457 Plans, Bonus Investing, and Emergency Funds

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:

• Every doctor needs own-occupation disability insurance. Get a quote from Money Meets Medicine Disability Insurance, co-founded by host Dr. Jimmy Turner.
• Are you looking for a new accountant? Check out Gelt, the tax strategy team that Jimmy Turner personally uses. Use this link to get 10% off Gelt's services the first year you work with them.
• Looking to increase your financial literacy, but not sure where to start? Get a free copy of Dr. Jimmy Turner's best-selling book, The Physician Philosopher’s Guide to Personal Finance.
• IRS guide on differences between governmental and non-governmental 457 can be found here.  

 

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