It’s that time again! Taxes. Benjamin Franklin was right over 200 years ago when he said, “Nothing is certain except death and taxes.” But just because that’s the case, doesn’t mean filing has to be a pain. In this episode, we go over the important deadlines you need to know, discuss a few little-known tips, and review the most common questions we get every tax season....
A topic that is often overlooked until we bring it up with a client is when to get life insurance. It’s a bit of a conundrum on the surface: When you’re young and healthy, the risk of dying seems lower or you may not even have someone dependent on your income yet. But when you get older, your risk goes up, and so does the premium you’ll be paying for a policy. In this episode, we’ll discuss when that right time is and get into why the insurance industry is undergoing a statistical once-in-a-mill...
Last year felt like a blur for many. Before we were able to even process 2020, we were nearing the end of 2021. It was a year of uncertainty, anticipation, and hopes for a return to normalcy—and one that showed yet again the importance of trusting markets and remaining flexible. In this episode, we’ll do a dive into the top economic and investment themes of 2021 and analyze what we can learn from them moving forward....
The Omicron Variant has contributed to ER volumes being at all-time highs across the US. It wasn’t too long ago, volumes were low. In either case, such volatility has left financial consequences – both positive and negative. In this episode, we explain this K-shaped divergence, both in the economy and internally within emergency medicine, and discuss why maintaining a financial plan in times of variance becomes more and more vital....
A New Year means a clean slate. With that typically comes resolutions: exercise more, eat healthier, quit smoking… and dare we say prioritize your finances! But unlike other resolutions that may only last a month or two, there is a way to stay true to prioritizing your finances. And when done correctly, studies show it supports an overall happier existence. So in this episode, we’ll discuss how to achieve this starting 2022....
To this day, Emergency Medicine is one of the newest major specialties we have. As a result, we see rapid change happening, especially relative to other specialties. What were things like in the early stages of EM? In this episode, we’ll take a dive into that history. From wages to hours, to responsibilities and flexibility – we’ll try to answer the question: Were the good old days really better?...
There’s a fine line in the tax code that oftentimes requires some finessing. Some ER Docs aren’t taking any deductions, some taking a few obvious ones, and others are taking everything and the kitchen sink. Rarely do we find EP’s hitting that sweet spot on their own. In today’s holiday-themed episode, we will introduce to you a mythical figure that can help you find that sweet spot. We’ll also get into some hilarious real-life “can I deduct that” examples we’ve heard over the years. Should be a ...
Have you considered working for the VA? There are a lot of things to consider when it comes to answering that. Compensation, retirement (TSP and FERS), planned years of service, workload, career trajectory, and so on. So in this episode, we’ll break each of those down, and hopefully, give you a better understanding if a short stint or a long career could be right for you.
You have spent 6-8 years becoming an ER Doc. You’ve taken on significant debt. You’ve sacrificed your social life. Your time. Sleep. All of this magnifies the emotions involved in dealing with money. And somewhere along the way, another party may have entered the picture: a significant other. They, too, have their own complex relationship with money. For that reason, many believe mixing love and money is a recipe for disaster. But are they right? If you are at all interested in how to navigate m...
With the New Year quickly approaching, we tend to find ourselves a different type of busy with family obligations, gift shopping, and possible travel plans. Despite this, certain financial tasks need to be completed before the clock strikes midnight to not only save you headache come April of next year (AKA: tax-time), but to potentially save you tons of money as well. So let this episode serve as your 30-day out checklist. We’ll make sure you’re aware of all the 12/31 deadline tasks you’ll want...
Do you know your DTI? That’s your debt-to-income ratio. It’s a common metric asked about when qualifying for a loan. We’ve been extrapolating data across hundreds of ER Docs over the years and want to spend this episode sharing our findings on this particular ratio. Where do you fall among your peers? And, how does your score correlate with other financial metrics? The results will likely surprise you....
Getting a new car is exciting. At the same time, it can be pretty stressful, especially if your current car is on the fritz. Unless you’re opting for self-transportation (walking or biking) or third-party transportation (rideshare, train, or bus), you have two main options in front of you: buying or leasing. But that decision can be a tricky one to navigate. In this episode, we go over the pros and cons of each, pose questions you should ask yourself when making a decision between the two, and g...
If you were one of the many listeners who tuned in to a Top 3 most listened to episode of ours titled “Get Ready: Biden’s Tax Proposal Is Out!”, then you probably left off thinking your tax situation for 2022 would be changing. And that change would result in more taxes being paid than before. Well, the final updates to that proposal have been released. Spoiler: it isn’t looking as bad as it may have seemed. So in this episode, we get into what made the cut… and what didn’t. In either case, ther...
