Best ER Doc Advisor Podcasts (2024)

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Ep #184: Did You File an Extension for Your Income Taxes? 27:22

2h ago27:22

27:22

Taxes are cumbersome and oftentimes painful (for most people). There are no two ways about it. But through proper planning throughout the year, plus a simple working knowledge of how the deadlines work, that combination really makes this responsibility manageable. On today’s episode, we’ll reference IRS statistics on extensions for high-earning tax…

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Ep #183: $380K in W-2 vs. $380K in 1099 19:16

3d ago19:16

19:16

ER docs tend to think of their income in shifts. We tend to think of it more from an after-tax perspective. In other words, we’re interested in how much ER docs get to keep, after taxes. So strategizing around that bottom line instead of simply working shifts can make a big difference not only on the perception of working, but also for wealth build…

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Ep #182: Why Recasting Your Mortgage Could Make More Sense Than Ever 19:03

10d ago19:03

19:03

Mortgage rates are high relative to very recent history. Despite this, it’s inevitable that we may have to participate in those higher rates if we move, upsize, downsize, or acquire a first-time home. In any of these cases, there’s an unconventional and little know strategy for reducing your mortgage payment over the life of the mortgage term. On t…

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Ep #181: All-Time High Stock Market: Ways to Reduce Your Capital Gains Taxes 26:34

17d ago26:34

26:34

Paying tax is a good thing because it means you’ve made money. But when it’s unplanned or unaccounted for (or worse – already spent!) that’s when major problems can arise. With the stock market roaring since October 2023, depending on what you’re invested in, your assets have likely bloated. In the event you need to sell out of these positions for …

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Ep #180: The EV Tax Credit Workarounds You Need to Know 17:56

28d ago17:56

17:56

Just as electric vehicles are relatively new, so is the tax code that was designed for them. Like anything in its infancy, there will inevitably be confusion, loopholes, and many updates to come. On today’s episode, we’ll get into how ER docs in the market for an EV can still take advantage of free rebates even if tax policy has attempted to disqua…

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Ep #179: A Laundry List of Deductions and Credits ER Docs Need to Know 25:28

1M ago25:28

25:28

The Internal Revenue Code is like an onion – there are so many layers to peel back. Within each of these layers are deductions and credits, each with their own set of rules. As a high-earning ER doc, you should be aware of areas where you can take advantage, and for completeness and simplicity, areas where you can’t. On today’s episode, we’ll const…

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Ep #178: Should My Portfolio Be Up More? 14:17

1M ago14:17

14:17

Recency bias: a cognitive bias that favors recent events over historic ones; a memory bias. I mention this because a composition of the 500 largest companies in the US, also known as the S&P 500, has recently hit all-time highs. While of course that’s a good thing, recency bias is running rampant, making it difficult to remember times when the S&P …

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Ep #177: Your Tax Wake-up Call 12:16

2M ago12:16

12:16

Taxes aren’t as much of a “season” as we tend to think. The reality is, taxes are all around us; they’re a daily occurrence. Thus, condensing an entire year down to a single week or month is a fool’s errand. On today’s episode, we’ll talk about tax season from a different perspective. A perspective that hopefully creates a mental shift and ultimate…

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Ep #176: Maxing Out Multiple Retirement Plans 17:05

2M ago17:05

17:05

ER docs tend to lead financially complex lives. With different income sources, different income types, and possibly earnings in multiple states, this provides a major hurdle when it comes to optimization. But not all hope is lost; the added complexity can often lead to opportunity, like in the case of additional contribution limits with multiple no…

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Ep #175: Critiquing An ER Doc's Wallet 18:35

2M ago18:35

18:35

How do you pay for things? And what’s the thought process behind what card you pull out of your wallet? The effort you bring to this area of your spending is a precursor to living an overall better and more organized financial life. On today’s episode, we’ll discuss the balance that works for most ER docs in a world of credit card rewards, mailed o…

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Ep #174: Using a 529 to Supercharge Your Retirement 17:58

2M ago17:58

17:58

529 plans are typically thought of as college expense accounts. And of course, they are first and foremost, but over the years we have gradually seen the flexibility and use of 529s expand. Whether that’s using them for K-12 private schools, opening an account early in the parent’s name in anticipation of the possibility of a future child, or even …

