The biggest risks associated with owning rental properties have to do with certain variables that are typically out of your control. Think neighborhood changes, real estate market cycles, and especially locality risks. So if there was a way to hedge some of this risk, and yield tax benefits, then owning rental properties would be more valuable than we typically communicate in our podcast, especially when compared to the earnings that are achievable for an ER doc with such a high salary. On today...
Oct 31, 2023•20 min•Transcript available on Metacast A properly designed financial plan is truly a work of art. It requires decades of discipline, hard work, and thought. What most don’t realize is that they’re only halfway to the finish line once they reach retirement. If you look at a financial life like a marathon, the working years make up the accumulation or pace-setting part of the race. The second half is the draw-down or stamina period. That “home stretch” is all about strategizing to ensure your reserves get you to the finish line. This r...
Oct 24, 2023•22 min•Transcript available on Metacast We started this podcast for several reasons, one of which was to provide great content for ER docs. We wanted this to be true whether you’re a client, prospective client, or even a DIY’er. But there’s a bit of irony in our pursuit in that even if listeners pick up and implement a few nuggets of information they hear us discuss, there are likely tons of missed wealth-building opportunities occurring within their financial lives. In order for there not to be, it would require an almost inhuman abi...
Oct 17, 2023•29 min•Transcript available on Metacast There’s a saying that goes, “It’s not what you earn, it’s what you get to keep.” This couldn’t be more true for ER docs – especially those with multiple income sources and self-employment income. Now picture being able to save a month’s worth of shifts in taxes every year. Pretty great, right? Fortunately, that could be a reality if four specific categories of tax savings are adhered to and maximized. On today’s episode, we’ll go over these four “tax hacks” and discuss the various opportunities ...
Oct 10, 2023•33 min•Transcript available on Metacast There’s more job turnover than ever with the consolidation happening in EM. Of course, with any transition or change, it can be stressful. Inevitably questions will come to mind like: How long will it take to find new work? What will the pay be? How will management operate? But, one thing that can get overlooked is the topic of malpractice insurance – not just for the new job, but tail coverage for the prior one. On today’s episode, we’ll discuss this topic of whether a private med-mal policy is...
Oct 03, 2023•19 min•Transcript available on Metacast Consciously or subconsciously, ER docs know they can’t keep doing their job forever. Unlike other professions, it’s rare to see people working into their 70s and 80s in this field. But what would a world need to look like for that to not be the case? How would things need to be structured to make working to 70, 80, or even 100, doable? On today’s episode, we’ll discuss the concepts of “retirement” and “financial independence” and the things you’ll want to consider to not only get to these stages...
Sep 26, 2023•29 min•Transcript available on Metacast It’s been a couple of years since that infamous ACEP workforce study was released which forecasted an alarming surplus of ER doctors by the year 2030. Like seemingly all things relating to the emergency medicine space, the estimate doesn’t seem to be playing out as expected. If anything, if trends continue, we could be living in a world where the exact opposite is true – possibly an undersupply of ER docs. On today’s episode, we’ll discuss what a recent expert panel of ER doctors presented on th...
Sep 19, 2023•19 min•Transcript available on Metacast Making money while you sleep is a worthy pursuit. And what better way to do it than within the comfort of your bank account! Little risk; high returns… it seems these days everybody is comparing rates between different savings account options. But someday the musical chairs will end and where will you be? In today’s episode, we’ll discuss cash as an investment vehicle, the topic of inflation, and all things long-term investing in high-interest rate environments....
Sep 12, 2023•16 min•Transcript available on Metacast Tax-loss harvesting is sort of like a buzzword – many have heard it, but the true value of it and how it plays out is often misunderstood or, at the very least, confusing. While there can be value, the ultimate benefit is more nuanced than one would think. On today’s episode, we’ll hopefully show why that is and ultimately discuss whether or not it’s everything it’s cracked up to be, especially as it pertains to the investment accounts of ER doctors....
Sep 05, 2023•25 min•Transcript available on Metacast Change is inevitable in life, and healthcare is no exception. This was especially true during COVID, but even to this day, more debt, high inflation, and its effect on wages and supplies, as well as legislative changes, all combine to create volatile environments within healthcare. On today’s episode, we’ll get into two recent cases of change – MedExpress and APP – and what this could mean for ER docs. As always, we’ll reinforce some financial suggestions that you should be considering amidst ch...
