Money Talk For ER Docs™

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...

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, a...

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 th...

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 e...

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,...

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...

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...

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 ap...

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'...

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...