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How to Build Personal Wealth

By Ronald F. Arndt, DDS, MBA, MAGD

PRACTICE CONUNDRUM: As a progressive dentist, I am working harder than ever. What can I do to build my personal wealth?

One of the goals I hear from nearly all of my clients is that they want to higher financial goals. They want to earn enough money so that they will never have to worry about money again. The big question is: “how am I going to do it?”

One of the things that we have lots of old ideas about is wealth building and yet there is one simple formula for financial success in dentistry. You can get wrapped up in all the fancy techniques you want, monitor all the latest investment trends or hire the most famous money managers, talk to our golf buddies, yet the bottom line is this, the majority of wealth building is about SPENDING LESS THAN YOU MAKE.

David Chilton of The Wealthy Barber fame points out that living within your means is what it’s all about when it comes to making your fortune. Easy as it sounds it is critical that you save money. “All of financial planning, being properly insured, saving for your kids education, funding your retirement, whatever. It all involves saving money and making some sacrifices.”

The following Top Seven tips, adapted from Brian Tracy, international speaker and writer, will help you develop the habits to create the mindset that offers a future of choice as opposed to wondering if you will ever get rich.

The Top Seven Steps To Creating Your Wealth Building Mindset

1. Pay yourself first. While this may sound a bit old fashioned it is the single most important key to financial success. Take 10 to 15 percent off the top of your paycheck and deposit it directly into a bank account. Consider an electronic deposit as you cannot spend what you do not see.
2. Treatment plan your economics. Dentists recognize that a successful dental treatment plan is an orchestrated process. It evolves from an initial examination using appropriate diagnostic tools. Before treatment can start, the patient must be educated about the treatment plan, the consequences of non-treatment and the time, effort and money involved. A similar sort of treatment planning is necessary to achieve personal and professional financial success. Work with a knowledgeable professional to create a concisely written strategic wealth building plan.
3. Review your major goals every single day. The very act of revisiting your goals and thinking about them every day will begin to attract into your life all kinds of people and opportunities that will bring you closer to achieving your objectives.
4. Plan every day in advance. Develop your prioritized task list for the next day just before you retire or first thing in the morning.

5. Concentrate single-mindedly on the most valuable use of your time. Once you determine what are the one or two most important things for you to concentrate on, allow nothing to get in the way.
6. Listen to audio programs in your car. Turn your car into a virtual learning university. You can become incredibly well-versed in any subject using this educational format. That includes the variety of ways to save and invest your money.
7. Perform Coach Ron’s LBNT after every significant event or important communication. Ask these two questions: What did I Like Best and what would I do Next Time?

Dr. Arndt is the only Master Certified professional dental Coach on the planet. He blends 20 years of clinical dental practice with five years of executive corporate experience in the financial planning and investment management industry.

With his graduate business training and hands-on experience, he coaches dental professionals throughout the United States and Canada. Dr. Ron is the author of a series of ThinBooks© and web-based Right Hiring and Retention for the Dental Team© learning modules and a new dental-specific Hiring Assessment tool, DTA. You can contact Dr. Ron at 440-748-6161 - or use the contact form

Dr. Ron is the only Master Certified Dental Coach (MCC) on the planet. He has blended 20 years of clinical dental practice with executive roles in financial planning and investment management along his graduate business training to provide his clients with the tools, support, and accountability to accomplish more. About Dr. Ron, "I count you as one of life’s best finds", says Dr. Gary Imm of Reisterstown, Maryland. He has authored many articles; manuals; ThinBooks ^tm; TeleClasses and if you visit http://www.drarndt.com you can receive one of his FREE reports, "9 Painful Mistakes Dentists Make in the Hiring Process"

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