On this episode of the Dentist Money™ Show, Ryan welcomes the legendary Dr. Nacho, Paul Goodman, for a wide-ranging discussion on how to keep all of your practice ownership pieces lined up. From preparing for unforeseen physical emergencies to making sure your staff knows how money flows through your practice to why you need mentors who are within 10 years of your age, Dr. Goodman is at his Dental Nachos best.
On this episode of the Dentist Money™ Show, Ryan and Matt discuss how pivotal liquidity is to a good financial plan. Your practice needs liquidity, you have a need for personal emergency funds, plus you should also be planning ahead for big projects. For all three you need access to cash. Do you know how much? And where’s the best place to be tucking those funds?
When you need to make tough money decisions, it’s critical that you have your financial house in order. On this episode of the Dentist Money™ Show, Ryan and Matt discuss the reasons why feelings of vulnerability turn into relief when people finally get on top of their finances. Find out why it’s so difficult for people to get—and keep—their finances organized.
On this episode of the Dentist Money™ Show, Ryan and Matt look into one of the biggest financial decisions you’ll make in your career: should you own your practice location? It’s not easy to make the distinction between your practice and the office that houses it, but this is a business decision first and foremost. Ryan and Matt review the reasons why you should study your options carefully—there are times ownership is the right choice and other times it may be a costly blunder.
On this episode of the Dentist Money™ Show, Ryan talks with Dr. Richard Low of Shared Practices about the mistakes that can threaten the hard work that goes into practice ownership. Ownership remains an ultimate goal in dentistry but costly blunders can be discouraging. From too casually considering your ownership options—scratch start, single-doctor practice, multi-doctor practice—to delaying your jump into ownership for too long, Ryan and Richard cover typical mistakes that every owner should know about.
On this episode of the Dentist Money™ Show Ryan and Matt examine the difference between taxable income your CPA reports and the gross cash flow your CFP® needs to know. Determining how much money stays in your pocket is key to saving effectively, paying down debt, or buying that boat you’ve dreamed about. For financial planning purposes, Ryan and Matt go over the formula for how much you actually make. To do any future planning, it’s important that you get the math right.
Register for CE Credit Here:
https://dentistadvisors.com/dms-ce-276
As a dentist, you’re one of the highest income earners in the country. As you build your net worth, you want to get the best financial advice possible. So who is the right person to give you that advice—someone who understands your level of wealth because they have it like you do? Or can you expect to get solid financial advice from someone who doesn’t have a high income? On this episode of the Dentist Money™ Show Ryan and Matt talk about high-income clients and high-income advisors. Where should you look for advice? It’s a discussion that reveals the broad scope of advice that’s available in the world of financial advisors.
From start-up to cosmetic dentistry to a highly specialized niche, Dr. Michelle Jorgensen’s 20-year career has taken a fascinating trajectory. To celebrate Dentist Day 2021, Ryan interviews a practicing dentist on this episode of the Dentist Money™ Show. A toxic bout with mercury poisoning put Dr. Jorgensen on an unusual path where she has been the dentist doing the dentistry, she has helped other people do the dentistry, and now is managing others who do the dentistry at her health-based practice. Dentistry is full of unexplored opportunities, find out how one dentist went from almost selling her practice in despair to having DSO’s knocking on her door.
On this episode of the Dentist Money™ Show, Ryan interviews Glenn Vo, founder of Nifty Thrifty Dentists. If “it takes a community to raise a child,” the need for community could easily be applied to building a practice. Running your own small business is difficult—so where do you turn for solutions? Glenn Vo, king of the discount deal and practicing dentist, explains why establishing relationships with other experienced dentists is so important to finding practice success.
We don’t spend much time getting educated about finances when we’re young, and then suddenly we have to start managing money and making wise choices. So, we tend to blunder through money decisions as we gain experience. On this episode of the Dentist Money™ Show, Ryan and Matt examine some of their missteps which helped form the financial opinions they believe today. Did the stress of learning about money management when you were young bias how you think about investing? Or did they result in good habits? Experience is the best teacher and Ryan and Matt offer some compelling advice to their younger selves that you can use today.
On this episode of the Dentist Money™ Show, Ryan welcomes special guest Curtis Marshall of Dental Intelligence. As master of all things data, Dental Intel is well-known for helping practices follow a daily roadmap to reach greater long-term success. Almost every practice can find a way to tweak its performance and create greater profits. The trick is to know where to look. Ryan and Curtis examine four areas within every practice where additional profits can be found.
When faced with the painstaking process required for thorough analysis the temptation is to cut corners and just “go with your gut.” It’s a temptation often fed by successful “followed my heart” stories. Intuition may have its place, but when it comes to investing, going through a more rational process has been shown to create better outcomes. On this episode of the Dentist Money™ Show, Ryan and Matt discuss the outside factors that can influence what you may believe is “pure” intuition—and those outside factors make your intuitive responses anything but “pure.”
For the normal investor, what has been happening on Wall Street lately is a head-scratcher.
Hedge funds, financial justice, short squeeze, and of course GameStop have been front-page news. So what’s going on? On this episode of the Dentist Money™ Show, Ryan and Matt examine why the price of GameStop has risen so dramatically. There are many reasons for the recent market madness and Ryan and Matt discuss what can be learned whenever speculation on Wall Street hits the news. Scoring on a long-shot may be thrilling, but Ryan and Matt explain why there are numerous reasons your investment philosophy should be anchored to value investing.
