How to Think Like a Wealthy Doctor

You can earn $250,000+ a year and still feel like you're behind.

Especially when it seems like your peers are buying homes, upgrading cars, and jetting off to Iceland while you’re fielding prior auths.

But wealth isn’t just about how much you earn. It’s about how you think.

Wealthy doctors often don’t look flashy. They don’t always drive Teslas Porsches or wear Rolexes. But they do think differently about money, time, and risk. That simple mindset shift is where long-term financial freedom really begins.

Here’s what that looks like.

Why a High Income Doesn’t Automatically Make You Wealthy

There’s a difference between being rich and being free.

Doctors tend to earn high incomes, but the demands of student loans, rising cost of living, and lifestyle expectations post-residency can eat away at it fast.

You can earn multiple six figures and still feel trapped if:

• You’re living paycheck to paycheck

• You don’t have savings to walk away from a toxic job

• You’re constantly reacting to money, not planning with it

Wealth is what gives you options to reduce shifts, take time off, switch specialties, or say no. It’s certainly not the number you see sitting in your checking account.

It’s worth revisiting our blog on the Four Money Personalities to see how you react to money. You’ll probably learn a thing or two about yourself.

3 Common Money Mindset Traps for Physicians

1. The Scarcity Carryover: After years of earning little (or nothing), it’s hard to feel financially secure, even when your income jumps. This can lead to either over-saving out of fear or over-spending out of relief.
   

2. The "I Deserve It" Spiral: You delayed gratification for so long, you start spending to make up for lost time. One big purchase becomes a lifestyle, and now you’re locked in.
   

3. The Comparison Game: It looks like your co-residents are crushing it—new house, fancy vacations. But you don’t see the debt, stress, or financial planning (or lack of) behind the scenes.

How Wealthy Doctors Think Differently

They prioritize freedom over image. They let time and consistency do the heavy lifting. Remember the 8th wonder of the world?

And wealth physicians make decisions based on long-term goals, not short-term emotions.

Examples of mindset shifts:

Small Shifts That Build Real Wealth

Here’s a couple of actionable steps to consider.

✅ Automate your savings.
Pay yourself first, whether it’s $200/month in residency or $2,000/month as an attending. What this means is opening a high-yield savings account (type HYSA in Google), funding the account and turning auto-saving on. This will start to work the savings muscle.

✅ Create a “Freedom Fund.”
Even $10,000 in cash can be the difference between staying in a toxic job or taking a break. With auto-saving turned on, see if you can hit this target in the next 12 months.

✅ Invest consistently—even in small amounts.
Don’t wait for the “perfect time.” Wealthy doctors invest early and often, no matter the market. Even though we are living in unprecedented times, taking a long-term view has always been the way to invest. Put your money in the S&P and let time do the rest.

✅ Write down your financial goals.
A clear target (e.g., “$1M net worth by 45,” “work 3 days/week in 10 years”) helps guide your choices.

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TL;DR

Change your mindset:

• “I deserve this.” → “I deserve long-term peace of mind.”

• “I’m behind.” → “I’m building something sustainable.”

• “I’ll save when life calms down.” → “I’ll start small now, then build as I go.”

Meme of the Week

No memes this week, but an interesting thread on hacks during residency.

Best,

M&H