Retirement, Debt, and Everything In Between: A Physician’s Guide to Financial Well-Being
I just came off a week-long staycation, and instead of escaping to a beach, I finally tackled the “life things” that had been piling up. I saw my PCP (fasted labs tomorrow), checked in with my gynecologist (perimenopause? The algorithms think so), caught up with friends in person (what a concept), and had our yearly meeting with our “retirement guy.”
Calling him a “retirement guy” is misleading, because he helps us with much more than that:
investments that could lead to passive income,
advising my partner on launching his audio business (JBJT Audio — you heard it here first),
connecting us with a lawyer to redo our estate plan (LegalZoom from a decade ago isn’t cutting it anymore), and
Yes, making sure we’ll be able to retire at some point in the future.
Money is one of those topics that feels ripe for overwhelm. It’s jargon-heavy, emotionally loaded, and honestly, a lot of us would rather deal with literally anything else. I’ve tried to coach myself into the thought, “Money isn’t emotional, it’s just a tool,” but that thought never sticks. I’ve had to accept that I will always feel at least mildly uncomfortable when thinking about finances.
But here’s the truth: financial well-being is a huge part of overall well-being. During times of burnout, how many of us have thought: “Yes, I’m miserable, but I can’t leave this job because I need the paycheck”? That’s the stranglehold money can have. On the flip side, our ability to earn a physician’s salary is one of our most powerful assets. Protecting that earning potential matters: not just for retirement, but for having career choices.
I’m not here to tell you there’s only one way to budget. Personally, I’m rubbish at detailed budgets. My system is simple: savings are automated, bills are paid, and whatever’s left is mine to spend however I want. The point is not to do it my way; the point is to just start somewhere. Think of this as financial self-care: a small set of habits that make your present and future self a lot more secure.
A Roadmap for Financial Self-Care
Step 1: Now (The Basics)
These are the low-hanging fruit, the things you can start today:
Track your money flow. Figure out where money is coming from and where it’s going. You may only have one paycheck, but side hustles, moonlighting, or passive income count too. This is not about shaming your Starbucks habit. It’s about identifying leaks — like forgotten subscriptions or late fees. I use Monarch Money, which pulls all my accounts into one dashboard. For a few months, look at every line item. It’s like combing through a patient’s chart: how have to get the data before you determine the treatment plan.
Create an ICE (In Case of Emergency) document. List account numbers, insurance details, utilities, and how things get paid. Instead of typing all your passwords into a Word doc (security nightmare), use a password manager with emergency access, or keep a printed copy in a locked, fireproof safe.
Sign up for your retirement plan. If you’re not in your institution’s retirement plan, enroll today. Compound interest is the closest thing money has to magic — and time is the ingredient you can’t buy back.
Get the match. If your employer matches retirement contributions, aim to work up to the full match. Can’t do it now? Increase by 1% each year. Do not leave free money on the table.
Get disability insurance. Your biggest asset isn’t your house or car, it’s your ability to earn. Disability insurance protects that.
Get life insurance (if someone depends on your income). Term life usually makes more sense than whole life.
Fill out an advance directive. At a minimum, name a surrogate decision maker and tell them what you expect of them. Every state has its own forms, so download yours (search “advance directive [your state]”), fill it out, and make sure your PCP and surrogate decision maker have copies.
Step 2: Soon (Building Stability)
Once the basics are covered, look toward near-future protections:
Debt management. Many physicians are carrying six-figure student loans. If that’s you:
Federal loans are discharged at death (your family won’t inherit them).
Private loans vary; some discharge, some don’t. Cosigners may still be responsible.
Explore loan forgiveness if you qualify, or consider refinancing if you don’t. I used the folks at The Student Loan Planner to help me with my loan repayment, and it was honestly the best short-term investment I’ve ever made in my financial future.
Even if the balance feels overwhelming, having a repayment plan is a powerful antidote to burnout. Having a plan turns abstract, unrecognizable anxiety into a course of action.
Emergency fund. Three to six months of expenses in an accessible account is financial peace of mind. This is what lets you say “no” to an extra shift, or even take a sabbatical, without total panic. If saving three to six months of expenses feels overwhelming, start with $1000. That’s enough to stop you from relying on credit cards if your car’s alternator gives up the ghost.
Tax help. Side hustles? Moonlighting? Consider an accountant to help with quarterly payments and deductions. It’s brain space you don’t need to burn.
Step 3: Future (Estate and Beyond)
Make a will. My first will was a cheap LegalZoom template. Now that my spouse and I own a house, two rental properties, and each have a business, it’s time for an estate attorney. Your will is only part of the picture, though — beneficiary designations on accounts (retirement, life insurance) trump whatever your will says. Update them.
Understand probate. Probate is the court process of sorting out your estate after death. Even with a will, probate can be slow and complicated unless assets are properly titled or have beneficiaries. Simplify for your loved ones now.
Talk to your family. If you suspect you’ll be tapped as executor/administrator for a parent or relative, encourage them to get organized. Being an executor is like a part-time job for months (or even years), and it’s much easier if they’ve done the groundwork.
Why This Matters for Burnout
Here’s where I want to circle back to you, my fellow physicians who are burned out or on the edge. Money avoidance is real. We shop to soothe. We stay in toxic jobs because of debt. We avoid estate planning because thinking about death is uncomfortable. And yet, financial avoidance compounds burnout.
Think of this not as “finance homework” but as financial self-care. Each small step — even just enrolling in the retirement plan or canceling three old subscriptions — creates a little more breathing room. You don’t need to do it all in one weekend. Take one step at a time. Or a fraction of one step at a time. Aim for progress, not perfection.
Your list might include things I didn’t cover, like starting a college fund for your kids, figuring out a side hustle, or tackling your loans head-on. That’s fine. What matters is momentum.
Final Word
I’m not a financial expert, and I still get anxious when I log into our accounts. But I now understand enough of the jargon, know which resources to trust, and feel confident that I can figure things out when new situations come up. And that’s the real goal: not to know everything, but to feel grounded enough to handle whatever comes.
Financial well-being is physician well-being. It’s one more way to reclaim agency in a profession that often takes it away.
Resources I’ve Found Helpful
Wealthy Mom MD (and Bonnie Koo’s book, Defining Wealth for Women: Peace, Purpose, and Plenty of Cash)