One of the most underrated aspects of becoming a business owner is knowing how much you pay yourself. More than just the monthly salary, paying yourself stretches until the years beyond retirement age. It’s all too easy to get caught up in the race to show everyone how successful we are by flaunting how much money we can spend, sacrificing our financial freedom in the process. How do you calculate how much money you’ll need by the time you can’t legally earn it anymore?
In today’s episode, I share the different phases of financial freedom. I explain how to calculate your practice’s ideal monthly or annual income as well as how much you should pay yourself. I discuss a variety of factors involved in tackling retirement money and knowing how much you need to maintain your lifestyle at 40 by the time you reach 60. I also explain how I personally solved my retirement fund numbers and how much I plan to have by the time I retire.
“The person who can’t fund a retirement doesn’t have a time issue; they have a money issue.” – T-Bone
This week on T-Bone Speaks Dentistry Podcast:
- The different phases of financial freedom.
- The average annual income of a dental hygienist.
- How to determine how much your practice needs to earn monthly.
- Where your income should come from.
- Knowing how much overhead should cost.
- When you should start funding your retirement.
- The number one bill people aren’t paying.
- How long it took me to figure out my retirement fund plan.
Our Favorite Quotes:
- “We are so programmed to pay in monthly notes.” – T-Bone
- “You got to fund your working capital. You got to have a working formula.” – T-Bone
- “You should pay yourself whatever you would pay an associate or another dentist to work in your practice.” – T-Bone
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