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Dr. Jimmy Turner hosts a solo Money Meets Medicine mailbag addressing timely physician finance questions, emphasizing that trainees should secure disability insurance before finishing training because guaranteed standard issue (GSI) policies are only available during training and many doctors need them. He explains 2026 federal student-loan changes under OBBBA, advising residents planning aggressive payoff to avoid refinancing in training, exit the defunct SAVE plan, and consider the Repayment Assistance Plan (RAP) for its interest subsidy and flexibility. He warns fourth-year med students pursuing PSLF not to consolidate loans to skip the grace period, because a post–July 1, 2026 consolidation can eliminate IBR eligibility and lead to much higher payments versus IBR’s cap.  Get $100 off a student loan consult with Student Loan Planner: https://moneymeetsmedicine.com/loans Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Snag your copy here: 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.

On the Money Meets Medicine podcast, host Dr. Jimmy Turner and co-host Justin Harvey CFP discuss Jimmy's surprise $36,000 2025 tax bill after household income rose into the $500,000–$1,000,000 range, phasing out tax breaks like the child tax credit and qualified business deduction, and raising his effective rate from ~25% to 31%.  They review contributors, such as using Roth 401(k)/403(b) contributions (increasing taxable income) and taking the standard deduction after front-loading charitable deductions via a donor-advised fund in 2024. They explain safe harbor concepts, note new tax changes from the “One Big Beautiful Bill Act” (including SALT cap rising to $40,000 but phasing back to $10,000 as income approaches ~$600,000), and emphasize year-ahead planning to manage AGI. And they even discuss one of the most over-hyped opportunities pitched at physicians that you should consider avoiding. Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability  Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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 the Money Meets Medicine podcast, Jimmy discusses how his daughter Grace just earned $120 from her first real babysitting gig — and it sparked a deep dive into the best ways to invest money for your kids. In this episode, Jimmy and Justin break down the major investment accounts available for children, including 529 plans, UGMA/UTMA accounts, custodial Roth IRAs, and the brand-new Trump accounts (plus who actually qualifies for the $1,000 seed money and the $250 Dell-funded option).  They also share what's actually worked in their own families to teach kids about money — from the three-jar system to Apple Pay allowances to the parent match strategy. Whether your kids aren't born yet or are already earning their own income, you'll walk away with a game plan for building financial literacy and long-term wealth for your family. Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability  Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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 physician contract attorney Michael Johnson break down the personal finance side of physician compensation. From negative accrual contracts that treat your salary like a loan, to sign-on bonus clawback traps that can lock you into a bad job for years, they cover the financial landmines most doctors never see coming. You'll learn why some doctors end up owing money back to their employer, how a collections-based pay model left one physician with a six-figure IRS bill, and the sneaky ways sign-on bonuses can limit your career flexibility. Michael also walks through retirement matching pitfalls (and how a change in 401k contributions can quietly cut your compensation by $15,000+), the hidden cost of maternity leave when bonus structures aren't prorated, and why so many physicians in production models stop taking vacations entirely. Plus, practical strategies for negotiating reduced FTEs, flexible schedules, and better clawback terms — whether you're finishing training or considering a job change. Topics covered: negative accrual contracts, physician sign-on bonus clawbacks, 401k/403b employer matching, maternity leave compensation, physician contract negotiation, reduced FTE scheduling, collections-based pay, estimated taxes for 1099 physicians, and disability insurance for residents. Episode Links and Resources Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability Want to get a $100 discount to work with Michael Johnson Legal (a physician contract legal team)? Use this link --> https://moneymeetsmedicien.com/negotiate Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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, Jimmy and Justin break down the real numbers behind the buy vs. rent decision at every stage of the physician journey — from fourth-year med students who just matched, to residents weighing whether homeownership makes sense during a 3-4 year program, to new attendings figuring out how much house they can actually afford. They cover Zillow's break-even data (hint: it takes about 4-5 years on average for buying to beat renting), why that number swings wildly by city (Cleveland is ~2 years, San Francisco is 15), the dangers of the "2-3x gross income" rule of thumb in a 6%+ rate environment, and why keeping your mortgage under a third of take-home pay is a better guardrail. Plus: why renting your first year as an attending might be the smartest financial move you make, the risks of physician home loans with no money down, and what self-employed doctors need to know before applying for a mortgage. Whether you just matched, you're finishing residency, or you're eyeing a job change, this episode gives you the framework to make a housing decision that doesn't wreck your path to financial independence. Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability    Resources:Zillow White Paper: Buy Versus Rent Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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.

