Should physicians trade their time for money — or is that equation fundamentally broken? In this episode, we unpack why so many doctors save too much for too long, sacrificing their best years to build a nest egg they struggle to spend. Drawing from Vicki Robin's Your Money or Your Life, Morgan Housel's Psychology of Money, and Bill Perkins' Die With Zero, we explore a healthier framework for thinking about time, money, and financial independence as a physician.

Jimmy also shares a major personal update — after nearly twenty years at Wake Forest, he's making a career change that trades income for autonomy. No more nights, weekends, or holidays, but it comes at a real financial cost. It's the perfect case study for everything we discuss in this episode.

We break down the three stages of a doctor's financial life — from residency where you have neither time nor money, to mid-career where you finally have income but no time, to financial independence where you get both back. The problem? Most physicians get stuck in the middle stage far longer than they need to because of identity inertia, golden handcuffs, lifestyle lock-in, and the fear of earning less.

If you've ever wondered whether you should work less, take the pay cut, or keep grinding toward a number — this one's for you.

Don't forget to:

• Check out Medical Degree Financial University at moneymeetsmedicine.com/MDFU
• Grab a free copy of The Physician Philosopher's Guide to Personal Finance at moneymeetsmedicine.com/freebook or
• Get an own-occupation disability insurance quote from a source you can trust at moneymeetsmedicine.com/disability

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

In this episode of "Money Meets Medicine," hosts Justin Harvey and Dr. Jimmy Turner explore the FIRE (Financial Independence Retire Early) movement’s relevance for physicians. They discuss the psychological and practical challenges of pursuing FIRE, such as the importance of purpose beyond early retirement, the impact of extreme frugality on relationships, and the need to align financial goals with personal values. The hosts also highlight the critical role of disability insurance and stress viewing money as a tool for creating a meaningful, balanced life, rather than simply an escape from work.

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

Take one of our free personal finance classes at Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU

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

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

In this episode of the Money Meets Medicine podcast, hosts Dr. Jimmy Turner and Justin Harvey discuss how physicians, despite their intelligence, can make grave financial mistakes. They explore the importance of early disability insurance acquisition, share personal anecdotes of financial blunders, and emphasize the necessity of modesty and continuous learning in personal finance. The hosts highlight biases such as complexity bias, authority bias, and myopic loss aversion, which frequently lead to poor investing decisions. They advocate for the importance of having a written investment plan and understanding personal finance basics to avoid blindly trusting financial advisors. The episode concludes with a discussion on the value of intellectual humility and vulnerability in making sound financial decisions.

Want to see if your program has a GSI? Visit https://moneymeetsmedicine.com/list

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

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

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