Aug 29, 2023•25 min•Transcript available on Metacast The time has finally come – student loan payments are officially commencing. And while we hoped a major legislative change would kick the can further down the road or eliminate the debt altogether, unfortunately, that hasn’t happened. With that said, there are some major updates that need to be considered that just went into effect. This is why today’s episode is a must-listen; we’ll go over Biden’s SAVE Plan option, some ER doc-specific math and case studies of when refinancing debt or hopping ...
Aug 15, 2023•29 min•Transcript available on Metacast High income and busy – those two ER doc characteristics make hiring financial help a common and reasonable decision. But it’s for those same reasons ER docs have a target on their back when it comes to financial solicitation. And not all sources of solicitation are the same; there are landmines out there that should be avoided at all costs. One such landmine you’ll hear us frequently bring up is universal life insurance. On today’s episode, we’ll get into more of the math involved in these polic...
Aug 08, 2023•24 min•Transcript available on Metacast As a high-earning ER doc, inevitably if or when you have a significant other, the topic of “should they work?” will come up. And that decision, though likely very personal in nature, actually has a lot of added financial layers that don’t exist in, say, the case where both partners need to work in order to fund the household. In today’s episode, we explore the financial dynamics of dual-income households, get into all the variables at play including many that get overlooked, and give our positiv...
Aug 01, 2023•24 min•Transcript available on Metacast It can become a full-time job unraveling identity theft. While there’s no way to fully prevent it, there are definitely measures that can be taken to reduce the likelihood of it happening to you or a loved one. In today’s episode, we discuss why ER docs are more susceptible to identity theft, the most common forms prevalent today, how to prevent them, and what to do if it happens to you....
Jul 25, 2023•30 min•Transcript available on Metacast There are very few people in the world who are happy to write a check to the insurance company. But it’s what’s referred to as a “necessary evil.” So when the question of “should you increase your coverage or not?” pops up, it’s easy to think of reasons as to why the current coverage amount is sufficient over obtaining more. On today’s episode, we’ll talk about raising your disability insurance coverage from the point of view of the price-sensitive insured, as well as the objective fiduciary adv...
Jul 18, 2023•25 min•Transcript available on Metacast It’s officially summer! Which means change is in the air for new attendings. Let’s set the stage a bit – typically work responsibilities are new and stress-inducing. And when it comes to finances, that tends to leave three different options. The first is it’s all so overwhelming, so it’s better to do nothing or procrastinate. The second is the understanding that something needs to be done, but that something ends up being rushed and likely does more harm than good. And finally, there’s a methodi...
Jul 11, 2023•31 min•Transcript available on Metacast Any big challenge or task can be broken down into many steps. This is a concept we discussed toward the end of last week’s episode. What if we take that approach and apply it to the working career of an ER doc? More specifically, quantify the number of shifts in the average career and utilize that knowledge to make improvements. Can that have positive tangible benefits in terms of career satisfaction and longevity? We think so. In this episode, we’ll approximate that number of shifts, discuss th...
Jul 04, 2023•23 min•Transcript available on Metacast In the movie Blank Check, a boy comes across and deposits a $1M check. And in the pursuit of achieving all his goals and dreams, he runs out of money. It’s very similar to the story of professional athletes running out of money within a few years out of the league. How that relates to today’s episode, without spoiling too much, is there’s a difference between being rich and being wealthy. In today’s episode, we’ll discuss why almost all ER docs are rich, but many are not wealthy. The key differe...
Jun 27, 2023•20 min•Transcript available on Metacast AI has been a hot topic over the past year. Everyone is discussing new technology and how it will improve, or in some cases, not improve our day-to-day lives. But the one question on most people’s minds is: Will it replace my ability to make a living? In today’s episode, we explore this question as it pertains to ER docs and emergency medicine. We’ll also look at how AI could impact financial markets and what that could mean for investment returns....
Jun 20, 2023•32 min•Transcript available on Metacast Having worked with ER docs for 15 years, we’ve heard so many stories, emotions, mistakes, and opportunities surrounding money. Oftentimes these sentiments are complex and require deep discussions and understandings. What we’ve done is distilled everything we’ve heard and experienced down to the various life stages during the career of an emergency physician. On today’s episode, we’ll discuss three specific financial case studies, pose necessary questions to ask in each of these financial life cy...
