Have you ever wondered, what does it take to be a millionaire?
What are the differences between most millionaires and physician millionaires?
How can I put myself in the best possible position to be successful?
In this podcast, Dave reveals the latest book that he loved, “The Millionaire Mind” by Thomas Stanley.
There’s so much packed in that book that we’ve divided up the podcast into 3 different parts.
In part one of “The Physician Millionaire Mind”, we discover:
– The Factors of Economic Success
– The Comparisons & Contrasts of Physician Millionaires versus Other Millionaires
(Note: I outsource transcription efforts, please forgive in advance any grammatical errors. I just simply don’t have time to review it all)
Hey everyone this is Dave Denniston and welcome back to the three on three series in the Freedom Formula for Physicians Podcast.
Welcome to the freedom formula for physicians podcast with all about slashing your debt and taxes and creating a liberated lifestyle. And now, your host, with the love of fantasy books and funk and the hatred of running more than three miles; Dave Denniston.
Ok, so let’s get this off here everybody. So in this latest three on three series, the latest freedom for physicians’ podcast I’ve really been thinking about a lot of different things. And I have a question for you; have you wondered when you think of a millionaire what do you think that they look like. Who are they around, where do they live, what do they do with their time.
And as a matter of fact how do you become a millionaire. What does it take to be financially free? And I often hear as part of that question how long does it take before I get to retire finally. And what do millionaires do? What do they have that sets them apart?
As a… another question; are millionaire physicians different? And besides under that does a physician millionaire, do they have different needs or desires, or drives? And so you see that I have been on this mission where I have been learning and I have been trying to grow and to understand money and how money works.
And I have been reading and reading and as a matter of fact one of my mentors Davian Hughes of Speaking Empire, he suggested for me to read the Millionaire Mind by Thomas Stanley. And you guys this book has just been a blessing to me. And normally in these videos I try and cover three quick subjects in three minutes and there has been so much good stuff that I read from this book.
It was written back at the eve of the turn of the millennium around 2000 – 2001. And am going to break up all those different components over three separate videos. Three separate podcasts. So am going to just download something that just I thought was the most interesting most fascinating information I highly highly recommend this book. If you understand what makes the millionaires. Take as well as what are the habits that they have? So it’s a fantastic book. And now we are going to jump right into some of the content.
So number one; the factors of economic success. So one of the questions that Dr. Stanley asks is well what is behind folk’s success that are millionaires? Decamillionaires – ten million dollars and above – and the net worth of those that are single digit millionaires. And there were so many different pathways of success but he was really able to boil it down to it wasn’t your SAT`s score, it wasn’t just your GPA. There is a whole bunch of difference success factors.
So number one; what they emphasized was social skills. Getting along with people, having strong leadership qualities. Having an ability to sell ideas or products or whatever. Having good mentors, stuff like that. Basic fundamental social skills. Other parts of being a millionaire which I think this is huge you guys in terms of overcoming which often enough isn’t something that we work towards and its orientation towards critics so I love this.
Millionaires, they tend to have… be able to ignore the criticisms of detractors. They have the urge to be well respected but they are also extremely competitive. They want to prove their critics wrong. They are overcomers and of course being physically fit is often part of this as well.
The next part here which I love this; integrity and moral values. Being honest with people, having a strong faith, creative intelligence being like seeking other opportunities people don’t see. Which there are so many examples of that in the book. Specializing, loving your career. And then he talked in awful lot about investing for example, whether is something ?? or he emphasizes even more so investing in your own business. Which he talks about having excellent investment advisors, making wise decisions, being your own boss, being able to take financial risk.
We are going to spend some time on that in a later video. And they also talked about this idea of luck versus discipline. What is luck? What is discipline? And most millionaires have both of those factors so we will talk about that too. And then lastly intellectual orientation. He said that yes definitely having a high IQ superior is part of it.
A lot of millionaires have attended a college or top rated college as well as graduating near the top of the class. So these are all the factors you guys the bones of how you start to build to be a millionaire. And I want to ask you a question here real quick. Which of these qualities do you have? What’s your strengths? Which of these things are in you? How can you enhance that? And what quality do you think you can improve on? What do you think you can see yourself getting better at? So I want you to think on as we talk about these qualities. Where can you increase your weaknesses and make them into strengths?
Alright, so number two. The number two thing that I got from the book in this first set of videos was this idea of successes comparison and how physicians in particular are different than many other professions. So, first let’s talk about business owners, business owner millionaires. You know what’s interesting about them is they do not place a very high percentage of their success on having a high IQ or high intellect and weather it’s attending a college or graduating near the top of your class, for them it was pretty low.
