125 - Still in Debt? The Simple Daily Habit Physicians Overlook That Could Transform Your Medical Practice

 Are your spending habits silently increasing your burnout as a physician?

Many physicians feel trapped between mounting debt and rising practice stress—often without realizing how everyday spending habits are quietly making things worse. In this quick “Did You Know” episode, you’ll learn a research-backed strategy that can start saving you money today and reduce financial burnout.

• Learn how using cash can reduce your spending by up to 100% in key areas of your personal life.
• Discover the psychology of credit card use—and how it’s fueling financial pressure for physicians.
• Get actionable advice on how to implement this method without extra complexity, even with a demanding practice schedule.

Hit play now to learn how a simple switch to cash can help you save money, reduce burnout, and take control of your financial future as a physician.

Discover how medical graduates, junior doctors, and young physicians can navigate residency training programs, surgical residency, and locum tenens to increase income, enjoy independent practice, decrease stress, achieve financial freedom, and retire early, while maintaining patient satisfaction and exploring physician side gigs to tackle medical school loans.

Transcript

Coach JPMD (00:00.494)
Did you know that you can save up to 100 % on your next purchase by just doing this one thing? Welcome back to another episode where I help younger physicians decrease stress and increase income by transitioning from corporate to independent practices, even without any business experience. Are your physician drowning in debt, looking for ways to make money or save money? Well, in this episode of a Did You Know series,

I'm going to talk about the one thing that I did, or one of the things that I did when I was trying to get out of debt many years ago, that most people don't know. And that is using cash. Did you know that if you use cash for certain transactions, you can save up to 15, 18 % on the purchase. There was an MIT study done at Sloan School of Management that found that individuals who spent

spend up to 100 % more when shot when they shop by credit cards or with credit cards as opposed to cash. And another study, the Journal of Applied Psychology found that diners tipped an average of 4.29 % more when they use their credit cards. So if you have a budget and you know how much you usually spend on food, you know how much you spend on gas, know how much you spend on know, know, groceries,

pulling out the cash and making those expenses or spending money using that can actually save you a lot of money. There's a psychology behind using cash. And when you use cash, you

The psychology is that you don't use as much or you tend to not use as much as you would if you have a use a credit card or debit card. So if you're looking to save some money, I recommend that you use cash, especially when you're getting out of debt and also understand that when you don't use cash and use a debit card or use a credit card, you're actually funding someone else. And that is the banks. The banks take a transaction fee from the merchants that are allowing you to use their debit card or credit

Coach JPMD (02:11.6)
parts. And many times merchants can sometimes give you a discount if you use cash. So consider next time you make a purchase, whether it be your groceries or going out to dinner, use cash. It'll save you some money and help you get out of debt quickly. Thank you so much for listening to the podcast. If you'd like to hear more, subscribe, follow your favorite podcast app so you'll never miss an episode.