Doctors are some of the most respected professionals, and one of the best paid. But despite the external trappings of wealth – expensive homes, luxury cars, exotic vacationing, etc., many of them struggle to make ends meet. Several reasons have been established for the notoriously lousy money management habits of physicians.
The most pervasive is the low financial literacy amongst doctors. Some determined medical practitioners having successfully gained financial independence set-out to teach others how to achieve the same. Their blogs are written by physicians for physicians.
Here is a List of Top Doctor Bloggers of Personal Finance Worth Following:
According to Jim Dhale, he started the WhiteCoatInvestor.com blog when he became fed up with finance professionals ripping him off. A practicing board-certified emergency physician, Jim decided to take matters into his hands after falling victims to unscrupulous finance experts. And so he started a long journey of self-taught financial education. He quickly discovered that there were no resources created to help doctors learn how to manage their money.
This epiphany led to the creation of the blog.
The White Coat Investor blog aims to give doctors sound financial education. And also to provide an enabling platform for doctors to network and connect with professionals in the financial sector.
To achieve this lofty mission, the White Coat Investors blog uses several resources such as the blog, podcasts, videocasts, email courses, a monthly newsletter on investing, an online course, live conferences, a forum, and a book. Others include the White Coat Investor Facebook group, facebook feed, and twitter feed. Some of the most impactful articles on the blog include:
- 10 Ways To Know You Are Competent to DIY Your Investments
- Investing 101
- How To Be A Do-It-Yourself Investor
The man behind the blog has chosen to remain anonymous. Known in the early retirement (FIRE) online community as PoF, he is a practicing anesthesiologist, family man, and FIRE (Financial Independence Retire Early) blogger. PoF set out with his blog to assist fellow physicians to gain financial independence.
Despite being some of the highest-paid professionals, physicians are notorious for making terrible financial decisions. This stems from their financial illiteracy and focusing exclusively on their primary role. PoF attempts to close this knowledge gap and teach them early retirement options they never considered.
PoF is very popular in the FIRE community and has given away over $100,000 to charity. Some of his outstanding blog posts include:
- Guide to Retiring at 45
- Should you try to spend less or earn more?
- Top 5 Reasons I Chose Not To Retire at 39
Jimmy is an academic anesthesiologist who became a self-taught investor after a series of sour encounters with finance professionals. He then grew his net worth by $250,000 within a year of completing training and paid off $200,000 in student debt in 19 months.
The Physicist Philosopher blog helps physicians set personal finance goals and equip them with the necessary tools to achieve them. Jimmy believes a financially independent doctor is a better professional, which in turn benefits his patients. Secondly, doctors should choose to practice medicine and not just because they have to.
- When You Should Get Student Loan Help
- The Top 10 Things Doctors Need to Know About Disability
Run by a relatively young anesthesiologist, Passive Income MD (PIMD) talks about creating passive income sources and how it has affected his practice and personal life. He’s a first-rate entrepreneur and has started several new businesses while still practicing medicine. He claims to be financially independent but is not planning to leave medicine anytime soon.
PIMD believes the secret to a successful medical career is to have other pursuits to balance things out.
Physicians do not have to lose touch with their passion because of their work commitment. – PassiveIncomeMD
His blog post offers tons of practical advice.
The website was started by a physician who specializes in Internal Medicine and practices in Texas. Growing up, his family struggled to make ends meet. Thus, he had to work to support the family and put himself through school from an early age. He graduated from college debt-free by getting scholarships and working throughout. These experiences forced him early on to learn how to be careful with money.
Medical school left him with $100,000 in student debt. So after graduation, he decided to get out of debt as quickly as possible and achieve financial independence. The blog InvestingDoc.com was created to document this journey. It talks about personal finance, debt-payoff, retirement savings, and investing. Some posts worthy of note include:
A self-acclaimed millionaire, the MillionaireDoc (MD) is a physician in private practice. He’s made over a million dollars by earning, saving and investing. He invests mostly in commercial real estate through syndication and crowdfunding. Through his blog, he shares his unique experiences and thoughts on building wealth, work, relationships, and meaningful living.
