Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

This physician’s keys to financial freedom

Another Second Opinion, MD
Finance
January 11, 2018
Share
Tweet
Share

Never was I used to having money to invest; it seemed like I always found a way to make income equal expenses.  Such was the life of the young, naive 20-something-year-old who had no idea how to build assets.

Going into my 30s, I began to read more, study more, and inquire more when it came to finances.  This led me to finally figure out what this investing thing was all about.

To many, investing is not nearly as fun as buying new things, showing off these new things and then buying more new things when the new things become old things.

Give me another five years, and I hope to be financially independent.  Being a California resident, my timetable for freedom is skewed slightly (OK, not slightly) toward the latter years, but nonetheless a constant goal of mine.

You most likely started down a similar path, buying a bunch of unnecessary things before realizing that this isn’t going to help you achieve financial independence anytime soon.

Up until two years ago, I too had no idea what this whole financial independence and retire early thing was all about.  Maybe you have a similar story.

Never had I ever considered the concept of having my money work for me, rather than me working for my money.

Going from medical school and training to finally working in my career was definitely eye-opening.  I was now making an income, which far surpassed the income needed to support the lifestyle I had grown accustomed to all my life.

To others in my profession, this new found income brings a whole new lifestyle: bigger houses, impressive cars, fancier clothes, expensive tastes.  It is not uncommon to fall into this trap.

Let me be completely honest; there was a little bit of a “lifestyle bump” upon actually making money.  Part of it was I felt there was a small reward due to myself, my wife and my kids for getting to this point.

You have probably felt the same way at some point.  No matter your profession, getting to where you are today required some hurdles to overcome, some barriers to break through.  Of course, you are entitled to a small reward at the end.

Down to earth folks understand the meaning of a small reward.  As discussed in the Millionaire Next Door, a lot of those with money don’t show off their wealth.  Sure they’ll buy nice things, but they buy nice, inexpensive things.

Never would some of today’s millionaires be caught dead buying expensive boats or flying in private jets.

ADVERTISEMENT

Going from not making money to finally making money is really eye-opening.  My philosophy is to “hide” it so to speak from my bank account.  Before it reaches my checking account, my income has been divided amongst retirement accounts, 529 plans and a savings account for emergencies.

To me, if you never get used to having a lot of money to spend, you’ll never feel the need to spend a lot of money.

Run from the temptations, run toward your financial freedom.

Around town, people may mistake you for someone who doesn’t do all that well.  Someone that is struggling to get by, someone who may not belong in that neighborhood.

And only you (and your spouse) will know the truth.  You are financially independent; you can retire early.

Desert your need to fit in. You have the power to take control of your finances.

You’ve been given the opportunity to make sound decisions when it comes to money management.

Been a while to get to this point for sure.  But now I’m here; my wealth is growing, my debt is dwindling, while my lifestyle is more than comfortable.  You know the rules, you have the skills, it’s time for you to step out on the field.

Rick Astley once said, “We know the game, and we’re gonna play it.”

Rolled into one: lifestyle choices, building assets and staying out of debt is your winning play.

“Another Second Opinion, MD” is an anesthesiologist who blogs at his self-titled site, Another $econd Opinion.

Image credit: Shutterstock.com

Prev

What's the latest on estrogen use in post-menopausal women?

January 10, 2018 Kevin 3
…
Next

Why physicians need side gigs

January 11, 2018 Kevin 2
…

Tagged as: Practice Management

Post navigation

< Previous Post
What's the latest on estrogen use in post-menopausal women?
Next Post >
Why physicians need side gigs

ADVERTISEMENT

More by Another Second Opinion, MD

  • 10 essential investments this physician makes

    Another Second Opinion, MD
  • How to make your taxable accounts a winning situation

    Another Second Opinion, MD
  • Pop quiz: Do you know the tax implications of your retirement accounts?

    Another Second Opinion, MD

Related Posts

  • A physician’s addiction to social media

    Amanda Xi, MD
  • The key to financial freedom: Live and work like a resident

    Brad Brown
  • How a physician keynote can highlight your conference

    Kevin Pho, MD
  • Chasing numbers contributes to physician burnout

    DrizzleMD
  • The black physician’s burden

    Naomi Tweyo Nkinsi
  • Why this physician supports Medicare for all

    Thad Salmon, MD

More in Finance

  • Decoding your medical bill: What those charges really mean

    Cheryl Spang
  • 5 blind spots that stall physician wealth

    Johnny Medina, MSc
  • The most overlooked skill in medicine: contract negotiation

    Cynthia Chen-Joea, DO, MPH and Peter Baum, DO
  • The business lesson new doctors must unlearn

    Stanley Liu, MD
  • The hidden impact of denials on health care systems

    Diana Ortiz, JD
  • Why physicians are unlike the “average” investor

    David B. Mandell, JD, MBA
  • Most Popular

  • Past Week

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • America’s ER crisis: Why the system is collapsing from within

      Kristen Cline, BSN, RN | Conditions
    • Why timing, not surgery, determines patient survival

      Michael Karch, MD | Conditions
    • How early meetings and after-hours events penalize physician-mothers

      Samira Jeimy, MD, PhD and Menaka Pai, MD | Physician
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
    • Here’s what providers really need in a modern EHR

      Laura Kohlhagen, MD, MBA | Tech
  • Recent Posts

    • Why the heart of medicine is more than science

      Ryan Nadelson, MD | Physician
    • How Ukrainian doctors kept diabetes care alive during the war

      Dr. Daryna Bahriy | Physician
    • Why Grok 4 could be the next leap for HIPAA-compliant clinical AI

      Harvey Castro, MD, MBA | Tech
    • How women physicians can go from burnout to thriving

      Diane W. Shannon, MD, MPH | Physician
    • What a childhood stroke taught me about the future of neurosurgery and the promise of vagus nerve stimulation

      William J. Bannon IV | Conditions
    • Beyond burnout: Understanding the triangle of exhaustion [PODCAST]

      The Podcast by KevinMD | Podcast

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

View 2 Comments >

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

ADVERTISEMENT

  • Most Popular

  • Past Week

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • America’s ER crisis: Why the system is collapsing from within

      Kristen Cline, BSN, RN | Conditions
    • Why timing, not surgery, determines patient survival

      Michael Karch, MD | Conditions
    • How early meetings and after-hours events penalize physician-mothers

      Samira Jeimy, MD, PhD and Menaka Pai, MD | Physician
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
    • Here’s what providers really need in a modern EHR

      Laura Kohlhagen, MD, MBA | Tech
  • Recent Posts

    • Why the heart of medicine is more than science

      Ryan Nadelson, MD | Physician
    • How Ukrainian doctors kept diabetes care alive during the war

      Dr. Daryna Bahriy | Physician
    • Why Grok 4 could be the next leap for HIPAA-compliant clinical AI

      Harvey Castro, MD, MBA | Tech
    • How women physicians can go from burnout to thriving

      Diane W. Shannon, MD, MPH | Physician
    • What a childhood stroke taught me about the future of neurosurgery and the promise of vagus nerve stimulation

      William J. Bannon IV | Conditions
    • Beyond burnout: Understanding the triangle of exhaustion [PODCAST]

      The Podcast by KevinMD | Podcast

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

This physician’s keys to financial freedom
2 comments

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...