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How are ancient Roman architects and today’s successful dental professionals alike?
T
hat title may sound like the begin- ning of a joke, but in fact, it was a concept that MDIS developed for a presentation at the recent
“Connect 4 Success” meeting that focused on new dentists. In reality, it’s relevant for a dentist or professional regardless of age or career stage.
Thinking of ancient Rome conjures up thoughts of magnificent structures that have endured for centuries such as the Coli- seum, St. Peter’s Basilica and the Sistine Chapel. These structures are as amazing now as they were back then.
Am I suggesting that we compare these majestic, ancient marvels to the dental work of today? Not exactly … but there is an important similarity between ancient Roman
architects and successful, dental profes- sionals of today: They both rely on a strong foundation. Consider these Four Pillars that, in part, form a successful foundation as a dental professional:
1) RETIREMENT
I believe that most dentists enjoy their job, but you can’t work forever and most of us have plans for retirement. But, do you have plans for your plans? Some plans include a leisurely life of travel or maybe relaxing and pursuing long-denied hobbies. Sounds great, but you may never realize those dreams unless you have plans for how you are going to make that possible. Funding a 30-year retirement will take financial planning prowess as you juggle the effects of inflation,
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distributions, taxes, asset allocation and ex- penditures. Are you up to the task? If you are a new dentist, don’t neglect this. Get started right away and make regular, even automatic, contributions for your retirement. And it’s never too late. Dentists in later stages of their career still can have a successful retirement
so many different ways for you and your family to benefit from life insurance while you are still living that it probably should be renamed.
by seeking help to analyze their current status and then strategizing to develop a plan to achieve their plans.
If you’re a business owner, you may be surprised to find that offering the right retirement plan to your employees may significantly benefit them and you. Contact MDIS for an overview of individual and small-business retirement plans.
2) LIFE INSURANCE
I could say that being sold life insurance is about as dreaded as having dental work done. But of course that wouldn’t be fair. I think both are misunderstood. Life insurance is dreaded, perhaps because people think you have to die to benefit from it. Nothing could be further from the truth. In fact there are
Today’s life insurance is definitely not your father’s life insurance. There have been so many changes, technical improvements and flexible uses created for life insurance products that there is little sem- blance to the policies of old which most people used to pay for burial costs. In choosing the type of life insurance policy you purchase, consider- ation must be given to the need which is being filled. Besides the obvious need of providing future secu- rity for your family, life insurance simultaneously can provide for college funding, supplemental retirement needs, creating an estate, establishing a
legacy for your heirs or a business buy-out, key man coverage, deferred compensation, Section 162 bonus plans and many other uses not mentioned here.
There is one thing about life insurance that hasn’t changed through the years, and we are glad for that. Life insurance continues to be one of the few methods of wealth accumula- tion that has a big advantage: It’s tax exempt. Call MDIS to have an enlightened talk about which type of life insurance might best fit your needs. We will show you the numbers, and I promise it won’t be dreaded any more than dental work.
3) DISABILITY INCOME INSURANCE If you don’t think you need to protect your
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