Retirement planning is one of those subjects nobody wants to think about until it's too late. But the financial choices you make now can have a huge impact later. The journey to retirement is a long one. The better financial shape you can get in now, the smoother your journey will be going forward.
Work with a certified financial planner. Just as patients rely on your expertise for their dental needs, you should do the same for your retirement needs. Every dentist should have a financial plan created in conjunction with a certified financial planner (CFP). The plan is your road map to a better financial future. You should meet with your financial expert once a year to review the plan and make any adjustments based on life changes, investment performance, and new priorities.
Don't forget to live below your means. Too many dentists want to live like rock stars. It's better to live modestly and then work toward the bigger house and fancy cars. In fact, use those nice things as motivation to create an even more successful practice. By increasing your income and reducing your debt, you can more easily afford a luxury purchase (home, car, boat, etc.) -- when the time is right.
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
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