7 Steps to Wealth | PPhREI Network Roundup | 4-20-2024

by The Darwinian Doctor

In this PPhREI roundup, enjoy learning about the 7 steps to wealth for physicians and an unexpected perk of locum tenens.

This post may contain affiliate links.

The Prudent Plastic Surgeon

I think a lot of people overcomplicate wealth accumulation. I think it’s probably because many people don’t make enough money to pay for their living costs and still build wealth. This then becomes a combination problem of behavior and earning.

But for physicians, I would argue that only one of those problems is usually true. Doctor income is high enough that wealth accumulation becomes simpler, as long as you can keep your spending in check. But how do you actually do it?

In his post, Dr. Frey gives us the answer in a simple, 7 step formula for achieving wealth as a physician. Here’s the preview:

  1. Choose a specialty that you like
  2. Find a job that you like
  3. Save 20% of your pre-tax income (If you can do this as a trainee, great! But definitely you need to do this as an attending)
  4. Pay off student debt within 5 years
  5. Invest in broadly diversified stock, bond, and/or real estate index funds (maximize tax advantaged accounts first)
  6. Work for 25-30 years
  7. Enjoy life knowing you have a secure financial plan (in other words, your overall well-being will improve now that you’ve cared for your financial well-being)

There’s more to it, which Dr. Frey explains in the full post. Step 3 means that you need to live on only 80% of your pre-tax income, for example. It also pre-supposes that you’re content working for 25-30 years. I’m searching for a faster way to financial freedom via real estate, rather than depending on a 30 year career.

But I agree that if you’re content with your career, this is a fool proof plan.

Want to learn more? Read the entire post here: The 7 Step Basic Formula for Wealth as a Physician

The Darwinian Doctor

Longtime readers will know that I’m now a locum tenens physician, which honestly is very different from the life I ever thought was possible just a few years ago. I’ve been doing this now for about a year, and I’ve made a lot of observations along the way.

The new schedule has been a godsend for giving me the time to support my other business interests, like Cereus Real Estate. It’s also been surprising in terms of income efficiency, but that’s material for another post.

This post below is specifically about one of the unexpected perks I’ve noticed with my travel: it makes the heart grow fonder.

Enjoy the full post here: Locum Tenens Makes the Heart Grow Fonder

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A Darwinian Disclaimer

Since everyone is different, it may not be appropriate to generalize my doctorly advice to your own situation. Please run all medical, life, and financial advice by your own physician or financial professionals before applying it to your own life! Consider all information for your entertainment only!

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