Bästa ER Doc Advisor podcaster (2024)

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Ep #212: Tax Savvy Investing: Gains, Losses, and Strategies 20:59

4d ago20:59

20:59

With the market performing well recently, many of you may find yourselves sitting on sizable gains in your portfolios. But how do you navigate these gains effectively to optimize your tax situation? On today's episode, we'll break down the mechanics of tax-gain harvesting—what it is, when to use it, and how it can potentially save you money—alongsi…

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Ep #211: Politics and Portfolios: The Financial Forecast 14:51

11d ago14:51

14:51

With so much perceived to be at stake and tensions running high, it's easy to get caught up in the political drama. However, as a finance-focused podcast, our aim is to shift the conversation toward how financial markets have historically reacted to election outcomes. We’ll explore the trends, debunk some myths about market behavior during election…

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Ep #210: The Essential Guide to Disability Insurance for ER Docs 31:58

18d ago31:58

31:58

Disability can be one of the most significant financial threats to your career and income. 1 in 7 people will suffer from a disability that will last at least 5 years. That's fairly decent odds for a potentially severe financial outcome. On today's episode, we’ll explore why having the right amount of coverage is vital, how to calculate your needs,…

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Ep #209: Getting Back to Basics: Essential Financial Foundations for Emergency Physicians 23:21

25d ago23:21

23:21

Finance can be complex. It's very easy to focus on the bells and whistles instead of the tried and true. So today, we’re stepping back to explore the core financial principles that every emergency physician should know. Understanding what areas to focus on, and which to avoid, is just as important whether you're fresh out of residency or a seasoned…

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Ep #208: Wake-Up Call: Is Your Cash Strategy Still on Track? 13:01

1M ago13:01

13:01

Over the past 14 years, we’ve seen a major shift in interest rates that’s changed how we handle cash. Starting back in 2008 during the financial crisis, rates were so low that many people kept minimal cash because it just wasn’t earning anything. But after the pandemic, rates climbed, making it easier to earn decent returns on savings. Now, as we e…

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Ep #207: Saving for a Stranger: How Perceptions of Our Future Selves Affect Financial Decisions 20:03

1M ago20:03

20:03

How do you perceive your future self? How you answer that may matter when it comes to your finances. Research shows we may have a particular POV when it comes to looking forward at our lives, which can lead to challenges in saving for retirement. On today’s episode, we'll explore how this disconnect, along with concepts like temporal discounting an…

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Ep #206: Confusing Economic Signs: Decoding the Chaos 20:58

2M ago20:58

20:58

We’ll kick today’s episode off with a surprising New York Times article that challenges the validity of supercentenarians and those so-called Blue Zones we discussed before. From there, we’ll explore the current economic landscape, where conflicting predictions are the name of the game. With a heated presidential race and fluctuating markets, it’s …

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Ep #205: Life in the ER: Dr. Brian Laakaniemi on Simplicity and Seizing the Moment 42:49

2M ago42:49

42:49

We’re excited to feature our first client on the Money Talk for ER Docs podcast! We’ve planned to do this for some time now and couldn’t be more thrilled to have Dr. Brian Laakaniemi as a guest as he discusses his path to EM as well as his finances. We love the idea of continuing to host existing clients on the podcast and we hope you, as a listene…

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Ep #204: Your Identity Was Likely Stolen: What You Should Do 15:54

2M ago15:54

15:54

Identity theft is a real concern for ER docs due to high patient interaction volume. Consider the reality that accessing an EP’s signature can open up opportunities to obtain medications or allow for other financially-driven motives. Combine this with other variables, such as higher income and thus higher credit limits and a busy lifestyle that may…

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Ep #203: The Mortgage Workaround Going ‘Round: Is Velocity Banking Legit? 18:55

2M ago18:55

18:55

We are constantly inundated with clickbait-y headlines and concepts that are hard to ignore. A once-a-day pill to shed fat, increase alertness, get wealthy, grow your hair back – whatever it may be, even the biggest skeptics can begin questioning their skepticism when painted a convincing enough picture. But what about velocity banking? Is it anoth…

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Ep #202: A SWOT Analysis of Emergency Physicians 22:13

2M ago22:13

22:13

From white water rafting to taking a trip to the grocery store, there’s always some level of practical analysis and mapping that can, and probably should, be performed. Doing so helps us make more informed decisions, capitalize on strengths, address weaknesses, seize opportunities, and mitigate threats to enhance overall well-being and productivity…

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Ep #201: Mortgage Interest Rates Are Dropping 15:35

3M ago15:35

15:35

We all have experienced a pretty rapid run-up in mortgage rates since 2020-2021. Of course, no one knows where the top (or bottom) will be moving forward. But at least over recent history, rates have dropped a good amount to the point where there are mortgage opportunities for many to explore. On today’s episode, we’ll discuss the decision-making p…

