We all have rather a rinse, repeat kind of a routine. And it only makes sense! There are only so many hours in a day and days in a week to get things done. It takes all you have, to go to your practice, heed to your patients, troubleshoot the dozen problems that occur through the day of running a dental practice, coming back home, spending time (whatever is left of it) with the family, before finally hitting the bed; only to repeat the same routine the next day!
We hardly have time to invest in the business we already have- the dental practice, to be thinking about anything else. But at the back of our minds, we all know it is crucially essential to have other sources of income. We live in times of uncertainty, and having a diverse investment portfolio adds cushioning to the highs and lows of those economic downturns. But understanding the need for something, and getting it done are two completely different scenarios.
In most cases, dentists right out of school are so immersed in simply paying off the debt and getting from one pay cheque to the next that nothing else matters However, a little knowledge, some effort and slight lifestyle changes can help you create wealth outside of your practice and get you closer to living the life that you WANT to live, rather than the life you HAVE to!
Start That Journey with Realization
The first step towards any journey is to understand that you have to partake one. Most professionals, dentists and otherwise, are so immersed in the idea of just paying off their debts and bills that they don’t really stop to think that perhaps there could be more. Unfortunately, dental school does not prepare you for money management. These are skills that you need to learn on your own. And the first step is to understand that pay cheque to pay cheque will not help you save, invest or create wealth. You need to have a more solid plan.
Build Your Team
You know better than to cutting yourself open to see what is wrong with your tooth, your heart or your brain. Would you just bring down the walls of your house to prepare for renovations right? There are professionals experienced enough to do that. Professionals who know how to manage and invest your money more wisely than you do. If you aren’t too keen on seeking professional help, then look out for family or friends who have been able to successfully invest their money and take help from them. Having a team of people vested in your investments will help you find the support and sound advice that you need.
Traits of Smart Investors
The best way to get where the successful are is to do what the successful do. There are plenty of great resources out there that outline the habits and investment strategies of the rich and successful; and you can learn greatly by investing your time in reading up on them. Though there are some commonalities between the more successful investors. These common traits include the following:
- They understand and realize the power of compounding.
- They invest early and they invest in themselves.
- They know how to balance between spending money on themselves and the importance of investing money for safeguarding their future.
- They are clear about their goals.
- They have a process that they follow.
- And they use debt wisely!
These are just some of the basic traits of smart investors. To know more, make a habit of reading every day. Some notable books include Willpower Doesn’t Work by Benjamin Hardy, Vivid Vision by Cameron Herold and Seven Habits of Highly Effective People by Stephen Covey.
The Power of Discipline
One thing you will find consistent in everyone who has managed to reach their milestones and achieve their goals is discipline. Successful people have also gone through the same economic fluctuations as we have. But what they have done differently has been to not let those downturns define their investments. They have built and consistently followed a process. And you need to do the same.
Consistency and discipline are extremely important to stay on the right track. And this is only possible when you get out of the ‘get rich quick’ mindset and to understand your long term goals. Every investment will follow through, if you are willing to ride through the storm. For instance, if you have invested money with the intention for it to pay off during retirement, then remain consistent through the economic turmoil too; because the economy will sail through it, whether or not you are on board. Don’t make hasty decisions and follow your process.
Build a Peer to Peer Learning Environment
You know what they say that there is enough work for everyone. You are not the only dentist in your area; in fact, the chances are, there’d be one too many, and many more in line to getting there. It is up to you to either take them as competition, or take them as team members. Peer to peer learning environment promotes learning and growth, provided you are up for it.
It is a great way to learn by creating a collaborative environment. There are great groups, mentors and communities that lend out information and support to help accelerate each other’s success. So reach out to these groups and mentors and learn as much as possible from them.
Building wealth is an attitude and a lifestyle that demands consistency, principles and discipline. In return, it offers you the opportunity to lead the life that you have always truly wanted to; to go to work because you absolutely love it and not because the looming bills are pushing you out the door. So make that decision to take better control of your life and always keep the end in mind!
P.S. Whenever you’re ready …. here are 4 ways I can help you grow your dental practice:
- Grab a free chapter from my book “Retention – How to Plug the #1 Profit Leak in Your Dental Practice”
The book is the definitive guide to patient retention and how to use internal marketing to grow your practice – Click Here
2. Join the Savvy Dentist community and connect with dentists who are scaling their practice too
It’s our Facebook group where clever dentists learn to become commercially smart so that they have more patients, more profit and less stress. – Click Here
3. Attend a Practice Max Intensive live event
4. Work with me and my team privately
If you’d like to work directly with me and my team to take your profit from 6 figures to 7 figures …. just send me a message with the word “Private”… tell me a little about your practice and what you would like to work on together, and I’ll get you all the details! – Click here