¶ Podcast Introduction and SoFi Sponsor
This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
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Investor Podcast number four six.
¶ SoFi: Student Loan Refinancing Options
Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help. They have exclusive low rates designed to help medical residents refinance student loans. That could end up saving you thousands of dollars, helping you get out of student debt sooner.
SoFi also offers the ability to lower your payments to just$100 a month while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to sofi.com slash whitecode investment. SoFi student loans are originated by SoFi Bank NA member FDIC. Additional terms and conditions apply NMLS six nine six eight nine one.
¶ Host's Personal Update and Gratitude
All right. Welcome back to the podcast. Hope you enjoy the podcast. I'm grateful for you out there. I have had uh a surgery recently. I'm recovering from surgery again. I had a little revision done on my wrist. And uh I'm grateful not only to my surgeon, but uh numerous white coat investors. I got a whole bunch of second and third and fourth opinions.
sending my CT around and and ended up having uh uh a removal of my distal pull of my scaphoid and my hardware. And hopefully that gives me a little better outcome on my wrist. long term. But uh had a great experience and uh you know I was pretty amazed. Uh by post op day one I was on Tylenol. By post op day three I was on nothing.
So wonderful experience for uh for healthcare interaction and uh and got to use my HSA. So that's always wonderful. But um thanks for what you're doing out there. Nobody said thanks for it. Let me be the first today.
¶ WCICon 2026: Virtual and In-Person Details
Okay, our quote of the day today is about leadership, a topic we'll be addressing during the podcast. This one comes from Jack Welch, who said, before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others. Okay, WC Icon is coming up.
Okay.
many of you i it's getting to be later, I suppose, and a lot of you that uh are gonna be coming in person have already committed to coming in person, I'm sure. Um, you still can come in person if you can arrange your schedule or if you happen to already be in the Las Vegas area. We'd love to have you in person. But uh a lot of you who are signed up at this point are being coming virtually.
And uh and we're having a sale on our virtual version of the conference for WC Icon twenty six, uh between uh the twenty third of February And the twenty fifth of march, if you use code WCI Con one hundred, we'll give you a hundred dollars off, the virtual version of the conference.
Uh it's not too late to come in person though. I mean our hotel's sold out, but we've got another one. It's right down the street. No problem attending that. I mean you've all been to medical conferences where you couldn't be in the conference hotel. It is still well worth coming to the event.
just because you're not sleeping in the same building you're going to, you know, the the presentations, that's okay. It's still gonna be a wonderful experience and we encourage you to come. So check that out. Whitecoat investor dot com slash WCI con. or you can go to wcievvents.com and sign up. We'd love to have you. All right. Great interview today. This interview is actually with going to be with one of our speakers.
¶ Guest Rutherford Pascal: Leadership & Genius
from the conference, uh, a fellow by the name of Rutherford Pascal. And uh I'm just getting to know him, but uh I think you're gonna like what you hear in this interview. My guest today on the White Coat Investor Podcast is Rutherford Pascal. He's a certified John Maxwell leadership trainer, coach, and speaker.
And he's gonna be a speaker at the physician wellness and financial literacy conference in a few weeks from now. So we're excited to have him on, get to know him a little bit better. He's also the founder of Glasswall's Leadership. uh where he trains people to be leaders and uh delivers not only dynamic keynote presentations like we're gonna be hearing at the conference.
but does transformative leadership training and impactful coaching to unlock unprecedented growth and elevate leadership skills to new heights. Rutherford, welcome to the podcast.
Hey, thanks for having me on. I'm excited to talk to you.
Yeah, so I I don't know that uh that you're a well-known name in the physician financial space. And I'm curious what caused you to apply to be a speaker at at the conference.
I'm not a well-known name in my house. So I think so the one of the things I talk to people about is is leadership and and the hardest person, the hardest thing to lead is yourself. Right. And once you if you think about how do you grow to be a great leader from a financial perspective. from a growth perspective, you have to lead yourself first. It's there's things I call bright lines. You know, bright lines just means boundaries.
