The Grow Your Wealthy Mindset Podcast
Grow your wealth by working on your mindset and up leveling your game. Your thoughts about money have created your current financial net worth. Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive. Tune in each week to learn more on how to grow your wealthy mindset! Imagine your life when you have the financial knowledge to create wealth so you can practice medicine on your own terms. Please subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media. Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/elizabeth-chiang-0582a432
The Grow Your Wealthy Mindset Podcast
Episode 191: W-2 vs 1099 for Physicians: Pros, Cons, and the Money Impact
In this episode of The Grow Your Wealthy Mindset, we take a practical look at the differences between working as a 1099 independent contractor and a W-2 employed physician — and how each option affects your income, taxes, autonomy, and long-term wealth.
Whether you're thinking about locums, considering a new job offer, or re-evaluating your career path, this episode gives you a clear framework to make a confident, informed decision.
What You'll Learn
• Why more physicians are now employed
We explore the shift from physician-owned practices to hospital systems and private equity groups and how this change has impacted compensation, autonomy, and burnout.
• What it really means to be a 1099 physician
We break down the core advantages (flexibility, tax deductions, higher earning potential) and the challenges (buying your own health insurance, managing variable income, handling self-employment taxes).
• The reality of locums benefits
Most locums agencies do not provide traditional health insurance, but a few offer access to group plans or partner benefits.
• The pros and cons of W-2 employment
Predictable pay, employer-sponsored benefits, and built-in support vs. less schedule control and more administrative pressure.
• How to choose the right model for your life
We cover the mindset, financial considerations, and lifestyle factors that help you decide between 1099 and W-2 work, especially if you’re striving for more autonomy or aiming to grow long-term wealth.
Please subscribe and leave a review on your favorite Podcasting platform.
Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes
If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook
Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .
You can learn more about Elisa at her website or follow her on social media.
Website: https://ww.GrowYourWealthyMindset.com
Instagram https://www.instagram.com/GrowYourWealthyMindset
Facebook https://www.facebook.com/ElisaChiang
https://www.facebook.com/GrowYourWealthyMindset
YouTube: https://www.youtube.com/c/WealthyMindsetMD
Linked In: www.linkedin.com/in/ElisaChiang
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