ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 147: Should Your Spouse Work?

As a high-earning ER doc, inevitably if or when you have a significant other, the topic of “should they work?” will come up. And that decision, though likely very personal in nature, actually has a lot of added financial layers that don’t exist in, say, the case where both partners need to work in order to fund the household.

On today’s episode, we explore the financial dynamics of duel-income households, get into all the variables at play including many that get overlooked, and give our positives and negatives on each side. We think you’ll be shocked at how much (or little) a $40,000/yr salary spouse actually takes home after accounting for the variables we’ll discuss today.

Topics Discussed:     
  • Acronyms used in the financial world to describe different kinds of earners.
  • The many scenarios where it’s important to determine if the non ER doc should work.
  • What is left of a $40,000/yr income after ER doc taxes.
  • The changes that happen when kids enter the picture.
  • The benefits of a spouse working and reasons where it makes sense.
  • Other less-considered costs involved with two employed spouses.
  • Social Security benefits to keep in mind.

Resources Mentioned:

Tags

ER doctor, emergency medicine, emergency doctor, ER, financial planning, dual income, non-working parent, non-earning spouse, tax brackets

by 
Scott Wisniewski, EA