How Self-Made Millionaires Think Differently About Money (And How You Can Too)

What Every Physician-Entrepreneur Can Learn from Wealth Builders

I remember sitting in my office late one evening after finishing a string of back-to-back patients. The EMR charting was done, the inbox was clear, but something inside me wasn’t. I had hit another year of high income, but it didn’t feel like progress. It felt like an expensive hamster wheel.

That night I came across an article by Jake Claver titled "How Self-Made Wealth Builders Transform Income Into Freedom." It resonated deeply. Because it wasn’t just about money—it was about reclaiming time and freedom through strategy and discipline.

And here’s the truth: most doctors are high earners, but very few become truly wealthy. Why? Because wealth isn’t about salary. It’s about ownership.

Let me show you what I’ve learned and how you can start thinking like a wealth builder today.

1. The "Freedom-First" Mindset

Self-made millionaires see income differently. To them, every dollar is a seed, not a treat.

"Instead of asking, ‘What can I buy?’ they ask, ‘How can this money work to buy me freedom?’"

I started reframing my salary the same way. Each paycheck became fuel for future freedom, not just funding for today’s lifestyle.

As a physician, this mindset shift is your superpower. You already earn well, now aim that power at buying back your time.

2. Obsession With Time, Not Money

Wealth builders don’t measure success by net worth alone. They count freedom months, how long they can live without working.

That metric changed my life. I ran the numbers and realized that even with a strong income, I had maybe 4 months of true freedom.

I built a spreadsheet and set a target: "24 months of freedom." That became the goal. Not a boat. Not a watch. Freedom.

Your Turn: Try this today. Calculate your "freedom number" , the passive income you need to cover your basic monthly expenses. That’s your real wealth scoreboard.

3. Delayed Gratification is the Discipline

One of Claver’s interviewees said:

"No lifestyle upgrades until assets can pay for them."

Oof. That hit me. For years, every time I earned more, I spent more. But the wealthy do the opposite. They wait. They reinvest.

Case in point: One of our PEA members, a cardiologist turned micro-business owner, lived on 40% of his income for a decade. He used the rest to buy rental properties and dividend stocks. Today? He works three days a week because he wants to, not because he has to.

4. The Blueprint: Capital → Cash Flow

Claver outlined the four stages almost every wealth builder follows:

1. Capital Accumulation:

• Build 12-24 months of living expenses in cash

• Keep expenses at 50% or less of income

2. Income Engine Construction:

• Create systems (micro-businesses, consulting, IP) that generate revenue without your constant time input

3. Asset Stack Building:

• Invest in real estate, stocks, IP, websites, digital assets, royalties, and business equity

4. The Infinite Money Loop:

• Reinvest passive income to acquire more income-producing assets

Want help building your income engine? Check out our course: Creating a Practice Without Walls

Taxes: The Silent Wealth Accelerator

Wealth builders use legal tax optimization as a force multiplier. LLCs, S Corps, holding companies, and trusts are not just fancy legal terms—they’re freedom tools.

This is why I created the PEA course: Doctor, You Are A Business

It teaches you the exact structures needed to legally reduce your taxes and protect your assets, just like the wealthy do.

Reinvestment + Simplicity = Wealth Compounding

Most wealth builders reinvest 80-90% of their passive income, even after achieving financial independence. They live simply. They grow relentlessly.

Every financial decision runs through this filter: "Does this buy me more freedom?"

You can start using that filter today. Apply it to your next purchase, investment, or business idea. That single question can shape your future.

📚 Case Study: Dr. Ratch’s Freedom Journey

Dr. Ratch was a tenured internal medicine physician in a major health system. She was earning $325K a year, but she felt trapped. Burned out. Underappreciated.

She joined the Physician Entrepreneur Academy and we mapped a 3-year plan:

• She began job stacking with part-time telehealth, legal consulting, and locums

• Launched a small virtual weight loss clinic using our "Practice Without Walls" playbook

• Reinvested profits into short-term rentals and dividend stocks

Three years later? She makes the same income, but works 60% less. More importantly, she owns her time.

You can read more stories like hers at The Independent Physician

Final Thoughts: Choose Freedom

If you’re a physician who feels like you're running out of energy, not potential, it’s time to think like a wealth builder.

Wealth isn’t status. It’s not prestige. It’s freedom. The freedom to choose your hours, your projects, your legacy.

You already earn well. Now learn to own well.

"Is This Deductible?"

A physician is meeting with me at PEA for a business strategy coaching meeting and he wonders if this session is deductible through his micro-corporation.

Answer: Yes, it typically is! Strategic business planning and consulting directly tied to your business operation is generally a valid deductible expense under IRS guidelines. (Always confirm with your CPA.)

Join the Movement

Ready to stop working for your money and start making your money work for you?

📅 Book a Business Strategy Session with me: Schedule Now

🔗 Become a PEA Explorer Member: Join Today

📝 Download our free eBook: The Entrepreneur Physician’s Guide to Escaping Corporate Medicine

You’ve worked hard to get here. Now it’s time to own what’s next.