Money Meets Medicine: Recent Episodes
Jimmy Turner
On Money Meets Medicine, Dr. Jimmy Turner discusses all things career and finance for physicians. With expert guest discussions, Jimmy tackles the personal finance topics you wish you had learned in medical school.
The MMM podcast will help you tackle your student loans, achieve financial independence, invest for retirement, and decrease your financial stress and burnout.
To get help with free educational content or obtaining own-occupation disability insurance from a source you know you can trust, visit https://moneymeetsmedicine.com
Background: Dr. Turner is a practicing anesthesiologist at Wake Forest, author of The Physician Philosopher's Guide to Personal Finance, and Chief Medical Officer at Attend.
For more information, visit moneymeetsmedicine.com
28% of physicians say they don't earn enough for what their family needs. The lowest-paid specialty still makes $266,000.
Medscape's 2026 physician compensation report surveyed roughly 6,000 doctors across 29+ specialties, and the numbers tell a stranger story than "doctors are underpaid." Average pay rose 3%, barely clearing inflation, and nine specialties were flat or down. Jimmy and Justin unpack what the data says about physician pay, negotiation, and the 40% side-gig statistic.
What you'll learn:
- Why primary care averaged $298K and specialists $417K — and which specialties outpaced inflation
- What percentage of physicians negotiated their compensation, and how many just took what they were given
- Why "we don't negotiate" pay models push high performers out
- The paradox: 53% feel personally fairly paid, but 61% say the profession is underpaid
- What the 40% side-gig number reveals about autonomy and moral injury
Resources mentioned:
- Money Meets Medicine Disability — moneymeetsmedicine.com/disability
- Need a new CPA or a better Tax Strategy? Get a 10% discount when working with Gelt, the tax strategy team that Jimmy Turner uses: https://moneymeetsmedicine.com/Gelt
- Medscape Physician Compensation Report 2026
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Being able to know the difference between a good and a bad job offer as a physician in private practice involves knowing where the landmines and pitfalls are so that you can avoid them. In this episode, host Dr. Jimmy Turner interviews Michael Johnson, a physician contract attorney at Michael Johnson Legal.
Resources:
- Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA
- Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
- Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
What you'll learn:
- What "partnership" truly means in a business context
- The financial realities of partnership tracks, buy-in costs, and ownership structures
- Common pitfalls, including misleading partnership titles, private equity buyout risks, and real estate considerations
- Eight essential questions physicians should ask before committing to a partnership
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Trump accounts — technically the 530A — went live July 4th, and Justin Harvey opened three for his own kids just to see how they work. These accounts are child-owned, they behave like a traditional IRA, and they come with rules most physicians haven't heard yet.
Tag along with Jimmy Turner and Justin Harvey as they discuss where they actually belong in your savings hierarchy, and who should pass entirely.
Resources:
- Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA
- Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
- Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
What you'll learn:
- Why the 530A is closer to a traditional IRA than a 529 — and the basis-tracking problem nobody is warning parents about
- Where Trump accounts rank against 401(k)s, backdoor Roths, and 529s in a physician savings hierarchy
- Who actually gets the free $1,000, and why older kids are treated differently
- The Roth conversion play at age 18 — and the risk of handing an 18-year-old a quarter-million-dollar account
- Why a kid's Roth IRA may teach better money lessons than any government-funded account
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CPA Spencer Carroll joins the show to unpack tax strategy for physicians: why your income type matters more than your income, and where the real savings hide. Whether you're a W-2 employee, a 1099 locums doc, or a K-1 partner, the levers you can pull are wildly different.
What you'll learn:
- Which of W-2, 1099, and K-1 is the best—and worst—way to get paid as a physician
- When an S corp actually makes sense, and how "reasonable salary" really works
- The truth about real estate professional status and the short-term rental loophole, from a CPA who owns rentals himself
- The one red flag that means you're probably overpaying: barely talking to your CPA all year
Resources:
- Head to moneymeetsmedicine.com/cpa to book a complimentary call with Gelt and get 10% off your first year. Subscribe to Money Meets Medicine wherever you get your podcasts, and leave a rating—it helps other physicians find the show.
Disclaimer: This episode is a part of a paid partnership between Physician Philosopher LLC with Better Technologies Inc. (DBA Gelt), a tech-enhanced tax-strategy company.
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Dr. Jimmy Turner cut back to part-time at 35—and ended up on antidepressants. FIRE wasn't the escape hatch he expected.
FIRE—financial independence, retire early—promises an exit from burnout. But what happens when you finally get there and realize you don't know who you are without medicine? Jimmy and Justin make the case for FIWO (financial independence, work optional) instead.
Resources:
Disability Insurance: Every physician needs to get individual disability insurance while in training. Get a quote from Money Meets Medicine Disability Insurance, a company you can actually trust. Built by doctors, for doctors.
Does your CPA only reach out in March each year and show you a giant tax bill? You need tax strategy, not just tax filing. Click here to get a 10% discount code to work with Gelt, the same tax strategy team that Jimmy personally uses.
Every physician needs basic financial literacy. Get a free copy of Dr. Turner's best-selling book, The Physician Philosopher's Guide to Personal Finance.
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What if your first three years as an attending decide whether you work three days a week in your 40s—or six days into your 60s?
Dr. Jimmy Turner burned out early in his career—antidepressants, 1.3 FTE, the works—before discovering the fix: working less. He and Justin Harvey, CFP, break down Coast FIRE, your Wealth Accumulation Rate, and why the savings decisions you make right out of training set a trajectory you'll feel for decades.
What you'll learn:
- Why a ~30% Wealth Accumulation Rate early on can buy you a 3-day clinical week later
- How Coast FIRE lets you save less down the road and still reach financial independence on time
- The two kinds of autonomy—personal and professional—that really drive physician burnout
- A smarter take on "live like a resident" so you can enjoy your income without losing the plot
Resources:
Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Physicians earning $400K are living paycheck to paycheck—and an 18th-century psychology trap is why.
Roughly 30% of doctors over 60 don't have $1M in net worth, even counting their home. Justin Harvey and Dr. Jimmy Turner unpack the behavioral-finance forces—the Diderot Effect, lifestyle creep, and leverage—that quietly erode physician wealth, and the simple framework that lets you spend guilt-free while still building real options.
Resources:
- Disability Insurance: Every physician needs Disability Insurance from MMM Disability Insurance. Click here to get a Quote from Money Meets Medicine Disability Insurance
- Looking for a new CPA? Use the one that Dr. Jimmy Turner personally uses and recommends (Gelt). Click here to get a 10% discount code on services when working with Gelt.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
There are two ways to get your student loans forgiven — and the one nobody talks about could leave you with a six-figure tax bill.
Most physicians know PSLF. Far fewer understand taxable forgiveness — the IDR path that hands you a massive tax bill 20 years down the road. Jimmy and Justin break down a real listener question (anesthesiologist + dentist, $400K in loans at 7%) to show why "married filing separately" math isn't as clean as it looks, and why your repayment plan now hinges on a looming July 2026 deadline.
Resources mentioned:
- Looking for a CPA that does more than just file taxes each year? Check out Gelt, the proactive tax strategy partner that Jimmy personally uses, and receive 10% off the first year through the MMM link.
- Get $100 off a Student Loan Consult with Student Loan Planner: moneymeetsmedicine.com/loans
- Looking to refinance your private student loans? Click here to learn how to find the lowest interest rates out there.
- Every physician must get disability insurance before leaving training! Get a disability insurance quote from Money Meets Medicine Disability.
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One student loan decision in the next few weeks could cost — or save — a physician six figures.
On May 1, 2026, the Department of Education finalized the 134-page rule rewriting federal student loan repayment. Dr. Jimmy Turner goes solo to break down what changed and the moves that protect six figures.
What you'll learn:
- Why the July 1, 2026 cutoff decide whether you keep IBR at all
- The consolidation trap that can permanently lock residents out of IBR
- The RAP interest subsidy that keeps a $300K balance from ballooning during residency
- The RAP-to-IBR playbook for PSLF: which payments count, and when to switch
- Married or in a community property state? How filing separately changes the math
Resources:
- Every doctor needs their own occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
- Have private loans? You should refinance those to the interest rate you can find. To do that, check out Juno: https://moneymeetsmedicine.com/JUNO
- Looking for a new CPA? Use the one Jimmy uses (Gelt). Get a 10% discount when working with them here: https://moneymeetsmedicine.com/CPA
- Looking to save $100 on a student loan consult? Visit moneymeetsmedicine.com/loans
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Becoming an accidental landlord could cost you a six-figure tax bill — or be the smartest move you make. You're finishing training, moving cities, and that house you bought a few years ago — the one with the enviably low mortgage — is suddenly a decision: sell it and pocket the equity, or rent it out and start building "passive income"? It sounds simple. It isn't. Dr. Jimmy Turner and Justin Harvey, CFP®, break down the real math behind renting vs. selling your home as a physician — and the IRS clock most people don't realize is already running.
What you'll learn:
- How Section 121's $500K capital gains exclusion works — and the 2-out-of-5-year rule that quietly creates six-figure tax bills
- Why "I have a 3% mortgage" is golden handcuffs, not a strategy
- The honest cost of becoming an accidental landlord — property management, the 1% maintenance rule, the curveballs
- When renting during a fellowship is a smart, low-risk way to test landlording
- Why real estate tax breaks aren't free — what 1031s and "die-with-it" actually require
Resources
- 1099 Doc, locums, or private practice partner? Upgrade your CPA with Gelt (the tax strategy team Jimmy uses). Use this link to get a 10% discount when working with Gelt: https://moneymeetsmedicine.com/CPA
- Get Disability Insurance from Money Meets Medicine Disability Insurance — moneymeetsmedicine.com/disability
- Have a question you want discussed on the show? Email me at jimmy@moneymeetsmedicine.com
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40% of doctors have a side gig — and most are one contract clause away from handing it to their employer. Forty percent of physicians now run a side gig — chart reviews, expert witness work, SaaS tools, real estate, content, consulting. But here's what nobody covered in residency: most are leaving money on the table at tax time, mixing business and personal finances into an unfixable mess, or unknowingly signing away their intellectual property in an employment contract they barely skimmed. In this episode of Money Meets Medicine, Dr. Jimmy Turner and CFP Justin Harvey unpack what physicians actually need to know before they earn their first non-clinical dollar — and what to do once they're already five figures a month in. If you've ever wondered whether you should be an S Corp, whether your hospital can claim your nights-and-weekends project, or whether business ownership is even worth the headache, this one is for you.
Resources:
- Need a new CPA? Work with Gelt, the proactive tax strategy partner that Jimmy uses, and receive 10% off the first year through the MMM link — https://moneymeetsmedicine.com/CPA
- Disability Insurance — Where physicians (especially trainees) can request a GSI quote and learn whether one is available at their program — moneymeetsmedicine.com/disability
- Medscape 2025 Physician Side Gig Survey - https://www.medscape.com/slideshow/doctors-side-gigs-2025-6018502
Episode Summary
An orthopedic surgeon writes in: he's pulling $550K at an academic center and has quietly built an AI-powered prior authorization SaaS now generating five figures a month. What should he be thinking about? Jimmy and Justin use that question as a launchpad into the financial reality of physician non-clinical income — the ups, the downs, and the surprisingly counterintuitive parts.
Jimmy, recently transitioned from 15 years as a W-2 academic anesthesiologist to a 1099 private practice gig, shares why business ownership has been more stressful than running codes — and why he's still glad he did it. He explains why a $30,000 surprise tax bill finally pushed him to bring in a real tax strategy team (not the February-only compliance CPA most physicians settle for), and the difference between the two.
The conversation digs into the Medscape 2025 numbers: 40% of physicians have a side gig, 50% between ages 40 and 50, and 60% say they're doing it for extra income. Most physicians aren't actually trying to leave medicine — they're trying to build enough financial freedom to practice on their own terms. Sometimes a $60,000 side income buys back a day of the week.
Justin pushes on the harder questions: What's your goal? What's the actual ROI once you factor in CPA fees, self-employment tax, and the brain space business ownership demands? Why some physicians thrive in 1099-land and others should sprint back to W-2.
They also walk through the practical setup — the deceptively simple three-step LLC-EIN-bank-account process most physicians overcomplicate or skip entirely — and the contract landmine almost no academic physician thinks about: who actually owns the work you do on nights and weekends. Plus the tax-strategy doors most W-2 doctors don't realize are closed to them: S Corp elections, QBI, solo 401(k)s, cash balance plans, and pass-through entity tax.
If you're already running a side gig or seriously thinking about one, this is the cheat sheet you wish someone had handed you before you started.
What You'll Learn
- Why 40% of physicians now run a side gig — and the real reason most start one (it's not what you think)
- The three-step business setup most physicians overcomplicate: LLC, EIN, separate bank account
- How an employment contract clause can quietly hand your side gig over to your hospital — and how to negotiate it before you sign
- When a tax strategy team actually pays for itself versus when basic compliance is enough
- The ROI math on 1099 income: what your side gig really needs to clear after self-employment tax, professional fees, and added complexity
- Side gigs with lower ceilings but much higher odds of success — and why 90% of online businesses fail
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The 12 to 24 months after residency set the trajectory for your entire financial life — and most physicians get it wrong. In this episode, Jimmy and Justin walk through the financial checklist every new attending needs: why you should start a taxable brokerage account immediately (not just max your retirement accounts), how to build a student loan plan before RAP and IBR rules shift, the backdoor Roth transition, vesting schedules that can cost you tens of thousands, and the lifestyle inflation trap that quietly delays financial independence. You can have anything you want — just not everything.
Resources:
Looking for a CPA that does more than just file taxes each year? Check out Gelt - the proactive Tax team that Jimmy uses: https://moneymeetsmedicine.com/CPA
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher's Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
There's a point in every physician's career where you can stop paying for disability insurance — and most doctors have no idea when that point arrives. In this episode, Dr. Jimmy Turner and Justin Harvey, CFP® break down the full physician insurance stack and tackle a question they've never covered in 270+ episodes: when (if ever) should you drop your disability and term life insurance policies?
What you'll learn:
- Why own-occupation DI is the #1 financial priority for every doctor — even before paying off credit card debt
- How to make DI affordable on a resident budget
- Why you should secure disability insurance BEFORE term life (an underwriting issue most docs never hear about)
- Tail coverage red flags to negotiate before signing a contract
- The "leverage frame" for keeping coverage after you hit financial independence
Jimmy also shares his own cautionary tale: bad advice from an insurance agent as an MS4 left him permanently uninsurable for DI coverage. Don't let that be you.
👉 Get a quote that includes every option — including GSI policies your program may not know about — at moneymeetsmedicine.com/disability
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The biggest financial mistake high-earning physicians make isn't overspending — it's the exact opposite.
In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner and Justin Harvey, CFP® dive into one of the most overlooked challenges in physician personal finance: the super saver trap. While most financial advice for doctors focuses on avoiding lifestyle inflation, living like a resident, and preventing the Diderot Effect, Jimmy and Justin tackle the other side of the coin — what happens when financially literate physicians save too much and can't flip the switch to actually enjoy their wealth.
In this episode, you'll learn:
- Why the traditional "live like a resident" advice can backfire for financially literate physicians
- How the 10% Rule allows you to enjoy lifestyle upgrades without sabotaging your financial future
- The identity crisis that hits doctors when they realize they could go part-time, cut back to 3 days a week, or retire early
- Why "one more year syndrome" keeps physicians grinding long after they've reached financial independence
- How to balance saving, spending, and living a life you actually enjoy as a high-income earner
- The values-based decision-making framework Justin uses with clients facing major financial trade-offs (home upgrades, practice ownership, business launches)
- Why dying with too much money is a real risk for financially literate doctors — and how to avoid it
- How to use the Kinder questions to uncover what you actually want from financial independence
Jimmy shares his personal journey of saving over a third of his income early in his attending career, then deliberately scaling back to take a lower-paying job 30 minutes from home so he could coach his kids' baseball team and be present for his family. Justin shares a real client story about a physician weighing a $2.7 million home purchase against time to retirement, work-life balance, and family values.
Whether you're a resident, fellow, early-career attending, or established physician approaching financial independence, this episode will challenge you to ask the harder existential questions: What is enough? When can you flip the switch? And are you using money as a tool — or letting it use you?
Resources mentioned in this episode:
- 🎓 Residents & Fellows: Get disability insurance before you finish training, including any Guaranteed Standard Issue (GSI) policies available at your program → moneymeetsmedicine.com/disability
- 📘 Free book: The Physician Philosopher's Guide to Personal Finance → moneymeetsmedicine.com/freebook
- 🎙️ Subscribe to Money Meets Medicine wherever you listen to podcasts!
Topics covered: physician personal finance, financial independence for doctors, super saver syndrome, one more year syndrome, lifestyle inflation, the 10% Rule, Diderot Effect, physician burnout, going part-time as a physician, disability insurance for residents, GSI policies, financial planning for physicians, behavioral finance, retirement planning for doctors.
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Dr. Jimmy Turner hosts a solo Money Meets Medicine mailbag addressing timely physician finance questions, emphasizing that trainees should secure disability insurance before finishing training because guaranteed standard issue (GSI) policies are only available during training and many doctors need them. He explains 2026 federal student-loan changes under OBBBA, advising residents planning aggressive payoff to avoid refinancing in training, exit the defunct SAVE plan, and consider the Repayment Assistance Plan (RAP) for its interest subsidy and flexibility. He warns fourth-year med students pursuing PSLF not to consolidate loans to skip the grace period, because a post–July 1, 2026 consolidation can eliminate IBR eligibility and lead to much higher payments versus IBR’s cap.
Get $100 off a student loan consult with Student Loan Planner: https://moneymeetsmedicine.com/loans
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
On the Money Meets Medicine podcast, host Dr. Jimmy Turner and co-host Justin Harvey CFP discuss Jimmy's surprise $36,000 2025 tax bill after household income rose into the $500,000–$1,000,000 range, phasing out tax breaks like the child tax credit and qualified business deduction, and raising his effective rate from ~25% to 31%.
