Money Meets Medicine

BOM: Money, Music, and Minimalism with Dr. Steven Bradley Nov 20, 2024

Dr. Steven Bradley shares his diverse journey on the 'Money Meets Medicine' podcast, discussing his background as a Navy brat and his path through medical school at Howard University. He speaks about his love for music and decision to transition from being a music major to medicine after working in construction and being inspired by a pre-med friend.

Dr. Bradley highlights his experiences in the Navy, his critical care aspirations, and his decision to pursue an ethics fellowship alongside his medical career. He delves into his minimalist lifestyle, emphasizing his passion for music and art, and how he prioritizes them over other pursuits like sports. He also discusses the distinct cultural and ethical differences in medical practice between the U.S. and Europe.

Towards the end, Dr. Bradley touches on his mindfulness journey, his use of the handpan for relaxation, and his transition from focusing on medical content to music on Instagram and his new ambient channel.

Looking for a free personal finance book to get you started on your journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance at https://moneymeetsmedicine.com/freebook

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End of Year Financial Tasks Nov 13, 2024

In this Money Meets Medicine podcast episode, hosts Dr. Jimmy Turner and Justin Harvey discuss essential end-of-year financial tasks for physicians. They emphasize the importance of open enrollment decisions, review of HSA options, evaluating 401(k), 403(b), and 457 plans, and the significance of rebalancing investment portfolios. The episode also covers tax withholdings, charitable giving through donor-advised funds, and the unique financial considerations for business owners and retirees. The hosts also suggest intentional planning for future financial goals and the benefits of seeking professional financial advice.

Looking for own-occupation disability insurance? Visit https://moneymeetsmedicine.com/disability

Want to increase your financial litearcy? Download a free copy of The Physician Philosopher's Guide to Personal finance at https://moneymeetsmedicine.com/freebook

BOM: Rick Ferri on Advisors and Asset Allocation Nov 06, 2024

In this episode of the Money Meets Medicine podcast, Dr. Jimmy Turner interviews Rick Ferri, a seasoned investment expert with over 35 years in the industry. They discuss the benefits of low-cost index funds, financial planning, and managing investment portfolios. Rick shares his experiences from his 'Alaska or Bust' RV trip and delves into his investment philosophy. The episode also covers asset allocation, international stocks, the structure of financial advisory models, and the importance of planning beyond just investments. Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com Every doctor needs disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability

Is Locum Tenens for Every Doctor? Oct 30, 2024

In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner delve into the growing popularity of locum tenens work among physicians. They discuss the advantages such as flexibility, better work-life balance, and strategies to navigate non-compete clauses. The episode highlights the financial and psychological aspects of transitioning from traditional employment to locum tenens, the importance of understanding W2 versus 1099 tax differences, and tips for negotiating with locum agencies. Through personal anecdotes, they reveal the high demand in certain specialties and emphasize the freedom and value physicians discover in locum tenens roles. If you want to learn more about locums visit https://moneymeetsmedicine.com/locums. Looking for disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability

BOM: Jason Mizell Academics to Private Practice Oct 25, 2024

In this compelling episode of the Money Meets Medicine podcast, Dr. Jimmy Turner engages Dr. Jason Mizell, a colorectal surgeon based in Little Rock, Arkansas, to delve into the intricacies of career transitions and contract negotiations in the medical field. Dr. Mizell details his professional journey from academia to private practice, emphasizing his faith's influence on his decisions and the critical elements he negotiated in his new contract. The discussion explores topics like non-compete clauses, salary negotiations, and the importance of seeking expert contract reviews, with practical insights from Dr. Mizell's experiences. Personal anecdotes highlight the emotional and professional challenges faced during such transitions, offering valuable advice for medical professionals contemplating similar changes. Looking for 10% off a contract review? Use code "10OFF" when you visit https://moneymeetsmedicine.com/resolve

If you need own-occupation disability insurance from a source that you know will actually do the right thing for you, visit https://moneymeetsmedicine.com/disability

How to Choose Your Asset Allocation Oct 23, 2024

In this podcast, hosts Dr. Jimmy Turner and Justin Harvey delve into pivotal personal finance topics tailored for physicians. They explore asset allocation, diversification, and the importance of balanced portfolios including U.S. and international equities as well as bonds. The discussion encompasses different investment strategies, risk management, financial literacy, and rebalancing techniques to maintain financial security and achieve independence. Emphasizing adaptive investment approaches and expert insights, the hosts provide valuable advice and resources to help physicians navigate their financial journeys effectively. Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com Every doctor needs disability insurance. To get it from a source you can trust, Visit https://moneymeetsmedicine.com/disability

BOM: Dr. Disha Spath and the B Word Oct 18, 2024

In this episode of 'Money Meets Medicine,' hosts Justin Harvey and Dr. Jimmy Turner dive into techniques for overcoming decision fatigue to enhance financial efficiency. They discuss the advantages of minimizing choices, embracing core financial principles, and adopting automated systems to streamline decision-making. Key topics include the benefits of low-cost index funds, the impact of behavioral finance, balancing financial choices with personal values, and the importance of a strong savings rate. The episode provides valuable insights for medical professionals aiming to optimize their financial strategies and reduce stress.

Every doctor needs 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

Mastering Financial Decision-Making Oct 16, 2024

Join hosts Justin Harvey and Dr. Jimmy Turner on this episode of the Money Meets Medicine podcast as they delve into strategies for achieving financial success through minimizing decision fatigue and maximizing efficiency. They discuss the impacts of decision fatigue, the benefits of automating financial tasks, and the concept of making one decision that simplifies future financial decisions. The episode covers the importance of maintaining a high savings rate, the benefits of investing in index funds, and the value of outsourcing tasks. They also explore the importance of understanding one's core values and principles in making financial decisions that align with personal goals. Don't miss this insightful discussion, plus tips on batching financial decisions and living intentionally while working towards financial independence. Every doctor needs 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

New York Times Article: https://www.nytimes.com/2024/07/29/business/retirement-savings-scams.html

BOM: Non Competes and Contracts With Kyle Claussen from Resolve Oct 11, 2024

In this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner discusses the proposed FTC non-compete ban and its implications for physicians with guest Kyle Clausen. Kyle, an expert in physician contracts and compensation, shares insights on how to navigate non-competes, negotiate contracts, and protect one's financial interests when seeking new employment. Topics include the recent legal rulings on the FTC's proposed non-compete ban, how to handle various contractual elements like tail coverage and intellectual property, and strategies for successful contract negotiation. Get 10% off a contract review by using code "10OFF" at https://moneymeetsmedicine.com/resolve

