Money Talk For ER Docs™

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.