This week's episode reviews the findings published in Medscape's Physician Compensation Report for 2026. 

Key Points

• The Numbers: The average physician salary rose to $356K (+3%), with Specialists ($417K) continuing to outearn PCPs ($298K).
• Top Earners: Orthopedics leads the field at $611K, followed by Cardiology ($575K) and Radiology ($571K); Pediatrics remains at the bottom ($266K).
• The Negotiation Freeze: 27% of physicians reported negotiation wasn't an option, as some consultants now advise employers to adopt a "no-negotiation" philosophy to maintain workplace equity.
• Demographic Gaps: Significant disparities persist, including a 31% gender pay gap and slower compensation growth for Black (2.9%) and Hispanic (3.5%) physicians compared to their White peers (6.1%).
• Productivity & Hours: The average work week dipped to 49 hours, yet 35% of doctors now see their base salary—not just bonuses—tied directly to productivity metrics like RVUs.

https://www.medscape.com/p11/return-normalization-medscape-physician-compensation-report-2026a10009um

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

Just as an annual physical catches "silent killers" like hypertension, a financial deep clean identifies "Efficiency Leaks" before they cost you hundreds of thousands in lost growth. This episode provides a 5-point audit to ensure your money and mindset are perfectly aligned while you focus on your practice.

The 5-Point Financial Audit:

• 1. Financial Goals Review: Move beyond vague ideas. Are your goals SMART (Specific, Measurable, Achievable, Relevant, and Time-bound)? Don’t forget to celebrate your wins—it builds the momentum needed to keep going.
• 2. Lifestyle Creep Calibration: Calculate your Burn Rate. Physicians are prone to "Incremental Creep" where raises disappear into convenience spending. Ensure your outflows reflect your actual values.
• 3. The "Defense" Review: 
  • Umbrella Policy: Aim for coverage equal to your net worth (up to $5M).
  • Disability Buy-Up: Check your "increase riders" to protect your growing income.
  • Estate Assets: Ensure new properties are inside your trust and beneficiaries are updated.
• 4. The Subscription Purge: Audit your recurring "SaaS" charges. Call your providers and ask, "Is this the best rate you can offer?" A five-minute call can save $500 a year.
• 5. Portfolio Rebalancing: Don't let a bull market skew your risk profile. Use new cash to buy underweighted assets or rebalance within tax-advantaged accounts (401k/IRA) to "sell high" and stay disciplined.

The 72-Hour Challenge

Don’t try to do all five at once. Pick the easiest task and complete it within the next 3 days.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

If you’ve ever asked yourself, “Where should I open a brokerage account?”you’re not alone. This is a common question I see in personal finance groups, and it can feel overwhelming when you’re trying to make the “right” choice.

In this episode, I break down how to choose a brokerage account for investing outside of retirement accounts, or where to open an IRA, without overcomplicating the decision. We’ll walk through the key differences between Vanguard, Fidelity, and Charles Schwab, including fees, investment options, user experience, and account types. I also explain why I generally don’t recommend higher-fee platforms like Merrill Lynch for DIY investors, and why simpler apps like Robinhood may not be ideal if you’re trying to build a long-term, all-in-one investing strategy.

By the end of this episode, you’ll have the clarity and confidence to pick a platform and get started—without getting stuck in analysis paralysis.

Key Takeaway: 

Don’t overthink it! Choose a low-cost platform and get started because taking action is how you will build wealth.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

Starting in 2026, new rules will change how charitable tax deductions work. In this episode, we break down key provisions from the One Big Beautiful Bill Act and what they mean for your charitable giving strategy.

You’ll learn how the new $1,000 deduction for standard deduction filers ($2,000 for married couples) works, why itemized charitable deductions now have a 0.5% AGI floor, and how a new cap on itemized deductions may affect high-income taxpayers.

We also discuss strategies like bunching donations, donating appreciated assets, and using Qualified Charitable Distributions (QCDs) to give in a more tax-efficient way.

Even though the tax rules are changing, the goal of charitable giving stays the same: supporting causes that matter to you while being intentional about your finances.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

This podcast episode discusses a blog article from the White Coat Investor website written by Dr. Jim Dali, titled "Will Your Retirement Go As Planned.” The article highlighted unexpected challenges faced by retirees, such as early retirement due to job loss, health issues, and the death of a spouse.  Elisa shared insights from the article, emphasizing the importance of considering life expectancy and health risks in retirement planning.

