“When creating multi-generational wealth, the strategy is not only about passive income. It's about earned income for the rest of your life,” explains Mark Murphy, Chief Executive Officer of Northeast Private Client Group. The author of two books, The Win-Win Outcome - The Dealmaker's Guide to Buying and Selling Dental Practices and Extraordinary Wealth - The Guide to Financial Freedom & an Amazing Life, Mark understands how to leverage financial investments. With his expertise, Mark reveals what dentists can do to gain financial freedom and set up their practices for success.

Mark and Jon discuss how dentists need to have an entrepreneurial mindset. Often, dentists refer to their staff as overhead rather than acknowledging that they are either an investment or an expense. Mark urges listeners to evaluate their returns on investment because, ultimately, their practice is as much about profits as it is about dentistry.

By committing to discipline towards your business, financial success is possible. Learn more about creating multi-generational wealth, how to build the right values around money, and being your own CFO.

Quotes

• “When you're changing lives of all the people you touch, that doesn't seem like a business. It seems more like a calling.” (3:46-3:52 | Mark)

• “When creating multi-generational wealth, the strategy is not only about passive income. It's about earned income for the rest of your life.” (9:45-9:52 | Mark)

• “We're focusing on profitability more because it's not about doing the most dentistry. It's about two things, being the most profitable and having a standard of care that is appropriate.” (27:26-27:38 | Mark)

• “I think the number one job I have as a financial advisor is to ensure people have the right values, ideas, and thoughts around money.” (40:52-41:00 | Mark)

• “The most important thing is the commitment to the discipline. Discipline is a system in place. It's a science. It’s the discipline to do things.” (47:08-47:21 | Mark)

• “I don't believe in competition. I believe in differentiation. How do we create differentiation for our firm or their practice.” (58:04-58:12 | Mark)

Links

Connect with Mark Murphy:

Website: https://www.northeastprivate.com

Connect with Jon Harris:

https://www.fortunemgmt.com

https://www.facebook.com/jon.harris.39545

https://www.facebook.com/fortunemgmtmidsouth

https://www.facebook.com/fortunemgmtgeorgia

Follow Jon on Instagram:

@jonharris_

@21stcenturydentistry

Podcast production and show notes provided by HiveCast.fm