Every doctor has “that” patient.
The patient who nods along at their annual checkup as you run down the checklist of things they need to start doing: eat better, exercise more, take their medication, keep regular appointments with their specialists.
And then, a year later when they walk into their next checkup, not only have they not followed your advice. Their health might actually be worse.
Now, ask yourself: are you being “that” person when it comes to managing your money?
In medicine, failure to close the “intention-behavior gap” can have life-or-death consequences. In finance, the space between what we should be doing and what we are doing can separate us from many of our personal and professional goals — including retiring on our preferred timelines. This three-step checklist could help you start to close your gap, make better money decisions, and improve your Return on Life.
1. Turn down the pressure.
Being a doctor is hard enough. But many doctors also feel immense pressure to “look the part” or “keep up with the Joneses,” especially early in their careers. Some might prioritize buying a home or luxury vehicle way ahead of schedule before they’ve tackled their student loans and credit card debts. Others might feel pressure to take on more work than they can handle so that they can earn more — and spend more — as quickly as possible.
In Malaysia, the median monthly salary for citizens in 2023 was RM2,602, translating to an annual median salary of RM31,224. Meanwhile, general medical practitioners earn an estimated average of RM13,300 per month, or RM159,600 annually—about 5.1 times higher than the national median. In other words, the financial and material rewards for excelling in your career are coming. But using displays of wealth as a measuring stick won’t make you happier or more successful. And no matter how much you’re earning, undisciplined spending can have long-term consequences, especially for younger doctors who are borrowing against their futures.
2. Clarify your goals.
Very few professionals have to work as hard, for as long, to earn their bona fides. But a medical degree is such a major accomplishment that it can be tempting to rest on it for too long. Settling into a routine of seeing patients, performing scheduled surgeries, ending your day with notes and paperwork, and cashing a healthy paycheck, might actually be soothing compared to the grind of med school or the early days of your career. And that comfortable groove can turn into personal, professional, and financial stasis, even for high earners who feel secure in their jobs.
It might be time to start raising the bar. Ask yourself what you want your life and career to look like in 3, 5, and 10 years. Where are you living? Do you spend part of your year at a vacation home? Are your kids getting ready for college? Are you in line for a promotion, or preparing to break off and start your own firm?
Visualizing these kinds of goals and plotting them on your $Lifeline will help you develop a plan to reach them.
But how do you keep the intention-behavior gap from getting in the way?
3. Hold yourself accountable.
Don’t want to spend another year paying down your student loan debt?
Automate larger contributions.
Worried that small monthly expenses — like extra vehicle payments, multiple streaming subscriptions, and that gym membership you never use — are chipping away at your nest egg?
Put your monthly budget on the exam table and eliminate excess spending.
Struggling with your next career step?
Find a more experienced doctor who’s been there, done that, and is willing to mentor you.
And to keep your larger financial goals from falling through the cracks, work with a licensed financial planner who knows how to plan for more than just your money. Come visit our offices and see how our Life-Centered Planning Tools and Retirement Coaching Program can help doctors find the right financial prescription.
