Coldsteel70
New Contributor
When I was a kid, I had a similar experience to MJ DeMarco and the Lamborghini. My Uncle came home in a Porsche 911. I was in awe. My uncle was a dentist, lived in a nice house on a golf course, had a pool, etc. Our family had a bicycle my Mom and I rode to the grocery store. She rode and I sat in the little seat on the back and held the bag of groceries on my lap on the way home. I decided very young that I was going to be a dentist and be just like my uncle.
Fast forward 30 years, and I am 36 years old sitting in my office in my dental practice. Unfortunately, for the last several years something has been nagging at the back of my mind. After I bought my dental practice and finally became “my own boss” I wanted to take a week off to spend camping with my wife and children.
I was faced with the uncomfortable truth that if I took a week off, I didn’t need to just calculate the cost of the vacation, I needed to calculate the cost of the lost production, plus add in the fixed overhead that doesn’t stop when I’m not there. My one week camping trip cost me $25,000. I began to put it together in my head that there was something wrong with my business model.
In my head I thought, “my business is a one-to-one business. So if I’m not there to produce, there is NO income. I haven’t bought a business. I’ve bought a job.
What I really need is a one-to-many business that keeps producing money even if I’m camping.” That was 5 years ago. I haven’t solved my problem yet, but I am working on it. During that time I read a lot of books. One of them recently was TMF .
I was shocked when MJ Demarco said almost exactly what I had been thinking. He called it “The Commandment of Scale”. In reality, my scale is 1, because I can only serve one person at a time. Yes there is magnitude, which is why I make a good living. But it is “good money”. And anytime I am not in the office, the good money goes immediately to -$0-.
I don’t have freedom of choice.
All the debt I took on to go to college, then dental school, then buy a $500,000 dental practice means that I am a slave to my job. And the light at the end of the tunnel that means freedom and time is 25 years away. I joined the forum to change that. I’m not sure how yet, but I will. I look forward to becoming a part of this community and changing my road.
Fast forward 30 years, and I am 36 years old sitting in my office in my dental practice. Unfortunately, for the last several years something has been nagging at the back of my mind. After I bought my dental practice and finally became “my own boss” I wanted to take a week off to spend camping with my wife and children.
I was faced with the uncomfortable truth that if I took a week off, I didn’t need to just calculate the cost of the vacation, I needed to calculate the cost of the lost production, plus add in the fixed overhead that doesn’t stop when I’m not there. My one week camping trip cost me $25,000. I began to put it together in my head that there was something wrong with my business model.
In my head I thought, “my business is a one-to-one business. So if I’m not there to produce, there is NO income. I haven’t bought a business. I’ve bought a job.
What I really need is a one-to-many business that keeps producing money even if I’m camping.” That was 5 years ago. I haven’t solved my problem yet, but I am working on it. During that time I read a lot of books. One of them recently was TMF .
I was shocked when MJ Demarco said almost exactly what I had been thinking. He called it “The Commandment of Scale”. In reality, my scale is 1, because I can only serve one person at a time. Yes there is magnitude, which is why I make a good living. But it is “good money”. And anytime I am not in the office, the good money goes immediately to -$0-.
I don’t have freedom of choice.
All the debt I took on to go to college, then dental school, then buy a $500,000 dental practice means that I am a slave to my job. And the light at the end of the tunnel that means freedom and time is 25 years away. I joined the forum to change that. I’m not sure how yet, but I will. I look forward to becoming a part of this community and changing my road.
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