This is an age old question, "Should I Pay Off My House?" Some advisers say “no” - you need the tax write-off of the interest. Or maybe your rate is low so it would be wiser, instead of using extra money for paying down the mortgage, that you invest it in the market or put it in some other investment vehicle. One of the best quotes I have ever heard on the subject is, Do you know what people recommend that you don’t pay your house off? Those who have never paid theirs off. I have always thought that paying off a debt is the best thing if you have the means and have a plan. Sometimes it’s … [Read more...]
Dental CEO’s – Find a Mentor
The Benefits of a Mentor for Dental CEO's How do you want to live your life? What type of relationship do you want to have with your significant other? How do you want to run your business? How do you want to invest your money? Tough questions! Many of you feel like you have to do a lot of research, reading, and analyzing, to find these answers, I know I did. But then it dawned on me why not do what we have been taught for years NOT to do by our parents and teachers. Cheat! Yes, go out and “cheat” by copying someone you would like to be or live like. Sounds simple but many times we feel … [Read more...]
Dental CEO’s – Take an Active Role in your Taxes
Are you playing an active role in your taxes? Recently I explained to my dental students that taxes are a citizen’s biggest yearly expense yet hardly anyone pays attention to how they can minimize this bill. Making sure that you have a competent CPA or service completing your taxes is of course paramount. “The hardest thing in the world to understand is the income tax” – Albert Einstein However, do any of you research or read up on the subject yourself? “I give it to them, they figure it out and tell me what I owe.” BIG MISTAKE: Not taking some active role in your taxes (i.e. … [Read more...]
Why aren’t more people wealthy?
Why aren’t more people wealthy? I gave you four reasons last month; did you do your homework? “Once you stop being afraid of money, it will stop being afraid of you” Here are a few more reasons: You never make it an absolute MUST! How many times have you said “It would be nice to be wealthy” or “maybe someday I will be wealthy”. This is not the self talk you want to use if you ever want to reach your goals. Try “I will be wealthy” or “I want to double my net worth in the next 3 years”. For most people paying bills is a must, make wealth creation a must also! You Don’t Have a … [Read more...]
There is only one Boss – The Customer
In order to gain the advantage in your business, you must first ask yourself some key questions (taken from Tony Robbins' Business Mastery I attended): What business are you “really” in and how is business? Why did you get in this business originally? Why are you in it now? What do you need to get from this business long term? Who are you? What do you need? Who do you need to get rid of? What are your clients going to need in the future? Where are you now? What's next? “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, … [Read more...]
It’s not what you Make, it’s what you Keep
“It’s not what you make, it’s what you keep” “The goal is not to get big, it’s to get rich” Why aren’t more people wealthy? Here are some main reasons and quick tips on how to combat them. They never clearly define wealth! What is your definition of wealth, how much money or net worth must you have to be wealthy? The definition is different for everyone. If you have done your net worth calculations you know where you are at now. Use this number to discover a definition for you. They make it a moving target. How can you ever achieve a monetary goal if you keep moving it? Imagine if your … [Read more...]
Success is Not Promised to Any of Us
It is true that “Success is not promised to any of us, but it is available to all of us” in business, Success is available to all! We all know that in order to make an exceptional dental, or any, business, you need to develop a culture of raving fans. However, when this knowledge is verbalized and confirmed by billionaires, it makes you believe it. Of course we have to: Attract new ideal clients Retain our current clients (how many are going “out the back door” without you knowing?) Build a great team Be a great marketer On the topic of being a great marketer, … [Read more...]
The Wheel of Life
The Wheel of Life Exercise I always like saying “If your wheel is not in alignment your life can’t be either.” There are many versions of this exercise but here is a way you can grade every aspect of your life and much like your net worth sheet, keep track of how you are you doing. Simply grade yourself in each category 1-10. Each dash mark from the center out is 1 point. So if you give yourself a 7 in “physical” count out from the center, connect across and fill in. Here is a clean sheet for you as well as a completed example. This exercise shows that if the wheel is out of … [Read more...]
How did you do in 2015?
Last year around this time I asked you to fill out your net worth worksheet. Did you do it? If you did, it’s time to take it out and see how you did. If not, let’s start the habit right now. While I know we are in a highly computer automated society, for this exercise we can still use a printed worksheet. While money and assets are not the sole determinate of your life’s success, for this exercise pretend money is EVERYTHING. 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 … [Read more...]
Dental CEO’s, It’s Time to Share the Wealth
I usually write something about how to increase your net worth or how to accumulate wealth. Today, I will talk about giving it away. It's time to "share the wealth"! Every year during the holiday season, we are asked to give to the Salvation Army or food banks etc. so that those less fortunate may enjoy some holiday cheer. Isn’t it ironic that all year long we work hard to accumulate wealth and then around the holidays we give a portion of it away in gifts and donations? Which makes you feel better? Making it or giving it away? If you are like many, you will get greater joy … [Read more...]