Why Are There So Many Physician Finance Blogs?

Does it ever feel like every other physician is a personal finance blogger?  That is slightly misleading, but it can feel that way.  As a physician who does this exact thing, I realize I am ‘calling the kettle black.’  However, following the notoriety of websites like The White Coat Investor and the Physician on Fire, it feels like an exponential number of physicians are voicing their opinions on physician finance.  Why are there so many physician finance blogs?  Is everyone an expert now?  Here are a few thoughts on this recent phenomenon and why I think it is an important trend.

A professional awakening

I will start by commenting on the state of career physicians in the United States.  I have written about this previously.  It is my opinion that the days where being a physician guarantees you the ‘sweet life’ are a thing of the past.  Years ago, being a doctor secured you a six-figure salary that far exceeded the average upper-class income.  Physicians in the 1980’s through the early 2000’s were able to graduate residency with statistically less educational debt and higher salaries, comparatively. 

Over the past 10 to 15 years, the cost of medical education has risen significantly.  The average medical student graduates with approximately $215,000 worth of debt.  Graduates are then required to complete 3-to-7-year residencies (depending on their specialty) and are compensated roughly $40,000-$70,000 depending on geographic location, post-graduate year, specialty, etc.  During this time, residents are often scraping by while working 80 hours (or more) a week.

A lack of financial education

During an almost decade’s long formal medical education, there is rarely (if any) formal financial education provided.  We are taking altruistic, hard-working, well-educated individuals, running them through rigorous years of study, then dropping them into the real world with a large salary, a mountain of debt, and no idea how to navigate their personal finances.

This has led to an ‘awakening,’ if you will, of medical professionals self-educating on management of their personal finances.  You might ask, “shouldn’t everyone know how to manage their finances?” And you would be correct to ask this question.  The unfortunate answer is that doctors find themselves in a unique scenario. 

We enter a profession driven by altruism and the need to ‘help others.’  However, we never learn how to prioritize ourselves.  We are so fixated on providing quality care and avoiding medico-legal troubles that we spare no time to care for ourselves. From our personal health to burnout prevention and financial education, it all takes a backseat to our careers.  We have become a vulnerable population that is preyed on given our high incomes and lack of fiscal competency. Physicians now, more than ever, are overwhelmed and overworked, with a mountain of debt.  We are all looking for a way out. 

Ask and you shall receive

Thanks to the miracles of the world wide web, this ‘way out’ (at least financially) was born.  In a small corner of the internet, physicians started writing and blogging about ‘financial independence and retiring early.  This became known as the FIRE movement.  This movement is not unique to physicians, but it unexpectedly found its way into our profession.  Many did not expect physicians, culturally defined as ‘rich,’ to be creating a movement around frugal lifestyles, coupon hacks, and minimalism.  This seemed counter to all that society assumed of doctors. 

With the notoriety of individuals like Dr. Jim Dahle of The White Coat Investor and Dr. Leif Dahleen of the Physician on Fire, more and more medical professionals migrated to their messages.  Messages that informed doctors on tax codes, preached a balanced budget, living below your means, saving more than 20% of your income, investing, indexing the market, and finding a side hustle.  Their content spoke to so many who felt backstabbed by an educational institution that failed to provide them with the tools necessary to eliminate debt and navigate their earnings.  This content created a community, and this community bred a new generation of physicians.  Physicians no longer accepted the status quo and exited training eager to create a financial plan and share it with the world.

Low barrier to entry

Another aspect that has heavily influenced this physician finance blogger phenomenon is the ease of access.  The internet is arguably the most influential technological tool created by man.  Today, the majority of humans globally are connected to the internet daily (in some form or fashion).  Either through their phones, their laptops, their cars, or their workplaces, the internet is omnipresent.  Creating a website and starting a blog has never been easier.  To prove it, I actually have created an article called How to Start a Blog.  Here I offer a few quick steps you can follow to create a blog of your own! 

With access to the internet and a few extra dollars, any individual can own a virtual plot of real estate in minutes.  With this ease of entry, literally anyone can build a presence online…even physicians.  What started as commenting on articles, has evolved to everyone having an online platform with which to speak.  This was largely ushered in with the dawn of social media.  Physician or not, many now have a Facebook account, an Instagram, a Pinterest or Twitter account, the list goes on.  These media applications provide an individual with platforms to express their opinion.  Now one is just a few clicks away from owning a website…but what to write about?

Tell me about it

I would argue that there is a selection bias at work here.  Physicians motivated enough to educate themselves during their limited free time on personal finance are likely the ones motivated enough to create a blog documenting their journey. 

