ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 72: Proactive Vs. Reactive Financial Decisions

EP’s are used to making reactive decisions. It’s the nature of the job. The preparation, or proactiveness, comes in the form of education, supplies, machines, and a setting designed to make those spontaneous cases that come through the ER as prepared for as possible. It’s tough to imagine a world without that preparation.

Now imagine financial planning, where many EP’s have little to no background or expertise. It’s one thing to react when you have a framework; it’s another when you may not even know what to do with what few decisions you have left in that moment. So in this episode we go over proactive vs. reactive financial behavior and how each yields very different outcomes.


Topics Discussed:     
  • The importance of being proactive.
  • The benefit of paying a tax bill from a designated account.
  • Why you should put savings and bills on automatic payments.
  • How to build your asset allocation properly.
  • Why markets have to go down in order to go up.
  • The importance of building an emergency fund.
  • Why you shouldn't make financial decisions based on emotion.



Resources Mentioned:

ERdocadvisor.com  

Tags

planning, financial planning, ER doctor, doctors, finances, investments, proactive, reactive, financial decisions,

by 
Scott Wisniewski, EA