Money Meets Medicine

In this episode of Money Meets Medicine, Dr. Jimmy Turner and Justin Harvey CFP discuss two contentious topics: whether doctors should consider getting a prenup when they get married and the financial considerations involved in caring for an elderly or aging parent.

Resources:

Join the waitlist for the free live personal finance curriculum taught by Jimmy Turner that starts in January: http://moneymeetsmedicine.com/teach

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

Every doctor needs 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 https://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 discuss recent ACGME work hour rule changes (what can be done about it), what to do with your 401K/403B when you change jobs, and the best decision matrix to use when making a decision about your career or a job choice.

Join the waitlist for the free live personal finance curriculum taught by Jimmy Turner that starts in January: http://moneymeetsmedicine.com/teach

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

Every doctor needs 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 https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, Jimmy sits down with Bryan Jepson, MD, CFP®, ChSNC®, a retired emergency physician turned financial planner at Targeted Wealth Solutions and a self-described "proud special needs dad" to two adult sons with autism. They cover special needs trusts (first-party vs. third-party), ABLE accounts and the big 2026 changes, which government benefits are means-tested, the beneficiary-designation mistakes that quietly wreck a plan, how to estimate what your child will need after you're gone, and why trustee, guardian, caregiver, and advocate should not automatically be the same person.

Join the waitlist for the free live personal finance curriculum taught by Jimmy Turner that starts in January: http://moneymeetsmedicine.com/teach

Check out Jimmy Turner being interviewed on Bryan Jepson’s podcast, The Second Shift.

Special Needs Blueprint from Dr. Jepson: https://www.bryanjepson.com/special-needs-blueprint

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

Every doctor needs disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability

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

On this episode, Dr. Jimmy Turner and Justin Harvey CFP answer listener questions about private money lending investment opportunities, how much you should pay your advisor (and the hidden costs most people don’t realize), and the math on making part-time work in medicine financially feasible.

Join the waitlist for the free live personal finance curriculum taught by Jimmy Turner that starts in January: http://moneymeetsmedicine.com/teach

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

Every doctor needs 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 https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Your $75K signing bonus might be a bug, not a feature. If there's a clawback, that money isn't really yours yet.

Dr. Jimmy Turner and Justin Harvey CFP tackle three listener questions: what to do with a physician signing bonus you might have to repay, what to do when a scholarship leaves your 529 overfunded, and whether leaving a W-2 job for 1099 work is worth it. Jimmy, who just made the W-2-to-1099 switch himself, gets candid about the workload nobody mentions.

Join the free personal finance curriculum for physicians in training - class start in January!

Every doctor needs own-occupation disability insurance. Get a disability quote from a source you can trust:

Want a free copy of The Physician Philosopher's Guide to Personal Finance? Snag your copy here.

Have a question of your own? Email me at jimmy@moneymeetsmedicine.com

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

On the Money Meets Medicine podcast, Dr. Jimmy Turner and CPA Spencer Carroll of Gelt discuss why physicians should plan taxes before December 31 rather than focusing only on filing in spring, citing Turner’s unexpected $36,000 tax bill as a consequence of compliance-only CPA work. They explain year-round tax strategy, the value of Q4 projections to avoid penalties and surprises, and key year-end actions such as paying reasonable S-corp salary by 12/31, making employee solo 401(k) contributions by 12/31 (while some employer contributions and certain plan setups can occur by filing deadlines), HSA timing including the “last month” rule, tax-loss harvesting, managing income/expenses, charitable giving strategies like donor-advised funds, and hiring/payrolling kids or spouses before year-end.

Resources:

Start your Year-End Tax Review with Gelt and get 10% off as a Money Meets Medicine listener: https://moneymeetsmedicine.com/CPA

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 https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey CFP discuss:

• Why passive activity loss rules trap syndication losses for W-2 earners — and the "active participant" workaround that fails the New York Times test
• Five ways to unwind a concentrated stock position in a brokerage account
• A step-by-step playbook for what to do with an annual bonus

Resources:

Every doctor needs own-occupation disability insurance. Get a quote from us here at Money Meets Medicine Insurance. An insurance agency created for doctors, by doctors.

