Money Meets Medicine

In this kickoff episode of a multi-part series on physician contracts, Dr. Jimmy Turner and attorney Michael Johnson break down why understanding contract terms is crucial for physicians. They introduce the “contract trinity”—work obligations, compensation, and exit strategy—and discuss employer motivations, legal considerations, and common pitfalls like non-competes and clawbacks. Real-world examples highlight the risks of “standard” contracts and the importance of negotiation. The episode emphasizes that contract literacy is essential for career and financial well-being, setting the stage for deeper dives into contract topics in future episodes.Looking to create a financial plan specific for physicians? Join Medical Degree Financial University: https://moneymeetsmedicine.com/mdfuGet $100 off a physician contract review with Michael Johnson Legal by booking a time through moneymeetsmedicine.com/negotiateEvery 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  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dr. Krystal Sodaitis is a physician and executive coach specializing in neurodivergent physicians, and she's also the host of a luxury cruising podcast. In this engaging talk, she explores the unique financial challenges faced by neurodivergent professionals, such as impulsivity in money decisions. Krystal then transitions to the world of luxury cruising, sharing insights on how to choose the right cruise, the benefits of travel agents, and what makes luxury experiences stand apart. Her practical tips for travelers are a highlight!

In this episode of "Money Meets Medicine," Dr. Jimmy Turner shares his journey transitioning from nearly 20 years at Wake Forest to a private practice role at Iredell Memorial Hospital. He and host Justin Harvey discuss the professional, financial, and personal factors behind the move, including healthcare consolidation, contract negotiation, and work-life balance. Dr. Turner reflects on identity, adapting to new clinical environments, and the importance of maintaining professional relationships. The episode offers practical advice for physicians considering career changes, emphasizing thoughtful decision-making, self-advocacy, and aligning work with personal values. 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 Certified Financial Planner specializing in physician finances, joins Dr. Jimmy Turner to tackle essential year-end financial checklists. They explore strategies for maximizing retirement contributions and managing tax withholdings, especially during job transitions. Listeners learn about tax loss harvesting, optimizing investment portfolios, and the benefits of donor-advised funds for charitable giving. The duo emphasizes the importance of reviewing insurance and estate planning, ensuring medical professionals finish the year on strong financial footing.

In a riveting discussion, forensic retirement consultant Paul Sippil unpacks the hidden fees that can drain retirement savings. Known for his expertise with Form 5500, he sheds light on the differences in fee structures between small and large plans. Paul emphasizes the importance of employers paying plan fees for tax benefits and participant savings. He also explores the conflicts of interest arising from various advisor compensation models and shares actionable tips for reducing costs. This is a must-listen for anyone invested in their financial future!

Celebrate financial milestones as Jimmy reflects on his 8-year journey post-training. Discover his strategies for paying off $200K in student loans and reaching a net worth of over $2M. Learn about the intriguing concept of tax loss harvesting, especially with Bitcoin, and how it can yield significant savings. Jimmy also shares vital lessons on avoiding lifestyle inflation and the importance of compounding interest. Plus, insights on building trusted disability insurance for physicians. Tune in for valuable financial wisdom!

NASCAR star Kyle Busch's lawsuit against Pacific Life reveals serious pitfalls in index universal life (IUL) insurance. The hosts dissect the family's claims of over $10 million in lost premiums and the dangers of trusting complex financial products. They highlight how misleading sales tactics can ensnare high-income professionals like physicians. With insights on red flags, due diligence, and avoiding affinity fraud, this discussion serves as a crucial guide for anyone navigating the murky waters of finance.

In this episode of the Money Meets Medicine podcast hosted by Justin Harvey and Dr. Jimmy Turner, the discussion centers on recent developments in physician finance, particularly around real estate syndication deals and capital calls. Dr. Turner delves into the financial pitfalls and lessons from particular real estate investments targeted at physicians. They discuss the concept of 'affinity fraud,' where trusted social or professional bonds are exploited for financial gain, and dissect why such investments are often riskier than they appear. The conversation also touches on the importance of understanding compensation models and incentives when receiving financial advice, the necessity of due diligence, and the role of being an accredited investor. Looking for own-occupation disability insurance? Get a quote from a company you can trust at https://moneymeetsmedicine.com/disabilityDownload 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.

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.