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INTRO 29 Year Old "Stuck" Dentist

DrDentist

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Finished Millionaire Fast Lane. I am a 29 year American dentist with my own practice. I've done well investing in a lot of CE and advanced to doing procedures most dentists don't do. I also have one dentist associate and am earning over $500k yearly. I have realized I am close to maxing out.

I can open more practices or have more associates, earning maybe an extra $75-100k per additional practice. However, I'll never be able to get into the tens or hundreds of millions of net worth this way.

I've also done well in the saving money side. I don't like spending money unless it's earning me more money. My net worth is between $500-$1 mil if I liquidate my practice. However I have no idea what else I would do. Taking time off costs me $1000-2000 per day.

I will read through the forum for ideas but any comments welcome!
 

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Real Deal Denver

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I can open more practices or have more associates, earning maybe an extra $75-100k per additional practice. However, I'll never be able to get into the tens or hundreds of millions of net worth this way.
Life is hard when you have to scrape by on a half mill. Hey - I couldn't resist that one - sorry.

Man, if I only had your problems. You have a ton of money - a great business - and a lot of time - all on your side. You have it made in the shade!

First, let's evaluate your lifestyle. Are you like Johnny Depp that spends a mill a month? Downgrade your lifestyle. Can you set aside $100K or $200K a year?

If you can, you can buy real estate, for let's say 20% down payment, in most good markets in the US. Let's be adventuresome and work with the $200K number. You could buy one million in real estate in one year, using the 20% down figure. Ten years is ten million. Done. But now the fun starts.

Now if they go up in value, you could rake in the appreciation of, say 5%, a year, which over ten years, compounded is $1,629,000, more or less. Your gain in appreciation would be $629,000. That's for one property. Times ten is $6 mill plus. We could be looking at $16 mill total value. Minus whatever the loans are paid down to. And many other factors. In short, if you financed this over a 15 year note, you would be 3/4 of the way from having things starting to be paid off. If you took the income from all of them combined and applied that paying into off the properties, one by one, the snowballing effects are staggering. I have that data, but it is beyond putting in this post here.

There are other ways to invest, but you give up a measure of control. In fact, a lot of control. Sometimes all your control. That is the C in cents, which MJ discusses in his book, The Millionaire Fastlane.

I'm all for hard assets. You could also develop the next great online biz. That is unless someone like Sergey Brin (Google co-founder) or Mark Zuckerberg (Facebook founder) doesn't roll over you and squish you like a stale muffin on a hot Georgia sidewalk.

You could do stocks too. Hope you don't run across any friends or admirers of Bernie Madoff though.

Lots of options. Look for the biz with the most control and the least exposure to being mortally wounded. But something better than Bank CDs or bonds - please.

Ten years, and now you're in the tens of millions. And you will be immune from a CEO that would lie to you, or declaring bankruptcy, or getting banned by the FDA for their drugs side effects, or having their pants sued off of them for any of a hundred things (Starbucks refusing a black customer the use of the bathroom? Just happened.). Now investing outside of your "control" doesn't look quite so good, does it?

That's my niche. The rule I live by is to not invest into something that I don't completely understand. That rules out most of the shiny things. And that's a good thing.
 

LimitlessPRO

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I dont get the point of this post -- making $500K a year at 29 - you have plenty of time to save save save and then invest. Are you trying to go into a completely different field? Or start something from scratch?

A solid $500K+ a year will get you far after 10-20 years in.

I would not consider dentistry 'fast lane' by any means - but after 8 years of schooling invested, plus cost of opening up the practice, plus (loans?) hanging above your head -- I'd give a fair chance prior to jumping ship.
 

NadiaZ

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I dont get the point of this post -- making $500K a year at 29 - you have plenty of time to save save save and then invest. Are you trying to go into a completely different field? Or start something from scratch?

A solid $500K+ a year will get you far after 10-20 years in.

I would not consider dentistry 'fast lane' by any means - but after 8 years of schooling invested, plus cost of opening up the practice, plus (loans?) hanging above your head -- I'd give a fair chance prior to jumping ship.
Are there any problems you've encountered as a dentist in your day-to-day work?

Think about it and create a solution. Before you know it, you'll have a business.
 

kelvinfernandezm

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Finished Millionaire Fast Lane. I am a 29 year American dentist with my own practice. I've done well investing in a lot of CE and advanced to doing procedures most dentists don't do. I also have one dentist associate and am earning over $500k yearly. I have realized I am close to maxing out.

I can open more practices or have more associates, earning maybe an extra $75-100k per additional practice. However, I'll never be able to get into the tens or hundreds of millions of net worth this way.

I've also done well in the saving money side. I don't like spending money unless it's earning me more money. My net worth is between $500-$1 mil if I liquidate my practice. However I have no idea what else I would do. Taking time off costs me $1000-2000 per day.

I will read through the forum for ideas but any comments welcome!
I have no experience in any of this just sharing something I read. I can't remember where I read it, maybe on this forum?

