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The Dentist Money Show | Financial Planning & Wealth Management

Join thousands of dentists who are learning how to make smart financial decisions. You’ll be entertained while getting straightforward advice about investing, retirement planning, tax reduction, insurance, debt management, and personal finance.
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All Episodes
Archives
Now displaying: Page 16
Apr 4, 2018

How does social media influence the type of patients you attract? Beyond new patients, how can social media be used to grow your business? In this interview at the Greater New York Dental Meeting, Reese Harper, CFP® interviews Jack Hadley, founding partner of My Social Practice and MBA professor of social media marketing. Jack explains how social media can be used to strengthen relationships, describes some simple methods dentists can use to create effective content, and talks about leveraging your “alpha” audience to grow faster.

Mar 28, 2018

What’s on the minds of one Pedo and two GPs? Debt repayment, retirement plan consolidation, and equipment budgeting. And in this episode of Dentist Money™, Reese & Ryan address each of these listeners’ questions by reacting to a well-known blogger's advice about debt, explaining the right way to fund new retirement accounts, and describing how equipment should be viewed from an investment perspective.

Mar 21, 2018

Is your office manager irreplaceable? Or do you have systems in place to stay afloat if you had to find someone new? In this Dentist Money™ interview, Reese welcomes Kiera Dent, founder of Dental Masters and practice consultant for dentists across the country. Kiera covers issues related to embezzlement risk, office manager dependency, daily reporting, and setting budgets for staff. She also shares three simple things you can do to boost production immediately.

Mar 14, 2018

Have you looked into target date funds as an investment option? A lot of dentists are drawn to this seemingly safe, inexpensive, and low maintenance way to save for retirement. But there’s often a misunderstanding about why these funds exist and who should be using them. In this episode of Dentist Money™, Reese & Ryan explain the intent of target date funds, the limitations they impose for dentists, and how they often get misused.

Mar 7, 2018

What are your options when it comes to buying or selling a practice? Will it be a gradual buyout or a clean break? In this episode of Dentist Money™ recorded at the Greater New York Dental Meeting, Reese Harper, CFP® welcomes Wayne Oplinger, Transitions Analyst at Benco Dental who shares the most common mistakes dentists make when going through transitions. He talks about the current state and future outlook of the dental practice market, observations he’s made during hundreds of interactions with practice owners, choices and variables to consider when planning a transition, and the biggest regret dentists usually face after selling their practice.

Feb 28, 2018

How does your savings rate compare to other dentists? More importantly, how much money should YOU be putting away each month? In this episode of Dentist Money™, Reese and Ryan cover Savings Rate fundamentals and recap a few insights gained from this month’s Elements® analysis for clients of Dentist Advisors. They talk about appropriate levels of saving, how Savings Rate might change throughout a dentist’s career, and why the advantages of a balanced savings plan go beyond building a financial reserve.

Feb 21, 2018

How would you rate your study club experiences? Do they add real value or do they seem unproductive? In this episode of Dentist Money™, Reese welcomes Dr. Martin Mendelson, Executive Vice President of Client Services at Spear Education. In this interview, Dr. Mendelson shares the keys to cultivating a successful study group. He also explains the roles of coaches, consultants, and mentors in a dentist’s life and the mindset of practice owners who embrace continuous improvement.

Feb 14, 2018

Do you have burning questions about your personal or practice finances? In this episode of Dentist Money™, Reese & Ryan respond to three dentists who submitted questions about office retirement plans, annuities, and “backdoor Roth” accounts. Advice includes the bigger picture around retirement plan selection, questions to ask about your existing annuities, and how cash flow plays into investment account decisions.

Feb 7, 2018

What’s the right balance of delegation and direct involvement? As the CEO of your practice, do you have enough information to be strategic, but not so much that it bogs you down? In this episode of Dentist Money™ Reese Harper welcomes Penny Reed who explains how practice management has evolved over the past twenty-five years. Penny is a renowned speaker and author, and has coached dentists across the country to become more profitable through better delegation and accountability. In this interview, she discusses the true value of a good consultant, how your personality should play into business decisions, and common mistakes that lead to poor office cultures.

Jan 31, 2018

How much cash should you keep on hand? Beyond an emergency fund, what are the advantages of maintaining adequate liquidity? And at what point have you accumulated too much cash? In this episode of Dentist Money™ Reese & Ryan dive into a calculation called “Liquid Term” from the periodic table of financial Elements® and recap findings from last month’s client performance analysis. They raise common questions around cash management, highlight the lesser known advantages of having enough liquidity, and describe how a dentist should expect liquidity to grow over the course of a career.

Jan 24, 2018

What does it take to build a business beyond yourself? Even if you’re the only producer, how can you maintain the humanity of your practice as you grow? In this Dentist Money™ interview recorded at the Greater New York Dental Meeting, Reese welcomes Peter Shallard, Founder of Commit Action, and personal coach to entrepreneurs from Silicon Valley to Wall Street. Peter discusses the intersection of business and psychology, and explains why it’s so easy for dentists to become their own worst enemy when trying to grow a practice. He talks about the lies business owners often tell themselves, how burn out usually sets in, and the danger of an all-or-nothing thinking.

