Do you have a retirement plan?

According to several published sources, more than 90% of Dental professionals have a less than predictable plan for maintaining our lifestyle and income fully at the age of 65. In a profession that generates our levels of personal income, this is unforgivable. Most of us spend far too much in the narcissistic pursuit of short-term happiness. We often try to bloat our self-esteem by showcasing cash flow in the form of Dental professionalism while forgoing the development of our own net worth.

 

            In our profession, there is adequate income to invest at least 10% of what we make so that we have funds to put to work for us and accumulate wealth. If we can temper our instant gratification urges and make more of our resources work for us, it will pay huge dividends down the road. Similar to building our restoration cases on a solid periodontal and occlusal foundation, we should build solid financial foundations too.

 

            The time value of money is what allows us to accumulate wealth easily, starting early is the key. Time itself is the biggest asset of all. If you are young, simply get started, live on less and save more on what you make. Pay down bad debts and load your tax-free retirement accounts early and often. The more you can get in early, the bigger it grows. Understanding the true financial impact of our own decisions puts us in power to choose well and create a preferred and safe future.

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