I am a 33-year-old interventional painkiller fellow at BIDMC-Harvard and am planning to graduate soon, and after all these years, my efforts are finally at sturdy, highly respected and (hopefully) looking to be rewarded with a lucrative career in medicine. As I prepare to take this next step, I can’t help but look back at the financial journey that brought me here. A journey that began with a simple question from attendance years ago: “What is Ross?”
At the time I knew little of the answer myself, but the moment sparked recognition. Doctors are undoubtedly some of the nation’s most earning and intellectual experts, but often seem to lack even a basic understanding of personal funding. Fast forward a few years ago, and I gained a reputation among my peers as a “money man.” Because it’s been around for a while Billionaire podcast guest from WCI milestones Join in ASA Advance Emerging Leaders Program– Essentially, scholarships for leadership development – I had a passion for discussing, earning and saving money.
But don’t mistake it for someone chasing flashy cars or expensive watches. If you ask anyone who knows me, they will tell you that it’s not my style. My financial journey is built on a much more meaningful foundation: security, independence and the building of opportunity. This brings us to the heart of this guest post. My partner and I are how we accumulated over $750,000 in the first few years of our medical career.
The truth is, numbers are mere numbers and are relatively large. Secondly, it is dishonest to me to not acknowledge that we came from a privileged background. That being said, the real point is the way we think about success. It is a philosophy with grounds inherent to principles of discipline, frugality, and behavioral economics. And it all started with a free resident meal.
A simple start: the foundations of wealth building
My financial philosophy has its roots in my development. My parents and doctors have instilled the importance of living through my means from an early age and cherishing every dollar. Their lessons laid the foundations of my mind, but until I began my medical journey, I really began to see how small and intentional choices can have a big impact on my financial trajectory.
Medicine teaches people to avoid “fixation” when diagnosing or treating a patient. However, in behavioral economics, anchors take on a different meaning. It refers to making decisions using reference points. For me, that reference point was the free meals offered by the hospital. I have saved thousands of dollars over the years by pinning my decision to minimize food costs by relying heavily on free resident diets.
But I didn’t stop there. I have extended this principle to other areas of my life: living in a modest apartment, skipping unnecessary subscriptions, walking to work, and taking public transport whenever possible. These choices were not a sacrifice. They were investments. All the dollars saved were dollars that could be redirected towards building wealth. For me, savings became a game and with each win I approached my long-term goals.
It also embraced the central concept of behavioral economics: opportunity cost. All the dollars we hadn’t spent on takeout or impulse buying wasn’t just saved. It was directed towards potential growth, such as repaying student loans and contributing to investments. This shift in perspective has helped us stay focused and motivated, even during the busiest training.
You may not know exactly how to describe the Roth IRA, but you knew where you were heading and how you wanted to get there.
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How did you go from your negative net worth in your 30s to early retirement?
Four simple things I’ve done recently
Turn your savings into investments
Saving money is a great first step, but to truly grow wealth you need to spend money on your work. That realization hit me towards the start of residence when I saved enough to open a taxable brokerage account. At first, I felt the investment idea was overwhelming. Behavioral economics explains this hesitation through “loss aversion.” Fear of loss often outweighs the potential joys of profit.
But avoiding the stock market altogether has posed much greater risk. We kept things simple and built a portfolio of low-cost index funds. These funds allowed us to take advantage of the market growth without the complexity and high fees associated with aggressively managed investments. He also practiced another principle of behavioral economics: mental accounting. By treating investment accounts as unruly and completely separate them from emergency funds and everyday expenses, they avoided the temptation to cash out during market fluctuations.
Thanks to compound interest and healthy sprinkles of good fortune, our portfolio has begun to grow exponentially. By the end of the residency, we had accumulated hundreds of thousands of dollars in investment. The key is not extraordinary financial skills, but consistency, discipline and willingness to make the job do.
Education and behavioral awareness
For me, financial growth was not just about savings and investment, but about learning. Early on, I randomly walked around the billionaire next door and Wall Street, reading blogs, forum Like White Court investors, I listened to countless financial podcasts. These resources have helped us to recognize and overcome cognitive biases such as “current bias” and “lifestyle inflation.”
