Why Doctors Must Prioritize Income Protection and Smart Money Habits Early

A medical career is more than treating patients. For young doctors, the hospital or clinic becomes a place where knowledge, endurance, and compassion are tested. Behind the white coat, there’s a challenge often overlooked: securing your financial future while building your career.

The pressure to get ahead can make it easy to focus only on work, leaving finances unprotected. Debt, delayed savings, and unplanned expenses can cost more than money. True success comes from planning, budgeting, and protecting yourself. Saving early, investing wisely, and having proper insurance may not feel exciting, but they create a foundation that lasts. Setbacks like unexpected costs or career shifts remind us that preparation and patience matter.

The real goal goes beyond mastering medicine today. It is about protecting your earning potential, cultivating discipline, and building a financial foundation strong enough to support dreams for decades. In medicine and life, victories that endure come from preparation, patience, and perspective.

In this episode of Time Out with the Sports Doctor, Dr. Derrick Burgess shares his journey from medical school through residency and into his early attending years, highlighting the challenges of managing student loans, budgeting, and lifestyle creep. He explains the importance of disability insurance, automating finances, paying yourself first, and building multiple income streams. We also explore how financial literacy can reduce stress, provide peace of mind, and give physicians the freedom to make career and life choices without feeling trapped. 

"If you lose part of your function, you can lose your ability to take care of patients. You have to protect your ability to do your job and your ability to take care of your family, take care of yourself." - Dr. Derrick Burgess

Topics Covered:

(00:01:14) Milestones in Dr. Burgess’ career journey

(00:03:09) Financial reality and challenges in career training

(00:07:43) Budgeting & frugality

(00:10:24) Disability insurance & peace of mind

(00:12:42) Protect your income as your biggest asset

(00:15:32) 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.

(00:19:02) Automating finances & paying yourself first

(00:22:44) How to balancing medicine and financial goals

(00:24:27) Entrepreneurship requires embracing imperfection 

(00:26:00) Financial literacy improves practice

(00:27:31) What does financial freedom mean?

(00:29:44) Advice to young physicians

Key Takeaways:  

"We think about getting that dream job and living happily ever after. However, for many people, that dream job can become a nightmare."

"If you don't tell your money what to do, it will do it until you deal with the consequences later."

"As a surgeon, every time I walk in the operating room, I have peace of mind knowing that my hands are protected, knowing that my whole body is protected."

"We have a hard time making money without working, so to speak. We're so used to being present, exchanging our time for money that it almost seems foreign that I can invest this money and I wake up in the morning and the paycheck is there."

"I think we're so highly trained and so highly specialized that many times we have a hard time seeing the world outside of what we do."

"The better stewards you are with your money, you're able to introduce more of those interests."

Connect with Dustin Karas:

FB: https://www.facebook.com/PatternLife/

IG: https://www.instagram.com/pattern.life/

YT: https://www.youtube.com/@PatternLife

LinkedIn: https://www.linkedin.com/company/patternlife/

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

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.