The Retirement Formula with Reese Harper
Bulletproof Dental Practice
English - September 20, 2018 14:00 - 43 minutes - 41.7 MB - ★★★★★ - 241 ratingsEntrepreneurship Business Marketing bulletproof dentistry bulletproofdental bulletproofdentalpractice bulletproofdentist dentist Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Bulletproof Dental Practice Podcast Episode 82
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Guest: Reese Harper, CEO DentistAdvisors.com
Watch full video of the interview by clicking here!
Key Takeaways:
Average retirement age for dentists is 69 Most dentists retire when they think they can, they don’t wait longer When to retire Calculate total net worth, retirement accounts, cash, investment to determine Make 30-35 times what is spent in 1 year at any age younger than 70 Example: $200,000 spent in a year, net worth should be $6-7 million TT Score: Net worth divided by annual spending Wealth should grow at 3.3% or more at a TT score of 30 to never run out of money and maintain principle A lot of people don’t have a clear picture of how their net worth is growing, so they don’t make any changes Track personal net worth statement and progress report quarterly Spending 30% of your total gross rate is ideal This will allow a 20+% savings rate Average savings % is 21 Focus on net worth not savings People often pursue accumulating assets in the wrong order Focus on practice equity, then liquidity, then qualified assets, then real estate More practice equity leads to higher investment returns
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If you’re not getting a roadmap, how do you know where the roads are? – Dr. Peter Boulden