They review contributors, such as using Roth 401(k)/403(b) contributions (increasing taxable income) and taking the standard deduction after front-loading charitable deductions via a donor-advised fund in 2024. They explain safe harbor concepts, note new tax changes from the “One Big Beautiful Bill Act” (including SALT cap rising to $40,000 but phasing back to $10,000 as income approaches ~$600,000), and emphasize year-ahead planning to manage AGI. And they even discuss one of the most over-hyped opportunities pitched at physicians that you should consider avoiding.
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
In this episode of the Money Meets Medicine podcast, Jimmy discusses how his daughter Grace just earned $120 from her first real babysitting gig — and it sparked a deep dive into the best ways to invest money for your kids. In this episode, Jimmy and Justin break down the major investment accounts available for children, including 529 plans, UGMA/UTMA accounts, custodial Roth IRAs, and the brand-new Trump accounts (plus who actually qualifies for the $1,000 seed money and the $250 Dell-funded option).
They also share what's actually worked in their own families to teach kids about money — from the three-jar system to Apple Pay allowances to the parent match strategy. Whether your kids aren't born yet or are already earning their own income, you'll walk away with a game plan for building financial literacy and long-term wealth for your family.
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
In this episode of Money Meets Medicine, Dr. Jimmy Turner and physician contract attorney Michael Johnson break down the personal finance side of physician compensation. From negative accrual contracts that treat your salary like a loan, to sign-on bonus clawback traps that can lock you into a bad job for years, they cover the financial landmines most doctors never see coming.
You'll learn why some doctors end up owing money back to their employer, how a collections-based pay model left one physician with a six-figure IRS bill, and the sneaky ways sign-on bonuses can limit your career flexibility. Michael also walks through retirement matching pitfalls (and how a change in 401k contributions can quietly cut your compensation by $15,000+), the hidden cost of maternity leave when bonus structures aren't prorated, and why so many physicians in production models stop taking vacations entirely.
Plus, practical strategies for negotiating reduced FTEs, flexible schedules, and better clawback terms — whether you're finishing training or considering a job change.
Topics covered: negative accrual contracts, physician sign-on bonus clawbacks, 401k/403b employer matching, maternity leave compensation, physician contract negotiation, reduced FTE scheduling, collections-based pay, estimated taxes for 1099 physicians, and disability insurance for residents.
Episode Links and Resources
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want to get a $100 discount to work with Michael Johnson Legal (a physician contract legal team)? Use this link --> https://moneymeetsmedicien.com/negotiate
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
In this episode, Jimmy and Justin break down the real numbers behind the buy vs. rent decision at every stage of the physician journey — from fourth-year med students who just matched, to residents weighing whether homeownership makes sense during a 3-4 year program, to new attendings figuring out how much house they can actually afford.
They cover Zillow's break-even data (hint: it takes about 4-5 years on average for buying to beat renting), why that number swings wildly by city (Cleveland is ~2 years, San Francisco is 15), the dangers of the "2-3x gross income" rule of thumb in a 6%+ rate environment, and why keeping your mortgage under a third of take-home pay is a better guardrail. Plus: why renting your first year as an attending might be the smartest financial move you make, the risks of physician home loans with no money down, and what self-employed doctors need to know before applying for a mortgage.
Whether you just matched, you're finishing residency, or you're eyeing a job change, this episode gives you the framework to make a housing decision that doesn't wreck your path to financial independence.
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Resources:
Zillow White Paper: Buy Versus Rent
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Dr. Jimmy Turner sits down with Jess Bohorquez, creator of Points by J and wife of an OB-GYN physician, to talk about how medical families can use credit card points to travel more without spending more. Jess left a corporate tech career to build a business helping people maximize credit card rewards, and she's grown her Instagram following to over 200,000 in the process.
In this episode, Jimmy and Jess cover why transferring points out of your credit card's travel portal gets you dramatically more value, how to audit your existing cards to make sure you're actually using the perks you're paying for, and why opening multiple credit cards doesn't destroy your credit score (as long as you're responsible). Jess also shares how she and her husband redeemed 209,000 points for a $13,000 stay at Miraval Arizona, and how they enjoyed over $35,000 in free travel to Hawaii and Japan in a single year.
They also discuss the current credit card landscape, including record-high signup bonuses, recent Hyatt point devaluations, and why now is a particularly important time to stay plugged into your points strategy.
P.S. Are you a physician? Then you need disability insurance. Get a quote from a company you can trust built by doctors, for doctors: https://moneymeetsmedicine.com/disability
Key topics: choosing a general travel card vs. co-branded cards, the credit card audit spreadsheet method, downgrading vs. canceling cards, booking 11 months out for peak travel dates, the "Plan B refundable fare" hack, and free point search tools like PointsYeah.com, Roame.travel, and MaxMyPoint.com.
Links mentioned:
- Points by J on Instagram: @pointsbyj
- Website: pointsbyj.com
- Email: jess@pointsbyj.com
- Free point search tools: PointsYeah.com, Roame.travel, MaxMyPoint.com
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
What if you're saving more than you need to — and burning out in the process? In this episode, Jimmy shares how sitting down and doing the math changed his entire career trajectory, going from 1.3 FTE and antidepressants to part-time at 40 with a $2.1M net worth. Jimmy and Justin break down new research from Bill Bengen on safe withdrawal rates (spoiler: it may be higher than 4%), how to figure out what you actually need to retire, and why your future expenses are probably lower than you think. Plus, Justin shares the advisor's perspective on conservative assumptions, spending flexibility, and the risk of becoming a miser. Whether you're a DIY investor or working with an advisor, this episode will help you figure out your real number — and what to do once you know it.
Download the financial freedom calculator: https://moneymeetsmedicine.com/FIRE
Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
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In this episode of "Money Meets Medicine," Dr. Jimmy Turner and physician contract attorney Michael Johnson break down physician compensation models, exploring the complexities beyond base salary and signing bonuses. They discuss work RVUs, volume expectations, bonus structures, and the impact of practice setting, geography, and payer mix on total compensation. The hosts share real-world examples, highlight common pitfalls in contract negotiations, and stress the importance of understanding data sources like MGMA. They also emphasize the critical need for disability insurance during training, offering practical advice for early-career physicians evaluating job offers.
Get $100 off a physician contract review with Michael Johnson Legal: https://moneymeetsmedicine.com/negotiate
Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
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Should physicians trade their time for money — or is that equation fundamentally broken? In this episode, we unpack why so many doctors save too much for too long, sacrificing their best years to build a nest egg they struggle to spend. Drawing from Vicki Robin's Your Money or Your Life, Morgan Housel's Psychology of Money, and Bill Perkins' Die With Zero, we explore a healthier framework for thinking about time, money, and financial independence as a physician.
Jimmy also shares a major personal update — after nearly twenty years at Wake Forest, he's making a career change that trades income for autonomy. No more nights, weekends, or holidays, but it comes at a real financial cost. It's the perfect case study for everything we discuss in this episode.
We break down the three stages of a doctor's financial life — from residency where you have neither time nor money, to mid-career where you finally have income but no time, to financial independence where you get both back. The problem? Most physicians get stuck in the middle stage far longer than they need to because of identity inertia, golden handcuffs, lifestyle lock-in, and the fear of earning less.
If you've ever wondered whether you should work less, take the pay cut, or keep grinding toward a number — this one's for you.
Don't forget to:
- Check out Medical Degree Financial University at moneymeetsmedicine.com/MDFU
- Grab a free copy of The Physician Philosopher's Guide to Personal Finance at moneymeetsmedicine.com/freebook or
- Get an own-occupation disability insurance quote from a source you can trust at moneymeetsmedicine.com/disability
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In this episode of "Money Meets Medicine," hosts Justin Harvey and Dr. Jimmy Turner explore the FIRE (Financial Independence Retire Early) movement’s relevance for physicians. They discuss the psychological and practical challenges of pursuing FIRE, such as the importance of purpose beyond early retirement, the impact of extreme frugality on relationships, and the need to align financial goals with personal values. The hosts also highlight the critical role of disability insurance and stress viewing money as a tool for creating a meaningful, balanced life, rather than simply an escape from work.
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Take one of our free personal finance classes at Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss how physicians, despite their intelligence, can make grave financial mistakes. They explore the importance of early disability insurance acquisition, share personal anecdotes of financial blunders, and emphasize the necessity of modesty and continuous learning in personal finance. The hosts highlight biases such as complexity bias, authority bias, and myopic loss aversion, which frequently lead to poor investing decisions. They advocate for the importance of having a written investment plan and understanding personal finance basics to avoid blindly trusting financial advisors. The episode concludes with a discussion on the value of intellectual humility and vulnerability in making sound financial decisions.
Want to see if your program has a GSI? Visit https://moneymeetsmedicine.com/list
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
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Dr. Jimmy Turner and Michael Johnson, a physician contract attorney, break down the main types of physician employment: classic academic roles, future business ownership in private practice, and perpetual employment. They discuss the financial and professional implications of each, emphasizing the importance of contract negotiation, student loan strategies (especially PSLF), and understanding practice ownership agreements. Real-life examples highlight risks, benefits, and ethical considerations, equipping physicians with practical advice to align employment choices with their financial goals, values, and desired work-life balance. The episode stresses the need for careful planning and ongoing financial education for medical professionals.
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In this "Money Meets Medicine" episode, hosts Justin Harvey and Dr. Jimmy Turner discuss the most impactful financial strategies for physicians, drawing on Jimmy’s decade of experience post-training. They highlight the importance of saving 30% of gross income early, leveraging compound interest, and prioritizing high-yield actions like mortgage refinancing. The hosts debunk common myths, such as the overemphasis on backdoor Roth IRAs and real estate investing, and advocate for intentional, personalized financial planning. They also explore creating non-clinical income streams, empowering physicians to achieve financial independence and greater work-life balance.
Take one of the personal finance classes you wish you had in medical school through Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU
Get the financial freedom Calculator: https://moneymeetsmedicine.com/FIRE
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit
https://moneymeetsmedicine.com/freebook
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In this episode of Money Meets Medicine, Dr. Jimmy Turner and Justin Harvey explore the financial and emotional complexities of home buying for physicians after training. They discuss the trade-offs between purchasing move-in-ready homes versus fixer-uppers, managing renovation costs, and understanding return on investment. The hosts emphasize the importance of aligning home-buying decisions with personal values, long-term financial planning, and cash flow realities. They share practical strategies for financing renovations and highlight that homeownership is as much about emotional well-being and lifestyle fit as it is about financial calculations.
Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook
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In this episode of "Money Meets Medicine," Dr. Jimmy Turner and Justin Harvey CFP tackle the often awkward money conversations that arise during family gatherings, especially around the holidays. They share personal stories and professional advice on discussing topics like inheritance, financial support for aging parents, and estate planning. The hosts emphasize the importance of honest communication, setting boundaries, and involving financial advisors when needed. Listeners are encouraged to start these conversations early to prevent misunderstandings, protect relationships, and ensure smoother financial planning within families.
Looking to learn about the personal finance topics every doctor needs to know about? Check out one of our classes inside of Medical Degree Financial University: https://moneymeetsmedicine.com/mdfu
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Get your free copy here--> https://moneymeetsmedicine.com/freebook
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In this kickoff episode of a multi-part series on physician contracts, Dr. Jimmy Turner and attorney Michael Johnson break down why understanding contract terms is crucial for physicians. They introduce the “contract trinity”—work obligations, compensation, and exit strategy—and discuss employer motivations, legal considerations, and common pitfalls like non-competes and clawbacks. Real-world examples highlight the risks of “standard” contracts and the importance of negotiation. The episode emphasizes that contract literacy is essential for career and financial well-being, setting the stage for deeper dives into contract topics in future episodes.
Looking to create a financial plan specific for physicians? Join Medical Degree Financial University: https://moneymeetsmedicine.com/mdfu
Get $100 off a physician contract review with Michael Johnson Legal by booking a time through moneymeetsmedicine.com/negotiate
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
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https://moneymeetsmedicine.com
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In this episode of "Money Meets Medicine," Dr. Jimi Turner interviews Dr. Krystal Sodaitis, a physician, executive coach, and luxury cruise podcaster. They discuss the challenges and strengths of neurodivergent physicians, including how ADHD and dyslexia can impact financial decisions. Dr. Sodaitis shares strategies for managing impulsivity and highlights the importance of tailored financial planning. The conversation then shifts to luxury cruising, covering how to choose the right cruise, the benefits of travel agents, and what sets luxury cruises apart. The episode offers practical advice for both neurodivergent professionals and aspiring luxury travelers.
Krystal’s Coaching Website: Neurodiversedocs.com
Krystal’s podcast: luxurycruising.net/podcast
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In this episode of "Money Meets Medicine," Dr. Jimmy Turner shares his journey transitioning from nearly 20 years at Wake Forest to a private practice role at Iredell Memorial Hospital. He and host Justin Harvey discuss the professional, financial, and personal factors behind the move, including healthcare consolidation, contract negotiation, and work-life balance. Dr. Turner reflects on identity, adapting to new clinical environments, and the importance of maintaining professional relationships. The episode offers practical advice for physicians considering career changes, emphasizing thoughtful decision-making, self-advocacy, and aligning work with personal values.
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Did you know that 90% of families lose their wealth by the third generation? In this thought-provoking episode, Justin Harvey and Dr. Jimmy Turner unpack how our earliest experiences with money—whether it’s growing up with scarcity, abundance, or something in between—profoundly shape our financial mindsets as adults.
Jimmy reflects on turning 40, childhood memories of bankruptcy, and how those experiences created a scarcity mindset he’s had to actively overcome. Justin shares insights from working with clients whose core money beliefs—formed in childhood—still drive their decisions decades later. Together, they explore how to move from victim to victor when it comes to financial identity, and how to help your children build healthy money habits even in an environment of abundance.
From practical parenting tips to mindset shifts, this episode blends personal reflection, financial psychology, and real-life stories to help you rewrite your own money narrative—and guide the next generation to do the same.
👉 Learn more about physician-specific disability insurance at https://moneymeetsmedicine.com/disability
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It’s open enrollment season—Dr. Jimmy Turner and Justin Harvey CFP break down HSAs, retirement plan changes, and pensions to help physicians make smarter benefit decisions without the overwhelm.
Looking for disability insurance? Get it from a source you can trust here at Money Meets Medicine Disability Insurance (https://moneymeetsmedicine.com/disability)
Download a free copy of The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook
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In this episode of Money Meets Medicine, Dr. Jimmy Turner and Justin Harvey answer listener-submitted questions about what to do with your money when you switch jobs or retire. Topics include:
• Old Employer Plans: Should you roll over a 401(k)/403(b) to your new employer plan, leave it, or move it to an IRA? They explain how each option impacts your ability to do backdoor Roth IRAs.
• Home Savings Strategy: Tips for physicians saving for a home purchase—where to park cash for 6–12 months without missing growth potential.
• Solo 401(k) vs. SEP IRA: For side gig income, they break down which one gives you better Roth conversion flexibility.
• Financial Advisor Red Flags: The duo calls out one especially egregious example of poor advisor behavior—and what every doctor should watch out for.
• Extra Pro Tips: Including why not all Roth accounts are created equal, how to simplify your accounts in retirement, and the best ways to avoid “analysis paralysis” when making account moves.
This episode is packed with tactical advice and practical insights for physicians navigating career transitions, early retirement, or side income.
Get a quote on own-occupation disability insurance from a company you can trust at https://moneymeetsmedicine.com/disability
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In this episode of Money Meets Medicine, Justin Harvey and Dr. Jimmy Turner tackle a classic investing question: do high-earning physicians really need bonds in their portfolio?
They break down:
Why Jimmy avoids bonds (less than 5% of his portfolio) and instead leans heavily on diversified index funds.
When bonds can make sense, such as reducing volatility for investors nearing retirement or with specific cash needs.
How bonds actually work: creditworthiness, yields, coupons, and the role of interest rate sensitivity (a.k.a. duration).
The risks of “safe” bonds, including how inflation and rising interest rates can erode returns and undermine their role as a portfolio stabilizer.
Practical strategies: bond ladders, TIPS (Treasury Inflation-Protected Securities), short-duration ETFs, and asset location (where bonds belong in taxable vs. retirement accounts).
Are you a physician looking for own-occupation disability insurance from an agency you can actually trust? Visit https://moneymeetsmedicine.com/disability
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In this episode of Money Meets Medicine, Dr. Jimmy Turner and Justin Harvey tackle the hype around real estate investing for physicians. Despite years teaching personal finance, Jimmy reveals he owns zero real estate—and explains why that’s intentional.
The duo explores the four major reasons real estate isn’t the right fit for Jimmy:
It’s a Second (or Third) Job – With a busy career in medicine and financial education, Jimmy isn’t interested in managing properties or even managing property managers.
Illiquidity – Tying up large chunks of money in illiquid deals (like syndications) doesn’t align with his need for flexibility.
Tax Complexity – Real estate’s tax benefits can come with audit risks and a need for specialized accountants—adding more layers to an already complex financial life.
FOMO (Fear of Missing Out) – Too many doctors get lured in by hype and peer pressure, not by sound financial strategy.
Justin adds insights from his financial planning practice, noting generational differences in attitudes toward real estate and highlighting the dangers of chasing "sexy" investments without considering your goals and risk profile.
Plus, Jimmy plugs his Beginner’s Guide to Bitcoin for Busy Doctors, available at moneymeetsmedicine.com/bitcoin.
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the potential to spend more money in retirement with less savings, challenging traditional financial independence norms, particularly the well-known 4% rule from the Trinity study. They explore a new study suggesting the safe withdrawal rate could be closer to 5-5.5%, which has significant implications for how soon one can achieve financial independence. The hosts also emphasize the importance of diversification in investments, considering the impact of factors like recent stock market performance and government economic interventions. The episode concludes with practical advice for physicians dealing with burnout, highlighting various career and financial flexibility strategies that can offer hope and options.