Right. And there's there's things that that are exciting that really fit who you are and who you want to be. And really what I talk about is understanding and finding your genius. and thinking about your genius and and really architecting your life around that genius, around those things to make yourself financially successful and just successful in every
shape, matter, and form. This financial success, but it's also this the success of doing the right thing for people, patients, and society. And that's part of what we talk about too.
Yeah, accomplishing that that mission, that purpose, uh the reason you're on the planet.
¶ Addressing Burnout with the PID System
Yes, exactly.
Exactly. All right. Well, the talk you submitted is called Transformative Leadership, Unleashing Potential for Wellness and Financial Mastery. Talk to us a little bit. I mean the purposes of the conference, obviously people who want to be a little more financially savvy. They're excited to come and talk to to other people because there's nobody they can talk to in their lives about finances, but at the conference they can talk to everybody there about their finances.
But also a lot of people at the conference are kind of getting to mid career and facing some wellness challenges. They're feeling the stress of their workplace, of their profession. Uh they're feeling burned out. You know, the burnout rates in medicine are are, you know, hover around fifty percent these days. What what are they gonna learn from your talk that's going to help them deal with those challenges?
So there's it's okay. I I'm gonna break things down into three areas, right? So it's really about this thing I call the PID system. Preparation, intentionality, differentiation. And if you think about burnout, if you think about financial mastery, if you think about if you put those, if you if you prepare well, if actually plan for your day, that's that's that's
Let's think about burnout, right? If you plan your day, month, week, quarter, year, whatever you do, right, in a way that you give yourself time deep work time. Right. If you read the book by Cal Newport called Deep Work. Spectacular for that, right? You do the or time blocking was something you can you can use for that. But then you put time in where you're not working. where you are actually resting your m in your mind, your body, system. So it's really about the preparation.
¶ Intentionality and Preparation for Success
Did but that's also intentionality, right? So you have to be intentional about what you do, how you do it, when you do it. So sometimes you do more by doing less. you do more by greater focus. of time greater focus on a on a task skill or something or whatever you're doing, but you spend less time doing it, if that makes any sense. Right. So you give yourself this deep work, this time to focus.
But then you also give your times plenty of rest to recharge and reload and typically by not thinking about it. So it's that whole thing of being prepared, but being intentional. And that intentional that intentionality will help curb, if not completely eliminate burnout. Right? Preparation and intentionality will do that.
Because you won't be doing things on a consistent basis on a hamster wheel where you feel like, oh, I'm doing the same thing over and over. You're going to figure out exactly where do I operate best, where where's my greatest and best use? either give this task tool to somebody else or it's now down at ninetieth on the prioritization list instead of everything being a priority and e that's when you go crazy. So that's really what I talk to you about. I I talk to people about how to think.
How to think about what they're doing. And if you put those rules in place, those bright lines which I talked about. through preparation, through intentionality, you're not going to burn out.
¶ Autonomy Challenges for Employed Physicians
you're going to master yourself from a financial basis because you you would have architected your life and what you're going through from not for today, but for weeks, quarters, years.
Yeah. Now one of the challenges that I think leads to burnout, particularly for employee physicians. is they find themselves in an environment where they don't have as much autonomy. as they would like, right? I mean uh this uh this idea you put forth, which is excellent, right? That you you operate only at your highest and best use. You you find somebody else to take care of those little tasks.
Well, when you're not in charge of hiring that person, when you're not in control of having that person, sometimes those tasks all load up on you. Uh any thoughts on uh on how to manage that conversation with an employer, with a supervisor, et cetera? to uh uh receive that level of support to make sure you're operating, you know, practicing it at the highest level of your license, for lack of a better term.
That is a spectacular question. So I I think I I don't know if I said this to you. So I spent I spent thirty five years in pharmaceuticals, right? Thirty-five years in front of physicians talking to'em. So I know that there's Different organizations that demand, I was gonna say require, I was gonna I'll say demand demand a certain type of time commitment. What I've seen is how different people work within that time commitment because they're asking you to get specific tasks done.
But again it's it's the mental or or mindset framework of how you do this. So in some of those situations you can talk to your organization about timing. How much time do I have to do this? And they will oblige as long as they get in the what they want, right?
