Is Financial Independence for You?
Is Financial Independence for You?
Preparation is Key
As a dentist you have been taught that before you perform a procedure to have an image in your mind of what the final outcome will look like. This preparation is necessary so that you have the right instruments available. Preparation is also necessary so that you can anticipate any potential problems that might arise and have a plan to deal with them. This same preparation needs to take place when planning your financial life. Without an image of your financial outcome how can you possibly succeed?
Obstacle to Achieving Financial Independence The lack of a plan is why many dentists who earn a tremendous amount of income fail to secure their financial futures. I often meet with dentists who have not established specific goals that identify how much they will need to retire and, therefore, have not yet projected a date when they can do so. Time is of the Essence Now" is an ideal time for a financial examination. You cannot afford to fall through the trapdoor of procrastination. Because of your compressed earnings cycle, you cannot continue to risk substantial investment losses like we have seen in this current recession. While the potential for investment losses cannot be eliminated, it can be mitigated by prudent and strategic planning with the assistance of the "right team" of trained professionals. You don't have the time to start over again without solid plan.
Trevin L. Epps, MBA, CWS, is the President/CEO of Creative Wealth Strategies, an independent wealth management firm that specializes in integrated financial planning for dentists. Employing a conservative approach committed to regulatory compliance that seeks to avoid losses from inefficient tax planning, uncompensated investment risk and ineffective business structures. Trevin can be contacted at (858)450-0806, or tepps@creativewstrategies.com.
Trevin Epps is a financial advisor offering securities through First Allied Securities, Inc. A Registered Broker Dealer member FINRA/SIPC.
Find this article in dentists management advisory council's website: http://www.dentistsmanagementadvisory.com
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