Looking for own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability
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In the latest episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner discuss the potential effects of the 'one big beautiful bill' on physicians' personal finances. They highlight important aspects such as changes to student loan borrowing limits, auto loan interest deductions, and salt tax changes that could affect both residents and attending physicians. The episode also covers the potential influence of AI on career choices in the medical field. The hosts share their personal travel experiences and delve into topics related to financial literacy and strategic planning.
Every doctor needs disability insurance. Get a quote from the company you can actually trust: https://moneymeetsmedicine.com/disability
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In this solo episode of the Money Meets Medicine podcast, Dr. Jimmy Turner dives into various aspects of Bitcoin, including breaking down common criticisms and questions about the cryptocurrency. He discusses its security, value, and the reasons why he decided to invest in Bitcoin. Jimmy addresses concerns such as Bitcoin's intrinsic value, security vulnerabilities, the impact of government regulations, and its volatility. He also highlights the importance of continued education and research about Bitcoin.
If you are a physician, you need disability insurance. Get a quote from a source you can trust at https://moneymeetsmedicine.com/disability
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In this episode, Dr Jimmy Turner discusses why he decided to invest in bitcoin from a purely investment standpoint. And - if you stick around until the end of the episode - he even talks specifically through how I invest in Bitcoin (in other words what services etc I use to do so). We discuss outsized returns, the problems it solves, what would happen if you don't invest in it, and much more.
If you are a physician looking for disability insurance, get a quote from a source you can trust by visiting https://moneymeetsmedicine.com/disability
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In this first episode in a three part series, host Dr. Jimmy Turner discusses why he sold his Cadillac Blackwing and bought Bitcoin. He talks about the use cases of bitcoin he finds most interesting and dives into some of the basics behind why he views it as a worthwhile part of this portfolio. Specifically, Jimmy discusses digital sovereignty, trustless ledgers, decentralized control, and the outsized impact bitcoin can have as a balance to the rest of your portfolio.
Need own occupation disability insurance from a source you can trust? Get a quote at https://moneymeetsmedicine.com/disability
Or snag a free copy of Jimmy's best-selling book The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook
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Have you ever thought about what it would cost to take care of your parents as they get older, or are you in the midst of it now? That's exactly what Dr. Jimmy Turner and Dr. Rebecca Tapia discuss on this episode of Money Meets Medicine. On this show, the hosts dive into the cost of aging parents, potential burdens that may be faced (both those that are obvious and those you may not think about), and how to mitigate the financial impact of caring for those we love.
If you are just getting started on your financial journey, download a free copy of Dr. Turner's best-selling book The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook
If you need to get disability insurance (from someone you can actually trust), get a quote at https://moneymeetsmedicine.com/disability
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Fellowship isn't for every resident physician to pursue, but for some it makes sense... but does it make financial sense? That is what Dr. Jimmy Turner and co-host Justin Harvey CFP discuss in this episode of Money Meets Medicine. The financial implications of pursuing a fellowship. Is it worth the return on investment?
If you are looking to get your financial literacy journey started, download a free copy of Jimmy's book The Physician Philosopher's Guide to Personal Finance here: https://moneymeetsmedicine.com/freebook
Need disability insurance, but not sure who to trust? Get a quote at https://moneymeetsmedicine.com/disability
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In this episode of Money Meets Medicine, the host Dr. Jimmy Turner discusses some of his worst financial mistakes and what he learned from each mistake so that others don't have to do the same. Specifically, he discusses mistakes with student loans, Jimmy's journey leaving the white coat investor network after becoming one of the four original partners, and more.
If you are a physician looking for a financial advisor, check out Justin Harvey CFP by visiting https://apm-wealth.com/
Need disability insurance? Get a quote at https://moneymeetsmedicine.com/disability
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In this episode of the Money Meets Medicine podcast, hosted by Dr. Jimmy Turner and his co-host Justin Harvey, they discuss the potential financial consequences of sticking with the wrong financial advisor during one's career and retirement. They emphasize the importance of financial literacy for physicians, highlighting three groups of doctors based on their financial advisory needs: do-it-yourselfers, those who need help with fine-tuning, and those who prefer to outsource entirely. The discussion covers red flags that signal a problematic advisor, such as lack of fee transparency and inadequate knowledge of physician-specific financial needs. They also provide practical advice on how to fire a financial advisor, stressing the importance of being transparent and clear. They conclude with resources for finding the right advisor and emphasize the value of technical competency and integrity in financial advising.
Looking for a good financial advisor? Check out Justin at https://apm-wealth.com/
Need own-occupation disability insurance? Get quotes here: https://moneymeetsmedicine.com.disability
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In this episode, hosts Justin Harvey CFP and Dr. Jimmy Turner discuss the financial strategy revealing that $10,000 of income in retirement is equivalent to having $250,000 in retirement savings. They explore how physicians can plan for retirement, potentially requiring less money by generating passive income sources. The discussion includes the FIRE (Financial Independence Retire Early) movement, the 25X rule, and sequence of return risk.
Get disability insurance quotes at https://moneymeetsmedicine.com/disability
Or download a free copy of the best-selling book The Physician Phillosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook
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Dr. Jimmy Turner and co-host Justin Harvey reflect on the major financial milestones that doctors often aim for—and why tracking progress matters so much for financial motivation, clarity, and well-being. Join in as they tackle net worth goals, how Jimmy paid off $200,000 in student loans, and other milestones worth celebrating on the physician financial journey.
If you are just getting started on your financial journey, make sure to download a free copy of Jimmy's book The Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook
Looking for disability insurance from an agency you can actually trust? Get quotes at https://moneymeetsmedicine.com/disability
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What if I made you pick the one priority that was above all others? And how does money help us actually live that out? In this episode Dr. Jimmy Turner talks with Justin Harvey CFP about his journey through burnout, cutting back from medicine, and eventually coming back to full-time medicine after sorting it all out. What has he learned? How did personal finance play a part in helping Jimmy carve out a careeer he loves? They discuss this all and more on this episode of Money Meets Medicine.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner delve into the considerations physicians should make when deciding to lease or buy a car. The episode explores personal anecdotes, financial implications, and practical advice on car ownership. Dr. Turner discusses his experiences with owning multiple cars and the practicality of vehicles for a busy family life. Harvey and Turner also emphasize the importance of evaluating one's values, future circumstances, and financial goals before making car-related decisions. They underline the potential advantages and pitfalls of leasing, particularly for those who frequently change vehicles.
Need disability insurance? Get a quote from https://moneymeetsmedicine.com/disability
In this episode Dr. Jimmy Turner and Michael Kittner discuss how to make disability insurance more affordable, particularly while in training. They also cover certain kinds of guaranteed standard issue disability insurance policies that only exist while in training - and why it is a catastrophic financial mistake for a lot of doctors if they wait until after training to get disability insurance.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner and co-host Justin Harvey CFP discuss various implications and strategies regarding sudden inheritance of assets, including vehicles, cash, stocks, and trusts. They emphasize the importance of strategic financial planning and timely decision-making to optimize tax benefits, avoid financial pitfalls, and preserve family relationships. They highlight specific examples such as the step-up in basis for stocks, tax implications of inherited IRAs, and the psychological impacts of lump sum versus dollar cost averaging in investment. The episode also underscores the necessity of having a well-communicated estate plan to prevent family disputes and ensure coherent asset distribution.
Additionally, it touches on the importance of obtaining disability insurance, particularly for medical trainees, and offers resources for financial planning guidance. Need your own disability insurance? Get the kind built for doctors by doctors at https://moneymeetsmedicine.com/disability
In this episode, host Dr. Jimmy Turner interviews Dr. Hannah Thompson and her husband, Chris Herring, from OtherSide Med. They talk about handling finances in residency, getting on the same page with your spouse financially which applies to more than just those in training. And we're even gonna touch on disability insurance and Hannah's journey and doing the due diligence and ending up getting disability insurance.
If you need disability insurance, make sure to check out Money Meets Medicine Disability Insurance by visiting https://moneymeetsmedicine.com/disability
To checkout OtherSide Med visit: https://www.instagram.com/theothersidemed/
In this episode, Dr. Jimmy Turner and Justin Harvey CFP discuss a common journey from financial independence, retire early (FIRE) to Die with Zero mentalities as doctors learn more about money and have more lived experience. They discuss specific tools to help you determine what you should be spending money on (and how much), financial arrival fallacies, and the importance of using money as means to an end and not the end itself.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
In this episode, Dr. Jimmy Turner and Dr. Kirk Heath talk all things locum tenens, physician entrepreneurship, and how financial independence helps doctors practice medicine on their terms. They discuss Kirk's journey from practicing full-time as a surgeon in a private practice setting to his journey into locums. They take a deep dive into how locums helps doctors individually, how it may be a solution to systemic problems in medicine, and touch on the financial aspects of working as a 1099 versus a W2 physician.
Want to learn more about locum tenens? Make sure to check out LocumStory by visiting https://moneymeetsmedicine.com/locums
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
In this episode of the 'Money Meets Medicine' podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss strategies for managing personal finances during market downturns, specifically focusing on the impact of recent tariffs imposed by Trump in April 2025. They emphasize the importance of having a solid investment plan and understanding market history to mitigate psychological stress during volatile periods. The conversation covers the importance of diversification, the benefits of tax loss harvesting, and how to handle significant cash reserves during market dips.
Wanting to get started on your financial journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook
Looking to get own-occupation disability insurance from a source you can trust? Get a quote at https://moneymeetsmedicine.com/disability
Rolling returning averages for the S&P 500: https://www.advisorpedia.com/chart-center/time-in-the-market-not-timing-the-market/
This episode is sponsored by Locumstory. Your source for all things locums.
Ben and Sam are doctors who don’t just heal with medicine—they create with music. In this episode, they talk about their parallel paths from the East Coast to Colorado, their shared musical background, and how they balance both call schedules and band rehearsals. Sam shares the highs of performing at Red Rocks, while Ben discusses navigating military service and academic transitions. They also unpack the inspiration behind their podcast, Crescendo de Crescendo, a thoughtful series about how medicine and music inform and elevate each other. This episode blends passion, purpose, and practical advice for any clinician exploring life beyond the white coat.
Dr. Ben's BioDr. Ben is an internal medicine physician who transitioned from a military medical career to academic medicine. He served as a Lieutenant Commander in the U.S. Navy, completed his residency and a chief resident year at Walter Reed, and later worked as an Associate Program Director in a military academic health center. After his military service, Dr. Ben pursued a medical education fellowship at Penn State, where he collaborated with Dr. Paul Haidet on research exploring the intersection of music and medicine. This collaboration inspired the creation of the podcast Crescendo de Crescendo, which he co-hosts with Dr. Sam.
Dr. Sam's BioDr. Sam is an internal medicine physician and musician based in Colorado. He is a member of the band Dark Arts, which blends elements of folk, alternative, and psychedelic rock. The band gained notable recognition by performing at the renowned Red Rocks Amphitheater. Balancing his medical career with his passion for music, Dr. Sam co-hosts the podcast Crescendo de Crescendo alongside Dr. Ben, where they explore the parallels between the practices of medicine and music.
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In this episode of the Money Meets Medicine podcast, hosts Justin Harvey CFP and Dr. Jimmy Turner explore the topics of paying off mortgages early, establishing personal and professional boundaries, and the importance of having disability insurance.
They stress the significance of setting boundaries in professional life to prevent burnout, drawing from Dr. Turner's own experiences and his framework for fulfillment outlined in his book. The duo also delve into the debate on whether to pay off a mortgage early in a high-interest environment versus investing, providing both mathematical and psychological perspectives.
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In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner explores Bitcoin and its implications for the financial world with Dr. Noah Kaufman, an emergency medicine physician, rock climber, and former American Ninja Warrior competitor. Dr. Kaufman shares his journey into Bitcoin investment, explaining the concept of deflation, the intrinsic value of Bitcoin, and its potential societal impacts.
They discuss the adoption of Bitcoin, its comparability to gold, and its unhackable nature. Dr. Kaufman stresses the importance of understanding Bitcoin as an invention rather than a speculative investment. They also touch on the potential future impacts of Bitcoin on the financial system and individual wealth. The episode encourages physicians and listeners to explore Bitcoin deeper and consider its role in their financial strategies.
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This episode is brought to you by Locumstory—learn how locum tenens can help you find more freedom and flexibility in your medical career at moneymeetsmedicine.com/locums.
Dr. Turner and Mike Kittner discuss the crucial topic of disability insurance for doctors. They explore common pitfalls and nightmares experienced by doctors in securing disability insurance and emphasize the importance of obtaining coverage during medical training. Mike shares real-life stories about the consequences of not disclosing full medical histories and missing out on guaranteed standard issue (GSI) policies.
They also highlight why Guardian's GSI policies are highly beneficial, especially their unique fallback option that prevents denial nightmares. Detailed explanations are given on why considering fully underwritten policies might be beneficial, the advantages of graded premiums, and the significant role of independent insurance agents. The episode underscores the necessity of getting disability insurance while in training and offers actionable advice on how to avoid common mistakes.
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In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner is joined by retired physician and credit card guru Dr. Devin Gimble to discuss how to maximize credit card points for luxury travel. Dr. Gimble, who funds $50,000 to $100,000 worth of luxury travel annually using points, shares her expertise on using transferable credit card points, such as those from Chase and Amex, to greatly enhance their value.
They discuss the importance of understanding spending categories, the pitfalls of credit card churning, and strategies for physicians to leverage high expenses to earn substantial travel rewards. The podcast emphasizes simplicity and practicality, offering insights for both detail-oriented individuals and those seeking straightforward solutions. Additionally, the episode highlights the 'Points Made Easy' course and the necessity of own occupation disability insurance for physicians. Dr. Gimble also debunks common misconceptions and provides actionable tips for optimizing credit card points without overwhelming effort.
Want to learn how to mazimize your credit card points? Enroll in Points Made Easy by visiting https://moneymeetsmedicine.com/points
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This episode of the Money Meets Medicine podcast, hosted by Justin Harvey and Dr. Jimmy Turner, discusses the perennial question of whether it's better to rent or buy a house, especially for medical professionals at various stages of their careers. They delve into financial considerations, personal anecdotes from their experiences, and statistical analyses, emphasizing that the decision is not always straightforward. They also touch on psychological factors, tax deductions, and the benefits of disability insurance. The narrative underscores the importance of individualized financial decisions, given varying market conditions and personal circumstances.
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In an episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss optimizing retirement plans, specifically addressing the complexities and benefits of 457 plans. The conversation emphasizes the need to distinguish between governmental and non-governmental 457 plans, analyzing their risks and benefits. Governmental 457 plans offer flexibility and can be rolled over into an IRA or another retirement account, while non-governmental 457s present more risks and limitations, such as forced distributions and potential employer insolvency.
The hosts discuss the circumstances under which a taxable brokerage account might be a better alternative due to its flexibility and potential for tax efficiency. They also highlight the importance of understanding one’s long-term employment plans and financial goals when making these decisions. The episode includes listener questions and emphasizes the significance of disability insurance and comprehensive financial planning.
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Every doctor needs own-occupation disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability
In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner is joined by Dr. Gita Pensa, an adjunct associate professor at Brown University and an expert in malpractice litigation stress and physician litigation support. Dr. Pensa discusses her decade-long experience with a malpractice lawsuit, the psychological and financial impact of being named in a lawsuit, and her work to support other physicians through her podcast 'Doctors in Litigation, the L Word' and her LEAP course.
Key topics include the teachings of risk management and litigation preparation, the role and ethics of medical expert witnesses, and strategies for coping with the psychological stress of lawsuits. Dr. Pensa emphasizes the importance of understanding one's malpractice policy and reframes the defendant's role in litigation to foster empowerment. The episode also highlights resources for ongoing support and education for doctors facing litigation.
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the benefits and drawbacks of target date funds for beginner investors, particularly residents and early-career physicians.
The conversation also touches on the pitfalls of high expense ratios in 401(k) options and the importance of diversification in investments. They advocate for simplicity in investing, stress the relevance of understanding expense ratios, and highlight the potential need for financial advisors as financial complexities increase. The episode aims to provide actionable insights and resources to help listeners improve their financial literacy and investment strategies.
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In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner and financial advisor Justin Harvey delve into a range of personal finance issues pertinent to medical professionals. They start with an analogy to marriage and quickly move into a discussion about balancing work and personal life, emphasizing the challenges and benefits of considering part-time work. Both hosts share personal anecdotes and professional insights on how doctors can manage their finances and work commitments more sustainably.
They also tackle the contentious subject of spousal spending habits and offer advice on aligning financial goals within a family. The episode underscores the importance of discussing values and planning concrete steps for achieving financial and personal satisfaction, all while considering unique occupational pressures faced by healthcare professionals.
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In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner discuss key personal finance topics relevant to physicians. The conversation covers experiences with long-distance travel for sports events, the pros and cons of alternative investments, and the financial consequences of changing jobs within the medical field.
They underscore the risks involved with certain investment pitches, particularly in real estate and niche markets. The episode concludes with an update on the latest student loan changes under the new administration, including the implications of the SAVE plan's general forbearance and future repayment expectations. They emphasize financial prudence and preparation in both investment decisions and professional transitions.
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In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner explore the topic of Bitcoin and its potential role in personal finance. Jimmy, having invested in Bitcoin himself, discusses his extensive research into cryptocurrency, including reading 'The Bitcoin Standard.' Both hosts emphasize the philosophical and conceptual aspects of Bitcoin, its deflationary nature, and its potential as a global currency.
They caution listeners about the volatility and speculative nature of Bitcoin and other cryptocurrencies, advocating for a small, strategic investment approach if considered. Throughout the unscripted conversation, they explore the implications of Bitcoin adoption, the philosophical contrast to traditional fiat currencies, and the importance of understanding one's investment rationale and risk tolerance.
