From Free Resident Meals to $750,000: Unleashing the Power of Behavioral Economics

I’m a 33-year-old interventional pain medicine fellow at BIDMC-Harvard, set to graduate soon, and after all these years, my efforts are finally about to pay off with a stable, highly respected, and (hopefully) lucrative career in medicine. As I prepare to take this next step, I can’t help but reflect on the financial journey that brought me here—a journey that started with a simple question from an attending many years ago: “What’s a Roth?”

At the time, I barely knew the answer myself, but that moment sparked a realization. Physicians, undoubtedly some of the highest-earning and intelligent professionals in the country, seem often to lack even a basic understanding of personal finance. Fast forward a few years, and I’ve earned a reputation as “the money guy” among my peers. From being a prior WCI Milestones to Millionaire podcast guest to participating in the ASA ADVANCE Emerging Leaders Program—in essence, a scholarship for leadership development—I’ve developed a passion for discussing, earning, and saving money.

But don’t mistake me for someone chasing flashy cars or expensive watches. Ask anyone who knows me, and they’ll tell you that’s just not my style. My financial journey has been built on a foundation that is much more meaningful: building security, independence, and opportunity. This brings us to the heart of this guest post: how my partner and I, a dual-physician couple, managed to accumulate over $750,000 in net worth in the first couple of years of our medical careers.

The truth is, the number is just a number—albeit a relatively large one. Secondly, it would be disingenuous for me not to acknowledge that we come from backgrounds of privilege. All of that being said, the real takeaway is the mindset behind our success: discipline, frugality, and grounded philosophies inherent to the principles of behavioral economics. And it all started with a free resident meal.

A Frugal Start: The Foundation of Wealth Building

My financial philosophy has its roots in my upbringing. My parents, also physicians, instilled in me from an early age the importance of living within my means and valuing every dollar. Although their lessons laid the groundwork of my ethos, it wasn’t until I started my medical journey that I truly began to see how small, intentional choices could profoundly impact my financial trajectory.

In medicine, we’re taught to avoid “anchoring” when diagnosing or treating patients. But in behavioral economics, anchoring takes on a different meaning—it refers to using a reference point to make decisions. For me, that reference point was the hospital-provided free meal. By anchoring on the decision to minimize my food expenses by relying heavily on free resident meals, I saved thousands of dollars over the years.

But I didn’t stop there. I extended this principle to other areas of my life: living in a modest apartment, skipping unnecessary subscriptions, and walking to work or taking public transportation whenever possible. These choices weren’t sacrifices—they were investments. Every dollar saved was a dollar that could be redirected toward building wealth. Saving, for me, became a game, with every win bringing me closer to my long-term goals.

I also embraced opportunity cost, a concept central to behavioral economics. Every dollar we didn’t spend on takeout or an impulse buy wasn’t just saved—it was redirected toward something that could grow, like paying down our student loans or contributing to investments. This shift in perspective helped us stay focused and motivated, even during the most hectic years of training.

I might not have known exactly how to describe a Roth IRA, but I knew where I was going and how I wanted to get there.

More information here:

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Turning Savings into Investments

Saving money is an excellent first step, but to truly grow wealth, you need to put your money to work. That realization hit me toward the start of residency when we had saved enough to open a taxable brokerage account. At first, the idea of investing felt overwhelming. Behavioral economics explains this hesitancy through “loss aversion”—the fear of losses often outweighs the potential joy of gains.

But avoiding the stock market altogether posed a far greater risk. We kept things simple, building a portfolio of low-cost index funds. These funds allowed us to take advantage of market growth without the complexity or high fees associated with actively managed investments. We also practiced “mental accounting,” another principle of behavioral economics. By treating our investment accounts as untouchable and completely separate from emergency funds and/or day-to-day expenses, we avoided the temptation to cash out during market fluctuations.

Thanks to compound interest—and a healthy sprinkle of luck—our portfolio began to grow exponentially. By the end of residency, we had accumulated hundreds of thousands of dollars in investments—a number that surprised even me. The key wasn’t any extraordinary financial skill but consistency, discipline, and a willingness to let time do its work.

Education and Behavioral Awareness

For me, financial growth wasn’t just about saving and investing—it was about learning. Early on, I consumed books like The Millionaire Next Door and A Random Walk Down Wall Street, read blogs and forums like The White Coat Investor, and listened to countless financial podcasts. These resources helped me recognize and overcome cognitive biases like “status quo bias” and “lifestyle inflation,” which often lead to poor financial decisions.

