Money Talk For ER Docs™

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,...

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 status...

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 p...

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 the...

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 a...

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 retire...

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 thes...

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 t...

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...

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 m...

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'...

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, especial...

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...

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 occurrin...

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 maximi...

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 fo...

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"...

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...

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...

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...

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...

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...

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 u...