One of the most common things I hear from younger docs is that they struggle to take home a paycheck. “I work so hard and can barely pay my bills. I can’t afford to pay myself.” What if I told you there was an answer? There is. Pay yourself first.
What? Wait a minute, you can do this? Yes, but you need to be meticulous in how you handle your finances.
There is a theory that as our practices grow, our expenses grow and that by paying yourself first, you genuinely know what’s remaining to spend and you don’t make unnecessary purchases.
Many financial consultants suggest that you pay yourself first and then bills later. Their thought is that if you wait to pay yourself until all bills are paid, there will always be something else on which you can spend money and you’ll always be out of money for your salary.
Obviously, you cannot just indiscriminately pay yourself whatever you want, but you also don’t need to be working for yourself without a salary. Start with something small and see how it feels. Something is better than nothing.
So, don’t wait forever to pay yourself a salary. Be smart, pay yourself first and enjoy some of the fruits of your labors.
Wishing you the best,
If you want to be a part of a geographically exclusive Facebook group (OrthopreneursRD) where we come together to help each other build better practices and lower stress, please message me. To learn more about your region’s availability and what it’s all about, click HERE.
GLENN KRIEGER IS AN ORTHODONTIST WITH 20 YEARS OF RESTORATIVE AND COSMETIC DENTISTRY EXPERIENCE BEFORE HE RETURNED TO ORTHODONTIC RESIDENCY. DR. KRIEGER LEARNED ABOUT THE IMPORTANCE OF WELL-DESIGNED PRACTICE POLICIES AND SYSTEMS DURING A YEAR AT THE SCHUSTER CENTER FOR PROFESSIONAL DEVELOPMENT IN SCOTTSDALE ARIZONA, AND AN UNDERSTANDING OF GENERAL ACCOUNTING PRACTICES AND INDUSTRIAL PSYCHOLOGY AT THE UNIVERSITY OF WASHINGTON GRADUATE BUSINESS SCHOOL’S “DENTIST AS CEO” PROGRAM. HE IS THE HOST OF “THE ORTHOPRENEURS PODCAST”, MANAGES THE ORTHOPRENEURS FACEBOOK GROUP AND RUNS THE ANNUAL ORTHOPRENEURS SUMMIT.