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In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner is joined by financial advisor Tyler Olson to discuss the primary financial priorities for physicians. The conversation covers key financial mistakes that doctors make during training, such as debt management and the need for comprehensive financial education.
They explore different financial advisory models, the benefits of accountability, and the importance of tax planning. Tyler shares insights from his 20-year career focused on financial planning for doctors and the vital role of understanding one's financial habits and needs. The episode emphasizes the significance of proactively managing finances and the various tools and services available to support physicians in making informed financial decisions.
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey explore the complexities of buying land as an investment. After discussing their personal holiday experiences, they dive into a listener's question about purchasing land for personal use and enjoyment versus financial gain.
They highlight the importance of understanding the purpose of the land purchase and differentiate between buying land for family recreation and speculative investment. The discussion also touches on zoning laws, financing options, and risks associated with land investment. Additionally, they address the emotional value of creating family memories through land ownership, even if it involves financial stretching.
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In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner converses with Dr. Gretchen Green, a radiologist and expert witness educator, about lucrative non-clinical income opportunities through expert witness work. The discussion covers Dr. Green's journey, including her North Pole expedition and her experiences in medical malpractice cases.
They delve into the practicalities of starting an expert witness business, including setting fee schedules, managing time effectively, and overcoming common barriers such as undercharging and ethical concerns. They also touch upon Dr. Green's Expert Witness Startup School, a comprehensive course aimed at helping physicians transition smoothly into this field.
Looking to start your expert witness side gig? Learn how at the Expert Witness School. Click here to learn more: https://moneymeetsmedicine.com/expert
In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey CFP discuss the complexities of loaning money to friends and family. Reflecting on their personal experiences, they emphasize the importance of defining relationships and setting clear boundaries.
They discuss the emotional and financial impacts of giving or loaning money, the value of written agreements, and the need for accountability. The conversation also highlights the importance of trust, generosity, and aligning financial decisions with personal values.
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Dr. Jordan Grumet discuss the themes of purpose and fulfillment. They delve into Jordan's journey from being a hospice physician to a personal finance podcaster and author. The episode centers on Dr. Grumet's latest book, 'The Purpose Code,' which explores finding purpose as a key to fulfillment. They discuss the difference between 'big P' purpose (audacious goals) and 'little P' purpose (everyday joys), and how the latter leads to true happiness.
The conversation also covers the importance of community, personal stories, and dealing with regrets. Practical exercises from the book are mentioned to help listeners build their own sense of purpose. They highlight the significance of connections in achieving happiness and how purpose can be woven into everyday life through small, enjoyable activities.
Check out Jordan's book, The Purpose Code, by visiting his site https://jordangrumet.com
In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner is joined by student loan expert Travis Hornsby to discuss the intricate and evolving landscape of student loans. The episode is timely, releasing on Christmas Day 2024, just weeks before the anticipated Trump administration takes office. This transition has significant implications for student loans, particularly in light of the complex and often conflicting policies introduced by the Biden administration.
Turner and Hornsby delve into topics such as Public Service Loan Forgiveness (PSLF), the impact of recent executive actions, and the potential changes under the incoming administration. They emphasize the importance of understanding the technical details of student loans, cautioning listeners to consult experts and carefully consider tax implications. The episode also highlights the importance of becoming a 'mini expert' in managing student loans due to the increased complexity of the system over the past 12-18 months.
Looking to get started on your financial literacy journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance https://moneymeetsmedicine.com/freebook
In this engaging episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Ryan Inman reunite to discuss a variety of topics spanning personal finance, the metaverse, cryptocurrency, and overcoming professional burnout. Ryan opens up about his departure from the podcast and his financial planning firm, Physician Wealth Services (PWS), due to burnout and life challenges.
They then pivot to exploring the metaverse and cryptocurrency, detailing his ventures into gaming and decentralized finance (DeFi). Jimmy and Ryan discuss the potential of cryptocurrencies like Bitcoin, their impact on inflation, and how they might be included in personal investment portfolios. The episode offers insights into the evolving world of digital finance, personal resilience, and maintaining work-life balance.
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In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner discuss how physicians can manage their risk tolerance, especially during market downturns. They cover key topics such as the importance of financial literacy, the role of disability insurance, the risks of market corrections and inflation, and strategies for investing based on one's time horizon and personality.
They also explore asset allocation, target date funds, and the need for thoughtful risk management. Real-world insights and personal experiences illustrate how to navigate financial planning in both stable and volatile markets.
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In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner is joined by Dr. Bradley Block, an otolaryngologist and host of the Physician's Guide to Doctoring podcast. They discuss the power of podcasting for physicians, sharing behind-the-scenes details about creating and managing a successful podcast.
They introduce the Doctor Podcast Network (DPN), designed to help physicians launch and run their podcasts efficiently, offering varying levels of support from basic guidance to full-service management. Dr. Block also shares his personal journey, detailing his experiences and challenges, including a story about his bodybuilding competitions during medical school. The episode emphasizes the importance of understanding one's goals, whether for monetization, branding, or personal fulfillment and how DPN can assist in these endeavors.
If you are looking to start a podcast of your own, visit https://moneymeetsmedicine.com/DPN to learn more about the Doctor Podcast Network
In this Money Meets Medicine podcast episode, hosts Dr. Jimmy Turner and Justin Harvey discuss essential end-of-year financial tasks for physicians. They emphasize the importance of open enrollment decisions, review of HSA options, evaluating 401(k), 403(b), and 457 plans, and the significance of rebalancing investment portfolios. The episode also covers tax withholdings, charitable giving through donor-advised funds, and the unique financial considerations for business owners and retirees. The hosts also suggest intentional planning for future financial goals and the benefits of seeking professional financial advice.
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Want to increase your financial litearcy? Download a free copy of The Physician Philosopher's Guide to Personal finance at https://moneymeetsmedicine.com/freebook
In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner interviews Rick Ferri, a seasoned investment expert with over 35 years in the industry. They discuss the benefits of low-cost index funds, financial planning, and managing investment portfolios. Rick shares his experiences from his 'Alaska or Bust' RV trip and delves into his investment philosophy. The episode also covers asset allocation, international stocks, the structure of financial advisory models, and the importance of planning beyond just investments. Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com Every doctor needs disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability
In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner delve into the growing popularity of locum tenens work among physicians. They discuss the advantages such as flexibility, better work-life balance, and strategies to navigate non-compete clauses. The episode highlights the financial and psychological aspects of transitioning from traditional employment to locum tenens, the importance of understanding W2 versus 1099 tax differences, and tips for negotiating with locum agencies. Through personal anecdotes, they reveal the high demand in certain specialties and emphasize the freedom and value physicians discover in locum tenens roles. If you want to learn more about locums visit https://moneymeetsmedicine.com/locums. Looking for disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability
In this compelling episode of the Money Meets Medicine podcast, Dr. Jimmy Turner engages Dr. Jason Mizell, a colorectal surgeon based in Little Rock, Arkansas, to delve into the intricacies of career transitions and contract negotiations in the medical field. Dr. Mizell details his professional journey from academia to private practice, emphasizing his faith's influence on his decisions and the critical elements he negotiated in his new contract. The discussion explores topics like non-compete clauses, salary negotiations, and the importance of seeking expert contract reviews, with practical insights from Dr. Mizell's experiences. Personal anecdotes highlight the emotional and professional challenges faced during such transitions, offering valuable advice for medical professionals contemplating similar changes. Looking for 10% off a contract review? Use code "10OFF" when you visit https://moneymeetsmedicine.com/resolve
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In this podcast, hosts Dr. Jimmy Turner and Justin Harvey delve into pivotal personal finance topics tailored for physicians. They explore asset allocation, diversification, and the importance of balanced portfolios including U.S. and international equities as well as bonds. The discussion encompasses different investment strategies, risk management, financial literacy, and rebalancing techniques to maintain financial security and achieve independence. Emphasizing adaptive investment approaches and expert insights, the hosts provide valuable advice and resources to help physicians navigate their financial journeys effectively. Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com Every doctor needs disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability
In this episode of 'Money Meets Medicine,' hosts Justin Harvey and Dr. Jimmy Turner dive into techniques for overcoming decision fatigue to enhance financial efficiency. They discuss the advantages of minimizing choices, embracing core financial principles, and adopting automated systems to streamline decision-making. Key topics include the benefits of low-cost index funds, the impact of behavioral finance, balancing financial choices with personal values, and the importance of a strong savings rate. The episode provides valuable insights for medical professionals aiming to optimize their financial strategies and reduce stress.
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Join hosts Justin Harvey and Dr. Jimmy Turner on this episode of the Money Meets Medicine podcast as they delve into strategies for achieving financial success through minimizing decision fatigue and maximizing efficiency. They discuss the impacts of decision fatigue, the benefits of automating financial tasks, and the concept of making one decision that simplifies future financial decisions. The episode covers the importance of maintaining a high savings rate, the benefits of investing in index funds, and the value of outsourcing tasks. They also explore the importance of understanding one's core values and principles in making financial decisions that align with personal goals. Don't miss this insightful discussion, plus tips on batching financial decisions and living intentionally while working towards financial independence. Every doctor needs disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability
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New York Times Article: https://www.nytimes.com/2024/07/29/business/retirement-savings-scams.html
In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner discusses the proposed FTC non-compete ban and its implications for physicians with guest Kyle Clausen. Kyle, an expert in physician contracts and compensation, shares insights on how to navigate non-competes, negotiate contracts, and protect one's financial interests when seeking new employment. Topics include the recent legal rulings on the FTC's proposed non-compete ban, how to handle various contractual elements like tail coverage and intellectual property, and strategies for successful contract negotiation. Get 10% off a contract review by using code "10OFF" at https://moneymeetsmedicine.com/resolve
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In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner delve into financial fraud scams and how to protect yourself and loved ones. They share a listener's heart-wrenching story of falling victim to a scam that cost their parents millions in retirement savings. The episode covers various types of scams, including romance scams and gift card fraud, and emphasizes caution when dealing with high-risk investments. The hosts also discuss the importance of due diligence, especially for physicians who may be targeted due to their high incomes. Tune in to learn vital tips for safeguarding your finances and avoiding common pitfalls. Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
New York Times Article: https://www.nytimes.com/2024/07/29/business/retirement-savings-scams.html
In this inaugural episode of 'Business of Medicine Fridays' on the Money Meets Medicine podcast, Dr. Jimmy Turner introduces this exciting new segment featuring guest interviews focused on money, mindset, and career longevity. In a compelling interview, Dr. Turner speaks with Dr. Bill Bernstein, a neurologist turned financial advisor, about financial mistakes doctors should avoid, the importance of understanding market history, and practical tips for successful investing. Listen in as Dr. Bernstein shares insights from his extensive research in modern portfolio theory and his perspective on the ethical considerations in the financial industry. Looking to get started with your financial litearcy? DownloadThe Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook
If You Can by Bill Bernstein: https://www.etf.com/docs/IfYouCan.pdf
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In this episode of the Money Meets Medicine Podcast, hosts Justin Harvey and Dr. Jimmy Turner examine the complexities and strategies of saving for children's college education. They argue that a 529 plan, while useful, is not the ultimate solution for funding education. The hosts share their personal experiences and offer alternative savings options, including prepaid tuition plans, scholarships, and Roth IRAs. They emphasize the importance of having philosophical and practical conversations about the purpose of higher education and how to incorporate family values into financial planning. Additionally, they discuss the importance of teaching children about money, giving them financial responsibilities, and considering non-traditional educational pathways. Save $100 on a student loan consult: https://moneymeetsmedicine.com/slp Looking for a free-copy of the best-selling Physician Philosopher's Guide to Personal Finance? Download it here: https://moneymeetsmedicine.com/freebook
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In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the advantages and disadvantages of SEP IRAs and Solo 401ks for doctors earning 1099 income. They delve into the differences between W2 and 1099 income, tax considerations, and the impact on retirement planning. The discussion includes real-life anecdotes, such as navigating backdoor Roth IRAs, the complexities of plan compliance, and criteria for choosing between SEP IRAs and Solo 401ks. The episode stresses the importance of understanding the nuances to make informed financial decisions tailored to individual circumstances.
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Many people have a Health Savings Account (HSA) available to them. But should you use it? And, if you do, what are the best practices for utilizing the money inside an HSA. In this show, Dr. Jimmy Turner and Justin Harvey CFP discuss investing inside of an HSA, how to take the money out, and other items you should consider before using an HSA.
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Financial stress and anxiety is a reality of being human. Are there ways we can know when the stress is coming so that we can prevent (or treat) the financial anxiety that comes along with it? Tag along as Justin Harvey CFP and Dr. Jimmy Turner discuss a recent example of financial stress Jimmy has faced, financial planning, emergency funds, entrepreneurship, and more.
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People love talking about saving money to get to financial independence. Not enough people talk about the cost of saving a lot of money and the impact that has on your life. Are you saving too much? Are you living a life with no regrets? Listen in as Dr. Jimmy Turner and Justin Harvey CFP discuss the goal of dying with zero.
Want me to give a free virtual talk for your residency? Email me at jimmy@moneymeetsmedicine.com
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A 10% correction will happen, on average, every 1.5 years. You will experience a true bear market of more than a 20% loss multiple times in your investing life. Knowing this, though, doesn't tell you what to do about it. In this episode Jimmy Turner, MD and Justin Harvey CFP discuss mindsets, strategies, and tactics for what you can do when the stock market takes a dive.
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Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Cash balance plans: Huge tax savings? Or a big pain in the backside? On this show, we discuss what cash balance plans are, what's good about them, what's bad. And, most importantly, who is the kind of person that would benefit from using a cash balance plan.
Check out the Money Meets Medicine YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
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A taxable brokerage account is one of the most flexible ways to invest your money. And, if you play the game right, you can also reduce taxes in this account in such a way that it may become your favorite type of investing account. In this episode, we discuss short and long term capital gains, how to minimize capital gains taxes, how to potentially pay zero dollars in capital gains taxes in early retirement, and the importance of understanding how these accounts work.
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Safe Harbor Rules: https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty
There are a lot of things to consider before you reach financial independence and retire. One of those items is what you'll do with your life, including if you'll work after financial independence. This is a problem often left unsolved until retirement, which can cause havoc if not dealt with sooner.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
What if you feel like you haven't saved enough? Are there options to help you catch up? In this show we discuss what to do if your savings aren't quite where they need to be to retire by the age you want, including catch-up contributions, earning money in retirement, social security, and more.
Every doctor needs own-occupation disability insurance. Get it from a source you can trust: Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Doctors are often told in the financial space to "live like a resident." Yet somewhere between the YOLO-spend-it-all mentality and the idea of living like a resident as an attending physician is a better and more moderate view of personal finance. In this show, we discuss why it is difficulty for many doctors to spend money once they learn about personal finance and the two different times in the journey this can plague people.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
July is a time of transition for many doctors. Whether you are a medical student becoming an intern or a fellow becoming an attending physician, there are some financial tasks that are top of mind this time of year. Tune in as we discuss everything from student loans and asset protection to estate plans and financial education.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
How To Think About Money by Jonathan Clements: https://www.amazon.com/Think-About-Money-Jonathan-Clements/dp/1523770813/
Three Kinder Questions:
https://thephysicianphilosopher.com/guides/three-kinder-questions/
Have you heard of direct indexing (or separately managed accounts)? Is it a good way to invest, or is it just another hot trend? In this episode we discuss the benefits and pitfalls of using direct indexing as an investing strategy. We discuss specifically who it is for, who it is not, and when you might consider investing with a direct index strategy.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Buying a home is not without pitfalls, including navigating how realtors are paid (recent changes discussed on this show may make this easier), the pros and cons of physician home loans, and more. On this show we discuss both the math and the psychological impact of decision making when it comes to buying a home.
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Investing is great, but investing while not increasing your tax bill is even better. In this show, we discuss how to invest in a tax efficient manner, including tax loss harvesting, where to stash certain assets, and more.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Just because whole life insurance is not the best product for most doctors does not meant that it is never a product worth considering. In this episode, Jimmy Turner and Justin Harvey discuss the good, the bad, and the ugly of permanent life insurance. This includes the impact on estate taxes, high savers, and why whole life insurance can be a reasonable product for a small niche group of people.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
When it comes to personal finance, many of us often don’t know how we are doing. We “practice” personal finance in a silo. Fortunately, there is information out there on how your net worth compares, which may give you a barometer of where you are and where you need to be. Or is comparison the thief of joy?
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Is group disability offered by your employer enough (the answer is “no”)? Or do you need to supplement with an individual own-occupation disability insurance policy? In this episode, we discuss all things DI from portability, cost-of-living adjustments, how much disability insurance you need and more/
Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
If you are a W-2 employed physician, it may seem like you cannot bring home more money, even if you wanted to. Is that really true, though? In this show we discuss multiple ways that an employed physician can earn more money.
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
The cost of a financial advisor gets a lot of airtime, but what can a financial advisor save you? In other words, what is a financial advisor worth? In this show, we discuss a Vanguard study that looked into the exact amount a financial advisor is worth, and nailed it down to 6 categories we discuss on the show. If you have never considered getting a financial advisor, you just might by the end.
Need own-Occupation Disability Insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
Are there tips and tricks for donating to charity? (The answer is yes). Should you donate at all? Listen in as we talk charitable giving, donor advised funds (DAFs), and other charitable giving hacks for high-earners.
Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
Approximately 50% of physicians are burned out in medicine. Even more wouldn’t recommend medicine to their family members or friends. This begs the question, why then do doctors stay in a job that they don’t like? Some say that the answer is that they often cannot financially afford to leave. Is this true? How does personal finance and financial independence play a part in physician burnout? That’s what we discuss in this episode.
Make comments on corporate limits → https://www.regulations.gov/document/FTC-2024-0022-0001
Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
Approximately 50% of physicians are burned out in medicine. Even more wouldn’t recommend medicine to their family members or friends. This begs the question, why then do doctors stay in a job that they don’t like? Some say that the answer is that they often cannot financially afford to leave. Is this true? How does personal finance and financial independence play a part in physician burnout? That’s what we discuss in this episode.
