Money Talk For ER Docs™

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...

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 t...

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 conc...

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 tha...

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 importanc...

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 o...

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...

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, movi...

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 "oversaturatio...

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...

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...

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...

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...

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 und...

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...

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 episod...

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...

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 begin...

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 acc...

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 pr...