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Join your host Scott Wisniewski and a thriving community of ER Doctors who are learning to simplify money and make smarter financial decisions. As a hardworking Emergency Physician, it’s important to know the vital signs of your financial health, and the profession simply comes with complexities others don’t understand. This podcast is created to be your go-to resource for straightforward advice uniquely tailored for ER Doctors. Join us every week for new episodes, and you can find more tool ...
 
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We work with hundreds of ER Docs across the country all with different ages, personalities, beliefs, socio-economic backgrounds and even career paths within EM. It’s really a melting pot of people. But despite these differences, we have identified five financial personality types, we feel, encapsulate the majority of our clients. Our goal for this …
 
We all experience that feeling when you make a purchase and you end up regretting it. It happens. Could be as small as spending more than you usually would on a dinner and you’re left feeling unsatisfied. Or it can be more significant, like in the case of purchasing a car and that car not living up to the experience you were hoping for. In either c…
 
We find the average ER Doc pays about 28% in Federal income tax. That’s a good chunk of change. But that percentage doesn’t consider various other taxes that likely apply: state income tax (~5%), payroll tax (~5%), sales & local tax (~5%), and property tax (~1%). Combined, those add up to somewhere in the ballpark of 44% of an ER Doc’s income going…
 
An interesting thing about being a parent is that there is variation from person to person on how children are raised. The topic of money, and the way it’s viewed, understood, and managed is no exception. For some, parenting on the topic of money may revolve around financial acuity: making sure their child understands checks and balances and the va…
 
We recently did a podcast episode titled, “Should You Be Concerned About A Recession?” where we got into the history of market downturns and what those tell us about what is going on today. The conclusion? Markets reward those who stay disciplined when it’s hardest to do so. Basically, inaction is the best course of action. But say staying put isn’…
 
There’s a particular expenditure that 70% of those 65 or older today will incur and that number is anticipated to only go up in the future. Saying that alone could mean a lot of things: potatoes, a new phone, maybe a walking cane. But the expense I’m referencing is the main culprit for why the elderly, aged 75+, make up the fastest-growing group fi…
 
Investors have grown accustomed to fairly consistent positive returns over the past decade. Have there been periods of loss? Sure. But overall, the positive trend has been staggering. And it’s that recency bias that can make it tough to cope with downturns in the market. Maybe you’re hearing the “should I be selling stocks?” internal dialogue a lit…
 
Every professional service is different in terms of the customer and service provider interaction. It tends to be true that the more personal the product or service is, meaning the more tailored it is to the customer, by default, the more involved the customer has to be in the process. Take buying the newest PlayStation as an example. The product i…
 
Envision is the 500-lb gorilla in emergency medicine. What happens to them sends ripples through the EM landscape whether you work for them or not. A question we’ve received of late is: What happens to tax-deferred money under an EDP, or more commonly referred to today as a DCP or defined contribution plan, if a company, like Envision, goes under? …
 
The fastest-growing renter segment of our population goes to high income earners. That seems counter-intuitive; high income earners are able to overcome the barrier to entry associated with home ownership – e.g.: down payment, loan qualification, and credit – better than low income earners. So if it isn’t a choice, what are the factors at play that…
 
The perfect storm of events led to a significant rise in what we call “meme investing.” That’s where you throw caution to the wind and take a stab at hitting it big through risky or speculative investments. It started with the pandemic – people bored at home; no sports on TV; Vegas shutdown. Then the headlines of GME and AMC stock “get rich quick” …
 
ER Docs have a unique characteristic of being “hybrid earners,” meaning accepting income both as an employee earning a W-2 and as a contractor earning 1099 in the same year. And we find a large percentage do exercise this ability; if not in most years, eventually at some point in their careers. So that begs the question: is there a perfect mixture …
 
It’s apparent that the happiest people in life have learned how to achieve balance. But achieving balance is one of, if not the most, challenging thing in life because it’s embedded in every decision we make: our relationship with work; our relationship with food; spending time with family; and the list goes on. ER Docs have to be masters of balanc…
 
Feeling a never-ending sense of unrest with today’s current events? There was COVID that shook our world for a couple of years. We caught some semblance of normalcy with the Winter Olympics. But today, we have the Federal Reserve planning to hike rates in an effort to combat the prevailing high inflation we see all around us… and a war, with an unc…
 
“The road to success comes through hard work, determination, and sacrifice.” This is a quote from Dolzinski and it paints a picture that we must give up things in order to achieve a better, larger thing eventually. Delayed gratification, if you will. In many cases, that’s true, especially when it comes to financial planning. Saving a little bit ext…
 
The Godmother of the Emergency Physician recruiting world – Barb Katz – joins Scott on this special edition of the Money Talk For ER Docs podcast. Barb shares her unique perspective on the job market Pre-COVID and her anticipation for what is to come. She gets into hourly rates and sign-on bonuses, where opportunities seem to be popping up, the pay…
 
