Financial Freedom
for Dentists
When you’re still a , have you heard about being discussed?
Or are you regretting that you focused solely on your career as a , and forget how to properly deal with , diversify on other , and learn more about ?
Most often than not, the dental school focused on honing the perfect Dentist. Equipping all there is to know about dentistry, putting up a dental practice, maintaining a healthy smile, and how to provide top-notch dental care to patients. However, they forget to tackle another important part which is money / debt management and how to deal with student loans effectively. (Financial assistance for dental students)
Imagine what it would be like if you learn (and plan ahead of time) all about cash flow, power of money, financial planning, meet up with an expert financial professional (financial advisor), the huge potential of real estate investing, and retirement plans, even as a practice owner early on. Remember, your profession is highly dependent on your dexterity, and as hard as to admit, it is dependent on age. It would be difficult to strangle with the patient’s tongue and perform surgery on a very limited mouth opening while your hands are shaking.
5 Tips for Dentists to Achieve Financial Freedom
As a new dentist, you would want to find the quickest way of earning the most amount of money, and in my opinion, the best way would be to invest in a dental business.
Practice ownership is not for everyone, but I personally believe that it is the best way of making money to create legacy wealth (+$4M net worth by the time you retire) and, in turn, you can deploy that money into cash-flowing assets.
I also invest with Lane in his syndications!"
1. Focus on building your
Physicians and Dentists are both doctors in their own fields. However, the way they establish their is different. Mostly, physicians are employed in the hospital while dentists put up their own . If it’s your cup of tea, it is more beneficial and you can generate more if you own . This does not apply to all as some is not keen to the “business” side of it. Being a is far from being a alone. Marketing, operations, , administration, and customer relations (concerns), are all part of being in the .
As they say, huge responsibility yields great rewards.
The good news is you can create a team that can take charge of the different aspects of your business. Besides hiring a dental assistant and dental hygienist, you can avail yourself of the service of a to help you with the business financial aspect and deal with any (if there are any). Appoint a clinic manager to handle the operations and be the go-to person if there are clinic issues to prevent .
2. Make it a habit to pay yourself
How would you be able to sustain a living if you’re not going to pay yourself?
“But it’s my and the clinic’s is also my “
Yes, that’s true! But hold on!
Your comes from your but it is obligatory that you must have a separate for your and an account for your business. In this way, you can monitor if you’re making a and monitor your that will have an impact on your financial future. You can pay yourself between 20% to 50% which is based on your and based on what stage your is in.
3. Save and invest
Once your is thriving start to save, build , pay your , avail yourself of , and invest (investments!). Slowly, your from merely being a alone to becoming also an investor and allot something for your .
Take note: as you become an investor yourself, don’t forget to consider . It’s a more complicated subject to discuss and we will elaborate it more on another segment.
4. Diversify your investment
Do not let your be your only source of . The pandemic notably highlighted this. It is better to have other ( investments!) that will generate passive and adequate in the long run.
Example: If you can afford to buy the unit/ building where your is that’s well and good.
5. Differentiate good and bad
Good has the ability to increase your . An example is if you are availing of a to establish your or if you will purchase a property as an investment.
Bad involves borrowing to be used to buy a liability rather than an asset. An example is a luxurious car or enormous credit card due to irresistible online shopping.
When buying clinic supplies / equipment, be sure to take advantage of great and appropriate terms to maximize your budget. If you have a good relationship with a product representative, some companies offer a that is apt for you.
Yes, it is easy to think “why haven’t these things been taught when I was a ?!”
It’s never too late to handle your / finances well, for your , and achieve .
The importance is you can diagnose what is lacking in your financial system and formulate an actionable “treatment ” to address it. Admittedly, is lucrative once you have established it.
Why You Should Not Buy a Commercial Property for Your Business?
One of the biggest mistakes business owners or operators make, especially brick and mortar business operators, is they are eager to buy their commercial building. Thinking that if they can eliminate their rental payment or mortgage by purchasing the property, they can save a lot for the profit and loss statement monthly.
They are unaware of the tedious process that amateurs (like them) will have to go through in handling a commercial real estate or real estate in general. There’s an immense chance of not getting a good deal on a property.
People must specialize and focus on what they do best and their technical expertise. Since you’re a business owner, you must focus on your business and leave the real estate management and ownership to the pros.
Moreover, most brokers can sense if they are dealing with the amateur landowner. Instead of saving much money as you can, you may be paying above-market rates for the assets. It can be too late once you notice that you are indeed overpaying them.
Coaching Calls
AGI of 429k and 47k taxes paid!
Curious on how you can pay 11% in overall tax rate as a Dentist?
I am not a Dentist, I was an Engineer by profession but through real estate investing, I have these tax benefits.
This is real! And yes, it works!
Your time and money is valuable – often over $500-1k an hour!
Many of you folks have some relationship with a financial planner, insurance agent, financial advisor, CPA, attorney, etc. When we take a holistic view of their planning, however, most are financially imbalanced and are unaware to handle their money. They are often exposed to unnecessary risks from embedded taxes, lawsuits, lifestyle factors, inefficient use of assets, etc. Failing to address all of these forces places downward pressure on their ability to build wealth.
Here, we bring together leading professionals in the fields of financial planning, taxation, law, practice management, succession planning, and client retention. This way, we can best assist our clients in addressing issues (money)and achieving optimal financial balance in their lives.
While doing dentistry, you help your patients achieve a healthy, brilliant smile then let the financial professional guide you in your investments, personal finance, and business finance.
begin your journey to financial freedom!
My name is Lane Kawaoka, and I hope my blog/podcast will help families realize the powerful wealth-building effects of real estate so they can spend their time on more important, instead of working long hours and worrying about their financial troubles. There are a lot of successful families with good jobs (teachers / engineers / programmers / finance) yet they struggle to make ends meet financially. It is their kiddos who ultimately get the short end of the stick. Being a Latch-Key Child growing up, both my parents had to work and I was left home alone after school to fiddle with my thumbs.
With Real Estate you are able to grow your wealth exponentially faster than the conventional 401K’s and stock investing, therefore you are able to escape the dogma of working 50+ hour weeks at a job that is unfulfilling. And if you are one of the lucky ones who happen to do what you enjoy… well good for you 😛
Money is not everything but it is important because it gives you the freedom to live life on your terms.
Annoyed by the bogus real estate education programs out there (that take money from people who don’t have it in the first place), I set out to make this free website to help other hard-working professionals, the shrinking middle-class. I hope to dispel the Wall-Street dogma of traditional wealth-building, and offer an alternative to “garbage” investments in the 401K/mutual funds that only make the insiders rich. We help the hard-working middle-class build real asset portfolios, by providing free investing education, podcasts, and networking, plus access to investment opportunities not offered to the general public.
“The true meaning of wealth is having the freedom to do what you want, when you want, and with whom you want.
Building cash flow via real estate is the simple part. The difficult part occurs after you are free financially to find your calling and fulfillment.
But that’s a great problem to have ;)”
excerpt from The One Thing That Changed Everything
