There’s a big difference between riches and wealth. Also a dentist cannot build wealth, just by doing dentistry, a dentist can get rich and make lots of money doing dentistry. So a rich person and a wealthy person are completely different, even when you show up at their home. The rich person is almost trying to show you that they have money. The wealthy person, clearly stunning home, but also has like nice art. It’s not necessarily about their car, they have paid people to follow them around, make meals for them. A wealthy person while they’re sleeping, they still have so much money that they are making maybe because of a business or something else they are in.
- You can never be wealthy building by the hour
You only have so many hours. And even if you work 70 hours a week, which you physically can’t perform dentistry 70 hours a week, you you’re never going to get out of that it’s going to have to be something else.
- Leverage on things that will help build wealth
Labor, it’s nice when you can pay other people to do stuff that you shouldn’t be doing or don’t want to be doing. In dentistry, it’s obvious, you are supposed to be doing all the clinical work that only you can do, but for a cleaning a hygienist can do that, and you still have a whole staff to make everything else work. You can’t be a one man show. No, you couldn’t greet the patient, you know, collect the insurance. I mean, you could it would just be such a bad use of your time. So you get to employ the leverage of human labor. Money, in some ways it’s capital. As a dentist, you could buy another practice and leverage on labor in that other practice and you can use your capital to get more revenue, because now you have two practices. You can also leverage media, personal fame and code.
- Believe in yourself
All dentists need to sit back and think about this, who are you? What is your brand? What do you want to project? Who do you want to come into your practice? What kind of story do you want to project out there? That does take some time to just sit down and really decide who you are, be comfortable in it, and then market yourself and your people will find you.
Achieving financial security requires intentional planning. You may eventually need to consult the relevant professionals to make sure your plans for the future are secure, but it’s never too early to start thinking and planning ahead to those days. Some careful planning now can help you leverage your business/ practice to achieve economic freedom and independence.
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