Money Meets Medicine

Latest Episodes:

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

Show notes

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

To get disability insurance from a source you can trust, visit https://moneymeetsmedicine.com/disability

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Should I Use My HSA? Sep 18, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dealing With Financial Stress and Anxiety Sep 11, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Why You Should Die With Zero Sep 04, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Market Downturn Strategies Aug 28, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avoiding Capital Gains Taxes Aug 14, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Working After Financial Independence Aug 07, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if I am behind financially? Jul 31, 2024

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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

Show notes

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.