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Ep #173: Can I Get A Vacation Over Here!? 15:02

3M ago15:02

15:02

Oftentimes the benefits of a vacation are felt prior to even setting flight or hitting the road. It’s something to look forward to – and that can carry you through even the toughest of workdays. We know ER docs have a unique job when considering the hours and responsibilities, but it doesn’t stop there – PTO and flexibility are also vastly differen…

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Ep #172: Breaking Down the MEGA Backdoor Roth 14:43

3M ago14:43

14:43

The retirement account landscape can be confusing. But maximizing these savings vehicles is so important for ER doctors seeking financial independence. So when the perfect storm of large savings needs meets tax and retirement planning strategies, the mega backdoor Roth strategy may be the tool to get the job done. On today’s episode, we’ll give an …

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Ep #171: Should All ER Doctors Be Paid W-2 Income? 35:48

3M ago35:48

35:48

If we polled all ER doctors in America and asked them, “Which do you think would be financially more beneficial to you, being paid as an employee (W-2) or contractor (1099)?” we suspect ~75% or so would respond that they’d rather be classified as an employee. Well, that wish may come true as new regulation is set to go into effect in March that cou…

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Ep #170: The #1 Indicator of Financial Success for an ER Doc 19:19

3M ago19:19

19:19

When we sit back and really analyze the thousands of ER docs we’ve worked with and spoken to over the past 15 years, we’ve pinpointed one specific thing the financially successful have in common. Most would think high income, or even savings rate. While those may be great indicators, even those have flaws. No, this specific thing is, without fail, …

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Ep #169: What ER Docs Can Learn from the Largest Sports Contract in History 19:31

4M ago19:31

19:31

It’s often the case that people are short-sighted with their retirement. The focus is on getting “to retirement” (saving and accumulating), but not necessarily how to get “through retirement.” That has its own layers, such as: How will you acquire money in retirement? From what accounts? In what order? Where will you be living in retirement? Spousa…

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Ep #168: The 2024 Financial Calendar for ER Doctors 24:26

4M ago24:26

24:26

A new year carries with it the best intentions for ourselves. From eating right and exercising, to relationships and hobbies, and even finances, we get a clean slate at becoming a better version of our past selves. And where many focus on general areas to improve or specific financial to-do’s, we wanted to come at things from a different perspectiv…

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Ep #167: Are the Returns You Expect from Your Investments Realistic? 19:30

4M ago19:30

19:30

For those who haven’t heard of Dave Ramsey, he’s an American radio personality who gives financial advice to roughly 18M listeners a week. Oddly enough, he isn’t actually a financial advisor; he does not have his own clients. Yet he has written several books on finance and his words carry a lot of weight. Mr. Ramsey recently had a pretty controvers…

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Ep #166: Is Diversification Dead? Should You Just Own the S&P 500? 21:04

4M ago21:04

21:04

Have you heard the notion that investing in the S&P 500 is synonymous with having a financial plan? How about investing in the S&P 500 IS diversifying your portfolio? If either of these thoughts haven’t crossed your feed yet, they may be soon as they’ve gained more and more traction lately given the performance of the index over the past decade or …

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Ep #165: Reasons ER Docs Are Interested in Startups 21:26

4M ago21:26

21:26

As we’ve discussed before, ER docs are a special specialty. Beyond the financial uniqueness, so, too, are the personality traits. Whether those personalities are formed as a result of becoming an EP or if they are a prerequisite for going down the path in the first place, that’s a topic for debate. In either case, the nature of the job promotes an …

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Ep #164: 2024 Tax Brackets are Released: How Much More (or Less) Will You Pay? 25:34

5M ago25:34

25:34

It’s common to think tax brackets are fixed and only change or adjust when voted on – typically under new legislation. While this is somewhat true, what’s overlooked is within that voting there are year-to-year updates that are cooked in based on various factors. And once enacted, these changes can harm or benefit you. Either way, they sneak up sim…

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Ep #163: The 2023 Year-End Financial Checklist! 23:38

