Risk & Blind Spots: What You Don’t See Can Hurt You
We’re trained to see what others miss: a subtle shadow on an X-ray, a lab value just out of range, a pattern no one else connected—that’s where our expertise shines. But when it comes to money, as physicians we are surprisingly prone to blind spots. Not because we’re careless, but because the rules of wealth are far less intuitive than the rules of medicine.
These subtle vulnerabilities don’t cause a financial collapse overnight which is why the alarm bell rarely rings until it’s too late. Instead, they quietly chip away at our earnings, opportunity, and freedom over decades. Here are four of the most common ones I see—and why ignoring them can cost you far more than you think.
1. Scattered Accounts: More Isn’t Always Better
On the surface, spreading investments across multiple banks, brokers, or advisors feels like diversification. In practice, it often means duplication, higher fees, and no one truly steering the ship. When your accounts are scattered, nobody sees the whole picture of your risk, tax exposure, or long-term goals.
Case in point: A radiologist I worked with had funds sprinkled between three institutions. It looked like a mix, but when we pulled back the curtain, many of the holdings were duplicates. Not only was he overpaying in fees, but his portfolio wasn’t nearly as diversified as he thought.
2. Peer Stories Are Not a Strategy
We’ve all heard them in the lounge: “I doubled my money on a private equity deal” or “I picked up a rental property with great cash flow.” These stories are seductive—but they’re also incredibly incomplete. For every colleague bragging about a win, there’s someone quietly nursing a loss they don’t want to mention.
Case in point: A surgeon I know bought into a colleague’s “can’t-miss” investment. Fast forward five years: the fund was underwater, she couldn’t access her capital, and her accountant was pulling their hair out over the complex tax slips. Meanwhile, the colleague who pitched it had already cashed out.
3. Retirement Income Is Not Just Dividends
Many mid-career physicians still picture retirement the way their parents did: build up a portfolio of dividend-paying stocks, then live off the payouts. But that’s an outdated—and risky—approach. True retirement planning is about turning assets into a sustainable, tax-efficient cash flow. It accounts for market downturns, sequence of returns risk, and tax planning across different accounts.
Case in point: A family doctor proudly told me she’d “just live on dividends.” When we crunched the numbers, her tax bill alone would eat a massive chunk of her income. Add a potential bear market early in retirement, and her “plan” could leave her strapped for cash within a decade.
4. Inflation: The Silent Wealth Killer
In everyday life, we notice inflation when groceries cost more. But the real damage happens over decades. Inflation silently cuts the purchasing power of every dollar in half roughly every 20 years. If your investments don’t outpace it, you may feel safe today only to find yourself short tomorrow.
Case in point: An ophthalmologist parked $500k in their chequing account, waiting for the “right moment” to invest. Time passed, the moment never came, and the money quietly eroded in value. Just like a bad investment—only without the tax break—inaction turned into a guaranteed loss without a consolation prize.
These blind spots aren’t dramatic mistakes. They’re a series of microsized missteps within the big picture that quietly erode wealth, leaving you wondering years later why your hard work didn’t translate into freedom. The antidote isn’t chasing the next hot tip or working more shifts—it’s building clarity. With a coordinated framework, a disciplined income plan, and trusted professionals in your corner, you can avoid the blind spots and make every dollar you earn work harder for you.
Because at the end of the day, the real wealth goal isn’t just money—it’s freedom. The freedom to practice medicine because you want to, not because you have to.
Curious where your own blind spots might be? Start with ElevateMD’s Financial Framework Assessment Tool and get a clear picture of where you’re strong—and where the silent wealth killers may be hiding.
