Stick Like Glue Radio #198 On this special episode of Stick Like Glue Radio, I interview bestselling author Dave Denniston whose book, The Freedom Formula for Physicians – A Prescription for First Class Financial Health is a big hit! We talk a lot about retirement in general including strategies if you’re late getting started. Don’t miss this powerful show!

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Freedom Formula

Main Questions Asked:

  • What was your entrepreneurial journey?
  • How do you help people on preparing for retirement?
  • How do you begin to plan for what you need when you don’t know the variables?
  • How and why did you decide to focus on physicians?
  • What are the steps to getting out of debt?
  • What does the entrepreneurial world need to know about retirement planning?

Key Lessons Learned:

3 Ways to Grow Your Business

  1. Acquisition
  2. Marketing
  3. Organic growth

Mindset

  • You can be the best at what you do, but if you don’t have the right mindset, you will be the impediment that will hold your business back.

3 Tips for Retirement

  1. Get rid of debt.
  • Be as lean as possible when it comes to personal expenses.
  1. Pay yourself first.
  • This can be in a retirement account or a separate account.
  1. Investment plans for business.
  • If you aren’t putting money into your business, then it will be difficult to grow organically.

Planning For Variables

  • The length of living doesn’t determine most people’s financial future.
  • Be truly aware of your living expenses so you can understand when you can retire and what that will look like.
  • The unexpected ‘stuff happens’ is what really kills your financial future.
  • Paying for college educations can really set parents back years from retiring.

Steps to Getting Out of Debt

Map out your balance sheet

  • Know where your assets and liabilities are.
  • How much do you have in debt?
  • What is the interest rate, and is it variable or fixed?
  • What is the minimum payment versus what are you currently paying?

Which debts is consumer, business, and home-based?

  • If you have a debt that is 3% interest greater than another debt, then you need to focus on that first. E.g. Credit card debt.
  • Focus on knocking out debt one at a time.

Tax Deduction and Shelters

  • So many people aren’t aware of a defined benefit plan.

Resources:

Doctor Freedom Podcast

Dave@daviddenniston.com

5 Tools (Free)

 

Cash in a Flash

 

Click to Tweet:

What are the Steps to getting out of debt? Find out w/ Dave Denniston

@newsletterguru https://www.getjimpalmer.com

What are 3 tips for retirement? Find out w/ Dave Denniston

@newsletterguru https://www.getjimpalmer.com

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Your Host: Cap't Jim Palmer, The Dream Business Coach

Cap’t Jim Palmer, best known internationally as the Dream Business Coach, is creator of the Dream Business Mastermind and Coaching Program and host of Dream Business Radio – a weekly podcast based on Jim’s smart marketing and dream business building strategies. He is also the founder of Success Advantage Publishing.

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