¶ Speaking Your Employer's Language
And if that's not the case. They're mandated on where you're seeing a patient every seven minutes or you know, you're you're you're working from this, you're you're you know, they they mandate the number of patients you're gonna see a day, right? Then it's just about how can I do this to be more efficient with my work? What tools am I not using that I should use? There's always a way to become more efficient within those constructs.
There's always somebody within the organization that is managing their time well and is not getting burned out and is still following the rules of that organization. And I think it's talking to those people or it's figuring out for yourself. How can I do this in a way that satisfies everybody, my company, the patients I see, the staff in a way. I will tell you, I've I've left teams for my entire career.
And I always tell people there's five there's always five ways to do things. There's five answers. Some of them are answers you don't want, right? But there's always five answers. And people have to challenge themselves to think about, huh, I I could do that. I should do it that way. And I'm not giving you a direct answer because every situation's different.
You have to look at your situation and say, you know, instead of having the the my sister nurse come in after, why not have them come in with me and they can take, you know, so it's things like that. like you can you can adjust and change that might help the situation, might curb burnout, might curb some of the things that are restricting the physician or or from being happy and productive in their course of the day.
I I wonder if it helps to be able to speak the li same language as your boss, right? I mean, the boss might be focused on, you know, m throughput numbers or or whatever, right? And and sometimes they just don't realize that having doctors doing, you know, relatively menial tasks. is a terrible use of that time. I mean I find myself in the emergency department doing things uh that, you know, are n certainly you don't need an M D to do, you know, bringing patients blankets, bringing patients
something to drink, you know, those sorts of things. Just because I come out of the patient's room and I can't see anybody. There's nobody else around to do it. So I go and do it. And sometimes especially i i you know, in my particular situation the the hospital is not my employer, but if it was my employer I oughta be thinking about the cost
to them of me and my time and my expertise to be, you know, taking patients' blankets. Maybe that's not they're not getting the bang for their buck that they'd like to be getting out of that.
¶ Negotiating Support and Deliberate Rest
And just being able to talk to them in in terms of of what they understand and and really every sort of discussion looking for more support. is a negotiation. I mean you're really moving into negotiation with your manager or your supervisor. And uh I I'm not sure a lot of, you know, physicians realize how often They're entering into negotiations i in their lives and in their daily, you know, career work.
You bring up a great point. So we talked about, I told you I read this that my book is the PID system, preparation, intentionality, differentiation. So even if the employer has these mandates and had do these things and and you're seeing an inefficient way of working, you talked about speaking those same language. Typically the language is money. That's a typical language. So in a hospital, they they they they could want infection rates decreased, they could want
success in surger certain types of surgeries, whatever they're they're known for, increase. They they want AHIDA scores. I mean whatever whatever it is, right? And if you you're right, you're you are spot on. If you're speaking in their language. they will listen and they could change because you said, Hey, what if we had one person That was in charge of water, blankets, blah, blah, et cetera, that come in. And they, their job was every single time a physician walked out, they did it.
That would give me more time to be more efficient. I could see two more patients a day. But I'm gonna tell you if you say, you know, I'm gonna say two patients today and if you if you multiply by the number of physicians, even if it's one patient or a half a patient. I'm gonna see a half a patient a a day more. They're gonna say
Done because that's what they're looking for, right? So if you're bringing solutions in that way and speaking their language, that is absolutely what you can do and should do.
Let's circle back to something you said earlier. You talked about inserting rest time into your schedule. Let's talk about that. What what does that look like? I mean, is it literally a blank on your Google Calendar or do you put, I'm gonna, you know, doom scroll on my phone for 15 minutes here at the end of my lunch hour? I mean, i does it have to be a planned activity or is there literally a blank in the schedule? What does that look like to insert deliberate rest into your schedule?
Great question. And it differs for everybody, right? Let me tell you some some options. So it basically is how do you recharge yourself? And some people could recharge by listening to opera, listening to music, listening to hard rock, whatever. It could be music, okay? Make it a general term. It could be walking. around the building, walking up and down the stairs. It it's whatever recharges you, right? It could be spending, okay, I'm gonna spend 10 times in quiet reflection.
