Welcome back to The Dental Boardroom Podcast! In this episode, we continue our deep-dive series on financial planning for dental practice owners — turning financial chaos into true financial freedom.

Today, host Wes Read, CPA and CFP, explores Phase Two of the financial planning journey: Developing a Personal Plan for Financial Independence.

Wes shares his unique approach, combining technical expertise and life planning philosophy, to help dentists create a personalized roadmap toward their ideal lifestyle — whether it’s a simple, peaceful life or one filled with travel and luxury.

This episode emphasizes that every dentist has two financial clients: the current you and the future you. And balancing both is key to achieving long-term independence.

📝 Download the companion worksheet to help you build your personal financial plan:

👉 Financial Goals and Spending Plan Worksheet (PDF)

Wes also shares insight into his own experiences working with hundreds of dentists and introduces the proprietary planning tools developed specifically for dental professionals by Practice CFO.

📌 If you missed the previous episode on Dental Financial Planning, make sure to go back and start there to get the full framework before continuing with this episode.

🔑 Key Points:

• There are four phases in the financial planning journey: assembling your team, developing a personal plan, building a business plan to support it, and implementing and revising as needed.
• As the CEO of your dental practice, it's essential to build a strong strategic team around you.
• Your financial team should include a CFO, a practice management consultant, and an operations manager.
• Set regular meeting cadences to keep your leadership aligned and focused.
• Personal financial planning starts by defining what a meaningful and fulfilling life looks like for you.
• You must consider both your present self and your future self when creating a financial plan.
• The first step is to create a long-term financial plan based on your ideal future life.
• The second step is to build a personal spending plan that aligns with your current financial reality.
• The third step is to reach financial equilibrium by balancing today’s needs with tomorrow’s goals.
• Download the Financial Goals and Spending Plan Worksheet to begin shaping your personal plan.
• Achieving financial independence often means making sacrifices today to gain freedom tomorrow.
• Your financial plan should be uniquely tailored to your lifestyle goals, values, and vision of success.

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