show it supports an overall happier existence. So in this episode, we’ll discuss how to achieve this starting 2022.
To this day, Emergency Medicine is one of the newest major specialties we have. As a result, we see rapid change happening, especially relative to other specialties. What were things like in the early stages of EM?
In this episode, we’ll take a dive into that history. From wages to hours, to responsibilities and flexibility – we’ll try to answer the question: Were the good old days really better?
There’s a fine line in the tax code that oftentimes requires some finessing. Some ER Docs aren’t taking any deductions, some taking a few obvious ones, and others are taking everything and the kitchen sink. Rarely do we find EP’s hitting that sweet spot on their own.
In today’s holiday-themed episode, we will introduce to you a mythical figure that can help you find that sweet spot. We’ll also get into some hilarious real-life “can I deduct that” examples we’ve heard over the years. Should be a fun one!
Have you considered working for the VA? There are a lot of things to consider when it comes to answering that. Compensation, retirement (TSP and FERS), planned years of service, workload, career trajectory, and so on.
So in this episode, we’ll break each of those down, and hopefully, give you a better understanding if a short stint or a long career could be right for you.
You have spent 6-8 years becoming an ER Doc. You’ve taken on significant debt. You’ve sacrificed your social life. Your time. Sleep. All of this magnifies the emotions involved in dealing with money. And somewhere along the way, another party may have entered the picture: a significant other. They, too, have their own complex relationship with money. For that reason, many believe mixing love and money is a recipe for disaster. But are they right?
If you are at all interested in how to navigate money talks with your partner, this episode is for you. We discuss prenups, merging bank accounts, picking your battles, from the first date all the way to the “I do’s.”
With the New Year quickly approaching, we tend to find ourselves a different type of busy with family obligations, gift shopping, and possible travel plans. Despite this, certain financial tasks need to be completed before the clock strikes midnight to not only save you headache come April of next year (AKA: tax-time), but to potentially save you tons of money as well.
So let this episode serve as your 30-day out checklist. We’ll make sure you’re aware of all the 12/31 deadline tasks you’ll want to complete this month, if you haven’t already.
Do you know your DTI? That’s your debt-to-income ratio. It’s a common metric asked about when qualifying for a loan. We’ve been extrapolating data across hundreds of ER Docs over the years and want to spend this episode sharing our findings on this particular ratio.
Where do you fall among your peers? And, how does your score correlate with other financial metrics? The results will likely surprise you.
Getting a new car is exciting. At the same time, it can be pretty stressful, especially if your current car is on the fritz. Unless you’re opting for self-transportation (walking or biking) or third-party transportation (rideshare, train, or bus), you have two main options in front of you: buying or leasing. But that decision can be a tricky one to navigate.
In this episode, we go over the pros and cons of each, pose questions you should ask yourself when making a decision between the two, and go over the tax considerations at play.
If you were one of the many listeners who tuned in to a Top 3 most listened to episode of ours titled “Get Ready: Biden’s Tax Proposal Is Out!”, then you probably left off thinking your tax situation for 2022 would be changing. And that change would result in more taxes being paid than before. Well, the final updates to that proposal have been released. Spoiler: it isn’t looking as bad as it may have seemed.
So in this episode, we get into what made the cut… and what didn’t. In either case, there is still going to be planning required to ensure you aren’t overpaying on tax next year.
How are you invested? It’s a tough question that we find most ER Docs don’t have a concise answer for. It makes sense: medical school and residency did not prepare ER Docs to be investment-savvy. And that’s not necessarily a bad thing… as long as you know where to turn to receive good advice. Meaning, advice founded in academics.
That’s why, in this episode, we are giving an Investing 101 crash course. Why? So you can feel confident in the way you’re investing or know when it may be appropriate to make changes to your portfolio, if necessary.
Have you experienced lifestyle creep? It’s almost impossible to answer “no” to that. When your income goes up, it’s natural to spend more on goods or services. After all, that’s the #1 incentive to work in the first place, for most – to be able to spend those earnings on things that provide enjoyment.
But ER Docs are susceptible to a more extreme version of lifestyle creep than most other working professionals. One that can have a devastating impact on long-term financial success. So in this episode, we explain why that is the case and look at the phenomenon from a financial and psychological standpoint.