I'm I could be meditating. It doesn't matter. It's you. Nothing there's nothing that's universal. You have to figure out I I I'll just tell you me. What I do when I'm in I'm in this room in my office. and I'm working for an hour, two hours straight on something, whatever. I will get up and I'll go in to the other room and I will put on a show that I've seen
four hundred times the episodes, which is typically law and order. Like I've seen every episode like at least four or five times. And for ten, fifteen minutes I watch it, it's mindless. I I don't think about the last two hours. But it gets me prepared, my mind blanks and I'm ready, re energized for the next two hours block or hour block, whatever that is. So it's really about who you are. And by the way, I do that I don't do that all the time. Lots of times I just I walk.
because that also resets my time. So it just depends on on weather, on situations, on where I am, on you know, what I'm working on. But I will tell you, if you think about people who are successful They reset their mind. And by the way, it could be going and taking three deep breaths.
What I'm talking about is simple. I'm giving you 10, 15 minutes, but it could be just like going to me, just reset your mind, take three deep breaths, and come back. It's all different and it's not it's not universal.
¶ Discovering Your Professional Zone of Genius
One of the ideas you talked about, and you mentioned it earlier, i is this idea of genius, right? Somebody's zone of genius. What is a zone of genius and how can somebody figure out what their zone of genius is?
So what kind of what kind of physician are you?
I'm an emergency document.
So is there your emergency? So let me ask you, when a patient comes in, there's certain things that happen to the patients where you're I mean you diagnose probably all of them. I'm gonna I'm gonna say equally. I'm just gonna say that. But there's certain things that happens and maybe it's a gunshot whatever it is that you not only love doing, love meaning that you you i you see it and you know exactly what to do, you you're excited about doing it, and you're better than the than the next.
Emergency physician, right? Because it doesn't matter. We do the same thing. We're better. You you know, you don't have to be modest. You know there's certain things that you do better than another another emergency physical. Am I r am I correct?
Uh I think most people feel that way. Yeah. They've got a few, you know, the things that they love do I mean everybody loves reducing nursemaid elbows, you know, that's the greatest uh thing in the world because you have these parents come in that they're totally worried and and there's almost nothing wrong with their kid. And what is wrong with their kid you can fix in about a second and a half.
And they just think you're the genius and uh it it's literally super easy and super rewarding and takes no time and no time to document. I if I could have a whole clinic of nursemaid elbows lined up for the rest of my life, I would die happy.
Yeah, it's
Wonderful, but uh you know, i at at the end of the day, unfortunately, most of the work you you get to do as an emergency physician is not necessarily what you're particularly good at, nor what you enjoy.
What what do you enjoy what do you enjoy? Tell me tell me the surgery that walks in that you enjoy. I mean when I say enjoy, what yeah let me just let me define it. It might be slightly difficult. It might be unique. You might get one case every month. And then when you say, oh, and you say, hey, I'm glad this came in on my shift versus somebody else's shift. Does that make sense?
Yeah. I mean everybody loves a good foreign body, right? No matter what orifice it's been inserted into, you know, it's just a l a lot of fun and uh uh and rewarding to to get out and you usually can yeah get it out and so you're able to help that patient. When you look about look for charts that that people maybe fight over a little bit, uh often it's a foreign body chart.
So that's what I'm talking about. So so everybody has a a zone of genius within within a profession, within a it's just something that they're great at. A a zone of genius, uh I'll explain it this way. There's a lot of people that are not analytical and they're that they don't want to work on a spreadsheet at all. They see a spreadsheet, they break out in hives, okay?
There's other people that they they see a spreadsheet or they see code and they'll they'll they'll get lost in it for a long period of time. And it's all of a sudden it's I've been working on this for four hours. Oh my God. That becomes your zone of genius where time goes away, you're thrilled to be in it. There's nothing else that's happening in the world because you're you're so deep and you're so Um, you're so good at it and it interests you so much that you can spend time and you can do it.
over and over again. It never gets boring and it never gets old. And your results are fantastic at it. You know there's certain people that you would trust doing your your taxes and you would trust doing construction in your house. And there's other people who have come to your house that have done construction that you would never let back in your house again.
