6 Secrets of Becoming the RICH DOCTOR Your Friends and Family Think You are

Everyone (including your family, friends and strangers) thinks doctors are rich.

There is a little bit of irony in that statement as most doctors (especially the starting ones) realize that they are not near as where THEIR family and friends think they are.

However, doctors didn’t typically go to a medical school in order to become rich, it wasn’t your goal, right?

I haven’t heard a single personal statement in a medical school application that said, “I want to be rich.” In fact, I can’t remember a single one from my fellow Barrio doctors, that has mentioned “MONEY” as their primary goal, it is always “SERVICE.”

But just because that is not your main purpose in practicing medicine doesn’t mean you can ignore it.

They said, in life, what you do not know will not hurt you. But, when it comes to money matters, what you do not know will definitely hurt you.

The following are the secrets on how you can be the Rich Doctor you may want to be:

Secret #1 Know Where You are Now.

Knowing where you are now financially is crucial in making yourself RICH. It serves as your navigation point that will tell you how near or far you are towards your financial goals.

What you need to do:

Compute your expenses and income.  Is your income higher than expenses? Or are you Spending more that you are earning?

Remember: The First key to Wealth is PROFIT.  Read more.

The First key to a Meaningful Weath – If you don’t have this, you will never be Wealthy!

Know how financially fit you are by taking this quiz:

Know your Financial Health by taking this Quiz.

Secret #2: Know your Financial Goals

Financial goals should be detailed and something that will excite you.

For example:

To have a 3-bedroom house with small garden by the year 2020.

To retire at age 55 and still have the strength and money to travel with my spouse and not to rely on my kids for retirement ever.

Then, get some experts on how to measure your goals. Every goal becomes achievable when you can measure it.

Let me ask you, if you are to build your dream house, who do consult with? The architects and engineers, right? In your practice? Who do you ask for advice? Or who are your mentors? Of course your consultants, right?

But, when it comes to money matters? Who do you ask?

Quite too often, no one. Or maybe your parents, or sister or brother? Right? Unless they are financial experts themselves, I don’t discredit their advices since some or few of them are true, but sometimes, or often, it would be better to ask the financial experts since that took the time to study it in the first place.

“Plans fail from lack of counsel.” – Proverbs 15:22

To guide you on who to call: Doctor’s Biggest Mistakes in Choosing a Financial Advisor

Secret #3: Know the Factors that Can Affect You are as an Investor.

Filipino culture overall impacts your attitude towards saving and investing.

These are:

• one-day-millionaire-syndrome,
• Manana habit (procrastination)
• and being overly conservative.

Without a proper change of ways, you will also be trapped in the same fate our ancestors are in right now.

Once you have already identified the factors that affect you now as an investor, try to have a change in perspective.

Secret #4: Take advantage of Compounding Interest

Compound Interest – is the 8th wonder of the world –

Albert Einstein

When you started working, you are working for money, am I right? In this part, when you are wise enough and know how to do this, there will come a time when Money will be working for you. Time is more important than timing. The earlier you invest, the more time your money will grow.

This part will explain how Compound Interest works!

Secret #5: Don’t live beyond your means

Let us face it, there will be a moment where you will be called high-earner. This moment comes differently with different timelines for each doctor depending on your chosen field. But still, there is a high possibility it will really come. Once you are now earning more than you can spend. Try to live below your means and remember your goals in life.

Some doctors become overwhelmed and tell themselves, “this is the moment I am waiting for.” And they go and bite more that they can chew. Without knowing, they are finding themselves buried with debts (housing loan/car loan/credit cards) and become slaves in paying the loans and lifestyle they have created for themselves.

When that time comes, you can’t invest for your future anymore. Since you need to pay so many debts right now. You will forget your goals and you will become one of those who always tell, “I will invest, when I finished paying my debts.” Which is totally against the “Compounding Interest.”

Years later, you will ask yourself, “I’m 45 years old and I haven’t saved anything for retirement?” What will happen to me when I stop working? — Well, You tell me. Don’t let me tell you, “I told you so.”

Secret #6: Do some Action.

They said, a VISION without ACTION is called Dreaming. Your GOALS remain a goal unless you do something to it make a reality.

So, why not do it, right now. Even if you think you don’t have the money. Even if you think you still not earning enough. You need to do something before it is too late! A little is better than nothing.

If you want someone that can understand you, I hope you call me, since I am a doctor too and financial consultant. I can understand you! If not me, call someone (a financial adviser) you know who will be an expert in advising you.

Do yourself a favor. Do it Now!

Previous Post of this series:

Why are Most Filipino Doctors are not RICH? Top 5 Obstacles Keeping Filipino Doctors from Becoming Wealthy

Do you need a Financial Consultant that knows exactly what you need to retire young and rich? Ask me here!

Update on the TRAIN Law 2018:

• 8 Facts Doctors Need to Know About the TRAIN and How it will Impact your Income Tax

Be informed,

Learn more here:

Part 1: The Ultimate Guide on How to Register as a Doctor/Physician in BIR

Part 2: How to Issue Receipts: Guidelines for Moonlighters/Starting Private Practice

Part 3: How to  file INCOME TAX RETURN as a Physician

Part 4: Penalties for late filing of Income Tax Return for Doctors FILIPINO DOCTORS AND TAXATION

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Pinky De Leon-Intal, MD, RFC

Doc Pinky is a licensed Medical Physician, Internationally Registered Financial Consultant, Certified Investment Solicitor and Associate Wealth Planner and Estate Planner of the Philippines. She loves to educate and spread financial literacy. She is a Lactation Consultant. She loves to travel. She is a devoted wife and mother.

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