Every dentist will eventually exit from active practice. The journey to that off-ramp will vary significantly between practitioners, but those without solid financial planning skills will have difficulty achieving financial success without actively practicing.
The good news is that post-dentistry life doesn't have to mean unnecessary financial restrictions!
Shawn Terrell is a financial advisor and founder of Dentist Exit Planning, a company that helps dental professionals achieve financial freedom without actively practicing. Today, Shawn joins me to discuss five mistakes often impeding dentists' economic success.
Some of these mistakes are not specific to dental professionals; for example, making rash financial decisions and not understanding how much to spend is perhaps the most common financial mistake people make.
In other words, many people fail to choose an appropriate lifestyle based on their income and usually struggle with debt. As a dentist, it's crucial to develop good financial habits and act proactively if you eventually want to become independent from active practice. Building other assets that can ultimately produce cash flow down the road is a fantastic start.
Another common financial planning mistake dental professionals make is not understanding when to ask for help from qualified professionals. Sure, you can do your financial planning yourself and still be successful.
But in the long run, you'll be much more likely to achieve financial independence faster with the help of strategic advice from a qualified professional. You don't want to end up actively practicing in your 70s, wishing you had made better financial decisions and retired sooner!
If you want to learn more common financial mistakes dental professionals make, tune in to this week's episode!
Shawn also explains the relationship between financial planning and treatment planning, his views on cryptocurrencies, and how to improve your financial planning skills and build a path towards a worry-free retirement.
Learn proven dental marketing strategies and online reputation management techniques at: https://www.drlentau.com
Learn more about Dentist Exit Planning: https://www.dentistexit.com
This podcast is sponsored by Cloud Dentistry, the largest dental talent marketplace. Find out more at: http://www.clouddentistry.com/Len
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