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!
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
- Organic growth
- 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
- Get rid of debt.
- Be as lean as possible when it comes to personal expenses.
- Pay yourself first.
- This can be in a retirement account or a separate account.
- 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.
5 Tools (Free)
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