Money Talk For ER Docs™

The majority of ER docs will earn contractor pay at some point in their career, which opens the door to new types of retirement accounts. One highly praised type is the individual 401(k). With all t…

What does the termination of a deferred compensation plan actually mean for employees? In the case of Envision, it appears to mean receiving a windfall of money upfront that was likely earmarked for…

There’s been a recent uptick in longevity protocols, research, medicine. There’s a lot of bio-hacking methods like fasting, ice baths, grounding, avoiding microplastics and other forever chemicals –…

Social media is explosive and fast-paced. It’s also a breeding ground for misinformation. If you’re an ER doc who is maybe in a place where you’re looking for any opportunity to pivot out of EM, or s…

There’s no question that most tax schemes blur the lines between fact and fiction. Every deduction can run afoul quickly, especially if abused. So much so that the IRS annually releases its own list …

Back-taxes are accompanied by repetitive, concerning, and somewhat threatening letters from the IRS and third-party collectors. It can be intimidating. And it should be. The IRS is no joke. That’s w…

Each and every year, the single largest expense an ER doc pays is their taxes. This means a large percentage of our professional careers is spent staying on top of current tax legislation and strate…

We just discussed the three best financial decisions an ER doc can make, but what about the three worst? What’s interesting is poor decisions have disproportionally worse outcomes than good decision…

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? Possi…

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…

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 wo…

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 strategiz…

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…

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 roari…

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 …

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,…

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…

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…

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 optimiza…