Medicine is a profession of acronym, so here is one for your money and wealth. S.P.E.C.T. stands for Simple, Passive, Emotionless, Cheap, & Time.

As physicians, we know our trade well, naturally, after spending an average of 23-27 years studying and training for our profession, not to mention the additional learnedness of the M.D. PhD MBA multi-degree docs among us.

From our life experiences, which could be slightly limited given we spend most of our time studying, taking exams, listening and caring for our patients, we tend to project our level of training onto the non-medical professionals.

Let’s just get that out of way right now. The insurance agent who try to sell you whole life insurance has 2 weeks of training, most of which focused on sales techniques. Instead of paying a money doctor (financial adviser), here’s a super easy way to DIY-grow your wealth.


S.P.E.C.T.  Simple, Passive, Emotionless, Cheap, & Time



Simplicity is beauty. Keep your investment simple. There are innumerable investment portfolios with quantum gradation of asset allocation schemes. But it’s really not necessary. Index funds are by definition diversified. Some really successful investors have all of their nest eggs in one index fund, Vanguard total stock market. Want to spice it up? Go for 5 index funds. But seriously, why make it more complicated especially when complexity does NOT guarantee higher return!



Invest money passively, time actively. This is because money makes money and sky is the limit, yet your time is limited, as limited and as abundant as Warrant Buffet’s time, exactly 24 hours daily.

Automate your investment by paycheck withdrawal or scheduled regular withdrawal from your checking account. You pay yourself first by these automatic deductions from your cash flow, and find yourself pleasantly surprised by when you occasionally check the exponentially-growing numbers on your nest eggs.



The market goes up, the market goes down. Not in your control, and you didn’t waste any time or energy timing the market, because you know it is the time “In” the market that matters.

Don’t get emotional. It’s just numbers after all. Don’t bother logging in to check your numbers if that gets you emotional. Know that by maximizing your savings rate, you are guaranteeing yourself the fastest wealth accumulation.

Optimize what’s in your control and omit thoughts and energy for what’s not in your control.



Don’t pay a money doctor 13 million for sitting his as* on your nest eggs. Go for the lowest fees possible, boost your investment/savings rate and get the lower expense ratio by hitting the higher investment threshold. Pay the cheapest taxes possible on your investment. Buy stocks on sale whenever possible: whenever there’s market down turn, buy it up. For some, dollar cost averaging through a correction is great way to go. Stash post tax/Roth money away or convert traditional to Roth IRA whenever you are in the lowest tax bracket prospectively.

Be cheap (but honest) with Uncle Sam, investment fees, and your purchase of investment by minimizing taxes, investment fees, and persistently buying (dollar cost averaging) in market corrections. Buy on the way down and on the way back up.



Whether you are in med school, residency, or early attending years, today is the day to start building wealth if you have not started 10 years ago.

Don’t wait.

When looking back, most people regret investing and/or saving late. Few regret living frugally or creating extra sources of income (without working like a dog for money) to invest in their future.

The decade you spend in medical school and residency is key to (early) financial success. Investing today, no matter how little the dollar amount always beats catching up later.


If you practice S.P.E.C.T., there’s no way that you don’t become debt-free sooner and ultimately financially independent sooner than if you don’t practice S.P.E.C.T.

Why pay a money doctor with 2 weeks-2 years of training to sit on and play with your nest eggs with no guaranteed increase ROI (return of investment), when it is this simple to DIY to great wealth?

If you like this article, you might enjoy other DWM articles on Personal Finance, Investing, Retirement, Practice Management, & Lifestyle.

All articles by DWM are for informational purposes only and not intended as a substitute for professional advice. Please consult a professional accountant, financial adviser or lawyer, before making financial decisions.

5 Doctor-Proof Tips to Great Wealth: S.P.E.C.T.

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