Episode Summary:

In this episode of The Dental Boardroom Podcast, Wes Read, CPA and Certified Financial Planner, dives into the importance of establishing a spending plan to achieve long-term financial freedom. Wes discusses common financial pitfalls dentists face, the psychological challenges around budgeting, and actionable strategies for taking control of your money. Learn how effective spending and disciplined saving can set you on the path to a secure retirement and a fulfilling life.

Key Points:

1. The Importance of a Spending Plan: Why a spending plan is a more empowering concept than a traditional budget.
2. Understanding Your Actual Spending: Most people underestimate their expenses by 40-50%.
3. The Power of Saving: How saving $100,000 a year with 8% growth can lead to $7.3 million in 25 years.
4. Delayed Gratification and Pent-Up Consumerism: Overcoming the urge to overspend after years of dental school.
5. Financial Stress Among High-Income Earners: Why even high earners often feel financial stress and how to mitigate it.
6. Avoiding Debt Traps: Recognizing the risks of easy access to credit and making smarter financial decisions.
7. The Concept of ‘Enough’: Defining your personal financial goals and resisting societal pressure to accumulate unnecessary wealth.
8. Practical Steps: Implementing systems to automate savings, monitor spending, and align financial choices with long-term goals.

Quotes to Highlight:

• "Rich people stay rich by living like they’re broke, and broke people stay broke by living like they’re rich."
• "Budgeting isn’t about restriction; it’s about aligning your spending with what truly brings fulfillment."
• "Your spending plan is the bridge between your income and your goals."

Resources Mentioned:

• Book: Enough by John Bogle
• Website: PracticeOrbit.com for buying or selling a dental practice

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