Dr. Wade Pilling is a dentist and entrepreneur in Boise, Idaho. He likes running multiple businesses and has done well with both his dental practice and his outside ventures. On this episode, he tells the story of building up his practice and leveraging his income to invest in other businesses as well. Listen to this interview to get valuable investment ideas and learn some key principles for investing well.
How do you know if an investing opportunity is a good one?
When you are presented with investing ideas, it can be a challenge to know whether or not the opportunity is a good one that makes sense for you. On this episode, Dr. Wade Pilling shares his investing story and talks about what he looks for in a person who approaches him looking for an investment. Listen to this episode to learn how to identify the right person, recognize your position of negotiation, and know when to bring an attorney into the mix.
Using your dental practice as an engine to drive your other investments
Dr. Wade Pilling has set up his dental practice as an engine that can drive all of his other ventures. Because of his thriving practice, he is able to go out and do other things. On this episode, Dr. Pilling describes how he has built his practice to this level, including some challenges he had along the way. Listen to this episode and learn how being a patient advocate and building a strong reputation laid the foundation for a thriving business that led to Dr. Pilling being able to fund additional investment ideas.
Can debt actually fuel your wealth and success?
Being debt-averse can actually prevent you from building wealth, according to Dr. Wade Pilling. Rather than paying off all of his debt quickly, he has used his income from his dental practice to invest in other ventures that create passive income streams. On this episode, he talks about debt and the role that it plays in increasing his cash flow and allowing him to act on his investing ideas to build wealth. Listen to this episode to hear Dr. Pilling’s perspective on debt and how you can leverage it to work for you.
Investment ideas – What every dentist can do
Not every dentist has the resources or the desire to invest in the types of ventures that Dr. Wade Pilling has pursued. But there are steps that every dentist can take to build their wealth and prepare for the time when they want to step away from the practice and be more involved in other things. On this episode, Wade and T-Bone discuss the basics of what you can do to begin saving money without ever missing it. Listen to today’s interview to get investment ideas and to learn how you can get started regardless of your current financial status.
Outline of This Episode
- [0:15] Intro to Dr. Wade Pilling, dentist and entrepreneur.
- [2:46] Creating a “machine” in your office so you can go out and do other things.
- [4:06] Wade Pilling describes his various ventures and how his teenage son started a business.
- [11:50] How do you know if an investing opportunity is a good one?
- [14:25] Dr. Wade Pilling’s dental practice story.
- [17:56] How Wade Pilling created his practice to be an engine for his other investments.
- [19:39] Doing cosmetics and implants in an insurance environment.
- [21:06] How Dr. Pilling is marketing his cosmetic and implants
- [22:01] Investment ideas – What every dentist can do.
- [25:05] Should I invest myself or work with a money manager?
- [27:13] Can debt actually fuel your wealth and success?
- [29:56] How do you avoid spending too much?
- [32:27] What allowed Dr. Pilling’s practice to be so successful?
- [35:49] Other consulting work that Dr. Pilling is involved in.
- [39:06] The potential of keeping up production in less time.
- [44:09] Long-term goal – Ten years to retire from dentistry.
- [49:04] Deciding when to allow your venture to be bought out.
- [52:10] Dr. Pilling just started a group for dentists who want to do Spartan racing.
- [53:35] Don’t be debt averse when it comes to funding passive income.
Resources & People Mentioned
Listen to the entire interview
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