How to Retire in 5-7 Years or Less From Your Medical Practice

The truth is that retirement doesn’t need to be directly associated with old age. In fact, this should be the time that you spend doing whatever it is that you like and you don’t bother working. Even though we are led to believe that this can only happen after you grow old and reach a certain age, that’s not necessarily true. There are quite a few things that you can take into account if you want to retire in the next 5-7 years, especially if you are running a cash medical practice.

This is a very lucrative field of expertise, and you can earn substantial amounts of money that you can’t really spend while you are working. The reasons are different, but most commonly – you simply won’t have the time. Between running your actual cash medical practice and the time you spend building cash paying patientsyou will find yourself in a routine which wouldn’t really allow you to spend a lot of the money you’ve earned. So, the best thing you can do is to save them. However, there are things that you need to take into account in order to make it quicker. Let’s go ahead and take a look at how you can retire after only 5-7 years of medical practice.

Building Cash Paying Patients – High Returns

Cash paying patients are going to bring in a significant amount of profile. Keep in mind that you are running a private practice and medicare in the US is anything but cheap. With this in mind, if you play your cards right and target the right people through the right marketing streams, you can establish a long-lasting high-profile patient base which is going to bag you quite a lot of money.

Come up with a Savings Plan

This is something particularly important. Make a plan. The truth is that if you want to achieve early retirement and you set your sights on it, you can easily save up to 70% of your spendable money. Sure, you won’t go to vacations, and you won’t afford tremendously fancy things for the next 5 years, but after that, you will most certainly have a whole life to enjoy.

The math is shockingly simple – you save up a lot, you live with not so much for 5-7 years, and you accumulate enough money to spend the rest of your life living as you wish. Of course, this doesn’t mean that you wouldn’t receive anything else from your cash medical practice – you can still be a shareholder and receive dividends, for instance.

For more details, you can attend a 2 day Discovery Day event in Las Vegas, or our free webinar to learn more about building cash paying clients and much more about running your own practice.