DownloadThe Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook

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How to Spot Financial Scams Oct 09, 2024

In this episode of the Money Meets Medicine podcast, hosts Justin Harvey and Dr. Jimmy Turner delve into financial fraud scams and how to protect yourself and loved ones. They share a listener's heart-wrenching story of falling victim to a scam that cost their parents millions in retirement savings. The episode covers various types of scams, including romance scams and gift card fraud, and emphasizes caution when dealing with high-risk investments. The hosts also discuss the importance of due diligence, especially for physicians who may be targeted due to their high incomes. Tune in to learn vital tips for safeguarding your finances and avoiding common pitfalls. 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

New York Times Article: https://www.nytimes.com/2024/07/29/business/retirement-savings-scams.html

BOM: Dr. Bill Bernstein's Investing Advice Oct 04, 2024

In this inaugural episode of 'Business of Medicine Fridays' on the Money Meets Medicine podcast, Dr. Jimmy Turner introduces this exciting new segment featuring guest interviews focused on money, mindset, and career longevity. In a compelling interview, Dr. Turner speaks with Dr. Bill Bernstein, a neurologist turned financial advisor, about financial mistakes doctors should avoid, the importance of understanding market history, and practical tips for successful investing. Listen in as Dr. Bernstein shares insights from his extensive research in modern portfolio theory and his perspective on the ethical considerations in the financial industry. Looking to get started with your financial litearcy? DownloadThe Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook

If You Can by Bill Bernstein: https://www.etf.com/docs/IfYouCan.pdf

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Saving For a Kid's College Education Oct 02, 2024

In this episode of the Money Meets Medicine Podcast, hosts Justin Harvey and Dr. Jimmy Turner examine the complexities and strategies of saving for children's college education. They argue that a 529 plan, while useful, is not the ultimate solution for funding education. The hosts share their personal experiences and offer alternative savings options, including prepaid tuition plans, scholarships, and Roth IRAs. They emphasize the importance of having philosophical and practical conversations about the purpose of higher education and how to incorporate family values into financial planning. Additionally, they discuss the importance of teaching children about money, giving them financial responsibilities, and considering non-traditional educational pathways. Save $100 on a student loan consult: https://moneymeetsmedicine.com/slp

Looking for a free-copy of the best-selling Physician Philosopher's Guide to Personal Finance? Download it here: https://moneymeetsmedicine.com/freebook

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Solo 401Ks, SEP IRAs, and 1099 Income Sep 25, 2024

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss the advantages and disadvantages of SEP IRAs and Solo 401ks for doctors earning 1099 income. They delve into the differences between W2 and 1099 income, tax considerations, and the impact on retirement planning. The discussion includes real-life anecdotes, such as navigating backdoor Roth IRAs, the complexities of plan compliance, and criteria for choosing between SEP IRAs and Solo 401ks. The episode stresses the importance of understanding the nuances to make informed financial decisions tailored to individual circumstances.

To download a free-copy of the best-selling Physician Philosopher's Guide to Personal Finance: https://moneymeetsmedicine.com/freebook

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Should I Use My HSA? Sep 18, 2024

Many people have a Health Savings Account (HSA) available to them. But should you use it? And, if you do, what are the best practices for utilizing the money inside an HSA. In this show, Dr. Jimmy Turner and Justin Harvey CFP discuss investing inside of an HSA, how to take the money out, and other items you should consider before using an HSA.

Want a free copy of my Dr. Turner''s best selling book 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

Dealing With Financial Stress and Anxiety Sep 11, 2024

Financial stress and anxiety is a reality of being human. Are there ways we can know when the stress is coming so that we can prevent (or treat) the financial anxiety that comes along with it? Tag along as Justin Harvey CFP and Dr. Jimmy Turner discuss a recent example of financial stress Jimmy has faced, financial planning, emergency funds, entrepreneurship, and more.

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

Why You Should Die With Zero Sep 04, 2024

People love talking about saving money to get to financial independence. Not enough people talk about the cost of saving a lot of money and the impact that has on your life. Are you saving too much? Are you living a life with no regrets? Listen in as Dr. Jimmy Turner and Justin Harvey CFP discuss the goal of dying with zero.

Want me to give a free virtual talk for your residency? Email me at jimmy@moneymeetsmedicine.com

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

Market Downturn Strategies Aug 28, 2024

A 10% correction will happen, on average, every 1.5 years. You will experience a true bear market of more than a 20% loss multiple times in your investing life. Knowing this, though, doesn't tell you what to do about it. In this episode Jimmy Turner, MD and Justin Harvey CFP discuss mindsets, strategies, and tactics for what you can do when the stock market takes a dive.

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

Cash Balance Plans: Good, Bad, or Ugly? Aug 21, 2024

Cash balance plans: Huge tax savings? Or a big pain in the backside? On this show, we discuss what cash balance plans are, what's good about them, what's bad. And, most importantly, who is the kind of person that would benefit from using a cash balance plan.

Check out the Money Meets Medicine YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine

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

Avoiding Capital Gains Taxes Aug 14, 2024

A taxable brokerage account is one of the most flexible ways to invest your money. And, if you play the game right, you can also reduce taxes in this account in such a way that it may become your favorite type of investing account. In this episode, we discuss short and long term capital gains, how to minimize capital gains taxes, how to potentially pay zero dollars in capital gains taxes in early retirement, and the importance of understanding how these accounts work.

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

Safe Harbor Rules: https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

Working After Financial Independence Aug 07, 2024

There are a lot of things to consider before you reach financial independence and retire. One of those items is what you'll do with your life, including if you'll work after financial independence. This is a problem often left unsolved until retirement, which can cause havoc if not dealt with sooner.

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

What if I am behind financially? Jul 31, 2024

What if you feel like you haven't saved enough? Are there options to help you catch up? In this show we discuss what to do if your savings aren't quite where they need to be to retire by the age you want, including catch-up contributions, earning money in retirement, social security, and more.

Every doctor needs own-occupation disability insurance. 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

Why You Shouldn't Live Like a Resident Jul 24, 2024

Doctors are often told in the financial space to "live like a resident." Yet somewhere between the YOLO-spend-it-all mentality and the idea of living like a resident as an attending physician is a better and more moderate view of personal finance. In this show, we discuss why it is difficulty for many doctors to spend money once they learn about personal finance and the two different times in the journey this can plague people.

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

The Top Financial Tasks for July Jul 17, 2024

July is a time of transition for many doctors. Whether you are a medical student becoming an intern or a fellow becoming an attending physician, there are some financial tasks that are top of mind this time of year. Tune in as we discuss everything from student loans and asset protection to estate plans and financial education.

