Category: Personal Finance
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Private Equity in Dentistry: What Dentists Need to Know
Private Equity in Dentistry: What Dentists Need to Know The dental industry is undergoing a monumental shift, driven largely by the increasing presence of private equity firms. There’s not a week that goes by that I don’t receive an email or direct mail piece from a DSO wanting to buy my practice. From solo practice…
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5-Year Plan: How to Achieve Financial Freedom with Real Estate
5-Year Plan: How to Achieve Financial Freedom with Real Estate What drew me to real estate investing was the idea of financial independence: creating enough passive income from real estate to cover my living expenses so I wouldn’t have to rely solely on my work as a dentist. Then, at 40, a wrist injury while…
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How to Reduce Credit Card Processing Fees In Your Practice
How to Reduce Credit Card Processing Fees In Your Practice Credit cards are convenient for both patients and medical/dental practices. They make it easy for doctors and dentists to collect payments immediately following an appointment. This convenience helps keep accounts receivables low and simplifies the billing process. However, while card payments are undeniably convenient, many…
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Should You Become a Dentist? Pros and Cons
Should You Become a Dentist? Pros and Cons Being a dentist can be a rewarding career choice. You get to help people improve their oral health and boost their confidence. Dentists often enjoy job stability and good pay. I decided in high school to pursue a career in dentistry and eventually trained as a periodontist.…
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Sudden Wealth Syndrome: How to Manage Wealth Without Losing Control
Sudden Wealth Syndrome: How to Manage Wealth Without Losing Control Suddenly, coming into a large sum of money can feel like a dream come true, but for many, it also brings unexpected challenges. Sudden Wealth Syndrome is a psychological condition that can lead to overwhelming stress, confusion, and even a loss of identity. While you…
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Can I Retire on 3 Million Without Running Out of Money?
Can I Retire on 3 Million Without Running Out of Money? As you plan for retirement, you might ask yourself, “Is $3 million enough to retire?” With a $3 million nest egg, you could potentially enjoy a comfortable retirement, but it depends on several factors, such as your lifestyle, longevity, and investment strategy. For example, a…
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Passive vs Active Income: Key Differences Investors Need to Know
Passive vs Active Income: Key Differences Investors Need to Know Active and passive income are two key concepts in personal finance that are significant in achieving financial stability. If you’re like me, you probably weren’t taught the difference in school—not even in dental school! Many of us are so focused on earning active income that…
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How To Make Your Money Work For You
How To Make Your Money Work For You Growing up, I often heard successful people say, “If you want to get rich, you have to make your money work for you.” When I first heard this advice in high school, I had no idea what it meant. Robert Kiyosaki, the author of Rich Dad Poor…
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The Four Agreements by Don Miguel Ruiz Book Summary
The Four Agreements by Don Miguel Ruiz Book Summary In “The Four Agreements,” Don Miguel Ruiz shares a guide to personal freedom based on ancient Toltec wisdom. The book highlights four key agreements that, when practiced regularly, can transform your life by helping you overcome self-limiting beliefs and achieve true happiness. Speak with Integrity: Be…
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Rich vs Wealthy: Is There a Difference?
Rich vs Wealthy: Is There a Difference? Rich means having a high income and the ability to buy a lot of STUFF, but true WEALTH involves lasting financial stability and freedom. While being rich is often about current earnings (e.g., being a doctor or dentist), being wealthy means having assets that generate ongoing income, ensuring long-term security.…
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$2M Debt: My Financial Planning Session with a Struggling Dentist
$2M Debt: My Financial Planning Session with a Struggling Dentist Dentists face unique financial challenges that make managing their personal finances and planning for the future complex. From balancing student loan repayments to investing in a practice, the financial decisions they make today can impact long-term financial health. Having a strategic plan in place allows…
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Thinking of Selling Your Dental Practice to a DSO? Read This First
Thinking of Selling Your Dental Practice to a DSO? Read This First Many dental clients ask me, “Jeff, is selling to a DSO a good idea?” It depends…. Selling a dental practice to a Dental Service Organization (DSO) is a major decision for any dentist. This choice can offer financial stability and lessen administrative responsibilities,…