Money Meets Medicine
New episodes every Wednesday
Meet the hosts
James D. Turner, MD
Practicing physician and self-described personal finance nerd.
Flat, fee-only financial planner and owner of Physician Wealth Services.
Have you ever felt like things are getting really heavy? And that you need to make a change? That is what we are going to do today on the show today. We are going to pull back the curtain and talk about things that have been going on in our lives. Often people don’t think about the lives of the people behind the YouTube videos or podcasts like this one, Money Meets Medicine. So today we are going to dive in and talk about hard decisions on this podcast Money Meets Medicine. Join us as we explore why resting in your personal and financial lives is essential for healthy success.
Is there a purchase you’ve been thinking about, but are afraid you should be spending your money in “better ways?” Listen along today as we talk about that Porsche 981 Cayman S, house, or expensive vacation you want, and how to get it. Learn how you can save for tomorrow while you also enjoy today.
Physician turnover is high, specifically after the first 2-5 years of training. With doctors changing jobs so often, it is important to establish an emergency fund early on (and to consider the cost of leaving a job in medicine).
So today we wanted to dive into why everyone, including us, says you need an emergency fund, where you should put that money, what to use it for, and what NOT to use it for. We are also going to do some real talk on doing the math BEFORE you decide to either change jobs or leave medicine altogether.
Our brains are not wired to think exponentially. They are wired to think linearly. Maybe this explains why so many doctors, well people in general, don’t invest early enough and take advantage of one of the best tools- compound interest. Today we explain the magic of compound interest and how exponential growth is going to blow your mind. The impact of compounding is massive!
Taxes are a boring topic to talk about so this won’t be fun. Taxes, 401Ks, and 1099 are the least favorite topics but they need to be discussed. As a physician you are probably asking how you can save more money on your taxes. The most popular answer is…earn less income! More jokes to come today so we can try to make this topic fun! Let’s go ahead and start with 1099 income and how you can save on your taxes with this.
If you have been wondering if you are checking the right boxes and doing the “right” things with your money, then this episode is for you. In this episode we talk about the importance of disability insurance and life insurance, and how to handle your loans and pursue public service loan forgiveness. Find out which boxes you need to check as a doctor when it comes to your personal finances and learn which ones you can skip.