Get a 10% discount off first year's services with the tax strategy team that Jimmy personally uses (Gelt).

Not sure where to get started on your financial literacy journey? Snag a free copy of The Physician Philosopher's Guide to Personal Finance.

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

In this episode of Money Meets Medicine, hosts Dr. Jimmy Turner and Justin Harvey tackle three listener questions on personal finance for physicians. They discuss whether HSA-eligible plans make sense during high healthcare-usage periods like pregnancy, charitable giving strategies including donor advised funds and tax-efficient gifting of appreciated securities, and when physicians with significant net worth should consider stopping life and disability insurance premiums. The hosts emphasize personalized decision-making based on individual circumstances, consistently recommending listeners consult qualified financial professionals before making major financial decisions.

Resources:

• Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA
• Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
• Want to get started on your financial literacy journey? Download a free copy of The Physician Philosopher's Guide to Personal Finance.

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

On the Money Meets Medicine podcast, Dr. Jimmy Turner and Justin Harvey answer three listener questions. First, they discuss 457 plans and how to determine if you should be participating in yours, including the three questions to answer to figure it out in your situation. They alos discuss if doctors should have emergency funds and, if so, how large they should be. Finally, they chat about investing bonus money: invest it all in at once? Or let it trickle in through dollar-cost averaging (DCA)?

Resources for this episode:

• Every doctor needs own-occupation disability insurance. Get a quote from Money Meets Medicine Disability Insurance, co-founded by host Dr. Jimmy Turner.
• Are you looking for a new accountant? Check out Gelt, the tax strategy team that Jimmy Turner personally uses. Use this link to get 10% off Gelt's services the first year you work with them.
• Looking to increase your financial literacy, but not sure where to start? Get a free copy of Dr. Jimmy Turner's best-selling book, The Physician Philosopher’s Guide to Personal Finance.
• IRS guide on differences between governmental and non-governmental 457 can be found here.

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

In this episode of Money Meets Medicine, hosts Dr. Jimmy Turner and Certified Financial Planner (CFP) Justin Harvey tackle three listener questions from the Money Meets Medicine community.
1. Should residents pay extra on their student loans if they are in the new Repayment Assistance Plan (RAP)?
2. What are the financial considerations to make working part-time make sense?
3. If you are a parent (or plan to be), should you pay for your kid's college education? If you do, how can you make that work given the new federal student loan borrowing limits?

Resources:

• Every doctor needs disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability
• Are you a 1099, locums doc, K-1 partner, or business owner? You need a tax strategy team. Get 10% off working with Gelt, the team that Jimmy Turner personally uses here (Gelt): https://moneymeetsmedicine.com/CPA
• Looking to get a lower interest rate on your student loans? Check out Juno’s unique student loan Group Negotiation process at https://moneymeetsmedicine.com/Juno
• Not sure what to do with your student loans? Get $100 off a student loan consult:https://moneymeetsmedicine.com/loans

Have questions of your own? Send them to Jimmy at Jimmy@moneymeetsmedicine.com

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

On the Money Meets Medicine podcast, Dr. Jimmy Turner and Justin Harvey discuss how common personal finance advice can be especially costly for physicians and outline six “bad advice” items. They warn that disability insurance company choice matters because applying with the wrong carrier can trigger denials that eliminate access to guaranteed standard issue policies; they also caution against waiting until late in training. They argue that saving 10–15% or just maxing a 401(k) is usually insufficient for doctors with delayed earnings and debt, suggesting higher savings rates based on retirement goals. They note student loan consolidation advice has changed under the One Big Beautiful Build Act and may limit repayment plan eligibility. They criticize “pay off all debt before investing,” explain why renting isn’t necessarily “throwing money away,” and argue that asking if an advisor is a fiduciary is no longer reliable, favoring fee-only transparency.