MD believes that investing in the right areas of life – family, work, friends, health, and relationships are what makes you truly rich. Plus having the right millionaire mindset of constant learning and improvement.
The blog contains posts that entertain as well as educate and inspire you to action:
- Accredited Investor: Advantage or Not?
- The Rise of the 18 Hour City
- The Ultimate Guide to Self-Directed Retirement Account
Wall Street Physician
This blog is written by a radiation oncologist with experience in investment banking. Although he always wanted to be a doctor as a kid(both parents are physicians), he became fascinated with the financial market while in middle school. So he went to college to get a finance degree while also taking pre-med coursework. He immediately got a job on wall street after graduation. However, he quickly discovered that wall street wasn’t for him, and so he went back to medicine.
He created the blog for physicians and other high-income professionals to give them an insider view of the finance industry. With his industry experience on the trading floor, he aims to make ordinary investors understand how banks and hedge funds lose and make money and the intrinsic advantages they have.
The articles on the blog focus on investing and could be a bit advanced. Here are 3 worth checking out:
- Eight Reasons Why You Should Not Trade
- How Wall Street Is Like A Game of High-Stakes Poker
- Building a Vanguard Three-Fund Portfolio (Or Other Simple Index Fund Portfolios)
A blog from another anonymous physician. WealthyDoc has a finance MBA from a top-20 business school and over 30 years of investing experience. Furthermore, he’s financially independent and completely debt-free.
But it wasn’t always this rosy. According to his account, he grew up dirt poor in a “dilapidated one-room cabin.” They had very little family income and had no cars. He was the first college graduate in the family.
This early brush with poverty spurred him to learn and improve himself to escape a life of destitution. Having succeeded in achieving his goals of financial freedom, WealthyDoc set-out to assist other physicians in learning from him. In his career, he had met a lot of doctors who, despite their large incomes, were terrible at managing money.
The WealthyDoc website contains little or no promotion or other attempts at monetizing the blog. It has easy-to-read short posts with great insight into money management.
The owner of this blog calls himself “Doc G.” he’s a practicing physician interested in side hustles and early retirement. The son of a doctor and an accountant, he grew up in an upper-class family and didn’t lack any material comfort.
He developed an interest in business as a kid. His first ventured into buying baseball cards and selling them through classified ads in a magazine. He then purchased and sold artwork. Having grown up surrounded by folks whose preferred asset class was real estate, he invested in rental properties with his wife.
He delved into medical practice with a medical group and later left to start his own concierge practice. He has since closed the practice but continues to offer his services to nursing homes and hospices.
Although financially independent, he’s been a bit apprehensive of leaving work completely. However, he has the freedom to pursue activities he enjoys. He’s been blogging since 2008 and has written and self-published 2 books. He started the blog to share his ideas about personal finance and offer his unique contribution to the FIRE community. The blog features a podcast: what’s up Next, which discusses financial independence. There are great contents to be found on the blog:
Dr. Adebayo Fasanya is a pulmonary and critical care doctor practicing in a small southern US town. He came originally from Nigeria where he said he learned how to be frugal and not trust anyone with his money.
Within 6 months of working full-time, Dr. Adebayo managed to pay-off $300,000 in debt – a fantastic feat. He owed his success to budgeting, side hustles, excellent negotiation skills, and geographical arbitrage. His interest in documenting this journey started when he came upon the white coat investor blog. Through the DrBreatheEasyFinance blog, he hopes to help other physicians achieve financial independence and improve financial literacy among young professionals.
The blog is meant primarily for those who want to learn the basics of personal finance – beginners. And since it documents his journey so far, the blog dwells on simple, but practical topics such as:
- You Should Try Envelope Cash System Budgeting At Least Once In Your Lifetime And Here’s Why
- How to Retire by 40 on $40K In 4 Easy Actionable Steps
All the Doctor bloggers on this list believed that as a practicing physician, you don’t have any excuse not to be knowledgeable about money. With an abundance of resources from physicians who have been there and done that to guide you, you can become financially free, just like any other person with the right money habits built over time.