Tips to Help You Take Control of Your Finances TODAY!
Mar 18, 2024
Dentistry is an exceptionally rewarding profession, but it can come with significant financial burden. It is common for me to work with dentists who are still repaying debt from their education, their practice debt, as well as their personal debt. The overwhelming bills in every aspect of your life causes additional pressure for you as a business owner.
Fortunately, using the Profit First model allows you to factor in debt when evaluating your profitability. You can even choose to allocate a portion of your profit towards paying down debt. By implementing this proven system, you can work towards quickly eliminating your debt.
Here are some quick tips to help you take control of your personal and dental practice finances today:
- First, take a look at your debts, including any payments, credit card debt, and other outstanding balances. Make a list so you can see the full picture of your debts.
- Next, track your spending to see where you spend the most. If you find yourself using credit cards without being able to pay them off in full each month, it might be time to reassess.
- If your debt seems impossible to handle, consider speaking with your banker about consolidating some loans. Be sure to check out my book Profit First for Dentists to learn more about our recommended financial strategies.
Remember, taking control of your finances is a process, so be patient!
Know that there is hope. Our proven methods are here to help you reduce your debt and restore cash flow. Watch this educational video to learn more on this topic.
Want to take care of your business finances with ease? Get started today!
-Barb Stackhouse, RDH, M.ED.
Mastery Profit First Professional
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