One Clever Way to Really Get Ahead
We’re often asked by clients how they can make more money save on taxes. Here’s my answer: Move. Move to a state with lower taxes and cost of living. Unfortunately, it’s probably not going to be a state with great weather or beaches. Unlike some geographically-tethered professions, dentists can live and work anywhere and still make the same amount of money. It’s just as easy to have a practice collecting $1MM in a rural area as a city. Why? Less competition in less populated areas. Check out this map of a very nice suburb of San Diego. Everyone wants to live and practice here. And while it has low crime and great schools, the dental competition is fierce. And this map is just dentists in a 4.5 mile radius. There are more in the nearby metro areas. Folks can definitely make it here, but only the strongest thrive. General Dentists in a San Diego Suburb Radius: 4.5 miles GPs: 20
4.5 MilesWhat are the other advantages of practicing in a less competitive neck of the woods?
- Lower labor costs
- Lower rent (or you can own your building, a great wealth-building option)
- More loyal patients
- Lower advertising spend