During your journey, at some point, there will be wind behind your back and other times, gusts blowing you backwards. Consider the following as your “North Star” as you move forward.
1. Place great emphasis on one’s actions, past and present; place little credence in one’s words. Research one’s past actions.
2. If something sounds too good to be true, 99.99% of the time, it’s not the package being sold; avoid it.
3. Reliability, sustainability, consistency, usually delivers better long-term results than the leading edge of anything.
4. Is the “new and improved” really a “knock off” of the “tried and true”?
5. With technology and the expansion of our dictionary, it has become more challenging to determine right from wrong; but timeless values know the difference.
6. When one treats their family with disdain, proceed with caution, especially, if you are not their family.
7. If money is your key to success, happiness and peace, good luck; money is numbers and numbers never end.
8. The best way to fight inflation and high interest rates is by improving yourself/skillset. Many of our clients started their career with a negative net worth, due to hundreds of thousands of dollars in student debt. Today, many of these clients are worth several millions. Why? Education unleashed their potential and monetized their talents. Improve your skills by taking continuing education courses which enhance you, personally and professionally. Few investments provide a better return-on-investment than education.
9. Most people want you to follow what they say, not what they do; wonder why?
10. Most people will seek to get compliance; few spend the time to earn self respect and other people’s respect.
11. If you drill beneath the surface, virtually every professional is faced with a conflict of interest: i.e. a dentist may suggest a treatment plan which results in more billings for the dentist, a medical doctor may deliver a service, which depending on the time spent and code used, delivers more fees to him/her, a lawyer may spend more time on/with a client and this may result in more billings, if the lawyer bills on an hourly basis and an accountant may suggest a tax plan which results in more billings, etc. There is no substitute for the fundamental principles of professional judgement, ethics, integrity, honesty, and honour. Time has a way of stripping away the veneer and getting to the core of these fundamental principles. When one has been practicing for decades in a regulated profession, if they have avoided disciplinary action, this a start in the right direction; ensure they tick this box. When one has been practicing for decades, they have a history, a reputation, good or bad; check their reputation; if they have a good reputation, except for their fees or bedside manner, is their reputation and the related peace of mind worth the extra fees, poor bedside manner? Determine how one is truly compensated, then you’ll understand their motives.
12. There is no free lunch in life; when you receive a free lunch, determine the hidden cost; i.e. Where is the “catch”?
13. Addiction to alcohol, drugs, gambling, etc. has robbed many individuals of their talent and potential; only when one is aware of the pervasive cost, will they seek help for their sickness/medical health issue.
14. Most humans don’t like making decisions; hence, the presence of bundles, combos, packages, and all-inclusive deals in various aspects of our lives.
15. Diversification is a highly desirable academic goal/achievement; most billionaires, including Warren Buffett, Jeff Bezos, Elon Musk, Mark Zuckerberg, and our most successful dentists accumulated their wealth by investing in their business/dental practice and real estate, the opposite of diversification.
16. All financially successful self-made individuals I have met, bet the house on themselves. I have met many financially successful self-made individuals, whose net worth excluding their home is >$20m.
17. I am astonished by how many “average talented clients”consistently deliver extraordinary results, both in their personal and professional lives.
18. If you were with me when I cried, you deserve to celebrate my success, if any. This applies to team members, family, friends, and clients. Gratitude is a value of a bygone era.
19. It’s challenging to be successful when your home life is in shambles.
20. Priorities invariably involve tough decisions. Sometimes one has to sacrifice a little good for the greater good.
Diversification is a highly desirable academic goal/achievement; most billionaires, including Warren Buffett, Jeff Bezos, Elon Musk,Mark Zuckerberg, and our most successful dentists accumulated their wealth by investing in their business/dental practice and real estate, the opposite of diversification.
Please send comments to david@dcy.ca
This article was prepared by David Chong Yen*, CPA, CA, CFP, Louise Wong*, CPA, CA, TEP, Basil Nicastri*, CPA, CA and Eugene Chu, CPA, CA of DCY Professional Corporation Chartered Professional Accountants who are tax specialists* and have been advising dentists for decades. Additional information can be obtained by phone (416) 510-8888, fax (416) 510-2699, or e-mail david@dcy.ca / louise@dcy.ca / basil@dcy.ca / eugene@dcy.ca. Visit our website at www.dcy.ca. This article is intended to present ideas and is not intended to replace professional advice.
