[Today’s post is from Smart Money MD, who runs one of the longest-running physician finance blogs (he’s been blogging since 2015). This is not an article about working harder to the point of burning out. It’s a motivational article about working smarter to help you achieve your financial goals. In some cases, Smart Money MD actually recommends cutting back on work hours and responsibilities. For example, some physicians may actually want to cut back on hours in order to not burnout. In doing so, they are able to extend their career and increase their lifetime earning potential. This article previously ran on Smart Money MD’s blog in September 2018. -WSP]
We all know the importance of compound interest in building wealth. The fuel for compound interest is time—the longer you are committed the greater chance your investments will grow. This applies not only to financial growth but also to essentially everything else. As a rule of thumb, the more you study for a test the better you ought to do. The longer you have practiced medicine, the more likely you will have brand recognition by the public. If you bought a few homes in remote parts of Astoria, New York in the 1970’s, your properties will still be worth a lot without any effort. Time builds. Time erodes. The key is to strike a balance.
The hungriest doctor gets the best dinner
The medical training environment can make even the most satiated student hungry. I’ve witnessed, during medical school, a seemingly mundane presentation on bezoars evolve into a history lesson on surgical management of gastrointestinal obstructions to the cocaine addictions of William Halsted. That’s right. This five-minute presentation after morning rounds probably took an all-nighter to prepare. I sure felt sorry for the student who had to present a topic after this gunner.
The longer you can stay hungry, the higher the chance you can achieve your goals. There are studies on successful people, with the most successful people having characteristics nearing hypomania and insomnia. If you are in that category, you are engineered to be highly productive. The rest of us normal people will undoubtedly run out of gas if we operate at 110% all of the time.
[My worry is that many of us are in the normal category but think we are in the superhuman category, leading to high rates of burnout. Know your limits. -WSP]
If we want to become financially successful, we really need to tap into that hunger and stick with the plan as long as possible.
Financial success is multifactorial
We already have the formula for financial success—spend less than you earn. If we can stay hungry on both our earning and savings power, we can accelerate toward financial freedom sooner.
Staying hungry on your earnings is not easy. Early into your career as you are still mastering the clinical routines, nuances in the workplace, and billing terminology of your work, you are hungry. Everything is still new and hopefully challenging. Most of us in this period are building our practices and are building up to our earning potential. Eventually your routine becomes routine. Perhaps you max out on your earning potential at your job, or worse yet, start earning less. For instance, Hospitalist medicine is one field that often plateaus early in one’s working career and become dependent upon quality metrics for bonuses. If you are finding that you are losing your hunger for earning, it’s time to figure out how to continue your financial success.
You could explore secondary responsibilities in your existing job, like participating in quality review committees. Sometimes these extracurriculars come with certain stipends—more money in the bank. Alternatively you could start exploring alternative income streams to build upon your income.
[Serving on hospital committees is often unpaid work, so a way to increase your earnings / hour is to quit serving on unpaid committees or negotiate to be paid for the time you spend working on these committees. Stay hungry about saying no to people demanding your time and energy without proper compensation. -WSP]
One of my colleagues decided to cut back on his work schedule to four days a week. This was a means to reduce exposure to stress in the workplace, combat burnout, and prolong his overall working career. Due to logistics in his work situation his income dropped by more than 20% for going down to a 0.8 FTE, but he is much happier. Doing so will likely prolong his working career by at least another five years—five more years of working income to help build the retirement fund.
On the savings front, it is easy to loosen the reins as we build our net worth. Maybe we decide to upgrade to a nicer car when we hit our first million, or a larger house when we hit two. Junior might need to enroll in private school or join the lacrosse team. One method to remain focused on saving is to stick with your financial plan.
Creating a financial plan is one of the fundamental steps in achieving financial success. Part of the plan should include how much of your income you intend to allocate to savings. As long as you meet your savings goals, you can feel less guilty about making larger purchases. As your income grows with your career, you can adjust your expenditure guidelines in your financial plan.
There’s really no rocket science in financial success as a doctor. Focus on your career. Create a plan for success. Stick to the plan, and modify as needed. It doesn’t matter if the plastic surgeon in your hospital is getting rich from real estate ventures or time shares. Getting rich doesn’t have to be sexy.
Staying hungry prevents complacency which can lead to a slow declining spiral.
I find it interesting that taking 1 day off a week (20% work reduction) leads to greater than 20% hit to the financial line. I was just on a guest post at Crispy Docs site mentioning that it was not a 1:1 ratio as the money I would have earned would comes in at the highest marginal tax rate and therefore is not worth as much (ie my 1 day off a week is less than 20% financial hit in the grand scheme of things).
You are correct that at a certain net worth you start loosening the pursestrings a bit but as long as the savings rate remains high (it does for me) it really is just a blip on the screen.
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I found that I lost some of my drive after I reached FI. Why should I keep killing myself? There is some wisdom in that realization.
But there is some danger too. I am trying to find ways to stay “hungry.” I want to push myself for new board certifications, new income streams, new and more effective ways of teaching and growing wealth. The complacency has become a big enemy of mine. It whispers in my ear, “There is nothing that you HAVE to do now is there?”
Hunger is good early on. Learning to be happy not being the busiest doc in your group is a skill that can prolong your career at less stressful pace. The “art” of medicine.
Hunger is a great analogy for this drive and growth. It is easy to pack it back as a physician teenager. However, as you get a bit older reflux from over-eating can become a reality. Similarly, you often don’t realize it was a mistake until after the fact! The superhumans you mention may just be wearing elastic waste pants.
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