Are you hesitant to invest your extra cash? If that emergency fund has turned into an emergency fortune, it’s probably time to let your money spread its wings in the market. In this episode of Dentist Money™, Reese & Ryan discuss findings from a Vanguard study which compares two common approaches to investing large amounts of cash: Lump Sum Investing and Dollar Cost Averaging. They explain the tradeoffs of each approach and the factors to consider before deciding which strategy will work best for you.
Should you pay someone else to do a job you can handle yourself? As a practice owner, you might struggle to know when it makes more sense to outsource or keep things on your own plate. In this episode of Dentist Money™, Reese and Ryan explore the fundamentals of trade, specialization, and opportunity costs, and how economic lessons taught to fifth graders can help dentists improve their net worth.
Do you know what’s happening in your front office? Has your staff been properly trained to offer appointments, ask for payments, and deal with cancellations? In this Dentist Money™ episode, Reese welcomes Laura Hatch, founder of Front Office Rocks, an online resource for dentists who need specialized training for their team on all aspects of the front desk. Laura discusses the four most common challenges in the front office and their financial impact on a practice. She also offers solutions to improve communication within the office, strengthen your value proposition against the competition, and increase case acceptance.
Have you ever made a financial decision on the grounds that “everyone else is doing it?” When all the facts aren’t readily available, human nature is to follow public opinion. But the herd can lead you off a cliff if you’re not careful. In this episode of Dentist Money™, Reese & Ryan reflect on recent financial trends that led mobs of people to the poor house. They also provide a list of common investment bandwagons that leave dentists holding the bag.
Let’s say you have an extra $30,000 in cash. You can pay down a loan with a 6% interest rate or invest in a retirement plan which could return anywhere from -10% to +10% this year. What should you do? In this episode of Dentist Money™, Reese and Ryan dive into the not-so-simple answer and explain why a lot of people get it wrong. They also weigh in on the pros and cons of cost-driven investment portfolios and provide a list of questions to ask before locking yourself into a loan.