Make comments on corporate limits → https://www.regulations.gov/document/FTC-2024-0022-0001
Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook
Are you starting a new job as a physician? Maybe it is your first job ever as an attending? Listen in as we discuss all the must-do financial tasks including negotiations, benefits, changing budgets, and how to make sense of all things personal finance for new attending physicians.
Make sure to check out Lisha's new podcast Wealth Minded MD!
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
One of the most common questions I get is whether a doctor should buy or rent a house. Sometimes this is after training when considering buying or renting a house at their first job. Even more often it is following medical school when soon-to-be residents and physicians are trying to decide if they should buy or rent.
In this episode, we discuss the time you need to stay, the current housing market, and other considerations physicians should have to decide whether they should buy or rent a home.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
apmsuccess.com/232 “is renting really throwing away money?”
apmsuccess.com/233 “financial benefits of home ownership”
Every doctor needs own-occupation disability insurance.
To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Whether you want Financial Independence so you can retire early (FIRE) or you are nearing early retirement, the early retirement penalty imposed at age 59.5 must be considered. Here are some ways to bridge that early retirement gap until age 59.5.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Reference:
https://www.irs.gov/retirement-plans/comparison-of-tax-exempt-457b-plans-and-governmental-457b-plans
Home equity lines of credit (HELOCs) used to be all the rage. Are HELOC’s still worth your time as a high-income earner? Tag along as we discuss the pros and cons of HELOCs.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
References:
Should couples share finances?
https://academic.oup.com/jcr/article-abstract/50/4/704/7077142
New York Times: Article: https://www.nytimes.com/interactive/2023/02/13/business/money-dating-questions.html
With some investing, you will not need the money very soon. This requires liquidity, or the ability to quickly get your investments into cash. Join in as Justin Harvey CFP and Dr. Jimmy Turner discuss the importance of liquidity when it comes to your investments.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
One thing is sure. All of us will die at some point. The question is what happens to your assets? To your financial legacy? That is where trusts come in. In this episode, Justin Harvey CFP and Dr. Jimmy Turner discuss all things trusts: irrevocable versus revocable trusts, living trusts, and more.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Warrant Buffet says you don’t need international stocks in your investment portfolio. Is this really true? Does Buffet even believe this himself? Tag along as Justin Harvey CFP and Dr. Jimmy Turner discuss the pros and cons of international stocks, and whether they should make the cut in your portfolio.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
References:
https://www.blackrock.com/us/financial-professionals/insights/access-international-through-the-core
Some high-income earners feel that an emergency fund is unnecessary. Join in as we discuss the reasons this isn’t really true, AND where you should consider placing your emergency fund as a high-income earning medical professional.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Have you ever thought about investing with a conscience? Maybe based for environmental, social, or governmental (ESG) reasons? In this show, Justin Harvey CFP and Dr. Jimmy Turner discuss the merit and pitfalls of ESG investing.
Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
References:
https://hbr.org/2022/08/esg-investing-isnt-designed-to-save-the-planet
Alex Edmunds reference: https://www.youtube.com/watch?v=FkAecFr6aRo
When an employment agreement gets placed in front of most doctors, they look at the salary. Maybe they look at the non-compete. But, that’s about where it stops. On this show, we discuss the other important items in a physician contract that every doctor should be aware of before signing on the dotted line.
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com
The proponents of the Financial Independence Retire Early (FIRE) movement has many proponents often fail to mention a different kind of burn. The burnout that comes from saving too much and limiting your lifestyle to a bare minimum. What if I told you there is an alternative to traditional FIRE called “Coast FIRE” that allows you to retire early without eating raman?
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com
Join in as Dr. Jimmy Turner and Justin Harvey, a Certified Financial Planner, discuss whether The Four F's and if doctors would would benefit from a financial advisor. Have no idea how to figure out the good advisor from the one who wants to take advantage of you?
On this show, we discuss some rules of thumb you can utilize to find the right financial advisor for you. We also discuss fee models for financial planners and the conflicts that exist within them
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? https://moneymeetsmedicine.com
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability
Have you ever considered creating non-clinical income outside of medicine? A lot of doctors have, and a recent report by Medscape shows it. Listen in as Justin Harvey, CFP and I discuss all things physician side gigs.
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com
Checkout the YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine
Medscape Physician Side Gig Report: https://www.medscape.com/slideshow/2023-side-gigs-rpt-6016717
Lowering the costs when investing is one of the key principles to investing success. The lower the cost/fees, the higher the returns over the long haul.
Did you know that the more you know about money, the lower your fees will be when you invest? Did you also know that most people think they know more about money than they actually do, and that this is linked to higher fees when investing?
Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com
Checkout the YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine
FINRA Study: https://www.finrafoundation.org/sites/finrafoundation/files/How-Much-Are-You-Paying-Insight.pdf
Sometimes, it is time to pivot. To make a change. And that’s what Dr. Jimmy Turner and Mike Kittner are doing. Follow along as they discuss their journey into and out of the venture capital space. What was venture capitalism like? What did we learn? And what are we doing next? All of that in this show and more.
Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com
Looking to contact Mike Kittner about own-occupation disability insurance? Shoot him an email at michael@moneymeetsmedicine.com
Did you know that being frugal isn’t the same thing as being cheap? There is a balance to all things, personal finance included. This means finding the balance between YOLO Hedonism and the hedonic treadmill and eat-raman-until-you-retire FIRE.
If you are looking to create financial independence as a physician, tune in as we discuss how to find this balance with Dr. Disha Spath of The Frugal Physician.
Need Disability Insurance? Visit Money Meets Medicine
Have you ever considered doing locum tenens work in order to create the freedom and flexibility you need? Tag along as we discuss all things locums with Dr. Renee and Nii Daarko.
Need Disability Insurance? Visit Money Meets Medicine
Download the 7-10 things you should consider before doing locums tenens work→ https://locumslifestyle.com
Wealth is more than just money in the bank. At least, that is what our guest Dr. Bonnie Koo believes, and her thought process is pretty compelling.
On this show, we talk about:
- money mindsets, including money scarcity
- Alternative streams of income for doctors
- How our upbringing can impact our view on finances
- And much more…
Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine
Money and marriage can be like oil and water. They just don’t mix. Yet, in a committed relationship, you cannot really avoid talking about money.
In this show, we talk about all things money and relationships. So, if you are married, plan to get married, or are in a committed relationship, in this show we discuss money dates, whether you should share bank accounts, and much more.
Dr. Kate Mangona is a double board-certified pediatric radiologist, supportive physician’s wife and mother to three little girls and a mini poodle.
She and her husband Victor, a pediatric radiation oncologist and tax code enthusiast, are active and passive real estate investors in thousands of multifamily units and single-family rentals including 3 luxury Airbnbs.
Medicine, Money, and Marriage Courses and Coaching
Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine
The #1 financial task for a doctor is getting disability insurance. Why? Because you can know everything there is to know about investing or paying down debt, but if you don't have an income... neither of them matter.
Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine
Our guest on this show, Mike Kittner went from being a middle school educator (married to a physician) to an insurance agent who helps doctors take care of that #1 financial task.
Tune in as we discuss:
- The most common mistakes doctors make with disability insurance
- Conflicts of interest within the insurance industry
- How to make sure your disability policy is the right kind
- Where to get disability insurance
- The kind of riders that you want in your disability policy
- and more
Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine
Have you ever had an existential crisis? You know the “What am I doing with my life?” sort of question? And how does money play a part in your long-term view of your life? Do you want to leave a legacy? Do you want to make sure you maximize what you’ve saved?
In this episode, Dr. Jordan Grumet a palliative care and hospice physician discusses his experience with dying patient’s and their views on personal finance and the importance of purpose, connection, and identity.
Buy Taking Stock by Dr. Jordan Grumet
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com
If you’ve ever wanted to fly first class but thought it was too expensive, this interview is for you.
Devon Gimbel, MD is known for helping physicians maximize rewards from credit card points so they can travel more, travel better, and travel often.
This feels like an especially relevant and timely conversation – especially since the data shows that about 38% of doctors have 3-4 different credit cards.
We have to wonder: should all doctors be using credit cards to optimize points and perks?
I got to sit down with Devon to talk about exactly this.
Let’s just be real: student loan guidelines are confusing and they’re constantly changing.
But if you’re like many physicians who have student loans, you’re well aware that if your payments haven’t resumed yet, they’re about to.
You want to make sure you’re on track and have a plan for repayment, so you can move confidently forward with your personal finance goals.
Student loan advice is also one of the things we love helping people with at Attend.
If you want a student loan expert to help you figure out the best course of action with your loans – including which plan to be in, whether you should consolidate, whether you should file your taxes jointly or separately if you’re married, or what to do when you finish training…
You can schedule a consultation right now at helloattend.com.
For those concerned about cost, we have a unique pricing structure at Attend where you can buy now, pay later through four monthly payments all at 0% interest.
Let’s dive into the 6 most common student loan mistakes to avoid for your best financial outlook.
Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?
Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.
Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.
This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.
Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.
There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com
Have you ever thought about using real estate to reach financial independence, but you didn't want to be a landlord?
Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.
One of the interesting things about Peter's story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He's not sure if that's a permanent sabbatical or not, so we got to explore his thought process on that and his story.
So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com
The arrival fallacy is a concept that’s very prevalent in medicine. Coined by Tal Ben-Shahar, it refers to the illusion of happiness that we think we’ll experience when we arrive at a completed goal or achievement (spoiler: it doesn’t work like that).
In medicine in particular, this is reinforced with lots of delayed gratification and long training periods with limited free time and low pay.
We think that finally achieving the next level (whether it’s residency, fellowship, or attending, receiving a bonus, a raise, etc.) will instantly make our lives better, because we’ll have more money and more control over our schedule.
We constantly look for “the light at the end of the tunnel” to get ourselves through years of grueling assignments and shifts. But a lot of the time we reach these specific benchmarks – or, we “arrive” – and it’s not at all how we thought it would be.
Gertrude Stein was right when she said, “There’s no there, there.”
How does the arrival fallacy come into play when we reach attending status and start pulling in a whole new pay grade? Let’s examine that…
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Have you ever thought about what legacy you’ll be leaving behind and how money plays a part in that?
Lisha and I recently had a conversation with Dr. Hala Sabry, emergency medicine physician and founder of Physician Moms Group, a private online physicians community made up of over 120,000 physicians. Hala is passionate about helping women physicians fulfill their professional goals and discover the legacy they want to create – which includes building and managing wealth.
As you might imagine, we had a lot of topics to cover in our chat with Dr. Sabry. Tune in to learn all about:
- Dr. Sabry’s recent trip to Africa – the most time off she’s taken outside maternity leave
- Whether she’s always been financially savvy
- The way she utilized her disability insurance
- How she sees Attend helping doctors along their financial journey
- The legacy of inspiration Dr. Sabry wants to leave for future leaders
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Recently Lisha and I sat down with Dr. Omar Nije to talk about his experience as a doctor in finance.
Dr. Nije’s perspective is unique because he’s both a physician AND a principal, but not in public education. He’s a principal at a venture capitalist firm, which is a world that most physicians I know haven’t been exposed to. Up until about 6 months ago, it was something I didn’t know much about myself.
Join the conversation to learn more about:
- What venture capitalism is
- Dr. Omar’s journey from medical school to principal at a VC firm
- His connection to Attend, the company I co-founded
- His mission to create more diverse opportunities in VC
Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com
As they say, the only constant in life is change. The same is true when it comes to the resuming of student loan payments this fall. Staying up-to-date on all the relevant information is key to effectively managing your student loans. But the student loan landscape is changing fast. So we’re here to help.
Since we last spoke about student loans in July, more important updates to loan terms have been released. If you’re someone with student loans who wants to make sure you have everything in order before payments resume September 1, let’s talk about the factors you should be aware of so you’re as prepared as possible.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
According to studies conducted by the American Psychological Association, the number one financial stressor for households is money - personal finance. That makes talking about money with your partner a really important topic for everybody to understand.
Why is talking about money with your partner important?
- For alignment with your partner
- To ensure you’re working towards the same goals
- Personal finance is one of the top reasons for divorce
- Divorce is one of the biggest wealth-killers
I want you to live a life of wellness, and for many people that means having the money you need and people you love to share it with.
So whether you're married or not, you should be having financial conversations with the significant other in your life.
But maybe first you need to know HOW to have this conversation. Check out this episode to learn more.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Did you know that when it comes to investing, keeping it simple often leads to better returns?
Keeping it simple is not just my or Lisha’s opinion - studies show that this is a more effective, sustainable way to go about investing.
Why? Because it turns out that as humans, we don't like as many choices as we think we do. We take action less often when we feel overwhelmed with choices. Just think of the last time you asked your partner where they wanted to go for dinner…
In fact, in a jam (yes, jam) display study on consumer habits, a display case with 24 varieties of jam received more customer traffic but ten times fewer sales than a display case featuring only 6 jams. When we have too many choices, we often don’t choose at all. Also known as: analysis paralysis.
We love talking about the psychology of investing, so let’s dive into some of those principles and how simplicity can help you when it comes to real-life application.
- In this episode, we discuss:Examples of analysis paralysis (7:25)
- How Lisha operates psychologically when it comes to investing (10:06)
- A great way to start when you’re new to investing (15:49)
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
For those who have no idea what to do with the upcoming student loan payments restarting, and the millions who will need to enroll in a student loan plan… are you overwhelmed yet?
Understandably, a lot of physicians are anxious about how loan terms are going to roll out, what it means for their finances, and how it will affect their lives. As we know, keeping up with the recent loan changes is an ongoing process, and it can be hard to keep all the details straight. Plus, how do we know the advice we’re getting actually applies to our specific loan scenario?
Help is here. Today, we’re going to share some of the specific loan scenarios we’ve encountered when we help physicians manage their finances through Attend.
Tune in for step-by-step instructions on how to figure out your best options for student loan repayment.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Whether you’re planning to take a vacation this summer or in the near future, you may be looking for some financially savvy ways to prepare. Lucky for you, one of the secrets of life that I've learned is how to incorporate intentional planning when it comes to personal finances and summer vacation.
That’s what this week’s Money Meets Medicine podcast is all about.
Just a few of the topics we’ll cover include:
3 ways vacation gives us psychological benefits
- How to be intentional about taking vacation
- Saving for vacation in a way that works for you
- Tips for making travel more manageable
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
We interview Will Flanary, who is perhaps better known by his comedic stage name: Dr. Glaucomflecken. Just a few of the awesome topics we cover in our conversation:
- Charitable giving
- Will’s battle with testicular cancer and the time he had a cardiac arrest
- His thoughts on physician side gigs and residents unionizing
- … he even shares his biggest personal finance mistake
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
July is the time of year when those in the medical field experience the most transition – whether to your next level of training, moving to a new institution for fellowship or residency, or taking your first job as an attending. It can be overwhelming.
Make sure you’re equipped with the right questions to ask to make your job transition less intimidating and stressful. Here are a few financial considerations to make when you’re starting a job.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
50% of doctors change jobs in the first 2-4 years of their career, but knowing how to properly handle a job transition is relevant to every physician at every stage of their career. Financial advice for doctors doesn’t often cover this topic, so we’re more than happy to dive into it with you here.
Maybe you’re coming out of your first job in training, maybe you’re an attending changing jobs, or you’re moving out of academics to another field. You honestly don’t know when certain opportunities will arise, or how life will happen and cause you to change your plans.
Lisha has a job transition on the horizon herself as she prepares to leave her residency in LA and become an attending physician, so it’s a timely topic and widely applicable no matter where you are in your career journey.
Job transitions can be tricky enough when you’re careful. There are a few more things to consider in a new job as a physician than in most other careers - we’re going over 9 today. Be sure to keep them in mind as you set the course for your next career move.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
You may have already heard about President Biden’s student loan forgiveness plans, but what does that mean for you?
We’re covering those qualifiers today, plus identifying three 2023 dates in particular that really matter for those managing student loan debt. Join us as we walk through those three important dates, what they mean, as well as the potential impact.
Plus: find out how to make sure you don’t get stuck with a surprise 4-figure loan payment.
It’s everything you need to know about student loans as a doctor in 2023.
Full disclaimer: this episode was recorded in advance. Please know any of this information could change at any time, but all information is true and correct to the best of our knowledge as of the time we shared it with you.
White house memo on student loan changes: https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/futureofpslffactsheetfin.pdf?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Did you know that it's possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right.
It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You deserve to enjoy some of the spoils and riches of all of that work that you put in to go through college, medical school, and residency.
In the physician finance blogosphere, there are financial gurus that are out there who paint a dichotomous picture of only two possible money management options. Either you eat ramen for five years after you finish residency so you can meet your financial goals. Or you fall into the camp of YOLO hedonism, living it up, spending every dime and not saving anything.
This black-and-white approach skips the view that you can do a little bit of both.
You can be financially responsible for those first three to five years and for every year after that. AND, at the same time, you can actually enjoy life.
It’s about finding balance.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Did you know that as interest rates rise, the value of bonds falls? Should you even care about that? Are bonds a good investment for doctors?
In this episode, we’re tackling these questions and discussing the purpose of bonds in a doctor's portfolio, as well as the nuance of our current high interest environment.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Maybe you're starting your intern year and you're considering investing as one of your steps in that journey. As July approaches, maybe you’re transitioning as a trainee from an institution or to a new job, you might be asking yourself, “Should I be investing in pre-tax vs Roth?”
It’s a really interesting topic and an important question, especially as interest rates and inflation changes.
When someone slides that 401k or that 403b form in front of you, it often gives you the option to choose whether you want to invest in a traditional pre-tax method where the money is taken out of your paycheck before it ever gets taxed. Or do you want it to get taxed immediately, and then get invested knowing that it'll never get taxed again in the future?
