- The top reason that I see most dentists fail is around a pure lack of clarity around how they make money, what they love and how they're going to retire.
- There's a huge segment of dentists chasing this second income stream and much like any pro sport, a fraction of a percent ever actually succeed.
- Many dentists think that because they were able to crush it in dentistry, they can crush it in anything.
- Being the real estate investor, or the teaching or the consulting guru, helping other dentists to grow their practices, or being the stock picker, or being an angel investor to name a few that I hear often.
- This gambler's fallacy, as it can be called, is what robs many dentists of their life savings.
- They're always looking for that shiny object or pursuing something that's going to either replace their income or something that maybe they're even passionate about and they want to get romantic about.
- It's critical for dentists to have extreme clarity in their life around one, how are they going to make money.
- Two, what are my side passions and there's nothing wrong with having a passion and pursuing it.
- You just have to be clear about whether it's truly what you're going to fund with your time and drive it, or if you're just doing it for fun and for the love of doing it and you're okay with spending your money on it and maybe getting a little bit back in return.
- Dentistry done right can very easily fund a very comfortable and lucrative retirement.
- Second revenue streams or gambling on the gee-whiz investment opportunity of the day is likely, very, very likely, to not.
- It's time to separate the dreams from the reality if you hope to grow and succeed on whatever your terms are that you want to define success in.
- Your expertise in one area does not translate into being the expert stock picker or real estate guru or anything else.
- Those side passions can be great as side passions, but they can also cost you a ton of money and leave you working for decades beyond your original plan if you're not clear about what makes you money and what is the side hustle, fun, passion project that you're doing.
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