Many of you invest in taxable (nonretirement) accounts in addition to investing in your 401k or IRAs. For those accounts there are new tax rules this year that you have to follow. These rules pertain to how you report gains and losses. Getting this right can potentially save you thousands of dollars in taxes.

I still don’t understand how emergency physicians can be classified as independent contractors. While you have some say in your shift schedule, you’re bound by rules you can’t control: you’re told how to do your job, how you’re paid, etc. That’s against the IRS definition of an independent contractor.

A bunch of things irritate me about the way we’re treated in the emergency department. Near the top is that we’re held accountable for everything but on call docs aren’t. I just hate it when I want to admit a patient but the on call doc doesn’t, so over the years I kept a list of patients I admitted--so called “soft” admissions that the on call doc wanted to send home--and found out what happened to them.

Betting on the stock market might be closer to gambling at the roulette table than you realize. Stop trying to predict the future and diversify your risk.    

Last time I discussed ways you can hang in there during tough markets. Let’s take a look at the consequences if you throw in the towel too early.

Have you ever worked a shift where nothing clicked? The CT scanner was down. On call docs refused to admit patients. The nurses couldn’t get IVs. You felt helpless and couldn’t control anything. You might feel the same way with your investment portfolio.

Despite the headlines, it’s been a solid year for investing. In fact, if you’ve been investing and you don’t have a far higher portfolio value now than you did two years ago, you may be in serious need of a new investment plan.

If you want to get a handle on your finances, simplify your life by cutting out the excess investments, advisors and fees that are weighing you down.

The fee and payment system in medicine is a big black box. Patients don’t know the true costs of medical care and we have no clue what bill the patient gets when we order all those tests. There’s a black box with financial advisors also: fees. I have not yet met a physician who knows exactly what fees he’s paying to his financial advisor.

A very busy emergency physician, Dr. Smith turned to a financial advisor – Frank – to handle his investments. Initially Dr. Smith was happy, but eventually realized he didn’t understand the investment strategy.