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As our company perseveres at getting better at HELPING CLIENTS CREATE WEALTH, two questions drive me. First, what is the No. 1 financial danger faced by dentists? second, can any dentist - regardless of income - manage annual financial results and have a significant impact on wealth creation over a lifetime? To put both questions simply: What is the largest barrier to wealth creation in dentistry, and how do you remove that barrier? The solution to this problem might be appropriately called the wealth accelerator system.
The largest financial danger is that there never seems to be enough money - regardless of income - to meet a dentist's financial priorities: needs, wants, and savings. Something is always out of balance. Either taxes are too high, debt is too large, college for kids is too expensive, or the need to purchase new technology in the office is too strong. Traditional tax planning, financial planning, pension planning, and investment planning never seem to overcome these challenges in a significant way to allow for maximum wealth creation.
What if you thought about the problem differently? I think of the problem of maximizing wealth creation as a simple money-balance equation. This equation says that to accelerate...