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.

We are constantly inundated with clickbait-y headlines and concepts that are hard to ignore. A once-a-day pill to shed fat, increase alertness, get wealthy, grow your hair back – whatever it may be, even the biggest skeptics can begin questioning their skepticism when painted a convincing enough picture. But what about velocity banking? Is it another fad or an exception? Can you really use this as a method to not only shave years off your mortgage, but also save hundreds of thousands of dollars in interest over the life of your loan?

On today's episode, we'll discuss the ins and outs of velocity banking and also revisit the math behind amortization schedules for refinancing.

From white water rafting to taking a trip to the grocery store, there's always some level of practical analysis and mapping that can, and probably should, be performed. Doing so helps us make more informed decisions, capitalize on strengths, address weaknesses, seize opportunities, and mitigate threats to enhance overall well-being and productivity.

On today's episode, we perform a SWOT Analysis of the personal finances of emergency physicians to really evaluate all of the ways EPs can find success (and failures) within their working career.

We all have experienced a pretty rapid run-up in mortgage rates since 2020-2021. Of course, no one knows where the top (or bottom) will be moving forward. But at least over recent history, rates have dropped a good amount to the point where there are mortgage opportunities for many to explore.

On today's episode, we'll discuss the decision-making process of refinancing and get into other forms of equity lines of credit that can be appealing even for those with low-interest rate primary mortgages.

The market and its behavior, though it may not feel like it, is predictable. It's like a broken record: there will be ups and downs; some bigger than others. Despite this, in the moment, it can feel very serious or dire. But if we let history be our guide, there are plenty of lessons to draw from that show how to react and what to do to get through those stressful moments.

On today's episode, we'll talk about the market's recent movement and also discuss the surge in small cap value stocks that will leave those who jumped on the large cap stock trend feeling a bit left out.