Resources:

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

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

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 https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

SpaceX priced at $135 a share, raised $75 billion, and hit an all-time high of $225 within days — then fell to $107. Dr. Jimmy Turner and Justin Harvey CFP break down how index funds actually decide what gets included in the index, why the S&P 500 said no to SpaceX while CRSP and the Russell 1000 said yes, and what that means for the total stock market index fund in your 401(k).

What you'll learn:

• Why an index fund doesn't pick stocks — it follows 3 rules: seasoning, profitability, and float
• How Nasdaq, Russell 1000, and CRSP cut IPO seasoning for SpaceX
• Why your money in an IPO often funds the private investors cashing out on the other side
• What Dimensional's 12-month IPO exclusion says about buying at the offering
• How to handle FOMO before Anthropic and OpenAI potentially go public

Resources mentioned:

• Looking to lower your taxes? Check out Gelt, the tax team Jimmy uses: https://moneymeetsmedicine.com/CPA
• Juno — Looking for a lower interest rate on your student loans? Use group negotiated rates from Juno here: https://moneymeetsmedicine.com/juno
• Every physician needs disability insurance. Get quotes from Money Meets Medicine Disability Insurance: https://moneymeetsmedicine.com/disability
• The Physician Philosopher's Guide to Personal Finance — free book for physicians — moneymeetsmedicine.com/freebook

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

28% of physicians say they don't earn enough for what their family needs. The lowest-paid specialty still makes $266,000.

Medscape's 2026 physician compensation report surveyed roughly 6,000 doctors across 29+ specialties, and the numbers tell a stranger story than "doctors are underpaid." Average pay rose 3%, barely clearing inflation, and nine specialties were flat or down. Jimmy and Justin unpack what the data says about physician pay, negotiation, and the 40% side-gig statistic.

What you'll learn:

• Why primary care averaged $298K and specialists $417K — and which specialties outpaced inflation
• What percentage of physicians negotiated their compensation, and how many just took what they were given
• Why "we don't negotiate" pay models push high performers out
• The paradox: 53% feel personally fairly paid, but 61% say the profession is underpaid
• What the 40% side-gig number reveals about autonomy and moral injury

Resources mentioned:

• Money Meets Medicine Disability — https://moneymeetsmedicine.com/disability
• Need a new CPA or a better Tax Strategy? Get a 10% discount when working with Gelt, the tax strategy team that Jimmy Turner uses: https://moneymeetsmedicine.com/Gelt
• Medscape Physician Compensation Report 2026

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

Being able to know the difference between a good and a bad job offer as a physician in private practice involves knowing where the landmines and pitfalls are so that you can avoid them. In this episode, host Dr. Jimmy Turner interviews Michael Johnson, a physician contract attorney at Michael Johnson Legal.

Resources:

• Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA
• 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

What you'll learn:

• What "partnership" truly means in a business context
• The financial realities of partnership tracks, buy-in costs, and ownership structures
• Common pitfalls, including misleading partnership titles, private equity buyout risks, and real estate considerations
• Eight essential questions physicians should ask before committing to a partnership

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

Trump accounts — technically the 530A — went live July 4th, and Justin Harvey opened three for his own kids just to see how they work. These accounts are child-owned, they behave like a traditional IRA, and they come with rules most physicians haven't heard yet.

Tag along with Jimmy Turner and Justin Harvey as they discuss where they actually belong in your savings hierarchy, and who should pass entirely.

Resources:

• Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA
• 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

What you'll learn:

• Why the 530A is closer to a traditional IRA than a 529 — and the basis-tracking problem nobody is warning parents about
• Where Trump accounts rank against 401(k)s, backdoor Roths, and 529s in a physician savings hierarchy
• Who actually gets the free $1,000, and why older kids are treated differently
• The Roth conversion play at age 18 — and the risk of handing an 18-year-old a quarter-million-dollar account
• Why a kid's Roth IRA may teach better money lessons than any government-funded account

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

CPA Spencer Carroll joins the show to unpack tax strategy for physicians: why your income type matters more than your income, and where the real savings hide. Whether you're a W-2 employee, a 1099 locums doc, or a K-1 partner, the levers you can pull are wildly different.