Absolutely. I think everybody's got a list of list of those we
Yeah, you you talk to those people, that's their genius. They they they see a problem, they solve it, they love it, they're involved. And there's other people that, you know, they do it, but they're they're mediocre at it, right? They haven't found their zone of genius because that person should be doing something else that they're great at, right? Or doing another part of that. skill, career that they're great at.
¶ Navigating Career Dissatisfaction and Change
That's not that's their zone. So when I talk about people's zone of genius, it's when they've found the things that are great at. So you so may let me go back to the emergency uh physician situation. So do you know when emergency physicians started to rise in popularity?
Uh you mean when when the ER TV show came out?
That's exactly what happened. Back in the nineties. Yeah. Yeah, yeah. So it became because they saw the energy, right? Because every c some people like every case is different. Every case is unique. And there's your mind's like constant so that as a class of physicians those types of physicians, they like like that, right? They they want that challenge of something new and uh that comes in the adjust adrenaline, right?
that's happening on a regular basis, right? So that's that adrenaline, that is a zone of genius, right? That other physicians don't want. So that's what I'm talking about.
You know, you know, it's in it's interesting because um, you know, sometimes when we're younger we think we want to do something or we dream about doing something. You know, like I I saw somewhere in some interview you did that, you know, your dream was to play center fielder for the Mets. And uh, you know, but what happen what happens sometimes is uh
you know, people get their dream, right? They in high school they wanted to be a doctor and so they go to college and they go to medical school and they do a residency and they come out of the training pipeline and they do it for a year or two and now they're thirty five years old. And they're like, Oh, I don't like this as much as I thought I was going to like it. I'm now the center fielder for the Mets and I hate fly ball.
Right. What what what advice do you have for that person that's that's realized relatively early in their career and maybe still with, you know, hundreds of thousands of dollars of student loans hanging over their head that they don't like this?
I gotta say I gotta tell you a real story. I was working for this big company, uh one of the customers I was calling was pediatricians. I was talking to this pediatrician about a medication I was talking to him about and he invites me to this room, he's doing a just like simple thing. And he walks out and he goes Oh, I hate kids. And I went, did you not know this? Did you understand this when you chose to be a pediatrician?
He was the crying because he he goes I didn't understand I didn't know they would cry that much. I said to him, I said, you should probably think about doing something that doesn't involve kids, maybe it's adolescents or what I mean, you know, doing something else. So this by the way, on I swear to God that that happened. What happens is life changes. And interest changes.
Yeah, you you change. You're a different person at thirty five than you were at twenty, much less fifteen.
That's exactly right. So the the the truth is there's very few people who know exactly what they want to be at eight, twelve, and fifteen. Doctors are some of those types of people. Right, who typically want. But they but even a lot of doctors don't know exactly what specialty they want. Now, some people do. I wanna be a brain surgeon, I wanna be you know, some there's some people because of typically it's because of
some history, their family, something happened that they they wanna do that. And they haven't investigated a hundred percent of what it is and what it entails. So the good, the bad, the dirty. It's like anything else, you gotta figure out what's the worst part of the position.
And make sure you're okay with that.
Exactly.
Yeah. The the the homeless drug seeker of your specialty. Yeah.
Exactly. Yes, exactly. Find out find out what the worst part is. What everybody and I by the way, I talk to people about that. What do you hate when you go interview people or do an internship Talk to people. What is the worst part about your job? Don't ask one person because some people ask like five different people. And if the same answer comes a 50-60% of the time, that's probably the worst.
And then if you can live with that, then you know you you can you can stay. If kids crying is gonna be a big deal, you should never you should switch. You should go to do something else, right? You can always change. You can always adjust. By the way, you can do this upward instead of going lateral. You can do go up, right? So you can go in a special
So you can get another thing to grow higher. So be even more specialized. If in fact they have zonogeneus and what you like. You could go across. I've known doctors who started as internists and gone to another specialty three, five years later because it's not what they expected or they don't like. So you have that opportunity to do that.
If you don't, then every day you're unhappy. You theoretically can work for 30 to 50 years. If you find out in the first 10 that you do not like this position. The next twenty years are gonna be hell.
And they're your best 20 years of what remains of your life. That's the worst part about it.
