From Dermatologist to Financial Coach, Dr. Bonnie Koo Inspires Women Physicians to Take Control of Their Finances and Redefine Success on Their Own Terms
Dr. Bonnie Koo is a dermatologist-turned-entrepreneur and financial coach who empowers women, particularly female physicians, to take control of their financial futures. Born in Korea and raised in the U.S., Bonnie’s journey is one of resilience, ambition, and breaking barriers. Despite starting from humble beginnings and facing financial challenges herself, she redefined her relationship with money, eventually founding Wealthy Mom MD. Through her business, she blends her expertise in medicine, personal finance, and coaching to help women build wealth and live life on their terms with confidence and purpose.
What are some things the world wouldn’t know about you from your online presence?
Some people might not know that I was born in Korea and moved to the U.S. when I was two. I don’t have memories from that time. We are an immigrant family, and my younger brother was just a few months old when we moved. My family was lower-middle class, but I didn’t fully understand what that meant in terms of income. We never worried about eating, but we didn’t have much. I became aware of that growing up, especially when my parents filed for bankruptcy when I was in elementary school. We moved a lot, each time to a smaller place. I remember seeing other families in church, going to their homes, and thinking, “Wow, they have a house.” Now, I wouldn’t think much about that, but I appreciate that experience because it shaped who I am. It gives me perspective on the material I teach, and I’m grateful for what I have now. But I don’t talk about it much.
When did you decide you wanted to break the cycle?
I don’t think it was a conscious choice. I was always interested in science and medicine, but I didn’t grow up thinking, “I want to be a doctor.” It was more about my interest in science. I thought I’d be a scientist and even majored in biochemistry in college. Initially, I considered a PhD, but later I decided to go to medical school. I knew doctors weren’t poor, but I had no concept of what a good salary was since money wasn’t something we talked about in my family.
Was there any point in your journey where you had doubts?
Dermatology is one of the hardest residencies to get into, and it took me three attempts to match. The first time, I didn’t match at all, and it was devastating. I didn’t even get into an internship. It was embarrassing. Eventually, I got an internship and applied again, but I didn’t match that time either. To continue pursuing dermatology, I did a research fellowship in the hope it would help me get a residency spot. I wasn’t thrilled about taking extra time since I was already an older student. But I thought, “I’ll be 38 anyway, so I might as well be a dermatologist.” People advised me to pursue other specialties, but I was set on dermatology.
What was it like once you became a dermatologist?
I finished residency in 2015 and practiced for five years. I didn’t plan on leaving medicine. My first job was in academia, and then I moved for my partner’s job and joined a private practice, but it didn’t work out. After we moved to Philadelphia, we didn’t like it, so I switched to locum jobs, working short-term positions in places like Seattle and Hawaii. In 2020, I stopped working after my last locum job ended right before COVID. I had my coaching business by then and decided to focus on that instead of finding another medical job.
How did your coaching business come about?
It wasn’t planned at all. I wasn’t looking for a side gig because dermatologists are compensated well. However, I was educating myself about money since I’ve always been an overspender. I started reading financial books, and soon, I was sharing what I learned with other doctors. I became active in Facebook groups for female physicians, answering money-related questions. One thing led to another, and I eventually started a blog. The business grew organically from there, and I later rebranded as Wealthy Mom MD.
Tell us more about the course you offer.
The course is called Money for Women Physicians, and it focuses on financial literacy. It starts by helping women understand what they want their lives to look like because money is just a tool to achieve that. There’s a mix of pre-recorded materials and live teaching, where we discuss mindset, strategies, and do coaching. Community is a big part of it because women often don’t talk about money, and it’s crucial to have a safe space to discuss these topics.
How has mindset work influenced your approach?
Mindset work has been a big part of my journey. I’ve always been into personal development, but working with a coach helped me see that mindset is the missing piece when it comes to money. I became certified as a life coach, and now, mindset work is a key part of what I teach. Many people struggle to answer the question, “What do you want your life to look like?” because they haven’t given it much thought.
What inspired you to turn your personal financial journey into a thriving coaching business?
I never set out to become a financial coach, honestly. As a dermatologist, I was earning well, so I didn’t think I needed a side hustle. But after educating myself on money, I started having informal conversations with other physicians, and I saw how many of them were in similar positions—great incomes, but no idea how to manage their money. I started blogging, sharing what I knew, and it snowballed from there. The coaching business grew naturally as more people reached out for advice.
Can you explain how your course helps women transform their financial lives?
My course, Money for Women Physicians, is like Financial Literacy 101 and 102 rolled into one. But it’s not just about numbers—it’s about aligning your money with the life you want to live. We dive into the nuts and bolts of personal finance, but we also focus on mindset. I want women to feel empowered, not overwhelmed, when they think about money. There’s also a live community aspect because talking about money can be intimidating, and women often don’t have spaces where they feel safe to do that.
How do you see mindset as the “missing link” when it comes to managing money?
You can learn all the financial strategies in the world, but if your mindset isn’t right, none of it will stick. That’s something I had to learn for myself. Working with a coach opened my eyes to the fact that many of our money problems are rooted in our beliefs about what’s possible. Once I started asking myself, “What do I really want my life to look like?” I realized how much more intentional I could be with my finances. That’s why mindset is a huge part of my course—it’s the foundation.
Tell us about the evolution of your business and how it’s changed over the years.
When I first started Wealthy Mom MD, I didn’t think of it as a real business. I was just sharing my knowledge, and it happened to gain traction. As the business grew, I realized I needed to invest in learning how to actually run a business. I took courses, hired mentors, and built a framework that works. One key thing I’ve learned is that every offer you make is like its own mini-business. So, while my audience is mostly female physicians, I’ve had to tailor my marketing and offerings specifically to them.
Photo Credit – Laura K Moore
