The Prescription for Wealth: Financial Management for Physicians in Training

Did you know that many physicians struggle to build wealth? Despite ranking among the top 1% of wage earners, the profession is often characterized by a lack of financial preparedness. A once promising path to security is hindered by a limited understanding of how money works. While this presents an intriguing paradox, it more importantly demands a solution.

 

Recognizing this issue, we aimed to develop a proactive approach for physicians in training. Emergency physician and former financial advisor, David Scott, MD, FACEP, took the lead on this initiative. With his expertise, we created “The Prescription for Wealth,” a free USACS video series packed full of financial planning tips. Dr. Scott’s instruction is both detailed and accessible, empowering physicians to secure wealth early and ensure its longevity.

 

“Our goal is to showcase what it takes to be wealthy, rather than simply look wealthy,” Dr. Scott shares. “Some physicians have fancy cars and big houses, but it can all be smoke and mirrors. We wanted to emphasize the basics of growing money from the ground up. This knowledge is especially pertinent for young physicians who may have hefty student loans and a negative net worth. If they can get off on the right foot, it will make life much easier later on.”

 

To date, there are 24 published videos, featuring three brand new subjects. The videos range from four to ten minutes in length and the series begins with Dr. Scott’s Five Laws of Money. These are the foundational principles that shape his content, including:

 

1. You don’t get rich at work.
2. Wealth comes easiest to those who take advantage of time.
3. Wealth grows rapidly for those who follow the 80/20 rule.
4. Wealth grows from investors and flees from gamblers.
5. Wealth grows safely for those who protect it from risk.

 

“We break down these statements into digestible lessons,” Dr. Scott explains. “For instance, the first law states that a high income does not equate to wealth. In contrast, wealth is determined by what is done with the money made. This is a common problem for physicians due to delayed gratification. Many do not earn a substantial salary until their 30s and feel pressure to catch up with peers. Once they get a big paycheck, they overlook the need to save and invest, making luxury purchases before they can afford them.”

 

This example illustrates the types of spending patterns and challenges Dr. Scott addresses. Viewers first receive an overview of how wealth accumulates and how to manage it. After laying this critical foundation, they dive into specific topics to foster a healthy career and retirement. He discusses how to buy a home, prepare for children, purchase a car, and find a financial advisor—just to name a few. As for the latest videos, Dr. Scott focuses on planning ahead. He explores the Financial Independence, Retire Early (FIRE) movement, savings rates, and Health Savings Accounts (HSAs), drawing on his recent experiences.

 

“With all this information, it can be difficult to know where to start,” Dr. Scott acknowledges. “I recommend physicians take it step by step. They should incorporate financial education into their routine and dedicate 5% of their discretionary time. Watch these videos, listen to a podcast, or read a book. They do not need to be experts. Even small efforts will keep them informed and consistent.”

 

Importantly, “The Prescription for Wealth” is only one element contributing to our larger goal—to provide comprehensive support and stability for our physicians. That is why we also offer a 10% company-funded 401(k), financial coaching services, student loan counseling, and student loan refinancing, which was introduced by Dr. Scott himself. By investing in physician success through multiple avenues, we help reduce debt affordably and open doors to financial freedom.

 

“Our leaders have cultivated an environment for physicians to thrive,” Dr. Scott affirms. “They are long-term thinkers who know what is valuable to us today and years down the line. Beyond educational platforms like these videos, they provide the benefits that matter. It is this people-centric philosophy that truly distinguishes our practice.”

 

As a final piece of advice, he concludes, “I encourage physicians to take advantage of their compensation, leverage the resources available, and set themselves up for a great future. They deserve it!”

 

For more details, visit the video gallery and see how you can build your wealth at USACS.