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Why the Wage Replacement Ratio Fails Practice Owners — and What to Focus on Instead
By Eric S. Miller For decades, financial professionals have leaned on one tidy little formula to help people figure out “how much” they’ll need in retirement. It’s called the Wage Replacement Ratio (WRR) — a percentage of your current income that supposedly predicts how much you’ll need once you stop working. If you’ve ever heard someone say, “You’ll only need 70% of what you make now when you retire,” they’re talking about the wage replacement ratio. And while that idea may work for employees with predictable paychecks and limited financial complexity, it completely breaks down for practice owners.In fact, relying on the WRR as your
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What makes you so special?
You are special because, unlike the average person, you are a private practice owner. Owning your own practice makes you special when it comes to financial planning because your practice is a key contributor to you household finances. Therefore your practice must necessarily be included in your personal financial plan in order to truly have a real and valid plan that relates to your household. Look at the current condition of your household finances. What do you see? Are you making enough income to meet your needs? Are you putting away enough of that income to meet your future needs? Are you getting the maximum
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You Make Great Money. So Why Do You Still Feel Financially Stressed?
If you’re a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner who earns well but still doesn’t feel completely in control of your finances, this episode is for you.
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Subscribe to the Financial Beast Podcast
You Make Great Money. So Why Do You Still Feel Financially Stressed?
If you’re a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner who earns well but still doesn’t feel completely in control of your finances, this episode is for you.
Listen On:
Meet The Author
Eric S. Miller
Eric Miller is Co-Owner and Chief Advisor of Econologics Financial Advisors with 20+ years helping private healthcare practice owners harness the power of their business profits to build personal wealth by integrating their business and household under one financial system. He also hosts the popular Financial Beast Podcast, is a best-selling author, and speaks nationally on financial topics about how to achieve control and certainty toward long-term financial security.
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