As it's been a couple of years since we tackled pre-tax versus Roth on this show, that’s what we’re diving into in this episode. We'll help you figure out the answers to these questions, or at least help you to make a more informed decision.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
If you’ve ever needed to save up for a wedding, a car, or a home, yet you weren't quite sure about the best way to do it, this episode is for you.
There are lots of reasons why you might be thinking about setting up short-term savings (savings you intend to need within 3-5 years).
But figuring out how to save money can be easier said than done. With so many options for investments and money management, how do you know the best place to start? And how can you be sure you’ll reach your savings goal by the time you’ll need the money?
Let’s go over the 4 qualities your short-term savings methods should have, as well as ways to save money that feel simple and aligned with your personal finance goals.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
It often pays to work smarter, not harder, yet many doctors put in more and more hours to make more money in medicine. But is working more always a good idea?
I think there are pros and cons to working more shifts in medicine. Personal finance is personal, and you have to assess whether you feel you’re being compensated fairly for the time and energy you put into your work.
If you’re not, you might be working for diminishing returns.
Yes, you have expenses to cover, but remember the importance of work life balance, especially as it pertains to physician burnout.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
With inflation and interest rates being what they are, one of the most common questions that we get nowadays is, “Should I invest or pay off debt? What should I be doing with my money?”
Everywhere in medicine, inflation has an impact. One of the common areas where this naturally happens a lot is in regards to reimbursement rates and income. Doctors realize, “Hey, I haven't gotten a substantial raise in five or ten years, maybe more. And yet, inflation in 2022 is 6-9%.”
So when we face these unprecedented rates of inflation, it makes sense to ask, “Should I invest or pay off debt?” Let’s dive in by covering specific financial tasks that doctors need to take into consideration.
Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com
Even though we’re self-proclaimed money nerds, it doesn't mean we don't make mistakes.
Physician finance isn’t your run-of-the-mill financial strategy. We have certain exceptions and special circumstances to watch out for. And sometimes even the most seasoned pro can make money mistakes. We’re still human, after all.
So let’s normalize the idea that we’ll run into snags and learn new lessons as we work to figure out our personal finance goals.
Tune in as Alicia and I share all the gory details of the financial mistakes we made in 2022.
Looking to increase your financial literacy? Make sure you check out Medical Degree Financial University: MDFU.CO
Disability Insurance for Docs: physicianfinancialservices.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
A lot of us have an idea of what we should do with money that we earn on a regular basis from our physician jobs. Oftentimes it goes towards our typical cost of living expenses: bills, debts, savings, investments. But what about money you get that you weren't expecting?
Because yes, most of us will, at some point, get at least a little money that we didn't expect. Regardless of the source – whether it’s an inheritance, a tax refund, or a bonus at work – we end up with one question.
To get the disability insurance you need as a physician or to have an independent review of your current policy visit physicianfinancialservices.com
When it comes to doctors retiring early because of F.I.R.E. (financial independence retire early), there’s an inevitable argument made against it and why it’s ethically wrong for physicians to do.
That argument says unless you practice medicine until the day you die, it's unacceptable.
Whether it’s citing a physician shortage that doesn’t really exist or feeling as though doctors shouldn’t retire early because we’re doing something good for society, some feel like we should give of our time, skills, and talents as long as possible, discounting the sacrifices that doctors have already made up until this point.
They don’t realize that a 30 year career is actually 40 based on the amount of hours most physicians work in a week.
But… Why even have this conversation? Are doctors actually retiring early?
Doximity’s 2021 study found that 21.8% of physicians considered early retirement due to overwork. Around 25% of women physicians considered early retirement, and 40% of medical groups saw doctors retire early from their medical group.
These numbers are not small. So let’s explore some of the possibilities around F.I.R.E. for physicians that can make life feel more liveable and enjoyable again.
Disability Insurance for Docs: physicianfinancialservices.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
2021 Doximity Early Compensation Report
Physician disability insurance is something you have to get right.
If you were to learn only one thing from me, this might be the one thing that I would want you to know. It’s the reason that Money Meets Medicine exists, and why I started The Physician Philosopher.
Your most important financial asset is your ability to earn an income. You work hard to get your training protecting this asset, and your ability to accumulate an income and everything else we teach you doesn't matter if you don't make money first. This is why physician disability insurance is so important.
But there are a lot of misconceptions about disability insurance, and our goal here is to clear some of that up.
Disability Insurance for Docs: physicianfinancialservices.com
Nine things to know about disability insurance on KevinMD.com (Lisha’s post)
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
What if I told you that maybe you shouldn't save for your kid's college education?
There are tons of questions we have to ask ourselves (not just as parents, but as investors) about the concept of covering our kid’s entire college education. Are we really getting the value from this investment? Maybe tuition is worth $100,000 dollars, but is it worth a quarter of a million dollars? And how much am I willing to contribute?
To me, it’s an obvious choice if it comes down to saving for your kid’s college education versus your own retirement (retirement all day), but it’s a choice that gives a lot of physician parents heartburn.
Good news, though: there are more than just these two options.
Set for Life Insurance → www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
We’re pleased to be discussing the book Die With Zero by Bill Perkins. Bill isn’t a financial advisor (a plus if you ask us), but he offers a lot of insight and perspective on personal finance and financial independence that got us thinking about our approaches to money in a new way.
It’s especially applicable to us as doctors. On one end of the spectrum, we have the doctors who are in a race to reach financial independence and rarely take time to stop and smell the roses. On the other end of the spectrum, we have those who spent years delaying gratification to get through medical training who are living in full YOLO mode without enough planning for the future.
Die With Zero is an interesting book because it bridges these two ends of the spectrum.
Set for Life Insurance → www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.
Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?
Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.
Set for Life Insurance → www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co
Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.
In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.
One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.
This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.
There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck - literally.
Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
You’ve done it - your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”
Famous last words. If you’re not prepared, that is.
Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.
You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”
Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.
Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co
Advocates of FIRE (Financial Independence Retire Early) often talk about the end result of using their model: freedom with your time, money, and resources. And far be it from me to argue with those concepts. I am not anti-FIRE – after all, I want you to find financial freedom so you can practice medicine because you want to and not because you have to.
However, what we’ve found is that FIRE proponents don’t often talk about the actual path to financial freedom – the how of it all, and what it actually looks like once you reach your early retirement goal.
Specifically, how do you even access your retirement funds ahead of time? Because there’s a 10% tax penalty for early retirement withdrawal before you reach age 59 and a half. And that’s on top of the amount you’re already set to be taxed for using pre-tax funds.
So… what gives?
If you want to retire by age 45 or 50, you have to know how to bridge that 10% gap. So we’ve compiled several different options you can research (because personal finance is personal) and make educated choices towards your own early retirement goals.
Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co
If you’ve thought about getting financial advice from a professional but weren’t sure who to trust or how to start, you’re not alone – and your concerns are not unfounded.
Our aim isn’t to make every doctor in our listenership into a financial guru, but to avoid being so reliant on a financial advisor that you don’t know what’s going on with your money.
When it comes to finding a truly helpful financial advisor for doctors, certain criteria need to be met that might not need to be taken into consideration in other professions. To that end, I have a list of traits to share called The Four Fs, and it’s been really impactful in helping physicians find a financial advisor that makes sense for them.
Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co
Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.com
Because of Lisha and my personal journey with personal finance, I know that there are medical professionals out there who want to provide personal finance lectures to others around them or maybe even create a personal finance curriculum if they are in academics. So if you are that resident or doctor interested in creating a personal finance curriculum for doctors or maybe just teaching friends and family about money, today’s episode is for you. Today we are going to be talking about how you can start teaching other doctors and medical professionals about money.
Looking for own-occcupation disability insurance check out → setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
Everyone has heard of a backdoor Roth IRA, but what’s the big deal with Roth IRA’s anyway? Today, Dr. Lisha Taylor and I are going to be talking about Roth IRA money for physicians. This is an important topic because doctors often need to use any tax-advantaged space they can get their hands on since we normally have a high savings rate. So join us today to learn what a Roth IRA is and why you should seriously consider one as a physician.
Looking for own-occcupation disability insurance check out → setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → https://MDFU.co
You might be looking for tax loopholes for doctors as we enter everyone’s favorite time of year. The truth is there are tips and tricks that you likely are not taking advantage of as a doctor that will help you reduce your taxes. In this episode, we will give you the top things you can do now (and for the future) to save money on your taxes as a doctor.
Looking for own-occcupation disability insurance check out → setforlifeinsurance.com
Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
One thing we can agree on about today’s topic is this: doctors historically are under-savers.
But when it comes to physician money management, exactly how much doctors should be saving is hotly contested. How much and how you save is going to depend on your own financial goals and your current situation - the status of your student loans, whether you’re married or have kids or plan to start a family when you want to retire, etc.
In this episode, we’ll give you two different options for figuring out how much money you should save - regardless of your situation.
Looking for own-occcupation disability insurance check out → setforlifeinsurance.com
Doc, are you thinking about making some New Year’s resolutions that involve your personal finances? Hopefully that is a loud YES. Well, today on the podcast we are talking all about financial goals for the New Year that you likely have as a physician. Goals like how to create an emergency fund, save more money, increase your financial literacy, income, pay off student loans, and more. We are diving all in, so join us so you can make 2023 your best financial year yet.
Looking to increase your financial literacy this year even more? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
Let’s be honest… we all love learning from other people’s financial mistakes. It is like a slow-motion car accident. You just can’t take your eyes away. Money mistakes are going to happen, and we are going to discuss a few common financial mistakes that doctors make.
Come join Lisha and I as we discuss our share of financial mistakes, and some of them are very common and might resonate with you on episode 98 of Money Meets Medicine.
PS -Get 10% off your contract review by going to thephysicianphilosopher.com/resolve and using code 10OFF
Chris Voss Book - Never Split The Difference (affiliate link)
With all the recent changes surrounding student loans, it’s easy to fall out of the loop. If you’re not up-to-date on public service loan forgiveness (PSLF) and other rule changes related to repayment of your medical school loans, you’ll want to tune into our conversation.
We’re answering this question from a Money Meets Medicine listener:
“Once I refinance my student loans, how can I get student loan forgiveness if I change my mind?”
You’ll hear what we have to say about that.
Other questions answered: * What are the new PSLF requirements and when do they take effect? * I missed the waiver that expired in October 2022. Am I really out of luck? * I submitted my PSLF form, but still haven’t heard back yet. When will my payments be updated? * Can I get the $10,000 forgiveness and get PSLF? * Did the Biden administration make a change to the student loan forgiveness plan that excludes some borrowers from relief? * When should I consider refinancing my student loans?
Looking to increase your financial literacy? Check out Medical Degree Financial University → www.thephysicianphilosopher.com/MDFU
As we head into the final months of the year, which is typically the time of year for open enrollment for benefits, lots of benefit questions inevitably arise - particularly in regards to spending accounts like HSA vs FSA.
- What’s the difference between an HSA and a FSA?
- What are the potential benefits of using these accounts?
- Which type should you use - or should you use both?
We’re tackling these questions and more for physicians who want to make sense of their employee benefits in order to better understand their impact.
Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
“I don't understand the different retirement funds… I don't even really know what a fund is. I know I need to be investing, but I could use some guidance doing it.”
Sound like you? Trust us, we get it. When you’re a busy doctor, retirement fund lingo-translating feels like taking on another job. And nobody has time for that.
Retirement funds are one of the biggest points of financial confusion for doctors. We want to provide some clarity and understanding so you can learn what you need to know to start making your money grow.
Listen in as we cover five things about retirement accounts every doctor should know.
https://thephysicianphilosopher.com/pfs
Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU
The purpose of emergency funds is to be separate, accessible, and available when you need.
But is an emergency fund really just a huge opportunity cost for most doctors?
Join Dr.Lisha and I as we dive into everything you need to know on emergency funds.
PS - if you want to increase your financial literacy in order to get to financial independence faster, then make sure to sign up for the 2-Day Financial Freedom Workshop for Physicians that I’ll be running on June 14th and June 16th.
You can register for the event and download your Financial Freedom Toolkit PDF by going to www.thephysicianphilosopher.com/workshop
The purpose of emergency funds is to be separate, accessible, and available when you need.
But is an emergency fund really just a huge opportunity cost for most doctors?
Join Dr.Lisha and I as we dive into everything you need to know on emergency funds.
PS - if you want to increase your financial literacy in order to get to financial independence faster, then make sure to sign up for the 2-Day Financial Freedom Workshop for Physicians that I’ll be running on June 14th and June 16th.
You can register for the event and download your Financial Freedom Toolkit PDF by going to www.thephysicianphilosopher.com/workshop
Unless you have been living under a financial rock, you have probably heard about investing in I Bonds. It seems to be all the rage right now, but is it really worth it? Today on the podcast we are going to give you everything you need to know about I Bonds (the pros, cons, how to know if I Bonds are right for you, and when you should get an I Bond).
If you are looking to learn more about your personal finance, Medical Degree Financial University (MDFU) is opening up in June and we would love to see you there! Go to https://thephysicianphilosopher.com/mdfu-founder to learn more and join the waitlist!
Have you ever felt like things are getting really heavy? And that you need to make a change?That is what we are going to do today on the show today. We are going to pull back the curtain and talk about things that have been going on in our lives. Often people don’t think about the lives of the people behind the YouTube videos or podcasts like this one, Money Meets Medicine. So today we are going to dive in and talk about hard decisions on this podcast Money Meets Medicine. Join us as we explore why resting in your personal and financial lives is essential for healthy success.
For doctors, the story has changed. Visit www.financialresidency.com/LocumStory to see if a locum tenens assignment is right for you.
Do you know what can be an annoying process? Having to listen to ads in order to listen to podcasts. Do you know what’s not an annoying process? Working locum tenens with Weatherby healthcare. Our experts streamline everything from credentialing to housing with industry-leading technology and know-how so you can simply focus on what you love – practicing medicine. Head to www.financialresidency.com/weatherby to get started, and feel free to keep your favorite podcast on while you’re at it.
Have you ever felt the tension between needing to save more money (or pay down debt) and the human need to enjoy today? There is a phenomenon that happens in both coaching and personal finance, people learn the tools and then use the tools against themselves. So today we are discussing why you should make that big purchase you have been depriving yourself of and how to make sure you do it in a financially smart way.
Listen along today as we talk about that Porsche 981 Cayman S, house, and expensive vacation you want and how to get it. Learn how you can save for tomorrow while you also enjoying today.
If you want to boost efficiency across your practice and make staff scheduling easier, try the Deputy app. You can try this smart technology for free by going to www.doctorpodcastnetwork.com/deputy
Physician turnover is high, specifically after the first 2-5 years of training. With doctors changing jobs so often, it is important to establish an emergency fund early on (and to consider the cost of leaving a job in medicine).
So today we wanted to dive into why everyone, including us, says you need an emergency fund, where you should put that money, what to use it for, and what NOT to use it for. We are also going to do some real talk on doing the math BEFORE you decide to either change jobs or leave medicine altogether. Listen today so you know you are making the right decisions for yourself when it comes to your career and money.
For more locum tenens information, www.doctorpodcastnetwork.com/locumstory is your final destination.
Our brains are not wired to think exponentially. They are wired to think linearly. Maybe this explains why so many doctors, well people in general, don't invest early enough and take advantage of one of our favorite tools- compound interest.
We like to believe that compound interest is the eighth wonder of the world. So on today's episode of Money Meets Medicine, we want to explain the magic of compound interest and show you how exponential growth is going to blow your mind. Join us today and hear why the impact of compounding is massive.
This week's episode is sponsored by Deputy. To learn more about Deputy visit: doctorpodcastnetwork.com/deputy
To join the Passive Real Estate Academy waitlist - and be eligible to save $200 off the course - click here --> https://thephysicianphilosopher.com/PREA
As a physician, our goal is to help you make your money work for you. Help you get the things in life that you want. Pay down debt, spend on things you love, and... learn how to make more money from your money.
One of the ways to do this is to save money. Today on Money Meets Medicine we are going to deep dive into how you, as a high-earning physician, can save money on taxes utilizing 1099 income. It is possible and remember, every penny you save on your taxes is a penny you put somewhere else that will benefit you either now or in the future.
Deputy is a simple app that’s helped more than 250,000 workplaces tackle this problem. Deputy makes it easy to schedule staff in line with patient demand, communicate schedules with your team, and instantly find replacements when someone calls out sick. To learn more — and try Deputy out for free — go to www.doctorpodcastnetwork.com/deputy To join the Passive Real Estate Academy waitlist - and be eligible to save $200 off the course - click here --> https://thephysicianphilosopher.com/PREA
Last week on the podcast we started the ultimate financial checklist of must-dos for doctors. This is such an important topic and we didn't want to leave you hanging last week without the complete list. So this week we are picking up where we left off. Take out your notes and finish marking down the things you must do for your financial health as a doctor. Let's go.
Reminder! This is the LAST CALL in 2021 for the Alpha Coaching Experience. Doors close 9/1/21 at midnight. So, if you are a physician who feels trapped in medicine, and you want to finally practice medicine on your terms... this is the last chance. Click here to learn more about ACE --> thephysicianphilosopher.com/alpha.
Reach out to Veena and her team at Vive Funds to find out how you can be a successful investor too by creating opportunities for you to build your portfolio. You can find them at doctorpodcastnetwork.com/vivefunds
Making sure you set yourself up for financial success is one of the reasons we bring you this podcast every week. So we have come up with the Financial Checklist for Doctors that will help you position yourself for success when it comes to your personal finances.
If you have been wondering if you are checking the right boxes and doing the "right" things with your money then this episode is for you. Join us today to find out which boxes you need to check as a doctor when it comes to your personal finances and learn which ones you can skip.
Don't forget to sign up for the FREE LIVE upcoming masterclass, “How Doctors Can Stop Feeling Trapped in Medicine: 3 Tools to Help Physicians Finally Practice Medicine on Their Terms”. If you are a physician who wants to learn how to find the personal and financial freedom to practice medicine on your terms, make sure to save your seat at thephysicianphilosopher.com/masterclass.