Jun 13, 2023•32 min•Transcript available on Metacast When the largest staffing company in America files for bankruptcy, as an ER doc, that should set off some alarm bells. In this episode, we’ll talk about the events leading up to this point, how an employee versus a contractor of Envision differs in terms of bankruptcy proceedings, share some advice on safeguarding your income stream, and speculate on what could come next as only time will tell what the effects of this will be....
Jun 06, 2023•22 min•Transcript available on Metacast The idea of the US Government failing to pay its bills is a very scary thought. And the media loves to let the public know about it. Without question, the global implications of this could be catastrophic. But does that mean it’s worth losing sleep over as an ER doc? On today’s episode, we’ll answer that question, provide a bit of history on the US debt ceiling, and of course, let you know what you can be doing to ensure you’re prepared for whatever may happen....
May 30, 2023•18 min•Transcript available on Metacast If you have a mortgage, you may be able to deduct interest paid on your tax return. Some may hear that and think “duh - obviously,” but it’s actually more complicated than most people consider. First, it’s not guaranteed; mortgage interest only counts if you itemize your deductions or if you’re a 1099 earner with a home office and you actualize your expenses. But even more difficult to comprehend is the amount you can actually take as a deduction, especially if you have a mortgage balance that e...
May 23, 2023•30 min•Transcript available on Metacast The ability to delay an impulse for an immediate reward in order to obtain a more favorable reward at a future date defines what it means to delay gratification. And studies show individuals who are best at delaying gratification tend to be more successful. Financial planning tends to give delayed gratification as it often takes years for the fruits of your investments to pay off. Tax preparation is more closely aligned with instant gratification. At most, you wait a year to receive your reward....
May 16, 2023•29 min•Transcript available on Metacast Tax laws, like electricity, move fast. The rules of last year, or even last month, no longer apply when it comes to electric vehicles. Have you considered you may earn too much to earn a tax credit? Or are you looking to purchase an EV that no longer qualifies for a tax credit? Have you considered how leasing may be different than buying now? On today’s episode, we answer these questions and get into everything you should be aware of if in the market for a new electric vehicle or planning to mak...
May 09, 2023•36 min•Transcript available on Metacast It’s normal to feel a variety of positive and negative emotions throughout your investment life. From fear to elation, from pessimism to optimism… no matter the feeling, how you perceive and act (or not) on those emotions is what matters. Before you listen further, ask yourself how your portfolio performed in Q1, 2023. If you aren’t sure, that may actually be the healthiest response someone could have to that question. We’ll discuss why in today’s episode....
May 02, 2023•27 min•Transcript available on Metacast If you’re an ER doc working in another state from the one you reside in, it’s probably for a much better-paying job or opportunity. Then consider what we already know: taxes and finances for ER docs are complex. When you layer on top of that multi-state returns, multi-state taxes, and even multi-locality taxes, among so much more, ER docs quickly get up there as being one of the most complex professions when it comes to taxation. In this episode, we’ll get into why ER docs are similar to athlete...
Apr 25, 2023•23 min•Transcript available on Metacast If you’ve listened to prior episodes, you’ve likely heard us talk about the benefits of having 1099 income. One benefit, in particular, is often overlooked and really takes the cake as the most special for those with children. An immediate deduction for you, savings for them, all while keeping it in the family? It’s too good not to take advantage of and every ER doc with kids should seriously consider earning at least some 1099 if only to just take advantage of this opportunity. In today’s episo...
Apr 18, 2023•22 min•Transcript available on Metacast What it means to own real estate has changed dramatically, not just in the past three years, but even over the past three months. And who knows what the next three months, let alone three years, will look like. This uncertainty makes the decision to purchase real estate risky, but on the other end of the spectrum, potentially rewarding. And to realize that the average American has 70% of their net worth, or more, tied up in real estate, the implications are more important to discuss than ever. I...
Apr 11, 2023•35 min•Transcript available on Metacast One of the most annoying “to-do list” items has to be setting aside time to prepare for what happens to your wealth after you die. That’s what an estate plan is, after all – the instruction manual for your hard-earned life’s wealth. Neglecting it, or potentially worse, misdirecting it can be costly to you or those who are set to receive your assets. And that’s only on one part of the equation (assets passing to your heirs). Remember that you may be receiving assets that may or may not have been ...
Apr 04, 2023•20 min•Transcript available on Metacast 
