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The 2000s decade included two wars, a massive housing market crash and the biggest financial crisis since the Great Depression. No one could have possibly predicted those outcomes ahead of time. So, how do you prepare?
Even if oil prices go much higher, to $100 a barrel and beyond, it won’t necessarily trigger an economic crisis. The United States and other advanced nations are far less oil-dependent than they were in the 1970s, when oil shocks did cause major economic disruption.
In Gulf War I, there’s a period of depressed sentiment, until Desert Storm is executed. There’s only one month of depressed sentiment at the beginning of what was termed Operation Iraqi Freedom. Will these patterns repeat? One caveat: sentiment has never been this low at the onset of a war.
Worries about the negative effects of war and other events may have on your portfolio is common. But is it warranted?
Should investors incorporate semiliquid funds into their portfolios? For most investors, they are best used to complement—not replace—traditional asset class exposures, with careful consideration of liquidity, risk, and the true sources of return.
If PCE inflation remains around 3% this year, with no sign of a pullback, it’s highly unlikely we will see any rate cuts from the Fed. On Friday, investors were pricing in 2 more 0.25%-point Fed cuts in 2026 and a 44% probability of a third cut. That’s shifted – investors are now pricing in just 1 cut in 2026 and 74% odds for a second. If the probability of rate cuts approaches zero, expect quite a bit of market volatility.
Prediction markets, led by Kalshi and its chief competitor, Polymarket, are in the midst of an all-out sprint to turn almost every happening—from the world-moving to the mundane—into an online bet that can be won or lost.
“What do you do?” is the first question we ask strangers at parties, on dates, in line at the coffee shop. Your answer is usually your job. For a lot of us, it’s also the answer to a deeper question — who are you, and do you matter?
Most of us move through life unaware of the expectations, cultural norms, and social pressures shaping our financial decisions. Becoming aware of that water doesn’t mean rejecting it. It means choosing more consciously within it.
We don’t need a near-death experience to stop settling for a near-life one. We just need to notice what—or better yet, who—is actually in the room.
Nurses are the most trusted professionals in America. For the 22nd consecutive year since 1999, they claimed the top spot in Gallup’s annual ethics poll in 2025 (except for that one time in 2001). Why are physicians not as trusted?
The One Big Beautiful Bill: What It Means for My Tax Bill (and Probably Yours)
I’m a physician. I spent many years in training, and approximately zero hours of it learning how to keep more of my own money. So when a thousand-page tax bill lands in my lap, my first instinct is to order a consult.
Here’s what my CPA told me, translated into plain English.
The good news: my marginal rate stays at 37%. Painful, yes. But it could have climbed higher without this bill, so I’ll take the win. The SALT deduction cap jumps from $10,000 to $40,000 for married filers, which helps those of us writing large checks to states that treat our income like an all-you-can-eat buffet. Bonus depreciation is back at 100% for practice equipment, the estate tax exemption climbed to $15 million per person, and HSAs got more accessible. If you haven’t been maxing your HSA and investing those funds, we need to talk. That’s financial malpractice.
The QBI deduction is now permanent at 20%, but medicine is still classified as a specified service trade or business. Translation: most of us get phased out before we see a dime of it. Classic.
Now the part that genuinely bothers me. Federal student loans for medical school are capped at $200,000 lifetime, with Grad PLUS eliminated for new borrowers in 2026. The median medical school debt already exceeds that. Future physicians will be taking out private loans at higher rates with fewer protections. We’re already facing a physician shortage. This isn’t helping.
My honest advice? Call your CPA now. Not in April, when they’re drowning in returns and giving everyone the same answer. The physicians who benefit most from legislation like this are the ones who move early.
And while you’re at it, keep reading. At Physician on Fire, we break down exactly these kinds of opportunities in plain language built for physicians. Whether you’re a W-2 employee collecting a hospital paycheck or a 1099 contractor running your own show, the tax implications are different and the stakes are high either way. No jargon, no generic advice designed for someone with a simple return. We write for people who trained as long as we did and deserve to understand where their money is going. The tax code changed. Your financial education should too.
Jorge Sanchez, MD
Naples, Florida
