Taking the time to build your education and skill is important regardless what profession you are in. Of course, some of these take more outlay than others. Becoming specialized in a field is something dentists understand well. Financial advisors are the same way. Financial planners can have a wide range of understanding and expertise that is built through education over time. They can specialize in certain areas, knowing how to advise those in specific industries better than others.
Education is critical in medical, financial, and technological fields. This isn’t something that needs to be explained to a dentist. But when a dental professional tries to handle their own financial matters, they can often lack the training needed to make solid, profitable investments.
This is where the concept of a dental investor can come into play. A financial advisor who supports the specific needs of a dental practice or individual provider is a valuable tool.
Dr. Peter Novelle grew up fixing things. Whether taking apart his bike, or rescuing a neighborhood cat, he found himself drawn to helping. Originally interested in veterinarian work, he made the decision to focus on dentistry after his family took a trip to Honduras and he felt a calling to work with people. He loved his high school science classes and excelled in college.
His first position was in a large dental office where he grew his skills and found an interest in working with youth. He continued his career with a specialty in pediatric dentistry and wanted to open his own practice.
Dr. Novelle wasn’t sure how to open a dental practice with his debt. Even though he was someone who prided himself on being a fixer, he knew he needed outside help. A consummate Do-It-Yourselfer, Dr. Novelle contacted a dental investor to help him create a financial plan to finance his dreams.
Creating a Plan
Dr. Novelle’s dental investment manager met with him to discover his current situation as well as where he wanted to be financially in the future. Together they took a look at his debt, savings, insurance and investments. They created a strategy to meet short-term goals and to begin building on long range objectives such as putting him in a dentist 401(k) plan.
The financial advisor provided Dr. Novelle information and structure so he could ultimately become a more knowledgeable dental investor himself. Everyone has to start somewhere – whether just out of school, working for someone else, or dreaming of building your own practice, a solid financial foundation must come first.
Working with a dental financial advisor early on in your career will help you know what your next investment steps should be for your personal wealth building. From there, as you build your dental office, they will help you move in the right direction for balancing income and taxation, making healthy investment decisions and creating a long-term plan for your practice.
If you’d like to learn more and get a free, no-obligation consultation, please contact us today and speak directly with a dental investor.