Whereas someone like a senior corporate executive for example they put that a little higher but not much different. So even CEOs, you know they don’t put much of emphases on those kinds of things. Those two professions put a huge amount on to social skills. It was all about getting along with people, having strong leadership qualities, having an ability to sell a product to an idea. All those were extremely high.
Now in comparison attorneys for example attorneys double the amount, 34% of attorneys attributed their millionaire status to having a high IQ or superior intellect. Attorney at top rated college was 50% more important to them than it was to business owners or executives. Graduating near the top of their class was five times. 26% of attorneys said they contributed to their millionaire status.
Meanwhile social skills dropped tremendously compared to the business owners, compared with the corporate execs. And this ?? of course to physicians. So for us physician friends out there, physicians are kind of in a middle of these groups. So 24%, ¼ of us said that we think that having a high IQ, attending a great college, graduating near the top of the class was extremely important in our success. But what was interesting was also when you look at social skills, that was a lot higher than attorneys but higher than everything for a physician was… and from the social skills was having good mentors.
Having good mentors at 30%. One out of about every three physicians said having physicians was important part. That was higher than every other single profession of millionaires and multi multi decamillionaires. As a matter of fact I would say physicians overall compared to all millionaires it seems like intellect, graduating near the top of their class, that was a very important component.
But even more so double the amount of people was having a mentor, having and getting along with people. So if we want to look at the most successful physician. We want to get along with people, we want to have great mentors. And we want to have strong leadership qualities. So it’s not necessarily all about grades for the most financially successful physicians. So I want to know where do you see yourself, where do you put value in terms of your successes. How do you think you compare to the physician millionaires that Dr. Stanley talked to? Alright let’s just take a pause here for a second and go for our commercial break.
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Alright, so, now Dr. Stanley in this book he talks a lot about this difference which we’ve been touching on here about superior intellect versus creative intelligence. And the creative intelligence you guys just a quick recap, this is seeing opportunities others don’t see. This is finding a profitable net, this is specializing, this is loving my career or business. And so again there is some stark differences here of millionaires that are physicians versus millionaires that are other professions.
So check this out business owners and again the senior corporate executives are really quite similar. In terms of having a superior intellect only about 16% of business owners and corporate execs put a high degree of the reason why they are successful that is an important part of their success. Whereas in their creative intelligence it was much much much more important to them.
Again nearly more than double were on their way to being a triple seeing other opportunities people don’t, other people don’t see; 42% and 34%. So huge difference in terms of what is ?? success. Also finding a profitable niche was a huge amount of successful. 35% and 21 and then loving their career; huge for business owners. 51% and corporate execs 45.
Now attorneys, this is different breed. Millionaire attorneys again they put a very high amount of weight unto having a superior intellect; 34% creative intelligence. And attorneys here scored below lower, very lower marks, they are specializing, loving career far less important than other professions.
Now the physician. The physician is again are kind of in the middle between attorneys and business owners and CEOs. And for the physician more so than any profession, the top two, which were again two times as powerful as intellect. 43% of physicians said specializing. Finding the right niche. And I tell you the most successful and happiest physicians I have seen are those that really thought about what specialty they are going to go into.
One of my clients is a Dermatologist, he own his own practice, he owned the building he was in, he owned the surgery center and he just run so much cash flow, so happy with his practice. He had a hard time retiring. So I would really encourage if you are a resident or a fellow medical student you are listening to this make sure to really think about where you are specializing, where you are spending your time.
And back at this time in the early 2000s there were 50% of physicians which was higher than all of these other professions that were millionaires about loving their career. And I wonder today if that has changed with how medicine has changed as we have less business owners and more employees. We hear more and more about burnout. I was wondering as I read this book 15 years later has that changed? So I would like to know from you, are you happy?
Are you loving your career as a physician? Are you wanting to do something else? Where are you at in that discussion? But overall you guy I want to know, did you learn something today? Did you see yourself being like these people, can you imagine yourself being a millionaire?
Well in the next series there is just so much I want to cover, I just want to share a few of these nuggets with you in terms of how millionaires that are successful, how they think, how they operate? We are going to talk more here shortly about other success factors. We are going to talk about habits of millionaires, we are going to talk about the role of luck and financial risk. We are going to talk about choosing a spouse, we are going to talk about how you discover your vacation, we are going to talk about the economically productive parcel so stay tuned, look for the next video and the next podcast and we look forward to seeing you soon. For the Freedom Formula for Physicians Podcast this is Dave Denniston, thank you so much for listening.
Make sure to check out the website; doctorfreedompodcast.com or you can get the latest copy of my new book as well as an excerpts from the tax reduction prescription so make sure to go to the website doctorfreedompodcast.com and we will get you going there. Thank you so much for listening,