Money Talk For ER Docs™

Transitioning from W-2 to 1099 is a bigger deal than you might first think. So we've set out to create the most ER-specific "how-to" guide we can come up with to help those navigating this change. This is Part 1.

We encourage you to re-listen, or listen for the first time, to any prior episodes mentioned, as they can assist in giving more details in areas we simply can't fit in this mini-series. And as always, feel free to reach out at [email protected] if you have any questions or need clarification. Enjoy!

EP's are used to making reactive decisions. It's the nature of the job. The preparation, or proactiveness, comes in the form of education, supplies, machines, and a setting designed to make those spontaneous cases that come through the ER as prepared for as possible. It's tough to imagine a world without that preparation.

Now imagine financial planning, where many EP's have little to no background or expertise. It's one thing to react when you have a framework; it's another when you may not even know what to do with what few decisions you have left at that moment. So in this episode, we go over proactive vs. reactive financial behavior and how each yields very different outcomes.

Asset allocation and risk tolerance go together like two peas in a pod. But what's the best way to determine that stock-bond mix? Questionnaires and surveys are the industry norm, but do they truly reflect the risks ER Docs need to take to achieve their goals?

On today's episode, we define risk, dive into what mix is appropriate for most ER Docs, and distinguish the difference between risk tolerance and risk capacity.

We've talked about the power of diversification in the stock and bond markets, but what about expanding beyond? At first glance it makes sense: you're adding even more diversification to your portfolio thereby spreading your eggs over additional baskets. But before you seek alternatives, like crypto, business ventures, real estate, art, and commodities, there are three qualifiers you need to evaluate before diving in.

In this episode, we'll go over if alternatives make sense for ER Docs. Or, if accepting that additional risk could dampen long-term goals when things don't go right.

It's that time again! Taxes. Benjamin Franklin was right over 200 years ago when he said, "Nothing is certain except death and taxes." But just because that's the case, doesn't mean filing has to be a pain.

In this episode, we go over the important deadlines you need to know, discuss a few little-known tips, and review the most common questions we get every tax season.

A topic that is often overlooked until we bring it up with a client is when to get life insurance. It's a bit of a conundrum on the surface: When you're young and healthy, the risk of dying seems lower or you may not even have someone dependent on your income yet. But when you get older, your risk goes up, and so does the premium you'll be paying for a policy.

In this episode, we'll discuss when that right time is and get into why the insurance industry is undergoing a statistical once-in-a-millennium event making it more important than ever to review and qualify for insurance.

Last year felt like a blur for many. Before we were able to even process 2020, we were nearing the end of 2021. It was a year of uncertainty, anticipation, and hopes for a return to normalcy—and one that showed yet again the importance of trusting markets and remaining flexible.

In this episode, we'll do a dive into the top economic and investment themes of 2021 and analyze what we can learn from them moving forward.

The Omicron Variant has contributed to ER volumes being at all-time highs across the US. It wasn't too long ago, volumes were low. In either case, such volatility has left financial consequences – both positive and negative.

In this episode, we explain this K-shaped divergence, both in the economy and internally within emergency medicine, and discuss why maintaining a financial plan in times of variance becomes more and more vital.

A New Year means a clean slate. With that typically comes resolutions: exercise more, eat healthier, quit smoking… and dare we say prioritize your finances!

But unlike other resolutions that may only last a month or two, there is a way to stay true to prioritizing your finances. And when done correctly, studies show it supports an overall happier existence. So in this episode, we'll discuss how to achieve this starting 2022.

To this day, Emergency Medicine is one of the newest major specialties we have. As a result, we see rapid change happening, especially relative to other specialties. What were things like in the early stages of EM?

In this episode, we'll take a dive into that history. From wages to hours, to responsibilities and flexibility – we'll try to answer the question: Were the good old days really better?