Transition from W-2 to 1099 is a bigger deal than you might first think. So we’ve set out to create the most ER-specific “how-to” guide we can come up with to help those navigating this change. This is Part 2. We encourage you to re-listen, or listen for the first time, any prior episodes mentioned as they can assist in giving more details in areas…
 
Transitioning from W-2 to 1099 is a bigger deal than you might first think. So we’ve set out to create the most ER-specific “how-to” guide we can come up with to help those navigating this change. This is Part 1. We encourage you to re-listen, or listen for the first time, to any prior episodes mentioned, as they can assist in giving more details i…
 
EP’s are used to making reactive decisions. It’s the nature of the job. The preparation, or proactiveness, comes in the form of education, supplies, machines, and a setting designed to make those spontaneous cases that come through the ER as prepared for as possible. It’s tough to imagine a world without that preparation. Now imagine financial plan…
 
Asset allocation and risk tolerance go together like two peas in a pod. But what’s the best way to determine that stock-bond mix? Questionnaires and surveys are the industry norm, but do they truly reflect the risks ER Docs need to take to achieve their goals? On today’s episode, we define risk, dive into what mix is appropriate for most ER Docs, a…
 
We’ve talked about the power of diversification in the stock and bond markets, but what about expanding beyond? At first glance it makes sense: you’re adding even more diversification to your portfolio thereby spreading your eggs over additional baskets. But before you seek alternatives, like crypto, business ventures, real estate, art, and commodi…
 
It’s that time again! Taxes. Benjamin Franklin was right over 200 years ago when he said, “Nothing is certain except death and taxes.” But just because that’s the case, doesn’t mean filing has to be a pain. In this episode, we go over the important deadlines you need to know, discuss a few little-known tips, and review the most common questions we …
 
A topic that is often overlooked until we bring it up with a client is when to get life insurance. It’s a bit of a conundrum on the surface: When you’re young and healthy, the risk of dying seems lower or you may not even have someone dependent on your income yet. But when you get older, your risk goes up, and so does the premium you’ll be paying f…
 
Last year felt like a blur for many. Before we were able to even process 2020, we were nearing the end of 2021. It was a year of uncertainty, anticipation, and hopes for a return to normalcy—and one that showed yet again the importance of trusting markets and remaining flexible. In this episode, we’ll do a dive into the top economic and investment …
 
The Omicron Variant has contributed to ER volumes being at all-time highs across the US. It wasn’t too long ago, volumes were low. In either case, such volatility has left financial consequences – both positive and negative. In this episode, we explain this K-shaped divergence, both in the economy and internally within emergency medicine, and discu…
 
A New Year means a clean slate. With that typically comes resolutions: exercise more, eat healthier, quit smoking… and dare we say prioritize your finances! But unlike other resolutions that may only last a month or two, there is a way to stay true to prioritizing your finances. And when done correctly, studies show it supports an overall happier e…
 
To this day, Emergency Medicine is one of the newest major specialties we have. As a result, we see rapid change happening, especially relative to other specialties. What were things like in the early stages of EM? In this episode, we’ll take a dive into that history. From wages to hours, to responsibilities and flexibility – we’ll try to answer th…
 
There’s a fine line in the tax code that oftentimes requires some finessing. Some ER Docs aren’t taking any deductions, some taking a few obvious ones, and others are taking everything and the kitchen sink. Rarely do we find EP’s hitting that sweet spot on their own. In today’s holiday-themed episode, we will introduce to you a mythical figure that…
 
Have you considered working for the VA? There are a lot of things to consider when it comes to answering that. Compensation, retirement (TSP and FERS), planned years of service, workload, career trajectory, and so on. So in this episode, we’ll break each of those down, and hopefully, give you a better understanding if a short stint or a long career…
 
You have spent 6-8 years becoming an ER Doc. You’ve taken on significant debt. You’ve sacrificed your social life. Your time. Sleep. All of this magnifies the emotions involved in dealing with money. And somewhere along the way, another party may have entered the picture: a significant other. They, too, have their own complex relationship with mone…
 
With the New Year quickly approaching, we tend to find ourselves a different type of busy with family obligations, gift shopping, and possible travel plans. Despite this, certain financial tasks need to be completed before the clock strikes midnight to not only save you headache come April of next year (AKA: tax-time), but to potentially save you t…
 
Do you know your DTI? That’s your debt-to-income ratio. It’s a common metric asked about when qualifying for a loan. We’ve been extrapolating data across hundreds of ER Docs over the years and want to spend this episode sharing our findings on this particular ratio. Where do you fall among your peers? And, how does your score correlate with other f…
 
Getting a new car is exciting. At the same time, it can be pretty stressful, especially if your current car is on the fritz. Unless you’re opting for self-transportation (walking or biking) or third-party transportation (rideshare, train, or bus), you have two main options in front of you: buying or leasing. But that decision can be a tricky one to…
 
