ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 80: Have A Robinhood Or Webull Account?

The perfect storm of events led to a significant rise in what we call “meme investing.” That’s where you throw caution to the wind and take a stab at hitting it big through risky or speculative investments. It started with the pandemic – people bored at home; no sports on TV; Vegas shutdown. Then the headlines of GME and AMC stock “get rich quick” stories led to FOMO. All while, waiting there only a download away, were online trading companies, like Robinhood and Webull, ready to accept anybody willing to play the game. Did you take part in “meme investing?” Are you still taking part in “meme investing?”

With recent volatility in the markets, we’re seeing more and more ER Docs reconsider having side accounts. But does holding money aside for YOLO’ing really have much of an impact on a financial plan? We’ll look into that on today’s episode.


Topics Discussed:     
  • How side accounts impact tax preparation.
  • What constitutes play money to an ER Doc.
  • How much money you should put in your side accounts.
  • If these side accounts impact your financial portfolio.
  • How Wall Street is different from these smaller investments.
  • How to invest smarter.
  • How good your odds actually are when playing the market.
Resources Mentioned:

Tags

planning, financial planning, ER doctor, doctors, finances, robinhood, webull, side accounts

by 
Scott Wisniewski, EA