Money Talk For ER Docs™

There's a fine line in the tax code that oftentimes requires some finessing. Some ER Docs aren't taking any deductions, some taking a few obvious ones, and others are taking everything and the kitchen sink. Rarely do we find EP's hitting that sweet spot on their own.

In today's holiday-themed episode, we will introduce to you a mythical figure that can help you find that sweet spot. We'll also get into some hilarious real-life "can I deduct that" examples we've heard over the years. Should be a fun one!

Have you considered working for the VA? There are a lot of things to consider when it comes to answering that. Compensation, retirement (TSP and FERS), planned years of service, workload, career trajectory, and so on.

So in this episode, we'll break each of those down, and hopefully, give you a better understanding if a short stint or a long career could be right for you.

You have spent 6-8 years becoming an ER Doc. You've taken on significant debt. You've sacrificed your social life. Your time. Sleep. All of this magnifies the emotions involved in dealing with money. And somewhere along the way, another party may have entered the picture: a significant other. They, too, have their own complex relationship with money. For that reason, many believe mixing love and money is a recipe for disaster. But are they right?

If you are at all interested in how to navigate money talks with your partner, this episode is for you. We discuss prenups, merging bank accounts, picking your battles, from the first date all the way to the "I do's."

With the New Year quickly approaching, we tend to find ourselves a different type of busy with family obligations, gift shopping, and possible travel plans. Despite this, certain financial tasks need to be completed before the clock strikes midnight to not only save you headache come April of next year (AKA: tax-time), but to potentially save you tons of money as well.

So let this episode serve as your 30-day out checklist. We'll make sure you're aware of all the 12/31 deadline tasks you'll want to complete this month, if you haven't already.

Do you know your DTI? That's your debt-to-income ratio. It's a common metric asked about when qualifying for a loan. We've been extrapolating data across hundreds of ER Docs over the years and want to spend this episode sharing our findings on this particular ratio.

Where do you fall among your peers? And, how does your score correlate with other financial metrics? The results will likely surprise you.

Getting a new car is exciting. At the same time, it can be pretty stressful, especially if your current car is on the fritz. Unless you're opting for self-transportation (walking or biking) or third-party transportation (rideshare, train, or bus), you have two main options in front of you: buying or leasing. But that decision can be a tricky one to navigate.

In this episode, we go over the pros and cons of each, pose questions you should ask yourself when making a decision between the two, and go over the tax considerations at play.

If you were one of the many listeners who tuned in to a Top 3 most listened to episode of ours titled "Get Ready: Biden's Tax Proposal Is Out!", then you probably left off thinking your tax situation for 2022 would be changing. And that change would result in more taxes being paid than before. Well, the final updates to that proposal have been released. Spoiler: it isn't looking as bad as it may have seemed.

So in this episode, we get into what made the cut… and what didn't. In either case, there is still going to be planning required to ensure you aren't overpaying on tax next year.

How are you invested? It's a tough question that we find most ER Docs don't have a concise answer for. It makes sense: medical school and residency did not prepare ER Docs to be investment-savvy. And that's not necessarily a bad thing… as long as you know where to turn to receive good advice. Meaning, advice founded in academics.

That's why, in this episode, we are giving an Investing 101 crash course. Why? So you can feel confident in the way you're investing or know when it may be appropriate to make changes to your portfolio, if necessary.

Have you experienced lifestyle creep? It's almost impossible to answer "no" to that. When your income goes up, it's natural to spend more on goods or services. After all, that's the #1 incentive to work in the first place, for most – to be able to spend those earnings on things that provide enjoyment.

But ER Docs are susceptible to a more extreme version of lifestyle creep than most other working professionals. One that can have a devastating impact on long-term financial success. So in this episode, we explain why that is the case and look at the phenomenon from a financial and psychological standpoint.

In this special edition of the Money Talk for ER Docs™ podcast, we recap our 5 most listened to episodes over our first year of podcasting. We thought this would be a cool way to highlight what areas of personal finance ER Docs collectively are most interested in.

Do you share the same pain points or interests as your peers? Enjoy and thank you for tuning in!