109 How to Build Wealth as a Dentist
Today, we are chatting with Dr. Jackson Hall, our new team member! Dr. Hall graduated from the University of Memphis and is here to talk to us about the gap in dental education regarding income, tax write-offs, and how to run a practice as a business.
The most significant checks I’ve written since I’ve started my business were for taxes, by a long shot. When you run a business, you need to find out how to mitigate taxes with tax write-offs and lower your taxable income legally. My advice to young dentists is to make sure you find a good CPA who can guide you with taxes and tax shelters.
After you have your student loans and other debt paid off, your next step is to think about wealth management. Investing in your retirement is similar to buying time, which is why you want to invest a lot of your money as soon as possible. Once you can max out your 401K, you’re on the right path to retirement.
Dentistry is changing. Technology, education, and resources are closer to our fingertips now more than ever! Are you ready to learn what millennial dentists are doing to exceed patient expectations, enjoy dentistry more and take vacations and how this generation can join up with the previous generation to make for an unstoppable dental team? Wait no longer! Listen in and find out how to push your lifestyle to the next level.
[05:07] The first steps in financial security for a dentist.
[07:42] Leveraging risk to build and manage our wealth.
[27:36] Active investing versus passive investing.
[35:05] Summary overview of steps to building wealth.
As always, thanks so much for listening! If you like the show, we would love for you to review the show on Apple Podcasts as well as spread the word! If you have any questions or want to get in touch, shoot me an email at firstname.lastname@example.org
Links and Resources
Richard Sullivan, DDS
Partner, Sullivan Dental Partners
Co-host/Founder of the Millennial Dentist Podcast
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