How are you invested? It’s a tough question that we find most ER Docs don’t have a concise answer for. It makes sense: medical school and residency did not prepare ER Docs to be investment-savvy. And that’s not necessarily a bad thing… as long as you know where to turn to receive good advice. Meaning, advice founded in academics. That’s why, in this episode, we are giving an Investing 101 crash course. Why? So you can feel confident in the way you’re investing or know when it may be appropriate ...
Have you experienced lifestyle creep? It’s almost impossible to answer “no” to that. When your income goes up, it’s natural to spend more on goods or services. After all, that’s the #1 incentive to work in the first place, for most – to be able to spend those earnings on things that provide enjoyment. But ER Docs are susceptible to a more extreme version of lifestyle creep than most other working professionals. One that can have a devastating impact on long-term financial success. So in this epi...
In this special edition of the Money Talk for ER Docs™ podcast, we recap our 5 most listened to episodes over our first year of podcasting. We thought this would be a cool way to highlight what areas of personal finance ER Docs collectively are most interested in. Do you share the same pain points or interests as your peers? Enjoy and thank you for tuning in!
As you may or may not be aware, there is a $10,000 cap on certain deductions on your tax return. This really impacts those living in states with income tax as well as homeowners. But more and more states are releasing legislation that provides a workaround for this cap. The issue, at least for 2021, is action needs to be taken before year-end to make this happen. But the reward is potentially a tremendous amount of tax savings. In this episode, we break down what the cap pertains to and how you ...
ER Docs tend to think of their hourly rate in a very matter-of-fact way. Oh, it says “$225/hr in my contract,” for instance. But this is a very literal sense of “hourly rate” and actually doesn’t account for important variables, both financial and non. So in this episode, we highlight all the additional factors that we think go into determining a true hourly rate for ER Docs and why it’s important to know your score. You may be making more (or less) than you thought you were....
You aren’t going to want to miss this! Changes are afoot when it comes to our tax code. And very few of the major taxing areas go untouched by Biden’s proposal. We’re talking tax brackets, capital gains, the S Corp vs C Corp decision, and even the beloved backdoor Roth conversion. Ironically, ER Docs are right on the fence of these modifications being beneficial… or detrimental. So in this episode, we provide a high-level overview of all the talking points you should be aware of....
In preparing taxes for our clients, we find 9 out of 10 ER Docs donate, in some form, to charity. And statistics support that claim. But the traditional way of writing a check to a charity or two you believe in likely isn’t the best way to give. More creative ways exist – ones that not only can benefit you better tax-wise, but that can result in the charity receiving more money than they would have otherwise received. A true win-win. In this episode, we highlight some of these creative strategie...
How do you actually retire? It’s an odd question because it can be taken in many different directions. But it’s a question we get a lot… and the overall desired response ER Doc clients and prospects are looking for is how to manage the logistics of retiring – meaning: Where do I get my money from to afford my expenses? How does it actually end up in my checking account? How often will it be pulled and from what accounts specifically? There’s a lot to unpack there. In this episode, we paint broad...
Most ER Docs don’t realize how unique their income situation is. From our perspective, as advisors, it’s quite special, and affords immense opportunity when planned for correctly. You would think with high income affords more flexibility. But high income for ER Docs, when combined with variability in that income, creates a unique catch-22: where mistakes are even more magnified while psychologically it can be very easy to become complacent. So in this episode, we identify two specific things you...
What is your most valuable asset? The answer is probably not what you’re thinking. And because of this, the most important financial decision you may ever make is something you probably either don’t think you need, feel you have an adequate amount of already through an employer, or think you can “cheap out” on. That “thing” is disability insurance. In this episode, we get detailed with DI, making sure you understand the importance of having this insurance, how much you need, where to get it, and...
Thought about pivoting jobs in EM? Or maybe you are recently out of residency and deciding on going down an academic or clinical career path. A vital piece of that decision, beyond career satisfaction, is how the finances shape up from one to the other. It’s a common belief that an academic career path is more stable… but without a salary cushion the clinical career path affords, you really have to have a financial game plan in place. So in this episode, we crunch the numbers to portray what lif...
Have you heard of a conservation easement? Majority of ER Docs have been approached with a financial opportunity that seems almost too good to be true... You have high income, and paying significant taxes is no fun; these provide potentially massive tax savings that can span for years. In this episode, we define conservation easements, describe the evolution of syndicates, and lead you to the conclusion: are these really what they are hyped up to be?...
In filing hundreds of tax returns every year for ER Docs, roughly 50% of our 1099 earners take advantage of a particular deduction. Talks are in the works that would not only make this deduction more lucrative for these clients, but expand it to what we estimate to be roughly 90% of ER Docs. We’re talking tens of thousands of dollars of potential savings. So in this episode, we break down what that specific deduction is and how it may impact you. As we always mention: if you have the chance to e...
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 contributio...
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...
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 a...
