Filling out a net worth document should be something you do at least once a year (twice if you are really into it). You should also involve your spouse. It is simple to do, but may involve a little research at first. It is simply your assets and what you own minus what you owe. Having this written down also helps you track your accounts and allows you to see how you have done the past 12 months at paying down your loans, saving for retirement etc. Here is a nice example from Schwab. Action Step for You: By the end of January, fill out your net worth worksheet. … [Read more...]
Are you a Leader in Your Dental Business?
Many times, it seems people complain about their dental business (I’m in that group too!). But when I realize that, many times, it is not business that needs a shot in the arm, it is me that needs it. I go back and review what makes a great leader in business (and in life) and many times I have failed to “sharpen the saw” in these areas! I suggest that you review these 5 categories and ask yourself, “Am I on top of my game?” You might soon realize that it isn’t your employees, your clients or vendors that need improvement. Passionate Communication: To inspire others, you must feel … [Read more...]
An Epic Trip
As you remember, last year I took a trip to Macchu Piccu and Galapagos Islands. While this trip will be hard to beat as far as nature goes, my recent trip will be difficult to rival for history, the food, culture, and sport. My usually travel mates, Stan and Mike, were on hand and my friend, Kay, joined us for a trip to Moscow, St. Petersburg, Prague and Lisbon. While the World Cup gave us the excuse and means to travel to Russia, that was only a small part of the trip. The incredible cathedrals, museums, and stadiums were awe inspiring, the people friendly, the cities pristine. To the … [Read more...]
Investing
Many people have asked me who and where do I get advice on investing. My first “go to” is my financial advisor and if you trust them , many totally give up the decisions to them. If you are like myself, I like to be involved to some extent. I do a lot of reading about stocks and the market. I enjoy it and have learned a lot over the years. One point that I would like to bring up is the company’s earnings report. If you own stock in a company (Amazon, Facebook, Apple, GE, etc.), the company must report their earnings each quarter. The date of that report must be made public. Market … [Read more...]
When is it Time to Sell?
Every dentist and, in fact, every business owner has asked themselves at some point in their lives, “When is the right time to sell my business?” Many factors go into this type of decision, including age, life situation, financial status, burn out, favorable selling market, etc. In many businesses, one is afforded the choice of selling or partnering with another company and continuing on with less responsibility of running the business. Dentistry is famous for this as many practices sell other dentists, to a group or a corporation and continue on as employees. This affords them the ability … [Read more...]