Bulletproof Dental Practice Why Dentists Can’t Retire on Time - Creep [Fearsome Foursome]
The Bulletproof Dental Podcast Episode 363
HOSTS: Dr. Peter Boulden & Dr. Craig Spodak
GUEST: Dr. Dwight Peccora & Dr. Trey Tippit
DESCRIPTION
In this episode, the hosts discuss the concept of lifestyle creep and its impact on dentists' ability to retire. Overall, the episode emphasizes the need for dentists to be proactive in managing their finances and making smart financial decisions. The speakers emphasize the need to have a minimum size practice that covers expenses and allows for investment. The conversation also touches on the concept of FOMO (fear of missing out) and the negative impact it can have on financial decisions. The main themes include the importance of turning a practice into a self-sustaining business, the need for financial discipline and saving, the value of taking calculated risks and seeking mentorship, and the significance of surrounding oneself with a supportive team. The conversation also touches on the challenges of scaling a practice and the potential benefits of partnerships. Overall, the speakers emphasize the importance of continuous learning, growth, and adaptability in the dental industry.
TAKEAWAYS
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Lifestyle creep can hinder dentists' ability to retire on time
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Financial independence is achieved when passive income covers expenses
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Controlling spending and investing wisely are key to building wealth
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Set boundaries and prioritize work-life balance
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Avoid making financial decisions based on FOMO
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Surround yourself with like-minded individuals and hold each other accountable
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Consider the potential impact of interest rate cuts on investments. Turn your dental practice into a self-sustaining business that generates entrepreneurial profit.
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Seek mentorship and learn from experienced professionals in the industry.
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Be adaptable and open to partnerships as a means of scaling your practice.
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Continuously learn, grow, and evolve in the dental industry.
CHAPTERS
00:00 - Introduction and Discussion on Lifestyle Creep
09:13 - Defining Financial Independence and Passive Income
13:26 - Factors Affecting Dentists' Ability to Retire
19:22 - The Role of Leverage and Alternative Investments
22:03 - Importance of Measuring and Tracking Expenses
26:14 - Setting Boundaries and Prioritizing Work-Life Balance
29:40 - Avoiding Financial Decisions Based on FOMO
31:30 - The Importance of Accountability and Like-Minded Connections
46:45 - Building a Self-Sustaining Dental Practice
50:11 - The Importance of Financial Discipline and Saving
54:17 - Taking Calculated Risks and Seeking Mentorship
56:06 - The Value of a Supportive Team
01:03:27 - Scaling a Practice through Partnerships
01:08:30 - Continuous Learning and Growth in the Dental Industry
REFERENCES