Money Talk For ER Docs™

The year-end rush is here. Between holidays, vacations, wrapping up school, family – life gets a different type of hectic. But it's the most important time to get things done if you haven't already when it comes to year-end financial and tax planning. To make things easier, we've comprised a comprehensive checklist for ER docs that can hopefully be tackled by the end of the year with the goal of maximizing wealth building.

Feel free to reach out if you need help with any of the items we'll discuss today.

Like most things financially related, EP's are simply different than the average American. Purchasing a home is no different. So when the question of home affordability comes up, there are a lot of additional considerations at play than what may be necessary for others. We're talking income variability, tax responsibilities, accelerated saving obligations, and so much more.

On today's episode, we'll address homebuying from the perspective of an ER doc and all the things that you should be considering beyond what a lender may approve you for.

The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things.

On today's episode, we'll recap and respond to the top questions we recently received from a group of 75 ER doctors.

The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things.

On today's episode, we'll recap and respond to the top questions we recently received from a group of 75 ER doctors.

The biggest risks associated with owning rental properties have to do with certain variables that are typically out of your control. Think neighborhood changes, real estate market cycles, and especially locality risks. So if there was a way to hedge some of this risk, and yield tax benefits, then owning rental properties would be more valuable than we typically communicate in our podcast, especially when compared to the earnings that are achievable for an ER doc with such a high salary.

On today's episode, we'll talk about a certain type of rental property and the tremendous tax savings that can be generated from it while simultaneously providing its own hedge to the common rental property risks.

A properly designed financial plan is truly a work of art. It requires decades of discipline, hard work, and thought. What most don't realize is that they're only halfway to the finish line once they reach retirement. If you look at a financial life like a marathon, the working years make up the accumulation or pace-setting part of the race. The second half is the draw-down or stamina period. That "home stretch" is all about strategizing to ensure your reserves get you to the finish line. This requires as much, if not more, effort and strategy as it took to accumulate.

On today's episode, we discuss the early retirement years of an ER doc, the various strategies to distribute assets, and some expense considerations that often get overlooked.

We started this podcast for several reasons, one of which was to provide great content for ER docs. We wanted this to be true whether you're a client, prospective client, or even a DIY'er. But there's a bit of irony in our pursuit in that even if listeners pick up and implement a few nuggets of information they hear us discuss, there are likely tons of missed wealth-building opportunities occurring within their financial lives. In order for there not to be, it would require an almost inhuman ability to stay regimented and objective in one's own financial behaviors and decisions all while completely understanding the nuances of financial planning. Basically, it's extremely unlikely.

On today's episode, we'll discuss how financial planning may seem simple on the surface, but the reality is it spans across many disciplines – psychology, behavior, math, and science. And the irony is not adhering to all facets of financial planning likely means forgoing a substantial amount of wealth.

There's a saying that goes, "It's not what you earn, it's what you get to keep." This couldn't be more true for ER docs – especially those with multiple income sources and self-employment income. Now picture being able to save a month's worth of shifts in taxes every year. Pretty great, right? Fortunately, that could be a reality if four specific categories of tax savings are adhered to and maximized.

On today's episode, we'll go over these four "tax hacks" and discuss the various opportunities present within each.

There's more job turnover than ever with the consolidation happening in EM. Of course, with any transition or change, it can be stressful. Inevitably questions will come to mind like: How long will it take to find new work? What will the pay be? How will management operate? But, one thing that can get overlooked is the topic of malpractice insurance – not just for the new job, but tail coverage for the prior one.

On today's episode, we'll discuss this topic of whether a private med-mal policy is worth it and the various considerations that go into making that decision.

Consciously or subconsciously, ER docs know they can't keep doing their job forever. Unlike other professions, it's rare to see people working into their 70s and 80s in this field. But what would a world need to look like for that to not be the case? How would things need to be structured to make working to 70, 80, or even 100, doable?

On today's episode, we'll discuss the concepts of "retirement" and "financial independence" and the things you'll want to consider to not only get to these stages of your life, but to live a fulfilling life in them.