Money Talk For ER Docs™

Being an EP in and of itself puts you well beyond the average American when it comes to finances. But consider even that the finances of EPs differ from those of other physicians. And further, the finances of women EPs differ from male EPs. The more you drill into subsets, the greater the potential for anomalies.

In this episode, we'll look into the topic of American women's savings disparities and how women EPs may differ, the important things you should be considering regarding non-working spouses, and even go beyond the financial realm into planning for life decisions and goals in retirement.

People are too busy living to plan for their death, and why would you? It's expensive, time-consuming, and it makes you plan for something nobody wants to think about – their own demise. The irony is, if you don't plan, it's likely to undo many of the things that made your life worth living in the first place.

In this episode, we'll talk about the concept of advanced planning, what that entails, and the importance of establishing a plan, no matter your family dynamic and asset situation.

As an ER doc, you're well aware of hospital emergency codes and the essential information they communicate. This got us thinking – can we draw parallels between medical codes found in your workplace and financial situations we find ER docs encounter outside of the workplace?

In this episode, we'll get into that along with the history of these codes and discuss the current usage of codes across the United States.

Balancing relaxation and recovery from irregular work schedules and family obligations is difficult enough for ER docs. Now throw in a considerably more complex tax situation than the average American, and it makes filing taxes correctly, timely, and without penalty, a difficult endeavor. The only way to achieve this, whether working with a preparer or not, is to have a process in place.

In this episode, we'll discuss deadlines you need to know this year, the best way to ensure you don't incur any penalties, and the risks associated with filing too early.

We are back with a continuation of our last episode on financial changes resulting from the SECURE Act 2.0. Where the last episode revolved around predominately Roth IRAs, this episode we'll get into more contribution- and withdrawal-based topics that will be especially important for late-stage ER docs.

Retirement planning is like a math equation with many problems to solve for: the age, amount, tax bracket, account type and performance of when you not only put money in, but when you pull money out all materially matter when it comes to your retirement. And these rules are the framework that sets the stage for how your money can look tomorrow, or years down the road.

The Secure Act 2.0 is now Law. The legislation provides a slew of changes that could help strengthen ER Doc's financial readiness for retirement. That's IF these changes are understood and capitalized on. So often we see missed opportunities within the finances of ER Docs and new additions only further complicate things.

On today's episode, we'll summarize some major (mostly) Roth-related changes found in this 4,000 page Secure Act 2.0 bill.

It's no secret the demands of being an ER Doc. With that, it's not going to be unusual or uncommon for there to be difficult days in the workplace. To help manage that stress, cultivating hobbies and activities which bring enjoyment and fulfillment outside of work can be necessary to keep physicians from becoming patients themselves.

But what if these "hobbies" can yield tremendous tax savings on top of the mental perks? It's something billionaires have been doing for years – can ER Docs do it too? We'll discuss this and the common tax-advantaged ventures we see ER Docs partake in on today's episode.

ER Docs are a unique financial bunch. Aside from the challenging profession that goes without saying, there are often overlooked financial realities, call them "pain points," that can add to the already taxing nature of the profession.

In today's episode, we'll identify the ten most present pain points we notice working with ER Docs. Keep in mind, this list is not all-encompassing, nor will all apply to every listener. But, how many apply to you? And, how can you improve upon these in the new year?

It's disheartening when we speak to an ER Doc that is freshly aware or surprised by something they're dealing with in EM. This goes for inexperienced and experienced ER Docs alike. The thing is: negatives can be turned into a positive when embraced and accepted. As the Special Ops of medicine, if there's anyone that can handle harsh realities, and manage them, it's ER Docs.

In today's episode, we'll discuss, from our perspective, five truths of working in EM – some financial and others not. With the New Year upon us, we thought it would be a great time to remind our listeners to focus on the positives and set a good mindset heading into 2023.

When it comes to the job of an ER Doc, dealing with life-and-death situations on a daily basis is likely to be the most intense and challenging part of the job. However, for many, the workplace brings another challenge - workplace violence. Coming into contact with a revolving door of patients, many of whom are in vulnerable or frantic states of mind, increases the likelihood of verbal or physical abuse toward EPs. And the Bureau of Labor Statistics agrees with that statement when compared to many other occupations.

In this episode, we'll look at the nature of workplace violence and discuss how this can impact the mental and physical well-being and career longevity of ER Docs.