For decades, emergency medicine was the “cool kid,” highly desired medical specialty. Now it seems there may be a trend forming that tells a different story. In this episode, we’ll discuss the 2023 match results, learn what variables may be at play that yielded these results, and, of course, what that could mean for you, especially from a personal finance perspective....
When people think of a bank, they usually think of the ultimate level of security with a seemingly endless supply of money to pull from, fraud protection, insurance… the works. So when the public hears about the 2nd largest bank failure in U.S. history, followed by the 3rd largest, it’s understandable to be concerned. On today’s episode, we’ll get into what happened, what may soon happen, and ultimately the things you can or should do to help protect yourself moving forward from a personal finan...
Life is all about choices. The more informed you are about a subject matter, the better a decision you’ll make. The same thing can be said about job offers. In EM job offers, the “hourly rate” is the benchmark for comparisons. When stripped down, like in the case of 1099 income, the hourly rate is a very clean and valuable metric. It’s when the rate is tampered with, like in the case of W-2 positions adding in benefits and contingencies to arrive at a more appealing visual hourly rate number, th...
We review hundreds of tax returns every year for newly onboarded clients. The majority of the time, we see missed opportunities that would have resulted in larger refunds. In some cases, we can amend to claim refunds. But in other cases, even if we can save the client some money, the workload involved in recreating returns from scratch makes it so it’s not worth pursuing. In that sense, it’s lost money that could have been avoided had it been prepared properly from the start. On today’s episode,...
Are you aware of private equity’s involvement in emergency medicine? You may or may not have directly experienced their involvement, but if any of the following sound familiar, it very well could be the result of PE ownership: lack of flexibility internally to work more shifts; difficulty picking more desirable shifts; and/or less higher paying opportunities available. The reason for this is similar to inflation. Take a company like Doritos. The way they combat inflation is by not only increasin...
What does “retirement” really mean? We think it’s an overused buzzword that can mean so many things to so many people, but traditionally speaking, it refers to the age at which you stop working. On the surface this is a worthy pursuit; however, making this a focus or long-term goal may be jeopardizing more than you know. In this episode we’ll discuss a risk everyone should be considering when thinking about retiring and hopefully shine light on why getting things together financially means so mu...
Being an EP in and of itself puts you well beyond the average American when it comes to finances. But consider even that the finances of EPs differ from those of other physicians. And further, the finances of women EPs differ from male EPs. The more you drill into subsets, the greater the potential for anomalies. In this episode, we’ll look into the topic of American women's savings disparities and how women EPs may differ, the important things you should be considering regarding non-working spo...
People are too busy living to plan for their death, and why would you? It’s expensive, time-consuming, and it makes you plan for something nobody wants to think about – their own demise. The irony is, if you don’t plan, it’s likely to undo many of the things that made your life worth living in the first place. In this episode, we’ll talk about the concept of advanced planning, what that entails, and the importance of establishing a plan, no matter your family dynamic and asset situation....
As an ER doc, you’re well aware of hospital emergency codes and the essential information they communicate. This got us thinking – can we draw parallels between medical codes found in your workplace and financial situations we find ER docs encounter outside of the workplace? In this episode, we’ll get into that along with the history of these codes and discuss the current usage of codes across the United States....
Balancing relaxation and recovery from irregular work schedules and family obligations is difficult enough for ER docs. Now throw in a considerably more complex tax situation than the average American, and it makes filing taxes correctly, timely, and without penalty, a difficult endeavor. The only way to achieve this, whether working with a preparer or not, is to have a process in place. In this episode, we’ll discuss deadlines you need to know this year, the best way to ensure you don’t incur a...
We are back with a continuation of our last episode on financial changes resulting from the SECURE Act 2.0. Where the last episode revolved around predominately Roth IRAs, this episode we’ll get into more contribution- and withdrawal-based topics that will be especially important for late-stage ER docs. Retirement planning is like a math equation with many problems to solve for: the age, amount, tax bracket, account type and performance of when you not only put money in, but when you pull money ...
The Secure Act 2.0 is now Law. The legislation provides a slew of changes that could help strengthen ER Doc’s financial readiness for retirement. That’s IF these changes are understood and capitalized on. So often we see missed opportunities within the finances of ER Docs and new additions only further complicate things. On today’s episode, we’ll summarize some major (mostly) Roth-related changes found in this 4,000 page Secure Act 2.0 bill....
It’s no secret the demands of being an ER Doc. With that, it’s not going to be unusual or uncommon for there to be difficult days in the workplace. To help manage that stress, cultivating hobbies and activities which bring enjoyment and fulfillment outside of work can be necessary to keep physicians from becoming patients themselves. But what if these “hobbies” can yield tremendous tax savings on top of the mental perks? It’s something billionaires have been doing for years – can ER Docs do it t...
ER Docs are a unique financial bunch. Aside from the challenging profession that goes without saying, there are often overlooked financial realities, call them “pain points,” that can add to the already taxing nature of the profession. In today’s episode, we’ll identify the ten most present pain points we notice working with ER Docs. Keep in mind, this list is not all-encompassing, nor will all apply to every listener. But, how many apply to you? And, how can you improve upon these in the new ye...
It’s disheartening when we speak to an ER Doc that is freshly aware or surprised by something they’re dealing with in EM. This goes for inexperienced and experienced ER Docs alike. The thing is: negatives can be turned into a positive when embraced and accepted. As the Special Ops of medicine, if there’s anyone that can handle harsh realities, and manage them, it’s ER Docs. In today’s episode, we’ll discuss, from our perspective, five truths of working in EM – some financial and others not. With...