In this special edition of the Money Talk for ER Docs™ podcast, we recap our 5 most listened to episodes over our first year of podcasting. We thought this would be a cool way to highlight what areas of personal finance ER Docs collectively are most interested in.
Do you share the same pain points or interests as your peers? Enjoy and thank you for tuning in!
As you may or may not be aware, there is a $10,000 cap on certain deductions on your tax return. This really impacts those living in states with income tax as well as homeowners. But more and more states are releasing legislation that provides a workaround for this cap. The issue, at least for 2021, is action needs to be taken before year-end to make this happen. But the reward is potentially a tremendous amount of tax savings.
In this episode, we break down what the cap pertains to and how you can go about getting tax savings you’re entitled to.
ER Docs tend to think of their hourly rate in a very matter-of-fact way. Oh, it says “$225/hr in my contract,” for instance. But this is a very literal sense of “hourly rate” and actually doesn’t account for important variables, both financial and non.
So in this episode, we highlight all the additional factors that we think go into determining a true hourly rate for ER Docs and why it’s important to know your score. You may be making more (or less) than you thought you were.
You aren’t going to want to miss this! Changes are afoot when it comes to our tax code. And very few of the major taxing areas go untouched by Biden’s proposal. We’re talking tax brackets, capital gains, the S Corp vs C Corp decision, and even the beloved backdoor Roth conversion. Ironically, ER Docs are right on the fence of these modifications being beneficial… or detrimental.
So in this episode, we provide a high-level overview of all the talking points you should be aware of.
In preparing taxes for our clients, we find 9 out of 10 ER Docs donate, in some form, to charity. And statistics support that claim. But the traditional way of writing a check to a charity or two you believe in likely isn’t the best way to give. More creative ways exist – ones that not only can benefit you better tax-wise, but that can result in the charity receiving more money than they would have otherwise received. A true win-win.
In this episode, we highlight some of these creative strategies so you can feel confident with the philanthropic route you take.
How do you actually retire? It’s an odd question because it can be taken in many different directions. But it’s a question we get a lot… and the overall desired response ER Doc clients and prospects are looking for is how to manage the logistics of retiring – meaning: Where do I get my money from to afford my expenses? How does it actually end up in my checking account? How often will it be pulled and from what accounts specifically? There’s a lot to unpack there.
In this episode, we paint broad brushstrokes to very personalized retirement-related topics in hopes to shed light on all the moving parts at play.
Most ER Docs don’t realize how unique their income situation is. From our perspective, as advisors, it’s quite special, and affords immense opportunity when planned for correctly. You would think with high income affords more flexibility. But high income for ER Docs, when combined with variability in that income, creates a unique catch-22: where mistakes are even more magnified while psychologically it can be very easy to become complacent.
So in this episode, we identify two specific things you can do to help manage your variable income.
What is your most valuable asset? The answer is probably not what you’re thinking. And because of this, the most important financial decision you may ever make is something you probably either don’t think you need, feel you have an adequate amount of already through an employer, or think you can “cheap out” on. That “thing” is disability insurance.
In this episode, we get detailed with DI, making sure you understand the importance of having this insurance, how much you need, where to get it, and what features need to be tacked on to make the coverage worth having.
Thought about pivoting jobs in EM? Or maybe you are recently out of residency and deciding on going down an academic or clinical career path. A vital piece of that decision, beyond career satisfaction, is how the finances shape up from one to the other.
It’s a common belief that an academic career path is more stable… but without a salary cushion the clinical career path affords, you really have to have a financial game plan in place. So in this episode, we crunch the numbers to portray what lifestyle and retirement looks like in both scenarios.
Have you heard of a conservation easement? Majority of ER Docs have been approached with a financial opportunity that seems almost too good to be true... You have high income, and paying significant taxes is no fun; these provide potentially massive tax savings that can span for years.
In this episode, we define conservation easements, describe the evolution of syndicates, and lead you to the conclusion: are these really what they are hyped up to be?
In filing hundreds of tax returns every year for ER Docs, roughly 50% of our 1099 earners take advantage of a particular deduction. Talks are in the works that would not only make this deduction more lucrative for these clients, but expand it to what we estimate to be roughly 90% of ER Docs. We’re talking tens of thousands of dollars of potential savings.
