The biggest mistakes dentists make: Living above your means

Based on his extensive experience with dentists in the past 30 years, Dr. Roger P. Levin has authored a new book entitled The 31 Biggest Mistakes Dentists Make. His premise is simple. As he says in the introduction, “We can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?”

Following is an excerpt from the forthcoming book.

The biggest mistakes dentists make: Not crafting a new patient experience

Mistake #10: Living Above Your Means

Too many people, dentists included, want to “have it all” right way even if that means going deeply into debt early in their careers. When more than half of your monthly income is dedicated to paying off debt (mortgage, student loans, car payments, etc.), it’s a formula for financial disaster-not to mention much personal unhappiness.

My advice? Live below your means. You’ll be able to pay off your debts faster. And the sooner you can live debt-free, the more money you’ll be able to devote to personal savings, retirement funding and practice investments.

I’ve seen too many dentists get into financial trouble by not controlling their personal spending: the expensive cars, the tricked-out McMansion, the beach house, the shiny toys (electronics, ATVs, etc.) and the exotic vacations. No matter how fast the money comes in, it goes out even faster until there’s no more.

The biggest mistakes dentists make: Relying on your accountant for your vision and goals

Continue reading on Page 2 ...

Don’t get me wrong; I have nothing against having nice things and enjoying life to the fullest. But when your purchases are fueled by enormous amounts of debt, your luxury lifestyle will come crashing down. And usually sooner than you think.

I have found that delayed gratification is also an incredibly effective motivator. If you want something really badly, make a deal with yourself, such as, "I want to get a bigger house in five years, but first I have to pay off my student loans.

The biggest mistakes dentists make: Ignoring dentistry's best models

By bargaining with yourself in this way, you eventually get what you want (i.e., the new house) while eliminating the present obstacles (education loans) that would make owning such a home incredibly stressful from a financial standpoint.

The 31 Biggest Mistakes Dentists Makehas now been published and is available for just $59 at the Levin Group Store.

Save $50 on doctor tuition for Dr. Levin’s “Ignite Your Production” seminar in Miami on January 21. To register, go here and use code DPM50.

The biggest mistakes dentists make: Waiting too long to achieve success