EP 76: 2 Financial Cheat Codes That Could Add Up To Millions

October 27, 2021

By

Scott Wisniewski, EA

“The road to success comes through hard work, determination, and sacrifice.” This is a quote from Dolzinski and it paints a picture that we must give up things in order to achieve a better, larger thing eventually. Delayed gratification, if you will. In many cases, that’s true, especially when it comes to financial planning. Saving a little bit extra now instead of spending it means longer compounding interest on that investment, as an example. Or, delaying retirement a couple of years means a more comfortable retirement down the road. But does that always need to be the case?

That’s the topic of today’s episode: two specific non-behavioral strategies available to ER Docs that, when implemented correctly, can impact financial success as much as behavioral changes.

Topics Discussed:

Marginal versus effective tax brackets.
How to get your effective tax rate as low as possible.
How to potentially save thousands in taxes in the future.
How much you should convert every year for taxes.
Why you shouldn’t worry about Social Security running out.
How to know when to take Social Security.
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Resources Mentioned:

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Tags

planning, financial planning, ER doctor, doctors, finances,

EP 204: Your Identity Was Likely Stolen: What You Should Do

by

Scott Wisniewski, EA