There was this guy who was also a dentist who had all his equipment at home. Instead of seen patients he just got them to send him their teeth molds. After getting the molds he wold do custom grills like the ones rappers used. Well this guy was making millions or still is. It was a mix between been a jeweler and a dentist. The mark up on his pieces were insane.

It's funny how everyone thought grills were just a fad back in the early 2000's but it seems that even the new generation of rappers are still using them. Back then they were just solid gold or diamonds now they are all colorful with different gemstones in them.
 

MJ DeMarco

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However, I'll never be able to get into the tens or hundreds of millions of net worth this way.
Do you want tens of millions?

At $500K of income per year, you should be able to retire pretty early while paying cash for everything, including the dream house and the dream car. It's when you want 10 Lambos and 4 houses is when "tens of millions" will be needed.
 
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DrDentist

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The main problem is that I am in the wrong lane..

I do want tens of millions but this lane won't take me there. There is no longer any excitement. I have grown exponentially until now but I can no longer keep it going unless I completely switch lanes. Retiring to me is switching to an even slower lane. I want to use what I have to merge into faster lanes basically.
 
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DrDentist

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How much would it take to open and get a new practice to 75-100k, in time and money?
Would take about 6-12 months of set up and training in order to remove myself. This is, of course my current plan. Second one already under way but I'm already looking at exit plans lol..
 

SteveO

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You have something that most don't... the ability to put cash together. Million dollar investments tend to make a lot more than 100K investments.

Learn something that can make money. I understand real estate so will talk real estate to you.

Get an understanding of the game making smaller investments. As your learning and understanding increases, increase the investment. Find a "Patsy", er, uh, sponsor that works the game. Many are looking for investors. A good one is invaluable. They do all the work and you provide dollars. Make sure they are providing some dollars as well. 10% of the overall investment is a good number. You can leverage with bank money as well if you wish.

Grow with this person while continuing to evaluate your options.

Keep making money as a dentist until your income from investments get to a level that you can focus on that alone.

I have seen many people make mega-bucks this way.
 

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DrDentist

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You have something that most don't... the ability to put cash together. Million dollar investments tend to make a lot more than 100K investments.

Learn something that can make money. I understand real estate so will talk real estate to you.

Get an understanding of the game making smaller investments. As your learning and understanding increases, increase the investment. Find a "Patsy", er, uh, sponsor that works the game. Many are looking for investors. A good one is invaluable. They do all the work and you provide dollars. Make sure they are providing some dollars as well. 10% of the overall investment is a good number. You can leverage with bank money as well if you wish.

Grow with this person while continuing to evaluate your options.

Keep making money as a dentist until your income from investments get to a level that you can focus on that alone.

I have seen many people make mega-bucks this way.
This is excellent advise.. Thank you.
 

Late Bloomer

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Welcome to the forum! The one thing you don't mention is, would you like to continue with dentistry? Do you enjoy the work, or is it just a cash generator that you can't stand any more?
 
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DrDentist

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Welcome to the forum! The one thing you don't mention is, would you like to continue with dentistry? Do you enjoy the work, or is it just a cash generator that you can't stand any more?
Actually I love dentistry, especially the type of dentistry I do right now... I still spend a significant amount of time developing clinical skills and learning more, mainly because it is interesting to me to treat more complex cases. However I can't imagine not getting bored of the same thing if I keep doing it for another 10-30 years.
 

Tiago

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Actually I love dentistry, especially the type of dentistry I do right now... I still spend a significant amount of time developing clinical skills and learning more, mainly because it is interesting to me to treat more complex cases. However I can't imagine not getting bored of the same thing if I keep doing it for another 10-30 years.
I noticed something in your language.

You said "I can't imagine not getting bored of the same thing if I keep doing it for another 10-30 years."

And yet, you love dentistry.

Does that have to change? What if you could develop your love even further into this practice, to the point it makes you absolutely fascinated and motivated to do?

Not all excitement and enthusiasm decays. It only decays if we let it.
 

SteveO

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Not all excitement and enthusiasm decays. It only decays if we let it.
Motivations change all the time. You are correct that it is only if we let it happen. But success, time, health, kids, grandkids, parents all have an affect. We are not static here.
 

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If you want to make more money, you have to figure out a way to impact more people. Make an online course called "How to avoid having to go to the dentist" and you will make tens of millions.
 

Real Deal Denver

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AgainstAllOdds

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I know a dentist worth tens of millions. He started with a practice, then started buying random businesses for fun.

You can start by buying a business. Something for around $100k. Learn how to manage it. Find ways to improve it.

Once you get better at business, move onto bigger businesses that you can grow. Use your main practice as a base to cover risk.
 

MJ DeMarco

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Use your main practice as a base to cover risk.
I lost my regular dentist because of this... he "retired" to one practice day per week. The rest of the days he was off in other business ventures. He probably was mid-40's.
 

Evil_Jester

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Buy apartment complexes??
 

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SteveO

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What percentage returns can you expect with this? I can't imagine more than 5-15%?
Do the math on cap rates and investigate how incremental increases in rents make for larger returns. This is where a sponsor come in handy. I always liked 100% returns and surpassed those frequently.

