Prevent Physician Burnout With Financial Independence

Many physicians today leave work often saying to themselves, “I don’t know how much longer I can do this.” But, how do we alleviate ourselves from feeling this way? How do we prevent physician burnout?

Working in medicine can be immensely satisfying in so many ways. It’s certainly a rewarding career filled with many positives. However, there are drawbacks to being a physician, including extensive working hours, time constraints, making personal sacrifices, lack of autonomy, and probably a few more I’m forgetting from my time in clinical practice.

For many physicians I talk to, these drawbacks can outweigh the positives.

Doctors today are realizing they have less and less time to enjoy the things about practicing medicine that gives them fulfillment. The demands placed on them have steadily increased while any consideration for quality of life is constantly being overlooked.

In addition, there are several other factors, such as receiving little to zero support from administrators, lack of respect from patients, and insufficient compensation, that have contributed to physicians experiencing depression, anxiety, and burnout.

Physician burnout has been an obstacle in the medical profession for many years now. Even before the devastating impacts of COVID-19, most physicians were either unhappy in their careers or struggling with their personal finances… or both!

Over Half of Physicians Are Burned Out

According to a Washington Post-Kaiser Family Foundation survey conducted last year, around 30% of health care workers have considered leaving their profession and over half stated they are burned out. It’s an understatement to say the pandemic made matters so much worse for many healthcare professionals.

Whether it’s because of the negative impacts of COVID-19 or any of the other drawbacks associated with working in the medical field, physicians today are intent on either reducing their work hours or leaving the profession altogether. America’s health care system faces critical staffing shortages across the nation now and in the years to come.

However, the formidable challenge of sustaining the healthcare workforce was an issue before the pandemic. “The Association of American Medical Colleges projects a national shortage of up to 124,000 physicians by 2033, including shortages of primary care physicians and specialists, such as pathologists, neurologists, radiologists, and psychiatrists.”

Although there are various causes that drive the projected shortage, physicians today need a solution that can not only prevent burnout but also give them the freedom to live and practice medicine on their terms.

Don’t Wait For The System To Fix Itself

Over the years, the overall percentage of physicians experiencing burnout remains moderately consistent. It’s an upsetting reality that most physicians, across all age groups and specialties, will experience burnout at least once in their career. To make matters worse, in recent years, the rate of physician burnout overall has increased by 5%.

According to the Medscape Physician Burnout & Depression Report 2022: Stress, Anxiety, and Anger, the rate of physician burnout overall was at 42% in 2020 then rose to 47% in 2021. Most physicians also stated that burnout permeates almost every aspect of their lives with 54% indicating the impact being strong to severe.

In actuality, physician burnout is caused by a broken system. However, we simply can’t wait around for the system to fix itself. What physicians need is a path they can pursue now that will free them from being dependent on their physician income. Pursuing a path toward financial independence is one excellent way to prevent burnout.

Financial Independence – The Cure For Preventing Physician Burnout

With this path, you’re able to create multiple streams of income. In real estate investing, there are also a few other noteworthy benefits you can take advantage of as well, including substantial tax advantages, replacing your physician income, increasing your net worth, and obtaining control over your time.

According to the Medscape National Physician Burnout, Depression & Suicide Report 2020: The Generational Divide, “half of all physicians said they would take a salary reduction of up to $20,000 per year for reduced hours and more work-life balance, including millennials who are among the lowest earners.”

This is a significant part of why I’m so passionate about sharing this “investable universe” I’ve discovered with as many physicians as possible. You shouldn’t have to take a salary reduction to be able to live and work on your terms. Insufficient compensation is one of the main causes contributing to physician burnout.

Create a plan that puts you on a path toward being able to practice medicine because you want to, not because you have to. By pursuing financial independence, you can decrease the feeling of dependency on your physician’s income. You will also strengthen your financial future and effectively grow wealth that you can pass down to your kids and grandkids.

Accelerate Your Journey

If you’re tired of feeling beholden to your career, there’s a way you can alleviate those feelings. To walk this path does take some time and effort, but remember, you’re investing in a better future for yourself and your family. By spending some time now educating yourself, you will be able to create a solid plan that helps you gain the freedom to live on your terms.

Therefore, I invite you to accelerate your journey toward financial independence because we simply can’t put a price tag on time.

When you’re ready to win back your time, click here to schedule a free 30-minute call with me. Together we’ll take the first step in mapping out your investment plan toward winning back time.

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