How Much Income is Enough for Dentists? – IC022

How much money is enough? Let’s face it, General Dentist is one of the most challenging jobs in the world - what level of income is worth the stress and health risks? This is a very personal question and will vary according to each Dentist's money mindset and personal values. Dr. James Martin joins us again to discuss personal finances for Dentists. https://youtu.be/QwtQ43cU2uY Check out this full episode on YouTube “Your rich life is determined by your little network, your family, your friends, your nearest and dearest - THAT is worth more than any amount of money.” Dr. Jaz Gulati Need to Read it? Check out the Full Episode Transcript below! The Highlights of this Episode:4:28 How much money is enough for Dentists?11:42 How does one decide how much money is enough for them?15:16 When do you envision Retirement?18:57 Financial Independence23:23 Importance of Saving36:40 Should associates look towards practice ownership?41:41 Summary Points Check out this book recommended by Dr. Jaz: I Will Teach You To Be Rich By Ramit Sethi If you enjoyed this episode, do check out Money – 5 reflections to help you get started with Investing Click below for full episode transcript: Jaz's Introduction: Let's face it guys. If dentistry didn't pay what it did, would you actually go into work? I think we have one of the most TOUGHEST JOBS there is. I mean, obviously I'll be biased when I say that, and so would you, but really think about it. We don't have a pleasant job at times. It's highly rewarding, but we take a lot of risks. [Jaz]We risk our health to do what we do. So if we didn't pay what it does, would you still do it? Probably not. I know I've spoken to a lot of you about this and we all seem to say, you know what? You know it should pay more if anything, but if it paid any less, then you definitely wouldn't do this job. Now it got me thinking how much money is enough because we're in danger of doing this horrible thing where we look at other people's lives and they say, oh yeah, he's gone to Maldives on holiday and how many cars this person have, and you start to look over the fence and the grass is greener on the other side, we start buying things. We don't need to impress people, we don't like, you've heard this all before, obviously, but the topic of today is something very sensitive. HOW MUCH MONEY IS ENOUGH? It's a funny one, isn't it? Right? What are your goals? We talk about retirement, we talk about how much money is your rich life, and I talk about the origin of that in the main podcast episode. Just give some context. I went to the podcast show in London today, which was a nice, fun day out, and I went to be able to serve you guys better because it is become a big part of my life, the podcast. I love doing it. I'm so appreciative that I have an audience. You guys, you listen to me. Thank you so much for listening to me. It means everything to me and I want to serve you more. So that's why I went to the podcast show, pick up few tips and tricks. I invited my buddy James Martin from Dentist who invest come along. He of course did episode 44, if you remember. So if you're beginning into investing, like if you're a beginner in investing, then you should to totally listen to that episode. We cover a lot of personal finances in that episode, but today we're covering this, you know, it's like a group function almost. Right? This episode we're going to cover this one topic where how much money is enough, and I also cover this theme towards the end of as an associate, should you be looking to become a principal. Because principals earn way more according to the figures that I quote, which are the NASDAL figures, which are like a bunch of averages. So we'll share all of that and hope this episode doesn't offend anyone. It's sold very much based on averages and whatnot. And of course, finance is such a personal thing, right? Main Episode:So let's join the interview with James,