ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 142: Rich Vs. Wealthy ER Doctors

In the movie Blank Check, a boy comes across and deposits a $1M check. And in the pursuit of achieving all his goals and dreams, he runs out of money. It’s very similar to the story of professional athletes running out of money within a few years out of the league. How that relates to today’s episode, without spoiling too much, is there’s a difference between being rich and being wealthy.

In today’s episode, we’ll discuss why almost all ER docs are rich, but many are not wealthy. The key difference beyond just age and geography, typically lies in financial behaviors.

Topics Discussed:     
  • The minimum net worth to be in the top 1% earners in America.
  • The difference between being rich and being wealthy.
  • How income, and spending play a role in the net worth equation.
  • The key consideration when it comes to being wealthy.
  • Key risks and slippery slopes to be wary of.
  • The importance of planning for your goals and the lifestyle you want.
  • Why lack of defining your "why" leads to burnout.

Resources Mentioned:


ER doctor, emergency medicine, emergency doctor, ER, financial planning, wealth, rich, wealthy vs. rich, high income, top1%