A big part of the reason you work as hard as you do is to create lasting wealth. The kind of generational wealth that provides for your family, contributes to the local economy, and leaves a legacy.
But in order to do this, we need to look at what drives wealth.
After studying millionaires, billionaires, CEOs, investors, and successful entrepreneurs, you can observe a few patterns in their behaviour that may hold the key.
So, let’s take a look at five habits the uber-wealthy have in common.
1. Pay yourself first
If we let it, the practice could soak up every dollar we have – and then some.
You’re not operating a charity, you don’t want to live in entrepreneurial poverty. You’re running a business and working hard and you need to be paid for your labour.
There’s always equipment or materials you could buy, but you need to aside money for yourself if you’re ever going to create wealth outside of your practice (which you absolutely need to).
2. Reinvest your returns
Think of every dollar as a worker – you want it to be working for you and generating more money in turn. If you’re not investing your money, you’re robbing yourself of wealth in the longer term.
Compound interest drives wealth in the long-term, so you want to make sure you’re reinvesting and making your money work for you.
3. Get automatic investor returns
At a bare minimum, you should be getting back what the market gives you.
Look at an index fund as the minimum return and opt for asset classes that can give you equal to that or higher returns.
4. Always know what your money is doing
Being ignorant or having your head in the sand is not an excuse. You need to know what your numbers are, where it’s going, and what it’s doing for you.
Just like it is in your practice – money is a resource you want the maximum benefits from.
You might enlist the help of a bookkeeper or an accountant, but you should still know what the plan is, what your expenses are, and where the money is going.
5. Live consumer debt-free
Today, there are a million buy-now-pay-later technologies being marketed to us, and it’s easier than ever to quickly fall into consumer debt.
Simply put, don’t do it.
It’s a trap that will erode your wealth and change your relationship with spending. Just because a shiny new product is there, doesn’t mean you necessarily need it – even if you can afford the first instalment.
Living debt-free and avoiding consumer debt is a fundamental habit of the wealthy.
They all avoid reckless purchases, they budget and save for what they want, and they don’t let consumer debt eat at their savings.
So, those are five really helpful and observable behaviours we see in the uber-wealthy. I encourage you to read broadly on the topic, because the psychology behind wealth is fascinating.
P.S Want to scale your dental practice and take your profits to 7 figure success?
Me and my team can work with you directly to get you there! Simply book in your FREE 1:1
strategy session, and we can get started on a game plan for you and your practice.
