Building Long Term Wealth In And Out Of Your Dental Practice

When you open your own practice, there are things you must commit to:

• Long hours
• Hard work
• Sacrifice

 

Sadly, one of the biggest regrets dentists have is putting so much into the business that they don’t enjoy life outside of the office.

They go into the business thinking they’ll be able to enjoy life when they retire.

But it doesn’t have to be that way.

There are many ways to create passive income streams (and make yourself replaceable so that you can enjoy that extra cash flow).

Dr. David Phelps specializes in helping dentists create a long term vision business (and their personal life). He then recommends ways to accumulate wealth through various sources.

He is also a former practice owner, and creator of Freedom Founders, a place where people learn how to manage profitability.

If you like today’s show, you’ll enjoy the bonus following. It’s Dr. Phelps’ Retirement Calculator that will show you the gap between where you are today and your goals.

 

Get that here.

Here are a few things you’ll discover in today’s episode: 

• The biggest regret dentists have after running a practice for several years (that would have allowed them to have more freedom sooner)
• The difference between a technical provider and a business owner
• The reason so many associateships fail
• A key decision that revived a practice that was close to going out of business
• One of the key parts of a business that most dentists don’t value
• The type of customers that many dentists overlook
• How becoming a better speaker can grow your business
• What to look for when you’re finding a place to work fresh out of dentist school
• The difference between wealth and money
• A word of caution about financial advisors

 

Free Episode Bonus:

If you found today’s episode helpful, then you’re going to enjoy the bonus.

Don’t make the mistake of getting too tied up in your business for you to enjoy life.

Today you’re getting access to Dr. Phelps Retirement Calculator so that you can calculate the gap between where you are today and where you want to be on the freedom scale.

Click here to access that now.

Quotes:

• “Build a practice that you can be replaceable when or if you need to be.” -Dr. Phelps
• “Earn while you learn.” -Dr. Phelps
• “The best investment for anybody is to invest in themselves first.” -Dr. Phelps

 

Resources:

• Freedom Founders Website
• Email Dr. Phelps
• Good To Great Book
• The E-myth Book

Support The Show:

Without you, Ambitious Dentists, this should wouldn’t exist.

If you enjoyed today’s episode, please go here to give the show an honest rating and review in iTunes.

This allows me to evolve the show as it goes on, and also helps spread the word to other podcast listeners since iTunes promotes shows with active engagement.