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Rich Green, DDS, MBA is Director Emeritus of Business systems development at The Pankey Institute.
Dr L. D. Pankey would always tell the dentist who was interested in pursuing an individualized Tier IV relationship-based practice -- "Go home and develop a bank account." Dr. Harold Wirth would say "Learn to live on less than you make."
These admonitions are valuable because if you have a bank account and have learned to live on less, the patient needs you more than you need the patient. You have begun a practice lifestyle consistent with choice. The dynamics of the relationship have changed and you are free to lead and offer others choices.
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if you have a bank account and have learned to live on less, the patient needs you more than you need the patient. You have begun a practice lifestyle consistent with choice.
Financial freedom is that point in your life when you have learned how to live on less than you make. Financial independence is that point when the earnings on your invested assets have replaced your hands as an income stream.
Applying financial fundamentals to create financial freedom is, as Dr. Pankey often reflected, an important task of the professional.
The Ten Financial Fundamentals of L.D. Pankey's Philosophy.
1. Live on less than you make.2. Pay yourself first-make it automatic.
3. Understand the value of money-compounding interest.
4. Know enough about money to make it work for you.
5. Measure and monitor (evaluate) your results.
6. Start tax-deferred accumulation early.
7. Keep the return on your money.
8. Use credit wisely-know the cost of capital.
9. No one cares for your money as you do.
10. Take a long-term perspective.
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For more details on these 10 fundamentals order Rich's book: Rich co-authored with William J. Davis, D.D.S., M.S. and Gary L. Rathbun, C.L.U., Ch.F.C., M.S.F.S. the book titled A Philosophy of Wealth Accumulation for Dentists (Medical College Press, Medical College of Ohio, 2000, 264pp). The purpose of this book is to enable dentists to educate and motivate themselves and their staff to:
Appreciate a lifestyle that leads to "Financial Freedom" Take responsibility for achieving their "Financial Independence" Seek to create a comprehensive financial and estate plan The book can be ordered at: Evergreen Consulting Group Inc. - Contact Us Rich can be reached at Evergreen Consulting Group Inc. - Home and to see the consulting services he offers.© 2003-2012, www.spiritofcaring.com/Lynn D Carlisle DDS PC.
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