Still Treading Water With Money? Lock This In Before 2026 Arrives!

If you're a medical professional who feels like you're working nonstop but not moving forward financially, you’re not alone. We're already more than halfway through the year—and if 2025 hasn’t brought the money progress you were hoping for, it’s not because you’re lazy. It’s because you don’t have the right systems in place.

Let’s fix that.

This moneycheck-in will help you:

• Understand where you are in your wealth journey
• Identify what’s missing from your strategy
• Take specific action steps to make the second half of this year count

The Wealth Building Continuum (and Where You Fit In)

Everyone’s checklist will look different based on where they are in the wealth-building process. Think of it like a continuum. Most medical professionals go through these stages:

1. Clear High-Interest Debt — Credit card debt, personal loans with interest rates >10%. These are urgent and must go first.
2. Have a Strategy for Moderate-Interest Debt — Student loans don’t need to be rushed, but they need a plan. PSLF, NHSC, refinancing—pick one based on your goals and eligibility.
3. Build Critical Cash Reserves — At minimum, cover your deductibles. Then work toward a 3-6 month emergency fund. Use HYSA or money market accounts, not CDs that create illiquidity.
4. Become a Consistent Investor — Defined as investing 20% of your gross income monthly for the past 3 months, with a plan to continue.
5. Accelerate Wealth Building — Optional, but powerful. This is where you explore real estate, private equity, angel investing, or increasing contributions to traditional portfolios.
6. Reach Financial Independence — Where your assets can support your life indefinitely.

Not sure where you are? No worries—just keep reading and checking off what applies.

Step-by-Step: Your Financial Checklist

Here are the core areas to review:

1. Know Your Numbers

• Net Worth = Assets – Liabilities. You need to know this. It’s not about judgment—it’s about measurement. What gets measured gets managed.
• Cash Flow Snapshot: What did you spend the last 90 days? What do you plan to spend moving forward?
• Progress Dollars: How much are you putting toward savings, investing, or debt above minimums? If you're earning six figures and contributing <$1,000/month in progress dollars, you’ll feel like you're stuck forever. This is the #1 money metric to change if you’re just treading water.

2. Assess Big-Picture Expenses

Stop focusing on lattes. Focus on what actually eats your budget:

• Housing should be <20% of gross income. In this housing market you could consider extending this to 25% of gross, but this only works well for medical professionals on an IDR plan using PSLF or taxable loan forgiveness. With standard repayment, you get very cash tight.
• Transportation <8% (includes car payments, insurance, etc.) Just follow this one. Cars depreciate.
• Childcare, if applicable

If these are too high, it's not your fault—but it is your problem. Fixing these areas will move the needle faster than skipping brunch.

3. Emergency Fund & Syncing Funds

• If you don’t have at least $5K-$10K to cover medical deductibles, start there.
• Already have that? You can start sinking funds for travel, holidays, or big purchases.

4. Tackle Debt Strategically

• High-Interest Debt (>10%) should be gone ASAP—ideally in 3 months or less. Only extend this to 6 months for $10K plus 
• Student Loans need a dedicated strategy (not just random payment plans). Spend time here. It’s likely the biggest money move you make in the first 5 years of practice.

5. Evaluate Your Total Compensation

• Know your total comp: salary, bonuses, profit sharing, CME funds.
• Calculate your effective hourly rate.
• Research: Are you earning at least the 75th percentile for your specialty, location, and experience?

If not, it’s time to negotiate. If yes, it’s time to increase your income elsewhere.

6. Review Your Investing System

You need to know:

• Total invested across all accounts this year
• Whether you’re on track to retire at 65 (or sooner)

Benchmarks for individual earners (~$130K):

• By 35: $212K invested
• By 40: $450K invested
• By 45: $800K invested

Benchmarks for higher earners (~$250K):

• By 35: $433K invested
• By 40: $922K invested
• By 45: $1.6M invested

If you’re behind, increase your investing percentage now. Don’t wait until next year.

7. Progress Dollars

Ask yourself:

• What is my monthly total for: savings + investing + extra debt payments?
• Is it less than $1,000/month while earning 6 figures?

Final Thoughts: Don’t Wait for January

Most people wait until New Year’s Day to get serious. But by then, you’ll be a whole year behind.

Take this moment now to reset your financial life. This midyear check-in could be the reason 2025 ends with the progress you’ve been craving.

Ready to make the second half of this year your turning point?

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