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

How To Think About Money by Jonathan Clements: https://www.amazon.com/Think-About-Money-Jonathan-Clements/dp/1523770813/

Three Kinder Questions:

https://thephysicianphilosopher.com/guides/three-kinder-questions/

Should I Pay Off My Mortgage? Jul 10, 2024

Should you pay off your mortgage if your interest rate is

Is Direct Indexing Worth it? Jul 03, 2024

Have you heard of direct indexing (or separately managed accounts)? Is it a good way to invest, or is it just another hot trend? In this episode we discuss the benefits and pitfalls of using direct indexing as an investing strategy. We discuss specifically who it is for, who it is not, and when you might consider investing with a direct index strategy.

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

Pitfalls of Buying a Home Jun 26, 2024

Buying a home is not without pitfalls, including navigating how realtors are paid (recent changes discussed on this show may make this easier), the pros and cons of physician home loans, and more. On this show we discuss both the math and the psychological impact of decision making when it comes to buying a home.

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

Tax Efficient Investing Jun 19, 2024

Investing is great, but investing while not increasing your tax bill is even better. In this show, we discuss how to invest in a tax efficient manner, including tax loss harvesting, where to stash certain assets, and more.

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

When Whole Life Insurance Makes Sense Jun 12, 2024

Just because whole life insurance is not the best product for most doctors does not meant that it is never a product worth considering. In this episode, Jimmy Turner and Justin Harvey discuss the good, the bad, and the ugly of permanent life insurance. This includes the impact on estate taxes, high savers, and why whole life insurance can be a reasonable product for a small niche group of people.

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

How Does Your Net Worth Compare? Jun 05, 2024

When it comes to personal finance, many of us often don’t know how we are doing. We “practice” personal finance in a silo. Fortunately, there is information out there on how your net worth compares, which may give you a barometer of where you are and where you need to be. Or is comparison the thief of joy?

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

Is Group Disability Insurance Enough? May 29, 2024

Is group disability offered by your employer enough (the answer is “no”)? Or do you need to supplement with an individual own-occupation disability insurance policy? In this episode, we discuss all things DI from portability, cost-of-living adjustments, how much disability insurance you need and more/

Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook

How to Earn More Money May 22, 2024

If you are a W-2 employed physician, it may seem like you cannot bring home more money, even if you wanted to. Is that really true, though? In this show we discuss multiple ways that an employed physician can earn more money.

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook

Every doctor needs own-occupation disability insurance. To get it from a source you can trust? Visit https://moneymeetsmedicine.com/disability

How Much Is a Financial Advisor Worth? May 15, 2024

The cost of a financial advisor gets a lot of airtime, but what can a financial advisor save you? In other words, what is a financial advisor worth? In this show, we discuss a Vanguard study that looked into the exact amount a financial advisor is worth, and nailed it down to 6 categories we discuss on the show. If you have never considered getting a financial advisor, you just might by the end.

Need own-Occupation Disability Insurance 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

Tax Efficient Ways to Give to Charity May 08, 2024

Are there tips and tricks for donating to charity? (The answer is yes). Should you donate at all? Listen in as we talk charitable giving, donor advised funds (DAFs), and other charitable giving hacks for high-earners.

Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook

Is Financial Independence the Cure to Burnout? (Updated) May 01, 2024

Approximately 50% of physicians are burned out in medicine. Even more wouldn’t recommend medicine to their family members or friends. This begs the question, why then do doctors stay in a job that they don’t like? Some say that the answer is that they often cannot financially afford to leave. Is this true? How does personal finance and financial independence play a part in physician burnout? That’s what we discuss in this episode.

Make comments on corporate limits → https://www.regulations.gov/document/FTC-2024-0022-0001

Need a student loan plan? Own-Occupation Disability Insurance? You can get both at https://moneymeetsmedicine.com

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com/freebook

Transitioning to a New Job with Dr. Lisha Taylor Apr 24, 2024

Are you starting a new job as a physician? Maybe it is your first job ever as an attending? Listen in as we discuss all the must-do financial tasks including negotiations, benefits, changing budgets, and how to make sense of all things personal finance for new attending physicians.

Make sure to check out Lisha's new podcast Wealth Minded MD!

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

Buying Versus Renting a House Apr 17, 2024

One of the most common questions I get is whether a doctor should buy or rent a house. Sometimes this is after training when considering buying or renting a house at their first job. Even more often it is following medical school when soon-to-be residents and physicians are trying to decide if they should buy or rent.

In this episode, we discuss the time you need to stay, the current housing market, and other considerations physicians should have to decide whether they should buy or rent a home.

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

apmsuccess.com/232 “is renting really throwing away money?”

apmsuccess.com/233 “financial benefits of home ownership”

Pre-Tax versus Roth Investing Apr 10, 2024

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

Avoiding the 59 ½ Rule Apr 03, 2024

Whether you want Financial Independence so you can retire early (FIRE) or you are nearing early retirement, the early retirement penalty imposed at age 59.5 must be considered. Here are some ways to bridge that early retirement gap until age 59.5.

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

Reference:

https://www.irs.gov/retirement-plans/comparison-of-tax-exempt-457b-plans-and-governmental-457b-plans

Pros and Cons of a HELOC Mar 27, 2024

Home equity lines of credit (HELOCs) used to be all the rage. Are HELOC’s still worth your time as a high-income earner? Tag along as we discuss the pros and cons of HELOCs.

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

Significant Others & Financial Red Flags Mar 20, 2024

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Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com

References:

Should couples share finances?

https://academic.oup.com/jcr/article-abstract/50/4/704/7077142

New York Times: Article: https://www.nytimes.com/interactive/2023/02/13/business/money-dating-questions.html

How Liquid are Your Investments? Mar 13, 2024

With some investing, you will not need the money very soon. This requires liquidity, or the ability to quickly get your investments into cash. Join in as Justin Harvey CFP and Dr. Jimmy Turner discuss the importance of liquidity when it comes to your investments.

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

Do Doctors Need a Trust Mar 06, 2024

One thing is sure. All of us will die at some point. The question is what happens to your assets? To your financial legacy? That is where trusts come in. In this episode, Justin Harvey CFP and Dr. Jimmy Turner discuss all things trusts: irrevocable versus revocable trusts, living trusts, and more.

