Articles, Dentistry

Psychology of wealth

Wealth is about mindset, it’s the psychology that gets you to where you want to be in regards to becoming wealthy.

Becoming wealthy is an exact science, there are certain laws that govern it. Once you understand, learn and implement these laws, you will attract more money.

I have my personal formula that breaks down how we achieve our results. It’s known as the T.E.A.R formula.

T – Thoughts

E – Emotions

A – Actions

R – Results.

For example, let’s say you have thoughts that you are unhappy with the type of patients you are seeing in your dental practice. You want to do more cosmetic cases. This will lead to certain emotions, they may be positive in terms of looking forward to seeing cosmetic dental patients, or negative in that you don’t want to see the normal ‘drill and fill’ patients. This will lead you to take action, such as going on courses or reading about new treatments and this will ultimately result in seeing more cosmetic patients.

Thoughts about wealth

Let’s now look at some thoughts you may have about wealth and how this has been affecting your results:

Thought – I get paid on my time and not on my results

Result – Solving a larger number of problems, especially complex ones, means a larger reward for you. Do you think someone undertaking a full mouth rehab with implants is solving a bigger problem than someone undertaking a small occlusal cavity? They most definitely are, and the former will demand a larger fee. I am not saying that one is more important than the other, but one is more valuable in the patient’s eyes and that patient will place a much higher value on the problem they are facing.

Time is a limited resource, there is a limit to how much you can earn per hour, whether it be minimum wage or £5,000. Business is all about solving problems that your patients/customers have. Give them the results they desire and the money will follow.

Thought – I think ‘either/or’ and not ‘both’

Result – Let’s say you have enough funds to only purchase one of the following: a new car or a two-week holiday in the sun. Most peoples’ mindset would be to make a choice on one. Why not have a different thought and see how you can better use that money to make sure you have both? You could buy a property and the profits you make from that could pay for both these options. You could buy the car and lease the car out over the weekend to pay for the holiday.

Thought – I focus on obstacles and not opportunities

Result – What you focus on expands. What do the following letters say – OPPORTUNITYISNOWHERE – most people would say ‘opportunity is nowhere’, but a few would read it as ‘opportunity is now here’. In my property business, I look at many run down houses. Most buyers see the hard work they have to do, concentrating on the problem. I look at the opportunity of buying a house very cheap – it’s harder for the seller to sell in its current condition – which I can add value to and re-market for a healthy profit. 

Money isn’t everything

Wealth, in terms of money, is not everything. In my own life, it’s below family, friends, passion and hobbies. A happy life is one in balance where wealth is created in money, family, friends, health, community and spirituality.

Harry Singh, BChD (Leeds) MFGDP (UK) qualified from Leeds Dental School in 1996. He has owned three dental practices. Harry started investing in property and invested the profits from this into two squat practices. In 2013 he stopped working in dentistry and has since continued to work in property.

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