The article referenced in the podcast can be found at:

https://www.whitecoatinvestor.com/will-your-retirement-go-as-planned/

The Joint Life Expectancy and Mortality Calculator can be found at:

https://www.kitces.com/joint-life-expectancy-and-mortality-calculator/

To generate a graph to show the probably of death and the value of your portfolio, check out: 

https://engaging-data.com/will-money-last-retire-early/

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

Can you take money out of a retirement account early without paying penalties? Many people assume retirement accounts are locked until age 59½, which leads them to avoid maxing out contributions—especially if they’re planning early retirement.

In this episode, we explain when early withdrawals from retirement accounts don’t trigger the 10% penalty, including common IRS exceptions and strategies like Substantially Equal Periodic Payments (72(t)). You’ll learn the key differences between IRAs and 401(k)s, which withdrawals are penalty-free, and how retirement accounts can still play a central role in an early retirement strategy when you understand the rules.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions

https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments

Important Disclaimer:

This episode is for educational purposes only and does not constitute tax, legal, or investment advice. Rules around retirement distributions are complex and subject to change. Always consult a qualified tax or financial professional before implementing any withdrawal strategy.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

In this milestone 200th episode of The Grow Your Wealthy Mindset Podcast, we explore the difference between being rich and being wealthy and why the distinction matters more than most people realize.

While being rich is often visible through income and lifestyle, true wealth is usually invisible. Drawing from real-life examples and insights from The Psychology of Money by Morgan Housel, this episode breaks down how spending can create the appearance of success while quietly increasing financial stress.

For physicians especially, real wealth isn’t about looking successful—it’s about having options. The ability to walk away from a bad job situation, cut back at work, and make decisions from a place of flexibility rather than pressure.

In This Episode:

• The difference between being rich and being wealthy
• Why wealth is often invisible
• The tradeoff between lifestyle and long-term freedom
• Why many physicians chase being rich while they really want to be wealthy
• A simple personal audit to assess whether your money buys freedom or stress

The goal isn’t to look successful. It’s to build a life where your money supports your values, your time, and your well-being.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

High-income professionals often find themselves locked out of direct Roth IRA contributions. The "Backdoor Roth" is the gold-standard workaround, but it is a strategy where small administrative errors can lead to big tax bills. In this episode, we break down the mechanics of the Pro-Rata Rule, why your Form 8606 is the most important document in your tax return, and the specific steps physicians must take to keep their backdoor strategy "clean."

Key Takeaways

• Pre-Tax vs. Post-Tax: Understanding why the source of your IRA funds determines your tax liability.
• The Pro-Rata Rule: Why the IRS treats all your IRAs as one "pot of soup" and how existing SEP or SIMPLE IRA balances can trigger unexpected taxes.
• The December 31 Rule: Why your total IRA balance at the end of the year is the only number the IRS cares about for conversions.
• Solo 401(k) vs. SEP IRA: Why 1099 contractors should favor the Solo 401(k) to keep the backdoor strategy viable.
• Form 8606 Essentials: The common filing errors that lead to double taxation and why each spouse needs their own form.

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

If you have children, you may have seen a prompt in TurboTax or other tax software about opening a Trump Account. But what exactly is a Trump Account, and is it right for your family? 

In this episode, we break down everything you need to know:

• Who is eligible and how to open a Trump Account
• Contribution limits, employer contributions, and federal seed money
• How the accounts are invested and what restrictions apply
• Impact on financial aid and long-term planning
• Real-world examples and growth projections, including potential Roth IRA rollovers

We also discuss the pros and cons for families, including physicians, and why these accounts can be a powerful tool for passing wealth to the next generation,  if used strategically.

By the end of this episode, you’ll understand whether a Trump Account makes sense for your child and your family finances.

Resources & Links:

• Official Trump Accounts info: https://trumpaccounts.gov
• IRS Form 4547 instructions: https://www.irs.gov/instructions/i4547

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...

What if money isn’t just money—but stored life energy?

In this episode, I reflect on the core premise of Your Money or Your Life by Joseph R. Dominguez and Vicki Robin and how it’s showing up in my own life as a physician. From reviewing Medicare reimbursement rates to comparing insurance-based care with cash-pay work, I share why the trade between effort, responsibility, and compensation is starting to feel misaligned.

We explore what financial independence really means, how much money is truly needed for a fulfilling life, and why many of the most meaningful activities cost very little. I also talk about the fear of stepping away from medicine, market risk, and the difference between an ideal life and a “good enough” one.

This episode isn’t about quitting medicine—it’s an invitation to pause and ask:

Is the way you’re trading your life energy for money still worth it?

Please subscribe and leave a review on your favorite Podcasting platform. 

Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang 

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...