Money Meets Medicine

Dr. Jimmy Turner and Michael Johnson, a physician contract attorney, break down the main types of physician employment: classic academic roles, future business ownership in private practice, and perpetual employment. They discuss the financial and professional implications of each, emphasizing the importance of contract negotiation, student loan strategies (especially PSLF), and understanding practice ownership agreements. Real-life examples highlight risks, benefits, and ethical considerations, equipping physicians with practical advice to align employment choices with their financial goals, values, and desired work-life balance. The episode stresses the need for careful planning and ongoing financial education for medical professionals. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this "Money Meets Medicine" episode, hosts Justin Harvey and Dr. Jimmy Turner discuss the most impactful financial strategies for physicians, drawing on Jimmy’s decade of experience post-training. They highlight the importance of saving 30% of gross income early, leveraging compound interest, and prioritizing high-yield actions like mortgage refinancing. The hosts debunk common myths, such as the overemphasis on backdoor Roth IRAs and real estate investing, and advocate for intentional, personalized financial planning. They also explore creating non-clinical income streams, empowering physicians to achieve financial independence and greater work-life balance.Take one of the personal finance classes you wish you had in medical school through Medical Degree Financial University: https://moneymeetsmedicine.com/MDFUGet the financial freedom Calculator: https://moneymeetsmedicine.com/FIREEvery 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/freebook 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 CFP who advises physicians on financial planning, offers practical, experience-based advice for doctors buying homes after training. He compares move-in-ready versus fixer-upper choices. He discusses renovation ROI, neighborhood comps, timing searches, cashflow planning over five to ten years, and options to finance renovations.

Justin Harvey, a Certified Financial Planner, joins to explore the often awkward world of family money conversations. He shares insights on discussing inheritance expectations and caring for aging parents, highlighting how misunderstandings can complicate relationships. Justin emphasizes the importance of clear communication and setting financial boundaries. The duo advises involving financial professionals for smoother planning and protecting family dynamics, encouraging listeners to tackle these discussions early to foster stronger ties.

Michael Johnson, a physician contract attorney with extensive experience guiding doctors in negotiations, joins Dr. Jimmy Turner to demystify the crucial aspects of physician contracts. They discuss the essential 'contract trinity' of work obligations, compensation, and exit strategy. Michael highlights the pitfalls of standardized contracts, such as non-competes and clawbacks, emphasizing that contract literacy is vital for career longevity and financial health. Tune in for insights on advocating for better terms and understanding your worth!

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!