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 you can be doing to ensure you’re prepared for whatever may happen.

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 is the amount you can actually take as a deduction, especially if you have a mortgage balance that exceeds certain thresholds, multiple loans, points, and refinances. 

In this episode, we’ll get into the ways to maximize your deduction and bring clarity to what the IRS rules say on this matter.

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 is more closely aligned with instant gratification. At most, you wait a year to receive your reward. But which is more important? We’ll get into that on today’s episode.

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 into everything you should be aware of if in the market for a new electric vehicle or planning to make green changes to your home.

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 have to that question. We’ll discuss why in today’s episode.

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 professions when it comes to taxation.

In this episode, we’ll get into why ER docs are similar to athletes in this regard and all the things to be aware of when you venture out of your state to earn an income.

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 consider earning at least some 1099 if only to just take advantage of this opportunity.

In today’s episode, we’ll discuss this strategy, go over the tangible real dollar benefits you can reasonably expect, and how to avoid pitfalls when implementing.

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 worth, or more, tied up in real estate, the implications are more important to discuss than ever.

In today’s episode, we’ll get into purchasing real estate in modern times. From the first-time home buyer, to the ER doc looking to upgrade, downgrade, or get into short- or long-term investing, we’ll discuss every angle from our point of view.

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 (assets passing to your heirs). Remember that you may be receiving assets that may or may not have been planned for properly.

In today’s episode, we highlight an example of what can happen when assets pass between generations incorrectly and get into the important differences between beneficiary designations you may not be aware of.

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.