Physicians dedicate years of training to caring for patients, often at the expense of their own financial well-being. While most doctors are well-versed in diagnosing illness, far fewer have the tools to diagnose the emotional and behavioral challenges that affect their relationship with money. In a recent episode of my podcast, I sat down with orthopedic surgeon Greg Gilot, MD, and financial therapist Erika Wasserman to explore the emerging field of financial therapy and why it is so relevant to physicians today.

From the operating room to financial therapy

Dr. Greg Gilot, an orthopedic surgeon at Cleveland Clinic Florida, grew up in a family where financial responsibility was modeled early. While his clinical and leadership career flourished, he also felt drawn toward understanding the psychological side of money. This interest eventually led him to pursue a graduate certificate in financial therapy at Kansas State University.

His co-guest, Erika Wasserman, took a different path. After a successful corporate career with IBM and experience in entrepreneurship, she recognized how often money, and the emotions tied to it, were at the root of the personal and professional struggles for many people. A personal turning point, when she lost her father and realized her mother was unaware of the family’s finances, drove her to pursue financial therapy. Like Dr. Gilot, she trained at Kansas State, where the two met and began exploring ways to apply these principles to physicians.

What is financial therapy?

Financial therapy addresses the intersection of money and emotions, what Wasserman calls “where the roads meet.” While traditional financial planning focuses on retirement goals, insurance, and investments, financial therapy digs deeper into why individuals make the choices they do. These choices are often shaped by money scripts, subconscious beliefs learned early in life, such as whether to prioritize saving over spending, or how much lifestyle matters relative to security.

For physicians, these money scripts can become especially complex. Years of training often mean graduating with significant debt, while simultaneously feeling pressure to live up to the lifestyle expectations of peers, family, or society. Stress around finances can manifest in subtle ways, from sleepless nights to physical symptoms like headaches, and many physicians do not realize money is the root cause.

Why physicians need this approach

Both Gilot and Wasserman emphasized that transitions, marriage, divorce, relocation, or practice changes, are when financial stress most often emerges. These periods of change bring both challenges and opportunities. By treating them as diagnostic moments, physicians can identify financial behaviors that hinder well-being and replace them with healthier patterns.

The process does not have to be long or burdensome. As Gilot explained, their approach is more like a specialist consult than ongoing therapy. Through targeted sessions, physicians can uncover their financial traits, recognize unhelpful patterns, and adopt tools that improve both financial health and personal satisfaction.

Wasserman added that even simple exercises, such as journaling about spending decisions or creating a “code word” with a spouse to pause heated money discussions, can reduce conflict and bring clarity. For many physicians, just shifting from vague anxieties to concrete, measurable goals dramatically reduces stress.

Lessons for physicians at any stage

The conversation with Mandell also highlighted practical advice for physicians at different points in their careers. For young doctors, Wasserman suggested finding an accountability partner, a spouse, mentor, or trusted colleague, to make money conversations as normal as those about diet or exercise. She also encouraged couples to use strategies like code words to manage difficult financial discussions before they escalate emotionally.

Dr. Gilot offered a concise but powerful reminder: “Live forward.” Physicians, he noted, are often burdened by student debt, pressured by high expectations, and lacking in financial literacy. The key is to responsibly address past obligations while still enjoying the present and preparing for the future.

Mandell pointed out that even physicians who feel financially stable can benefit. Going from “good to great” often requires examining not just if financial goals are met, but whether the journey is fulfilling. Research shows that experiences, such as shorter commutes, family activities, and travel, often bring more lasting happiness than material possessions. Financial therapy provides a framework for making these tradeoffs consciously rather than reactively.

Conclusion: Building stronger roots

As Gilot and Wasserman described, financial therapy is not about numbers alone. It is about understanding how emotions, upbringing, and expectations shape financial choices, and then building healthier patterns that can withstand life’s inevitable storms. For physicians juggling demanding careers, family responsibilities, and financial complexities, this approach can provide both practical tools and peace of mind.

Like medicine itself, financial well-being benefits from diagnosis and treatment. By uncovering money scripts, setting realistic goals, and learning healthier behaviors, physicians can strengthen their financial roots, allowing them to grow, adapt, and thrive.

David B. Mandell is an attorney, wealth manager, author, and partner in the wealth management firm OJM Group, LLC, where he and his team provide comprehensive and multidisciplinary financial planning services tailored specifically for physicians across the United States.

David hosts the Wealth Planning for the Modern Physician Podcast, now in its fifth season with over 95 episodes and 50,000+ downloads. The show focuses on the unique wealth planning concerns faced by today’s doctors and features interviews with physicians across specialties and stages of their careers, as well as insights from financial and industry experts. Listeners gain practical tips on building wealth, protecting assets, reducing taxes, and achieving long-term financial goals. Click here to listen and subscribe.

He is also the co-author of more than 15 books, including the newest release, Wealth Strategies for Today’s Physician: A Multi-Media Playbook. This innovative guide includes over 250 pages of actionable content and more than 90 embedded links to videos and podcast episodes. Organized into seven key strategies, the Playbook helps physicians reduce taxes, invest wisely, choose the right insurance, protect their assets, and plan for retirement. Click here to get your free print copy or eBook download, available exclusively to members of the KevinMD community.

David has spoken at major national medical meetings, including those hosted by the American Academy of Ophthalmology, the American Association of Orthopaedic Executives, and the International College of Surgeons. He earned his bachelor’s degree from Harvard University, his law degree from UCLA School of Law, and his MBA from UCLA Anderson.

Connect with David and OJM Group on their website, LinkedIn, Facebook, Instagram, YouTube, and X @OJMGroup.

Disclosure:

OJM Group, LLC. (“OJM”) is an SEC-registered investment adviser with its principal place of business in the State of Ohio. SEC registration does not constitute an endorsement of OJM by the SEC nor does it indicate that OJM has attained a particular level of skill or ability. OJM and its representatives are in compliance with the current notice filing and registration requirements imposed upon registered investment advisers by those states in which OJM maintains clients. OJM may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. For information about OJM, please visit http://adviserinfo.sec.gov/ or contact us at (877) 656-4362.

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