Money Talk For ER Docs‪™‬ ER Doc Advisor

When you think about it, we all make millions of financial decisions over the course of our lives. Is it the culmination of all of those financial decisions that results in your success or not? Possibly. But there is undoubtedly a mindset that we see common in all of the most financially successful ER docs that provides the framework for each and every financial decision they make. 
On today’s episode, we’ll discuss this framework and what we feel are the three biggest decisions that drive financial success for ER docs.

One thing about being in the field of personal finance is nobody will know everything. And the same is true for the field of emergency medicine. Yet, we do our best to acquire as much information as possible and pass that knowledge along.
On today’s episode, we’ll go over certain misnomers or confusions we often see when it comes to personal finance and leverage our 15+ years of knowledge to address them so you can be that much more prepared and equipped when it comes to your own finances.

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 taxpayers and discuss how we feel every taxpayer should approach filing their returns.

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 building.
On today’s episode, we’ll provide a simple breakdown and comparison between the two income types and the take-home they both receive off the same gross salary.

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 today’s episode, we’ll discuss a cash flow improvement strategy that works well in today’s high interest rate and high stock market price environment.

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 any reason – car, house, change investments – there is a very good chance you will be incurring capital gains tax.
On today’s episode, we’ll go over four specific ways to help offset, or even eliminate completely, probably the most shocking tax liability source: capital gains.