Resources | Grow Your Wealthy Mindset

Coaching is evidence based and proven to decrease burnout in physicians

Dyrbye LN, Shanafelt TD, Gill PR, Satele DV, West CP. Effect of a Professional Coaching Intervention on the Well-being and Distress of Physicians: A Pilot Randomized Clinical Trial [published online ahead of print, 2019 Aug 5]. JAMA Intern Med. 2019;179(10):1406-1414. doi:10.1001/jamainternmed.2019.2425

https://pubmed.ncbi.nlm.nih.gov/31380892/

https://jamanetwork.com/journals/jamainternalmedicine/fullarticle/2740206

McGonagle AK, Schwab L, Yahanda N, et al. Coaching for primary care physician well-being: A randomized trial and follow-up analysis [published online ahead of print, 2020 Apr 16]. J Occup Health Psychol. 2020;10.1037/ocp0000180. doi:10.1037/ocp0000180

https://pubmed.ncbi.nlm.nih.gov/32297776/

Shasha Han, Tait D. Shanafelt, Christine A. Sinsky, Karim M. Awad, Liselotte N. Dyrbye, Lynne C. Fiscus, Mickey Trockel, and Joel Goh. Estimating the Attributable Cost of Physician Burnout in the United States. Annals of Internal Medicine 2019 170:11, 784-790.

https://www.acpjournals.org/doi/10.7326/M18-1422

Shanafelt T, Goh J, Sinsky C. The Business Case for Investing in Physician Well-being. JAMA Intern Med. 2017;177(12):1826–1832. doi:10.1001/jamainternmed.2017.4340

Schneider S, Kingsolver K, Rosdahl J. Physician coaching to enhance well-being: a qualitative analysis of a pilot intervention. Explore (NY). 2014;10(6):372-379. doi:10.1016/j.explore.2014.08.007

West CP, Dyrbye LN, Rabatin JT, et al. Intervention to promote physician well-being, job satisfaction, and professionalism: a randomized clinical trial. JAMA Intern Med. 2014;174(4):527-533. doi:10.1001/jamainternmed.2013.14387

https://jamanetwork.com/.../jamainter.../fullarticle/1828744

Maslach Burnout Inventory™ (MBI)

https://www.mindgarden.com/117-maslach-burnout-inventory-mbi

Jebb AT, Tay L, Diener E, Oishi S. Happiness, Income Satisfaction, and Turning Points Around the World. Nature Human Behavior. 2018 2(1):33–38.

Recommended Books

There are so many books about money, personal finance, and investing out there. While I’ve read a lot of them, it’s still a small fraction of them. All the books listed below are books I have read (though for some, it’s been a while since I read it) and recommend for physicians.

Books written by Physicians for Physicians

The White Coat Investor Series:

The White Coat Investor: A Doctor's Guide to Personal Finance and Investing by James M Dahle MD (Author) , William J. Bernstein MD (Foreword)
The White Coat Investor's Financial Boot Camp: A 12-Step High-Yield Guide to Bring Your Finances Up to Speed by James M Dahle (Author) , Jonathan Clements (Author)
The White Coat Investor's Guide for Students: How Medical and Dental Students Can Secure Their Financial Future by James M Dahle MD (Author) , Rick Ferri (Author)
The White Coat Investor's Guide to Asset Protection: How to Protect Your Life Savings from Frivolous Lawsuits and Runaway Judgments by James M Dahle MD (Author) , Jay D Adkisson (Foreword)

Done With Broke: The Woman Physician’s Guide to More Money and Less Hustle by Latifat Akintade

The Physician Philosopher's Guide to Personal Finance: The 20% of Personal Finance Doctors Need to Know to Get 80% of the Results, 2nd Edition by Jimmy Turner, David Flynn, et al.

Financial Freedom Rx: The Physician's Guide to Achieving Financial Independence by Chirag P. Shah and Jayanth Shridhar

Books written for the general public

The Simple Path to Wealth: Your road map to financial independence and a rich, free life by JL Collins and Mr. Money Mustache – My number one recommendation as a first financial book to read.

Morningstar's 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances by Christine Benz - Great book to help you get your finances organized.

I Will Teach You to Be Rich: No Guilt. No Excuses. Just a 6-Week Program That Works (Second Edition) by Ramit Sethi – More geared to younger (20’s -30’s) readers with overall good information. The one caveat is that most physicians should likely be putting a higher percentage of their income towards building wealth then 10%

Financial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love by Tori Dunlap - Geared toward (younger) women but good overall and with a different way of looking at how to manage money with action steps at the end of every chapter

I generally do not think Dave Ramsey’s push to be debt free is helpful for physicians. If working towards PSLF, then paying the least amount on student loan debt that will ultimately be forgiven is most advantageous. The amount of physician loan debt often means needing to balance investing and paying down debt.

Books on Money Mindset and Growing Wealth

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

Think and Grow Rich by Napoleon Hill – a short read with a powerful message, wealth is created with our minds!

Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018 by Vicki Robin , Joe Dominguez, et al. – Looking at life energy and a new way to think of money

Defining Wealth for Women: (n.) Peace, Purpose, and Plenty of Cash! by Bonnie Koo (written by a physician but I felt like it belonged more in this category)

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! and Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom by Robert T. Kiyosaki – A real shift on the mindset from employee/self-employed to investor/business owner

Books on Real Estate Investing

The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications by Brian Burke