This year's best twenty years, it it's better for not only you, but it's better for your patients, your nerves. Right. If you are happy. And it's way better for your not only your constitution, but the patients, because the joy you'll have doing what you want will filter into the people that you work on and work with. And it's gonna be much better. It's gonna be much better for everybody concerned.
Everything's individually individualized, but generally if you hate your position, if you think you're not at your best use and you don't love what you're doing,
¶ Embracing Joy and Career Transitions
Some adjustments is probably the best way to go. And I'm gonna go back to zone of genius because I believe in that. Now typically people change careers seven times. Seven times. From twenty four to fi to ki fi seven times. So this is not unusual. This is this is fairly normal. It's not that you failed, it's that you didn't find out exactly what you were great at early. Or you did find it out and then you f okay, this is I'm gonna change again. I'm closer, but so there's always a change.
It's just more painful in medicine, right? I don't think it's seven times for most people in medicine because the the training pathway's so long, you know? It's it's such a y you've committed some huge chunk of your life to learning how to do this. And now you found out you liked blogging better than being an emergency dogger. You know, I mean it's uh who who knew that was coming, right? Nobody knew.
that point, think about your emergency doctor and you wanna be a blogger or writer or professor. you sh you could probably transition during the work. Right? You could probably instead of being a ER doctor for a hundred percent of the time, maybe you can do it For 50% or 30%, and then you can do what you love and and grow that into that. And plenty of doctors have done that. I I mean my message would be go towards joy. Okay. There might be a a short financial cost.
mental, there could be short work load cost. because you might be preparing for the next career while still doing that one because you want the transition to be short. But the long term gain, if it's exactly what you want. You'll be so happy if in fact you've figured out what your zone of genius is. And and by the way, it might be less money. But if you're happier, I know a lot of people who are so happy and they decrease their salary by 30 or 40%.
And they would do it over again because you know you got you gotta live with yourself and other people have to live with you. So you wanna make sure you're doing things that that uh are great for you and great for the people around you.
¶ The Power of Influence and Leadership
Now you spend a lot of time talking about and teaching leadership skills. Now there's a few people out there that want to be a leader, but in my experience, it's not that many people, right? And yet we need more good leaders than we actually have. Why why is it important for someone who doesn't necessarily want to be a leader to develop leadership skills?
It's how you define leadership. If you define leadership by having three to thirty people under you, that's one way of defining leadership. If you have ten ER physicians, no different rank, or they're all the same, but that person's a leader because of not only what they say, how they say it, how they do things, that's also a leader. You don't need people under you to be a leader.
It's how you present yourself, how you are. By the way, you always lead as a physician, you have nurses, you lead them, you have technicians, you lead them. As a doctor, you're always leaving. Tell me if I'm wrong. There's very few situations where there's not somebody around you in the environment where your voice doesn't play uh oversized role.
in that situation of doctors and leaders a hundred percent of the time. Now, there's gonna be people who are quiet who don't speak up and say, I think we should do it this way. There's other people going to be like, I think we should do this way. Those are those are people more leaders. There's other people who are quiet leaders. who they don't say anything but their actions speak louder than their words. They're leaders too.
Because that's part of leadership, right? Because you don't have to be the loudest voice in the room. And I'll be frank with you, the loudest voices in the room are typically not the best leaders.
Yeah, there's some truth to that. So can it be taught? I mean, is leadership just innate? Is it just charisma? Or can you teach it?
Charisma is is part of it, but it's it's not uh it's not there's a lot of charismatic people who are not great leaders because they use their their charisma for ill, right? Or they use their charisma for certain situations, but that they they don't care about the entire um situation. So there's a lot of successful leaders who you wouldn't call charismatic, by the way.
I don't know if you're a football fan, but the person who won the Super Bowl this year, Mike McDonald, he's the he's the he's the head coach of uh the Seattle Seahawks. I no one would ever call him charismatic. No and that as a matter of fact, he himself said he at the beginning of the year apologized to his team for not speaking the way he should about the team.
to reporters and other people he is I have to get I have to be a better speaker. But what kind of a leader is he? He's a spectacular leader, right? But he's not charismatic. Leadership's about influence. How can I influence or how do I influence somebody to do something the way that I think it should be the way that's best for my patients, the way it's best for my team, the way it's best for whatever, right?
