Money Meets Medicine

What if your emergency fund is actually too big? In this week’s episode, Dr. Jimmy Turner and Justin Harvey tackle that question — plus a few more from listeners in another grab-bag style show that blends practical advice with behavioral finance insights. Specifically they tackle:When to Drop Life & Disability Insurance:How to decide if you’re truly financially independent enough to cancel term life or long-term disability — and why many physicians pull the trigger too early.Lease or Buy That New Car?:With income jumps and lifestyle creep in mind, they unpack whether to lease a luxury SUV or buy something mid-range, how financing fits into a high-income household, and why automating your financial goals should come before upgrading your ride.The “Too Big” Emergency Fund Debate:How much cash should high earners keep on hand — and why disagreements over emergency funds often trace back to money stories and emotional experiences around security and scarcity.From peace-of-mind trade-offs to spousal financial dynamics, this episode dives deep into the intersection of math, mindset, and marriage.👉 Resources Mentioned:Free Book: The Physician Philosopher’s Guide to Personal Finance — moneymeetsmedicine.com/freebookDisability Quotes: 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.

What if your emergency fund is actually too big? In this week’s episode, Dr. Jimmy Turner and Justin Harvey tackle that question — plus a few more from listeners in another grab-bag style show that blends practical advice with behavioral finance insights. Specifically they tackle:When to Drop Life & Disability Insurance:How to decide if you’re truly financially independent enough to cancel term life or long-term disability — and why many physicians pull the trigger too early.Lease or Buy That New Car?:With income jumps and lifestyle creep in mind, they unpack whether to lease a luxury SUV or buy something mid-range, how financing fits into a high-income household, and why automating your financial goals should come before upgrading your ride.The “Too Big” Emergency Fund Debate:How much cash should high earners keep on hand — and why disagreements over emergency funds often trace back to money stories and emotional experiences around security and scarcity.From peace-of-mind trade-offs to spousal financial dynamics, this episode dives deep into the intersection of math, mindset, and marriage.👉 Resources Mentioned:Free Book: The Physician Philosopher’s Guide to Personal Finance — moneymeetsmedicine.com/freebookDisability Quotes: 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.

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.

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

This discussion tackles the financial impact of the 'one big beautiful bill' on physicians, focusing on changes to student loans and tax deductions. It introduces innovative approaches to funding education, such as investing for newborns. The hosts also explore strategies for navigating new tax landscapes tailored to high-income earners and medical professionals in training. Personal anecdotes about travel add a relatable touch, while the influence of AI on medical careers sparks intriguing possibilities. Financial literacy remains a central theme throughout.

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