So in this episode, we break down what that specific deduction is and how it may impact you. As we always mention: if you have the chance to earn 1099 income, do it. This is yet another reason supporting our stance.
September 30th, 2021 marks an important date: the unthawing of frozen student loan payments and interest. As ER Docs with, in many cases, large amounts of student debt, resumption of student loan payments will undoubtedly have an impact on not only cash flow, but a whole slew of other factors, both financial and emotional.
So in today’s episode, we go over these factors and highlight the importance of getting a plan of attack together now before the end of September.
We find that even the most financially astute ER Docs get confused in the differences between Traditional and Roth IRA. And it makes sense… there’s a lot to digest! Different annual limits, taxable nature, thresholds, how distributions down the road will be taxed, and strategies on converting.
So in this episode we break down the Roth IRA so you understand the in’s and out’s of it. Plus, we go over how a type of account designed to be for the middle class with relatively small annual contribution limits can eventually grow to billions.
Everyone makes mistakes. And sometimes you don't even realize the errors until well after they're made. But what if you suddenly realize there's a mistake on a tax return that was filed months (or even years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return?
We see it often with ER Docs due to the complexity of their finances – 1099 income, changing job/contracts, multiple sources of income… What do you do now? Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step. But amending a return can be tricky. So, in this episode, we break down this process: when it’s appropriate, how long you have to do it, and the potential upsides and downsides.
All-time high real estate prices and renting prices. All-time low mortgage rates. Inflation to the cost of building supplies. Remote working being the new norm. Varying COVID regulations by state…
The dust has yet to settle completely on what all of these variables will result in, but one thing is certain: the rules of home ownership have changed. If you are looking at buying your first home, moving to a new home, or even if you are happy with your current living situation, no matter what, you are not untouched by what is going on around you. Serious thoughts and decisions still need to be made as the financial opportunity is too great to be sitting on your hands.
In this episode, we speak with Ana – Managing Director at Fortress Investment Group. Fortress is a global investment manager with approximately $50B under management. Ana has a wealth of knowledge within the medical space she specializes in.
We cover a lot in this interview: the outlook for emergency medicine, the pros and cons of private equity in the Emergency Medicine space, the “oversaturation” issue projected for ER Docs, and importantly – will stability and volumes return back to pre-COVID numbers? Her perspective is valuable, unique, and enlightening.
We recently hit an all-time high in the stock market. If you have money to invest, when are you planning to buy in? Maybe wait for a correction? The decision seems easy: you’ve already missed out on the best returns, so why would you “buy high?”
On today’s episode, we discuss what the academics tell us about what to do. And the answer may surprise you.
Before you go see a doctor, it’s wise to write down your questions to make sure you don’t miss anything. Same for a grocery store outing.
Seeking a new financial advisor is no different: whether you’re working with one already or not, the questions we provide on today’s episode are vital for determining the right person for the job. Skipping these could keep you in an unhealthy relationship or set you down a path to one.
Summer is here. That means graduating residents and soon-to-be fresh attendings. Have you thought about your finances yet?
The saying “there’s no time like the present” rings true – you are in the perfect place to set yourself up for healthy finances if you, at minimum, follow these 4 “to do’s” we discuss on today’s episode.
Owning a free-standing or urgent care – sounds appealing, right? You could get to own your own business, guarantee shifts, and make it hard to be fired. Lots of upside. But owning or investing in one is truly a minefield. A lifetime of financial ruin can result from your misstep.
So in this episode, we break down the difference and hopefully give you enough insight for you to make a determination if going this route is right for you. Because odds are, you have or will be presented with an opportunity somewhere in your career.
It’s inevitable: you’re going to have to sign a contract. If you have already, you will likely have to sign another, and probably another, as there is always movement in emergency medicine. This can feel overwhelming. A large group of people want to get you signed up, and they want a decision quickly. It’s often the case that you have competing offers, each with different types of income (W-2 or 1099), various benefits, and of course various legal obligations and potential ramifications. Since you likely don’t specialize in contract law, there is a lot at play here that shouldn’t be taken for granted.
In this episode, we go over the common areas of contract concerns you probably haven’t even considered, then look into why groups are set up differently, even when your responsibilities may seem the exact same.
