Money Meets Medicine

In an episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss optimizing retirement plans, specifically addressing the complexities and benefits of 457 plans. The conversation emphasizes the need to distinguish between governmental and non-governmental 457 plans, analyzing their risks and benefits. Governmental 457 plans offer flexibility and can be rolled over into an IRA or another retirement account, while non-governmental 457s present more risks and limitations, such as forced distributions and potential employer insolvency.  The hosts discuss the circumstances under which a taxable brokerage account might be a better alternative due to its flexibility and potential for tax efficiency. They also highlight the importance of understanding one’s long-term employment plans and financial goals when making these decisions. The episode includes listener questions and emphasizes the significance of disability insurance and comprehensive financial planning. 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   

In this engaging discussion, Dr. Gita Pensa, an adjunct associate professor at Brown University and a seasoned expert in malpractice litigation, shares her profound insights from over a decade entangled in a lawsuit. She tackles the emotional and financial toll of medical litigation while offering strategies for coping with psychological stress. Dr. Pensa emphasizes the importance of understanding malpractice policies, ethical issues surrounding medical expert witnesses, and introduces her LEAP course aimed at empowering physicians navigating the complexities of the legal system.

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the benefits and drawbacks of target date funds for beginner investors, particularly residents and early-career physicians.  The conversation also touches on the pitfalls of high expense ratios in 401(k) options and the importance of diversification in investments. They advocate for simplicity in investing, stress the relevance of understanding expense ratios, and highlight the potential need for financial advisors as financial complexities increase. The episode aims to provide actionable insights and resources to help listeners improve their financial literacy and investment strategies. 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   

In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner and financial advisor Justin Harvey delve into a range of personal finance issues pertinent to medical professionals. They start with an analogy to marriage and quickly move into a discussion about balancing work and personal life, emphasizing the challenges and benefits of considering part-time work. Both hosts share personal anecdotes and professional insights on how doctors can manage their finances and work commitments more sustainably.  They also tackle the contentious subject of spousal spending habits and offer advice on aligning financial goals within a family. The episode underscores the importance of discussing values and planning concrete steps for achieving financial and personal satisfaction, all while considering unique occupational pressures faced by healthcare professionals. 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     

In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner discuss key personal finance topics relevant to physicians. The conversation covers experiences with long-distance travel for sports events, the pros and cons of alternative investments, and the financial consequences of changing jobs within the medical field.  They underscore the risks involved with certain investment pitches, particularly in real estate and niche markets. The episode concludes with an update on the latest student loan changes under the new administration, including the implications of the SAVE plan's general forbearance and future repayment expectations. They emphasize financial prudence and preparation in both investment decisions and professional transitions. 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   

In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner explore the topic of Bitcoin and its potential role in personal finance. Jimmy, having invested in Bitcoin himself, discusses his extensive research into cryptocurrency, including reading 'The Bitcoin Standard.' Both hosts emphasize the philosophical and conceptual aspects of Bitcoin, its deflationary nature, and its potential as a global currency.  They caution listeners about the volatility and speculative nature of Bitcoin and other cryptocurrencies, advocating for a small, strategic investment approach if considered. Throughout the unscripted conversation, they explore the implications of Bitcoin adoption, the philosophical contrast to traditional fiat currencies, and the importance of understanding one's investment rationale and risk tolerance. 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      

Tyler Olson, a financial advisor with two decades of experience helping physicians, joins the discussion to tackle the unique financial hurdles doctors face. He sheds light on critical financial mistakes, like poor debt management during training, and stresses the need for comprehensive financial education. The conversation covers the complexities of student loan repayment and the roles of enrolled agents versus accountants in tax planning. Olson emphasizes the importance of accountability and proactive financial management for better overall well-being.

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey explore the complexities of buying land as an investment. After discussing their personal holiday experiences, they dive into a listener's question about purchasing land for personal use and enjoyment versus financial gain.  They highlight the importance of understanding the purpose of the land purchase and differentiate between buying land for family recreation and speculative investment. The discussion also touches on zoning laws, financing options, and risks associated with land investment. Additionally, they address the emotional value of creating family memories through land ownership, even if it involves financial stretching. Are you a physician? Then you need disability insurance. Get it from a source you can actually trust by visiting https://moneymeetsmedicine.com/disability Not sure where to start on your financial education journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook 

In this discussion, Gretchen Green, a radiologist and expert witness educator who reached the North Pole in 2022, shares her insights on launching an expert witness business. She discusses the significance of expert witnesses in medical malpractice cases and offers practical advice on fee structures and time management. Gretchen also emphasizes overcoming emotional barriers related to pricing and highlights her Expert Witness Startup School, designed to help physicians successfully transition into this lucrative side gig.

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey CFP discuss the complexities of loaning money to friends and family. Reflecting on their personal experiences, they emphasize the importance of defining relationships and setting clear boundaries. They discuss the emotional and financial impacts of giving or loaning money, the value of written agreements, and the need for accountability. The conversation also highlights the importance of trust, generosity, and aligning financial decisions with personal values.  Wanting to get started on your personal finance educational journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook Looking to secure your disability insurance from a source you can actually trust? Visit https://moneymeetsmedicine.com/disability