Here’s a question I recently received in our Freedom Founders mastermind community:
“What would you tell young doctors who are just coming out of school with student loan debt? Are there any things they should or shouldn’t do as they get started?”
Here’s my shortlist:
First of all, don’t go right out and start a new practice – even if someone’s willing to loan or give you the money.
It’s too difficult.
Obviously, you are intelligent enough – passing boards and getting licensed isn’t easy!
But dentistry healthcare has become big business and it’s a whole other world.
We’ve got to be great, astute dental clinicians, and yet we also need to be business owners.
Those two don’t go hand-in-hand very well!
You’ve got to increase your clinical skills and diagnostic capabilities as you learn the business.
The best thing you can do is find a mentor.
Use your network to find a respected, highly capable dentist who loves to share, holds values and a life philosophy you agree with, and has room to take you on.
It will take some looking, but they are out there!
Dedicate two years to working in their practice, following the steps of the pathway he or she lays out for you.
Don’t focus on making a ton of money so you can get the new house or new car, or whatever it is that you want.
I know you’ve worked hard to get where you are and you want to live a little bit, but give it a little more time.
After those two years, you may find a place within that same practice.
But if not, you have the groundwork, experience, and foundation of knowledge to know what to look for.
Where will you go next?
Are you going to open a practice?
What type of practice and what price point?
The second thing: Be very careful about taking on new debt.
Learn to pay as you go for your lifestyle.
If you get into consumption debt, it’s very hard to backtrack.
I know many great and productive dentists who had to keep working into their 60s or 70s because they never got the debt monster under control and it continued to compound.
My key advice today:
- Find the best mentor you can and be an apprentice for two years.
- Don’t let the debt monster take control of your life.
If you do those two things, I promise you will be happier and more successful, and your life will feel better and move faster.
To your freedom!
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.