Odds are you have been pitched Whole Life Insurance and have no idea if it's a good idea or a bad idea. Since it is so common for a physician to get this pitch, we thought it would be good to discuss on the podcast so we could help you through what Whole Life Insurance even is, where the conflicts of interest are, the different life insurance options, and what to do if you have already purchased it and want out.
We know they don't teach this stuff in medical school, so listen today to find out exactly what the deal with Whole Life Insurance really is.
I wanted to invite you to sign up for a FREE LIVE masterclass called “How Doctors Can Stop Feeling Trapped in Medicine: 3 Tools to Help Physicians Finally Practice Medicine on Their Terms.” During this live masterclass, we will dive into what coaching is and how we help clients inside the Alpha Coaching Experience master their money and mindset so that they can practice medicine because they want to and not because they have to. www.thephysicianphilosopher.com/waitlist**
Have you ever considered a different way of practicing medicine? Whether you are burned out, need a change of pace, or are looking to supplement your income, locum tenens might be the solution for you. Not sure where to start? Locumstory.com is the place where you can get real, unbiased answers to your questions. They answer basic questions like, “What is locum tenens?”, to more complex questions about pay ranges, taxes, various specialties, and how locum tenens can work for you. Go to locumstory.com OR doctorpodcastnetwork.com/locumstory and get the answers.
We don't want you getting free steak dinners, but making horrible decisions for your long-term investments. There is a lot of misinformation out there for physicians when it comes to personal finances. We don't want you to make the mistakes that most physicians do simply because you didn't know any better.
So today on the podcast we are going to talk all about the mistakes that many doctors make, and how there is always a way out (you didn't think we would leave you helpless, did you?).
And if you are ready to experience freedom from medicine so you can practice because you want to and not because you financially have to, then make sure to join the waitlist for the Alpha Coaching Experience. ***www.thephysicianphilosopher.com/waitlist
This episode is sponsored by Physician Coaching Alliance. Reach Dr. Weisman at www.doctorpodcastnetwork.com/PhysicianCoachingAlliance***
The personal finance space is full of rules. Things you should be doing with your money and things you should stop doing with your money. Certain numbers you should be aiming for at specific points in your life. But do you really need to follow every single money rule out there when it comes to personal finance? That is the question we are addressing today on Money Meets Medicine. Which personal finance rules and numbers are most important and which ones might not matter at all.
This week's sponsor is Advice Media. You can find them at www.doctorpodcastnetwork.com/advicemedia
People often think about money as the end goal. The reason they work, save, and make decisions in life revolve around this idea that they are striving to meet a money goal. But today we are going to flip the script on this mindset around money. Instead of thinking of money as the goal, we are going to look at money as a tool. In today's episode, we are going to dig into why we argue that investing money in non-traditional ways (aka spending it) is an important part of your money mindset.
This week's sponsor is CareCloud. Reach them at www.doctorpodcastnetwork.com/carecloud
Everyone in the personal finance space loves to tell you how you should save money. That's great, but what about spending it?
That is exactly what we want to dive into today on the show. Ways to spend money that make sense we have talked about before include spending to get your time back, vacations, and spending on others (gifts, holidays). But today we want to encourage you to spend lavishly on your on things you love. Yes, as money gurus we are going to talk to you about spending lavishly (and smartly of course). So let's go.
One last thing before we go, remember Advice Media? Don’t forget to check them out if you’re looking to improve your website or need strategic insight on what your current online presence is doing (or not doing) for you. Contact Advice Media at www.doctorpodcastnetwork.com/advicemedia
You might think that the only person that influences your financial success in the short term and the long term is you. The truth is you can have little to do with how successful you are in planning out your finances and investing. This is because there are certain people in your life that influence what decisions you make and how. These people ultimately determine your success.
Today, find out who the exact five people in your life are that might be supporting or derailing your success and what to do about it. And find out if you are in someone else's top five.
One last thing before we go, remember Advice Media? Don’t forget to check them out if you’re looking to improve your website or need strategic insight on what your current online presence is doing (or not doing) for you. Contact Advice Media at www.doctorpodcastnetwork.com/advicemedia
Life is complicated. Sometimes it might seem like people think you don't invest because you are living in the now, but we know that is not usually the case. Instead, you are trying to make real-life, tough decisions like should you save for your kids' college or your own retirement? What if you need to help out your aging parents? How do you still make the best financial decisions for now and your future?
In today's episode of Money Meets Medicine, we talk about a few different scenarios that life may present you when it comes to your finances and how to best position yourself if you ever have to make a choice.
Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at https://www.doctormefirst.com
We recently shared our top financial rules for success and our listeners wanted more. Specifically, our listeners that are current residents wanted to understand exactly what they should be doing and taking care of before graduating from training. So that is exactly what we wanted to share.
In today's episode, we will explain why you don't have to wait to get your finances in order, what you should be taking care of while in training, and how working on these important foundational items will set you up for early financial success as a practicing physician.
Have you ever considered a different way of practicing medicine? Whether you are burned out, need a change of pace, or are looking to supplement your income, locum tenens might be the solution for you. Not sure where to start? Locumstory.com is the place where you can get real, unbiased answers to your questions. They answer basic questions like, “What is locum tenens?”, to more complex questions about pay ranges, taxes, various specialties, and how locum tenens can work for you. Go to locumstory.com OR doctorpodcastnetwork.com/locumstory and get the answers.
There are so many different investment strategies when it comes to how to reach financial independence. One of those strategies we talk about often are the different types of Target Date Funds. But, you might be thinking how do you know if you should use Target Date Funds?
Today we will get into the details of the good, the bad, and the ugly when it comes to using Target Date Funds so you can determine whether this is a strategy that fits your needs or not. Let's jump in a figure out how to best utilize Target Date Funds in your investment plan.
Don’t forget to visit www.locumstory.com or doctorpodcastnetwork.com/locumstory to get real, unbiased answers to all your locum tenens questions.
You are becoming a financial guru. You have put in the work to understand your finances and all of the options you have available to you, congratulations! But there is one thing you can't seem to figure out - how to get your spouse interested in financial strategies.
Together you discuss the future and what your money will be able to do for you, but your spouse just doesn't care about the details. In today's episode learn simple strategies you can use to help your spouse get on the same financial planning page as you, and how to create a step-by-step plan for your spouse if something were to happen to you.
Before we get into the show, here’s a quick message from MR Insurance – a small business that helps physicians with their disability insurance needs. Michael L. Relvas, is a CFP professional and insurance agent committed to helping physicians nationwide with their term life and disability insurance needs. He provides an objective, transparent and education-focused process that aims to help physicians make prudent decisions and avoid over-complicating things. He exclusively offers Own-Occupation disability insurance policies for residents, fellows, and attending physicians. We know he’d be happy to help you with whatever your needs are. You can find Michael at www.doctorpodcastnetwork.com/mrinsurance or contact him at 800-817-4522.
Money isn't everything, but money is a tool that allows you to live life however you want. However, too many people think that getting to financial independence means you have to chase it while you're young. In today's episode, you might be surprised to hear why we don't recommend this and what you should be doing (and when) to reach financial independence... while enjoying your life.
It’s not a secret that doctors have a hard time creating a professional looking digital presence. Having a dynamic website, ranking in Google, or growing your volume of patient reviews are not easy tasks. We’re too busy to figure it out on our own! Advice Media has been around for over 20 years and works with physicians to create a more brandable online image. Attract more patients, generate more calls and emails, enhance brand awareness, protect your online reputation, and more by contacting Advice Media today. Three in five will choose one provider over another because of a strong online presence. If that’s the case, what is your online presence saying about you? Don’t delay getting an experienced team to help improve your digital presence, go to www.doctorpodcastnetwork.com/advicemedia That’s www.doctorpodcastnetwork.com/advicemedia
What if the only thing holding you back from financial freedom was your mindset? When it comes to your money mindset there are two main schools of thought - the Scarcity Mentality and the Abundance Mentality. There are some dangerous, limiting money mindsets that can come from a place of scarcity. What could happen if you traded these thoughts out for ones of abundance instead? Start practicing medicine because you want to and not because you have to. Learn exactly how in the upcoming free masterclass, The 3 Pillars to Physician Freedom Masterclass. Sign up for the free masterclass at
thephysicianphilosopher.com/ThreePillars.
Panacea Financial provides banking for doctors, because it was founded by doctors. They have nationwide loan, checking and savings options designed specifically for doctors and doctors-in-training. Their specialized suite of financial products give medical students, residents, and practicing physicians greater freedom to forge their futures... and at affordable rates! By reducing financial barriers and burdens, Panacea Financial ensures that all doctors have increased capacity to serve their patients and the population at large. Do you need a good home for your banking needs? Go to panaceafinancial.com to get started! Panacea Financial is a division of Primis, Member FDIC
Doctors are talking more and more about side gig income outside of their typical W-2. This income can be great on your path toward financial freedom, or it can be fraught with mistakes.
So, why would a busy doctor pursue income outside of medicine when they can just work extra shifts?
Find out why on today's episode where we dig into the benefits of side gig income, what to do with it, and what to look out for. Join us.
Don't miss the upcoming free masterclass, The 3 Pillars to Physician Freedom. You will learn how you can practice because you want to and not because you have to. Sign up for the free masterclass at www.thephysicianphilosopher.com/ThreePillars
You want to work with an insurance agent that is well versed in the underwriting of both disability and life insurance policies for physicians? Then contact Larry Keller at www.doctorpodcastnetwork.com/larrykeller
Let's face it, there will never be another Warren Buffett ever again. But there are certain things you can do to start building your wealth like Warren. The sooner you can start taking action on this advice will better your long-term financial wealth! Do you need a bank that specializes in giving medical students, residents, and practicing physicians great financial freedom? Then go to panaceafinancial.com to get started. Panacea Financial is a division of Primis, Member FDIC.
Money is a tool that helps us live the life we want, or keep us trapped in a lifestyle that we can't afford. One of the easiest ways to fall into this lifestyle trap is by thinking in terms of monthly payments. Ryan and Jimmy are here to remind you that if you think you can afford something through monthly payments, then you really can't afford it. If you need an objective, transparent, and education-focused process to figure out your disability insurance needs, then you need to talk with Michael Relvas. To get in touch with Michael head to www.doctorpodcastnetwork.com/mrinsurance
No one knows when a market crash is going to happen. It could be as soon as you listen to this podcast episode, or it could be 10 years down the road. This causes people to panic at the slightest sign of a downturn. That's why Ryan and Jimmy are here to make sure you feel prepared to weather any financial crisis.
Do you want to achieve the financial freedom you need to practice medicine however you want? Join Jimmy for a live FREE 2-day bootcamp. No sales pitch. Just tons of value.
Click here--> www.thephysicianphilosopher.com/bootcamp
Dr. Errin Weisman is passionate about creating sustainable careers for women and fundamentally changing the toxic culture of healthcare one woman at a time. Check out her podcast Doctor Me First at https://www.doctormefirst.com
Most doctors switch employers within 2-5 years of starting their first job because of burnout, need to be closer to family, or having to work with Jimmy. Considering these changes happen so frequently in the medical field, Ryan and Jimmy want to make sure that if you are considering switching employers, that you avoid these financial mistakes you can make during the transition. Do you want to work with an insurance agent that is well versed in the underwriting of both disability and life insurance policies for physicians? Then contact Larry Keller at www.doctorpodcastnetwork.com/larrykeller
When you finally reach the promised land of being debt-free, the big question you probably have is: What's next? Ryan and Jimmy want to make sure that after you've paid off your debt you have the right mindset and know what to do. Even if you are currently paying down debt, this episode will help you figure out your plan so you can be prepared for when that wonderful debt-free day comes. Do you need quick and simple access to cash and are looking for physician-preferred rates? Then be sure to reach out to Doc2Doc Lending at www.doctorpodcastnetwork.com/doc2doc
You may call it woo-woo stuff, but both Ryan and Jimmy are huge proponents of life planning when figuring out your financial plans. Savings and Finances are never just about the 1's and 0's, it's about figuring out what makes you happy and what's important in your life helps you get a clearer picture of how to save. Plus you know it's something you should be doing if Ryan and Jimmy both agree it's super important.
The team at Contract Diagnostics is here to help you better understand your contracts and find ways to make them work for you. Reach out today and get the help you need. http://doctorpodcastnetwork.com/contractdiagnostics
Everyone is allowed to get excited about buying a house. It's a huge achievement! However, Ryan and Jimmy want to make sure you avoid the dream house fallacy, by spending more on a house that you're likely to move out of in a couple of years. It's more important how you spend your time in the house, not what is in the house. Do you need help making a prudent decision about your disability insurance without overcomplicating things? Then reach out to Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance
Ryan and Jimmy discuss important questions you need to consider before jumping into your non-clinical side business. Pursuing non-clinical income is not for every medical professional. Some people are happy with their jobs and lifestyles, and others know that they are not cut out for working as an entrepreneur, and that's okay! Have you been flirting with the idea of branching out into a physician side gig? Then today's show is for you! Do you want to get the most comprehensive coverage from your insurance? Then contact Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance
Ryan and Jimmy go back and forth on the pro's and con's of paying off debt vs investing during a time when interest rates are at historic lows. Like everything in personal finance, your situation may vary, but Ryan talks about how it might even make sense to take out debt because rates are so cheap.
Do you need help understanding and maximizing your contract benefits? Then check out Contract Diagnostics at www.doctorpodcastnetwork.com/contractdiagnostics.
This episode is going to make you mad that you didn’t realize this was the one thing you could be doing to make a ton of money. While we talk about FOMO being a bad influence on people’s decision making, maybe this piece of advice will be the exception? As a reminder, all praise for this technique can be sent to ryan@moneymeetsmedicine.com and all hate mail can be sent to jimmy@moneymeetsmedicine.com
Do you want to work with an insurance agent that is well versed in the underwriting of both disability and life insurance policies for physicians? Then contact Larry Keller at www.doctorpodcastnetwork.com/larrykeller
Last week Jimmy shared his 5 rules for healthy financial habits. Not wanting to be out done, Ryan is up this week sharing his top 10 rules for healthy financial habits. And you better believe that Jimmy is taking every chance to heckle Ryan while he can. Are you tired of dealing with headaches like finding and retaining quality billing staff? Get in contact today with MedEvolve today at www.doctorpodcastnetwork.com/medevolve.
Jimmy takes the stage this week to share some of his personal finance rules that he thinks everyone should follow. Don't feel bad for Ryan though, he gets to heckle from the peanut gallery at everything he disagrees with until he shares his rules next week!
Do you need help reviewing your employment contract before you sign? Reach out to Resolve at www.doctorpodcastnetwork.com/resolve to get your review process started today.
Last week, Jimmy shared one of his biggest financial mistakes. Now. it's only fair that Ryan shares his this week! Though Ryan isn’t a doctor himself (only married to one!), many of his mistakes can relate back to common mistakes doctors make all the time! If you want to avoid making your finances a raging dumpster fire, then you probably will like this episode.
Do you need an insurance agent that has your best interest at heart? Then get in touch with Michael Relvas at www.doctorpodcastnetwork.com/mrinsurance.
As much as they don’t like to admit it, Ryan and Jimmy have made some huge financial mistakes. Jimmy will share the financial mistake he made while in med school that he hopes can be a lesson for everyone listening. Learn from Jimmy’s misstep to understand disability insurance and why you need to do your research!
If you are looking to reduce your burnout, improve your satisfaction in life, and create a life you love and deserve, learn more about Jimmy's Alpha Coaching Program by going to www.doctorpodcastnetwork.com/alpha
It’s hard to resist the sexy, trendy financial investment that everyone wants to get into these days: Real Estate. However, just because it’s popular, doesn’t mean you should go out and buy the first property you see. Explore the highs and lows of real estate investing with Ryan and Jimmy.
As a Doctor, you don’t specialize in the intricacies of contracts. If you need a specialist to help you understand and maximize your contract benefits, check out www.doctorpodcastnetwork.com/contractdiagnostics and speak to Jon Appino at Contract Diagnostics.
From crowdsourcing personal finance feedback on social media, to the talking heads on TV giving out "hot stock tips", Ryan and Jimmy caution you to not fall into thinking strangers advice is good advice. There is a reason we keep adding disclaimers to our show: personal finance is personal. Make sure that when you listen to advice online you keep this in mind. Are you tired of spending your evenings catching up on notes and messages instead of using them to connect & recharge? Go to www.doctorpodcastnetwork.com/ontimemd to purchase Phil Boucher's 6-week course "On Time MD" and use Promo Code 2021 to save 15% at checkout.
Have you heard the news on what’s happening with GameStop, AMC, and Tesla? Tune in to hear all about how Ryan might have lost $30K on the craziness going on RIGHT NOW! Jimmy and Ryan tear into all the latest details on how the hedge funds might have really messed up this time.
Fight physician burnout while learning how to build a non-clinical income through a physician-based side gig with the Alpha Coaching Experience led by Jimmy Turner. Learn more by joining the waitlist at www.thephysicianphilosopher.com/waitlist
When it comes to retirement, we all have a tendency to focus on the accumulation of wealth, not on how to make it last. Ryan and Jimmy explore ways to save for retirement AND maintain your standard of living. Finding your safe withdrawal rate can help you save and adjust for a more cushy nest-egg.
If you need a smarter and more effective way to monitor staff productivity, let MedEvolve help reduce your cost to collect and get paid on time. Find them at www.doctorpodcastnetwork.com/medevolve
People love talking about the "home runs" they make with their investments. Jimmy and Ryan are here to pull back the curtains on these risky, speculative investments! Instead, you should be focusing on the less "sexy" but safer bets to grow your wealth steadily.
Do you want to fully understand your worth and maximize your full potential with your employers? Then let Resolve help you review your employment contract at www.doctorpodcastnetwork.com/resolve and empower your career today.
Do you dread the idea of being a landlord but still want to get into real estate investing? Then this show is for you! Ryan and Jimmy go into how you can have the best of both worlds with passive real estate investing in the second of this 2 part series on how to create your real estate empire.
