In this episode, we explore the Roth vs. Traditional retirement account decision specifically for ER docs. With high income, fluctuating tax brackets, and the potential for major tax changes in the future, choosing the right account can significantly impact your long-term financial strategy.

We break down the pros and cons of each account type, discuss how to leverage tax planning opportunities during your career and retirement, and help you navigate the complexities of saving for the future while balancing the unique financial challenges of being an ER doctor.

With the market performing well recently, many of you may find yourselves sitting on sizable gains in your portfolios. But how do you navigate these gains effectively to optimize your tax situation? 

On today's episode, we'll break down the mechanics of tax-gain harvesting—what it is, when to use it, and how it can potentially save you money—alongside the more familiar tax-loss harvesting strategies.

With so much perceived to be at stake and tensions running high, it's easy to get caught up in the political drama. However, as a finance-focused podcast, our aim is to shift the conversation toward how financial markets have historically reacted to election outcomes.

We’ll explore the trends, debunk some myths about market behavior during elections, and offer our perspective on not only the market and economy, but personal finance as a whole whether we're led by a Republican or Democrat come November.

Disability can be one of the most significant financial threats to your career and income. 1 in 7 people will suffer from a disability that will last at least 5 years. That's fairly decent odds for a potentially severe financial outcome.

On today's episode, we’ll explore why having the right amount of coverage is vital, how to calculate your needs, and which riders you should consider to tailor your policy. This is a must-listen episode if you are in residency or under-covered with your current DI policy.

Finance can be complex. It's very easy to focus on the bells and whistles instead of the tried and true. So today, we’re stepping back to explore the core financial principles that every emergency physician should know. Understanding what areas to focus on, and which to avoid, is just as important whether you're fresh out of residency or a seasoned pro.

Over the past 14 years, we’ve seen a major shift in interest rates that’s changed how we handle cash. Starting back in 2008 during the financial crisis, rates were so low that many people kept minimal cash because it just wasn’t earning anything. But after the pandemic, rates climbed, making it easier to earn decent returns on savings.  

Now, as we expect more rate cuts, it’s a good time to rethink how we manage our cash and consider smarter investment strategies.

How do you perceive your future self? How you answer that may matter when it comes to your finances. Research shows we may have a particular POV when it comes to looking forward at our lives, which can lead to challenges in saving for retirement.

On today’s episode, we'll explore how this disconnect, along with concepts like temporal discounting and loss aversion, can impact your spending habits now and in retirement.

We’ll kick today’s episode off with a surprising New York Times article that challenges the validity of supercentenarians and those so-called Blue Zones we discussed before. From there, we’ll explore the current economic landscape, where conflicting predictions are the name of the game.

With a heated presidential race and fluctuating markets, it’s time to unpack the chaos, debunk some myths, and find out what really matters for your financial future. Let’s get started!

We’re excited to feature our first client on the Money Talk for ER Docs podcast! We’ve planned to do this for some time now and couldn’t be more thrilled to have Dr. Brian Laakaniemi as a guest as he discusses his path to EM as well as his finances.

We love the idea of continuing to host existing clients on the podcast and we hope you, as a listener, not only enjoy hearing the perspective of a fellow emergency medicine practitioner, but also find value in their experience and insights. For legal purposes, we are required to disclose that Brian’s experience as a client may not be reflective of the experience of all clients and he did not receive any compensation for speaking with Scott. Hope you enjoy!

Identity theft is a real concern for ER docs due to high patient interaction volume. Consider the reality that accessing an EP’s signature can open up opportunities to obtain medications or allow for other financially-driven motives. Combine this with other variables, such as higher income and thus higher credit limits and a busy lifestyle that may prevent them from noticing identity theft schemes, it’s no mystery as to why ER docs as a subset of professionals are prime targets.

On today’s episode, we’ll discuss a large data breach that impacted most Americans and lay out the things you can do today to prevent fraud happening tomorrow.