29 Year Old "Stuck" Dentist

[Chris McCarron]

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!

Build a portfolio of properties.

 

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[loop101]

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.

You could buy bigger businesses, or you could rinse and repeat - called Intentional Iteration in TMFL.

I mention this because some people cannot handle large sums of money, but are great at medium sums of money. For example, you might be good at growing a $100k business to $1M, but not have a clue how to grow a business from $1M to $10M. You see this all the time in the stock market. People can go to $10k to $100k, but fail repeatedly trying to go from $100k to $1M. They get emotional and then they get eaten.

 

[ryanbleau]

Have you thought about making dental implants or getting a lab off the ground?