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For most, financial freedom means accumulating
sufficient assets and having confidence that you can maintain
your desired lifestyle throughout retirement while preserving
your legacy goals. To achieve financial freedom, consider
these three questions: How much do I need? How do I get
there? And what strategies can guide the process?
The answers to these questions may be similar for all
dentists, but your individual wants and needs should
certainly drive your answers. The third question is where
having a trusted advisor can help ensure that you’re on
BREAKTHROUGH FINANCIAL PLANNING
Michael McAninch, CPA, CFP
Harness the power of compound growth
the right course to financial freedom. Without a comprehensive strategy that takes into consideration your
unique situation as a practicing dental professional, you
run the risk of making haphazard and foolish choices
that could threaten your financial well-being.
The first step in a comprehensive strategy? Pay
yourself first. Elementary, I know. But surprisingly few
people take advantage of this foundational financial rule.
As a business owner, you know the demands your
business can place on your available cash flow. Dentists
who have achieved financial freedom likely found a way
to start saving very early in their professional lives. The
key factor in creating wealth is time: the more time you
have to save, the more your savings may increase due
to the power of compound growth. Over time, as your
WHEN I WORK WI TH DENTISTS, they often tell me that achieving financial
freedom is their most important goal. But for most dental professionals, the reality
is that they have never determined what financial freedom means to them, nor
have they developed plans to achieve it.