Don't just buy for cashflow. There are other ways.
 

SteveO

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You are making me work to give information. Research past posts.
Read the books:
How to buy and sell apartment buildings by Vollucci
The complete guide to buying and selling apartment buildings by Berges

Old books but valid in concepts.
 

Real Deal Denver

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What percentage returns can you expect with this? I can't imagine more than 5-15%?
You buy a complex for $1 mill. You put down 25%, which is $250,000.

It goes up only 5% in the first year. 5% of $1 mill is $50,000. Leverage your money.

Or - you buy $250,000 worth of stock. It goes up 10%. You make $25,000.

Your stock broker, Bennie Madoff, cousin of Bernie Madoff lies to you. A tenant has a dog. Lied to you about the pet policy.

What is your risk tolerance?

Read the books SteveO mentioned. Just a google search will be surprisingly insightful.
 

MJ DeMarco

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I've I were in your position, I would not let my dental stills fade and wade. Even if I succeeded a Fastlane.

If I could work a few days a month to keep my skills sharp, I'd do it.

Why?

Because dentistry is a hard skill that will always pay, and always be in demand.

It's an incredible safety net.

It is recession proof, depression proof, and heck, even apocalypse proof. When the spaceships leave to avoid the impending doom from the approaching asteroid, a dentist would have no problem accepted to be aboard versus the dude who says "I sell trinkets imported from China via my Shopify website." I'm partially joking, but part of me isn't. ;)
 
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DrDentist

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You buy a complex for $1 mill. You put down 25%, which is $250,000.

It goes up only 5% in the first year. 5% of $1 mill is $50,000. Leverage your money.

Or - you buy $250,000 worth of stock. It goes up 10%. You make $25,000.

Your stock broker, Bennie Madoff, cousin of Bernie Madoff lies to you. A tenant has a dog. Lied to you about the pet policy.

What is your risk tolerance?

Read the books SteveO mentioned. Just a google search will be surprisingly insightful.
I like this post.. I'll be on the search for this.

It's my risk tolerance that has been low in the past and what I need to focus on. But it's when we are young that we can take risks and still recover.. worst case scenario..

It's still going to be hard convincing my wife--buying a $1 mill property. *Gulp* lol
 
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DrDentist

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I've I were in your position, I would not let my dental stills fade and wade. Even if I succeeded a Fastlane.

If I could work a few days a month to keep my skills sharp, I'd do it.

Why?

Because dentistry is a hard skill that will always pay, and always be in demand.

It's an incredible safety net.

It is recession proof, depression proof, and heck, even apocalypse proof. When the spaceships leave to avoid the impending doom from the approaching asteroid, a dentist would have no problem accepted to be aboard versus the dude who says "I sell trinkets imported from China via my Shopify website." I'm partially joking, but part of me isn't. ;)
I don't think it's recession proof actually. 95% of dentistry is still "elective." Your dentist just tells you it's not in order for you to get the treatment.. Think about it.. you don't really need teeth or implants to live. People can live with broken teeth or no teeth just fine--but of course, they won't look good and they can't eat their steak.

I have no intention of retiring still though. I like the challenge of complex and big cases that pay well. If anything, my plan is to retire from the simple fillings and crowns and limit myself to do the bigger cases (full mouth implants, IV sedation and wisdom teeth, etc).
 

SteveO

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You buy a complex for $1 mill. You put down 25%, which is $250,000.

It goes up only 5% in the first year. 5% of $1 mill is $50,000. Leverage your money.

Or - you buy $250,000 worth of stock. It goes up 10%. You make $25,000.

Your stock broker, Bennie Madoff, cousin of Bernie Madoff lies to you. A tenant has a dog. Lied to you about the pet policy.

What is your risk tolerance?

Read the books SteveO mentioned. Just a google search will be surprisingly insightful.
But wait... There's more! If rents go up 5% the value of the building goes up on a steeper line. That rent increase will look different in the NOI equation. Plus, if you can increase other parts of the income equation like occupancy, lost collections, etc... You could actually increase gross rent collections by a greater amount. So you could increase gross by 20%. Which in some cases will increase net by 40%.

So with this you could make 400K or more on the 250K investment. This is still not all that can be done. Just a sampling. I don't really use cap rates in the buying and selling of commercial deals. But the math gives you an understanding of what is possible.
 

LynetteP

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I don't think it's recession proof actually. 95% of dentistry is still "elective." Your dentist just tells you it's not in order for you to get the treatment.. Think about it.. you don't really need teeth or implants to live. People can live with broken teeth or no teeth just fine--but of course, they won't look good and they can't eat their steak.

I have no intention of retiring still though. I like the challenge of complex and big cases that pay well. If anything, my plan is to retire from the simple fillings and crowns and limit myself to do the bigger cases (full mouth implants, IV sedation and wisdom teeth, etc).
How about doing something with a dental product? I've been trying to perfect a simple one to either license out or sell myself, but I ended up putting it on the back burner about 6 months ago.
 

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