Money Talk For ER Docs™

Has your hourly rate increased over the years to keep up with inflation? As an ER Doc, it likely hasn't. That's a tough reality. But not all hope is lost.

In this episode, we briefly discuss the history of inflation, why there has been the sharpest rise since 2008, and the undoubtedly best way to combat the cost of goods and services increasing especially given wages are falling behind.

If you were to die today, how much of a financial mess would you leave behind for your loved ones to pick up? There are many untold financial truths in the wake of you dying that you probably haven't thought of or considered. The good news is, because you're reading this, you have the ability to organize things your significant other won't want to deal with when grieving. Take it upon yourself to get at least the foundation we discuss in this episode in place. It can be so easy to put it off.

We were notified by the significant other of one of our ER Doc clients that they had passed away last week. 30's, non-working spouse, several kids… truly tragic. The silver lining is they had appropriate life insurance coverage so the "how will I afford to keep our lifestyle?" question doesn't need to be worried about in the most difficult time of their life.

In our experience, ER Docs tend to underestimate how much they need in insurance to cover those dependent on them. At the same time, too much coverage can take up a large amount of your monthly cash flow. So in this episode, we discuss the factors at play at coming up with the right amount. The answer is more individualistic than you may imagine, and without a financial plan in place, it's essentially impossible to solve for.

All-time high home prices in EVERY STATE – but, is investing in real estate the right call for the busy ER Doc?

In this episode, we analyze the occupational factors at play when it comes to investing in real estate, visit real truths that are often overlooked, and conclude with the major considerations you need to take before venturing into this space. There's always an opportunity-cost with every financial decision and that especially rings true with real estate.

As an ER Doc, odds are, you're going to have 1099 income at some point in your career, if you don't already. You need to know how to make the best use of it to reduce your tax liability and build wealth through retirement accounts.

We see so many people get this wrong, even when having the right information or working with a professional. There's a lot of misinformation out there. In this episode, we provide 1099 income earning ranges where certain tax classifications may begin making sense, then dive into real numerical examples showing the tax savings difference getting it right can make.

The Emergency Medicine Physician Workforce: Projections for 2030 research was recently released highlighting a projected supply and demand mismatch within EM. It has been trending this way since the early 2000's, but COVID has revved up the chance of there being an oversupply of EP's for the first time in history. What would this mean for you? Are you prepared for this very real possibility?

In this episode, we review the research, then discuss the financial aspects of what you could (or should) be doing now to prepare. As the saying goes: the best preparation for tomorrow is doing your best today.

We get asked one question more than any other. More than even how can I reduce my taxes or should I refinance my student loans. The question? Why do you work with ER Doctors?

It makes sense why we get this question: Most ER Docs don't understand that their profession and personalities combine to create tremendous financial opportunities. So in this episode, we start by discussing our humble beginnings, get into our first ER Doc client, and lead you down the unique path of how our firm was shaped to the needs of ER Docs… to today, where we are the go-to advisory and tax firm for ER Docs in the country.

Have a directorship opportunity presented to you? Concerned with the viability of working strictly clinical in a post-COVID world?

We discuss the pros and cons of each, both from a financial and emotional point of view. You may be surprised which route tends to lead to more financial success, whatever that might mean to you.

Wouldn't it be nice if you didn't have student loans? Poof. Gone. Well, for some, that's about to be the case... and without the discharged amount even being taxable!

This was part of the third stimulus package recently released. In this episode, we touch on if you as an ER Doc will qualify, what the new tax deadlines are, and important updates regarding PPP.

Planning to retire before age 59.5? Most ER Docs are. But have you thought of where you will withdraw money from before you hit the IRS' definition of "retired" at 59.5?

You'll have put lots of effort into accumulating assets to gain financial independence. An equal amount of effort has to go into deploying the strategy for withdrawing from your assets. And there's a lot to consider: different account types, taxes, penalties, and capital gains. Getting clear and planning for this strategy is paramount ahead of time.