By Susan Richards
Dentists are members of one of the greatest professions in the world. We get to serve people in need, our work can be extremely profitable, and we can live the American dream. Yet many dental professionals are in debt and struggling in their practices. They're stressed out by office drama and management problems, don't have enough patients, and are usually exhausted at the end of the day with little time or energy left for their family or themselves.
In a recent DOCS Education Elite Learning Series webinar, esteemed coach and author Dr. Albert "Ace" Goerig shared his proven steps to becoming extremely profitable while still enjoying your practice.
"Almost everything you've been taught about money and investing will keep you poor while making other people rich – especially those wealth advisors," explained Dr. Goerig.
Paving the Way for Others
A Case Western Reserve University Dental School graduate, Dr. Goerig joined the U.S. Army and retired as a colonel after 20 years of distinguished military service. He has presented at every major national dental meeting, and in 1996, he co-founded Endo Mastery, a practice management coaching program for endodontists. The books he has authored include Time and Money: Your Guide to Personal and Financial Freedom, How to Book on Dividend Growth Investing, and The Dentist Money Guide - 2023 Edition.
Dr. Goerig wants dentists to learn how to have more time to enjoy their families and improve their quality of life by attaining financial success. To that end, he created DoctorAce.com, a free website with videos, handouts, and other resources geared toward achieving debt relief.
Only by understanding the actual cost of debt – whether it's a mortgage or student loans – can doctors get out from under it.
Your Practice is the Engine
When was the last time you raised your fees? Are you asking for referrals?
In addition to identifying eight simple strategies for doubling office profitability, Dr. Goerig shares the importance of clinical efficiency for both doctor and team. Several factors that contribute to an efficient practice may include:
- Great systems
- An understanding of internal marketing
- Strong team leaders
- An empowered and incentivized team
- Knowing which treatments to refer out
- Adult oral sedation
Sometimes discovering a niche can help dentists fall in love with dentistry again, according to Dr. Goerig. He also explains the formula of the "retire in practice" work model, which allows you to work less and take more time off.
Planning for Retirement
While comparing mutual funds versus S&P 500 funds, Dr. Goerig explains how to make over 200% return on your investments – without risk or tax consequence.
"What you have to understand about investing money on your own is it's not that hard," assures Dr. Goerig. His tips on investing, like Warren Buffet, include being aggressive during tough times, finding businesses that stand the test of time, and investing in what you understand.
"Become the chess master, not the chess piece."
Dr. Goerig discusses the basics of compound interest, dividends, and the rate of return on your investments. He shares a step-by-step plan to open a brokerage account and invest safely and predictably while eliminating commissions and fees.
Dentists can achieve a greater quality of life by understanding money and determining how to create an ever-increasing source of passive income through wise investing.
"Live your life now!" urges Dr. Goerig.
If you're interested in learning more about Secrets to Creating Personal and Financial Freedom, the course is now available online for home study.
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Author: Susan Richards is a staff writer at DOCS Education. With over 20 years of experience in local journalism and business marketing, Susan's career includes award-winning feature writing, as well as creating content with context for a wide variety of industries.