Start Receiving Our Blog In Your In-Box Regularly

Providing content that inspires and informs doctors on how to thrive as micro-corporations!

The Pentamillionaire Doctor: Your 10-Step SimpliMD Roadmap

Dec 15, 2023

A Special Club

You are often considered among the most financially rewarding professions. Every specialty is represented in this special pentamillionaire club. However, it's important to note that many early-career physicians fall into the category of HENRYs (High Earners, Not Rich Yet). While their six-figure income offers them a promising pathway to future wealth, their current lack of savings and investable assets means they rely heavily on their earnings to maintain their lifestyle. In other words, without continuous work, they may not achieve true wealth. Nonetheless, being a HENRY puts them in a favorable position for building wealth in the long run.

Medical professionals often begin their careers later than professionals in other fields. This is primarily due to the extensive education required, which often leaves them burdened with significant student loan debt. A recent 2022 Medscape report, based on a survey of 13,000 doctors, revealed that the average physician graduates with a daunting $203,000 debt load. It's worth noting that only half of you reported reaching a net worth exceeding $1 million, and typically not until you reached the age of 55. These financial realities highlight the sacrifices made by you in pursuit of your vocation and emphasize the importance of understanding your unique financial challenges.

It's fascinating to note that during retirement, according to the white coat investor, a significant portion of doctors, ranging from 15% to 22%, accumulate more than $5 million in wealth.

Conversely, around one-quarter of doctors have less than $1 million. The majority falls somewhere between these two figures. Occasionally, we encounter doctors who have amassed a net worth exponentially higher than the average doctor's, which is both rare and captivating. These exceptional individuals not only belong to the top 1% of wealthy Americans but are likely part of the elite 0. 1% among their fellow doctors!

It's important to realize that many successful physicians never anticipated reaching such extraordinary financial heights. But one of the reasons that I have chosen to make our SimpliMD community exclusively for physicians is that each of us need a secure environment where where those with considerable wealth, can openly discuss their financial concerns. We understand the importance of providing this confidential space for all of our members, regardless of your financial background and net worth.

Why Shoot For $5 million?

Achieving a net worth of $5 million offers significant financial security and independence. With this level of wealth, you'll have the freedom to make life decisions without worrying about money. Whether it's changing your career path, pursuing a passion project, or retiring early, you'll have the financial flexibility to do so.

Imagine following the widely suggested withdrawal rate of 4% per year for your retirement portfolio. With a $5 million portfolio, you can enjoy an annual income of $200,000—without depleting the principal amount. This level of income is more than sufficient to maintain a comfortable lifestyle in most regions across the country. With minimal debt and low taxes, you can enjoy a luxurious lifestyle. This will open up a world of options and opportunities for you and your family.

I am proud to be a member of the pentamillionaire club, as I have worked towards a lifestyle supported by an annual income of $200,000. Achieving this milestone has allowed me to retire from day-to-day clinical practice in June 2024. Drawing from my personal experience, I am eager to provide you and our SimpliMD community with a roadmap to attain this level of financial success.

The most important element that dramatically accelerated by arrival in this club was the formation of my professional micro-corporation.

The truth is that It’s a whole lot more difficult for a W-2 employee to arrive here—due primarily the large tax burden associated with high income tax earners, as well as the ERISA ceilings associated with tax advantaged retirement plans for traditional employees.

This leads me to one of my important messages for all physicians, you should:

Form a micro-corporation as the foundation for preserving your professional autonomy as well as accelerating your financial health.

You have dedicated your life to healing and caring for others. However, it's equally important to address your financial well-being.

In this blog post, I’ll explore a roadmap to help you achieve a $5 million net worth – a milestone that can pave the way for financial and professional freedom.

10 Steps

  1. Financial Literacy Matters: Begin by mastering the basics of personal finance. Understand budgeting, investing, and the power of compounding. Educate yourself on various investment vehicles and strategies that align with your financial goals. I will really like the resources available from the White Coat Investor and the Prudent Plastic Surgeon for this.

  2. Business Literacy Matters: Address your micro-business competency deficits through our SimpliMD community. My vision and mission is to inform, inspire, and support you in flourishing through micro-business competency. This will empower you to thrive in your roles as both healers and entrepreneurs. Engage in our vast array of free and paid resources that will support your journey.

  3. Strategic Income Streams: First understand that self employed doctors make more income than traditionally employed doctors. After starting a micro-corporation, I recommend you explore additional active and passive income streams. This could include investments, real estate, or even entrepreneurial ventures. Diversifying your income channels can accelerate your journey to financial success.

  4. Maximize Retirement Contributions: Take full advantage of retirement savings opportunities. Contribute the maximum allowed to tax-advantaged accounts such as 401(k)s and IRAs. These contributions not only reduce your taxable income but also grow tax-deferred. I am a big fan of solo 401(k)/cash balance plans for accelerating your retirement savings—W-2 employees and Sole Proprietors can’t access this. It is only available to professional micro-corporations.

  5. Smart Investments: Develop a thoughtful investment strategy that aligns with your risk tolerance and financial objectives. Consider consulting with a financial advisor or tax planner who understands the unique challenges and opportunities for physicians. Or you can do it yourself through WCI’s well known “Fire Your Financial Advisor Course”

  6. Debt Management: While accumulating wealth, it's crucial to manage and minimize debts. Prioritize high-interest debts and create a plan for systematic repayment. This will free up more resources for wealth-building endeavors. Tackling student loans is fundamental to this process, and it’s important to understand how forming a micro-corporation during residency should be a critical part of that plan because it can lower your AGI.

  7. Business Ownership and Micro-Corporations: You should leverage your professional expertise and create micro-corporations that align with your professional work. then you can explore synergies between your medical work and income through your micro-corporation and entrepreneurial ventures. My PC is the foundation of my nine-business entrepreneur enterprise. I firmly believe that it is both possible and beneficial for doctors to have multiple micro-businesses as diverse income generators, which can significantly accelerate the growth of your net worth.

  8. Continuous Learning through Community: Stay informed about financial trends and opportunities. The world of finance is dynamic, and continuous learning positions you to make informed decisions, adapt to market changes, and seize new opportunities. Our weekly feeds from SimpliMD will help you with this. Then you can engage with our community to foster collaboration and share insights with fellow members. Learn from the experiences of fellow physicians who have successfully navigated the path to financial prosperity.

  9. Mindset Shift: Cultivate a wealth-building mindset centered around your professional micro-corporation. Recognize that achieving a $5 million net worth is a journey that requires discipline, perseverance, and adaptability. Embrace challenges as opportunities for growth, and learn from every positive and negative experience.

  10. Legacy Planning: Consider how your wealth can have a lasting impact. Develop a comprehensive estate plan and explore philanthropic endeavors that align with your values.


Becoming a pentamillionaire physician is an achievable goal with careful planning, strategic decision-making, and a commitment to lifelong learning. By integrating these steps into your financial roadmap, you can pave the way for a prosperous and fulfilling future. Remember, financial success is not just about the destination but the journey and the impact you can make along the way.

Never forget that you will get there faster by creating a micro-corporation as your foundational professional step, and the earlier you do it the better.

If you aren’t yet a SimpliMD member, let me invite you to become a member and join other doctors who are on the pentamillionaire journey.

If you are early in your career, check my free e-book on 20 Reasons Every Resident Should Form a Micro-Corporation During Residency.

If you are looking to diversify your professional income channels, you have to check out my free e-book on Job Stacking here.