Dentists: Rethink Your Financial New Year’s Resolutions—Here’s What Actually Works

Dentists: Rethink Your Financial New Year’s Resolutions—Here’s What Actually Works

Every January, the same questions surface for many dentists:
Should I invest in real estate this year? Can I really retire at 65? Is leasing that AMG a smart move or just a shiny distraction?

Valid questions, no doubt. But let’s pause for a moment.

If you’re serious about building lasting wealth as a dental professional, market trends and flashy financial resolutions aren’t where the real value lies. The secret? It’s all about the fundamentals.

These five timeless financial strategies—adapted specifically for dentists—have been used by many of the most successful practices we’ve helped launch at Ideal Practices. They’re not flashy. They’re not “trendy.” But they work.

1. Give Before You Receive

Yes, we’re starting here—and for good reason.

We’ve seen it time and time again: the most generous dentists often become the most successful. It’s no coincidence.

Giving back to your community, a local charity, or your place of worship creates not just goodwill, but momentum. Whether you call it karma or just good business values, giving makes you a better leader and often leads to deeper patient and team loyalty.

Start with a number that feels right—some begin with 5%, others work up to 10% or more. What matters is consistency and intention.

2. Pay Yourself First

This one’s simple in theory, but harder in practice—especially in a field where overhead, team payroll, and loan payments loom large.

But here’s the shift: instead of paying everyone else first and saving what’s left (which, let’s be honest, is usually nothing), flip the order.

Take 10% of your income and set it aside—automatically and immediately—before you pay a single bill.
Not in your checking account. Not in your practice account. Somewhere it can grow quietly and steadily.

Whether that becomes an emergency fund, your practice expansion nest egg, or early retirement money, you’re building future options. Options create freedom.

3. Spend Less Than You Earn (Even If You’re Earning More)

Most dentists I’ve worked with didn’t start out living beyond their means—they slid into it.

Maybe it was student loans. Maybe it was a lifestyle upgrade that grew faster than income. Either way, far too many end up in a cycle of financial stress they didn’t see coming.

Let’s fix that.

One key? Get ahead of the problem—not behind it. With just a few intentional shifts in spending and saving structure, we’ve helped clients double (sometimes triple) their monthly savings, all while maintaining a lifestyle they enjoy.

The order matters: save first, then spend. Don’t rely on leftovers.

4. Build an Asset Fortress™ with a Blueprint

No successful structure—practice or financial—gets built without a plan.

Your personal and professional wealth needs a blueprint too. That means more than just investing in the stock market or buying a second property.

Here’s what your asset fortress should include:

• Strong foundation: risk management tools like life and disability insurance

• Emergency fund: 6–12 months of living expenses

• Opportunity fund: liquid capital for growth, practice investments, or market moves

• Long-term planning: student debt payoff, children’s education, retirement, tax efficiency

Take one of our clients, Dr. Nate. He came to us with complex goals: education funding, loan elimination, asset protection, and early retirement. With a tailored plan, he stayed on track—without sacrificing his lifestyle or practice vision.

5. Use Credit Cards Wisely—Really Wisely

Let’s talk plastic.

Most dentists tell me the same thing when we first meet:
“We use our cards for the points, and we always pay them off in full.”

Sounds good, right? Until you realize those points are justifying more spending. Those sky miles and cash-back perks? They’re often distractions from a creeping issue—lifestyle inflation.

Here’s a smarter path:

• Lower your credit limits to align with a realistic monthly spend target.

• Use point-earning debit cards or prepaid options.

• Keep discretionary spending in check—especially when income rises.

Many of our clients cap their credit limits between $1,500–$3,500 and track to that number monthly. It’s not about deprivation—it’s about clarity.

Recap: 5 Financial Habits Dentists Can Build This Year

Let’s simplify the list:

• Give first – Generosity builds momentum and meaning.

• Pay yourself – Before anyone else. Period.

• Spend intentionally – Align your expenses with your values and goals.

• Plan for resilience – Build your Asset Fortress™ one smart layer at a time.

• Use credit with clarity – Points don’t matter if your habits work against you.

This year could be the one that changes your financial trajectory—not with a splashy resolution, but with steady, strategic shifts that compound over time.

If you want to explore what this looks like for your practice vision and personal wealth, my team and I are here to help you take the right next step—just like we’ve done with hundreds of dentists before you.

Here’s to your financial clarity, confidence, and growth in the year ahead.

—Stephen Trutter