As I became comfortable with traditional investments, I sought opportunities to diversify. That curiosity led me to real estate—a niche I initially knew little about but quickly grew passionate about. Real estate offered a tangible and scalable way to build wealth beyond the stock market.

To educate myself, I dove into books like The Book on Rental Property Investing by Brandon Turner, networked with seasoned investors on BiggerPockets, and attended seminars to learn the fundamentals. I focused on understanding key principles, like how to evaluate a property’s cash flow potential, navigate financing, and manage tenants effectively.

My education paid off when we purchased our first property—a modest investment that became a turning point. Having a property that we could buy—thanks to a relatively low cost of living area, some fortunate investment performances and market trends, and tons of moonlighting—has taught me invaluable lessons about financing, cash flow, and property maintenance.

Real estate complemented our traditional portfolio, offering diversification, a tangible sense of accomplishment, and passive income in the future. It also reinforced an important lesson—financial independence isn’t just about saving; rather, it is defined by discovering your niche, staying curious, and putting knowledge into action.

Delayed Gratification: The Key to Long-Term Success

Physicians understand delayed gratification better than most. We spend years in training, forgoing income and enduring grueling hours, all for the promise of a fulfilling career. Applying this same principle to personal finance felt natural to me.

While many of my colleagues upgraded their lifestyles the moment their income increased, we resisted that urge; instead, we focused on aggressively paying off our student loans, signed up for moonlighting as often as we could, and continued maximizing investment contributions. Behavioral economics teaches us that humans are wired to prioritize short-term rewards over long-term benefits, but being mindful of this tendency allowed us to consciously override it. We have built habits and systems that will serve us for the rest of our lives.

The Value of Spending: Life Beyond Numbers

While saving and investing are critical components of wealth building, one lesson I’ve learned along the way is this: money is a tool, not the goal. Life is short, and there are things more important than a growing bank account. At times, I would opt not to go home and visit my parents since doing so would cost me an entire weekend of not working and making money. But after some deep reflection, I realized that I was depriving myself of core experiences and cherished memories, all for the sake of a bit of cash.

As much as I take pride in my financial discipline, I’ve also made it a point to spend money intentionally on the things that truly matter. For me, that means experiences—going on memorable trips, enjoying meals with friends, and celebrating milestones with family. It also means funding hobbies that bring me joy and fulfillment, like mixed martial arts, heavy metal concerts, and video games.

Spending money on these things isn’t a failure of discipline—it’s a recognition of what life is about. Behavioral economics highlights the concept of “hedonic adaptation,” which means we quickly grow accustomed to material things. A new car or luxury watch might bring temporary satisfaction, but the memories I’ve made with loved ones and the joy I’ve found in my passions have lasting and genuine value.

As you work toward financial independence, remember to balance your goals with the present. Saving for the future is essential, but don’t lose sight of the moments and people that make life worth living.

More information here:

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The Invisible Hand

Behavioral economics isn’t just an academic field—it’s a practical toolkit for navigating real-world financial decisions. The concepts I discussed above helped me stay disciplined during the most financially precarious years of my life.

But these principles aren’t just for physicians. They apply to anyone looking to build wealth. The beauty of behavioral economics lies in its ability to illuminate the invisible forces that drive our decisions—forces that, once understood, can be tamed and channeled toward achieving our goals.

For me, those forces came together in a strategy that allowed me to graduate from training not only debt-free but with a robust financial portfolio.

Final Thoughts

Financial success isn’t about luck or earning an extraordinary income. It’s about making consistent, informed decisions. My journey from free resident meals to a portfolio worth over $750,000 is proof of that.

As I embark on the next chapter of my career, I feel empowered, not just by the financial security I’ve built but by the knowledge that independence is within reach. My hope is that other physicians can learn from my experience, leveraging the principles of behavioral economics to create a future of financial freedom.

But let’s not forget what really matters. Wealth is a means to an end, not the end itself. Spend thoughtfully, invest in experiences, and cherish the relationships that bring meaning to your life. At the end of the day, the most valuable currency isn’t money—it’s time, memories, and deep connections. I beg you not to lose sight of this, as I almost did myself.

So, the next time you’re handed a free meal, think of it not just as a perk of the job, but as the potential start of something much bigger. Good luck.