How much do physicians actually need to retire comfortably? If you’ve heard numbers like $4 million—or more—and felt overwhelmed, you’re not alone.

In this episode, we break down where these retirement numbers come from, why physicians tend to think they need significantly more than the average American, and how to calculate a retirement target that actually fits your life.

Using data from Medscape, Northwestern Mutual, and the U.S. Census Bureau, we explore income differences, spending expectations, taxes, and the realities of retiring as a physician, especially if you’re considering early retirement.

What You’ll Learn in This Episode:

• What physicians report needing for retirement and how that compares to the average American
• Why higher income doesn’t automatically mean you need more to retire
• How delayed earnings and fewer high-income years affect physician retirement planning
• Why retirement planning is really about spending, not just net worth
• How taxes change your true retirement number
• The role of lifestyle choices and flexibility in determining how much is “enough”
• What to consider if you want to retire before age 60, including healthcare costs
• A better question to ask instead of “What’s my retirement number?”

Key Takeaway:

There is no single “right” retirement number for physicians. Your retirement target depends on your spending, lifestyle goals, taxes, and timeline—not what other doctors are doing.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Why do physicians earning multiple six figures still feel financial pressure?

In this episode, we talk about why a high income doesn’t automatically lead to financial ease—and why many doctors feel stressed about money despite “doing everything right.” This isn’t about budgeting harder or cutting out every joy. It’s about understanding the real reasons behind that stuck, anxious feeling.

In this episode, we cover:

• What it really means for high-income doctors to “feel broke”
• Lifestyle creep vs lifestyle expansion, and why doctors are especially affected
• How delayed gratification during training shapes spending habits
• Why taxes and payroll deductions make high salaries feel smaller
• The difference between growing net worth and tight cash flow
• What actually helps: margin, flexibility, and values-based spending

If this episode resonated, you’re not bad with money—you’re navigating a complex financial season with real responsibilities.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Most physicians assume that every dollar in their employer-sponsored retirement account belongs to them. That assumption can be a very expensive mistake.

In this episode of The Grow Your Wealthy Mindset Podcast, we break down vesting—what it means, how it’s governed by federal law, and why it matters when physicians change jobs or negotiate contracts. I also share a personal early-career mistake that cost me my employer contributions, and how understanding vesting later helped me make a strategic career decision worth tens of thousands of dollars.

You’ll learn the difference between cliff vesting and graded vesting, how academic, hospital, and private practice roles may differ, and the one action step every physician should take before leaving a job.

Key takeaway: Before you assume that money is yours, make sure it actually is.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

If you’re a physician with 1099 income, locums work, or a small private practice, choosing between a Solo 401(k) and a SEP IRA can have a huge impact on how much you’re able to save for retirement.

In this episode, we compare Solo 401(k)s and SEP IRAs in plain language and walk through real physician examples to show how contribution limits change based on income type, age, and whether a spouse works in the business.

In this episode, you’ll learn:

• The key differences between a Solo 401(k) and a SEP IRA
• Why SEP IRAs are simple—but often limiting for physicians
• How Solo 401(k)s allow higher contributions, especially after age 50
• When a SEP IRA might make sense
• How spouse employees and side income affect retirement planning

Physician scenarios covered:

• A high-income independent contractor physician
• A W-2 physician with locums side income
• A physician-owned practice with a spouse as the only employee

We compare contribution limits at age 45 and age 55 and explain why the Solo 401(k) often allows physicians to save tens of thousands more per year than a SEP IRA.

Key takeaway:

For many physicians, the Solo 401(k) offers more flexibility, higher contribution limits, and better long-term tax planning than a SEP IRA—but the right choice depends on how your income is structured.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

In this episode of The Grow Your Wealthy Mindset, we take a practical look at the differences between working as a 1099 independent contractor and a W-2 employed physician — and how each option affects your income, taxes, autonomy, and long-term wealth.

Whether you're thinking about locums, considering a new job offer, or re-evaluating your career path, this episode gives you a clear framework to make a confident, informed decision.

What You'll Learn

• Why more physicians are now employed

We explore the shift from physician-owned practices to hospital systems and private equity groups and how this change has impacted compensation, autonomy, and burnout.

• What it really means to be a 1099 physician

We break down the core advantages (flexibility, tax deductions, higher earning potential) and the challenges (buying your own health insurance, managing variable income, handling self-employment taxes).

• The reality of locums benefits

Most locums agencies do not provide traditional health insurance, but a few offer access to group plans or partner benefits.

• The pros and cons of W-2 employment

Predictable pay, employer-sponsored benefits, and built-in support vs. less schedule control and more administrative pressure.

• How to choose the right model for your life

We cover the mindset, financial considerations, and lifestyle factors that help you decide between 1099 and W-2 work, especially if you’re striving for more autonomy or aiming to grow long-term wealth.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Are you a physician thinking about buying a home but tired of the usual “30% of your income” rule? In this episode, we explore how to figure out how much house you can really afford as a doctor, without relying on arbitrary percentages or just what a lender says you can borrow.

We talk about the smarter way to approach physician home buying, including:

· How to calculate the total cost of homeownership, factoring in property taxes, homeowners insurance, and maintenance and not just your mortgage payment.

· Why using a reverse budget helps you align your housing budget with your savings, investments, and long-term financial goals.

· How physician mortgage programs can allow no down payment and no PMI, and what that means for your overall financial plan.

With a step-by-step example, we break down the numbers in a way that’s easy to understand, showing how to make a financially smart home purchase that supports your lifestyle instead of constraining it.

Whether you’re buying your first home as a doctor or upgrading to your next home, this episode gives practical strategies to make a confident, informed decision.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

Trump has proposed bringing back ultra-long mortgages — including a 50-year option — as a way to make housing more affordable. But would stretching a loan over half a century really help?

In this episode, we break down the real math behind the idea. You’ll learn why a longer mortgage term might look affordable month to month, but could cost you hundreds of thousands of dollars more over time.

We’ll cover:

· Why home prices have stayed high even after the pandemic

· How interest rates and inflation affect both buyers and sellers

· The difference between a 15-, 30-, and potential 50-year mortgage

· What history teaches us from the failed 40-year mortgage experiment

· Why focusing only on monthly payments can be a dangerous trap

If you’ve been wondering whether a 50-year mortgage could help you buy a home — or just keep you in debt longer — this episode will help you see the full picture.

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...

As the year ends, take a moment to pause and reflect. Instead of chasing resolutions, what if you designed a year that feels truly wealthy — rich in meaning, freedom, and joy? In this episode, learn how to align your money, time, and energy with what matters most, set financial intentions instead of goals, and take small, intentional steps toward your ideal life.

In this episode, you’ll learn:

· How to reflect on what worked and what didn’t this past year

· Why acknowledging your wins builds confidence and clarity

· How to define what a truly wealthy year means to you

· The difference between a financial goal and a financial intention

· How to use money as a tool to create more freedom and purpose

· Simple, sustainable steps to start living your vision now

Please subscribe and leave a review on your favorite Podcasting platform.

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mind...