Jan 17, 2018

The listeners asked, and we responded. But it was mostly by email, and the people who asked the questions were the only ones who got the advice. So we had an idea: “Let’s choose the best financial questions from our loyal listeners and answer them on air.” Then we high fived each other and made this episode. You’ll hear Reese & Ryan answer a liquidity question from a graduating dental student, an entity structure question from a mid career dentist, and a retirement plan question from a practice owner in his 60’s.

Jan 10, 2018

How would you rank the building blocks of a valuable practice? Are there certain assets within your business that carry more weight than others? In this episode of Dentist Money™ Reese welcomes Steven J Anderson, co-founder of Crown Council and the TOPS Institute. Steven describes the foundation of every great practice and the leadership qualities exemplified by the best owners. He also shares his view on the new standard of care in dentistry.

Jan 3, 2018

Has your schedule gotten away from you? Have you thought about hiring another dentist to help you shoulder the load? In this episode of the Dentist Money™ Show, Reese & Ryan discuss some of the most common reasons dentists feel overworked and underpaid. They also explain why the source of the pain might not always be what you think it is.

Dec 27, 2017

Are you sick of surprise tax bills? How do you know if you’re paying a fair amount for your level of income? In this episode of Dentist Money™, Reese & Ryan cover all things taxes including income calculations, common deductions, entity structure implications, and how tax reforms at the end of 2017 might impact conversations with your CPA. They also explain why it’s not always easy to compare your tax rate to your peers’.

Dec 20, 2017

Have you considered buying an annuity? Maybe you already have one. Either way, you should understand how they work and why a lot of people experience annuity remorse. In this episode of Dentist Money™, Reese & Ryan list ten things annuities and timeshares have in common. They also explain how dentists often get pressured into purchasing annuities and why they don’t always get the returns they expected.

Dec 13, 2017

Is it possible that your desire to achieve is keeping your practice from reaching the next level? Or more broadly, are your ambitions holding you back from a more epic life? In this episode of Dentist Money™, Reese welcomes Dr. David Maloley, owner of Vail Valley Dental Care and host of the Relentless Dentist Podcast. Dr. Maloley reflects on his journey from “deadbeat undergrad” to one of the most successful practice owners in Colorado, and offers his formula for greater fulfillment — both personally and professionally. He describes his daily routines, how he stays in the moment, and two core principles that changed the trajectory of his practice.

Dec 6, 2017

When can we expect the next major market correction? Plenty of experts have weighed in recently as financial markets continue to expand. So who should you listen to? In this episode of Dentist Money™, Reese & Ryan evaluate headlines from major financial publications over the past several years to determine the accuracy of market projections. They also pose a more important question investors should ask to ensure their portfolios remain bubble-proof.

Nov 29, 2017

What’s the right mix of fee-for-service and PPOs? While the answer may vary by practice, most dentists would like to run a business that relies less on insurance income. In this episode of Dentist Money™, Reese welcomes Gary Takacs, who explains how practices can thrive in a world of heavy handed insurance companies and the emergence of corporate dentistry. He also provides answers to questions like: When should I hire my next front office employee? Should I continue to use my lab or buy a CEREC? When is it time to part ways with an employee? When should I hire an associate? When is it time to sell my practice?

Nov 22, 2017

Should you pay down debt or invest? The sum of student loans, practice loans, equipment loans, and real estate loans can seem insurmountable for a dentist. So what’s the right pace to chip away at them? In this episode of Dentist Money™, Reese & Ryan explain how managing debt the right way can help you build wealth much faster. They also discuss the way debt should be viewed at different phases of a dentist’s career.

Nov 15, 2017

What’s with all the Bitcoin hype? Is it here to stay? More importantly, is it a viable investment option? In this episode of Dentist Money™, Reese and Ryan explain the origin of Bitcoin and its emergence in the market over the past few years. They examine the sophisticated “cryptocurrency” trading platform, highlight pros and cons of owning Bitcoin, and share stories of investors who bought in (for better or worse).

Nov 8, 2017

Are you taking the right amount of risk with your money? Do you know how much life insurance you need? What about disability? Liability? Policy selection requires more than looking at your budget and deciding how much you can afford. In this episode of Dentist Money™, Reese and Ryan explain how much coverage you should carry and how the amount can change during your career. They also discuss two elements of a dentist’s risk profile that aren’t covered by insurance.

Nov 1, 2017

Have you ever thought about investing in a startup? If you haven’t already, someday you’ll be approached to fund the next big thing. And maybe it’s the next Amazon.com. But before you hand over your cash, you’ll want to understand exactly what you’re getting into. In this episode of Dentist Money™, Reese & Ryan walk through the steps of startup investing and provide a list of factors every dentist should consider before jumping in.

Oct 25, 2017

There’s no such thing as a stupid question. In some cases it might just be the wrong question. And it’s not uncommon for dentists to ask the wrong question about financial markets. In this episode of Dentist Money™, Reese and Ryan explain one fundamental principle of markets a lot of dentists seem to misunderstand. They also explain what a market is by comparing investments to more familiar products we buy in our everyday lives.

Oct 18, 2017

Have you ever made a big change to your business or financial plan out of frustration? When cash was tight, the market was down, or collections were stagnant, did you allow short term thinking to get in the way of long term goals? In this episode of Dentist Money™, Reese & Ryan identify three classic examples of big sweeping changes dentists make that often come back to bite them. They also offer guidance for choosing less expensive and more effective alternatives.

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