When you can maintain the lifestyle you choose for as long as you live without ever being required to work
The challenge is real: Education debt. A late start. Financial complexities. A healthcare system in flux. Social expectations. And a very full schedule.
Physicians are smart and hard-working. So why do so many struggle to build substantial wealth? Three more reasons:
Physicians spend incredibly long hours doing stressful and demanding work, including excessive administrative tasks. Their work-life balance may not leave time for the attention that proper financial planning requires.
Manifesting as a decrease in autonomy, a physician's work may be beholden to an insurance company's willingness to pay and to shifting Medicare reimbursement structures.
A physician's healthy buyer-beware instincts and the varying degrees to which financial professionals adhere to a fiduciary standard may create a chronic lack of trust in the financial industry.
The solution isn't rocket science. Physicians who reach walkaway wealth take care of their family finances with comprehensive planning. They shouldn't be a minority among their peers, but they are.
Their success strategies include:
Having a plan tailored to their circumstances
Knowing where they stand at all times
Having confidence in every financial decision they make
Spending with intention, especially with large purchases, most especially with home purchases
Building a joint vision with their significant other