Money Meets Medicine

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.  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  

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 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  

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. 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    

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 Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Visit https://moneymeetsmedicine.com  

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. 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  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/

Should you pay off your mortgage if your interest rate is <4%? What if it is more than 7%? In this classic debate between math and the psychological benefit of paying off debt, there is now a twist given the interest rate environment of 2024. 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 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