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

Do I Need International Stocks? Feb 28, 2024

Warrant Buffet says you don’t need international stocks in your investment portfolio. Is this really true? Does Buffet even believe this himself? Tag along as Justin Harvey CFP and Dr. Jimmy Turner discuss the pros and cons of international stocks, and whether they should make the cut in your portfolio.

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

References:

https://www.blackrock.com/us/financial-professionals/insights/access-international-through-the-core

Where to Stash Your Emergency Fund Feb 21, 2024

Some high-income earners feel that an emergency fund is unnecessary. Join in as we discuss the reasons this isn’t really true, AND where you should consider placing your emergency fund as a high-income earning medical professional.

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

IS ESG Investing Worth It? Feb 14, 2024

Have you ever thought about investing with a conscience? Maybe based for environmental, social, or governmental (ESG) reasons? In this show, Justin Harvey CFP and Dr. Jimmy Turner discuss the merit and pitfalls of ESG investing.

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

References:

https://hbr.org/2022/08/esg-investing-isnt-designed-to-save-the-planet

Alex Edmunds reference: https://www.youtube.com/watch?v=FkAecFr6aRo

Contracts and Employment Agreements for Physicians Feb 07, 2024

When an employment agreement gets placed in front of most doctors, they look at the salary. Maybe they look at the non-compete. But, that’s about where it stops. On this show, we discuss the other important items in a physician contract that every doctor should be aware of before signing on the dotted line.

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com

Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com

Coast FIRE to Avoid Getting Burned Jan 31, 2024

The proponents of the Financial Independence Retire Early (FIRE) movement has many proponents often fail to mention a different kind of burn. The burnout that comes from saving too much and limiting your lifestyle to a bare minimum. What if I told you there is an alternative to traditional FIRE called “Coast FIRE” that allows you to retire early without eating raman?

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com

Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com

The Four F's of Financial Advising Jan 24, 2024

Join in as Dr. Jimmy Turner and Justin Harvey, a Certified Financial Planner, discuss whether The Four F's and if doctors would would benefit from a financial advisor. Have no idea how to figure out the good advisor from the one who wants to take advantage of you?

On this show, we discuss some rules of thumb you can utilize to find the right financial advisor for you. We also discuss fee models for financial planners and the conflicts that exist within them

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? https://moneymeetsmedicine.com

Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability

Side-Gigs for Doctors Jan 17, 2024

Have you ever considered creating non-clinical income outside of medicine? A lot of doctors have, and a recent report by Medscape shows it. Listen in as Justin Harvey, CFP and I discuss all things physician side gigs.

Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com

Checkout the YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine

Medscape Physician Side Gig Report: https://www.medscape.com/slideshow/2023-side-gigs-rpt-6016717

How to Lower Your Cost When Investing Jan 10, 2024

Lowering the costs when investing is one of the key principles to investing success. The lower the cost/fees, the higher the returns over the long haul.

Did you know that the more you know about money, the lower your fees will be when you invest? Did you also know that most people think they know more about money than they actually do, and that this is linked to higher fees when investing?

Looking to get own-occupation disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com

Checkout the YouTube Channel: https://www.youtube.com/@MoneyMeetsMedicine

FINRA Study: https://www.finrafoundation.org/sites/finrafoundation/files/How-Much-Are-You-Paying-Insight.pdf

Jimmy's Lessons From Venture Capitalism Jan 04, 2024

Sometimes, it is time to pivot. To make a change. And that’s what Dr. Jimmy Turner and Mike Kittner are doing. Follow along as they discuss their journey into and out of the venture capital space. What was venture capitalism like? What did we learn? And what are we doing next? All of that in this show and more.

Want a free copy of The Physician Philosopher’s Guide to Personal Finance? Visit https://moneymeetsmedicine.com

Looking to contact Mike Kittner about own-occupation disability insurance? Shoot him an email at michael@moneymeetsmedicine.com

Frugal FIRE vs YOLO with Dr. Disha Spath Dec 20, 2023

Did you know that being frugal isn’t the same thing as being cheap? There is a balance to all things, personal finance included. This means finding the balance between YOLO Hedonism and the hedonic treadmill and eat-raman-until-you-retire FIRE.

If you are looking to create financial independence as a physician, tune in as we discuss how to find this balance with Dr. Disha Spath of The Frugal Physician.

Need Disability Insurance? Visit Money Meets Medicine

Locums for Every Doc with Drs. Nii and Renee Daarko Dec 13, 2023

Have you ever considered doing locum tenens work in order to create the freedom and flexibility you need? Tag along as we discuss all things locums with Dr. Renee and Nii Daarko.

Need Disability Insurance? Visit Money Meets Medicine

Download the 7-10 things you should consider before doing locums tenens work→ https://locumslifestyle.com

Living Wealthy with Dr. Bonnie Koo Dec 06, 2023

Wealth is more than just money in the bank. At least, that is what our guest Dr. Bonnie Koo believes, and her thought process is pretty compelling.

On this show, we talk about:

money mindsets, including money scarcity
Alternative streams of income for doctors
How our upbringing can impact our view on finances
And much more…

Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine

Marriage and Money with Dr. Kate Mangona Nov 29, 2023

Money and marriage can be like oil and water. They just don’t mix. Yet, in a committed relationship, you cannot really avoid talking about money.

In this show, we talk about all things money and relationships. So, if you are married, plan to get married, or are in a committed relationship, in this show we discuss money dates, whether you should share bank accounts, and much more.

Dr. Kate Mangona is a double board-certified pediatric radiologist, supportive physician’s wife and mother to three little girls and a mini poodle.

She and her husband Victor, a pediatric radiation oncologist and tax code enthusiast, are active and passive real estate investors in thousands of multifamily units and single-family rentals including 3 luxury Airbnbs.

Medicine, Money, and Marriage Courses and Coaching

Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine

Disability Insurance Mistakes with Mike Kittner Nov 01, 2023

The #1 financial task for a doctor is getting disability insurance. Why? Because you can know everything there is to know about investing or paying down debt, but if you don't have an income... neither of them matter.

Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine

Our guest on this show, Mike Kittner went from being a middle school educator (married to a physician) to an insurance agent who helps doctors take care of that #1 financial task.

Tune in as we discuss:

The most common mistakes doctors make with disability insurance
Conflicts of interest within the insurance industry
How to make sure your disability policy is the right kind
Where to get disability insurance
The kind of riders that you want in your disability policy
and more

Looking for Disability Insurance from a source you can trust? Visit Money Meets Medicine

Mortality and Money with Dr. Jordan Grumet Oct 25, 2023

Have you ever had an existential crisis? You know the “What am I doing with my life?” sort of question? And how does money play a part in your long-term view of your life? Do you want to leave a legacy? Do you want to make sure you maximize what you’ve saved?

