We, as physicians, dedicate years to rigorous education and training to excel in our chosen specialties. We endure periods of sleepless nights, poor nutrition, personal sacrifices, time constraints, and modest pay. For many, this journey is further compounded by the significant burden of student loan debt. We do this with the expectation that we will be able to make up for lost time later. Yet, too often, when financial stability finally arrives, it is met with lifestyle inflation—bigger homes, luxury cars, and unchecked spending—leaving many physicians trapped in a cycle of debt rather than achieving true financial freedom. Many physicians have simply not been taught how to manage their money.
Similarly, as parents, we strive to equip our children with the skills they need to thrive in the world. We teach them to read, to be kind, and to dream big. But one of the most critical life skills, financial literacy, is often overlooked. Understanding money is not just about earning and saving; it is about making wise decisions to help prevent financial hardship and debt while increasing chances to achieve greater economic stability. But even more importantly, understanding money gives children confidence and freedom. When they learn about earning, saving, investing, and giving, they develop skills that allow them to make informed choices. When we teach children not only how money works but also how they can create value, serve others, and lead positive change, we raise more than just financially literate kids—we raise the next generation of leaders and changemakers.
With this in mind, financial literacy should not be taught in isolation. Money is a tool, not a goal. The real power lies in understanding how to use money to solve problems, uplift others, and create a meaningful impact. This is where the concepts of value creation, empathy, and leadership come in. One of the best lessons we can teach children is: Money follows value. Instead of focusing solely on earning an allowance or saving birthday money, we can encourage our children to ask how they can solve a problem or help someone and be rewarded for it.
In medicine, we are not taught to think outside of the box. Instead, we are trained to stick to the rules and follow the playbook. Many of us are so laser-focused on staying in the narrow lanes of medicine and being a good worker. I wish I had learned earlier to ask more questions, to find creative ways to solve problems, and to consider what it truly meant to build wealth. By fostering entrepreneurial thinking, we shift the mindset from “How can I get money?” to “How can I create something valuable for others?” This is the first step to financial independence and long-term wealth.
Financial literacy should not be just about personal gain; it should also be about using money to make a difference. When children understand the power of giving and sharing, they develop empathy and social responsibility. Money, when used wisely, has the power to change lives. Our goal should be to raise wealth creators with generous hearts, people who understand that financial success and kindness are not mutually exclusive. A child who understands money, value, and empathy is already on the path to leadership. But to truly empower them, we must also instill the confidence to take action. Let them make decisions, encourage problem-solving, teach them negotiation skills, and model leadership. The leaders of tomorrow are the ones who can see a problem, create a solution, and have the financial knowledge to bring it to life.
Teaching children about money is not just about ensuring their personal success; it is about preparing them to become the problem-solvers, innovators, and compassionate leaders of the future. When we combine financial literacy with value creation, empathy, and leadership, we empower children to build wealth not just for themselves but for their communities and the world. My hope is to help raise a generation that does not just chase money but one that uses money to create change.
Michele Cho-Dorado is a pediatric gastroenterologist.