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Ep #200: Markets Are Volatile Again: Here's What To Do 24:14

3M ago24:14

24:14

The market and its behavior, though it may not feel like it, is predictable. It’s like a broken record: there will be ups and downs; some bigger than others. Despite this, in the moment, it can feel very serious or dire. But if we let history be our guide, there are plenty of lessons to draw from that show how to react and what to do to get through…

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Ep #199: Are You Happy in Emergency Medicine? 14:37

3M ago14:37

14:37

Happiness can come in so many forms. When it comes to the relationship between work and happiness, whether we care to admit it or not, they tend to be pretty intertwined. But what if they weren’t? How would you structure your life if you were optimizing for happiness over money? On today’s episode, we’ll get a bit psychological and look at the scie…

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Ep #198: Cash Balance Pension: Reconsidering How It Could Fit Within Your Financial Plan 15:03

3M ago15:03

15:03

Many ER docs may not be aware of cash balance pensions. These are a type of retirement plan that can really supercharge retirement savings and minimize tax liability. But buyer beware: these aren’t a DIY solution. That’s one of several reasons why they are underutilized despite being an extremely attractive option for saving large sums of money. On…

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Ep #197: Feeling Burnt Out? Is Pivoting and Earning Your Executive MBA Worthwhile? 17:18

4M ago17:18

17:18

Conventional wisdom would suggest that becoming more educated should result in earning more money. And when you combine that sentiment with ambitions of change either within or outside of emergency medicine, seeking an Executive MBA may be an appealing option, especially for an ER doc looking to reduce clinical hours. But when it comes to EM, more …

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Ep #196: Decreasing Compensation and Increased Interest in Unionization 21:18

4M ago21:18

21:18

It’s no surprise EM has experienced volatility over the past decade. Whether it’s in the form of general healthcare structure, insurance, government programs, private equity, and, importantly, compensation, it’s clear things may not be running as efficiently as they should be. This has led to talks of unionization growing in popularity as a means t…

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Ep #195: Important Form 5500 Deadline Approaching July 31st! 16:24

4M ago16:24

16:24

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 the great potential it brings, it also comes with additional responsibilities that can easily be overlooked if not careful, especially when considering t…

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Ep #194: Halfway Through 2024 – Where Do Your Finances Stand? 23:10

4M ago23:10

23:10

Maslow’s Hierarchy of Needs is a psychology theory that details our motivations as humans. Within that model, things like food, water, and health are all vital. But so, too, are employment status and property – actually within the same tier as health and safety. That shouldn’t be a surprise; our ability to fund our survival goes hand-in-hand with s…

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Ep #193: Envision’s Deferred Comp Plans are Terminating 21:45

5M ago21:45

21:45

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 retirement purposes. And if that wasn’t challenging enough, there’s inevitably going to be a tax hit that may not be fully realized until over a year a…

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Ep #192: How Long Will You Live? 22:23

5M ago22:23

22:23

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 – basically it’s a hot topic and it’s exciting, enticing, and promising. However, what most people don’t consider is the financial impact of living longe…

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Ep #191: TikTok Financial Advice 20:22

5M ago20:22

20:22

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 simply looking for an alternative source of income, you may find yourself intrigued by an influencer’s unscrupulous financial advice. On today’s episode…

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Ep #190: The IRS’ Dirty Dozen 24:39

5M ago24:39

24:39

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 to educate and inform the public about these schemes. On today’s episode, we go over the “dirty dozen;” many of which target high-income earners, like …

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Ep #189: What Are Your Options If You Get Behind on Your Taxes? 14:57

6M ago14:57

14:57

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 when tax resolution companies take advantage of your vulnerability and attempt to sell a miracle pill. The reality is: you only have so many options with…

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Ep #188: How the Election Could Impact Your Taxes 28:31

6M ago28:31

28:31

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 strategizing around ways to legally reduce taxes for our clients. We’ve all grown accustomed to the current tax code and laws, but things do change, and inevi…

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Ep #187: The 3 Worst Financial Decisions ER Docs Make 17:56

6M ago17:56

17:56

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 decisions when it comes to finances. That’s something really crucial to understand and highlights why we are so risk adverse when it comes to the best ways for …

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Ep #186: The 3 Best Financial Decisions ER Docs Make 18:19

6M ago18:19

18:19

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 e…

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Ep #185: Did You Know...? 28:04

6M ago28:04

28:04

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 financ…

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

7M 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

7M 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

7M 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

7M 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

8M 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

8M 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

8M 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

8M 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

9M 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

9M 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

9M 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

9M 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

9M 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

10M 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

10M 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

10M 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

10M 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

11M 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

11M 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

11M 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

11M 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

12M 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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