Has your hourly rate increased over the years to keep up with inflation? As an ER Doc, it likely hasn’t. That’s a tough reality. But not all hope is lost.
In this episode, we briefly discuss the history of inflation, why there has been the sharpest rise since 2008, and the undoubtedly best way to combat the cost of goods and services increasing especially given wages are falling behind.
If you were to die today, how much of a financial mess would you leave behind for your loved ones to pick up?
There are many untold financial truths in the wake of you dying that you probably haven’t thought of or considered. The good news is, because you’re reading this, you have the ability to organize things your significant other won’t want to deal with when grieving. Take it upon yourself to get at least the foundation we discuss in this episode in place. It can be so easy to put it off.
We were notified by the significant other of one of our ER Doc clients that they had passed away last week. 30’s, non-working spouse, several kids… truly tragic. The silver lining is they had appropriate life insurance coverage so the “how will I afford to keep our lifestyle?” question doesn’t need to be worried about in the most difficult time of their life.
In our experience, ER Docs tend to underestimate how much they need in insurance to cover those dependent on them. At the same time, too much coverage can take up a large amount of your monthly cash flow. So in this episode, we discuss the factors at play at coming up with the right amount. The answer is more individualistic than you may imagine, and without a financial plan in place, it’s essentially impossible to solve for.
All-time high home prices in EVERY STATE – but, is investing in real estate the right call for the busy ER Doc?
In this episode, we analyze the occupational factors at play when it comes to investing in real estate, visit real truths that are often overlooked, and conclude with the major considerations you need to take before venturing into this space. There’s always an opportunity-cost with every financial decision and that especially rings true with real estate.
As an ER Doc, odds are, you’re going to have 1099 income at some point in your career, if you don’t already. You need to know how to make the best use of it to reduce your tax liability and build wealth through retirement accounts.
We see so many people get this wrong, even when having the right information or working with a professional. There’s a lot of misinformation out there. In this episode, we provide 1099 income earning ranges where certain tax classifications may begin making sense, then dive into real numerical examples showing the tax savings difference getting it right can make.
The Emergency Medicine Physician Workforce: Projections for 2030 research was recently released highlighting a projected supply and demand mismatch within EM. It has been trending this way since the early 2000’s, but COVID has revved up the chance of there being an oversupply of EP’s for the first time in history. What would this mean for you? Are you prepared for this very real possibility?
In this episode, we review the research, then discuss the financial aspects of what you could (or should) be doing now to prepare. As the saying goes: the best preparation for tomorrow is doing your best today.
We get asked one question more than any other. More than even how can I reduce my taxes or should I refinance my student loans. The question? Why do you work with ER Doctors?
It makes sense why we get this question: Most ER Docs don’t understand that their profession and personalities combine to create tremendous financial opportunities. So in this episode, we start by discussing our humble beginnings, get into our first ER Doc client, and lead you down the unique path of how our firm was shaped to the needs of ER Docs… to today, where we are the go-to advisory and tax firm for ER Docs in the country.
Have a directorship opportunity presented to you? Concerned with the viability of working strictly clinical in a post-COVID world?
We discuss the pros and cons of each, both from a financial and emotional point of view. You may be surprised which route tends to lead to more financial success, whatever that might mean to you.
Wouldn’t it be nice if you didn’t have student loans? Poof. Gone. Well, for some, that’s about to be the case... and without the discharged amount even being taxable!
This was part of the third stimulus package recently released. In this episode, we touch on if you as an ER Doc will qualify, what the new tax deadlines are, and important updates regarding PPP.
Planning to retire before age 59.5? Most ER Docs are. But have you thought of where you will withdraw money from before you hit the IRS’ definition of “retired” at 59.5?
You’ll have put lots of effort into accumulating assets to gain financial independence. An equal amount of effort has to go into deploying the strategy for withdrawing from your assets. And there’s a lot to consider: different account types, taxes, penalties, and capital gains. Getting clear and planning for this strategy is paramount ahead of time.
Bitcoin. It’s popping up in headlines more and more often. Many of the ER Docs we work with have come to us wanting to know more. Questions we hear include: Am I missing out? Is this a fad or the future? Why is Elon Musk, Warren Buffett, and even the US Treasury Secretary talking about it?
