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

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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

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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

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Dr. Jimmy Turner and Michael Johnson, a physician contract attorney, break down the main types of physician employment: classic academic roles, future business ownership in private practice, and perpetual employment. They discuss the financial and professional implications of each, emphasizing the importance of contract negotiation, student loan strategies (especially PSLF), and understanding practice ownership agreements. Real-life examples highlight risks, benefits, and ethical considerations, equipping physicians with practical advice to align employment choices with their financial goals, values, and desired work-life balance. The episode stresses the need for careful planning and ongoing financial education for medical professionals.

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In this "Money Meets Medicine" episode, hosts Justin Harvey and Dr. Jimmy Turner discuss the most impactful financial strategies for physicians, drawing on Jimmy’s decade of experience post-training. They highlight the importance of saving 30% of gross income early, leveraging compound interest, and prioritizing high-yield actions like mortgage refinancing. The hosts debunk common myths, such as the overemphasis on backdoor Roth IRAs and real estate investing, and advocate for intentional, personalized financial planning. They also explore creating non-clinical income streams, empowering physicians to achieve financial independence and greater work-life balance.

Take one of the personal finance classes you wish you had in medical school through Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU

Get the financial freedom Calculator: https://moneymeetsmedicine.com/FIRE

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

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In this episode of Money Meets Medicine, Dr. Jimmy Turner and Justin Harvey explore the financial and emotional complexities of home buying for physicians after training. They discuss the trade-offs between purchasing move-in-ready homes versus fixer-uppers, managing renovation costs, and understanding return on investment. The hosts emphasize the importance of aligning home-buying decisions with personal values, long-term financial planning, and cash flow realities. They share practical strategies for financing renovations and highlight that homeownership is as much about emotional well-being and lifestyle fit as it is about financial calculations.

Check out Medical Degree Financial University: https://moneymeetsmedicine.com/MDFU

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

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In this episode of "Money Meets Medicine," Dr. Jimmy Turner and Justin Harvey CFP tackle the often awkward money conversations that arise during family gatherings, especially around the holidays. They share personal stories and professional advice on discussing topics like inheritance, financial support for aging parents, and estate planning. The hosts emphasize the importance of honest communication, setting boundaries, and involving financial advisors when needed. Listeners are encouraged to start these conversations early to prevent misunderstandings, protect relationships, and ensure smoother financial planning within families.

Looking to learn about the personal finance topics every doctor needs to know about? Check out one of our classes inside of Medical Degree Financial University: https://moneymeetsmedicine.com/mdfu

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? Get your free copy here--> https://moneymeetsmedicine.com/freebook

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In this kickoff episode of a multi-part series on physician contracts, Dr. Jimmy Turner and attorney Michael Johnson break down why understanding contract terms is crucial for physicians. They introduce the “contract trinity”—work obligations, compensation, and exit strategy—and discuss employer motivations, legal considerations, and common pitfalls like non-competes and clawbacks. Real-world examples highlight the risks of “standard” contracts and the importance of negotiation. The episode emphasizes that contract literacy is essential for career and financial well-being, setting the stage for deeper dives into contract topics in future episodes.

Looking to create a financial plan specific for physicians? Join Medical Degree Financial University: https://moneymeetsmedicine.com/mdfu

Get $100 off a physician contract review with Michael Johnson Legal by booking a time through moneymeetsmedicine.com/negotiate

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

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