As physicians, we pride ourselves on evidence-based decision-making. Yet, when it comes to our own financial and lifestyle choices, we’re just as susceptible as anyone to inherited myths and persistent misconceptions. These beliefs—about money, career, happiness, and even our own mortality—often stem from experiences, hearsay, or cultural narratives we’ve absorbed over time.
Why do these myths stick around? The answer is simple. We’re busy. Between clinical duties, charting, family, and the never-ending pile of CME requirements, there’s little time to challenge popular wisdom or dive deep into contrarian views. Myths, like unchecked chart notes, persist for years, unchallenged, shaping decisions in ways both big and small.
Today, let’s challenge some of these myths with data, rational thinking, and a healthy dose of skepticism—just as we would for a questionable diagnosis.
Myth #1: Social Security Will Go Bankrupt
How often have you heard a colleague say, “Social Security won’t be around when I retire”? The truth is more nuanced. While demographic shifts challenge the current system, Social Security is highly unlikely to vanish in the world’s richest country. Lawmakers have several levers: raising taxes, increasing the retirement age, or adjusting benefits. Historically, the US government has done what’s necessary to keep the system afloat. Social Security may change, but it won’t disappear overnight.
Reality: Panic is not policy. Plan as though Social Security will be a piece of your retirement puzzle—not the whole picture, but not zero, either.
More information here:
Social Security Is Not Going Away (But You Might Have to Adjust Your Plans)
The Consequences of Ignoring Social Security
Myth #2: College Is Unaffordable—Especially for Our Kids
Physicians often feel pressure to send their kids to brand-name universities, fearing any alternative will doom their future. The sticker price of private colleges is eye-popping, but the reality is that multiple affordable pathways exist:
- In-state public universities and reputable community colleges offer high-value education.
- Scholarships, grants, and work-study options lower net costs.
- Most people—physicians included—don’t end up working in the field in which they majored.
Fields like medicine, law, or engineering may require specific degrees, but for many professions, the pedigree matters far less than work ethic, networking, and practical skills.
Reality: The “only Ivy League is good enough” myth is both elitist and unsupported by outcome data. Focus on fit, affordability, and your child’s interests—not just prestige.
Myth #3: Material Wealth Equals Happiness
We’ve all seen the Instagram posts: palatial homes, luxury cars, dream vacations. But does material wealth buy happiness? Studies and real-world observation suggest otherwise. I’ve personally seen more laughter and community in the Dharavi slums of Mumbai than in the penthouses of Manhattan.
Every positive has a negative side: wealth can bring comfort but also isolation. Slum dwellers may lack material goods but gain social connection through communal living. Wealthy individuals may enjoy privacy but miss out on the richness of shared experiences.
Reality: Happiness comes from purpose, relationships, and gratitude—not possessions. As physicians, we’re trained to value measurable outcomes, but the intangible aspects of life often matter most.
Myth #4: I’ll Run Out of Money in Retirement
Nearly every high-earning professional harbors this concern: Will I outlive my money? The financial media and some advisors fuel this anxiety, suggesting you’ll need $5 million, $10 million, or more to retire “safely.” But most people overestimate their true needs. Our longevity, despite modern medicine, still averages between 70-80 years—plus or minus a decade—depending on genetics and lifestyle.
Knowing our own mortality can actually be liberating. The truth is, you likely need less than you think, especially if you’ve practiced reasonable financial discipline. Don’t let fear drive you to work longer than you want or to deprive yourself in the present for an imagined future.
Reality: Run your own numbers. Use reliable retirement calculators, consider your spending habits, and consult actuarial tables. Accept that you don’t need to leave millions behind; your goal is a life well-lived, not a hoarded fortune.
More information here:
Real Life Examples of How WCIers Live, Worry, and Withdraw Money in Retirement
Functional Longevity: What Use Is Retirement If You Can’t Move and Think?
