A Summary and Commentary of Warren Buffett’s “2018 Letter to the Shareholders”

Nate Williams Financial Planning, Investments 1 Comment

Each year Warren Buffett, the greatest investor the world has ever known, writes a letter to the shareholders of his company, Berkshire Hathaway. This letter has become somewhat of a “secret scroll” for investors and business geeks alike, with Mr. Buffett pouring out wisdom and wit in his typical style of brutal honesty. I have been reading this annual letter for years and recommend it to you if we share this interest. (Last year, I summarized Buffett’s 2017 letter on this blog, which you can read here: https://www.practicefinancialgroup.com/investment-optimism/). For those of you who want the summarized version of this year’s letter applied to doctors, keep reading…. Please follow and like us:

Nate WilliamsA Summary and Commentary of Warren Buffett’s “2018 Letter to the Shareholders”

How to Become a Decamillionaire Doctor, Part II

Nate Williams Financial Planning, Personal Management Leave a Comment

In last week’s blog post, I discussed the first two essential phases of becoming a decamillionaire doctor, which are: Become a clinical expert Learn to make money with your clinical expertise by: Learning to lead Establishing systems in your business Learning to sell Doing your work fast This week I’d like to discuss the third phase of this process: 3. Learn to manage your money like a decamillionaire One of the key takeaways with phases 1 and 2 is that you will be far more successful with good help. The most successful practice owners get professional help from consultants to learn how to run their practices in addition to the daily help they get from their staff. In our complicated world, it is virtually impossible to know everything you need to know about every area of life for the decisions you need to make. For example, in your practice do …

Nate WilliamsHow to Become a Decamillionaire Doctor, Part II

Should I Invest In…?

Nate Williams Financial Planning, Investments 2 Comments

One of the most important things we do for our clients is talk them out of bad decisions. In life, the decisions you don’t make are as important as the decisions you do make. Like the decision not to do meth. Likewise, the investments you don’t make are as important as the investments you do make. We were recently introduced to a 65-year-old dentist who doesn’t have anything saved for retirement. Admittedly, he spent his life keeping up with the Jones’. Additionally, he blew his entire life savings (several million dollars, he told us) on a bad investment with a friend. Very sad. My father-in-law, a physician, told me that when he graduated from residency, the director of his program told him to “take the first $500,000 you save and burn it!” When he was asked why, he simply said, “well, that’s what you’re going to do anyways, so just …

Nate WilliamsShould I Invest In…?

4 Common Mistakes Dentists Make with Student Loans

Brian Hanks Financial Planning, General Leave a Comment

A few weeks ago I had the chance to scratch an item off my bucket list when I flew to New York and saw the US Open tennis tournament live. As a casual fan and player, I loved the opportunity to sit as close to 10 feet away from Nadal, Murray, Djokovic and Williams – the best in the world. As I watched them play, I could predict who would win almost every time by looking at only one statistic: unforced errors. An unforced error is a lost point entirely the result of a player’s own blunder, and not because of how well the other player has played. As dentists struggle to repay record levels of student-loan debt, many are making unforced errors that threaten their long-term financial security and delay retirement. Unforced Error #1: Assuming Income-Based Repayment Plans are the Best Option Please follow and like us:

Brian Hanks4 Common Mistakes Dentists Make with Student Loans

The Millionaire Dentist Next Door

Nate Williams Financial Planning, Personal Management Leave a Comment

In the most comprehensive, revealing study about true wealth in America, Dr. Thomas J. Stanley, PhD profiles the real millionaires in our country. In this landmark book, the majority of the people he profiles have a net worth (total assets – liabilities) of $1 – 10 million. They are also first-generation millionaires. Our clients—hard working dentists—are this group of people. This book was written for you. After reading dozens of books on the topic of personal finance, this is the book I come back to time and again to refresh my perspective on how these millionaires build wealth. After my most recent reading, I am inspired again to refine these principles in my own life and to recommend them to you. Please read the book. If you prefer to listen, Audible.com has an abridged version that is fantastic. Then read it again. And digest and implement the principles he teaches. …

Nate WilliamsThe Millionaire Dentist Next Door