We break it down so you know enough to be dangerous when the topic comes up with colleagues or family, and provide the answer to: Should this be a part of my retirement portfolio?
Emergency Physicians change jobs more frequently than other medical professions. EPs also hold an average of 2.5 different jobs, at the same time. COVID seems to have only propelled changes within emergency medicine.
There are 5 financial areas that you will NEED to juggle, in addition to all the personal stress that comes from change. What’s more: neglecting or maneuvering the wrong way can have tremendous consequences.
Everyone has wondered if they can save money by going the variable route, whether it’s with student loans, mortgages, or insurance. And variable can be sweet... If you can get it right. But there is POWER in predictability, as was showcased in Texas this past week with variable electricity rates that shot up 9,000X the alternative fixed rates.
So, where and when can variable rates rule? We explore the decision tree that exists in a slew of other financial areas.
Taxes are a pain. Ripe for procrastination. Rightfully so; there are so many areas to trip up on when there are over 70,000 pages of tax code!
New legislation this year—more to come next year: we go over the most relevant areas of consideration for ER Docs. We’d hate for you to miss a deduction or a deadline, so tune in! And like everything that you don’t specialize in, it’s usually in your best interest to get help.
Are you abiding by the 20/20 rule? On average most ER Docs surprisingly are. If you aren’t, START SOMEWHERE. The easiest way to figure out your starting point is to dissect your cash flow. Really do a deep dive into where your income is going each month and assess if your outflows align with your values and goals. Then, prioritize saving money before secondary expenditures.
But even if you are saving enough, and saving it early enough, you will still fall short if you aren’t putting your money to work. Wrong accounts, wrong investments, and bad behavior are the typical culprits. Make sure you are maximizing the efficiency of your savings. It is too costly not to.
Thinking you may be missing out on life-changing wealth from GameStop stock? Unsure what exactly is transpiring and how you can benefit from it? We’ll give you the rundown of what is going on, how you should approach it, and how to draw the line between speculating and investing.
Distractions in everyday life can deter or even prevent us from reaching our goals. Investing is no different. Building true wealth is typically slow, boring, but highly effective when done right. Knowing that, don’t get caught up in a moment that could take years to recover from.
Kids are expensive. We hear that all the time. What comes to mind are things like food, clothing, maybe even a first car at 16. The reality is: all of that pales in comparison to the cost of education. It’s sticker shock every time we go over the numbers with clients.
If there is anybody that understands the cost and value of education, it’s you. So in this episode, we discuss saving for college. When to start, to what accounts, how much you will reasonably need to save per month, and everything in between. We also focus on finding the balance between saving for college and your retirement.
Our goal for this episode is to lay out all of the retirement accounts that you might be eligible for, including some lesser known options that can be extremely advantageous for an ER doc. If you want to be financially sound, you need to not only know what might be available to you, but likely contribute to a combination of these accounts.
It can be complex and overwhelming understanding the retirement landscape. EPs tend to experience frequent change in their employment status for instance, but knowing how to take advantage of all that is available to you has a life-changing compounding impact.
Would you rather have $1M invested, growing at 7% per year or a $1M home, mortgage-free? If this question causes pause, that’s understandable. On this episode, we discuss how there is a purely numerical answer to this question, but even so, that may not be the conclusion you arrive at. Like everything in finance, the psychological impact cannot be ignored.
In any event, with all-time low interest rates, perhaps a once-in-a-lifetime opportunity is sitting in front of you. We discuss physician loans, the counter-intuitive notion of paying down debt quickly, and provide numerical examples to help illustrate the difference.
On today’s episode, we speak with our first guest – Dr. Julia Huber. Julia is a wellness advocate and coach for EP’s utilizing her unique vantage point as an EP herself to define burnout and moral injury, and to address some of the current thinking on both individual and systemic issues.
EM is already a high-stress career. COVID has only amplified that. It is so easy to ignore problems and unhealthy stress as it is happening. This procrastination or ignorance can have a profound impact on your career longevity and overall life purpose and happiness. That goes for both financial wellness and general well-being… and as Julia showcases, both are intertwined.
