How to Get Off the Treadmill

I had the privilege of serving my patients in a way that most can’t.

But after I left practice in my forties, I realized what a strain it was on me. The precision required of us, the risks and liability we must bear, the expectations that society and patients have, dealing with staff who often are not prepared to show up or be responsible.

It all takes a toll.

Like a well-trained athlete, we put in the hard work day in and day out, pay the costs, and accept the student loan debt willingly. Of course, this leads to making a good living for your family, but there’s more to life than being a cash cow.

You want more than just providing for your family while you grind away. You want freedom today to be WITH your family. To make more of an impact on your patients, staff, and those around you. To feel fulfilled instead of worn down.

For some of us, dentistry is not just about the clinical work. That’s not what people remember when they think of a good experience with their dentist.

It’s the relationship they build. The trust and confidence they acquire. We are more than just our profession.

But with all our time and effort spent on the business, are we truly building the legacy and life we want?

What If You Could Practice The Way You Want?

Today, it’s harder to create the freedom we desire. The margins are getting tighter. The risk is increasing. Insurance is taking more control than we’d like. We are living in a culture of increased expectations from both patients and staff.

This might sound very negative, but I'm not telling you to quit. When there is a problem, a lack of something, there’s potential for growth. There is opportunity for solutions.

What if you could do dentistry on your own terms? Serving only the patients you want to serve? What if you could fully be in control of your practice without insurance or someone else dictating your prices, your schedule, or your culture? 

That’s the goal. But how do you get there?

Why Most Never Get Off the Treadmill

Overhead can be a heavy burden to produce endlessly. This is one of the reasons business owners never get off the treadmill.

What I learned in my life is that investing the profits from your practice in tangible assets that can generate cash flow to replace your practice income vastly changes your options.

If you fully replace your practice income, you will be unburdened from having to do anything you don’t want to. It takes off the pressure to know that your income is not dependent on your ability to trade time for dollars day in and day out.

Can you do this in the financial markets? That’s the go-to, isn’t it?

The financial world can be very profitable when it goes up, but there is no predictability or sustainability of income in the long term.

The traditional financial market also doesn’t have a strong cash flow model. 

That's why many doctors wait so long to sell their practice or bring on associates. They're afraid because making a mistake can set them back for years, perhaps decades. I’ve seen stock market volatility set back hard-working professionals for years.

On the other hand, tangible assets like real estate are much more predictable and sustainable. They can provide replacement income and adapt to any market to mitigate risk and preserve principal.

The problem is the vast majority do not know where to begin.

Real Estate Investing is Not What You Think

Some have tried investing in real estate and have become accidental landlords (single family rentals, short-term rentals, etc.) You might’ve seen people make money this way, but what you don’t see is how much work it entails.

So, how do you begin to invest your practice profits into investment assets that work for you?

Few people who are in practice ever learn how to do this. Financial advisors will say, “To be able to step aside or sell your practice, you have to be at the 8, 10, 12, or 15 million dollar mark.”

I hear this all the time. You can aspire to have that much wealth, but at what price?

My wealth and net worth increased dramatically once I left practice. I had built up more net worth in real estate than what my practice was worth when I sold it ~20 years ago. 

Don't get me wrong. My practice was the income producer. However, when I needed to sell my practice due to my daughter's health situation, I converted my net worth from my practice into real estate assets that produced enough sustainable income to step away.

Since then, my net worth has only gone up each year. Why? Because I understood the model of investing in assets and leveraging my network so as not to be tied down by a schedule, a team, or clients.

You can also do this at a smaller scale for those who don’t want to completely exit dentistry. But having replacement income gives you the permission to reduce your schedule, work with patients you actually like, and enjoy practicing while freeing up your time for other things that matter to you.

This peace of mind only arrives once you know and understand how your capital works for you in reliable and sustainable assets.

For many of you, your investments are not sustainable or predictable. You can follow the advice of your financial advisor or some other money manager, but that model has never really worked. It won’t give you the lifestyle you want, nor will it give you the peace of mind to work the way you want. 

Real Estate Investing – Where to Begin

We return to the question…

How do I start investing in real estate to replace my practice income?

You can learn from the ground up, get involved locally, and build your network slowly (go too fast at your own peril). This is a valid option for those who have the time and energy. Most practitioners do not.

The other option that fast forwards your time of education and building your network with guidance is learning from someone who has done it before.

This is the smart path – the path I use today. 

If you’re interested in learning directly from me within a community of practitioners with similar goals, I invite you to schedule a call with my team.

We have helped so many doctors and their spouses to rediscover the dreams they once had and achieve them.

The amazing part is that they get there much sooner than they thought because they took the right steps forward.

I'd love to see you regain the freedom you sought from the very beginning. You can schedule a call with my team here. Hope to hear from you soon.