Having just finished a dynamic year-end Private Wealth Group Mastermind event last weekend, my mind is still racing with the amazing collaboration of so many Dentists. They all have different practice structures and yet they have much in common and value the perspective they can provide to each other.
Of course, I’m always thinking about wealth, the flow of money and the profits of your practice. These two days, however, were fully focused on helping these high performing dentists practice, live, invest and be wealthy.
When you think of wealth, you think of money but the fact is it is a mindset and a way of being, believing, thinking and doing before it ever turns into money.
What outside or underperforming dentists would never believe until it was proven to them by being demonstrated in front of their own two eyes and what they would be skeptical of and in denial about is: how different these doctors behave and operate and yet how similar all other parts of their practice, patients and dentistry are.
In this room, we had a few solo-practice doctors with 4-6 chairs and 5-8 team members averaging $200,000 to $250,000 a month in collections working an average of 12 to 14 days per month.
We had a solo-practice sleep doctor on the brink of $300,000, collections (with no insurance), a month who has, in the last 6 months, literally doubled their daily average collections working fewer and fewer days and making more every single time.
I could go on… we have incredible Associate success stories and integrations into these practices where their Associates move past a million dollar producer level in their first year.
It’s fun to be around very wealthy doctors who don’t settle or get complacent and they never stop asking me “what’s next” as they look for the bigger mountain to climb.
There is my favorite saying “It’s not about how much money you make, it is about how you make the money.” What you had to sacrifice to get it.
Sure, these men and women work very hard, but very smart. They control their practices and their lives and are able to do dentistry on their terms.
They didn’t get ‘rich’ first, they did what they needed to do to get their practice to operate as a profitable business should. They put themselves into a peak earning potential structure. They chose to do dentistry the way they want and set their practice up to match their vision and goals … and then everything started going their way.
That is the way it happens. By questioning the norm, by deciding to be different, by not listening to the BS all around you, by focusing on what you want and by doing what others won’t so you can have what others don’t.
I love that sentence.
So, I thought this week in preparation for my final presentation of the year (which happens next week, where I lay out the top strategies and decisions you must make in order to set yourself up for amazing success, profit, momentum and fun in 2017), I would give you a few of the key attributes of Wealthy Dentists so you can begin practicing this and going to work on yourself; no matter whether you already have all the millions you want or you are still climbing your way up to your very first.
Start with these 6 wealth habits…
1st – Plan out your year in advance, down to the day, and know exactly how many clinical days you have on the table in order to make the income you want
2nd – Set a stretch goal for your income… you will only and always make what you expect to make and what you feel you are worth. The biggest breakthrough for all doctors is always “seeing is believing.” Once they experience a record month with ease and then a record quarter and they start seeing the profits in the form of cash in their bank account piling up; then they realize just how easy and methodical it is if you master and manage it day by day, patient by patient.
If you don’t believe it and see yourself hitting $60,000, $80,000, $100,000 PROFIT MONTHS then you will never do it. It begins with you first. You can’t force the math or the money to work out until you are ready for it. It is always ready for you.
3rd – Now that you know what your daily value needs to be, you have to make a commitment to create (sell) that every single day. You have to become a creator.
4th – You must structure your practice financials to pay you first and every month above and beyond your salary. Pull the money out of the account; otherwise your practice will eat it. It will eat the profits with equipment, remodeling or other problems. If you don’t move the money, someone else will move it for you.
5th – Absolutely 100% you must put your relationships in your life first and that includes with yourself, your health, your happiness and especially your marriage or significant other. These have to be the things that will fill you up not bring you down and that requires work, attention and effort. By the way, that means it goes both ways. You can’t be bringing others down or draining them with your negativity or your tiredness either.
6th – Next up is your team… your practice will never grow more than your team wants to win for you and for themselves. Wealthy doctors know that their profits come from their people and they go to work on inspiring and motivating them.
Here’s what I know: any dentist who decides to be wealthy, decides to take control of their practice and decides to run it like a business… can become successful.
The single biggest difference between my exclusive doctors in my wealth group and 99.9% of all other dentists is they take responsibility for their own success, their own results, their own incomes and their own performance.
They don’t give in to insurance or corporate dentistry, they don’t blame the economy or their patients or their team or anyone or anything else – they own it.
And that’s why they make the big bucks and do it their way…
Next week, I’m going to take you through the most important, impactful update… the ‘State of The Industry’ and the challenges and opportunities that will be yours for the taking if you grab a hold of them now (otherwise they could quickly cause you unnecessary problems in 2017).
Another key trait of wealthy dentists is they take nothing for granted and they are always preparing and planning to make the most of every change and of every year coming their way.
Join me and join them next week for this final and featured presentation to end the year strong and start the next one with momentum, focus, and a plan!
Register Now for Tuesday’s Live Webcast “The State of The Industry” >>>
