As dentists we work hard in our careers to achieve success. There is some level of remuneration for this, we are in the fortunate position that we can grow our wealth.
Interestingly there are actually two fundamental ways to do this – using both is necessary to gain what is known to be financial freedom.
These are: CREATING WEALTH and BUILDING WEALTH..
Let’s start by talking about BUILDING WEALTH. We build our wealth just like we build a house i.e. brick by brick. This is a process that generally takes a lot of time and typically many decades.
Once we have completed the process, we have created a “financial house” and just like a real house it provides security. In this case financial security.
Ever wonder why most people dont tend to retire until their 60’s? Thats because they are either directly or indirectly using the build wealth method. Most people need to work from their early to mid 20’s to their 60’s to attain freedom using this method.
Now there is absolutely nothing wrong with doing this – if one loves their job and adores going there every day then this will likely be their path to wealth.
My simple point is that if you want more short-term returns – investing on its own is likely not the way.
In order to build your wealth, one must first acquire some money. How one actually acquires money falls within the CREATING WEALTH category.
Creating wealth includes all the steps one takes to obtain money day to day i.e. going to work. Actionable strategies in this category put money in your hand quickly.
Here I describe the FOUR main areas dentists should focus on when they wish to CREATE more wealth.
The four most straightforward for a Dentist to boost their income are as follows:
Sales are purely and simply…your ability to describe value. I really feel like any dentist can accelerate their journey to wealth if they’re able to speak, serve, sell, and describe value accurately.
Most dentists have awesome technical ability however their ability to communicate this can be improved VASTLY. When we describe the value of our treatment well – it sells itself. There is a skill and art to doing this – the best way to learn an art form is to have a mentor. .
Ever had an informed conversation with your accountant? You could be sitting on a massive saving.
- A Spending Review
When was the last time you checked what’s going in and out of your accounts every month? I’ve seen dentists make £1k PER MONTH savings with a small amount of reviewing their expenditure.
Principals and associates alike are effectively running a business literally or metaphorically. Like any system – a few small tweaks can yield massive financial results to a business if they are implemented in the correct areas.
Probably most accessible way for MOST dentists to generate more wealth is via SALES.
Understanding how to communicate well is a superskill. When we enhance our ability to do this we can generate a more wealth in a straightforward whilst all the while maintaining all ethical and moral responsibilities.
I hope you found some value in my words. When we understand the paths, we can use to generate more wealth then it becomes easy. The next question is of course – how?
I hope everyone has an amazing Monday and an incredible week ahead.