I recently presented a seminar to a study club and was delighted to see many pediatric dentists that I had met over the years. They seemed very successful and well positioned to enter retirement.
But in some cases, my perceptions did not match reality. Several doctors told me privately that although their pedo practices were highly successful, they had lost money on high-risk investments and hadn’t managed their assets as well as they should have. They wanted to know how I might help them to improve their personal financial situations. This was no isolated occurrence. We’ve been seeing this same phenomenon across the country.
Obviously, attaining financial independence isn’t what it used to be. Retirement is becoming more difficult due to taxation, price increases and government cutbacks. This means that the earlier pediatric dentists begin to accumulate income and engage in financial planning, the more they will be able to save.
Look at your pedo practice as your main source of wealth accumulation, with disciplined investments coming in a distant second—a significant departure from how we viewed this in the past. Every pediatric dentist should pay careful attention to this paradigm shift.