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Home | Financial/Retirement
 

Financial and retirement planning for dentists

Good financial planning changes the dynamics of your dentist-patient relationships. When you feel secure financially, your patients need you more to help them become healthier than you need them to pay the bills. You can practice from choice and integrity.

Resources, tips and tools on the financial and psychological aspects of money in a dental practice. These articles will help you understand the role that money plays in your personal and professional life.

Included are Nitty-gritty articles to help you prosper in dentistry and articles on the financial and emotional process of retirement.

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.”

start quoteWhen you feel secure financially, your patients need you more to help them become healthier than you need them to pay the bills.end quote

Rich Green, DDS, MBA, has this to say "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."

Omer Reed, DDS was more to the point when he said "You can't give from empty pockets".

Classic articles:

L.D. Pankey’s guide to financial freedom for dentists

A guiding principles statement is crucial for your dental practice success.

How do you decide when to retire from your dental practice?

A Philosophy of Wealth Acccumulation for Dentists

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Should you set yearly goals for your dental practice and life?
Lynn Carlisle, DDS
Yes, but don't get totally invested in them. Setting goals gives meaning and direction to your life. It is very important for a business person to do this. But setting goals doesn't guarantee you will achieve all of them. . . . keep reading >>
The Triathlon Dentist
Lynn D Carlisle DDS
The Triathlon Dentist What does it take to practice dentistry at a high, fulfilling, rewarding level? You have to be a triathlon dentist - adept but not a master in 3 areas: people skills, technical skills, business skills. Here is another way I presented this: dentistry requires three things - your head, your hands and your heart. . . . keep reading >>
Life after the not-so-great recession - the new dental economy
Lynn D Carlisle, DDS
In the recession of the 1980's, it was all gloom and doom as it is now. Dire things were forecast for the future. Dentists were famous "for putting themselves out of business". Yet along came the unanticipated explosion of computer technology and applications. In dentistry lasers, implants, new bonding, composite and porcelain technology and cosmetic dentistry opened up new vistas. Will new unanticipated technologies rescue dentistry and the economy again? . . . keep reading >>
Exceptional service versus cheap service - a lesson on the commoditization of dentistry.
Exceptional service versus cheap service - a lesson on the commoditization  of dentistry. Do not fear commodity based dental practices. They will automatically create a market for relationship-based practices who practice In a Spirit of Caring. Commodity based dental practices are the Microsofts's, Dell's and Wal Mart's of dentistry. They are price not service/values based. . . . keep reading >>
Tight budget? How to get the most value for your dental CE dollars
Lynn D Carlisle DDS
Tight budget? How to get the most value for your dental CE dollars Concerned about the cost of dental continuing education courses? Continuing education courses for dentists and dental team members can be expensive. Often there are excellent inexpensive courses available regionally or locally. . . . keep reading >>
27 things to do to navigate the recession - a checklist for dentists
Lynn D Carlisle DDS
27 things to do to navigate the recession - a checklist for dentists I was tempted to label this checklist Recession Proof your Dental Practice, but decided on the more honest "navigate the recession" to help you navigate the whitewater of the recession of 2008-?". I can't guarantee that your practice will be recession proof if you read the checklist, but I know if applied the checklist will help you navigate the recession and have a stronger practice at the other end. . . . keep reading >>
Integrity, Capitalism, Greed and dental health care providers
Lynn D Carlisle DDS
What are the strengths and weaknesses of our capitalistic system as it relates to health care and dental practices? This article generated many requests for permission by ISOC members to send it to colleagues. It appeared first in the ISOC Bulletin in November of 2004. . . . keep reading >>
The Science of Creating Wealth - a book review
Lynn D Carlisle, DDS
The Science of Creating Wealth - a book review Mike Schuster, DDS has written a must read book to help dentists create wealth. Most dentists, even those with high incomes, struggle with creating wealth. They have expensive cars, live in the best part of town, kids in the right schools, boy toys and girl toys, go to exotic places, often the best of every material thing, but they do not have wealth. . . . keep reading >>
New book exposes how insurance companies and the government covertly ration health care and are destroying the dr-pt relationship.
Lynn D Carlisle, DDS
New book exposes how insurance companies and the government covertly ration health care and are destroying the dr-pt relationship. Rich Fogoros, MD, a cardiologist, has written a book titled "Fixing American Healthcare". The book exposes how managed care (managed costs) covertly rations health care to control costs and plans to destroy the doctor/patient relationship to do the same. . . . keep reading >>
Are you feeling stuck, in the doldrums or on a plateau? Understanding the transitions of your dental career.
Lynn D Carlisle DDS, June 29, 2007
The old dental career paradigm was a linear one in which you ascended the ladder of progress in smoothly successful steps. Life Launch the book, blows this out of the water. Now, life much more complex. Life is a series of renewal cycles with endings, beginnings, plateaus, ups and downs. This makes more sense. . . . keep reading >>
How to start 2007 on a positive note. Revisit your highlights of 2006.
In your rush to be onto the next year (maybe you are thinking about New Year's resolutions), you can miss a golden opportunity to reflect on the best in your personal life, your dental or consulting p . . . keep reading >>
How to control your spending. Omer Reed, DDS's crunch month
Lynn Carlisle
Omer Reed has had many innovative ideas even though he says everything he talks and writes about he has borrowed from someone else. . . . keep reading >>
Abundance thinkers create the breakthroughs
Doug Young
Abundance thinkers create the breakthroughs Staying ahead in today's world of transformation and competition demands Breakthrough Performance--taking an aspect of your life or your practice distinctively beyond where it has ever been before. What distinguishes breakthrough performers? . . . keep reading >>
Book Review Money and the Meaning of Life
Needleman, Jacob, Money and the Meaning of Life. Doubleday, 1991. Money or the pursuit of money is often confusing and frustrating. Needleman brings his experience as a philosopher to examine the . . . keep reading >>
Book review Millionaire next door
Stanley, Thomas J. and Danko, William D., Millionaire Next Door, Longstreet Press, 1996. Examples from their research that income and living the high life does not automatically determine who is a mil . . . keep reading >>
4 self diagnostic tests to help dentists determine their financial status.
Schuster Center for Professional Development
4 self diagnostic tests to help dentists determine their financial status. 4 self tests to determine your personal and dental practice financial status. Included are: how to calculate your break-even point in your dental practice, guidelines for allocating your personal spending dollars, . . . keep reading >>
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