The 10 Financial Traps That Keep Doctors Stuck

Hi,

If you’ve been following this newsletter for a while, you’ll have guessed by now that I’m a bit of a finance geek.

I talk about it whenever I get the chance — which eventually led me to start writing a finance book for doctors (slowly but surely, I’m aiming to finish it by the end of the year), and to build this newsletter alongside it.

In this letter, I want to focus on something simple but powerful: why starting to invest early matters far more than doing it perfectly.

“I’ll Start When Life Calms Down”

Most junior doctors say some version of this:

That’s understandable.

You’re juggling rotas, trainings, leadership projects, payslips, etc.

Adding “learn to invest” on top of that?
It slips down the list.

But here’s the uncomfortable truth:

Waiting feels neutral — but it isn’t.

You don’t notice the cost in year one.
Or year two.

But ten or twenty years later?
That delay becomes expensive.

Quietly. Relentlessly.

The Real Power of Starting Early

You’ve probably heard this quote:

Whether he said it or not, the idea is sound.

Compound growth works quietly in the background while you live your life.

The earlier you start, the less effort you need later.
The longer you wait, the harder you have to push to catch up.

Here’s a simple example:

• Invest £200/month from age 25 → you could end up with ~£480,000 by 60

• Wait until 35 → you’d need to invest over £400/month

• Wait until 45 → closer to £900/month

Same destination.
Very different journeys.

This isn’t about guilt.
It’s about awareness.

A Personal Note

I started investing in my early 30s.

Now, at 38, I can already see the difference — not just in the numbers, but in peace of mind. The returns from my passive investments are now consistently at least half of what I earn actively as a GP.

Knowing that something is quietly growing in the background changes how you think — about work, money, and time.

What really put this into perspective was comparing notes with my younger cousins.

They started investing earlier than I did — in their late 20s.
They earn less than I do.

But because they started sooner and stayed consistent, they’re on track to retire before me.

Not because they’re smarter.
Not because they got lucky.

Just because they started earlier.

The Fix: Start Small. Start Now.

This isn’t about throwing thousands into the market.

It’s about making investing:

• normal

• automatic

• boring (in a good way)

Think of it like brushing your teeth.
Low effort. No drama. Just done regularly.

Even £50/month is a strong start.

Let me put this into a personal context.

A few years ago, I opened a small investment account almost as an experiment — a “coffee money” trial. Nothing ambitious.

I set up a simple, passive ETF portfolio and put in £25 every two weeks. That’s it.

I opened the account in April 2023.

As of writing this newsletter:

• Total contributions: ~£1,800

• Portfolio value: ~£2,300

That’s roughly £500 in growth, or about a 28% return over two and a half years.

No stock picking.
No market timing.
No constant checking.

Just small amounts, invested consistently, and left alone.

And that’s the point.

You don’t need large sums or perfect knowledge to get started. You just need time — and the willingness to begin.

Set it up once. Let it run quietly in the background.

Keep It Simple

If investing feels intimidating, start simple.

A beginner-friendly option is a robo-advisor — platforms that ask a few questions and build a diversified portfolio for you. (go on and just type in google: best robo-advisors in the UK)

You don’t pick stocks.
You don’t watch charts.
You just start.

Later, if you want, you can learn more and take more control.
But action comes first — confidence follows.

If you wait until you “understand everything,” you’ll still be waiting in 10 years. To be quite honest, there are still lots of investment ideas and terms that I know nothing about, but I know enough and probably a bit more than the usual doctor to keep my head above water.

Starting Late Isn’t Failure

If you’re reading this in your mid-30s or 40s and thinking “I’ve missed the boat” — you haven’t.

You may need:

• higher contributions

• slightly adjusted goals

But starting today still puts you years ahead of someone who keeps waiting for the “right time.”

And remember — many doctors hit their peak earning years later. You still have leverage.

Final Thought: Time Is the Advantage

Every future retiree started somewhere messy — limited headspace, imperfect plans, modest savings.

The edge isn’t getting it right on day one.

It’s starting.
And staying in.

Start where you are.
Keep it simple.
Let time do the heavy lifting.

Your future self will be glad you did.