5 Bad Pieces of Financial Advice to Avoid

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.