Beyond the Paycheck: The 5 Kinds of Wealth Every Doctor Must Build
Apr 02, 2025
This Week's Ownership Mindset:
One of the most powerful identity shifts I’ve made as a physician-entrepreneur is redefining what wealth really means. It’s no longer just about how many dollars you accumulate—but how deeply your life aligns with your values, and how freely you can move within your purpose.
A recent blog post on The White Coat Investor titled “The Many Different Kinds of Wealth” sparked my thinking. In it, the author expands on a tweet by Victoria Repa, CEO of BetterMe, who wrote:
“There are 4 types of wealth:
Financial wealth — money
Social wealth — status
Time wealth — freedom
Physical wealth — health Be cautious of jobs that offer you 1 and 2 but rob you of 3 and 4.”
That’s a simple yet profound framework, and it resonates deeply with those of us who have experienced the trade-offs of traditional employment in medicine. But I’d like to take it a step further. Based on my own journey and years coaching other physicians, I believe there are five types of wealth—and if you're going to think like an owner-entrepreneur, you need to build all five.
Financial Wealth: You Need More Than a Paycheck
Let’s be honest—this is where most of us start. We chase degrees and credentials because we believe they’ll eventually bring us financial security. And to some extent, they do. But many physicians reach midlife with high income and low freedom. Why? Because they haven’t built wealth—they’ve just earned money.
True financial wealth isn’t just about having a big paycheck. It’s about building something sustainable and durable—assets that work for you, income streams you own, and a business that serves your life instead of running it. As I wrote in “Say Yes to Self-Employment”, control is the real currency.
Case Study: Dr. Richards transitioned out of her academic position into a micro-corporation offering obesity care via telehealth. Her revenue is consistent, her overhead is low, and she no longer needs to ask anyone for time off. That’s what happens when you own the means of your production.
Social Wealth: More Than Status—It’s Connection
Victoria Repa refers to social wealth as “status,” but I like to think of it as relational capital. In other words, who you know, who trusts you, and who’s willing to open doors for you. For physicians, this doesn’t happen by accident.
As an entrepreneur you have likely figured out that community is a business asset. When you build intentional relationships—with other clinician-entrepreneurs, mentors, and business people—you increase your surface area for opportunity. Referrals, partnerships, and co-ventures come not just from marketing, but from who’s willing to say your name in a room full of opportunity.
Invest in people. Mentor. Be mentored. Join the conversations that matter.
Time Wealth: Your Greatest Constraint
Most of us have been ingrained with the idea that trading our time for money is the norm, a lesson deeply embedded in our educational and professional training. We dutifully punch clocks at clinics and hospitals, enduring long shifts that we come to wear as badges of honor, symbolizing dedication and hard work. However, this mindset can be deceptive and limiting.
When you shift your perspective and begin to think like an owner or entrepreneur, a profound realization dawns upon you: your time is not just valuable—it's your most precious, non-renewable resource. Unlike money or material possessions, once time has passed, it cannot be reclaimed or recreated. This notion should prompt serious reflection on how we allocate our hours each day. Failing to recognize the finite nature of time can lead us down a path where we sacrifice personal well-being for professional obligations without considering long-term implications.
It’s essential to understand that investing time wisely involves balancing work commitments with personal growth and leisure activities that replenish energy. By adopting this owner-like mindset about time management, individuals can make more strategic decisions that ultimately enhance their quality of life while still achieving professional success.
Your time is your most valuable, non-renewable resource.
In “Reclaim Your Time”, I challenge doctors to make decisions that prioritize freedom over prestige. Why? Because if your business, career, or job leaves you with no time margin, it’s robbing you of the life you could be living.
Case Study: Dr. S, an urgent care physician, pivoted into a combination of locums, part-time W-2, and legal chart review. He calls it job stacking—and now he chooses when he works, where he works, and how much he works. His income is stable, and his life finally has room to breathe.
Time wealth means you’re no longer at the mercy of someone else’s schedule. You reclaim your autonomy and reallocate your hours toward what matters most.
Physical Wealth: Your Health Is Your Business Plan
If your body gives out, your business—and your legacy—can, too.
Physicians often ignore their own well-being in the name of duty. We sacrifice sleep, skip workouts, and live on caffeine and adrenaline. But what’s the point of building financial or time wealth if you don’t have the health to enjoy it?
You don’t have to train for a marathon or follow a perfect diet. But you do have to invest in longevity. It’s not just about avoiding illness—it’s about building the capacity to enjoy and sustain your freedom.
Need help thinking t his through? Check out this post on “Functional Longevity” where you can learn practical ways to protect your health span, not just your lifespan.
Mental Wealth: Your Mindful Resilience
This is the crucial aspect that often goes unmentioned, particularly in discussions among physicians and healthcare professionals. I refer to it as mental wealth, yet what I truly intend to highlight are the attributes of resilience, adaptability, mindfulness, and emotional agility.
These are not merely buzzwords; they constitute the foundational pillars that sustain an individual through challenging times. Engaging in entrepreneurship presents its own set of formidable challenges. It demands innovation and persistence at every turn. Likewise, personal reinvention is no simple feat; it requires a profound transformation that transcends superficial changes. Whether you find yourself extracting from a toxic work environment fraught with negativity and stress or embarking on the ambitious journey of launching a new venture filled with unknown variables, your mindset becomes an indispensable asset.
Moreover, if you are recuperating from burnout—a state of physical, emotional, and mental exhaustion—it becomes even more critical to cultivate these qualities. In each scenario you may face throughout your professional journey or personal growth trajectory, your mindset—comprised of how you process thoughts and emotions—proves to be more significant than any impressive credentials listed on your curriculum vitae (CV). The ability to navigate adversity with wisdom and perseverance can ultimately dictate success or failure more than any formal qualification ever could. Nurturing this internal fortitude should thus be prioritized alongside professional development.
Case Study: Dr. M left clinical practice after being pushed out of a leadership role. Instead of spiraling, she pursued executive coaching and started a leadership consultancy. Her story isn't just about reinvention—it's about resilience. That’s mental wealth in action.
The takeaway here? Your business can’t be mentally healthy if you aren’t.
Throwback Wisdom:
“You don’t just work for income—you work to build a life. So why settle for one that feels like someone else’s idea of success?”
From the formative days of my journey with Doctor Incorporated and PEA-SimpliMD, I have been a staunch advocate for a revolution in both medicine and entrepreneurship—one that emphasizes empowerment and personalization.
This vision is rooted in the belief that every individual has the potential to shape their own health journeys and business ventures with confidence and creativity. As we navigate an ever-evolving landscape, it becomes increasingly vital to champion approaches that prioritize individual needs, encouraging innovation at every turn. By fostering environments where personal agency is celebrated, we can inspire transformative change that resonates far beyond traditional boundaries.
Read More on the Independent Doctor Blog →
Identity Shift Step:
Still thinking like an employee? It’s time to own your time, your work, and your income.
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Or download my free e-book:
The Entrepreneurial Physician’s ESCAPE from Corporate Medicine →