In this episode, Dr. Jordan Grumet a palliative care and hospice physician discusses his experience with dying patient’s and their views on personal finance and the importance of purpose, connection, and identity.

Buy Taking Stock by Dr. Jordan Grumet

Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com

Using credit card points to fly first-class for free Oct 18, 2023

If you’ve ever wanted to fly first class but thought it was too expensive, this interview is for you.

Devon Gimbel, MD is known for helping physicians maximize rewards from credit card points so they can travel more, travel better, and travel often.

This feels like an especially relevant and timely conversation – especially since the data shows that about 38% of doctors have 3-4 different credit cards.

We have to wonder: should all doctors be using credit cards to optimize points and perks?

I got to sit down with Devon to talk about exactly this.

Six-figure Student Loan Mistakes Oct 11, 2023

Let’s just be real: student loan guidelines are confusing and they’re constantly changing.

But if you’re like many physicians who have student loans, you’re well aware that if your payments haven’t resumed yet, they’re about to.

You want to make sure you’re on track and have a plan for repayment, so you can move confidently forward with your personal finance goals.

Student loan advice is also one of the things we love helping people with at Attend.

If you want a student loan expert to help you figure out the best course of action with your loans – including which plan to be in, whether you should consolidate, whether you should file your taxes jointly or separately if you’re married, or what to do when you finish training…

You can schedule a consultation right now at helloattend.com.

For those concerned about cost, we have a unique pricing structure at Attend where you can buy now, pay later through four monthly payments all at 0% interest.

Let’s dive into the 6 most common student loan mistakes to avoid for your best financial outlook.

Following the Financial Crowd Oct 04, 2023

Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?

Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.

Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.

This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.

Greed, FOMO, and Bad Investments Sep 27, 2023

Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.

Information is one thing – behavior is another.

As the saying goes, money is 80% behavior and only 20% math.

Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.

Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.

How Doctors Can Get Good Financial Advice Sep 20, 2023

Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.

So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.

There’s no shame in asking for help – you just want to get the help you need at a fair price.

You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.

Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com

Dr. Peter Kim and Physician Entrepreneurship Sep 13, 2023

Have you ever thought about using real estate to reach financial independence, but you didn't want to be a landlord?

Recently I sat down with one of my good friends and one of the OG partners of The Physician Philosopher. He’s an anesthesiologist, husband, father, entrepreneur, as well as a real estate and physician side gig guru – of course, I’m talking about Dr. Peter Kim.

One of the interesting things about Peter's story is his transition from full-time practice as an OB anesthesiologist to stepping away from medicine and going part-time, to now his being on sabbatical. He's not sure if that's a permanent sabbatical or not, so we got to explore his thought process on that and his story.

So let’s dive into this discussion with Dr. Peter Kim and the intersection of all things entrepreneurship, side gigs, medicine, money, and real estate.

Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com

Disappointing Physician Income & the Arrival Fallacy Sep 06, 2023

The arrival fallacy is a concept that’s very prevalent in medicine. Coined by Tal Ben-Shahar, it refers to the illusion of happiness that we think we’ll experience when we arrive at a completed goal or achievement (spoiler: it doesn’t work like that).

In medicine in particular, this is reinforced with lots of delayed gratification and long training periods with limited free time and low pay.

We think that finally achieving the next level (whether it’s residency, fellowship, or attending, receiving a bonus, a raise, etc.) will instantly make our lives better, because we’ll have more money and more control over our schedule.

We constantly look for “the light at the end of the tunnel” to get ourselves through years of grueling assignments and shifts. But a lot of the time we reach these specific benchmarks – or, we “arrive” – and it’s not at all how we thought it would be.

Gertrude Stein was right when she said, “There’s no there, there.”

How does the arrival fallacy come into play when we reach attending status and start pulling in a whole new pay grade? Let’s examine that…

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Dr. Hala Sabry from Physician Moms Group Aug 30, 2023

Have you ever thought about what legacy you’ll be leaving behind and how money plays a part in that?

Lisha and I recently had a conversation with Dr. Hala Sabry, emergency medicine physician and founder of Physician Moms Group, a private online physicians community made up of over 120,000 physicians. Hala is passionate about helping women physicians fulfill their professional goals and discover the legacy they want to create – which includes building and managing wealth.

As you might imagine, we had a lot of topics to cover in our chat with Dr. Sabry. Tune in to learn all about:

Dr. Sabry’s recent trip to Africa – the most time off she’s taken outside maternity leave
Whether she’s always been financially savvy
The way she utilized her disability insurance
How she sees Attend helping doctors along their financial journey
The legacy of inspiration Dr. Sabry wants to leave for future leaders

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Doctors in Venture Capitalism with Dr Omar Nije Aug 23, 2023

Recently Lisha and I sat down with Dr. Omar Nije to talk about his experience as a doctor in finance.

Dr. Nije’s perspective is unique because he’s both a physician AND a principal, but not in public education. He’s a principal at a venture capitalist firm, which is a world that most physicians I know haven’t been exposed to. Up until about 6 months ago, it was something I didn’t know much about myself.

Join the conversation to learn more about:

What venture capitalism is
Dr. Omar’s journey from medical school to principal at a VC firm
His connection to Attend, the company I co-founded
His mission to create more diverse opportunities in VC

Need help getting disability insurance or student loan help from a company built by doctors, for doctors? Make sure to check out HelloAttend.com

More Student Loan Updates & Important Info Aug 16, 2023

As they say, the only constant in life is change. The same is true when it comes to the resuming of student loan payments this fall. Staying up-to-date on all the relevant information is key to effectively managing your student loans. But the student loan landscape is changing fast. So we’re here to help.

Since we last spoke about student loans in July, more important updates to loan terms have been released. If you’re someone with student loans who wants to make sure you have everything in order before payments resume September 1, let’s talk about the factors you should be aware of so you’re as prepared as possible.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Talking About Finances With Your Partner Aug 09, 2023

According to studies conducted by the American Psychological Association, the number one financial stressor for households is money - personal finance. That makes talking about money with your partner a really important topic for everybody to understand.

Why is talking about money with your partner important?

For alignment with your partner
To ensure you’re working towards the same goals
Personal finance is one of the top reasons for divorce
Divorce is one of the biggest wealth-killers

I want you to live a life of wellness, and for many people that means having the money you need and people you love to share it with.

So whether you're married or not, you should be having financial conversations with the significant other in your life.

