When people are asked if they have achieved financial independence, the answer is only yes 1% of the time. Studies on doctors show that due to the higher school loans and the pressure of high-status professionals to keep up with the Joneses and look the part, they factually have even less financial security than the general population -even if they “look” well-off.
What is perhaps more compelling – or depressing – depending, when you think of “doctor” – you just don’t think of financial independence or security. The assumption is that doctors would actually be Financially affluent or “rich”. Yet, this is a really, really small number.
Setting up a plan for security and even wealth seems straight forward, but does get more and more complex. Over time, home, office, and family-related costs grow taller and wider, there tend to be more interest-bearing notes accumulated, and the best way out of just spending and towards accumulating gets more blurry or grey.
To make matters worse, if you do not believe it’s challenging, then you are likely listening to the wrong. An insurmountable number of vendors and firms prey on doctors promising full-proof investing plans by purchasing off-the-shelf products or old-school systems and solutions not relevant to our current, chaotic times.
There is a best doctor-path to building wealth that takes into account the Tolkienesque journey they take through student loans, delayed income after graduation with loans coming due, what is required to succeed in a chiropractic clinic, the economics that the clinics produce, a doctor’s cost of living, the practice lifespan, and choices for the latter part of the career.
To make it simple, I’ll number the 7 steps here:
- Setting the foundation: retiring debt and the first and necessary investments
- Creating the initial financial engine
- Improving the investable cash
- Locking in the core investment machine
- Diversifying into passive or additional active forms of income
- Deploying capital: We deployed $580,000 in cash two weeks ago (Outside of the market) that is worth $5,445,000 in hard assets now and structured to grow to much, much more.
- Management: Each of these 7 steps along with your freedom and peace of minds is intimately associated with how the clinic or what will potentially become additional businesses is being managed.
(STEP 8: Exit strategy. Few clinics have much to sell at the end by not working towards this at the beginning)
My early advisors insisted I take a series of courses no longer available to chiropractors today that changed my thinking about practice. Plus, early on I had 2 billionaire patients that took me under their wings.
Now, I’ve got multiple partners in multiple companies that are worth a billion, billions, or 10-100 million. I’ve learned that chiropractors make many, many critical mistakes that sabotage any chance they have of security, independence or affluence.
Because this causes the loss of millions (of dollars and hours of lost sleep) I still feel compelled to keep consulting chiropractors on what they can do to get on the right track.
Have fun while saving the world
Dr. Ben
