Money Talk For ER Docs™

It's been a couple of years since that infamous ACEP workforce study was released which forecasted an alarming surplus of ER doctors by the year 2030. Like seemingly all things relating to the emergency medicine space, the estimate doesn't seem to be playing out as expected. If anything, if trends continue, we could be living in a world where the exact opposite is true – possibly an undersupply of ER docs.

On today's episode, we'll discuss what a recent expert panel of ER doctors presented on the future of the workforce, the factors that went into arriving at their findings, and what this could mean for you.

Making money while you sleep is a worthy pursuit. And what better way to do it than within the comfort of your bank account! Little risk; high returns… it seems these days everybody is comparing rates between different savings account options.

But someday the musical chairs will end and where will you be? In today's episode, we'll discuss cash as an investment vehicle, the topic of inflation, and all things long-term investing in high-interest rate environments.

Tax-loss harvesting is sort of like a buzzword – many have heard it, but the true value of it and how it plays out is often misunderstood or, at the very least, confusing.

While there can be value, the ultimate benefit is more nuanced than one would think. On today's episode, we'll hopefully show why that is and ultimately discuss whether or not it's everything it's cracked up to be, especially as it pertains to the investment accounts of ER doctors.

Change is inevitable in life, and healthcare is no exception. This was especially true during COVID, but even to this day, more debt, high inflation, and its effect on wages and supplies, as well as legislative changes, all combine to create volatile environments within healthcare.

On today's episode, we'll get into two recent cases of change – MedExpress and APP – and what this could mean for ER docs. As always, we'll reinforce some financial suggestions that you should be considering amidst changes occurring all around you.

The time has finally come – student loan payments are officially commencing. And while we hoped a major legislative change would kick the can further down the road or eliminate the debt altogether, unfortunately, that hasn't happened. With that said, there are some major updates that need to be considered that just went into effect.

This is why today's episode is a must-listen; we'll go over Biden's SAVE Plan option, some ER doc-specific math and case studies of when refinancing debt or hopping on (or switching) to an income-based repayment option may make sense, and finally end with some important deadlines you'll want to make sure you are aware of.

High income and busy – those two ER doc characteristics make hiring financial help a common and reasonable decision. But it's for those same reasons ER docs have a target on their back when it comes to financial solicitation. And not all sources of solicitation are the same; there are landmines out there that should be avoided at all costs.

One such landmine you'll hear us frequently bring up is universal life insurance. On today's episode, we'll get into more of the math involved in these policies which will hopefully paint a vivid picture of the turmoil these policies can cause on finances.

As a high-earning ER doc, inevitably if or when you have a significant other, the topic of "should they work?" will come up. And that decision, though likely very personal in nature, actually has a lot of added financial layers that don't exist in, say, the case where both partners need to work in order to fund the household.

In today's episode, we explore the financial dynamics of dual-income households, get into all the variables at play including many that get overlooked, and give our positives and negatives on each side. We think you'll be shocked at how much (or little) a $40,000/yr salary spouse actually takes home after accounting for the variables we'll discuss today.

It can become a full-time job unraveling identity theft. While there's no way to fully prevent it, there are definitely measures that can be taken to reduce the likelihood of it happening to you or a loved one.

In today's episode, we discuss why ER docs are more susceptible to identity theft, the most common forms prevalent today, how to prevent them, and what to do if it happens to you.

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.