When they were satisfied with traditional investments, they sought opportunities to diversify. That curiosity led me to real estate. It was a niche that I had little knowledge of at first, but quickly became passionate. Real estate provided a tangible and scalable way to build wealth beyond the stock market.
To educate myself, I dive into books like Books about rental property investment Brandon Turner was networked with veteran investors at BiggerPockets and attended a seminar to learn the basics. I focused on assessing the cash flow potential of a property, navigating funding, and understanding key principles such as how to effectively manage tenants.
My education paid off when I bought my first property. This is a modest investment that has become a turning point. Having a property that we can buy – we appreciate the relatively low cost of living areas, lucky investment performance and market trends, and the massive moonlight, and taught us invaluable lessons about fundraising, cash flow and real estate maintenance.
Real estate complemented our traditional portfolio, providing diversification, a tangible sense of accomplishment and a passive income for the future. We also strengthened important lessons. Financial independence is not just about savings. Rather, it is defined by discovering your niche, maintaining curiosity, and guiding knowledge into action.
Delayed Satisfaction: Key to Long-Term Success
Doctors understand the delayed satisfaction more than most people. We spend training, income vows and enduring harsh times for fulfilling career promises. Applying this same principle to personal finance felt natural to me.
Many of my colleagues upgraded their lifestyles the moment their income increased, but resisted the impulse. Instead, we continued to maximize our investment contributions by focusing on aggressively repaying student loans and registering in the moonlight as often as possible. Behavioral economics tells us that humans are wired to prioritize short-term rewards over long-term benefits, but by keeping this trend in mind, we were able to consciously invalidate it. We have created habits and systems that will help you for the rest of your life.
The value of spending: Living beyond numbers
Savings and investment are key elements of wealth building, but this is one lesson I’ve learned. Money is not a goal, it’s a tool. Life is short and can be more important than a growing bank account. Sometimes I would choose to visit my parents instead of going home. But after some deep reflection, I realized that for all my cash I was stealing all my core experiences and precious memories.
I emphasized that as long as I take pride in my financial discipline, I intentionally spend my money on things that are really important. To me, it means experience. Continue on memorable trips, enjoy meals with friends and celebrate milestones with family. It also means funding hobbies that bring joy and fulfillment, such as martial arts, heavy metal concerts, and video games.
Spending money on these things is not a failure of discipline, but a realization of what life is. Behavioral economics emphasizes the concept of “pleasure adaptation.” In other words, we quickly grow what we are used to being material. New cars and luxury watches may bring temporary satisfaction, but the memories I made with my loved ones and the joys I found in my passions are enduring and genuine value.
When you are working towards financial independence, don’t forget to balance your goals with your current goals. Saving for the future is essential, but don’t lose sight of the moments and people worth living life.
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Loosen the wallet string
It’s a lifestyle, not a holiday
Invisible hands
Behavioral economics is not just an academic field, but a practical toolkit for navigating actual financial decisions. The concepts discussed above helped me to maintain my discipline during the most financially unstable years of my life.
However, these principles are not just for doctors. They apply to those who are trying to build wealth. The beauty of behavioral economics lies in its ability to illuminate the invisible forces that drive our decisions. Once understood, we can be tamed and guided to achieve our goals.
For me, these forces came together in strategies that allow them to graduate from training with a debt-free financial portfolio.
Final Thoughts
Financial success is not about luck or extraordinary income. It’s about making consistent, informed decisions. My journey from a free resident meal to a portfolio of over $750,000 is evidence of that.
As I embark on the next chapter of my career, I feel empowered not only by the financial security I have built, but also by the knowledge that independence is within reach. My hope is that other doctors can learn from my experiences. It is about leveraging principles of behavioral economics to create a future of economic freedom.
But don’t forget that it’s really important. Wealth is a means of ends, not an end itself. Spend thoughtfully, invest in experiences, and cherish relationships that will make sense in your life. After all, the most valuable currency is not money, but time, memories, and deep connections. I’ve done almost myself, so I ask you not to lose sight of this.
So, the next time you hand over a free meal, think of it not only as a perk to work, but as a potential beginning for something bigger. Good luck.