Dr. Jimmy Turner sits down with Jess Bohorquez, creator of Points by J and wife of an OB-GYN physician, to talk about how medical families can use credit card points to travel more without spending more. Jess left a corporate tech career to build a business helping people maximize credit card rewards, and she's grown her Instagram following to over 200,000 in the process. In this episode, Jimmy and Jess cover why transferring points out of your credit card's travel portal gets you dramatically more value, how to audit your existing cards to make sure you're actually using the perks you're paying for, and why opening multiple credit cards doesn't destroy your credit score (as long as you're responsible). Jess also shares how she and her husband redeemed 209,000 points for a $13,000 stay at Miraval Arizona, and how they enjoyed over $35,000 in free travel to Hawaii and Japan in a single year. They also discuss the current credit card landscape, including record-high signup bonuses, recent Hyatt point devaluations, and why now is a particularly important time to stay plugged into your points strategy. P.S. Are you a physician? Then you need disability insurance. Get a quote from a company you can trust built by doctors, for doctors: https://moneymeetsmedicine.com/disability  Key topics: choosing a general travel card vs. co-branded cards, the credit card audit spreadsheet method, downgrading vs. canceling cards, booking 11 months out for peak travel dates, the "Plan B refundable fare" hack, and free point search tools like PointsYeah.com, Roame.travel, and MaxMyPoint.com. Links mentioned: Points by J on Instagram: @pointsbyj Website: pointsbyj.com Email: [email protected] Free point search tools: PointsYeah.com, Roame.travel, MaxMyPoint.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if you're saving more than you need to — and burning out in the process? In this episode, Jimmy shares how sitting down and doing the math changed his entire career trajectory, going from 1.3 FTE and antidepressants to part-time at 40 with a $2.1M net worth. Jimmy and Justin break down new research from Bill Bengen on safe withdrawal rates (spoiler: it may be higher than 4%), how to figure out what you actually need to retire, and why your future expenses are probably lower than you think. Plus, Justin shares the advisor's perspective on conservative assumptions, spending flexibility, and the risk of becoming a miser. Whether you're a DIY investor or working with an advisor, this episode will help you figure out your real number — and what to do once you know it. Download the financial freedom calculator: https://moneymeetsmedicine.com/FIRE Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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 physician contract attorney Michael Johnson break down physician compensation models, exploring the complexities beyond base salary and signing bonuses. They discuss work RVUs, volume expectations, bonus structures, and the impact of practice setting, geography, and payer mix on total compensation. The hosts share real-world examples, highlight common pitfalls in contract negotiations, and stress the importance of understanding data sources like MGMA. They also emphasize the critical need for disability insurance during training, offering practical advice for early-career physicians evaluating job offers. Get $100 off a physician contract review with Michael Johnson Legal: https://moneymeetsmedicine.com/negotiate Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability  Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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.

Should physicians trade their time for money — or is that equation fundamentally broken? In this episode, we unpack why so many doctors save too much for too long, sacrificing their best years to build a nest egg they struggle to spend. Drawing from Vicki Robin's Your Money or Your Life, Morgan Housel's Psychology of Money, and Bill Perkins' Die With Zero, we explore a healthier framework for thinking about time, money, and financial independence as a physician. Jimmy also shares a major personal update — after nearly twenty years at Wake Forest, he's making a career change that trades income for autonomy. No more nights, weekends, or holidays, but it comes at a real financial cost. It's the perfect case study for everything we discuss in this episode. We break down the three stages of a doctor's financial life — from residency where you have neither time nor money, to mid-career where you finally have income but no time, to financial independence where you get both back. The problem? Most physicians get stuck in the middle stage far longer than they need to because of identity inertia, golden handcuffs, lifestyle lock-in, and the fear of earning less. If you've ever wondered whether you should work less, take the pay cut, or keep grinding toward a number — this one's for you. Don't forget to: Check out Medical Degree Financial University at moneymeetsmedicine.com/MDFU Grab a free copy of The Physician Philosopher's Guide to Personal Finance at moneymeetsmedicine.com/freebook or  Get an own-occupation disability insurance quote from a source you can trust at 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," hosts Justin Harvey and Dr. Jimmy Turner explore the FIRE (Financial Independence Retire Early) movement’s relevance for physicians. They discuss the psychological and practical challenges of pursuing FIRE, such as the importance of purpose beyond early retirement, the impact of extreme frugality on relationships, and the need to align financial goals with personal values. The hosts also highlight the critical role of disability insurance and stress viewing money as a tool for creating a meaningful, balanced life, rather than simply an escape from work. Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability  Take one of our free personal finance classes at Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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 the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss how physicians, despite their intelligence, can make grave financial mistakes. They explore the importance of early disability insurance acquisition, share personal anecdotes of financial blunders, and emphasize the necessity of modesty and continuous learning in personal finance. The hosts highlight biases such as complexity bias, authority bias, and myopic loss aversion, which frequently lead to poor investing decisions. They advocate for the importance of having a written investment plan and understanding personal finance basics to avoid blindly trusting financial advisors. The episode concludes with a discussion on the value of intellectual humility and vulnerability in making sound financial decisions. Want to see if your program has a GSI? Visit https://moneymeetsmedicine.com/list 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/freebook Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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/MDFU Get the financial freedom Calculator: https://moneymeetsmedicine.com/FIRE 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/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 explore the financial and emotional complexities of home buying for physicians after training. They discuss the trade-offs between purchasing move-in-ready homes versus fixer-uppers, managing renovation costs, and understanding return on investment. The hosts emphasize the importance of aligning home-buying decisions with personal values, long-term financial planning, and cash flow realities. They share practical strategies for financing renovations and highlight that homeownership is as much about emotional well-being and lifestyle fit as it is about financial calculations. Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability  Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: 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 CFP tackle the often awkward money conversations that arise during family gatherings, especially around the holidays. They share personal stories and professional advice on discussing topics like inheritance, financial support for aging parents, and estate planning. The hosts emphasize the importance of honest communication, setting boundaries, and involving financial advisors when needed. Listeners are encouraged to start these conversations early to prevent misunderstandings, protect relationships, and ensure smoother financial planning within families. Looking to learn about the personal finance topics every doctor needs to know about? Check out one of our classes inside of Medical Degree Financial University: https://moneymeetsmedicine.com/mdfu  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?  Get your free copy here--> 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.