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1
Posted on 5/16/19 at 1:18 pm to Rebel12
Have you considered hiring an associate to handle the mundane drill a fill work while you go after cases that actually excite you? I’ve seen many dentists in your spot that are just burnt out and need something new to get them excited about dentistry again.
You can lighten your load and go after cases people pay out of pocket for. I don’t know where your interest lies but stuff like ortho, perio, Implants, cosmetics (Botox) are all stuff people are willing to pay for. Do the big cases until your kids are out of school then sell the practice to your associate and enjoy retirement.
You can lighten your load and go after cases people pay out of pocket for. I don’t know where your interest lies but stuff like ortho, perio, Implants, cosmetics (Botox) are all stuff people are willing to pay for. Do the big cases until your kids are out of school then sell the practice to your associate and enjoy retirement.
Posted on 5/16/19 at 1:19 pm to lynxcat
quote:
so sell the practice and work under someone else so that you don't have to deal with the BS you hate.
This is the route you should take. Become an employee, work Tuesday & Wednesday, find a way to moderately grow that $4-5mm, and enjoy five day weekends for the rest of your life.
Posted on 5/16/19 at 1:24 pm to TheWiz
quote:
This is the route you should take. Become an employee, work Tuesday & Wednesday, find a way to moderately grow that $4-5mm, and enjoy five day weekends for the rest of your life.
This. Talk about an amazing setup. Working two days a week you can pay for your kids to finish up school and keep adding to the nest egg...without causing early onset dementia from retiring in your 40s.
Posted on 5/16/19 at 1:27 pm to lynxcat
OP, where do you live?
Posted on 5/16/19 at 1:29 pm to iAmBatman
quote:
So you're burnt out but only working 30 hours a week?
he would never make it in my field.
60, 70, 80, 90 hours for years. make it while you can. wiki tiger used to hammer me for that. I told him it is how you get ahead. he was one lazy mfer.
Posted on 5/16/19 at 1:40 pm to Fat Bastard
What happened to the idea that Dentists don't work enough?
Op, you have tons of options. Aren't there contract jobs for when a dentist goes on vacation to have another dentist come in and fill their spot?
Or hire someone young to work for you on like a 60/40 split of income. You work like 2 days a week and they work 4-5. Win win for everyone.
Or as said, sell your practice and work part time for someone else.
Or hire someone else in your situation that only wants to work 2-3 days a week also.
Burned out at 45, come on many. Good for you on the savings, but goodness.
Op, you have tons of options. Aren't there contract jobs for when a dentist goes on vacation to have another dentist come in and fill their spot?
Or hire someone young to work for you on like a 60/40 split of income. You work like 2 days a week and they work 4-5. Win win for everyone.
Or as said, sell your practice and work part time for someone else.
Or hire someone else in your situation that only wants to work 2-3 days a week also.
Burned out at 45, come on many. Good for you on the savings, but goodness.
Posted on 5/16/19 at 1:40 pm to Rebel12
i couldnt spend 4MM in 25 years if i tried.
punch out, peace out and have fun
punch out, peace out and have fun
Posted on 5/16/19 at 1:49 pm to Rebel12
quote:
Saved around 4M, 45 yrs old and burned out. What to do
Posted on 5/16/19 at 1:51 pm to cgrand
That is what I would like to do, but realistically, I know I would get bored once hunting season is over. A good friend of mine sold his company for 25 million two years ago. He is now in the process of building a new company. He said the main problem is everybody our age is at work, so he really doesn’t have anybody to do things with during the week. He has also said he has lost his self worth from being stagnant. I also don’t think 4 million is enough to last for the long haul if I make it to my 80s.
Posted on 5/16/19 at 2:31 pm to Rebel12
What hobbies do you have? Could you do like he did and build another business just to keep yourself occupied? Doing something you’d really like to do of course.
Posted on 5/16/19 at 2:51 pm to Rebel12
quote:
Rebel12
Where are you located? One of my best friends buys dental practices and hires the dentists back. I could put you in touch with him.
Posted on 5/16/19 at 3:09 pm to Rebel12
quote:
I also don’t think 4 million is enough to last for the long haul if I make it to my 80s.
riiiiiiiiiiiiiiiiiiiiiiiiight because evwrybody else will easily have that huh?
again, if you cannot put that into a passive income you can live off off then you are beyond help. you know how many people i know who are financially independent with way less than that? where their passive income exceeds bills now?
Posted on 5/16/19 at 3:20 pm to Fat Bastard
Sounds to me like OP needs to take a sabbatical.
Posted on 5/16/19 at 3:27 pm to Fat Bastard
Fatbastard,
Tell me what they do to generate passive income that doesn’t involve being a landlord or the stock market.
Tell me what they do to generate passive income that doesn’t involve being a landlord or the stock market.
Posted on 5/16/19 at 3:35 pm to Rebel12
My bullshite meter is at full throttle. I agree with everyone else who says “ if you were able to amass 4M, then you should not be asking how to make a measely 5%”.
This post was edited on 5/16/19 at 4:36 pm
Posted on 5/16/19 at 3:38 pm to iluvredboxx
quote:
My bullshite meter is at full throttle. I agree with everyone else who says “ if you were able to amass 4M, then you should not be asking how to make a measly 5%”.
I was skeptical at first, but he seems legit. Sometimes these types of professionals have no idea what to do with their money. Kudos to him for amassing so much.
Posted on 5/16/19 at 3:39 pm to Rebel12
quote:
Guys, I have worked in the dental field for 18 years. It’s not hard to accumulate a pile of money if you don’t have to have the biggest house and the latest car. I have worked with advisors, and I have invested in all kinds of things from futures to oil wells to private placement investments. Thank goodness I didn’t lose much on the alternative investments. I know how to manage money, but I just was looking for any other ideas that may be out there. It would be great if I could hunt and volunteer and generally goof off knowing I had a steady 5 to 7 percent coming in each year. The problem with my field is that it costs me so much just to take off a week or two. All of my overhead never stops, but the income stops the second I leave the office. I have encouraged my children to pursue a business that keeps generating income while they aren’t present.
I have a friend that is a dentist, he purchased another dentist's practice, that dentist was around your age and tired of running the business. He was tired of managing people and equipment, etc., but he wanted to continue to work, so he sold kept the practice but kept his patients and worked under my friend's business without the headache.
Posted on 5/16/19 at 3:40 pm to Rebel12
quote:
the stock market
Why are you so opposed to equities? There is nothing wrong with something like a 60/40 or 70/30 equities/ bonds (CD, savings, etc.) account.
The stock market is soooo easy money. I'm guessing its because you can't take the visual of seeing that you lost $40,000 one day and the next you are up $60,000?
The stock market is the easiest money out there. Just have a proper allocation, keep 2-3 years in savings or something like a CD, and anything invested is for 2-3+ years away.
Posted on 5/16/19 at 3:42 pm to TheWiz
quote:
I was skeptical at first, but he seems legit. Sometimes these types of professionals have no idea what to do with their money. Kudos to him for amassing so much.
I agree he is legit. But being burned out at 45 working 30 hours a week as a dentist of all things? Guy gets 0 sympathy from me. I'm not saying its easy, but he has $4 mil in 18 years of work.
Hire some people to make your life easier. That's the key to helping this guy. Hire someone for $100k a year with an MBA to manage your practice.
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