I have been reflecting lately on how, in reality, almost no physician is ever more than 10-15 years away from financial independence. No, you can’t live like a typical physician and achieve that, but by virtue of their high-income, it is nevertheless true.
My 10 year plan for physicians doesn’t require anywhere near that level of sacrifice, although there will definitely be some sacrifice required.
You need to pay off your student loans, pay off your house, save up a nest egg sufficient to last the rest of your life, and save up enough to take care of any other financial priorities you may have, such as your children’s college.
The difference between a physician income and a middle-class lifestyle is where the money to pay for this early financial independence comes from. The more you can convince yourself this isn’t a sacrifice, the better this is going to work for you.
The bigger your house, the more it costs you to finance it, pay for it, insure it, maintain it, repair it, landscape it, clean it, upgrade it, and furnish it.
You’ll need to work hard, take some extra call, maybe do some locums, and really spend that 10 years with an income well above average for your specialty.