Rich vs. Wealthy—The Mindset Shift I Wish I Understood at the Start of My Medical Career
Jul 16, 2025
Rich vs. Wealthy—The Mindset Shift I Wish I Understood at the Start of My Medical Career
The First Half of My Career: I Was “Rich”
For most of the first half of my career as a physician, I was what many would consider rich.
I earned a healthy six-figure income. I had the respectable title, the big house, the reliable vehicles, the 401(k), the occasional vacation, and enough disposable income to live comfortably. From the outside, I was “living the dream.” Inside, I felt like I had made it, because I had what most professionals work hard to obtain: a good salary and job security.
In fact, I would often say to my wife: “I can’t believe I am getting paid this much to do something I love”
But here’s the truth I couldn’t see then: I was earning income, not building wealth.
I had built a life that depended entirely on me working more hours to earn more money. When I stopped working, the income stopped too. I was rich in earnings, but poor in time, autonomy, and flexibility. The pressure of the job and the hidden costs of traditional employment took their toll—physically, emotionally, and financially.
At the time, I didn’t know better. I had no framework to think about money beyond my paycheck. No one told me that being “rich” was fundamentally different than being “wealthy.”
Reflecting on my upbringing in a blue-collar family, I realize that my understanding of wealth was quite limited. To me, the "rich" were merely those classmates who consistently had the "nice stuff." Without any familial or experiential guidance, I found myself adrift in a sea of uncertainty.
Yet, when I started receiving substantial paychecks that filled my bank account each week, it dawned on me that perhaps this was what being truly rich felt like. That seemed enough, and honestly, it felt like more than enough.
The Wake-Up Call
As the years went on, I began to notice cracks in the foundation. Like many physicians, I began to experience burnout, feeling like I was constantly trading time for money without gaining any real control over my life.
I realized that despite my income, I lacked freedom.
The stress. The golden handcuffs of employment. The frustration with administrative burden. The steady erosion of joy I once felt in medicine.
I was rich, but I wasn’t free. And freedom, as I now understand it, is the true definition of wealth.
What I Know Now: Wealth Is Not About Salary
If I could go back and talk to my younger self, the ambitious young doctor fresh out of residency, I wouldn’t tell him to chase the highest-paying job. I’d tell him to chase freedom. I’d tell him:
“Being rich is having money. Being wealthy is having time.”
I didn’t understand then that wealth is not built on income—it’s built on ownership.
The Second Half of My Life: Choosing Wealth
Eventually, I made the pivot.
I embraced entrepreneurship. I built businesses. I invested in real estate. I formed a micro-corporation. I began applying business tax strategies that worked in my favor. And I began to build systems that didn’t rely on me trading time for dollars.
That transition didn’t happen overnight. It required me to unlearn everything I was taught as an employee and instead learn how to think like a business owner.
It required me to shift my mindset.
Mindset Is Everything
Wealth isn’t just about money. It’s about the way you think about money.
Being rich is often about ego, accumulation, and optics.
Being wealthy is about control, freedom, and peace.
The difference is intentionality.
Wealth is built on ownership, not employment. It’s created by designing systems that work even when you don’t—whether that’s a professional micro-business, intellectual property, real estate, or a diversified investment portfolio.
If you want to start with your mindset, grab my free tool: 👉 Mindset Shift Mapping: Transform Your Professional Identity
Case Study: Dr. Sarah’s Shift
Let me introduce you to Dr. Sarah.
For 12 years, she had worked as a hospital-employed OB-GYN, pulling in $380K/year. On paper, she was rich. But her schedule was unsustainable, and she was missing her children grow up. She had no time for herself and no energy left at the end of the day.
We worked together to form her first micro-corporation. She began moonlighting as a medical expert witness, earning $150/hour, completely on her terms. That side income helped her downshift her W-2 job, buy back her time, and eventually open a small, cash-based women’s wellness clinic under her own brand.
Sarah is still earning good money, but now she’s free. She doesn’t just look rich; she feels wealthy.
What I Wish Every Young Physician Knew
If you’re early in your career, here’s what I hope you take away from my story:
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Don’t just aim to earn. Aim to own.
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Don’t just work for money. Let money work for you.
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Don’t let a high salary seduce you into lifestyle inflation.
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Don’t assume employment is safer than entrepreneurship.
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And most of all: Don’t confuse being rich with being free.
To get started, download my free e-book: 📘 Why Every Doctor Should Form a Micro-Corporation
The PEA-SimpliMD Mission: Helping Doctors Build Wealth, Not Just Income
At the Physician Entrepreneur Academy, we equip physicians to shift from employee-thinking to owner-thinking. We give you the tools, training, and tribe I wish I had years ago.
Whether it’s starting your first micro-corporation, launching a side hustle, leveraging tax efficiency, or building a business around your clinical expertise, we’re here to help you move from rich to wealthy.
This isn’t about chasing dollars. It’s about reclaiming your life.
Final Thought
If being rich means you can buy nice things, Then being wealthy means you can buy your time back.
In the second half of life, I’ve learned that time, not money, is the real currency.
And my mission now is to help more physicians learn that truth sooner than I did.
Identity Shift Step
“Still thinking like an employee? It’s time to own your time, your work, and your income.”
➡️ Start Your Transition with PEA Explorer Membership → or 📥 Download my free e-book: Doctor Incorporated: Stop the Insanity of Traditional Employment
🔁 Throwback Wisdom:
🧩 Find Freedom by Downshifting Your W-2 Job 🔗 Read the blog here
Let’s help you stop chasing income, and start building wealth.
You're not just a doctor. You’re a business.
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