How are Your Buckets Doing?

Many of you may have probably heard of the phrase, “You should have money in different buckets.”

What does that really mean? What are these buckets? How many are there? How much should you have in each?

I am going to start a series that will take us through several newsletters. Please complete each exercise as it will build on the previous one during the following month. The process will require you to figure out and calculate some monthly expenses and then goals and dreams later on. We will start simple and get deeper as we proceed.

Bucket One: Financial Protection

This bucket requires you to have liquid assets to “protect” your monthly critical obligations. Basically, it means you must have enough cash somewhere that you can access quickly (not IRA’s, real estate, etc.). This has been called the “emergency fund.”

Calculate the following numbers and find out what you would need in your Financial Protection bucket to survive for 6 months, in case you were disabled or all of a sudden your income stopped.

• Mortgage payment per month: _______
• Utilities per month (cable is not a life necessity lol): _______
• Transportation (gas and auto insurance) per month: _______
• Food (average per month): _______
• Insurances (health, disability, house, etc.): _______
• Taxes (property, if you pay this with your mortgage, include above): _______

Add these up and multiple by 6 to get the total amount you should have in your Protection Bucket. There are some schools of thought that we won’t cover that say you only need two months’ worth of liquid assets. Decide what type of person you are and what amount you feel safe with (2 months – 12 months) for this total.

Action Step for You: Calculate your Financial Protection Bucket.

You can read the articles on the other buckets here:

Bucket Two: Financial Security
Bucket Three: Financial Vitality
Bucket Four: Financial Independence
Bucket Five: Financial Freedom
Bucket Six: Absolute Financial Freedom

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You MUST stand out to your patients and set your Dental Practice apart from your competitors.

This is possible by implementing….The Guest Concierge Revolution in Dentistry.

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