Wealth accumulation for dentists should be carefully understood. As the retirement age of dentists is getting later and later, it is more important to pay attention to the opportunities that help create more income for dentists, allowing them to accumulate wealth faster.
Think of your practice as your ATM machine. Keeping in mind that the practice will be the doctor's greatest source of income and savings, the main focus of every dentist should be on the practice itself. By increasing practice production annually, a dentist will always be fine regarding their income and savings.
Don't forget that conservative investing makes sense. Steady contributions to savings and retirement funding allow almost any dentist to reach financial independence at a reasonable age and still have a good lifestyle. While there are all types of investment opportunities ranging from high risk to low risk, dentists must give serious consideration to how they would be affected financially if a high-risk investment ended up having a negative return.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected].
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