We find the average ER Doc pays about 28% in Federal income tax. That’s a good chunk of change. But that percentage doesn’t consider various other taxes that likely apply: state income tax (~5%), payroll tax (~5%), sales & local tax (~5%), and property tax (~1%). Combined, those add up to somewhere in the ballpark of 44% of an ER Doc’s income going toward taxes… and that’s before factoring in things like capital gains and estate taxes. With the average ER Doc earning ~$350,000/yr, after-tax income is somewhere just shy of $200,000 given these assumptions. And that’s before retirement contributions, insurance premiums, and other pre-tax deductions.

In this episode, we’ll break down the main tax categories, give a little background into them, and discuss various “what can we do” scenarios to lessen the tax burden. Every bit helps.

An interesting thing about being a parent is that there is variation from person to person on how children are raised. The topic of money, and the way it’s viewed, understood, and managed is no exception. For some, parenting on the topic of money may revolve around financial acuity: making sure their child understands checks and balances and the value of a dollar. For others, it may mean pushing innovation and being an entrepreneur. And for others, it may mean saving a certain amount in a child’s name as a cushion for when they leave the nest.

Regardless of your desires, on today’s episode, we cover the topic from various perspectives and provide methods that can make a tremendous difference, financially, on your child’s life.

We recently did a podcast episode titled, “Should You Be Concerned About A Recession?” where we got into the history of market downturns and what those tell us about what is going on today. The conclusion? Markets reward those who stay disciplined when it’s hardest to do so. Basically, inaction is the best course of action. But say staying put isn’t for you – are there actions that you can take when the markets are volatile to lessen the blow of losses and even position yourself better for when things improve?

In this episode, we’ll go over 5 actionable tips you can do to improve your investment situation, even in a downturn.

There’s a particular expenditure that 70% of those 65 or older today will incur and that number is anticipated to only go up in the future. Saying that alone could mean a lot of things: potatoes, a new phone, maybe a walking cane. But the expense I’m referencing is the main culprit for why the elderly, aged 75+, make up the fastest-growing group filing for bankruptcy. To top it off, it’s only getting more expensive at a pace faster than even education costs and it’s very difficult, and potentially impossible, to insure for. What is this mystery expenditure? Long-term care costs.

If you haven’t thought about it, you’re not alone. For today’s episode, we’ll get into the range of costs of care, who you may have to pay for it for beyond yourself, and how to pay, if necessary.

Investors have grown accustomed to fairly consistent positive returns over the past decade. Have there been periods of loss? Sure. But overall, the positive trend has been staggering. And it’s that recency bias that can make it tough to cope with downturns in the market. Maybe you’re hearing the “should I be selling stocks?” internal dialogue a little louder than you remember hearing it in the past.

If this is you, today’s episode may bring the perspective you need to focus on what you can control and make sure logic overcomes emotion, no matter how dire the situation may feel.

Every professional service is different in terms of the customer and service provider interaction. It tends to be true that the more personal the product or service is, meaning the more tailored it is to the customer, by default, the more involved the customer has to be in the process. Take buying the newest PlayStation as an example. The product is what it is and the same one is universally bought by all. Now consider the opposite end of the spectrum where there’s a specific financial planning process, for a specific specialty, for an even more specific person or family. The dynamics are completely different in those two examples.

That’s what we’ll discuss in today’s episode – what it’s like to be project managers to ER Docs and the workload requirement, on both ends, to successfully implement a financial plan.

Envision is the 500-lb gorilla in emergency medicine. What happens to them sends ripples through the EM landscape whether you work for them or not. A question we’ve received of late is: What happens to tax-deferred money under an EDP, or more commonly referred to today as a DCP or defined contribution plan, if a company, like Envision, goes under? Do the same protections that exist for an IRA or 401(k) exist for a non-qualified plan?

If you’re at all interested in the business-side, or private equity’s involvement in healthcare, today’s episode is a good one to tune in to as we’ll break down the structure that makes up a staggering 40% of US ER Departments and, ultimately, how that impacts the finances of ER Docs.

The fastest-growing renter segment of our population goes to high income earners. That seems counter-intuitive; high income earners are able to overcome the barrier to entry associated with home ownership – e.g.: down payment, loan qualification, and credit – better than low income earners. So if it isn’t a choice, what are the factors at play that are leading to this upward trend? And if it is a choice, why are more and more high income earners, like ER Docs, choosing to rent over buy?

We’ll get into that, the tax implications of each as it pertains to the decision, and all of the emotional elements that are at play in today's episode.

The perfect storm of events led to a significant rise in what we call “meme investing.” That’s where you throw caution to the wind and take a stab at hitting it big through risky or speculative investments. It started with the pandemic – people bored at home; no sports on TV; Vegas shutdown. Then the headlines of GME and AMC stock “get rich quick” stories led to FOMO. All while, waiting there only a download away, were online trading companies, like Robinhood and Webull, ready to accept anybody willing to play the game. Did you take part in “meme investing?” Are you still taking part in “meme investing?”

With recent volatility in the markets, we’re seeing more and more ER Docs reconsider having side accounts. But does holding money aside for YOLO’ing really have much of an impact on a financial plan? We’ll look into that on today’s episode.

ER Docs have a unique characteristic of being “hybrid earners,” meaning accepting income both as an employee earning a W-2 and as a contractor earning 1099 in the same year. And we find a large percentage do exercise this ability; if not in most years, eventually at some point in their careers. So that begs the question: is there a perfect mixture of 1099 vs. W-2 that yields specific advantages, like tax savings and retirement deferral opportunities? And is there a point where earning too much of one over the other yields diminishing returns?

Nobody wants to work more to earn less, so we’ll look into those questions in today’s episode and get into what that hybrid-earning “sweet spot” could look like.