When you’re still a , have you heard about being discussed?
Or are you regretting that you focused solely on your career as a , and forget how to properly deal with , diversify on other , and learn more about ?
Most often than not, the focused on honing the perfect . Equipping all there is to know about , putting up a , maintaining a management and how to deal with , and how to provide top-notch to patients. However, they forget to tackle another important part which is / effectively. (Financial assistance for )
Imagine what it would be like if you learn (and , meet up with an expert (), the huge potential of investing, and , even as a early on. Remember, your profession is highly dependent on your dexterity, and as hard as to admit, it is dependent on age. It would be difficult to strangle with the patient’s tongue and perform surgery on a very limited mouth opening while your hands are shaking. ahead of time) all about , power of ,
For sure, he is speaking based on experience!
and Investment Management for
To help you with , here are five tips, dedicated for , to achieve :
5 Tips to Achieve
Focus on building your
Physicians and Dentists are both doctors in their own fields. However, the way they establish their is far from being a alone. Marketing, operations, , administration, and customer relations ( concerns), are all part of being in the . is different. Mostly, physicians are employed in the hospital while dentists put up their own . If it’s your cup of tea, it is more beneficial and you can generate more if you own . This does not apply to all as some is not keen to the “business” side of it. Being a
As they say, huge responsibility yields great rewards.
The good news is you can create a team that can take charge of the different aspects of your business. Besides hiring a dental assistant and dental hygienist, you can avail yourself of the service of a to help you with the business financial aspect and deal with any (if there are any). Appoint a clinic manager to handle the operations and be the go-to person if there are clinic issues to prevent .
Make it a habit to pay yourself
How would you be able to sustain a living if you’re not going to pay yourself? “But it’s my and the clinic’s is also my “
Yes, that’s true! But hold on!
Your but it is obligatory that you must have a separate for your and an account for your business. In this way, you can monitor if you’re making a and monitor your comes from your that will have an impact on your financial future. You can pay yourself between 20% to 50% which is based on your is in. and based on what stage your
Save and invest
Once your is thriving start to save, build , pay your , avail of , and invest ( investment). Slowly, your from merely being a alone to becoming also an investor and allot something for your . Take note: as you become an investor yourself, don’t forget to consider . It’s a more complicated subject to discuss and we will elaborate it more on another segment.
Diversify your investment
Do not let your be your only source of . The pandemic notably highlighted this. It is better to have other ( investment) that will generate passive and adequate in the long run. Example: If you can afford to buy the unit/ building where your is that’s well and good.
Differentiate good and bad
Good or if you will purchase a property as an investment. has the ability to increase your . An example is if you are availing of a to establish your
Bad credit card due to irresistible online shopping. involves borrowing to be used to buy a liability rather than an asset. An example is a luxurious car or enormous
When buying clinic supplies/equipment, be sure to take advantage of great and appropriate terms to maximize your budget. If you have a good relationship with a product representative, some companies offer a that is apt for you.
Yes, it is easy to think “why haven’t these things been taught when I was a ?”
It’s never too late to handle your / finances well, for your , and achieve .
The importance is you can diagnose what is lacking in your financial system and formulate an actionable “treatment ” to address it. Admittedly, is lucrative once you have established it.
Why You Should Not Buy a Commercial Property for Your Business?
One of the biggest mistakes business owners or operators make, especially brick and mortar business operators, is they are eager to buy their commercial building. Thinking that if they can eliminate their rental payment or mortgage by purchasing the property, they can save a lot for the profit and loss statement monthly.
They are unaware of the tedious process that amateurs (like them) will have to go through in handling a commercial real estate or real estate in general. There’s an immense chance of not getting a good deal on a property.
People must specialize and focus on what they do best and their technical expertise. Since you’re a business owner, you must focus on your business and leave the real estate management and ownership to the pros.
Moreover, most brokers can sense if they are dealing with the amateur landowner. Instead of saving much money as you can, you may be paying above-market rates for the assets. It can be too late once you notice that you are indeed overpaying them.
Curious on how you can pay 11% in overall tax rate as a Dentist?
(Below are the photos of my tax returns so you’ll have an idea)
I am not a Dentist, I was an Engineer by profession but through real estate investing, I have this tax benefits.
This is real! And yes, it works!
Take note: Your time and money is valuable – often over $500-1k an hour!
Many of you folks have some relationship with a , , attorney, etc. When we take a holistic view of their planning, however, most are financially imbalanced and are unaware to handle their . They are often exposed to unnecessary risks from embedded taxes, lawsuits, lifestyle factors, inefficient use of assets, etc. Failing to address all of these forces places downward pressure on their ability to build ., agent,
Here, we bring together leading professionals in the fields of , taxation, law, management, succession planning, and client retention. This way, we can best assist our clients in addressing issues ( )and achieving optimal financial balance in their lives.
While doing , and business . you help your patients achieve a healthy, brilliant smile then let the guide you in your ,