Before we go, just a reminder to reach out to John McCarthy and the team at Physician Tax Advisors before you set out to handle your taxes this year. Taxes are complicated enough so leave it to the professionals. Go to www.financialresidency.com/cpa to get help today.
Interested in learning more about real estate investing and how you could use it to achieve financial independence? Jimmy and Ryan tackle how to start building your real estate empire both actively and passively in this 2 part series. Learn about diversifying your clinical income, tax benefits and more!
Looking for a financial advisor that will help you treat your finances with the same care you treat your patients? Reach out to Ryan, Kayse and the team at Physician Wealth Services by going to www.financialresidency.com/pws
Ryan and Jimmy grinch out a little on financial resolutions, but hey if it gets you motivated, they are here to give you a few ideas for financial resolutions to springboard you into a financially savvy new year!
Principal Financial is getting rid of their unisex discount at the end of 2020, so women physicians are looking at an increase in their rates. Pattern Insurance can help! Request your free quote today and save up to 50% here: www.physicianphilosopher.com/patterninsurance.
Ryan and Jimmy go back and forth on their ideas of how to raise financially savvy kiddos. Get some great tips and tricks from these financially fit dads!
Be confident that you have the right policy at the best price possible with Pattern Disability Insurance! Get your quote today www.physicianphilosopher.com/patterninsurance
Are you ready to get that backdoor Roth contribution in before the end of the year? Starting high level with what is a backdoor Roth all the way to the nitty gritty, Ryan and I are going to go through what the whole process is all about!
Principal Financial is getting rid of their unisex discount at the end of 2020, so women physicians are looking at an increase in their rates. Pattern Insurance can help! Request your free quote today and save up to 50% here: www.physicianphilosopher.com/patterninsurance.
We all make mistakes at some point or another, it’s a part of life. However, there are ways to prevent financial mistakes from happening by knowing what to watch out for! In today’s episode we are going to cover the biggest mistakes people make financially and how to correct them.
Be confident that you have the right policy at the best price possible with Pattern Disability Insurance! Get your quote today www.physicianphilosopher.com/patterninsurance
We are in the middle of a pandemic and with many doctors working on the front-lines, it brings up the really important question... Do you have your financial house in order? We are going to cover why you need an estate plan (and no its not just for the wealthy) to help you be prepared for whatever may come your way.
Be confident that you have the right policy at the best price possible with Pattern Disability Insurance! Get your quote today www.physicianphilosopher.com/patterninsurance
Ever feel like your insurance agent doesn't have your best interest at heart when selling you products? Ryan and I are going to give you the non-conflicted version of the Term vs Whole Life debate. We will cover the upsides and downsides to both types of policies.
Have you heard about the Financial Residency medical student scholarship? 10 students in good standing will be getting $5K each from an anonymous foundation that is giving away $50K! Apply here: www.financialresidency.com/scholarship
Have you heard of a HSA? Confused as to what they are and how to use them? Well then, keep listening as Jimmy and I get into the ins and outs of Health Savings Accounts: what they are, what they do and what they are not (spoiler alert these are NOT the same thing as a FSA)!
We are looking for 10 lucky medical students to win a $5000 scholarship from an anonymous foundation giving away $50k to 10 amazing individuals! Head over to www.financialresidency.com/scholarship to learn more!
We talk all the time about achieving financial freedom but have you caught on to the steps for doing that from this show? If you’ve got entrepreneurial bones and you want to achieve a life of your dreams, I’m here to tell you that you absolutely freaking can. Both
Ryan and I dig in deep on how to build a business that might not be medically related at all.
Keeping up with the blog? Go to www.thephysicianphilosopher.com for more fun shows with the flip flop guy and me.
Delayed gratification, saving vs. spending, spending over saving… all of that happens to impact how you become rich. Or does it? Tune in as Ryan and I discuss why curbing your spending on these “big 5” will help or hurt your chances of becoming a bagillionaire.
Take control of your financial future, find The Physician Philosopher online: www.thephysicianphilosopher.com
With Halloween around the corner, let’s think about the scary side of money, shall we? We’ve all made them… bad money decisions. But, “how bad does it get” is the question of the moment. In this episode, Ryan and I talk about the experiences he’s seen his clients go through, debt and all.
The Alpha Coaching Experience is going on sale. Right Now. And it closes on 11/2 at midnight. Sign up here: www.financialresidency.com/tppwebinar
General investment philosophies, anticipated contributions, distribution breakdown… what the heck? If you’re an investor, or in this case, a potential investor ‘cause Ryan and I break down the fundamentals, an INVESTMENT Policy Statement is super important to do correctly. However, not many are building it the right way. Figure out what you could potentially do wrong in this fun, educational-in-nature episode.
The Alpha Group Coaching Experience is going on sale on 10/24 but as part of the launch, I am offering a FREE Group Coaching Call. All you have to do is join the waitlist here: http://www.financialresidency.com/tpp
We all have wins. Whether you celebrate them or not [like Jimmy’s bad golf swing] it’s worth acknowledging you’ve reached certain milestones. This show is all about celebrations. Ryan and I share 10 of our personal stories that have helped us reach higher levels of financial success.
Join the my Alpha Coaching Experience to reduce your burnout and find the balance you deserve: https://www.financialresidency.com/tpp
We get it. Unless you’re a psychology or philosophy major, behavioral finance isn’t going to be a sexy topic for you. But the truth is, understanding how you behave with your money is the only thing standing in your way from having a strong, successful relationship with it. Ryan and I talk about this and why educating yo’self makes you da real MVP.
Buy our books:
Ryan’s - www.financialresidency.com/book
Jimmy’s - www.thephysicianphilosopher.com/book
Finally realizing your financial literacy woes? Reading the finance books, blogs and listening to the right podcasts?
It feels good to get on the right track for a while, but at some point, you start scrutinizing every dollar you spend.
Have you entered the “live like a resident” echo chamber? Let us show you the way out.
Have you ever heard that if you invest in a 401K or 403B that you can’t touch that money without a penalty until age 59.5?
Did you also know that’s not true? Stick around to hear about the tips and tricks to avoid getting penalized by the 59.5 rule.
Trump signed an executive order on August 8 continuing the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education until December 31, 2020. How does this affect the way you manage your student loans? Stick around to find out.
Practice Medicine Because You Want To...Not Because You Have To… Use link to access Medical Degree to Financially Free: https://financialresidency.com/MDFree
How do you bring up the topic of finances with friends and colleagues in a non-threatening way? I've had limited success in getting them to engage in the conversation or take further action on their finances. I realize that the drive to change your own financial habits (or any habit) has to come from the individual. What tips do you have to get this type of conversation going?
Need an awesome resource to help you finally find the home of your dreams? Neil Surgenor with TD Bank, NA, wants to help! Email him at neil.surgenor@td.com to get in touc
Get your biggest bang for your buck during tax time? It happens and can happen for you. See what Ryan and I say to help you give while also getting back.
It seems like everyone is looking to buy a home right now. If that's you, give Neil Surgenor with TD Bank, NA, a shout. He's working on your time. Find him at www.financialresidency.com/tdbank
Remember those cheat sheets you’d use to summarize all of the facts before your medical school tests? Or maybe you were a flip card or Anki kind of person? Well, that’s what this show is all about. Tag along as we discuss 10 things doctors must do for financial success.
Need disability insurance? We mentioned Larry in the show. Find Larry Keller of Physician Financial Services at thephysicianphilosopher.com/pfs
Addressing the pros and cons of real estate vs. stock investing, Ryan and I help you navigate which of the two might make the most sense in the general sense. Since Ryan comes from a line of a real estate moguls, you don't want to miss his insight.
This episode is brought to you by Ryan's fee-only financial planning firm, Physician Wealth Services. Need a community to rally around you as you build your own unique financial plan join his Financial Fellowship paid membership community? Learn more on his FREE webinar tonight/tomorrow. Sign up here: www.financialresidency.com/webinar
Should I invest or pay off my debt? It is one of the most common questions any personal finance blogger or pod caster gets.
Does the answer change if the market goes into a recession? That’s what we discuss in this episode. Stick around to find out.
This episode's sponsor is Larry Keller with Physician Financial Services. Need an expert to help you decide on insurance? Larry's your guy. Check him out at thephysicianphilosopher.com/pfs
Disability insurance comes with different riders to enhance the contract. Ryan and I address what those riders do for you and also touch on some contract features that may not be riders but do vary from company to company. Check out the show to see what you need to keep in mind as you compare policies.
Need disability insurance? Michael Relvas at MR Insurance Consultants is ready to get you started. Find him at http://thephysicianphilosopher.com/mrinsurance
Do you have trouble choosing between spending for today and saving for tomorrow? You’re not the only one. This episode will help you find the balance.
Looking for disability insurance? Give Michael Relvas with MR Insurance Consultants a call. He'll be happy to help lead the way to the right policy for you! https://thephysicianphilosopher.com/mrinsurance
Corrections in the stock market are healthy. Given that a correction happens once every 1.5 years… it is probably worth talking about what we should do about it when it happens.
Does your insurance need a course correction? Reach out to someone we trust to help you protect your hard earned income. Find Michael at https://thephysicianphilosopher.com/mrinsurance
Many physicians have the option to invest in 457 plans. However, these are some of the most curious (and potentially dangerous) investment plans that exist. If you don’t know what you are doing, there is a good chance you make a bad decision.
Love Money Meets Medicine? Tell the wooorld! Nominate the show for a Plutus Award here: www.thephysicianphilosopher.com/nominate
Need a fee only fiduciary in your corner to help you make better financial choices? Ryan's firm, Physician Wealth Services, can help. Find them at www.physicianwealthservices.com
It’s no secret that doctors aren’t the best with their finances. I’d even argue that they’re the smartest people on the planet, but when it comes to their finances, it’s almost comical how much we don’t know. Ryan and I discuss how much you should consider paying for help to build your financial plan, particularly those in the fee only financial planning space.
Need a little help with managing your finances better than you have been? Let Ryan and his team at Physician Wealth Services help you get it together with your financial plan. Reach them at thephysicianphilosopher.com/inman
You may have noticed that there is a great debate in the personal finance world... Index Fund Investing versus passive income. Which one is best? Stick around to find out.
Need a home loan? Let us help you find the right person to help! We know, like, and trust Doug Crouse. Connect with him here: www.dougcrouse.com (816)728-3631 and
doug.crouse@bmo.com
It's not an untold secret that spouses and partners are often on divisive ends of their finances. Ryan and I take a few min to talk through how to strengthen that bond so you both can get on the same financial page.
Get on the right track with your finances in and out of residency. Join my course (which ends 6/10!) to learn how to better manage your money: www.financialresidency.com/mdfree
Ryan and I could tell physicians all day long how important it is to have an emergency fund. But seems like our recent experience of COVID-19 has already demonstrated the real life impact of not having one. Will you get caught without an emergency fund? Let's hope not!
Medical Degree to Financially Free is an online course built to teach doctors how to create cash flow, invest efficiently, and obtain financial freedom. Join the course: www.financialresidency.com/mdfree
If you want to reach financial freedom, quicker, better, smarter, then join Jimmy's course, Medical Degree to Financially Free. It's a 5-week curriculum (not too drab) created for doctors who want support in becoming financially free.
Get looped in here: https://financialresidency.com/MDFree
The key differences in pre-tax or Roth accounts for doctors aren't what you would normally hear. Ryan and I talk about what's important for you to know.
Need an expert in physician home loans? Doug Crouse is one of our go to guys. Find him at http://www.financialresidency.com/dc
During medical school, I've seen our colleagues too often identify with being a doctor as their entire persona. So, when things get rough, stressful, or doesn't go as planned, they tend to find themselves in a crisis. It's important to see the parts of ourselves independently from medicine... I think that starts first starts with a ***HELL YES!*** policy. Ryan and I talk about it more. Doug Crouse is a trusted mortgage lender that has helped hundreds of physicians qualify for their first home. Give him a shout if you're looking for an expert to help you on your home buying journey: www.financialresidency.com/dc
Have you ever thought about buying a home? If you don’t know the difference between a physician home loan, conventional loan, PMI, or what any of this mortgage jargon means and why it matters… listen to this.
Purchasing a home is one of the largest financial decisions your family makes. That’s why we have someone like Doug Crouse in our corner to help our audience navigate through the physician home loan process. See what he can do for you: www.financialresidency.com/dc
If you haven’t guessed… today’s show is about bonds. Well, kind of. It is really about whether you need bonds in your portfolio and we also discuss other surrogates you might consider using in your portfolio instead of bonds.
Kaplan Financial is the place to go for objective and experienced financial advice, discounted rates on individual disability insurance, and a long-term commitment of superior service. Check them out to see how they can help you: https://thephysicianphilosopher.com/kaplan
There’s a ton of financial advice floating on the interweb, but some of the big-time gurus, like Dave Ramsey, don’t usually tailor their advice to physicians. While Ryan hates on Dave, we both address how to pay down debt the right way.
Also, are you still searching for the right partner for disability insurance? Give Kaplan Financial a call. [They’ll hook you up.]
https://thephysicianphilosopher.com/kaplan
If the economy were to turn sour is your income protected? How about if you have a diagnosed disability? What do you do to ensure that you still get paid when it’s time to put yourself and your family first?
The point of this show is to make sure you don’t make the same mistakes I made in training. Some of my [now] best practices are in this 10-step listicle Ryan and I work through in this episode.
Need an extra hand in getting your disability insurance squared away? We recommend Kaplan Financial. Get your quote from them today: https://thephysicianphilosopher.com/kaplan
Get eaten by a bear? If it ain’t by Ryan (mr. sour patch), you most likely want to pass. With the market fluctuation as it has for the last couple of months, the bull market is officially over. Enter the bear. The bear brings about a ton of questions by investors, so let’s check out what’s trending.
Kaplan Financial is the place to go for objective advice on disability insurance. They’re the pros we trust and you might too. Check them out here: https://thephysicianphilosopher.com/kaplan
A penny, penny pincher might not be you, but you might have a budget or be thinking of one. While there are different ways to do the dirty “b,” some people just don’t like it. That’s OK. Ryan and I are on opposite ends of the spectrum on this topic. Who do you side with?
In Jimmy’s rap voice: Kaplan Financial is a sponsor of this show. If disability insurance is what you need but the details you don’t know, don’t settle for less, don’t settle for so, so… Kaplan Financial has got your back and so much mo’. https://thephysicianphilosopher.com/kaplan
Pay off debt or invest is usually a really popular question when it comes to finance talk. When you have cheap debt, how do you handle that? Do you invest and not pay down debt? Ryan and I talk about the chicken and the egg when it comes to investing waterfalls.
“He-yooo, let’s save some money-ooo.” Grab your $500 bonus when you refinance your student debt with Earnest--a student loan refinance company and also a sponsor of the show. Save some $$, earn some money… sounds like a good deal. Here are the deets: earnest.com/moneymeetsmedicine
Should you pay for your kids’ college? Assuming that your ride to college was paid for with scholarships, this may or may not be a question you encounter as your kids are growing up. If you didn’t have a full ride, the same still applies. So, when you peel back the onion a bit on your own debt from personal loans or your own student debt, paying for your kids college might fall a little further down the totem pole. Ryan and I chat on it.
Oh hey… while on the topic, Earnest is a student loan refinancing company that can get you low rates. And if you sign-up with them now, you’ll get a $500 bonus! Find out more here: earnest.com/moneymeetsmedicine
Student loans are crazy difficult to understand for a lot of docs. So, falling into any one of three categories for student loan management is expected. Do you belong to the good, the bad, or the ugly camp? Find out.
Cha-ching! Receive a $500 bonus when you refinance your student loans with Earnest--this week’s sponsor of Money Meets Medicine! Go here: http://earnest.com/moneymeetsmedicine
Excited to bring this topic to you so early in our podcast journey because we see financial mistakes ALL THE TIME working with (or in my case teaching) hundreds of physicians. You aren't a financial expert and never went through this during training. It's why this podcast exists. Ryan and I talk on some of the common financial mistakes he's seen while in our lives or someone else's.
You've seen it everywhere you read online and heard it almost everywhere you listen... there's an ad with some call to action leading you to buy or transaction money for a service. But whyyy?
Podcasts and blogs aren't free. Not by a long-shot! So Ryan and I discuss some of the popular ways they make money to continue bringing you free content across media (including us).
No marriage is perfect and if you have been married longer than the honeymoon phase, you know this. Money issues are also responsible for 22% of all divorces, that's a staggering and honestly really scary number. Let us help you not be part of that statistic.
Most doctors have a target painted on their backs by the financial industry. You are low-lying fruit when it comes to financial debauchery. Keep listening to learn about the common ways doctors get duped by the financial industry…
We are all human, we all make mistakes, yes even financial planners… It’s ok to make mistakes if you realize how you made them and then learn from it so it doesn't happen again. Once you have made the mistake though, how do you recover from it? Let's go find out.
Your ideal life is a personal path paved by the only person designated to walk it... you. But do you even know what your ideal life looks like? In this show, Ryan and I address questions like the ones found in one of George Kinder's financial planning programs to help guide your first steps.
Is there something that you really want to buy, but you are worried about spending the money and having consumer regret? Come find out how you can spend lavishly on what you love... guilt-free.
So you think you need a financial advisor- eh?
Or maybe you’re on the fence?
If you’re in either one of those situations, the unknowns might be killin’ ya. From the type of advisor you need to how advisors should add value, Ryan and I chat up the details.
Ryan and I are diving into how to batch your personal finances so that you get the biggest bang for your buck while limiting the amount of time you need to put into it.
Financial planning shouldn’t be something you dread doing or something that takes you so much time, you can’t enjoy life.
I love today's show because of its practical tips for how to maximize your time.
Welcome to the Money Meets Medicine Podcast where we teach you about the personal finance topics you wish you had learned in medical school.
Subscribe to the show and tune in every Weds for financial insight on both ends of medicine and financial planning.