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 coverage from the point of view of the price-sensitive insured, as well as the objective fiduciary advisor, and also bring up blind spots that should be considered in making this decision.

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 that something ends up being rushed and likely does more harm than good. And finally, there’s a methodical and strategic plan created that sets the foundation for financial success into perpetuity.

Notice how two out of the three options are actually detrimental. That’s what we’ll discuss on today’s episode: how getting it right from the start makes such a difference. It’s for that very reason so many ER docs tell us they wish they had been introduced to us right out of residency.

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 satisfaction and longevity? We think so.

In this episode, we’ll approximate that number of shifts, discuss the mental advantages of leveraging that information, and get into how financial behavior and choices can either shorten, or lengthen the number of, let’s call them “required shifts.”

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’s episode, we’ll discuss why almost all ER docs are rich, but many are not wealthy. The key difference beyond just age and geography, typically lies in financial behaviors.

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 markets and what that could mean for investment returns.

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 specific financial case studies, pose necessary questions to ask in each of these financial life cycles, and see how much they’ve changed over the past decade.

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 what the effects of this will be.

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.