5M ago23:38

23:38

The year-end rush is here. Between holidays, vacations, wrapping up school, family – life gets a different type of hectic. But it’s the most important time to get things done if you haven’t already when it comes to year-end financial and tax planning. To make things easier, we’ve comprised a comprehensive checklist for ER docs that can hopefully be…

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Ep #162: How Much Home Can An ER Doctor Afford? 22:46

5M ago22:46

22:46

Like most things financially related, EP’s are simply different than the average American. Purchasing a home is no different. So when the question of home affordability comes up, there are a lot of additional considerations at play than what may be necessary for others. We’re talking income variability, tax responsibilities, accelerated saving obli…

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Ep #161: The Top Questions We Get – Part 2 21:45

5M ago21:45

21:45

The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things. On today’s episode, we’ll recap and respond to the top questions we r…

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Ep #160: The Top Questions We Get – Part 1 37:57

6M ago37:57

37:57

The financial world is vast and complex. There are a lot of players and services to understand and figure out. When it comes to ER docs, our experience is they are naturally inquisitive – they like to do their due diligence by asking questions and getting to the bottom of things. On today’s episode, we’ll recap and respond to the top questions we r…

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Ep #159: Enhancing the Value of Owning Rental Properties 19:55

6M ago19:55

19:55

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…

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Ep #158: The Strategic Early Retirement Years Of An ER Doctor 21:56

6M ago21:56

21:56

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 se…

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Ep #157: Why Are ER Docs Passing up an Extra $20,000,000? 29:22

6M ago29:22

29:22

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 ton…

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Ep #156: The 4 Tax Hacks Every ER Doc Should Be Using 33:20

7M ago33:20

33:20

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 c…

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Ep #155: Should You Buy Private Malpractice Insurance? 19:13

7M ago19:13

19:13

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 insuranc…

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Ep #154: Could You Work Until 100 If You Had To? 28:48

7M ago28:48

28:48

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 e…

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Ep #153: From Too Many to Too Few: Changes in the ER Doc Workforce 19:24

7M ago19:24

19:24

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 e…

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Ep #152: Cash Is A Terrible Investment...Even At 5% 16:03

7M ago16:03

16:03

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 a…

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Ep #151: Is Tax-loss Harvesting Worth It? 24:30

8M ago24:30

24:30

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…

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Ep #150: More Shake-up in HealthCare: MedExpress and APP 25:19

8M ago25:19

25:19

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 – Med…

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Ep #149: If You Have Student Loans, You Have To Listen This Episode 28:41

8M ago28:41

28:41

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 tod…

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Ep #148: Don’t Mix Investments With Insurance 24:08

9M ago24:08

24:08

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 suc…

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Ep #147: Should Your Spouse Work? 24:27

9M ago24:27

24:27

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…

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Ep #146: You’re Especially Vulnerable to Identity Theft 29:40

9M ago29:40

29:40

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 th…

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Ep #145: Do I Really Need to Increase My Disability Insurance? 25:07

9M ago25:07

25:07

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’…

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Ep #144: If We Had 20 Minutes with a New Attending, Here’s What We’d Say 31:05

10M ago31:05

31:05

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 unde…

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Ep #143: How Many Total Shifts Will You Work in Your Career? 22:40

10M ago22:40

22:40

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 posit…

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Ep #142: Rich Vs. Wealthy ER Doctors 19:54

10M ago19:54

19:54

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 differe…

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Ep #141: Will AI Replace ER Docs? 31:46

10M ago31:46

31:46

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’…

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Ep #140: The Financial Life Cycle of Emergency Physicians 31:31

11M ago31:31

31:31

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 …

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Ep #139: Breaking Down the Envision Bankruptcy 21:52

11M ago21:52

21:52

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 …

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Ep #138: The US Debt Ceiling. Simplified. 18:09

11M ago18:09

18:09

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…

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Ep #137: How to Deduct More of Your Mortgage Interest 29:58

11M ago29:58

29:58

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 you…

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Ep #136: Tax Preparation vs Financial Planning – Which is More Important? 29:26

11M ago29:26

29:26

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 fruit…

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Ep #135: EPs and EVs: New Tax Rules for Electric Vehicles 36:17

12M ago36:17

36:17

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 to…

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ER Doc Advisor Podcasts

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