Words to Remember
"WE CANNOT GET RICH doing dentistry, but we can get rich investing what we make in dentistry." A nationally recognized lecturer on dental-practice management shared that piece of advice with me some 40 years ago.
I’d been out of dental school for a year when Dr. Dick Klein spoke at our local dental society’s annual meeting. The meeting's organizer was a friend. He asked if my wife and I would take Klein and his wife out to dinner after his presentation. The thought of actually having to talk to and socialize with this nationally renowned dentist scared the hell out of me. Just thinking about it caused stomach unrest for a week.
Klein’s speech offered a standing-room-only audience tips on running a dental office efficiently and increasing productivity. Little did I know the dinner that night would change my life.
To my great surprise, the very first hand shake with Klein put me at ease. He was a humble and genuinely nice guy. We found out that we shared an ex-athlete’s interest in sports, as well as strong Italian family backgrounds.
The dinner turned out to be relaxed, fun and enjoyable. It wasn’t until toward the end of the meal that the conversation turned to dentistry. In hindsight, after practicing dentistry for 40 years, I realize his words of wisdom were the reason for my success.
He started with a comment, “We can’t get rich doing dentistry, but we can get rich investing what we make in dentistry.” He then elaborated: “Only so much physical dentistry can be produced in a 32-hour week. Anyone can make a good income doing dentistry, but what one does with that income is what will make a difference.”
He offered this advice: “You’re used to a student’s lifestyle, so keep living like that for a few years.” When I mentioned that my wife was a teacher, he cited statistics that showed financially successful dentists were often married to teachers.
He stressed that the most important years would be the first 10. A practice grows slowly. Even though you’re making a moderate income now, it will go up steadily. Live on your wife’s salary, save for a large down payment on a house, open a Charles Schwab account and start adding to a good mutual fund. Live below your means and, as your salary increases, pay off the house and keep investing.
We didn’t, however, go to dental school to live like paupers, Klein added. We should enjoy life, have fun and spend money on things that will give us the most enjoyment, especially family, but always invest.
My wife and I followed his advice almost exactly as he laid it out that evening. We rented a small house for 10 years, as I built my practice. We then bought a beautiful home, making a large down payment and paying it off in four years. My wife’s job was a huge advantage, thanks to all the benefits the school district provided. Every year-end bonus from my dental practice went directly into our investments.
I’m now retired. I loved being a dentist and all the wonderful things dentistry allowed my family to do. I owe Klein a huge “thank you” for the wonderful advice he offered during a dinner with a young dentist and his wife so many years ago.
Dr. Gary Kelly graduated from the University of Washington’s dental school in 1981. He practiced general dentistry, with an emphasis on complex restorative implants, before selling his practice in 2013. He continues to consult on full arch implant cases.
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