H — Holistically build wealth
Wealth building for dentists: retire rich, not just work rich
The last part of the Rich Dentist System brings everything together: clear goals, automatic saving and investing, and advice that is coordinated with your taxes.
Start with your why
Financial success starts with purpose. Ask yourself why money matters to you: freedom, family, security or the option to slow down. When the reason is clear, saving and spending decisions get easier and more consistent.
Make it automatic
- Pay yourself first with automatic transfers to savings and investments
- Use tax-advantaged retirement plans through the practice, such as a 401(k) with profit sharing or a cash balance plan
- Keep an emergency reserve for the practice and for home
- Check progress against your one-page money plan every quarter
Choose the right advisors
The wrong advisor can cost more than a bad investment. Work with fee-only fiduciary advisors who are paid directly by you, not through commissions. If advice sounds free, it probably isn’t.
Coordinated with your taxes
Investment and retirement decisions change your tax bill, and tax decisions change what you can invest. Less Tax for Dentists coordinates both, so your plan works as one system instead of separate pieces.
Learn it from Jay in person
Jay teaches this topic to dentists at meetings and study clubs. See the course: Retirement Strategies for Dentists.
Frequently asked questions
What is the best retirement plan for a dentist?
It depends on income, age and staff. Many practice owners use a 401(k) with profit sharing and add a cash balance plan at higher incomes.
What is a fee-only fiduciary advisor?
An advisor who is legally required to act in your best interest and is paid directly by you, not through commissions on products they sell.
When should a dentist start planning for retirement?
As early as possible. Dentists often start later than other professionals, so a clear plan and automatic saving matter even more.
The rest of the system
Track practice and personal finances
See exactly where the money goes, in the practice and at home, with books that are accurate every month.
Pay the legal minimum in tax
Plan taxes all year with strategies that fit US tax law, instead of finding out what you owe in April.
Eliminate bad debt
Pay off the debt that drains cash flow, then redirect those payments into savings and investments.
Put this part of the system to work
Book a free consultation and see what it could mean for your practice.