Wealth accumulation for dentists should be carefully understood. As the dentist retirement age climbs higher, it is more important to pay attention to the opportunities that help create more income for dentists, allowing them to accumulate wealth faster.
Grow your practice. If you want to accelerate wealth accumulation as a dentist, the single best and safest approach is to increase practice production and practice profitability. You can still maintain a conservative approach to investing to create a positive upside (and protect your downside.)
Don't make high-risk investments. Conservative investing for dentists makes sense. Steady contributions to savings and retirement funding allow almost any dentist to reach financial independence at a reasonable age and still have a good lifestyle. While there are all types of investment opportunities ranging from high risk to low risk, dentists must give serious consideration to how they would be affected financially if a high-risk investment ended up having a negative return.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email[email protected].
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