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As a dental practice owner, you work hard for your income. Long days, packed schedules, staff management, compliance headaches—it all adds up. But here’s a question that rarely gets asked: Is your spending making you happier, or just busier?
Research shows the connection between money and happiness is less straightforward than it seems. Yes, income can boost well-being—up to a point. But after basic needs and financial security are covered, the way you spend matters far more than how much you earn.
That’s where the landmark study Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton comes in. It identifies five spending principles that reliably lead to greater happiness. And they apply directly to dentists balancing income, practice overhead, and personal goals.
Let’s walk through each principle and see how you can put them into practice.
The thrill of a new car? It fades. The shine of a new gadget? Gone in months. But the memory of a family trip, a dental mission abroad, or a weekend hiking with friends? Those stick.
Experiences bring joy in three ways:
For dentists, this could mean prioritizing continuing education retreats, family adventures, or team-building events. Instead of upgrading your vehicle every two years, invest in experiences that create stories you’ll tell for decades.
Scarcity increases appreciation. When indulgences become routine, they lose their sparkle—and your wallet feels the drain.
The study suggests saving luxuries for occasional enjoyment. For example:
This principle helps dentists avoid lifestyle creep—the quiet habit of spending more as income rises. By treating luxuries as treats, you keep both your finances and your sense of joy healthier.
Time is the one resource no dentist can generate more of. Yet money can be used to reclaim it.
In your practice:
In your personal life:
Buying time reduces stress, improves health, and makes you a better leader at work and at home.
Credit cards and Buy Now, Pay Later schemes are tempting, but they often backfire. Debt creates anxiety.
The study found that people are happier when they pay up front and enjoy later. Why? Because anticipation adds to the happiness of the purchase, and you avoid the stress of future bills.
For dentists, this might look like:
Of course, some large purchases (like buying a practice) require debt. But for consumer spending, flipping the script—pay now, enjoy later—makes life calmer and more satisfying.
Generosity is a proven happiness booster. Helping others creates lasting connection, meaning, and fulfillment.
For practice owners, that might mean:
When you spend on others, the return isn’t financial—it’s emotional. And often, those investments ripple back into your practice through loyalty, culture, and reputation.
The five principles—buy experiences, make it a treat, buy time, pay now/consume later, and invest in others—are simple but powerful. They shift the focus from “more income” to “better use of income.”
As dentists, you already juggle high responsibility with the rewards of your profession. These principles help ensure that the dollars you earn translate into peace of mind, stronger relationships, and a richer life.
In the end, happiness isn’t about owning more—it’s about owning your time, values, and choices.
Listen to Episode 126 of The Dental Boardroom Podcast and explore these principles in a real-world context.
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
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