But maybe first you need to know HOW to have this conversation. Check out this episode to learn more.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

The Importance of Keeping Investing Stupid Simple (KISS) Aug 02, 2023

Did you know that when it comes to investing, keeping it simple often leads to better returns?

Keeping it simple is not just my or Lisha’s opinion - studies show that this is a more effective, sustainable way to go about investing.

Why? Because it turns out that as humans, we don't like as many choices as we think we do. We take action less often when we feel overwhelmed with choices. Just think of the last time you asked your partner where they wanted to go for dinner…

In fact, in a jam (yes, jam) display study on consumer habits, a display case with 24 varieties of jam received more customer traffic but ten times fewer sales than a display case featuring only 6 jams. When we have too many choices, we often don’t choose at all. Also known as: analysis paralysis.

We love talking about the psychology of investing, so let’s dive into some of those principles and how simplicity can help you when it comes to real-life application.

In this episode, we discuss:Examples of analysis paralysis (7:25)
How Lisha operates psychologically when it comes to investing (10:06)
A great way to start when you’re new to investing (15:49)

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Plan for student loans when payments restart Jul 26, 2023

For those who have no idea what to do with the upcoming student loan payments restarting, and the millions who will need to enroll in a student loan plan… are you overwhelmed yet?

Understandably, a lot of physicians are anxious about how loan terms are going to roll out, what it means for their finances, and how it will affect their lives. As we know, keeping up with the recent loan changes is an ongoing process, and it can be hard to keep all the details straight. Plus, how do we know the advice we’re getting actually applies to our specific loan scenario?

Help is here. Today, we’re going to share some of the specific loan scenarios we’ve encountered when we help physicians manage their finances through Attend.

Tune in for step-by-step instructions on how to figure out your best options for student loan repayment.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Personal Finances and Summer Vacation Jul 19, 2023

Whether you’re planning to take a vacation this summer or in the near future, you may be looking for some financially savvy ways to prepare. Lucky for you, one of the secrets of life that I've learned is how to incorporate intentional planning when it comes to personal finances and summer vacation.

That’s what this week’s Money Meets Medicine podcast is all about.

Just a few of the topics we’ll cover include:

3 ways vacation gives us psychological benefits

How to be intentional about taking vacation
Saving for vacation in a way that works for you
Tips for making travel more manageable

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Dr. Glaucomflecken Talks Personal Finance Jul 12, 2023

We interview Will Flanary, who is perhaps better known by his comedic stage name: Dr. Glaucomflecken. Just a few of the awesome topics we cover in our conversation:

Charitable giving
Will’s battle with testicular cancer and the time he had a cardiac arrest
His thoughts on physician side gigs and residents unionizing
… he even shares his biggest personal finance mistake

Click here to download the Attend App for Doctors.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Financial Considerations When Starting a Job Jul 05, 2023

July is the time of year when those in the medical field experience the most transition – whether to your next level of training, moving to a new institution for fellowship or residency, or taking your first job as an attending. It can be overwhelming.

Make sure you’re equipped with the right questions to ask to make your job transition less intimidating and stressful. Here are a few financial considerations to make when you’re starting a job.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

9 Considerations When Changing Jobs Jun 28, 2023

50% of doctors change jobs in the first 2-4 years of their career, but knowing how to properly handle a job transition is relevant to every physician at every stage of their career. Financial advice for doctors doesn’t often cover this topic, so we’re more than happy to dive into it with you here.

Maybe you’re coming out of your first job in training, maybe you’re an attending changing jobs, or you’re moving out of academics to another field. You honestly don’t know when certain opportunities will arise, or how life will happen and cause you to change your plans.

Lisha has a job transition on the horizon herself as she prepares to leave her residency in LA and become an attending physician, so it’s a timely topic and widely applicable no matter where you are in your career journey.

Job transitions can be tricky enough when you’re careful. There are a few more things to consider in a new job as a physician than in most other careers - we’re going over 9 today. Be sure to keep them in mind as you set the course for your next career move.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

3 Big Updates On Student Loans Jun 21, 2023

You may have already heard about President Biden’s student loan forgiveness plans, but what does that mean for you?

We’re covering those qualifiers today, plus identifying three 2023 dates in particular that really matter for those managing student loan debt. Join us as we walk through those three important dates, what they mean, as well as the potential impact.

Plus: find out how to make sure you don’t get stuck with a surprise 4-figure loan payment.

It’s everything you need to know about student loans as a doctor in 2023.

Full disclaimer: this episode was recorded in advance. Please know any of this information could change at any time, but all information is true and correct to the best of our knowledge as of the time we shared it with you.

White house memo on student loan changes: https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/futureofpslffactsheetfin.pdf?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Saving for Tomorrow While Enjoying Today Jun 14, 2023

Did you know that it's possible to make great financial progress while you spend money on things you enjoy? Yep, you read that right.

It might be surprising to hear this in the financial space, but you worked hard to get to where you are. You deserve to enjoy some of the spoils and riches of all of that work that you put in to go through college, medical school, and residency.

In the physician finance blogosphere, there are financial gurus that are out there who paint a dichotomous picture of only two possible money management options. Either you eat ramen for five years after you finish residency so you can meet your financial goals. Or you fall into the camp of YOLO hedonism, living it up, spending every dime and not saving anything.

This black-and-white approach skips the view that you can do a little bit of both.

You can be financially responsible for those first three to five years and for every year after that. AND, at the same time, you can actually enjoy life.

It’s about finding balance.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Do Bonds Belong in Your Portfolio? Jun 07, 2023

Did you know that as interest rates rise, the value of bonds falls? Should you even care about that? Are bonds a good investment for doctors?

In this episode, we’re tackling these questions and discussing the purpose of bonds in a doctor's portfolio, as well as the nuance of our current high interest environment.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Pre-Tax versus Roth Investments May 31, 2023

Maybe you're starting your intern year and you're considering investing as one of your steps in that journey. As July approaches, maybe you’re transitioning as a trainee from an institution or to a new job, you might be asking yourself, “Should I be investing in pre-tax vs Roth?”

It’s a really interesting topic and an important question, especially as interest rates and inflation changes.

When someone slides that 401k or that 403b form in front of you, it often gives you the option to choose whether you want to invest in a traditional pre-tax method where the money is taken out of your paycheck before it ever gets taxed. Or do you want it to get taxed immediately, and then get invested knowing that it'll never get taxed again in the future?

As it's been a couple of years since we tackled pre-tax versus Roth on this show, that’s what we’re diving into in this episode. We'll help you figure out the answers to these questions, or at least help you to make a more informed decision.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

How to Save More Money May 24, 2023

If you’ve ever needed to save up for a wedding, a car, or a home, yet you weren't quite sure about the best way to do it, this episode is for you.

