Financial Freedom for Dentists

Advice from the Hui:
  • My wife is a Real Estate Professional and we actively participate in “some” of our rentals so we are able to take the passive losses (bonus depreciations) to offset my active income. We aim to buy a certain amount of CRE each year in order to reduce our tax burden as well as for cashflow and equity growth. I also invest with Lane in his syndications.
  • If you are a brand new dentist, I would recommend just honing your clinical skills the first few years, then invest in yourself by buying a practice. As a new dentist, you would want to find the quickest way of earning the most amount of money, and in my opinion the best way would be to invest in a dental business. Practice ownership is not for everyone, but I personally believe that it is the best way of making money to create legacy wealth (+4M net worth by the time you retire) and in turn you can deploy that money into cash flowing assets.
  • You buy a practice now you can be really tying yourself to ‘W-2’, especially if you are in ‘building’ practice phase. You are gaining knowledge, have a support system (Lane and Mastermind), and, most importantly, have youth/time on your side…(can you tell I’m admitting a regret in starting late? 🙁    Start at group practice and see if you can find your niche in REI.  You can always go back to full time dentistry after acquiring a high rise,  lease yourself a corner office, and fight with that tongue.. if you so desire. 🙂 kkkk.
  • Highly dependent on your objectives, vision and goal. Buy a practice but not in a solo setting and get into real estate as soon as you can.  If you can buy the building you work in and have systems in place from day one.  Too much to talk about here dentally but do real estate no matter what.

How you pay 11% in overall tax rate as a Doctor?

My tax returns:

2017

Tah Dah! It works! Hui member’s tax form for 2019. AGI of 429k and 47k taxes paid!

More on Land Conservation Easements

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