Physicians are burning out at epidemic rates. Combine this with the poor financial literacy that exists in the medical community, and we have a legitimate catastrophe on our hands.
The truth is that your relationship with money can either help or hinder your potential for burnout. This site exists to help busy physicians learn how to prevent and treat burnout through teaching them how to obtain financial independence.
Physicians should practice medicine because they want to practice and not because they have to practice.
My name is Jimmy. I am an academic physician anesthesiologist (Go DEACS!) who went through bankruptcy as a kid and had a rough introduction to the financial industry that led to my inability to get personal disability insurance to this day.
After these experiences helped me become a Do-It-Yourself investor, I increased my net worth by $250,000 in the first year after finishing training, and paid off $200,000 of student loan debt in 19 months.
The goal of this blog is to help other physicians and physicians-in-training answer the question, “What do I want my life to look like?” And, then, to help them make smart personal finance decisions to help them get there.
If you want to know more about my background growing up and the ups and downs of going through bankruptcy as a kid, you can read My Blogging Manifesto: Part 1. It might explain my hatred for debt.
While in fellowship, a few books and a couple of conversations opened my eyes to the fact that I accrued more student loan debt than I should have in training, but (despite that) I could still be financially independent in my early 40’s.
Given the burnout epidemic that exists in medicine, I felt that the message of financial independence was both timely and important. And despite all of the awesome work that was being done by other physician finance websites, there was still a huge need.
The “why” behind this site rests on two core beliefs:
- I believe that a financially independent physician – or one who at least has a clear path to getting there – is a better doctor.
- When we choose to practice medicine because we want to (and not because we have to), everyone benefits – including our patients.
What are the goals?
If you are a physician or physician-in-training, this site is for you. Other high-income earners and medical professionals will also likely benefit, though.
All of the math behind being successful with money doesn’t matter if you don’t realize the point to money in the first place. Here are the goals, and what you can expect to find:
- This site will help you design your ideal life, and then give you the financial tools to get there as quickly as possible.
- You can expect to learn that money isn’t the “end all, be all.” It is a tool that we can use to help design that ideal life we are cultivating.
- We will discuss the freedom that financial independence provides to the burned out physician who lacks work-life balance.
- You will learn how to make wealth building automatic.
- I will document the journey of others doctors as well as my own journey to wealth through net worth updates and stories as a case study example.
- We will focus more on the behavioral finance aspect (the “why” of personal finance) more than the “how.”
Ultimately, I want to help those in training and those who have just finished figure out how to obtain their wealth without forgetting the “why,” which is to live an intentional and balanced life!
Those that know me in real life know that I am a straight-shooter. My hope is that people reading this website will receive advice, help, and some camaraderie that they may be lacking.
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