Financial Planning for Dentists

Financial Planning For Dentists

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What is Financial Planning?

Financial planning involves creating short-term, and long-term goals for yourself and creating a comprehensive plan that considers your earnings, and how you can utilize them to meet your goals. These goals could be purchasing a new property, saving up for your children’s college fund or preparing for retirement. Whatever your goals may be, you will need a financial plan to maximize your chances of meeting your goals.

Why Is Financial Planning Important?

Most dental professionals measure the success of their practice by patient satisfaction and new patient flow – although these two factors are very important to the overall success of the practice, it is not the only measure of success. By focusing solely on these two factors, it creates a false sense of reality for the practice owner and trick them into thinking they are making profits when they may not be.

How Do I Start?

First thing to do is evaluate your assets, your income statements and your profit and loss statements. In addition, you need to identify what debts you have remaining – this will give you a good idea of how much capital and equity you have, and how much you owe. Once you have a clear idea of how much money is coming in and going out every month, you will need to create goals of what you will need in the upcoming and near future and create a budget that allows you to save in the long-term, while still meeting your needs in the immediate future.

Additionally, a trusted financial advisor is also a great asset, as they can assist in evaluating this information, listening to your goals, and creating a plan for you, that will ensure you meet them.

When Do I Start?

Today! It is never too early to begin preparing for the future, and the earlier you begin, the quicker you will meet your goals.

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