Cobin Soelberg, M.D., J.D.

Do you feel like you aren’t doing enough?

You aren’t saving enough?

You aren’t paying off your debt fast enough?

Enough is not a number.

Enough is not a time frame.

Enough is a state of mind. You can be enough right now.

Building financial wealth is key to combat burnout.

Wealth allows you to build a career that supports your life.

Wealth allows you to say no.

To overnight call
To weekend work

I wish we talked about the critical importance of personal finance when discussing burnout.

Let’s change the narrative.

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And it hits you. Compounding truly is magic.

There is no trick. Other than to keep showing up and letting compounding work its magic.

The funny thing about compounding is day to day you might not notice growth or change.

But one day, you are talking to your children and they bring up a story from years ago.

Or you check your retirement accounts and notice a seven-figure balance.

The same principle is true with your finances.

Saving. Investing. Each month. Every year.

Staying the course.

And letting your work and effort compound.

In almost every area of your life that truly matters, one skill matters most.

Consistency - showing up and doing the work.

Whether its checking in and being present and engaged in your closest relationships.

Or when parenting your children.

Taking care of your health.

Building financial wealth is a cornerstone of combating burnout.

Wealth allows you to build a career that supports your life.

To say no.

To overnight call or weekend work.

I wish we talked about the critical importance of personal finance when discussing burnout.

Let’s change the narrative

Where can you find a mentor to point you in the right direction?

Keep growing and learning.

When you were an intern, do you remember looking at your senior residents in awe and thinking, “How do I ever get there? How will I ever know that much or be that confident?”

And little by little, year by year, YOU did get there!

What other areas of your life are you a beginner?

I recommend Stephanoe Pearson at pearsonravitz.com/

Or Michael Relvas at mr-disability-insurance.com/

We buy insurance to prevent financial catastrophe.

The three things that could ruin a physician’s finances:

Death
Disability
Malpractice Claim

You can purchase insurance for every one of these.

The peace of mind is worth every cent.

Patience is showing up and doing the work, week after week.

Patience is understanding progress is not linear. You won’t always notice your progress.

Patience is learning to shut out the noise and focus on what’s under your control.

I’ve talked about the power of compounding - with your money, health and relationships.

Compounding takes patience. Patience does not equal passivity.

Coast FIRE is THE way!

You can work part-time.

Or take extended time away from work.

Here’s a great calculator for figuring out your Coast FIRE number.

walletburst.com/tools/coast-...

For many of you, your savings is one of your largest monthly expenses.

When that number drops by 75% or more, you are free to work less.

Way less.

Most physicians enjoy their work and find it meaningful.

They just want to take less overnight call. Or be home on the weekends.

First - what IS Coast FIRE?

There are a few ways to define Coast FIRE.

You work and use your income to cover your monthly expenses.

You front-load your retirement savings and eventually stop saving for retirement.

Your investments grow and build. The growth eventually meets retirement needs.

Traditional FIRE does not work for most physicians.

Retiring early doesn’t resonate.

It’s not that doctors couldn’t retire early. They definitely have the income too.

Most docs I work with enjoy their work. They just want work to consume less of their life.

That’s where Coast FIRE comes in.

You look at your assignment for tomorrow. Fifteen colonoscopies!
Whipping through cases. Running to pre-op patients.

When do you have time to eat?

Much less to be intentional about your life and your finances.

Who’s looking out for you?

I worry about your money so you don’t have to anymore.

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Money is only a tool.

Fill your life with giving, great relationships and health.

Finally, the true measure of a full life, is how much we give, not how much we accumulate.

Every day, in both big and little ways, find time to give to others.

It could be as simple as a smile to someone on the street.

Encouraging a mentee.

Giving your time to an organization you care about.

Continue to work with purpose and meaning.

This could be within the walls of medicine. It could be transitioning to teaching.

You are intelligent and driven. With so much to share with the world.

Work doesn’t have to be paid.

For more on this read, David Brooks, “The Second Mountain.”

Take care of your health.

You’d think physicians would understand the ravages of chronic disease.

But we are just as susceptible to ignoring our health until it’s too late.

What’s the point of having a mountain of money, if you can’t enjoy it?

Build a life you love. Filled with friendships and deep personal connections.

Relationships are the most fundamental piece of building a satisfying life.

For more on this, read “The Good Life” about the Harvard Happiness Study.

As physicians, we have been trained to achieve and then look for the next goal.

For many, that's saving for retirement (or a mortgage or kid’s college fund).

But when they achieve “their number”, they can feel lost.

They mistake money as the end instead of a tool.

How can we avoid this mistake?

I took a “break” from med school to get a law degree.

I can share why later.

As a financial planner, I lean on my legal training.

To understand complex tax code or the importance of estate planning.

I love being able to explain confusing or arcane legal concepts to clients so they “get it.”

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I post weekly about #behavior and #finance.

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www.greeleywealth.com/newsletter

As a private practice anesthesiologist, I understand the daily stressors of our healthcare system.

The crushing patient load
The endless email & charting
The computer learning and competencies the hospitals waste our time with every year

I also know the way out--

Build wealth. Buy your time back.

The final piece was creating a plan for financial independence.

This, plus coaching, made for a superpower.

Learning to live in alignment with my core values.
To take accountability for my life and make critical changes.

It seems impossible at first. It’s a process. Keep taking steps forward.