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Can You Retire?

Written By: Affluent Dentist Magazine a division of Affluent Dentist, Inc. - Jun• 10•13

 

Recently I was having a conversation with my Affluent Dentist business partner Dr. Michael Kinsley, about what specific need most successful dentist would like to solve right now.

As we both reflected on past interactions with some of the best of the best dentists, it seemed to us that Can You Retire?almost every dentist wanted to accelerate their financial success in addition to their dental success.

Michael mentioned that he thought it could be distilled down to achieving better investment returns and seeking ways to generate passive income.

Once you step back from those two objectives and ask . . . what the reason is, or as some would say . . . what is the “why” for desiring better investment returns and passive income . . . it becomes clear it is about becoming financially independent and having the ability to retire sooner.

As Michael said, there is something very appealing for dentists who have desire to continue practicing dentistry because they want to, rather than because they have to.

The question is how can the dentist do that?

How can a dentist have a shot at creating their wealth building net worth in an accelerated way, so they could retire in ten years or less?

Many of you know that I believe the fastest and best way to build significant wealth is by building a business enterprise, and many dentists can use this approach with great success.

But, what about dentists that have zero desire to build a business?

One thing that becomes clear, you cannot do what the masses do. You cannot follow the herd that embraces the traditional approach that the financial industry suggests.

What needs to happen is modeling others that have accelerated their wealth building results and look at what they have done. If they could achieve results that you would like, and you accurately emulate their process you could reasonably expect to enjoy comparable results too.

If you look at Warren Buffett, George Soros, Richard Branson, or Mark Cuban, or any other self-made millionaire or billionaire that achieved wealth in record time, they did not embrace asset allocation such as Modern Portfolio Theory. They didn’t invest in Variable Annuities or Index Annuities. They did not invest in the broad stock market via mutual funds . . . and they did not do a lot of exotic off- shore strategies, or co-mingle life insurance and investments.

You will also find their strategies and investments were concentrated on doing a smaller number of things, rather than trying to do several things simultaneously.

For example, traditional advice suggests that you buy adequate insurance, tackle paying down your debts while at the same time also saving to build an emergency fund of three to six months expenses, simultaneously contribute to their retirement plan, invest in the stock market, real estate and other sectors while embracing asset allocation of stocks, bonds, cash and other asset classes closely emulating modern portfolio theory. Additionally they select mutual funds by reviewing the star rating of various research services.

The aforementioned approach can work if you have forty to sixty to eighty years or more until retirement, and even then, the results will be in the bottom twenty five percentile of the financially successful.

Experience has shown me that the uber successful, focus on eliminating debt first, then focus on creating emergency fund, then investing. They focus on insurance for best quality at lowest overall cost without multi-tasking by having it serve as an investment too, etcetera, etcetera. One focus at a time.

You may disagree with my comments above, and I can rest confidently assured that all licensed representatives who practice a traditional approach from the financial industry will disagree with my assessment, but look at results; do they validate the traditional approach?

So let’s assume just for a minute I am wrong in my aforementioned statement about traditional approach . . .
Set out and do your own research and try to find someone who has become a multi-millionaire in less than ten years without- inheriting money,  receiving a large financial gift, or became a benefactor from a law suit, or winning the lottery or any other type of intervention AND exclusively were 100% responsible from their own efforts and then ask them how they became a multi-millionaire. Also ask them what role traditional investment style, traditional financial products and traditional approach played as a pivotal point for crossing the threshold of multi- millionaire status.

So back to my previous question- what do you do if you have zero interest in building a business and want to achieve significant wealth in record time?

Let’s begin with a diagram . . .

In your minds- eye or on a piece of paper draw three overlapping circles.

Circle ONE – represents Results Acceleration Strategies™

Circle TWO - represents Beat the Market Investing Style

Circle THREE – represents Passive Income Generators

Where all three circles overlap they create a small triangle which represents the sweet spot and this is where all the magic happens . . .

  • You may be thinking that sounds interesting, but what do you mean by Results Acceleration Strategies™ and how do I discover them and then use them?
  • How may I consistently have a shot at beating the market with my investments, and do so without chasing rabbits?
  • How do I actually create passive income and what are the myths that can lead me astray?

Those are great questions, but they are way beyond the scope of this article. The reason for this topic and article is to share with you the Three Circle Strategies and make you aware of them. By doing so this new knowledge will kick your reticular activator into motion and you will start seeing possibilities and solutions that up to this point have eluded you. Information and answers will start appearing and many of your questions will be answered, because your brain will not filter them out like it has in the past.

Through your new found awareness and by triggering your Reticular Activating System in your brain- you will start seeing possibilities and opportunities crossing your path and they will help you accelerate results, generate passive income, and potentially beat the market with sound investment ideas.

Would a video to explain the THREE CIRCLES be useful for YOU?

If you would like for me to create three free training videos to share with you a deeper understanding of the three circles, send me an email or post a comment below. I am happy to create some free training, but only if you tell me you want it and . . . if I make the effort to create this training, you will watch, study and apply what you have learned. After all- knowledge without action is a waste.

How many Rabbit Holes have you pursued?

Many dentists are chasing returns in hope of accelerating financial independence, but it is important to remember . . . to retire in ten years or less, investing is only one component, you need to concentrate on the crucial few-fundamentals that really make a difference, consistently implement the results acceleration strategies and create significant passive income streams, the purpose of this article is to give you a sense of what is possible.

Rather than do hundreds of things, you only have to do a handful of carefully selected activities with meaningful leverage points. As a dentist you are more than smart enough to learn and do what needs to be done. If you are a successful dentist, I know you can do it!

What do you think? Do you agree or disagree with my perspective shared in this article, please let me know by posting a comment below. Let’s start a dialogue.

Until next time . . .

- Randy

 

Can You Retire? located in the More Wealth library

 

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2 Comments

  1. If you make a video, I would like to see what you have to say on the “three circles”

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