Dave Ramsey has helped millions of people take control of their finances—but does his advice make sense for physicians? In this episode of The Grow Your Wealthy Mindset, I break down where Ramsey’s principles work and where they fall short for doctors. With our unique financial journey—years of training, six-figure student loan debt, and sudden income jumps—physicians need a more nuanced approach than blanket debt-aversion.
From student loans and investing, to credit cards and retirement planning, I’ll explain why following Ramsey’s 7 Baby Steps might actually hurt more than help, especially if you're a physician working toward financial freedom.
What You’ll Learn in This Episode:
Why debt isn’t always bad—especially when it’s funding an income-producing asset like a medical degree
The ROI of student loans and how to decide if borrowing for education makes sense
Why Ramsey’s strict “no credit card” rule isn’t practical—or always smart—for physicians
Why delaying retirement investing for student loan payoff can cost you
Social Security data source:
Tamborini, Christopher R., ChangHwan Kim, and Arthur Sakamoto. 2015. Education and Lifetime Earnings in the United States. Demography 52: 1383–1407.
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Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes
If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook
Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .
You can learn more about Elisa at her website or follow her on social media.
Website: https://ww.GrowYourWealthyMindset.com
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Disclaimer: The content provided in the Grow Your Wealthy Mind...
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