In last week’s blog post, I discussed the first two essential phases of becoming a decamillionaire doctor, which are:
- Become a clinical expert
- Learn to make money with your clinical expertise by:
- Learning to lead
- Establishing systems in your business
- Learning to sell
- Doing your work fast
This week I’d like to discuss the third phase of this process:
3. Learn to manage your money like a decamillionaire
One of the key takeaways with phases 1 and 2 is that you will be far more successful with good help. The most successful practice owners get professional help from consultants to learn how to run their practices in addition to the daily help they get from their staff.
In our complicated world, it is virtually impossible to know everything you need to know about every area of life for the decisions you need to make. For example, in your practice do you know how to run payroll? Are you also an expert on search engine optimization? Do you also know all the employment laws in your state and are you 100% in compliance with those? If your goal is to succeed in your practice (and in life), you need help from those more skilled than you in that area of expertise. To do this, you’ll need to find good, trustworthy help.
Likewise, when it comes to managing your money, you need help. Can you increase your financial intelligence by reading books on the topic? Absolutely, and you should. I will never say that someone will fail if they DIY their finances; but I do say – and will say again – that you will have a much greater probability of success with good help.
Year after year, I am surprised at how few doctors are good at this critical part of the process. Why is this? How can people who are so good at making money (I’ll assume that you’ve mastered steps 1 and 2 if you’re still reading), be so bad at keeping it? There are a lot of reasons for this answer. I’m going to highlight three main problems you face as to why it will be difficult to hang onto your money and get it working for you.