White Coat Investor Podcast Summary

Episode: #421: Finding Joy in Your Work with Dr. Cory Fawcett
Host: Dr. Jim Dahle
Guest: Dr. Cory Fawcett
Release Date: May 29, 2025

1. Introduction to the Episode

In Episode #421 of the White Coat Investor Podcast, host Dr. Jim Dahle welcomes returning guest Dr. Cory Fawcett to discuss a topic close to many medical professionals' hearts: finding joy and fulfillment in their careers. The episode delves into Dr. Fawcett's personal journey towards retirement, his ventures into real estate investing, and the pivotal insights that fueled his latest book on rediscovering joy in the medical profession.

2. Guest Background: Dr. Cory Fawcett

Dr. Cory Fawcett, a respected author and advocate for doctors' financial and personal well-being, joins Dr. Dahle to share his experiences. Dr. Fawcett has authored seven books, focusing on empowering medical professionals to achieve financial independence and personal fulfillment. His work parallels the mission of the White Coat Investor, aiming to equip doctors with the knowledge to manage their finances effectively and lead enriched lives.

3. Transition to Retirement and Finding Purpose

At around age 50, Dr. Fawcett faced the prospect of retirement, a milestone he had meticulously planned for since medical school. However, retirement for him wasn't about ceasing work but redefining his purpose. He realized the increasing physical toll of his medical duties and sought a more sustainable pace without fully stepping away from the medical field.

Notable Quote:
"When you get older, you can't keep up the pace you could when you were young. I needed a different pace." – Dr. Cory Fawcett [03:36]

4. Creating a "Ramp" Down for Retirement

Dr. Fawcett introduced the concept of a "ramp"—a gradual reduction in workload—to transition smoothly into retirement. This approach allowed him to scale back without abrupt changes, ensuring he maintained his skills and found continued satisfaction in his work.

Notable Quote:
"That ramp gave me a really nice exit from medicine where I slowly eased out." – Dr. Cory Fawcett [06:00]

5. Venturing into Real Estate Investing

Transitioning from full-time practice, Dr. Fawcett and his wife decided to invest in real estate, inspired by his grandmother's successful investment strategies. They began with a 31-unit apartment complex, taking a hands-on approach initially to understand the intricacies of property management before outsourcing tasks to professionals.

Notable Quote:
"My goal was someday when I retired, I would do all those things at the apartments. But I couldn't be the maintenance man if I'm traveling." – Dr. Cory Fawcett [20:04]

6. Achieving Financial Independence Through Real Estate

Over two decades, Dr. Fawcett expanded his real estate portfolio to six small apartment buildings, achieving financial independence. By delegating management tasks, he ensured his investments remained passive, allowing him the freedom to travel and enjoy life without the burdens of property maintenance.

Notable Quote:
"I can be on a six-month world cruise and the money just keeps going into the account." – Dr. Cory Fawcett [20:22]

7. Overcoming Burnout and Personal Struggles

Dr. Fawcett candidly discusses his encounters with burnout during his early medical career. A particularly harrowing experience during a neurosurgery rotation, where multiple patient deaths led him to question his profession, was pivotal. Through support from a fellow and embracing forgiveness, he overcame this crisis, redefining his relationship with medicine.

Notable Quote:
"Bitterness doesn't work in your life. It ruins your life, doesn't hurt them." – Dr. Cory Fawcett [39:25]

8. The Power of "Aha Moments" in Finding Joy

Central to Dr. Fawcett's philosophy is the concept of "aha moments"—instances of self-realization that prompt meaningful change. By identifying specific aspects of his job that diminished his joy, he was able to implement targeted strategies to enhance his professional satisfaction.

Notable Quote:
"The main new concept in this book is what I call the aha moment. That's when you say to yourself, I love X, I hate Y, or I wish Z." – Dr. Cory Fawcett [30:47]

9. Practical Strategies for Enhancing Job Satisfaction

Dr. Fawcett shares actionable advice for medical professionals struggling to find joy in their work:

• Ask "Why" Repeatedly: Delve deep into the reasons behind job dissatisfaction to identify root causes.

• List of 10 Solutions: When confronted with a problem, brainstorm ten ways to address it, fostering creative problem-solving beyond immediate solutions.

Notable Quote:
"If you ask yourself a series of why questions, you're going to get to the root thing that bugs you." – Dr. Cory Fawcett [46:57]

10. Handling Challenging Work Relationships

Addressing difficulties with supervisors or colleagues, Dr. Fawcett emphasizes understanding the underlying issues rather than attributing dissatisfaction to individuals themselves. By identifying specific grievances, one can develop strategies to improve or mitigate these challenges effectively.

Notable Quote:
"If you can figure out what they're doing that's pissing you off, you're mad at this guy or girl. Figure that out and you can solve the whole thing." – Dr. Cory Fawcett [54:09]

11. Highlights from Corey’s Latest Book

Dr. Fawcett's latest work, The Doctor's Guide to Finding Joy in Your Work: A Path to Personal and Professional Fulfillment and Creating a Life You Love, encapsulates his experiences and strategies for medical professionals seeking greater satisfaction in their careers. The book serves as a comprehensive guide to transforming professional life from drudgery into a source of joy and fulfillment.

Promotion:
Listeners are encouraged to purchase the book on Amazon, available in both Kindle and paperback formats, offering insights and practical advice for doctors at all career stages.

12. Conclusion and Takeaways

The episode underscores the importance of intentional career management and personal well-being for medical professionals. Dr. Cory Fawcett's journey highlights that finding joy in one's work is achievable through self-awareness, strategic planning, and the courage to implement meaningful changes. His experiences serve as an inspiring blueprint for doctors seeking to balance professional responsibilities with personal fulfillment.

Final Notable Quote:
"You have to act on the right thing. You don't want to climb a ladder and then find out you put it on the wrong wall." – Dr. Cory Fawcett [54:09]

For More Information:
Interested listeners can purchase Dr. Cory Fawcett's latest book, The Doctor's Guide to Finding Joy in Your Work, on Amazon. Additional resources and promotions mentioned in the episode are available at whitecoatinvestor.com.