In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, continues the miniseries on the relationship between money and happiness and what it really means for dental practice owners.

Wes begins by revisiting key lessons from earlier episodes: money can reduce stress up to a point, but beyond a certain level of income, happiness plateaus. True financial peace of mind comes from building reserves, delegating financial complexity, and resisting lifestyle inflation. He also reflects on insights from The Millionaire Next Door, where frugality, discipline, independence, and intentional spending separate wealthy professionals from those who simply earn more but save less.

The focus of this episode is on Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton, a landmark study that shows happiness is not about how much you earn, but how you spend. Wes outlines five core principles:

• Buy experiences, not things. Lasting joy comes from memories, not possessions.
• Make it a treat. Scarcity increases appreciation.
• Buy time. Use money to outsource tasks and free yourself for what matters most.
• Pay now, consume later. Avoid the stress of debt-fueled purchases.
• Invest in others. Generosity directly boosts well-being.

Wes then applies these lessons directly to dentists. He encourages owners to use money to create margin, not busyness, and to invest in their teams even if it means paying above market for A-players who transform culture and patient experience. He shares personal reflections on choosing experiences over possessions, from family vacations in Europe to carefully planning how his time is spent.

Quoting John Bogle’s Enough, Wes emphasizes the importance of defining what is truly enough” and aligning spending with values. Budgeting, he explains, isn’t about restriction, it's about directing resources toward what genuinely creates fulfillment.

He closes with an equation: Real goal = Freedom of choice + Peace of mind. By avoiding marginal thinking, making intentional financial decisions, and nurturing relationships above all, practice owners can use money not just to build wealth, but to create a more fulfilling and happier life.

Key Points

• Happiness from money comes from how you spend, not just how much you make.
• Buy experiences, not things; scarcity makes luxuries more meaningful.
• Use money to buy time and reduce stress.
• Pay now, consume later to avoid financial anxiety.
• Invest in others generosity builds well-being.
• Align spending with your values to define “enough.”
• Budgeting is about purpose, not restriction.
• True wealth equals freedom of choice plus peace of mind.
• Strong relationships remain the #1 driver of lasting happiness.

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#DentalBoardroomPodcast #DentalFinance #HappyMoney #DentistLife #FinancialFreedom #WealthMindset #PracticeCFO #WesReadCPA #MoneyAndHappiness #DentalPracticeOwners