DO YOU WANT DOCTOR MONEY?
When people go to school to be any kind of doctor, they assume they will eventually have what I’ll call “Doctor Money.” Unfortunately, this only happens a really small percentage of the time.
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 have even less financial security than the general population.
Doctors tend to buy doctor things, like a nice house and a BMW, the debt only grows greater and the financial hole deeper.
What is perhaps more compelling – or depressing – depending on who you are, 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 even “rich.”
Yet, this is a really, really small number…
A problem I have noticed growing and growing in chiropractic is that regardless of how a chiropractor believes or what techniques or services they provide, chiropractors become slave to their offices. They have a job instead of owning a business.
They also become a slave to money. Instead of money working for them, they are working for money.
How do you know if this is you – if you stopped working today for whatever cause – or decided to cut back, would your bills still get paid and your family be well taken care of?
If the answer is no, you are not financially independent, you certainly aren’t affluent, and you definitely don’t possess doctor money.
Another great question is, are you making money while you sleep or go on vacation? If not, you’ll have to keep working until you die.
Approaching your practice from these 3 perspectives will change your present and your future:
- Your legacy; how will your family thrive in your absence?
- Is money working for you, even if you don’t work? Does it work against you due to debts?
- Do you have a job or own a business?
