Why High-Income Doctors Still Struggle Financially (And How to Change That)

A lot of doctors earn well, but that doesn’t always translate into financial independence. In this conversation, Dr David Hindmarsh and Dr Matthew Wickham break down the difference between income and independence, using a simple example many people can relate to: car finance. They talk through the idea of “good debt” and “bad debt”, why some purchases quietly drain long-term value, and how opportunity cost plays a bigger role than most people realise. Matthew shares how he approaches borrowing differently, using assets like property to generate income and offset costs, and explains why the same £300 a month can either disappear or compound over time depending on how it’s used. The conversation also touches on inflation, long-term thinking, and why understanding even the basics of money can change how you make decisions as a clinician. This isn’t financial advice, but it is a straightforward way of thinking about money that many doctors were never taught. Timestamps 00:00 – Good debt vs bad debt explained 00:33 – Why cars are usually “bad debt” 01:35 – Interest, depreciation, and losing value 02:23 – Opportunity cost and missed investments 03:04 – What else your money could be doing 03:38 – Why you still need to balance real life 04:04 – Using property as “good debt” 05:12 – Why debt itself isn’t always a problem 06:07 – Assets vs liabilities in simple terms 07:16 – How property builds value over time 08:16 – Selling, refinancing, and long-term gain 08:53 – How inflation works in your favour 10:01 – Real-world example of property growth 10:33 – The DocSupport eBook and next steps Got questions about private practice, business, or building income outside clinical work? Dr Matthew Wickham – matthew@docsupport.co.uk Dr David Hindmarsh – dave@docsupport.co.uk Property Investing eBook: https://www.docsupport.co.uk/product-page/buy-to-let-property-investing-how-i-do-it Explore more tools, guides, and support for doctors: 🔗 https://www.docsupport.co.uk