When it comes to the job of an ER Doc, dealing with life-and-death situations on a daily basis is likely to be the most intense and challenging part of the job. However, for many, the workplace brings another challenge - workplace violence. Coming into contact with a revolving door of patients, many of whom are in vulnerable or frantic states of mind, increases the likelihood of verbal or physical abuse toward EPs. And the Bureau of Labor Statistics agrees with that statement when compared to ma...
How many credit cards should you be carrying on your person? What expenses should be charged to what cards? How often should you get a new credit card and how does that impact your credit score? There’s a lot that goes into choosing the right partners for your money. It’s sort of like the operating system for your cash flow: all money flows through the accounts and cards you select. We find ER Docs tend to have very different banking setups. That’s why we felt today’s episode would be a good way...
Before a pilot even takes off, the route to their destination is already mapped out. But just because this baseline is established, doesn’t mean there won’t be deviation along the way. Events like turbulence or maintenance can still occur outside the scope of the planned route. The fact that the plan exists allows pilots to pivot while understanding where they still need to get to. Without that plan, they’d quite literally be flying blind. Unfortunately, we find a lot of ER Docs are flying blind...
Disability insurance is arguably the most complex insurance to analyze, discuss, and overall understand. When we look at other insurance, such as life, flood, even to some degree auto, those insurances have pretty defined circumstances for which need to occur in order to pay out. But with DI, there is a wide range of disabilities that can occur, policy definitions that can be met, job duties that can or cannot be performed, and even riders that can be included or not included on the policy. It r...
It seems that people who historically have never been interested in politics have now become obsessed with politics over the past 5 or so years. In doing so, they let emotions seep into other areas of their lives. This couldn’t be more relative when it comes to investing and the general outlook of the economy. Coming off the midterm election, in this episode we’ll discuss if there’s any room for emotion when it comes to investing and whether or not there is correlation between the political part...
Most ER Docs are searching for ways to diversify their income. What’s the number one method for achieving this that comes to mind? Rental properties. But so often are the financial realities of owning rentals overlooked. And most importantly: the methods for maximizing rental profitability never come to fruition. In this episode, we’ll give our point of view, having worked with hundreds of ER Docs owning hundreds of rental properties, to communicate how rental properties tend to actually play ou...
When it comes to sports, everybody loves the big play. The game winning Hail Mary pass in football. Or, the knock-out punch in boxing. And when it comes to baseball: the walk-off home run. While these are entertaining for spectators, studies show that the majority of victories don’t rely on these single big plays. Instead, they rely on many small victories over the course of a game or a season. Why do I bring this up? Because a lot of parallels can be drawn from this and applied to the financial...
The “4% Rule” is a personal finance industry standard. If you’ve never heard of it, it’s a guideline for the rate at which you can pull from your retirement account and still have the account survive in retirement. A new study reveals the industry standard of 4% is overstated and could lead to millions of Americans running out of money in retirement if adhered to. A scary thought. An even scarier thought is ER Docs have additional hurdles to overcome than the everyday American. So in this Hallow...
Your vehicle can be one of the most important, and most difficult, deductions to get right as a 1099 earner. Beyond the lease versus buy decision is another layer: the depreciation factor. With that comes a whole slew of considerations most tend to overlook. What car to buy? When to drive it over another vehicle? How often to drive? When is the right time to buy and place the vehicle in service? And of course, when is the right time to sell and what are the repercussions of that sale? In this ep...
The average American has it much easier than ER Docs when it comes to health insurance. For one, they are probably employed by a company not only offering options to choose from, but also assisting in paying the premiums for those options. Whereas many ER Docs are 1099 earners on their own when it comes to making selections and footing 100% of the bill for coverage. Additionally, the average American will likely work until age 65 where they will be eligible for Medicare coverage. ER Docs, on the...
On this special anniversary episode, we take a dive in the responses to our free Vitals™ survey. We get into savings rates, East Coast vs West Coast comparisons, average mortgage and student loan balances for ER Docs, and so much more. This will be a fun one. Just remember, while data can be valuable, every individual’s circumstances are different. Keep an open-mind and enjoy it for what it’s worth!...
The IRS is a formidable force that shouldn’t be taken lightly. So when you owe what are referred to as “back-taxes,” how those are handled is extremely important. Despite the plethora of options that the IRS gives to help taxpayers stay current with their taxes, all too often we find ER Docs are owing significant amounts from prior years. And back-taxes can have this almost quicksand like effect where you never feel like you can get back ahead once you get behind. On today’s episode, we get into...
There are tried and true building blocks to a financial plan – areas where if you at least hit those, you can achieve a large percentage of what is needed to reach your goals. The key thing is this: you have to hit all of them… and do so effectively. Because over-concentrating or under-concentrating in one or another will inevitably wreak havoc on the rest of your plan. On today’s episode, we’ll present 5 “pillars” for becoming a Financial Wizard....
Retirement looks different for every ER Doc. Many plan to retire early. Others may reduce workload and extend their working years. Aligning retirement with a spouse is another common goal. Regardless of the way you retire, how you access your retirement savings should be a major point of interest, especially if you are being tax and investment allocation conscious. The traditional way of pulling money out of pre-tax retirement accounts by selling positions then distributing the cash proceeds may...
One of Biden’s campaign pledges was to provide student loan relief. Well that day has appeared to come… at least to some degree. Based on the overview of Biden’s three-part plan, most ER Docs won’t benefit because of income that surpasses the thresholds. While that may be true in some cases, digging into the details presents potentially a different story. On this episode, we get into how there is actually tremendous opportunity here for many ER Docs, even those with high income. So don’t rule yo...
