Money Talk For ER Docs™

September 30th, 2021 marks an important date: the unthawing of frozen student loan payments and interest. As ER Docs with, in many cases, large amounts of student debt, resumption of student loan payments will undoubtedly have an impact on not only cash flow, but a whole slew of other factors, both financial and emotional.

So in today's episode, we go over these factors and highlight the importance of getting a plan of attack together now before the end of September.

We find that even the most financially astute ER Docs get confused in the differences between Traditional and Roth IRA. And it makes sense… there's a lot to digest! Different annual limits, taxable nature, thresholds, how distributions down the road will be taxed, and strategies on converting.

So in this episode we break down the Roth IRA so you understand the in's and out's of it. Plus, we go over how a type of account designed to be for the middle class with relatively small annual contribution limits can eventually grow to billions.

Everyone makes mistakes. And sometimes you don't even realize the errors until well after they're made. But what if you suddenly realize there's a mistake on a tax return that was filed months (or even years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return?

We see it often with ER Docs due to the complexity of their finances – 1099 income, changing job/contracts, multiple sources of income… What do you do now? Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step. But amending a return can be tricky. So, in this episode, we break down this process: when it's appropriate, how long you have to do it, and the potential upsides and downsides.

All-time high real estate prices and renting prices. All-time low mortgage rates. Inflation to the cost of building supplies. Remote working being the new norm. Varying COVID regulations by state…

The dust has yet to settle completely on what all of these variables will result in, but one thing is certain: the rules of home ownership have changed. If you are looking at buying your first home, moving to a new home, or even if you are happy with your current living situation, no matter what, you are not untouched by what is going on around you. Serious thoughts and decisions still need to be made as the financial opportunity is too great to be sitting on your hands.

In this episode, we speak with Ana – Managing Director at Fortress Investment Group. Fortress is a global investment manager with approximately $50B under management. Ana has a wealth of knowledge within the medical space she specializes in.

We cover a lot in this interview: the outlook for emergency medicine, the pros and cons of private equity in the Emergency Medicine space, the "oversaturation" issue projected for ER Docs, and importantly – will stability and volumes return back to pre-COVID numbers? Her perspective is valuable, unique, and enlightening.

We recently hit an all-time high in the stock market. If you have money to invest, when are you planning to buy in? Maybe wait for a correction? The decision seems easy: you've already missed out on the best returns, so why would you "buy high?"

On today's episode, we discuss what the academics tell us about what to do. And the answer may surprise you.

Before you go see a doctor, it's wise to write down your questions to make sure you don't miss anything. Same for a grocery store outing.

Seeking a new financial advisor is no different: whether you're working with one already or not, the questions we provide on today's episode are vital for determining the right person for the job. Skipping these could keep you in an unhealthy relationship or set you down a path to one.

Summer is here. That means graduating residents and soon-to-be fresh attendings. Have you thought about your finances yet?

The saying "there's no time like the present" rings true – you are in the perfect place to set yourself up for healthy finances if you, at minimum, follow these 4 "to do's" we discuss on today's episode.

Owning a free-standing or urgent care – sounds appealing, right? You could get to own your own business, guarantee shifts, and make it hard to be fired. Lots of upside. But owning or investing in one is truly a minefield. A lifetime of financial ruin can result from your misstep. So in this episode, we break down the difference and hopefully give you enough insight for you to make a determination if going this route is right for you. Because odds are, you have or will be presented with an opportunity somewhere in your career.

It's inevitable: you're going to have to sign a contract. If you have already, you will likely have to sign another, and probably another, as there is always movement in emergency medicine. This can feel overwhelming. A large group of people want to get you signed up, and they want a decision quickly. It's often the case that you have competing offers, each with different types of income (W-2 or 1099), various benefits, and of course various legal obligations and potential ramifications. Since you likely don't specialize in contract law, there is a lot at play here that shouldn't be taken for granted.

In this episode, we go over the common areas of contract concerns you probably haven't even considered, then look into why groups are set up differently, even when your responsibilities may seem the exact same.