Money Meets Medicine
169 episodes - English - Latest episode: 5 days ago - ★★★★★ - 197 ratingsOn 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
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Episodes
Is it wrong for doctors to retire early?
April 12, 2023 05:00 - 40 minutes - 37.4 MBWhen 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 t...
The Most Important Financial Task for Doctors
April 05, 2023 05:00 - 34 minutes - 26.8 MBPhysician 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 ...
Should You Save for Your Kid’s College Education?
March 29, 2023 05:00 - 36 minutes - 24.6 MBWhat 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 you...
Should You Die with Zero?
March 22, 2023 05:00 - 26 minutes - 24 MBWe’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 e...
Show Me the Money (in the Financial Industry)
March 15, 2023 05:00 - 35 minutes - 28.4 MBThe 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 o...
Charitable Giving for Physicians
March 08, 2023 06:00 - 25 minutes - 18.8 MBDoes 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...
Making the Most of Your Paycheck
March 01, 2023 06:00 - 36 minutes - 33.4 MBYou’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...
7 Ways to Avoid Early Retirement Tax
February 22, 2023 06:00 - 35 minutes - 30.1 MBAdvocates 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...
How Doctors Can Get the Best Financial Advice
February 15, 2023 06:00 - 37 minutes - 29.3 MBIf 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 ...
Academics versus Private Practice in Medicine
February 08, 2023 06:00 - 31 minutes - 26.3 MBLooking 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
Teaching Doctors About Money
February 01, 2023 06:00 - 32 minutes - 26.4 MBBecause 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 ...
The Benefits of a Roth IRA for Doctors
January 25, 2023 06:00 - 27 minutes - 23.3 MBEveryone 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 c...
How Doctors Can Reduce Taxes
January 18, 2023 06:00 - 23 minutes - 20.1 MBYou 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? Chec...
How much money should doctors save?
January 11, 2023 06:00 - 29 minutes - 25.4 MBOne 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 ...
Personal Finance Resolutions for the New Year
January 04, 2023 06:00 - 21 minutes - 18.2 MBDoc, 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 yo...
Money Mistakes Doctors Make
December 28, 2022 06:00 - 31 minutes - 26.1 MBLet’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 theph...
Student Loan Changes (Everything Doctors Need to Know)
December 12, 2022 06:00 - 30 minutes - 26.5 MBWith 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. Othe...
Should I use my HSA or FSA?
November 30, 2022 06:00 - 35 minutes - 28.9 MBAs 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...
5 things about retirement accounts every doctor should know
November 16, 2022 06:00 - 32 minutes - 28.6 MB“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 t...
The Opportunity Cost of Emergency Funds for Doctors
June 01, 2022 08:00 - 34 minutes - 23.4 MBThe 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. ...
The Opportunity Cost of Emergency Funds for Doctors
June 01, 2022 08:00The 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. ...
Bonds, I Bonds. Is it Worth the Hype?
May 18, 2022 08:00 - 30 minutes - 22.7 MBUnless 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 ...
Hard Decisions on MMM
October 06, 2021 08:00 - 32 minutes - 21.8 MBHave 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 exp...
Personal Finance Masochism & Physician Self-Compassion
September 29, 2021 08:00 - 30 minutes - 20.1 MBHave 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, a...
Do Doctors Really Need Emergency Funds?
September 22, 2021 08:00 - 27 minutes - 18.5 MBPhysician 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 cha...
What Chess and Personal Finance Have in Common
September 15, 2021 08:00 - 21 minutes - 16.6 MBOur 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 toda...
Solo 401Ks and Saving Taxes on 1099 Income
September 08, 2021 08:00 - 39 minutes - 30.2 MBAs 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 somewher...
Part 2: Must-Do Financial Checklists for Doctors
September 01, 2021 08:00 - 39 minutes - 30 MBLast 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 ...
Must-Do Financial Checklists for Doctors
August 25, 2021 08:00 - 26 minutes - 17.7 MBMaking 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 ...
WTD with Whole Life Insurance for Physicians
August 18, 2021 08:00 - 38 minutes - 30.3 MBOdds 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 fi...
Free Steak Dinners & Physician Financial Mistakes
August 11, 2021 08:00 - 30 minutes - 25.2 MBWe 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?). ...
The Most Important Numbers in Physician Finance
August 04, 2021 08:00 - 28 minutes - 22.6 MBThe 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...
You Are Worth the Investment
July 28, 2021 08:00 - 21 minutes - 18 MBPeople 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. ...
Why Doctors Should Spend Money
July 21, 2021 08:00 - 30 minutes - 24.3 MBEveryone 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 lavi...
These 5 People Determine A Physician's Financial Success
July 14, 2021 08:00 - 23 minutes - 19.4 MBYou 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 ...
Should Physicians Save for Retirement or Help Their Family?
July 07, 2021 08:00 - 29 minutes - 22.5 MBLife 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 ...
The Top Financial Rules for Residents and Fellows
June 30, 2021 08:00 - 41 minutes - 34.6 MBWe 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...
Should You Use Target Date Funds?
June 23, 2021 08:00 - 22 minutes - 16 MBThere 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 ...
WTD When Your Spouse Isn't Interested in Money
June 16, 2021 08:00 - 31 minutes - 22.5 MBYou 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...
How Financial Independence Retire Early Can Burn You
June 09, 2021 08:00 - 32 minutes - 24.4 MBMoney 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...
Dangerous Money Thoughts
June 02, 2021 08:00 - 34 minutes - 26.5 MBWhat 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 fre...
What to do With Physician Side Gig Income
May 26, 2021 08:00 - 32 minutes - 26.5 MBDoctors 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 Ph...
This is What Made Warren Buffet Rich
May 19, 2021 08:00 - 30 minutes - 22.3 MBLet'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.
The Dangers of the Monthly Payment Mindset
May 12, 2021 08:00 - 39 minutes - 29.2 MBMoney 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 ...
This is When the Market is Going to Crash
May 05, 2021 08:00 - 50 minutes - 36.5 MBNo 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. Cli...
Mistakes Doctors Make When Switching Jobs
April 28, 2021 08:00 - 36 minutes - 27.4 MBMost 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 l...
What To Do When the Debt Is Gone
April 21, 2021 08:00 - 40 minutes - 30.4 MBWhen 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 ...
Live Your Ideal Life Without The Financial Kick in the Pants
April 14, 2021 08:00 - 46 minutes - 38.6 MBYou 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...
Why There Is No Such Thing as a Dream Home
April 07, 2021 08:00 - 40 minutes - 32.7 MBEveryone 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.doctorpodcastn...
Get to Financial Independence Sooner with a Physician Side Gig
March 31, 2021 08:00 - 41 minutes - 35.7 MBRyan 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 covera...