If you were one of the many listeners who tuned in to a Top 3 most listened to episode of ours titled “Get Ready: Biden’s Tax Proposal Is Out!”, then you probably left off thinking your tax situation for 2022 would be changing. And that change would result in more taxes being paid than before. Well, the final updates to that proposal have been rele…
 
How are you invested? It’s a tough question that we find most ER Docs don’t have a concise answer for. It makes sense: medical school and residency did not prepare ER Docs to be investment-savvy. And that’s not necessarily a bad thing… as long as you know where to turn to receive good advice. Meaning, advice founded in academics. That’s why, in thi…
 
Have you experienced lifestyle creep? It’s almost impossible to answer “no” to that. When your income goes up, it’s natural to spend more on goods or services. After all, that’s the #1 incentive to work in the first place, for most – to be able to spend those earnings on things that provide enjoyment. But ER Docs are susceptible to a more extreme v…
 
In this special edition of the Money Talk for ER Docs™ podcast, we recap our 5 most listened to episodes over our first year of podcasting. We thought this would be a cool way to highlight what areas of personal finance ER Docs collectively are most interested in. Do you share the same pain points or interests as your peers? Enjoy and thank you for…
 
As you may or may not be aware, there is a $10,000 cap on certain deductions on your tax return. This really impacts those living in states with income tax as well as homeowners. But more and more states are releasing legislation that provides a workaround for this cap. The issue, at least for 2021, is action needs to be taken before year-end to ma…
 
ER Docs tend to think of their hourly rate in a very matter-of-fact way. Oh, it says “$225/hr in my contract,” for instance. But this is a very literal sense of “hourly rate” and actually doesn’t account for important variables, both financial and non. So in this episode, we highlight all the additional factors that we think go into determining a t…
 
You aren’t going to want to miss this! Changes are afoot when it comes to our tax code. And very few of the major taxing areas go untouched by Biden’s proposal. We’re talking tax brackets, capital gains, the S Corp vs C Corp decision, and even the beloved backdoor Roth conversion. Ironically, ER Docs are right on the fence of these modifications be…
 
In preparing taxes for our clients, we find 9 out of 10 ER Docs donate, in some form, to charity. And statistics support that claim. But the traditional way of writing a check to a charity or two you believe in likely isn’t the best way to give. More creative ways exist – ones that not only can benefit you better tax-wise, but that can result in th…
 
How do you actually retire? It’s an odd question because it can be taken in many different directions. But it’s a question we get a lot… and the overall desired response ER Doc clients and prospects are looking for is how to manage the logistics of retiring – meaning: Where do I get my money from to afford my expenses? How does it actually end up i…
 
Most ER Docs don’t realize how unique their income situation is. From our perspective, as advisors, it’s quite special, and affords immense opportunity when planned for correctly. You would think with high income affords more flexibility. But high income for ER Docs, when combined with variability in that income, creates a unique catch-22: where mi…
 
What is your most valuable asset? The answer is probably not what you’re thinking. And because of this, the most important financial decision you may ever make is something you probably either don’t think you need, feel you have an adequate amount of already through an employer, or think you can “cheap out” on. That “thing” is disability insurance.…
 
Thought about pivoting jobs in EM? Or maybe you are recently out of residency and deciding on going down an academic or clinical career path. A vital piece of that decision, beyond career satisfaction, is how the finances shape up from one to the other. It’s a common belief that an academic career path is more stable… but without a salary cushion t…
 
Have you heard of a conservation easement? Majority of ER Docs have been approached with a financial opportunity that seems almost too good to be true... You have high income, and paying significant taxes is no fun; these provide potentially massive tax savings that can span for years. In this episode, we define conservation easements, describe the…
 
In filing hundreds of tax returns every year for ER Docs, roughly 50% of our 1099 earners take advantage of a particular deduction. Talks are in the works that would not only make this deduction more lucrative for these clients, but expand it to what we estimate to be roughly 90% of ER Docs. We’re talking tens of thousands of dollars of potential s…
 
September 30th, 2021 marks an important date: the unthawing of frozen student loan payments and interest. As ER Docs with, in many cases, large amounts of student debt, resumption of student loan payments will undoubtedly have an impact on not only cash flow, but a whole slew of other factors, both financial and emotional. So in today’s episode, we…
 
We find that even the most financially astute ER Docs get confused in the differences between Traditional and Roth IRA. And it makes sense… there’s a lot to digest! Different annual limits, taxable nature, thresholds, how distributions down the road will be taxed, and strategies on converting. So in this episode we break down the Roth IRA so you un…
 
Everyone makes mistakes. And sometimes you don't even realize the errors until well after they're made. But what if you suddenly realize there's a mistake on a tax return that was filed months (or even years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return? We see it often with ER D…
 
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