Episode 191: W-2 vs 1099 for Physicians: Pros, Cons, and the Money Impact

Send us Fan MailIn 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 employedWe 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 physicianWe 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 benefitsMost 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 employmentPredictable pay, employer-sponsored benefits, and built-in support vs. less schedule control and more administrative pressure. • How to choose the right model for your lifeWe 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/12financialmistakesIf 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/fiworkbookDr. 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.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/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...