I saw the movie Wall Street: Money Never Sleeps
a few weeks ago. In the movie, the character of Gordon Gekko states that what he learned in prison was that the most important commodity is not money but time
. This is very true, especially as people get older.
At one of my recent seminars, a dentist approached me upset that he expected to work eight years longer than he anticipated due to changes in the economy. I thought to myself that while the recession has certainly affected him, he had 25 years to get his savings into the right place.
The biggest loss is not what he lost in the stock market or his investments, but what he lost by failing to recognize that time is the most important factor in his practice. How many no-show and last minute cancellations do practices have? How many hours are lost due to inefficiencies in practice systems?
Once time is lost in a dental practice, it can’t be recovered. Whether that time adds up to $50 or $500, it’s gone. This doctor lost millions in his 30-year career due in part to lost time. Yet, he is only blaming the current economy of the last three years for the reasons he can’t retire. Take the time (very soon) to review your plan for achieving financial independence.