What do I do? And that's why I'm saying you don't have to have the loudest voice. If your actions influence others, you're a leader. It's about influence. It's nothing else, nothing more. I mean and and people put way too much emphasis on somebody who is charismatic. I I understand it. It's what we're used to. It's what we see. But the really, really effective leaders People follow them because they make that person feel special.
they have some type of foresight as far as what people should you know, direction people should go. And because that person's been correct, they've helped other people. People follow them wherever you y wherever they go. That's when you t that's when you understand real leadership is when somebody says something and people start walking in that direction.
¶ Overcoming Glass Walls and Embracing Innovation
It's interesting, you know, uh th this phrase influencer has this negative connotation, right? My uh isn't now when my children are asked what I do for a living, they're like, Oh, he's an influencer. And uh
Ha ha.
Do my kids tell'em all the time. And and um and I kinda cringe a little bit w when when I hear that. But the truth is that is what I'm trying to do here at the White Coat Investor. I'm trying to influence people to you know, manage their money a little bit better and uh and be a little bit less burned out and and, you know, be a better parent and a better physician and a better partner. And that's really what we're doing. We're trying to influence people.
And and maybe it would be uh less offensive if we called it leader instead of influencer.
It would be much less offensive because these people who who have a platform and they they use it for good and there's people who have a platform and they use it for ill. And we hear about the people who use it for ill. And the influencer negativity came from those three. They got famous or wealthy for doing for having no skill or talent. So when your uh daughter or son say, my dad's an influence.
That's a really positive statement. You might say, oh, influence. I don't want to be an influence. But the context around how that's being placed on you is very positive.
You know, you this company you founded, you called it Glass Walls Leadership. Tell us what you mean by glass wall. I mean, everyone's heard of the glass ceiling, right? Tell us what a glass wall is.
Yeah, you're correct. Everyone has heard of of glass ceilings and and glass ceilings are what people put on you to mute your growth. Right? There's a glass ceiling. I can I can only go this high. I can be a second line leader, but I can't be a third because somebody says I can't. Glass walls are what we put on ourselves. We construct these walls like I can't do this. I'm not good enough. So I what I'll say to you is nothing great has ever been accomplished without a rational belief.
So if you if you think about when you were thirteen and you said to somebody, your friend, hey, I'm gonna be an I'm gonna be a physi ER physician, and your friend said, No way, you're not that smart. Right, right. To them, to people, that was an irrational he's irrational. He's never gonna be a doctor. He's never gonna be this. He's never he can't do this. This belief this belief you have to have in yourself.
is single minded. It has to be that way. When every single thing that's ever been accomplished greatly like this phone, that was irrational ten years ago. This phone was a rational in the seventies. This this is more this is more powerful than Apollo eleven. Right? This thing we have in my hand. When that was first told people taught a personal computer in my pocket? Crazy. Irrational. So that's the glass walls that people put around themselves. They they wanna be hyper rational.
They want to be, they want to conform to what everybody else has done. This is how you do it. This is how you proceed. This is how you grow. And as I said, there's many different ways. And if we as a society thought like that, there would never be open heart surgery. There would never be all these different things that happened in the in the medical space because there was somebody that was so irrational about how they were thinking, right? There's things that you do now.
How long have you been an ER physician?
Twenty years, couple of decades since I got out of training.
So so tell me, give me one or two things. that you do now to a patient that walks in that you couldn't do ten years ago.
Well, uh one of the things that's uh definitely changed the practice of emergency medicine is the availability of of MRI. You can just get MRIs. almost willy nilly now, whereas when I was a resident it took an act of God to get an MRIM and sometimes you admitted people to the hospital. Just so they couldn't get an M R I at some point while they were in the hospital. A and now I I order it like I'm ordering a trivial lab test and
you know, uh a couple hours later I've I've got the results. So that's that's certainly been practice changing for for a lot of emergency physicians, I think.