Myth #5: If I Don’t Leave a Big Inheritance, My Kids Will Struggle
Many physicians worry their children will be financially disadvantaged without a large inheritance. But research on generational wealth shows that most family fortunes are lost by the third generation. And, more importantly, children shielded from all difficulties may lack the resilience needed to thrive in a changing world.
Reality: Give your children skills, values, and the ability to handle adversity. Money is helpful, but too much comfort can be a curse. Encourage work ethic and resourcefulness over entitlement.
Myth #6: Medical Science Will Dramatically Extend Our Lifespan
With headlines touting longevity breakthroughs, it’s easy to believe we’re on the cusp of living to 120 or beyond. But while medicine has eradicated many diseases that once shortened our lifespan, the natural human limit remains around 80-90 years. It’s unlikely, barring unforeseen miracles, that this will change drastically in our lifetime.
Reality: Focus on the quality, not just the quantity, of life. Prioritize health, connection, and meaning. Check actuarial tables and update your plans as new data emerges, but don’t obsess over immortality.
Myth #7: Everyone Needs Whole Life Insurance
Insurance agents are skilled at selling fear, but the need for permanent life insurance is not universal. If you have enough saved for your dependents, you may not need additional coverage. Term life insurance is appropriate for most physicians—especially those in the wealth-building years with young families.
Reality: Individualize all financial decisions. Know your numbers, review your goals, and don’t buy products out of guilt or pressure. The best insurance policy is one tailored to your actual needs.
More information here:
The Truth About Whole Life Insurance
Myth #8: You Must Live in a Big City to Be Happy and Successful
The myth that happiness, opportunity, and fulfillment can only be found in vibrant urban centers is widespread in medicine, where many training programs and prestigious hospitals are city-based. However, happiness isn’t dictated by ZIP code. Small towns and rural areas often offer lower costs of living, better work-life balance, and equally rewarding social lives (sometimes even more so).
Weather and amenities matter, but flexibility is key. Thanks to telemedicine, locums, and remote work, physicians have more options than ever.
Reality: Choose your location based on your actual preferences, not someone else’s blueprint.
Myth #9: Retirement Planning Is Too Complex to Handle Alone—You Need an Advisor
Many believe that because retirement planning involves complex considerations and significant sums, it demands professional help. While good advice is valuable, physicians are among the most highly educated professionals—if you can master the Krebs cycle, you can understand index funds, withdrawal rates, and Roth conversions.
The financial industry profits from making things seem mysterious. But with the right resources (WCI, Bogleheads, reputable books), DIY retirement planning is absolutely within your grasp.
Reality: If you want help, hire a fee-only, fiduciary advisor. But don’t underestimate your own ability to learn and manage your finances. The best investment you can make is in your own financial education.
More information here:
What Would Your Ideal Financial Advisory Firm Look Like?
Myth #10: A High Salary Guarantees Wealth
Reality: Wealth is what you keep, not what you earn. Lifestyle inflation, poor savings habits, and bad investments can derail even the highest earners. The key is to keep expenses and expectations in check; know what truly makes you happy instead of watching others. Focus on financial freedom and meaningful life, not just the next raise.
Myth #11: The Stock Market Is Too Risky—Real Estate Is Safer
Reality: Both asset classes have risks. Long-term, diversified stock investing historically outperforms most forms of real estate, especially after accounting for leverage, maintenance, property taxes, and insurance. Real estate carries its own risks—liquidity, vacancies, and market swings. Understand both before diving in.
Myth #12: You Should Buy as Big a House as You Can Afford
Reality: Bigger homes mean bigger mortgages, taxes, insurance, and maintenance costs. Living below your means is key to long-term wealth, regardless of income. Bigger houses don't make us happier—people in Europe and India with smaller homes are not less content. Happiness depends on relationships and freedom, not square footage.
Myth #13: Doctors Don’t Need Disability Insurance Because They’re Healthy
Reality: A single illness or injury can end a medical career overnight. Disability insurance is arguably more important than life insurance for working physicians. As you build wealth, reevaluate. At a later age, when you have enough, you may not need as much coverage.
