ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 108: Should You Swing for Financial Home Runs in EM?

When it comes to sports, everybody loves the big play. The game winning Hail Mary pass in football. Or, the knock-out punch in boxing. And when it comes to baseball: the walk-off home run. While these are entertaining for spectators, studies show that the majority of victories don’t rely on these single big plays. Instead, they rely on many small victories over the course of a game or a season.

Why do I bring this up? Because a lot of parallels can be drawn from this and applied to the financial “career” of an ER Doc. Today’s episode, we’ll discuss the appeal of home run-type ventures and the risks involved in them as compared to staying the course.


Topics Discussed:     
  • The success rates of new U.S. businesses.
  • Why so many U.S. businesses fail in the first year.
  • The importance of being realistic about the facts when starting a new business.
  • Why it is essential to consider the financial issues you may experience when starting a new business.
  • The importance of weighing up the risks versus the rewards.
Resources Mentioned:

Tags

planning, financial planning, ER doctor, doctors, finances, retirement, financial freedom

by 
Scott Wisniewski, EA