Wealth building can sound like an intimidating process. You might think it sounds like something that rich people do to get richer. In fact, wealth building is simply the act of generating income through more than one source. It takes into account all types of income, not just your income as a dentist. This could include savings, investments, or real-estate ownership. Dentist wealth management is something you can do on an ongoing basis, alongside your dental career, in order to achieve the goals you have set for yourself. Think of dentist wealth management as the action steps that go along with your financial plan.
Focusing on five pillars of wealth building can help you with your dentist wealth management. Keeping these pillars in mind can help you achieve the success you have been looking for.
1) Start with Yourself
You are your own biggest piece of your dentist wealth management plan. You have already invested in many years of dental school, which is a great step. Make sure that your education doesn’t stop there. Keep learning and moving forward. Learn more about financial planning and how to build your wealth. Organizations like Freedom Founders offer specific wealth management and financial planning education that was created with dentists like you in mind.
2) Multiple Income Streams
Having multiple income streams is an important part of dentist wealth management. You can’t just rely on your dental practice to build your wealth. You need to diversify. Use the knowledge that you have built to guide yourself towards a variety of income streams. Having a solid base built on diverse income sources creates a stable foundation for you to build your wealth upon.
3) Investing in Assets
Adding assets into your dentist wealth management portfolio is an important step in wealth building. Look for assets that can generate income for you without adding more work to your already busy days. Real estate in all of its forms – residential, commercial, land – is a great way to increase passive income through investing in assets. Don’t just stop at real estate, though. Consider bonds, businesses, and even collectibles, like art.
4) Protecting those Assets
Once you have gathered a variety of assets and income streams, it is important that you protect them. Working with qualified professionals, like a lawyer and accountant, will help to keep your assets protected so you can keep moving forward with your dentist wealth management plan.
5) Keep Moving
The key to dentist wealth management is to keep moving and evolving. Much of your income streams will be passive, but that doesn’t mean that you should forget about them. Keep learning and tweaking in order to get the most out of your investments.
Find guides who have achieved what you want to achieve
Be careful who you accept advise from. Most well-meaning “traditional” financial advisors are not actually financially free. It is important to find guides, mentors who have actually achieved the level of Freedom and lifestyle that you desire. Finding the right guides to help you with dentist wealth management can make a drastic difference in the speed at which your wealth grows. Freedom Founders is an incredible resource if you are looking into options for dentist wealth management and financial planning. They offer incredible educational support and investment opportunities that are specifically geared towards dentists, doctors, and other professionals.