More information here:
People Aren’t Buying Disability Insurance, But They Should
Disability Insurance Misconceptions: Common Assumptions Physicians Can’t Afford to Make
Myth #14: If I Just Work Hard Enough, I’ll Eventually Be Set for Life
Reality: Financial success requires intention, planning, and investing—not just earning. Passive wealth building doesn’t happen by accident. Savings and smart investing matter more than just sheer work hours.
Myth #15: Tax Planning Is Only for the Rich
Reality: Smart tax strategies—maxing out retirement accounts, using HSAs, charitable giving, or even bunching deductions—can benefit physicians at every income level. Don’t leave money on the table.
Myth #16: If I Buy Enough Insurance, I’m Safe
Reality: Insurance is for transferring catastrophic risk, not for wealth building. Over-insuring is costly, and it rarely produces good returns. Reevaluate every 5-10 years to ensure your coverage still fits your needs.
Myth #17: You Need to Hire a Professional to Do Your Taxes
Reality: Many physicians, especially early in their careers, can use high-quality tax software. As finances get more complex, a CPA may add value—but it’s not always essential. Most W-2 doctors with no side businesses don’t need to pay extra for tax prep.
More information here:
You Should Do Your Own Taxes at Least Once – Here’s How I Do Mine
Myth #18: Estate Planning Is Only for the Elderly or Extremely Wealthy
Reality: Every physician should have a will, power of attorney, and healthcare directives in place—regardless of age or net worth. Life is unpredictable; protect your loved ones and your wishes.
Perhaps the Biggest Myth of All: Happiness Is a Byproduct of Wealth and Achieving More
Reality: Many high-income professionals, physicians included, unconsciously tie their happiness to net worth, job titles, or material possessions. We fall into the trap of believing that the next milestone—a bigger house, a luxury car, a certain portfolio value—will finally bring lasting contentment. But as soon as we reach one goal, our expectations adjust upward. This phenomenon is sometimes called the “Hedonic Treadmill.”
A simple equation captures this truth:
If our expectations always outpace reality—often fueled by “keeping up with the Joneses”—we set ourselves up for disappointment, regardless of how much we achieve. Social comparison, especially in the era of social media, can make even the most successful among us feel perpetually behind.
But real happiness, as both research and life experience show, comes from aligning our expectations with our reality and cultivating gratitude for what we already have. True freedom—the ability to make choices without being bound by debt, career pressures, or societal comparisons—matters far more than reaching an arbitrary financial number.
If you set your expectations based on your own values and needs, not on what others have or what you should have, you’ll be far more likely to experience genuine happiness. Financial freedom is about having enough—not just money, but also time and autonomy to live life on your own terms.
Chasing the Joneses is a race with no finish line. Contentment comes from stepping off the track.
More information here:
Don’t Carry the Weight of the Past or Worry About What the Future Might Bring; Stay in the Current
Merging Financial Responsibility and Environmental Sustainability
The Bottom Line: Fact-Check Your Assumptions
Each of us carries myths—about money, happiness, career, and family—acquired from our upbringing, training, and culture. These narratives, unchecked, can quietly shape our decisions for decades. But as physicians, we owe it to ourselves and our loved ones to question, investigate, and re-evaluate inherited assumptions. You wouldn’t accept a diagnosis without evidence; don’t accept financial or lifestyle advice without scrutiny. The most successful physicians I know are those who challenge conventional wisdom, craft their own paths, and remain flexible as facts and circumstances change.
Here are some action steps to take:
- Re-examine your own beliefs. Where did they come from? Are they still true?
- Don't let fear or inertia drive your major life decisions.
- Make financial plans based on your real needs and goals, not worst-case scenarios.
- Teach your children resilience, not just comfort.
- Remember: happiness and fulfillment come from within, not your bank account or address.
Let’s commit to making decisions rooted in reality, not myth. Your future self—and your family—will thank you.
What do you think? What other myths do high-income professionals and investors believe? How can you get yourself to stop believing in the myths that aren't true?