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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