Money Meets Medicine

The discussion dives into the financial nuances of being a 1099 independent contractor versus a W-2 employee for physicians. Tax implications and employer benefits take center stage, with insights on how specialty and location impact malpractice costs. The hosts break down the added complexity of self-employment, including bookkeeping and tax responsibilities. A practical rule emerges: 1099 offers should typically be 20–30% higher than W-2 salaries to balance out the benefits. Personality preferences on work style also play a key role in the decision-making process.

The Fed just cut interest rates — but does that mean YOU should refinance your mortgage or student loans? In this episode, Jimmy and Justin break down how rate cuts actually impact real life borrowing costs, what the media gets wrong about “market reactions,” and when refinancing actually makes financial sense. We walk through what break-even math looks like, why refinancing federal student loans can be a massive mistake for doctors, and how to think about future rate cuts that may be coming.Looking for disability insurance but not sure how to get a quote you can trust? Get a quote from Money Meets Medicine Disability Insurance 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, hosts Dr. Jimmy Turner and Justin Harvey discuss how financial burdens impact medical professionals' personal lives, academic performance, and career decisions. They explore various studies that demonstrate these effects, covering topics such as increased stress levels, delayed life decisions like marriage and children, negative impacts on academic performance, and challenges faced when managing student loan debt. Additionally, they delve into the ethical concerns related to financial incentives in medical practice. The episode also emphasizes the importance of financial literacy for medical residents and offers practical solutions for incorporating financial education into residency programs, drawing on Justin's experience in delivering such talks.Every doctor needs disability insurance. To get a quote from a company you can trust visit https://moneymeetsmediine.com/disability 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 podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the importance of understanding non-compete clauses in physician contracts and strategies for negotiating favorable terms. They answer listener questions covering investment options outside of traditional index funds, including local investments, real estate, and lending to peers. The conversation also touches upon the allocation of inherited funds to maximize growth and tax efficiency while honoring the legacy of the gift. Additionally, they emphasize the significance of liquidity and the benefits of having an emergency fund to handle irrational institutional decisions. The episode stresses empowering physicians to leverage their positional advantages effectively.Looking for disability insurance from a source you can trust? Get a quote from https://moneymeetsmedicine.com/disability   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ever wondered if your emergency fund is too hefty? Explore the fascinating debate on the optimal size for high earners, reflecting personal money stories and emotional ties to security. Delve into the tricky decision of when to drop life and disability insurance, and learn the pros and cons of each. The hosts also tackle whether to lease or buy your next car, considering financing options amidst lifestyle changes. Join in for valuable insights that blend emotional intelligence with solid financial strategies.

Can an emergency fund be too big? Discover practical insights on when to reconsider life and disability insurance. Understand the trade-offs between leasing a luxury car or buying mid-range. The hosts dive into how much cash high earners should keep on hand, debating between 3–6 months versus 12 months. They also explore the impact of personal money stories and spousal dynamics on financial decisions. Tune in for a blend of math, mindset, and valuable financial strategies!

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

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