Physicians use their platform to document many things.  From side hustles to contract negotiation, there is a lot that physicians can share that offers value to their peers.  Most notably, I have found, appears to be debt elimination stories.  Physicians paying off huge sums of money in a few short years tend to get clicks and drive traffic.  When so many colleagues are experiencing similar financial stressors, there is motivation in the success of others achieving their financial goals. 

Naturally, as physicians share their debt elimination stories, they are asked to reveal how they tackled such a difficult obstacle.  This commonly descends into the minutiae of budgeting, saving, moonlighting, etc.  It is these individual nuances where all the juicy details lie.  It is here where one could produce content for years…and many now do.

Another physician finance blog

This new generation of physicians is born from screen time and social media.  These new medical professionals are experts with computers, wizards at virtual social interaction, and vocal about the reality of modern medical careers.  With certain literature quoting upwards of 600 million blog posts in circulation, there are bound to be more physicians blogging too, statistically.  We are seeing that, and it feels like everyone has their opinion on personal finance. 

Embrace it.  This is important.  Physicians are waking up to the reality that they can ‘have their cake and eat it too’ but it takes exponentially more self-control and time than it did for prior generations.  Honestly, this is not isolated to the medical profession.  Many professionals are questioning if the current cultural status quo is appropriate.  Physicians are forced to ask the question, is medicine still worth it?  I previously wrote on this topic as well.   You can find that article here. 

The medical profession, which coasted along as an enticing career for decades, is experiencing some unexpected ‘rough air.’  Older generations of doctors are confused at the frustration of younger generations.  Younger physicians are frustrated with the prior generation’s rigidity.  All of this emotion and financial angst is manifesting as more and more healthcare professions are turning to the internet as a platform to be heard.  From writing about their financial situations to their debt elimination stories, nothing seems to be off limits.  

The good…

There are a few things to consider as you comb through all the material out there regarding physician personal finance. First and foremost, not everyone is an expert. Arguable, most are not…myself included! It is important to know the difference between those who write to share stories and experiences from those whose primary goal is to influence what you do with your money. This distinction can often be difficult to tease out. Remember…before you make any significant financial decision in your life, seek expert counsel.

Another consideration is that ‘there is more than one way to skin a cat.’ What I mean is that many physicians approach their finances differently. That is O.K. We are all subject to varying influences in our lives. Different individuals feel economic and financial pressures differently. As professionals document their decisions, take everything with a grain of salt. What worked for them may not work for your situation, but it is still educational to read through their experience. I have found that some of the best personal finance content online spawns from individuals documenting their mistakes. Why make a mistake yourself when you can read of others, then avoid those pitfalls in your own life. This is where the majority of well written content finds its value.

The bad and the ugly…

Lastly, there will be financial content that is just plain wrong. I choose to believe that the majority of these articles are unintentional, but they exist and you would be wise to avoid them. I do not have a perfect method for deciphering these ‘bad apples’ but I have found a few themes.

If an article is trying to intentionally sell you a product or service, be weary. This does not mean the information provided in the article is wrong, it just may be written for a specific purpose. These articles often use enticing wording to incentivize you to buy. Proceed with caution. If the title of the article alone sounds too good to be true…it is. Things like ‘Guaranteed $100,000 Side Hustle in your First Year’ or ‘Do This (insert catchy financial advice here) Now Before Filing Taxes’ are generally written to drive traffic. Their titles provide ‘click-bait’ but their content is often full of exceptions to the rule…not the rule itself.

If an article poses only to share a personal story, or discuss a trend…these tend to be safe. The best financial advice is usually experience. Individuals writing about their forays into various aspects of the finance sector, their careers, or even their own portfolios. Authors who write with evidence, honesty, and transparency are generally not trying to convince you of anything, they are just trying to help. This is where the value lies.

Take home points

I only see this movement growing.  I expect we will continue to see physicians create blogs.  Blogs, as well as social media, provide community and utilization for side hustle income.  Physicians who are willing can interact with others who share similar goals.  Remember, there is value in others providing their experiences. Understanding what others have done, mistakes and successes can help you navigate your own financial journey. Be weary of articles trying to sell you something, or claiming their way is the ‘only way.’

If you made it this far in the post, my way of thanking you is by recommending a few financial blogs that I have found entertaining, helpful, and educational. Not every blog in this list is geared towards physicians FYI, but I found it more educational to broaden my horizons beyond my professions.

The Motivated M.D.’s financial blog recommendations:

The White Coat Investor

Physician on Fire

Financial Success M.D.

Motley Fool

Mr. Money Moustache

Financial Samurai

ESI Money

Get Rich Slowly

When physicians exchange ideas, stories, and financial advice, everyone wins.  Each individual’s situation is different, but with the right motivation and mentality, one can both share their stories and capitalize on the traffic it draws.  Two birds, one stone. As always…

Stay Motivated!

The Motivated M.D.

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