Navigating the Risks and Rewards of Wealth: A Personal Perspective

Why Reflect on Wealth?

I grew up in blue collar home and was the first to go to college in my family circle. We also viewed professionals and business owners in our community as the “rich-wealth haves” and we were “the other side of the tracks have-nots”. That mindset was engrained in me. Near my high school graduation I underwent a spiritual transformation and as I encountered Jesus’s teaching on “money is the root of call kinds of evil” and “it’s harder for a rich man to enter heaven than it' is for a camel to go through the eye of a needle” it all added up to fear money and wealth.

Near the end of my pharmacy school training I went to work in a mission hospital in the middle of the Sahara Dessert. The short story is that there God spoke to me and basically inspired me to become a doctor. The long story is that he had to repeatedly “speak to me” about this because I repeatedly rejected his calling because I feared that I would become consumed with greed as a rich doctor. The end result was what I thought would be an impossible deal with God. I apply to medical school without a degree (pharmacy school at that time was 5 years and I had was into my 4th year) and having not yet taken the MCAT’s. He said “deal”. Guess what, much to my surprise I was admitted to medical school the month after my interview, and accepted with no undergraduate degree—which I still don’t have. The moral of this story, is with God on your side, anything is possible.

So I became a doctor, lived the “called life” and it has been a perfect fit for me. In the process I accumulated lots of assets, but the good news is that I was able to resist the temptations of greed.

Wealth is often a taboo subject in professional circles, especially in medicine. As physicians, we dedicate ourselves to the care of others, often at the expense of our own well-being. Yet, many of us struggle to balance the financial rewards of our profession with the values that originally led us to medicine. This tension is compounded when we step into entrepreneurial roles as micro-business owners.

In a recent podcast by John Mark Comer Watch Out for Greed! | Generosity, he unpacks the paradox of wealth: its potential for good and its undeniable risks. Inspired by his reflections, I want to explore how we, as physicians and entrepreneurs, can approach wealth with both ambition and caution.

The Benefits of Wealth: What It Can Enable

1. Wealth as a Tool for Freedom

Wealth, when rightly stewarded, offers freedom—freedom to practice medicine on your terms, freedom to say no to a toxic work environment, and freedom to pursue your calling without the constant pressure of financial survival.

For many in the SimpliMD community, micro-business ownership represents a path to this freedom. Imagine the flexibility to create a cash-based practice, invest in technology, or take sabbaticals to prevent burnout. Wealth makes these possibilities tangible.

2. Wealth Amplifies Generosity

One of the most beautiful aspects of wealth is its ability to empower generosity. As physicians, we’re hardwired to give, whether it’s our time, skills, or resources. Wealth enables us to do this on a larger scale.

Think of the physicians who fund scholarships for medical students, sponsor free health clinics, or contribute to global health initiatives. These acts of generosity are only possible because they’ve achieved financial stability.

3. Wealth Fuels Innovation

In the entrepreneurial world, wealth becomes a catalyst for innovation. For example, the development of ChatRx—a venture close to my heart—was possible because of strategic financial planning. Wealth allowed us to invest in a product designed to reduce health disparities for underserved communities and to be a force for good in the world.

As physician-entrepreneurs, we have the unique opportunity to use wealth to solve problems, improve patient care, and create sustainable businesses that align with our values.

The Risks of Wealth: A Cautionary Perspective

1. Wealth Can Distract From Purpose

One of the dangers Comer highlights is how wealth can subtly shift our focus from what truly matters. For physicians, this might look like prioritizing profit over patient care or losing sight of why we entered medicine in the first place.

In the pursuit of financial independence, it’s easy to equate net worth with self-worth. This mindset can lead to burnout, strained relationships, and a sense of emptiness despite material success.

2. The Allure of More

We live in a culture that equates success with accumulation. Comer warns of the "insatiable appetite for more" that often accompanies wealth. As our incomes grow, so do our expectations and expenditures.

This is particularly relevant for physician-entrepreneurs. The drive to expand a practice, scale a business, or invest in multiple ventures can become a relentless cycle, leaving little room for rest, reflection, or relationships.

3. The Risk of Isolation

Wealth can also create barriers between us and others. Comer points out that as people grow wealthier, they often become more isolated—both socially and emotionally.

For physicians, this isolation might manifest as a lack of meaningful connection with colleagues, patients, or even family. The pressures of entrepreneurship can exacerbate this, as we spend long hours managing our businesses and less time nurturing personal relationships.

Practical Strategies for Navigating Wealth

1. Define Your 'Enough'

One of Comer’s most compelling points is the importance of defining what “enough” means for you. Without this clarity, the pursuit of wealth becomes endless.

As physicians, this might mean setting clear financial goals—paying off debt, saving for retirement, or funding a child’s education—and then redirecting surplus wealth toward meaningful causes.

For example, instead of endlessly growing your practice, you might decide to cap patient volume and use the extra time for pro bono work or personal development.

2. Align Wealth With Your Values

Wealth is not inherently good or bad; it’s a tool that reflects the values of its owner. Take time to reflect on your core values and ensure your financial decisions align with them.

If one of your values is patient-centered care, consider how your business model supports that. If you value community, think about how your wealth can contribute to local initiatives.

3. Practice Gratitude and Generosity

Gratitude is one of the antidotes to the greed and dissatisfaction that wealth can bring. Regularly take stock of what you have and practice contentment.

Generosity is another way to keep wealth in perspective. Whether it’s through charitable donations, mentoring younger physicians, or sponsoring health initiatives, generosity reminds us that wealth is not an end in itself.

4. Build Accountability Into Your Financial Life

Comer emphasizes the importance of accountability in managing wealth. This might look like involving a financial advisor, joining a peer group, or working with a coach to ensure your financial decisions align with your goals and values.

For SimpliMD members, this could mean connecting with other physician-entrepreneurs to share best practices and challenges, creating a supportive community that keeps each other grounded.

5. Invest in What Truly Matters

Finally, Comer challenges us to invest in things that truly matter: relationships, well-being, and spiritual growth. No amount of wealth can replace the joy of a strong marriage, the satisfaction of meaningful work, or the peace that comes from living with integrity.

A Personal Reflection: Lessons From My Journey

My own journey as a physician and entrepreneur has been shaped by this delicate balance of wealth’s risks and rewards. Starting SimpliMD and ChatRx has been both challenging and rewarding, teaching me invaluable lessons about the role of money in my life.

There were moments when I was tempted to measure my success solely by financial metrics. But over time, I’ve realized that true wealth is about much more than money. It’s about living a life of purpose, making a meaningful impact, and staying true to the values that guide you.

Conclusion: A Call to Reflect

As physicians, we are in a unique position to create wealth—not just for ourselves, but for the good of others. Yet, with this privilege comes responsibility.

I encourage you to take some time to reflect on your relationship with wealth. What does “enough” look like for you? How can you align your financial goals with your values? And most importantly, how can you use your wealth to make a positive impact in the world?

At SimpliMD, we are committed to helping you navigate this journey. Whether you’re just starting out or looking to take your micro-business to the next level, we’re here to provide the tools, resources, and community you need to succeed.

Let’s not just build wealth—let’s build a legacy that reflects who we truly are.