In this episode of the Savvy Dentist Podcast, Tim Mcneely joins us to share his wisdom in helping dentists create passive wealth outside of their practice. He knows the industry intimately and his wife is a dentist which puts him in a great position to speak to us about this topic.
In this conversation we talk about the steps you can take to create wealth outside your practice, why you need to do it, what it takes to do it, and resources you can consider before or while going through the journey.
In this episode we discuss:
- [02:16] The story of how he found his way into the work that he does.
- [03:19] The rationale behind why dentists need to start thinking about creating wealth outside their practice to develop passive income.
- [05:06] The look of a successful retirement.
- [07:06] Reasons why people don’t think about creating wealth outside their practice.
- [09:15] First step you need to take to start creating the journey of creating wealth outside your practice.
- [11:10] Principles of wealth creation that stand the test of time that you can adopt.
- [13:04] Discipline as a very common characteristic seen in his most successful clients.
- [14:07] The percentage of income that should be allocated to future wealth creation.
- [15:00] Things you need to think about to prepare for changes in economic seasons.
- [17:10] Advice for people who are thinking twice about taking risks.
- [18:50] The challenges that dentists go through and what they should think about.
- [20:50] Overview of the book Becoming Seriously Wealthy.
- [23:06] His observations about the ultra wealthy.
- [24:42] Things that surprised him in his research.
- [27:05] Making creation of wealth a priority.
- [27:39] Where to get Tim’s book.
- [28:27] Resources for people on creating wealth and mindset.
- [30:27] The benefits of masterminds and peer-to-peer learning.
- [32:45] Big things to consider about creating your journey to wealth.
