723: Financial Freedom VS. Financial Independence – Dr. Jim McKee

Financial independence is your ultimate goal. But it won't happen if you don't plan for it! To help you achieve financial health as early as possible in your career, Kirk Behrendt brings back Dr. Jim McKee, founder of Chicago Study Club, to share great advice that you didn't hear in dental school. To learn how to make smart investments, be debt-free, and enjoy your life, listen to Episode 723 of The Best Practices Show!

Learn More About Dr. McKee:

• Send Dr. McKee an email: jim@mckeedds.com 
• Join Dr. McKee on Facebook: https://www.facebook.com/jim.mckee.104
• Register for Dr. McKee’s Advanced Occlusion workshop (July 25-27, 2024): https://campus.speareducation.com/workshops/advanced-occlusion/details/syllabus
• Learn about Chicago Study Club: https://chicagostudyclub.com

More Helpful Links for a Better Practice & a Better Life:

• Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
• Join The Best Practices Association: https://www.actdental.com/bpa
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event
• Get The Best Practices Magazine for free: https://www.actdental.com/magazine
• Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

• Watch the video version of Episode 723: https://www.youtube.com/@actdental/videos

Main Takeaways:

• Understand the difference between financial freedom and financial independence.
• Financial independence won't happen unless you start planning for it.
• Be smart about all of your investments, especially equipment.
• Quality CE is one of the best investments you can make.
• Keep your office and personal overhead low.
• Know the 1:1, 2:1, and 3:1 concept.
• Get in the habit of saving.

Snippets:

0:00 Introduction.

1:33 Why this is an important topic.

3:15 Financial freedom and financial independence, explained.

6:12 Why you need financial guidance.

9:20 The 1:1, 2:1, and 3:1 concept.

14:21 Learn how to save and spend wisely.

16:35 Invest in quality continuing education.

24:12 Keep your office and personal overhead down.

25:39 Give patients options.

28:36 Dentists who need the money versus ones that don't.

32:36 Final thoughts.

Dr. Jim McKee Bio:

Dr. Jim McKee is a member of the Spear Resident Faculty. He has maintained a private practice since 1984 in Downers Grove, Illinois, where he treats a wide variety of cases with a focus on predictable restorative dentistry. He is a member of the American Academy of Restorative Dentistry and former president of the American Equilibration Society. He has lectured both nationally and internationally for over 25 years and directs several study clubs. Dr. McKee graduated from the University of Notre Dame in 1980 and earned his dental degree from the University of Illinois College of Dentistry in 1984.