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    6 consultants you need to engage to plan your retirement

    Engaging these consultants can make all the difference when it comes to retirement.

    Some of us plan better than others. Some of us save better than others. In my years in dental practice, I knew three types of dentists.

    The first type had a cash cow in the basement. These were usually my specialist referral doctors: endodontists, orthodontists and oral surgeons. They had such good practices they had few financial woes unless they had multiple marriages. The second were those that were very frugal from birth. This, I think is a genetic thing, or something taught early in life by their families. I never totally understood these amazing people. The third is the category I fell into: spendthrifts or late-bloomers. I always had something that could require that next dollar I was producing until I had an epiphany at about age 50.

    I finally realized that if I did not change something, I would have to work until I died. It was a scary awakening, but luckily I found some good help to plan for retirement. Once I realized my plight, I sought out good advisors to guide me along the way to the proper planning. This is a list of the types of advisors I sought out and used to help me achieve my goal of adequate funds and a plan for retirement.

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    Financial planner

    The first step in a plan is to know where you want to go. My planner showed me how much I needed to save, using my lifestyle and my cash flow. He helped me understand I needed to be more productive, and save most of that new production. He also showed me how many years it would take, and the financial instrument I needed to use to achieve this.

    Financial advisor/broker

    Most planners also have a broker service, but these two are different in function. The broker is responsible for the return on your investment, which ultimately determines if any of this plan will work. I used a personal friend at a big firm to achieve my goal.

    Practice management consultant

    I had several practice management consultants help me over the years. When I hired my last one, I was on a plateau in production and knew I needed to increase substantially what I was doing in able to save any money. With their expert help, I increased my production by about 30 percent over three years, doing two important things. I was able to save money for retirement because I kept my spending the same with more income. And the second thing was that I increased the value of my practice leading up to the sale of the practice.

    Continue to page two for more...


    David Black
    Drawing on over 40 years of clinical experience, Dr. Black focuses on speaking and coaching through in-office consultation. Dr. Black ...


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