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| "... When I talk to Bank Managers and Accountants, there is a general profile of the GDP (as well as other professionals) that seems to be the norm. They drive flash cars, live in big houses, and use the income they earn from the practice to pay for this lifestyle. Unfortunately there is very little left over at the end of the day"
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| The Ideal Dental Practice - Your External Income Can you do dentistry forever? How is your health? Any back problems yet, any Acid Reflux? And how do you feel about the job? Are you worried about your pension and 2005. How did the stock market correction of 2000-2001 affect your situation? I ask a lot of questions don't i? The problem with many business owners is that they only have one major source of income. They also start a business without really knowing how they are going to get out. They start a business and use that as their sole source of income. The same seems to apply to most dental practitioners. Most of them end up working because they have to, not because they want to. Do you fall into that category? How many sources of income do you have? What many practitioners seem unable to understand is that their practice is only an asset so long as they are sat in it. As soon as the doors are locked it becomes a liability. You cannot do dentistry whilst you are sat on the beach or whilst you are asleep in bed. This means that, no matter how much you charge, your income is limited by the number of hours you can physically work. And as most of us have found out, working more hours does not increase your income. It just wears you out, makes you ill and makes you detest the job. And yes I am sure there are some people who are quite happy to work twelve hour days, seven days a week, but I don't know of any. Do you? When I talk to Bank Managers and Accountants, there is a general profile of the GDP (as well as other professionals) that seems to be the norm. They drive flash cars, live in big houses, and use the income they earn from the practice to pay for this lifestyle. Unfortunately there is very little left over at the end of the day, and most dentists seem to be awful business people. Many don't actually know how much they earn until they get the accountants statement every year. The job of dentistry becomes the only real source of income for the dentist. And because of this, no matter how hard the dentist works, the income will be limited and totally vulnerable. Think of the problems that can arise from this:
You think none of this can happen? You think most of us are immune from such occurances? But what are you doing to prepare yourself for this eventuality? This is what most people seem to do:
Remind you of anybody perhaps? Dentists may well earn large incomes, but they are still like the majority of the middle class. They are trapped by something called Parkinson's Law: Expenses rise to meet Income I want you to re-read that. If you are like the majority of the population then you are a victim of Parkinson's law. Until you break that law you will always be trapped. you will be doing dentistry because you have to, not because you want to. You will effectively be a wage slave. How would it feel to be able to go into work on Monday knowing that you were doing it because you wanted to, not because you had bills to pay and a family to feed. How would it feel to know you had multiple streams of income from other sources that made the same, if not more than your dental practice? Just think of the weight that would remove from your shoulders. Just think how better your life would be. But of course, I'm obviously living in cloud cuckoo land. Most dentists are too busy running a practice and a family to do other things. And there is no way you can save up to invest in things like rental property and stock Options, not with your present outgoings......right? Nope, we are all too busy making a living, when we should be taking the time out to design a life. Well you have two choices in life. You can work at your job until you retire at 60 (or is it 70 these days), and then hope that your pension will cover your lifestyle. Or you can start to look at ways to supplement your income, whilst decreasing your unnecessary outgoings so that you have more money coming in, and less money going out. And absolutely anyone can do this, even me. We just need a little help. By the way, the links on the left take you to two of the best books on income creation I have ever read. They might be worth a look. I will leave you to think about that. Very shortly I will be looking at ways you can create multiple streams of income that earn you money whilst you are:
Isn't that something worth thinking about. So if you are up for it I have a challenge for you. For the next 10 days, try and think up 3 different ways (per day) that you can increase your income. Just 3 a day. Write them down and see what you come up with. It doesn't matter what it is, it just has to be legal hahaha. We shall return to this topic shortly
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