Are you thinking about retiring from dentistry? Do you have enough in your reserves to live the life you are accustomed to? You may be shaking your head yes, but if you are living above your means, the answer is probably no.
Your lifestyle plays a huge role in your retirement. Dentistry allows you to buy homes and luxury cars, but like any profession, affluence could get in the way.
If you are enjoying weekends with the top down on your way to the country club, chances are there isn’t much going into your retirement account.
A solid savings plan is essential for retirement. Retiring from dentistry means saving, whether you plan to retire in five years, or have no intention of calling it quits for at least a decade. When you plan now you won’t look back in 20 years saying if only I had planned my retirement earlier.
Saving takes discipline. Do you really need that new toy? If you have extra money, wouldn’t it be better to put it back into your dental practice? Purchasing a CEREC© system would bring in much more than that vintage Porsche you’ve had your eye on.
If you are counting your boats, cars and off road toys as assets, you had better factor depreciation into the equation. That new Land Rover lost value the minute you drove it off the lot. You may have thought purchasing the vehicle was better for investment purposes when in reality a lease would have probably made more sense. When you lease a vehicle, you can write it off.
If you are playing Monopoly acquiring as many properties as you can for retirement, are you being cautious? The property market is volatile and if you need to sell your property when the market is down, it will hurt your financial portfolio. Your assets could end up being liabilities if you aren’t careful.
When it comes to retiring from dentistry, it’s wise to seek professional advice unless of course you are an accountant or investment whiz. Better still, work with a dental coaching firm who will help you with the business side of dentistry.
Dr. Bill Blatchford and Dr. Christina Blatchford are dental coaches who will help you examine your dental practice in preparation for retirement. With the help of a dental coach, you will be making your dental practice more attractive when it comes time to sell your practice and retire from dentistry.
If you are digesting this and thinking you have nowhere near enough to retire from dentistry, you are probably not running your dental practice properly. When it comes down to it, making more money is the only way you will be able to retire comfortably.
Productivity is the key to a successful dental practice. With Blatchford Solutions, you will learn how to implement dental management systems. These systems will make your dental practice more attractive when it comes to retiring from dentistry.
Although change is difficult, it is essential if you are retiring from dentistry in the near or even distant future. Think about working until you are 80 like your dad did, and you’ll think again about retiring from dentistry on your own.
Blatchford Solutions cannot stress the importance of planning. Regardless of when you are considering retiring from dentistry, a solid plan is an essential part of the process. Without it, you might have to work much longer than you had originally planned.
Dental coaching is the plan. With a good dental coaching team, you will have the systems in place so that when you do retire from dentistry you will be ready with a solid plan and a sound financial portfolio.
Planning your financial future is important whether you are a graduate just starting out or a dentist who has been practicing for decades. With dental coaching your dental practice will be worth more and so will you.
If you would like more information regarding dental coaching for retirement planning, call and talk to the team from Blatchford Solutions. It will make retiring from dentistry a whole lot easier.