What you'll learn:

• Which of W-2, 1099, and K-1 is the best—and worst—way to get paid as a physician
• When an S corp actually makes sense, and how "reasonable salary" really works
• The truth about real estate professional status and the short-term rental loophole, from a CPA who owns rentals himself
• The one red flag that means you're probably overpaying: barely talking to your CPA all year

Resources:

• Head to https://moneymeetsmedicine.com/CPA to book a complimentary call with Gelt and get 10% off your first year. Subscribe to Money Meets Medicine wherever you get your podcasts, and leave a rating—it helps other physicians find the show.

Disclaimer: This episode is a part of a paid partnership between Physician Philosopher LLC with Better Technologies Inc. (DBA Gelt), a tech-enhanced tax-strategy company.

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

Dr. Jimmy Turner cut back to part-time at 35—and ended up on antidepressants. FIRE wasn't the escape hatch he expected.

FIRE—financial independence, retire early—promises an exit from burnout. But what happens when you finally get there and realize you don't know who you are without medicine? Jimmy and Justin make the case for FIWO (financial independence, work optional) instead.

Resources:

Disability Insurance: Every physician needs to get individual disability insurance while in training. Get a quote from Money Meets Medicine Disability Insurance, a company you can actually trust. Built by doctors, for doctors.

Does your CPA only reach out in March each year and show you a giant tax bill? You need tax strategy, not just tax filing. Click here to get a 10% discount codeto work with Gelt, the same tax strategy team that Jimmy personally uses.

Every physician needs basic financial literacy. Get a free copy of Dr. Turner's best-selling book, The Physician Philosopher's Guide to Personal Finance.

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

What if your first three years as an attending decide whether you work three days a week in your 40s—or six days into your 60s?

Dr. Jimmy Turner burned out early in his career—antidepressants, 1.3 FTE, the works—before discovering the fix: working less. He and Justin Harvey, CFP, break down Coast FIRE, your Wealth Accumulation Rate, and why the savings decisions you make right out of training set a trajectory you'll feel for decades.

What you'll learn:

• Why a ~30% Wealth Accumulation Rate early on can buy you a 3-day clinical week later
• How Coast FIRE lets you save less down the road and still reach financial independence on time
• The two kinds of autonomy—personal and professional—that really drive physician burnout
• A smarter take on "live like a resident" so you can enjoy your income without losing the plot

Resources:

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): https://moneymeetsmedicine.com/CPA

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 https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Physicians earning $400K are living paycheck to paycheck—and an 18th-century psychology trap is why.

Roughly 30% of doctors over 60 don't have $1M in net worth, even counting their home. Justin Harvey and Dr. Jimmy Turner unpack the behavioral-finance forces—the Diderot Effect, lifestyle creep, and leverage—that quietly erode physician wealth, and the simple framework that lets you spend guilt-free while still building real options.

Resources:

• Disability Insurance: Every physician needs Disability Insurance from MMM Disability Insurance. Click here to get a Quote from Money Meets Medicine Disability Insurance
• Looking for a new CPA? Use the one that Dr. Jimmy Turner personally uses and recommends (Gelt). Click here to get a 10% discount code on services when working with Gelt.

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

There are two ways to get your student loans forgiven — and the one nobody talks about could leave you with a six-figure tax bill.

Most physicians know PSLF. Far fewer understand taxable forgiveness — the IDR path that hands you a massive tax bill 20 years down the road. Jimmy and Justin break down a real listener question (anesthesiologist + dentist, $400K in loans at 7%) to show why "married filing separately" math isn't as clean as it looks, and why your repayment plan now hinges on a looming July 2026 deadline.

Resources mentioned:

• Looking for a CPA that does more than just file taxes each year? Check out Gelt, the proactive tax strategy partner that Jimmy personally uses, and receive 10% off the first year through the MMM link.
• Get $100 off a Student Loan Consult with Student Loan Planner: https://moneymeetsmedicine.com/loans
• Looking to refinance your private student loans? Click here to learn how to find the lowest interest rates out there.
• Every physician must get disability insurance before leaving training! Get a disability insurance quote from Money Meets Medicine Disability.

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