How to Navigate Debt, Build Wealth, and Take Control of Your Finances From Day One
Medicine teaches physicians to heal others, but without financial literacy, even the best doctors can find themselves adrift in a sea of debt. Financial literacy acts as that compass, guiding physicians toward stability and control. Understanding how to budget, invest, and repay debt is not merely about numbers, it is about creating freedom and security in a life that demands so much.
Every smart financial decision made early in a career grows like a small seed into lasting wealth, giving physicians options and peace of mind they cannot afford to ignore. Moreover, financial literacy empowers physicians to plan beyond their clinical work. It opens the door to pursuing passions, starting families, or investing in new ventures without the constant fear of financial collapse.
In a profession defined by service and sacrifice, understanding money ensures that physicians can serve others without sacrificing their own well-being. Knowledge about loans, investments, and insurance transforms anxiety into action, turning what seems like an insurmountable burden into a manageable challenge.
In this episode, we’re revisiting some of the most impactful financial conversations from the past year, episodes that every physician, especially those early in their careers, should hear. From securing disability insurance and managing debt to building smart habits and multiple income streams these highlights are packed with lessons on how to protect your future while pursuing your passion for medicine. Featuring insights from Dr. Zwade Marshall, Raina Windham, and more, this episode is a must-listen for doctors ready to take control of their financial future.
“Financial literacy is so important because the more you understand, the more you know, the less risky your moves will be.” – Dr. Derrick Burgess
Topics Covered:
(00:00:00) Introduction
(00:01:09) Importance of early disability insurance
(00:02:27) Smart financial habits for physicians
(00:04:44) Living within your means
(00:06:19) Building multiple income streams
(00:07:47) Borrowing wisely
(00:10:01) Physician investment opportunities in Doc2Doc Lending
(00:11:05) Advertisement: Struggling with your finances as a young physician? Doc2Doc Lending is here for you. Founded by doctors, we offer loans tailored to your unique career path—crediting your certifications and specialty training. Visit https://www.doc2doclending.com/ today.
(00:13:01) Meeting patients where they are
(00:16:04) Overcoming day zero moments
(00:18:28) Early career disappointment doesn’t define a physician’s path
(00:21:09) Managing student loans and debt
(00:23:20) Make smarter choices for the future
Key Takeaways:
“Automating my life was the main thing, and then actually starting to pay myself first.” – Dr. Derrick Burgess
“More time in the market is always best. It almost always wins.” – CEO Pattern Dustin Karas
“There is this mentality of ‘I’ve just been through the wringer, it’s time to reward myself. Before you know it, you’re behind.” – CEO Pattern Dustin Karas
“When you perfect your craft and do it well, first concentrate on being the best doctor you can.”– Dr. Derrick Burgess
“Sometimes you’re just going through this transition, and if you make it through, that’s when your real dream awaits you.”– Dr. Derrick Burgess
Connect with Dr. Derrick Burgess:
Website: https://www.drderrickthesportsdr.com/
Instagram: https://www.instagram.com/drderrickthesportsdr/
Facebook: https://www.facebook.com/TimeOut.SportsDr
LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/
YouTube: https://www.youtube.com/@dr.derrickburgess243
Email: thesportsdoctr@gmail.com
Other Links: https://forms.gle/816Ue5Zs7TtzvoiE8
This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time, so I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.
