Is there anything wrong with having a large bank account balance? How much should you keep in your practice account? Watch this short video and learn what it means to be an investor instead of a depositor.
Want to grow your wealth? Be an investor, not a depositor.
Sure, it’s nice to look at your bank statement and see a brimming savings account. But your money will grow much faster if you simply do what the bank is doing––invest your money.
If you want to increase your net worth, build more financial security, and, ultimately, retire sooner, stop hoarding cash. It’s that simple.
Keep 2-3 months’ worth of overhead in your practice checking account, and funnel the rest of your excess money into your investment plan. Even conservative investments can reap higher returns than what you’ll see from your savings and checking accounts. And don’t forget about inflation: if you’re not earning at least 3% on your money, it’s losing value over time.
For more tips on how to grow your wealth, contact Dentist Advisors. We’re the premier wealth management firm for dentists and specialists – we help you plan, invest, and retire better.