Money Talk For ER Docs™

Income isn't predictable and stable. Shifts are hard to come by, a spouse may have lost a job, you might have needed to help out a family member, and you might have missed out on income due to catching COVID. Imagine a world where you have so much liquidity in reserves that no matter what happens to your income, you're insulated and you have flexibility in determining your next financial move.

In this episode, we discuss the right emergency fund for you, what are the appropriate types of emergency funds, and what aren't. It's all about finding your balance.

It's here. An extension of the original CARES Act passed in March designed to help people and businesses get through the pandemic has passed. We call it… the sequel. We've done the analysis for our clients and ~75% will be eligible for this round of funding. That's understandable given the disruptions in emergency medicine. And if this goes for you, you'll want to apply ASAP or seek help.

In this episode, we go over how to handle round 1 if you received funding, what to look for in qualifying for round 2, and some other ER-specific legislation that passed.

Happy Holidays! In this episode, we review an exhaustive list of "naughty" financial behaviors you could have partaken in this year… and "nice" ones. If 2020 was tough on you, that's understandable. This list can serve as an accountability plan for something to strive toward heading into a new year.

In this episode, we recognize that disruption is not only inevitable in emergency medicine but due to COVID, it has tremendously accelerated. Because of change, people have had decisions forced upon them or have opted to make a shift in their professional life. There are numerous considerations an ER Doc has in comparing multiple job opportunities. It is prudent to take the time to sit down and write out the pros and cons of each so an informed decision can be made.

In this episode, Scott identifies four criteria to consider in the quest to hire the perfect financial advisor and what a centenarian, world-record-holding runner can teach us about how it's never too late to get your finances organized and work with the right person.

New tax and financial information is cropping up so fast, and has over the last 8 months, creating opportunity, confusion, and complexity. We try to sift through that in this conversation pertaining to the PPP loan. If you took a loan, you're going to want to listen. If you didn't, you're still going to want to listen for those with 1099 income, as talks are looming that more PPP money might become available.

We dig into what the forgiveness process looks like, the various deadlines to apply for forgiveness, different form types, why it may make sense to wait, and if you owe interest on your loan. We conclude with the IRS' big "gotcha" regarding your 2020 taxes.

2020 has been tough on everyone. For ER Docs specifically, you are at the forefront of battling a global pandemic, risking your lives for others. On top of that, you've likely experienced some financial lapses in income as a result of shift cuts or RVU reductions.

In this episode, we just want to take some time to think about some things ER Docs can be thankful for, some financial, some not, this holiday season. While Thanksgiving day this year might look different for nearly everyone, there's something to be hopeful for with highly effective vaccines and therapeutics on the horizon.

Everyone is allergic to taxes. Most don't understand it or care to understand it. But with 100% certainty, everybody wants to pay as little as legally possible. To achieve this, you have to plan for all the opportunities that will, or may, present themselves before April 15. In this episode, we discuss how the proposed tax changes under a Biden Presidency might impact ER Docs.

Where is the grass greener? The W2 or 1099 income? In this episode, we outline each income type, the pros and cons, and some of the intangible considerations. Be sure to listen to see how you may be able to increase your pay by $30k-$40k per year.

In this Halloween-themed episode, we discuss our top spookiest financial mistakes we see ER Docs make and how playing defense with your finances could be more important than playing offense.