ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 13: Is Your Emergency Fund Too Big?

Income isn’t predictable and stable. Shifts are hard to come by, a spouse may have lost a job, you might have needed to help out a family member, and you might have missed out on income due to catching COVID. Imagine a world where you have so much liquidity in reserves that no matter what happens to your income, you’re insulated and you have flexibility in determining your next financial move.

In this episode, we discuss the right emergency fund for you, what are the appropriate types of emergency funds, and what aren’t. It’s all about finding your balance.

Topics Discussed:
  • The story of a 1000-year-old business.
  • The value of favoring stability and learning from the time-tested success of others.
  • How to know how much money an ER doc should have in reserve.
  • The main differences between Japanese and American business styles.
  • The five main vehicles for savings.
  • What vehicles should not be used for emergency savings.
Resources Mentioned:

ERdocadvisor.com  

Tags

ER Doctor, Financial Advisor, emergency fund, savings,

by 
Scott Wisniewski, EA