We hope this episode can serve as a reminder to take a second to really evaluate how you are feeling right now and take steps to ensure you aren’t proceeding down a path of hazard, both financially and in all other facets of well-being.
Income isn’t predictable and stable. Shifts are hard to come by, a spouse may have lost a job, you might have needed to help out a family member, and you might have missed out on income due to catching COVID. Imagine a world where you have so much liquidity in reserves that no matter what happens to your income, you’re insulated and you have flexibility in determining your next financial move.
In this episode, we discuss the right emergency fund for you, what are the appropriate types of emergency funds, and what aren’t. It’s all about finding your balance.
It’s here. An extension of the original CARES Act passed in March designed to help people and businesses get through the pandemic has passed. We call it… the sequel. We’ve done the analysis for our clients and ~75% will be eligible for this round of funding. That’s understandable given the disruptions in emergency medicine. And if this goes for you, you’ll want to apply ASAP or seek help.
In this episode, we go over how to handle round 1 if you received funding, what to look for in qualifying for round 2, and some other ER-specific legislation that passed.
Happy Holidays! In this episode, we review an exhaustive list of “naughty” financial behaviors you could have partaken in this year… and “nice” ones. If 2020 was tough on you, that’s understandable. This list can serve as an accountability plan for something to strive toward heading into a new year.
In this episode, we recognize that disruption is not only inevitable in emergency medicine but due to COVID, it has tremendously accelerated. Because of change, people have had decisions forced upon them or have opted to make a shift in their professional life. There are numerous considerations an ER Doc has in comparing multiple job opportunities. It is prudent to take the time to sit down and write out the pros and cons of each so an informed decision can be made.
In this episode, Scott identifies four criteria to consider in the quest to hire the perfect financial advisor and what a centenarian, world-record-holding runner can teach us about how it’s never too late to get your finances organized and work with the right person.
New tax and financial information is cropping up so fast, and has over the last 8 months, creating opportunity, confusion, and complexity. We try to sift through that in this conversation pertaining to the PPP loan. If you took a loan, you’re going to want to listen. If you didn’t, you’re still going to want to listen for those with 1099 income, as talks are looming that more PPP money might become available.
We dig into what the forgiveness process looks like, the various deadlines to apply for forgiveness, different form types, why it may make sense to wait, and if you owe interest on your loan. We conclude with the IRS’ big “gotcha” regarding your 2020 taxes.
2020 has been tough on everyone. For ER Docs specifically, you are at the forefront of battling a global pandemic, risking your lives for others. On top of that, you’ve likely experienced some financial lapses in income as a result of shift cuts or RVU reductions.
In this episode, we just want to take some time to think about some things ER Docs can be thankful for, some financial, some not, this holiday season. While Thanksgiving day this year might look different for nearly everyone, there’s something to be hopeful for with highly effective vaccines and therapeutics on the horizon.
Everyone is allergic to taxes. Most don’t understand it or care to understand it. But with 100% certainty, everybody wants to pay as little as legally possible. To achieve this, you have to plan for all the opportunities that will, or may, present themselves before April 15. In this episode, we discuss how the proposed tax changes under a Biden Presidency might impact ER Docs.
Where is the grass greener? The W2 or 1099 income? In this episode, we outline each income type, the pros and cons, and some of the intangible considerations. Be sure to listen to see how you may be able to increase your pay by $30k-$40k per year.
In this Halloween-themed episode, we discuss our top spookiest financial mistakes we see ER Docs make and how playing defense with your finances could be more important than playing offense.
In this episode, we discuss how the respective political parties got their mascots and how markets behave in an election year. We provide some cool analogies that will hopefully bring things into perspective and give you confidence as the political arena heats up.
In this episode, we talk about jiu-jitsu, and how that associates with work-life balance for an ER doc. We bring up topics of burnout, the often desired goal of retiring at 50, and how working more is a slippery slope to compensate for bad financial habits. Hopefully, this provides some tools to achieve balance in your life.
In this episode, we discuss COVID and its impact on our lives and the lives of our ER Doc clients. Then we get into the John’s Hopkins tracking dashboard and how that inspired the Vitals™ financial planning process we implement today. The takeaway being that without consistent, ongoing data, a financial plan may not be as impactful as it should be.