ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 136: Tax Preparation vs Financial Planning – Which is More Important?

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 fruits of your investments to pay off. Tax preparation is more closely aligned with instant gratification. At most, you wait a year to receive your reward. But which is more important? We’ll get into that on today’s episode.

Topics Discussed:     
  • An interesting stat to follow and the unexpected outcome.
  • Common trends when it comes to tax prep and financial planning.
  • The important differences between tax preparation and financial planning.
  • Why more people seek out tax help and not financial planners.
  • Why financial planning is a key step in building wealth.
  • Why hiring a financial advisor is similar to hiring a property manager (vs just mowing the lawn).
  • How to get 10x the value out of financial planning.

Resources Mentioned:

Tags

ER doctor, emergency medicine, emergency doctor, ER, financial planning, tax prep, financial plan, financial stress