WHY CAN’T DENTISTS AFFORD TO RETIRE?
I have orchestrated thousands of private consultations with dentists throughout my career.
Many hang a head in shame and regret about their bad financial decisions.
Most say they are not ready to sell – they need to keep working.
Need: it is a 4-letter word that is used to express a decision based on necessity – not desire. Sad….
Why do they need to keep working?
The answer is always the same: Bad financial advisors.
It is NOT bad financial advice…. It is the bad financial Advisors – the people!
The dental practice always does fine. It provides a great income for most dentists. Practice values are at an all-time high!
A Dental Practice is an Exceptional Investment – the subtitle of my book. That is not the source of financial disaster.
So, what happened? Why are so many dentists (and most other professionals) in financial trouble?
Its bad investments promoted by bad investment advisors.
Bad investments are the #1 drain on their lifetime savings.
And now I will tell it exactly as I see it: There are a lot of questionable and suspect characters that are trying to tell professionals where they should invest their money. Most of them make very handsome fees for dispensing this advice and many of these investments seem to diminish retirement savings as opposed to increasing them.
Please watch out for the hustlers and thieves who dispense shady investment advice.
What should you do? My advice is exacting and brutally simple. Start with these two tasks:
1. Put your money into a self-directed account that does not require any third-party investment advisor influence or involvement.
2. Buy an exchange traded fund that tracks the S&P 500.
There are several other habits that make for highly effective successful investors, and they can all be found at https://lnkd.in/ga2FZVkJ.
Disclosure: I am a co-Founder of Monday Morning Millionaire. We charge $12 per year for a subscription. We make ZERO (nil) fees from any wisdom we share. We do NOT dispense financial advice – never! Your investment is $12 per year. Is this bad financial advice?