3D Dentists Book Club: Analyzing Rich Dad, Poor Dad

It may seem odd to hear this, but one of the best ways to learn how to run a dental practice is by reading books that aren’t about dentistry. A dental practice is, at its core, a business with a few or a lot of moving parts. When you look at your practice this way, your references are no longer limited to dentistry books and will expand to also include some of the best business and investment books on the market. This is why for the first-ever Book Club episode, our team will be analyzing and applying what we learned from reading Rich Dad, Poor Dad by Robert Kiyosaki.

Today, we discuss the reasons why we decided to start a book club series, why we chose to review and analyze Rich Dad, Poor Dad, and how we relate it to our practice. We share why the book was a game-changer for its time as well as some of our favorite passages. We explain the difference between being rich and being wealthy and why we, as a team, are just rich. We describe how the book has impacted our careers, our financial mindset, and how we look at different ways to raise money. We discuss why Robert isn’t fond of paying debts before investments. We discuss what makes a dentist a “rich dad” versus a “poor dad.” We also explain how to receive the support and opportunities the government offers to lower your business tax. 

"The only time you should sell something is when you have something to do with that money." – Tarun Agarwal

This week on T-Bone Speaks Dentistry Podcast:

• Why we’re focusing on books in general and not just dental books.
• Some of the books that greatly impacted the way we run our business.
• Why Rich Dad, Poor Dad was a pivotal book for my career.
• My thoughts on partnering in a business. 
• Differentiating the Rich Dad and Poor Dad of the dental industry.
• The big successes that come when you add different verticals in your business.
• Why you shouldn't pay your debts first before investing.
• Building your assets and where you can put your money today.
• The benefits of a 1031 Exchange for your assets and taxation.
• Setting expectations for the associates you hire.
• The difference between being rich and being wealthy.
• Why we're supporting the economy when we buy real estate.

Our Favorite Quotes:

• "Maximize whatever the government allows you to do with tax deferred savings." – Tarun Agarwal
• "The mistake we all make with associates is we're expecting perfection and we're expecting people like ourselves." – Tarun Agarwal
• The solo owner will only make money when he or she is there. The multi-doctor owner won't lose when they're not there." – Tarun Agarwal

Resources Mentioned:

• Rich Dad, Poor Day by Robert Kiyosaki
• Atomic Habits by James Clear

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