How to Become a Decamillionaire Doctor, Part II

Nate Williams Financial Planning, Personal Management Leave a Comment

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 …

Nate WilliamsHow to Become a Decamillionaire Doctor, Part II

The Successful Dentist: It’s Who They Are

Nate Williams Leadership, Personal Management 1 Comment

Collectively at Practice Financial Group we have worked with hundreds of doctors. They are all unique in their personalities, practice circumstances, income, net worth, age, etc. We have advised deca-millionaires (net worth greater than $10 million) and clients with multimillion-dollar debt loads. We have seen both thriving and floundering practices, and the broad spectrum in between. Our experience has been a fine-tuned education in what creates and sustains wealth, including the keys to running a successful practice. With regard to the successful practice, we often asked, “What do successful dentists do, that less successful ones don’t do?” Do their secrets lie in better advertising campaigns, or free whitening promotions? Many of our blog posts aim to answer this question; our information comes from what we have studied and more importantly what we have observed. After years of study and observation, it has become clear that to ask “what do they …

Nate WilliamsThe Successful Dentist: It’s Who They Are

The Millionaire Dentist Next Door

Nate Williams Financial Planning, Personal Management Leave a Comment

In the most comprehensive, revealing study about true wealth in America, Dr. Thomas J. Stanley, PhD profiles the real millionaires in our country. In this landmark book, the majority of the people he profiles have a net worth (total assets – liabilities) of $1 – 10 million. They are also first-generation millionaires. Our clients—hard working dentists—are this group of people. This book was written for you. After reading dozens of books on the topic of personal finance, this is the book I come back to time and again to refresh my perspective on how these millionaires build wealth. After my most recent reading, I am inspired again to refine these principles in my own life and to recommend them to you. Please read the book. If you prefer to listen, has an abridged version that is fantastic. Then read it again. And digest and implement the principles he teaches. …

Nate WilliamsThe Millionaire Dentist Next Door

Your First 10 Years Determine if You’ll Be a Wealthy Dentist

Nate Williams Personal Management 1 Comment

Do you want to know a secret? The financial decisions you make in your first 10 years of dentistry will make or break you financially. Your decision on how frugally to live in dental school – is make or break. Your decision on whether to buy a practice – is make or break. Your decision on when to buy that first “dream” house – is make or break. Your decision to pay down loans, or open your 401k – is make or break.   “Well, duh.” I can hear you saying, “Everybody knows that.”   No, they don’t. Let me show you what I mean.

Nate WilliamsYour First 10 Years Determine if You’ll Be a Wealthy Dentist

Converted to the Value of Time

Nate Williams Personal Management Leave a Comment

Over the last several years, since becoming a business owner, I have slowly converted to a concept that, if understood, will make you and me a lot of money. The concept: understanding the value of your time, and behaving accordingly. You already know this, right? Cognitively, this is a simple principle: Your time is worth a lot of money. But most people, including high-income dentists, don’t always understand or follow this principle. Are you one of them? When I first started Practice Financial Group (then called Symmetric Wealth Management) in early 2010, I needed to file several complicated compliance documents with the State of Oregon to become a Registered Investment Advisor (RIA). There was a firm called “RIA in a Box” who, for the meager fee of $2,500, would do all this work and set up my RIA for me. But I was smart and I knew how to read …

Nate WilliamsConverted to the Value of Time