How Doctors Can Prevent Burnout by Taking Control of Their Finances with Gary Kauffman
How to Prevent Physician Burnout by Taking Control of Your Finances
By Dr. Rob Beck | The Interesting MD Podcast
Burnout isn’t just a buzzword—it’s an all-too-familiar feeling for many of us in medicine. Over the years, through my clinical practice and as host of The Interesting MD, I’ve seen firsthand how overwhelming financial stress can become for doctors. But I’ve also learned—and have been reminded through remarkable guests like Gary Kauffman of Dynasty Wealth Partners—that there are practical steps we can take to reclaim both our financial and emotional well-being.
If you’re a medical professional feeling the weight of finances, student loans, mortgages, or just constant work pressure, read on. This post isn’t about “hot stock tips” or get-rich-quick schemes. It’s about building confidence, sustainability, and—ultimately—the freedom to choose your own path in medicine without feeling stuck on the hamster wheel.
Why Burnout and Finances Go Hand in Hand
Let’s be honest: most of us didn’t enter medicine to become financial wizards. We trained to help patients, often delaying gratification while racking up debt and then jumping into high-paying roles—sometimes without a roadmap for what comes next. As Gary reminded me on the show, “Burnout comes from a sense of not progressing. You feel like you’re in the hamster wheel of life, but you’re not getting anywhere.”
That feeling? It’s amplified when you don’t feel in control of your money. The perpetual worry of loan repayments, mortgages in expensive markets (like Victoria, for some of my listeners), and the pressure to keep working weekends or picking up extra shifts—just to make ends meet—create the perfect storm for burnout.
Step 1: Redefine Financial Progress
To break this cycle, you need to clearly define what “progress” looks like for you—not your colleagues, not your friends in the doctors’ lounge, but YOU.
Here’s what Gary recommends, and I could not agree more:
Put Pen to Paper: Write down a number that would let you choose to practice medicine—not feel compelled to work because you must.
Set Milestones: Exclude the wishful answers, like “I want to retire yesterday,” and instead ask yourself, “When do I want to achieve true financial independence?”
Monthly Goals: Get crystal clear about how much money you need each month to cover your life, so if you stopped working for 6 months, you wouldn’t feel financial stress.
This isn’t about a one-size-fits-all solution. Whether you’re aiming for a secondary residence, sending your kids to university, or just seeking the space to breathe, your goals shape your plan.
Step 2: Take Stock of Where You Really Stand
One of the biggest sources of anxiety is comparison. As Gary said, “Comparison is the thief of all joy.” Many doctors measure themselves against colleagues who seem to have it all—investment properties, bigger retirement accounts, and flashy cars. But those surface comparisons rarely reflect the whole story.
The truth? Most doctors are doing better than they think. Before you panic or make drastic changes, seek an honest, unbiased review of your financial picture. This might involve working with a fee-only advisor who can act as your “honest broker” (and not someone who’s paid by selling you products).
Step 3: Build a Financial Plan that Works for Doctors
We’re all incredibly busy people. Here’s the thing: Most physicians don’t get into trouble due to wild spending, but rather from not planning for all the ways their money flows out—tuition, family support, practice buy-ins, mortgages, and more.
Gary’s team specializes in medical professionals because we have unique challenges:
Delayed gratification: We spend years training with low or no income, and then suddenly, big money starts coming in.
The Dam Breaks: After waiting so long, it’s tempting to let loose when we finally earn, but solid planning ensures this doesn’t derail us.
His advice is solid: make a goal-based financial plan. Figure out what you want your money to do—whether that’s achieving independence, buying into a practice, or funding a child’s education—and then save accordingly.
Step 4: If the House Feels “On Fire”—There’s Hope
Maybe you’re coming in late, feeling behind, or sense everything’s about to go off the rails. Don’t panic.
Start small:
Measure actual progress, even baby steps.
Address “low hanging fruit”: Can you refinance debt for a better interest rate or lower payment? Can you negotiate your compensation (yes, it happens more often than we realize)?
Adjust and get real: Sometimes you need to reassess goals, cut back (like selling a car), or simply make the decision to shift direction.
Step 5: Avoid the Noise—Stick to Sound Investing Principles
We talked about meme stocks and the crypto craze. The allure of “the next big thing” is everywhere, but for most physicians, the “secret” to wealth is slow, consistent, diversified investing.
Use broad, index-based approaches as your foundation.
Layer in real estate, private practice investments or private equity when you have the basics nailed down.
Pay attention to taxes—the difference between gross and net returns can be huge, and strategic planning in this area supercharges results.
As Gary joked, “The magic bullet is to save way sooner than you think you need to—and never stop.”
Step 6: Don’t Be Afraid to Ask for Help… But Choose Wisely
Physicians are notorious for DIY-ing everything (guilty as charged). But your financial life doesn’t have to be a solo project—or a mystery.
A trustworthy advisor can help you:
Save time (so you can, you know, actually live your life).
Avoid common pitfalls, like high-fee products or emotional investing.
Adjust your plan as your life—and the tax code—changes.
Importantly, treat your first meeting with an advisor like an interview. You should get value—including a clear deliverable—right away, not a sales pitch for commissioned products.
The Bottom Line
Burnout is real, but so is hope. Taking ownership of your financial future puts YOU back in control of your career, your time, and your well-being. The most powerful message I took from Gary was simple: When you plan, save, and act with intention, financial independence—and peace of mind—are possible.
If you want more practical tips or want to hear Gary’s full advice, catch our podcast episode or reach out directly. And as always, if you have questions or podcast ideas, contact me at rob@interestingmd.com.
Stay curious, stay balanced—and remember: you deserve a life and career that work for you.
— Dr. Rob Beck, The Interesting MD
Ready to take the next step in your own financial wellness journey?
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