Money Meets Medicine

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: 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 

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 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: 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 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: 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 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 [email protected] 

Hosted by Simplecast, an AdsWizz company. See 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 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 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 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:

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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.

Have questions of your own? Send them to Jimmy at [email protected] 

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