There are lots of reasons why you might be thinking about setting up short-term savings (savings you intend to need within 3-5 years).

But figuring out how to save money can be easier said than done. With so many options for investments and money management, how do you know the best place to start? And how can you be sure you’ll reach your savings goal by the time you’ll need the money?

Let’s go over the 4 qualities your short-term savings methods should have, as well as ways to save money that feel simple and aligned with your personal finance goals.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

The Diminishing Return of Working More May 17, 2023

It often pays to work smarter, not harder, yet many doctors put in more and more hours to make more money in medicine. But is working more always a good idea?

I think there are pros and cons to working more shifts in medicine. Personal finance is personal, and you have to assess whether you feel you’re being compensated fairly for the time and energy you put into your work.

If you’re not, you might be working for diminishing returns.

Yes, you have expenses to cover, but remember the importance of work life balance, especially as it pertains to physician burnout.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

High-Interest Environment: Invest or Pay Off Debt? May 10, 2023

With inflation and interest rates being what they are, one of the most common questions that we get nowadays is, “Should I invest or pay off debt? What should I be doing with my money?”

Everywhere in medicine, inflation has an impact. One of the common areas where this naturally happens a lot is in regards to reimbursement rates and income. Doctors realize, “Hey, I haven't gotten a substantial raise in five or ten years, maybe more. And yet, inflation in 2022 is 6-9%.”

So when we face these unprecedented rates of inflation, it makes sense to ask, “Should I invest or pay off debt?” Let’s dive in by covering specific financial tasks that doctors need to take into consideration.

Looking for a comprehensive financial platform for doctors, by doctors that will help you to secure your financial future? Make sure to check out HelloAttend.com

Money Mistakes We Made in 2022 May 03, 2023

Even though we’re self-proclaimed money nerds, it doesn't mean we don't make mistakes.

Physician finance isn’t your run-of-the-mill financial strategy. We have certain exceptions and special circumstances to watch out for. And sometimes even the most seasoned pro can make money mistakes. We’re still human, after all.

So let’s normalize the idea that we’ll run into snags and learn new lessons as we work to figure out our personal finance goals.

Tune in as Alicia and I share all the gory details of the financial mistakes we made in 2022.

Looking to increase your financial literacy? Make sure you check out Medical Degree Financial University: MDFU.CO

What To Do With Unexpected Money Apr 26, 2023

Disability Insurance for Docs: physicianfinancialservices.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

The Superpowers of a Taxable Brokerage Account Apr 19, 2023

A lot of us have an idea of what we should do with money that we earn on a regular basis from our physician jobs. Oftentimes it goes towards our typical cost of living expenses: bills, debts, savings, investments. But what about money you get that you weren't expecting?

Because yes, most of us will, at some point, get at least a little money that we didn't expect. Regardless of the source – whether it’s an inheritance, a tax refund, or a bonus at work – we end up with one question.

To get the disability insurance you need as a physician or to have an independent review of your current policy visit physicianfinancialservices.com

Is it wrong for doctors to retire early? Apr 12, 2023

When it comes to doctors retiring early because of F.I.R.E. (financial independence retire early), there’s an inevitable argument made against it and why it’s ethically wrong for physicians to do.

That argument says unless you practice medicine until the day you die, it's unacceptable.

Whether it’s citing a physician shortage that doesn’t really exist or feeling as though doctors shouldn’t retire early because we’re doing something good for society, some feel like we should give of our time, skills, and talents as long as possible, discounting the sacrifices that doctors have already made up until this point.

They don’t realize that a 30 year career is actually 40 based on the amount of hours most physicians work in a week.

But… Why even have this conversation? Are doctors actually retiring early?

Doximity’s 2021 study found that 21.8% of physicians considered early retirement due to overwork. Around 25% of women physicians considered early retirement, and 40% of medical groups saw doctors retire early from their medical group.

These numbers are not small. So let’s explore some of the possibilities around F.I.R.E. for physicians that can make life feel more liveable and enjoyable again.

Disability Insurance for Docs: physicianfinancialservices.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

2021 Doximity Early Compensation Report

The Most Important Financial Task for Doctors Apr 05, 2023

Physician disability insurance is something you have to get right.

If you were to learn only one thing from me, this might be the one thing that I would want you to know. It’s the reason that Money Meets Medicine exists, and why I started The Physician Philosopher.

Your most important financial asset is your ability to earn an income. You work hard to get your training protecting this asset, and your ability to accumulate an income and everything else we teach you doesn't matter if you don't make money first. This is why physician disability insurance is so important.

But there are a lot of misconceptions about disability insurance, and our goal here is to clear some of that up.

Disability Insurance for Docs: physicianfinancialservices.com

Nine things to know about disability insurance on KevinMD.com (Lisha’s post)

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

Should You Save for Your Kid’s College Education? Mar 29, 2023

What if I told you that maybe you shouldn't save for your kid's college education?

There are tons of questions we have to ask ourselves (not just as parents, but as investors) about the concept of covering our kid’s entire college education. Are we really getting the value from this investment? Maybe tuition is worth $100,000 dollars, but is it worth a quarter of a million dollars? And how much am I willing to contribute?

To me, it’s an obvious choice if it comes down to saving for your kid’s college education versus your own retirement (retirement all day), but it’s a choice that gives a lot of physician parents heartburn.

Good news, though: there are more than just these two options.

Set for Life Insurance → www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

Should You Die with Zero? Mar 22, 2023

We’re pleased to be discussing the book Die With Zero by Bill Perkins. Bill isn’t a financial advisor (a plus if you ask us), but he offers a lot of insight and perspective on personal finance and financial independence that got us thinking about our approaches to money in a new way.

It’s especially applicable to us as doctors. On one end of the spectrum, we have the doctors who are in a race to reach financial independence and rarely take time to stop and smell the roses. On the other end of the spectrum, we have those who spent years delaying gratification to get through medical training who are living in full YOLO mode without enough planning for the future.

Die With Zero is an interesting book because it bridges these two ends of the spectrum.

Set for Life Insurance → www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

Show Me the Money (in the Financial Industry) Mar 15, 2023

The personal finance industry is meant to help you manage your assets, but particularly for doctors, many questions remain around what that kind of support actually means.

Does your financial advisor have your best interest at heart? Do you know how they get paid? Are they transparent in their disclosures about how their company actually works? Where are the conflicts of interest?