And so that's that's a great uh great thing you said because that is that's that is life changing, right? Not only for the patient, because now now but with that MRI you can diagnose correctly. Right. And it's probably gonna be able to be treated and get out faster. You're you're saving the MRI costs a lot of money. It's not inexpensive, but it saves more than it costs, right? To not only to the patient but to the the at the hospital.
Right? Because that patient, instead of staying there for five, seven, eight days, you can figure out with the MRI exactly what to do. They can they can get treated and leave, hopefully, within a day or two.
Yeah, for sure.
Yeah.
¶ Personal Control, Longevity, and Financial Goals
Well, our our time is getting short, but you've got the year of twenty-five or uh thirty thousand high income professionals, most of them doctors. What have we not talked about today that you think they need to know today?
I think maybe just to double down on what we talked about with intentionality, right? What you're talking about with the financial mastery and and you're talking about burnout, people don't think they're in control. Even though you work for an employer, you still have some control. And you can always control how you think, you can always control how you respond and act. And within that control, you can make your life better.
and the lives of the people around you better. And especially in what you do, the patients. And what you're doing is is is showing people how much control they have to you know, to make you know themsel so that makes themselves not burn out and to create a barrel of financial life for themselves. They have control.
They need to get rid of the glass walls they have around themselves, understand they can do for themselves to make themselves and their family, their staff, the patients better. They are in control.
Awesome. Well, we've been chatting with Rutherford Pascal. He is going to be one of dozens of awesome speakers at WC Icon, the Physician Wellness and Financial Literacy Conference. You can still sign up for that. You can still come in person. even you can sign up at WCIevents dot com. There the virtual uh version of it of course you can sign up, you know, halfway through the conference if you want and start start watching the
the conference at that point virtually. You sign up for all of that at WCIevents.com. Thank you so much, Rutherford, for coming on the podcast.
Hey, thanks. You were spectacular. Appreciate your questions.
Okay, hope you enjoyed that. Uh not necessarily hardcore finance information today, but you know what? We can't do that all the time. You guys just don't want to hear about a hundred and one ways to screw up a backdoor Roth every episode of this podcast, now do you? No, there's a lot more important stuff to talk about out there besides just the hardcore.
Yeah.
Fine. Uh and at the end of the day, you know, the the greatest thing you can do for your financial career is to stay in your career, right? Longevity. You gotta optimize for longevity and decreasing your burnout, increasing your ability to influence events around you can make you uh much happier. And uh and the longer you can stay in that career, the more works out for you financially.
Not only do you have more time for your investments to compound, you have more income that you can save as you go through, you delay Social Security longer and your Social Security benefit is larger, all kinds of wonderful things happen when you're able to work.
Work long.
not only to the people you're helping with your work, but to your findings. As I mentioned at the beginning of the podcast, SoFi could help medical residents like you save thousands of dollars with exclusive rates and flexible terms for refinancing your student loans. Visit SoFi.com slash Whitecoat Investor to see all the promotions and offers they've got waiting for you.
One more time at SoFi dot com slash Whitecoat Investor. SoFi student loans are originated by SoFi Bank NA member FDIC. Additional terms and conditions apply. NMLS six nine six eight nine one. Don't forget about the discount off the virtual version of uh WC Icon. Use code WC Icon100. uh when you go to whitecoat investor dot com slash wc icon, you can get$100 off the virtual version of the conference.
And uh while you might not experience the all the fun we get rubbing shoulder to shoulder in person at the conference, uh you do get all the confidence. And uh there's a lot of value in in the awesome content that gets put together for this conference every year. Thanks for leaving five star reviews. A recent one came in from FIMD who said, fantastic, great reliable resource for the fundamentals of personal finance, five stars. We appreciate that review. That helps get the word out.
Uh, for everybody out there in Whitecoat Investor Land, I hope you're having a great day. I hope you're having a great week. I hope you're making progress. Toward your financial goals. You can do this. There's a whole community standing here trying to help you do it. Keep your head up and your shoulders back. Don't give up. You're going to get there. We'll see you next time on the podcast.
The Whitecoat Investor Podcast is for your entertainment and information only and should not be considered financial, legal, tax, or investment advice. Investing involves risk, including the possible loss of principal. You should consult the appropriate professional for specific advice relating to your situation.
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