As your career unfolds, the need for the right retirement plan for that part of your career changes. There is a right time to be in an IRA, a Simple IRA, and a 401(k). Knowing when to switch from one to the next can result in far greater net worth accumulation. On this episode of the Dentist Money™ Show, Ryan and Matt examine the pros and cons of Simple IRAs and 401(k)s. Which retirement plan is right for your dental practice is a timing question. Ryan and Matt are right on time with the answers.
Warren Buffett is considered a superstar investor and he is probably the most well-known name in the investment world. Worth billions, it’s a distinction he surely deserves. On this episode of the Dentist Money™ Show, Ryan and Matt reveal a surprising secret to Buffett’s success—and it’s a secret you can start duplicating right now. Numerous books have been written about the fundamentals Buffett follows on his way to creating a fortune. But this ingredient to that success is often overlooked.
Dentists looking for financial guidance often think they know what they need when it comes to advice. On this episode of the Dentist Money™ Show, Ryan and Matt talk about four fundamentals dentists tend to overlook—but are the things they really need to hear. The rudimentary basics for good financial planning start with these financial pillars. Building real wealth begins by establishing a solid foundation for your long-term financial plan, and that foundation should be based on these four financial principles.
Register for CE Credit Here:
https://dentistadvisors.com/dms-ce-266
On this episode of the Dentist Money™ Show, Ryan & Matt take on New Year’s resolutions providing two powerful tips that can help you reach your yearly financial goals. As January 1st rolls past, millions of people have set resolutions which tend to fail very quickly. How can you make goals, especially financial goals, and feel like you’re really making progress towards meeting them by year’s end? Ryan and Matt have some behavior-altering ideas that you need to hear as you start the new year.
On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt answer a couple of common end-of-year retirement plan questions. And, after watching some U.S. markets reach all-time highs, are you wondering if it’s still a good time to make a lump sum investment? “Backdoor” Roth IRA’s can be effective, but there can be a few complications you should know about. Plus, when putting retirement funds into an extra entity you’ve set up, the IRS has some rules you definitely need to know.
On this episode of the Dentist Money™ Show, Ryan welcomes Rob Montgomery whose firm has specialized in legal counsel for dentists for over 20 years. Throughout your dental career you will probably sign associate agreements, leases, acquisition documents, and even sell your practice. Rob takes Ryan through many of the legal nuances you need to be aware of before you ever sign on the dotted line. “Caveat emptor” takes on even greater significance when you have so much at stake.
On this episode of the Dentist Money™ Show, Ryan & Matt have put together a year-end checklist of financial jobs you can’t ignore. As the year draws to a close there is a lot going on, but Ryan & Matt are on top of things making sure you don’t forget to complete important practice and personal end-of-year tax items. Here are 10 things that need to be done before December 31st—and a few items that can wait until you file your taxes.
On this episode of the Dentist Money™ Show, Reese and Ryan have a conversation about happiness, experiences, and possessions. How can you ensure all the moving pieces that make up your busy life actually enhance its quality? Your brain is constantly jumping from the present to distractions like your to-do list and other worries. While the purchase of things might bring short-term pleasure, Ryan and Reese explore why anticipation of an event excites the brain—making the experience more enjoyable and memorable.
Does it seem like good luck passes by your door without ever knocking? On this episode of the Dentist Money™ Show, recorded on a Friday the 13th, Ryan and Matt talk about typical mistakes that make dentists feel unlucky. You may be using bad luck as an excuse to cover up what are actually bad decisions. Ryan and Matt illustrate how changing your luck often requires that you change your approach when making decisions. Being more diligent with your investment strategy or more organized at your practice are two ways you can turn the table on a run of bad luck. Before you blame a lack of luck, hear what you can do to change your fortune
On a Q&A Thanksgiving episode of the Dentist Money™ Show, our listeners pitch in with a couple of good questions. The need for “ready cash” has recently been pushed to the forefront with the pandemic—and as a practice owner, you’re sure to face a few more emergencies in your career. So knowing the right amount of money you should have in your emergency fund is top-of-mind for many dentists. When it comes to liquidity, Ryan and Matt provide their formula for how to measure the amount that’s really needed for emergency funds. While a lump sum can sound good, how do you make sure there’s enough money stashed away ... but not too much? The second question is from an older dentist who wants to know how long he should continue paying disability premiums as he gets closer to retirement.
The year 2020 has been no ordinary year. And you can expect with PPP, HHS, and EIDL loans and grants, taxes might not be ordinary when they come due. On this episode of the Dentist Money™ Show, Ryan interviews Morgan Hamon of the HDA Accounting Group. Are you wondering what pandemic federal support money might mean for your taxes? On this podcast, Ryan and Morgan discuss loan timelines, qualifying rules, reporting requirements, and IRS guidelines on the federal support you may have received. Plus, there’s a write-off rule that might surprise you—and one you need to know!
How Will COVID-Related Loans and Grants Affect Your Taxes?
On this episode of the Dentist Money™ Show, Ryan interviews Jayme Amos, founder of Ideal Practices. Have you wondered if you’re cut out to start up a practice from scratch? Or maybe you’re nervous about opening your own practice during uncertain times? On this show, Jayme shares stories about those who’ve taken the ownership plunge in 2020. You’ll hear about lending trends, why associates are jumping into ownership from DSOs, and advantages to a startup you may have not considered.