One niche of small businesses that we often work with at Heritage Investors is an entrepreneurial doctor. Those are the doctors that work outside of a hospital and aren’t W2 employees. They can be dentists, veterinarians, optometrist, etc. They own their practice. When working with this group, I often see a variety of mistakes entrepreneurial doctors often make when it comes to the business side of their vocation. Remember, these guys are brilliant doctors with varying designations. However, most don’t earn MBA’s on top of that. Business is often not an easy modle for these educated folks to understand. Here are nine mistakes I often see in their business models. 1. Negotiate for themselves We have a tendency to think if we do it ourselves we will save a substantial amount of money and be better off. That’s just not really the case. A book I recently read, The Millionaire Mind by Thomas J. Stanley discusses this very topic. One of the top differences in those who obtain the title of millionaire, are they hire professionals to do the job. They’re not DIY guys. They want professionals to help them get the best results. The millionaires themselves focus all their […]
If you’re a physician, then you attended one of the best medical schools in the world. Why? Because you live in the U.S. However, you may be struggling to make reach your financial goals, despite a hefty salary. Physicians are some of the most unique investors out there. Not only do physicians have a higher student debt, they also have higher liability risks, an above-average income, and a complex situation to start with. Here are the top financial mistakes self-employed doctors make and what you can do to change your future. What’s So Different for Physicians? First off, physicians go through years school, meaning they finally begin their career around 27. However, with a residency, it could even be as late as 30 before they potentially start. A much later start could hinder investment options early on leading to some poor decisions. Next, roughly more 60% of all physicians owe more than $150,000 by the end of their education; only 17% owe absolutely no debt whatsoever. Shockingly, three-quarters of doctors that specialize in low-risk areas receive some sort of malpractice claim against them before the age of 65. This statistic alone clearly shows the higher liability risk than most industries. Finally, an ever-changing […]
Thinking of moving? Perhaps you’ve just interviewed for a job with a new company or maybe you’re current employer has set the wheels in motion by asking you to relocate. Whatever your situation, if you’re considering packing your bags and moving to a new city, there are a few things you may want to take into consideration before you load those boxes into a moving van just yet. In a recent meeting I had with a client, they were trying to decide which town would offer them the best value of lifestyle for their income. In order to narrow the field and make the right decision , a true cost of living comparison needed to be made on a couple of different towns. Here’s an example. Let’s say a general dentist, Dr. Smiles, earns $160,000 a year in Knoxville, TN. Now he wants to sell his practice and migrate south to Cape Coral, FL. Using this simple calculator, Dr. Smiles can make an informed decision on his plans. The first point to take note of is the cost of living is 12% higher overall. That means in order to maintain his current lifestyle, the good doctor would need to make an additional $19,477 a year. He can easily see […]
MILLION DOLLAR PRACTICE Are you a young dentist and striving to produce 1 MILLION in revenue? Do you have a plan to reach this goal? Do you find yourself hitting a ceiling of production and need some custom motivation to reach your goals? #dentist see the value in working with experienced professionals. #wealth planners with business experience are not any different! Heritageinvestor So above in the video, we have described how you can make your first million dollars. If you liked the video and enjoyed it then please don’t forget to share it with others on social media and other platforms.