Money Talk For ER Docs™

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 h...

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 c...

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 tha...

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 satisfact...

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...

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 mar...

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...

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 wha...

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 yo...

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...

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...

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 i...

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...

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 profe...

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 cons...

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...

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 (ass...

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 ulti...

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 positi...

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...

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 simil...

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 thin...

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...