Because you can rest assured there are conflicts of interest. It’s just a matter of how they show up. And once you can say “Show me the money” and find them, that’s when you can make intentional, informed decisions regarding your personal finance.

Set for Life Insurance → www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → MDFU.Co

Charitable Giving for Physicians Mar 08, 2023

Does tithing or charitable giving play a part in your personal finances? Should it? As usual, we’re not shying away from taking a deep dive into a very personal topic. Personal finance is personal, maybe never more so than when it comes to deciding how you want to give back.

In tackling this topic, we wanted to acknowledge the two main reasons you may be considering your options for charitable giving, especially as a high-earning physician.

One is that you may have religious convictions that make you feel more inclined to give. Even if you don’t hold to the same belief system that we do – specifically around tithing and the historical background of that concept – giving to your community is very valuable. Not just for the recipient, but for you, the giver.

This leads us into reason two, which is that giving money (or other valuable resources) and helping others has been shown to increase long-term satisfaction and fulfillment in your life.

There’s also a practical side of financial charitable giving to consider, which are the tax advantages you can use to create the most bang for your buck - literally.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU

Making the Most of Your Paycheck Mar 01, 2023

You’ve done it - your training is complete and now you’re finally getting a paycheck fit for an attending physician. You think, “I’ve arrived! I’m going to start making so much more money.”

Famous last words. If you’re not prepared, that is.

Seemingly unassuming, everyday expenses still have the potential to wreck your new paycheck and your budget. I’ve seen it many times over the years: you try to be careful, but you (understandably) want to enjoy your hard-earned money. Costs creep up on you, things snowball. Suddenly, your post-tax paycheck is no different than it was in residency.

You thought you knew how to spend money wisely, but now you wonder, “What was the point of all my hard work to get here?”

Don’t worry. You can still enjoy the money you make while being aware of five main money traps that a high-income earner like you could be susceptible to if you’re not paying attention.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co

7 Ways to Avoid Early Retirement Tax Feb 22, 2023

Advocates of FIRE (Financial Independence Retire Early) often talk about the end result of using their model: freedom with your time, money, and resources. And far be it from me to argue with those concepts. I am not anti-FIRE – after all, I want you to find financial freedom so you can practice medicine because you want to and not because you have to.

However, what we’ve found is that FIRE proponents don’t often talk about the actual path to financial freedom – the how of it all, and what it actually looks like once you reach your early retirement goal.

Specifically, how do you even access your retirement funds ahead of time? Because there’s a 10% tax penalty for early retirement withdrawal before you reach age 59 and a half. And that’s on top of the amount you’re already set to be taxed for using pre-tax funds.

So… what gives?

If you want to retire by age 45 or 50, you have to know how to bridge that 10% gap. So we’ve compiled several different options you can research (because personal finance is personal) and make educated choices towards your own early retirement goals.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co

How Doctors Can Get the Best Financial Advice Feb 15, 2023

If you’ve thought about getting financial advice from a professional but weren’t sure who to trust or how to start, you’re not alone – and your concerns are not unfounded.

Our aim isn’t to make every doctor in our listenership into a financial guru, but to avoid being so reliant on a financial advisor that you don’t know what’s going on with your money.

When it comes to finding a truly helpful financial advisor for doctors, certain criteria need to be met that might not need to be taken into consideration in other professions. To that end, I have a list of traits to share called The Four Fs, and it’s been really impactful in helping physicians find a financial advisor that makes sense for them.

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co

Academics versus Private Practice in Medicine Feb 08, 2023

Looking for physician specific disability insurance → Check out www.setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.com

Teaching Doctors About Money Feb 01, 2023

Because of Lisha and my personal journey with personal finance, I know that there are medical professionals out there who want to provide personal finance lectures to others around them or maybe even create a personal finance curriculum if they are in academics. So if you are that resident or doctor interested in creating a personal finance curriculum for doctors or maybe just teaching friends and family about money, today’s episode is for you. Today we are going to be talking about how you can start teaching other doctors and medical professionals about money.

Looking for own-occcupation disability insurance check out → setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU

The Benefits of a Roth IRA for Doctors Jan 25, 2023

Everyone has heard of a backdoor Roth IRA, but what’s the big deal with Roth IRA’s anyway? Today, Dr. Lisha Taylor and I are going to be talking about Roth IRA money for physicians. This is an important topic because doctors often need to use any tax-advantaged space they can get their hands on since we normally have a high savings rate. So join us today to learn what a Roth IRA is and why you should seriously consider one as a physician.

Looking for own-occcupation disability insurance check out → setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → https://MDFU.co

How Doctors Can Reduce Taxes Jan 18, 2023

You might be looking for tax loopholes for doctors as we enter everyone’s favorite time of year. The truth is there are tips and tricks that you likely are not taking advantage of as a doctor that will help you reduce your taxes. In this episode, we will give you the top things you can do now (and for the future) to save money on your taxes as a doctor.

Looking for own-occcupation disability insurance check out → setforlifeinsurance.com

Looking to increase your financial literacy? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU

How much money should doctors save? Jan 11, 2023

One thing we can agree on about today’s topic is this: doctors historically are under-savers.

But when it comes to physician money management, exactly how much doctors should be saving is hotly contested. How much and how you save is going to depend on your own financial goals and your current situation - the status of your student loans, whether you’re married or have kids or plan to start a family when you want to retire, etc.

In this episode, we’ll give you two different options for figuring out how much money you should save - regardless of your situation.

Looking for own-occcupation disability insurance check out → setforlifeinsurance.com

Personal Finance Resolutions for the New Year Jan 04, 2023

Doc, are you thinking about making some New Year’s resolutions that involve your personal finances? Hopefully that is a loud YES. Well, today on the podcast we are talking all about financial goals for the New Year that you likely have as a physician. Goals like how to create an emergency fund, save more money, increase your financial literacy, income, pay off student loans, and more. We are diving all in, so join us so you can make 2023 your best financial year yet.

Looking to increase your financial literacy this year even more? Check out Medical Degree Financial University → thephysicianphilosopher.com/MDFU

Money Mistakes Doctors Make Dec 28, 2022

Let’s be honest… we all love learning from other people’s financial mistakes. It is like a slow-motion car accident. You just can’t take your eyes away. Money mistakes are going to happen, and we are going to discuss a few common financial mistakes that doctors make.

Come join Lisha and I as we discuss our share of financial mistakes, and some of them are very common and might resonate with you on episode 98 of Money Meets Medicine.

PS -Get 10% off your contract review by going to thephysicianphilosopher.com/resolve and using code 10OFF

Chris Voss Book - Never Split The Difference (affiliate link)

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