Money Meets Medicine

Justin Harvey, CFP at APM Wealth, advises physicians on financial planning and housing choices. He compares buying versus renting timelines, explains how city differences shift the math, and warns against income-multiple rules. Short, practical guidance on affordability, mortgage cash-flow limits, and when renting as a trainee can be smarter.

Jess Borquez, creator of Points by J and credit card rewards expert, explains how to squeeze maximum travel value from points. She discusses transferring points for better value, auditing and downgrading cards instead of canceling, booking strategies like 11 months out and a refundable-plan B fare, and tools that simplify finding high-value redemptions.

They discuss how running the numbers can let physicians work less and still hit financial goals. New research on safe withdrawal rates and what that means for retirement targets gets unpacked. The conversation covers realistic future expenses, conservative planning tradeoffs, and practical ways to stay flexible with work and spending.

Michael Johnson, a physician contract attorney and spouse of a physician, helps decode compensation and negotiation pitfalls. They cover why base salary can mislead. They explain RVUs, pay models, payer and patient mix, and how practice setting and geography shape real pay. They also highlight tricky contract clauses and the need to request compensation documents.

They debate whether trading time for money is a broken equation for physicians. The hosts unpack why doctors hoard cash and delay living. They explore frameworks from Your Money or Your Life, Psychology of Money, and Die With Zero. A major career-change case study shows choosing autonomy over pay. They outline three stages of a physician’s financial life and how identity and lifestyle lock-in keep people stuck.

They probe why chasing FIRE can backfire for physicians and erode purpose. They cover how extreme frugality harms relationships and identity. They stress protecting income with own‑occupation disability insurance. They explore talking about money with loved ones and planning meaningful post‑work roles instead of just quitting.

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/listEvery 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Michael Johnson, a physician contract attorney who helps doctors negotiate employment and ownership deals. He outlines three career tracks: academic roles, paths to private practice ownership, and perpetual employment. Short takes cover partnership timing, buy-in risks, due diligence on practice finances, and negotiation priorities for contracts and ownership.

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/MDFUGet the financial freedom Calculator: https://moneymeetsmedicine.com/FIREEvery doctor needs own-occupation disability insurance.  To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disabilityWant a free copy of The Physician Philosopher’s Guide to Personal Finance?  Visit 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.

Justin Harvey, a CFP who advises physicians on financial planning, offers practical, experience-based advice for doctors buying homes after training. He compares move-in-ready versus fixer-upper choices. He discusses renovation ROI, neighborhood comps, timing searches, cashflow planning over five to ten years, and options to finance renovations.