Dentist Money

When is it time to get an estate plan? Or, if you already have one, how often should it be reviewed? And how do the requirements of an estate plan differ if you’re a dentist? Wills, trusts, tax planning, asset protection—not  the most exciting topics to bring up at family dinner. But the same people who join you at the table will be glad you planned ahead and kept them from having to track down all your assets. In this episode of Dentist Money™, Reese welcomes estate planning attorney, Andrew Howell, who explains why there’s more to estate planning than most people think. He describes what happens if you die without an estate plan, three common fallacies about estate planning, and how a properly structured estate plan will protect your wealth while you’re still living. Show notes: www.yorkhowell.com

Did you hear about the dentist who lost his shorts in a scam? No? That’s because nobody likes to tell the world they got hosed by a con artist. But it happens—a lot. And unless you know the warning signs, you might get wrangled into the same type of deal and put your retirement on the line. In this episode of Dentist Money™, Reese and Ryan respond to a special request from a loyal listener who asked for stories of dentists who fell victim to bad advice from people they should have never trusted. They also share the warning signs to watch for so you can avoid making the same mistakes.

A few hundred here, a few thousand there. Overspending on insurance, loans, supplies, staff, benefits, and personal life may seem insignificant in the short run—a lot of dentists make enough money to cover the cost. But over the course of a career, those costs can add up to millions and downgrade the quality of what should’ve been a great retirement. In this episode of Dentist Money™, Reese and Ryan list the most common places where dentists overspend and how to make sure your hard earned money stays in your pocket.

Real estate can be an excellent investment. But many dentists delay their retirement by doing the wrong deal at the wrong time. What are the biggest mistakes that dentists make with real estate? In this episode of Dentist Money™, Reese & Ryan give five examples of real estate deals that often turn good investments into massive setbacks. They also provide a list of questions to ask before purchasing your next home, practice space, or investment property.

Student loans, practice loans, real estate loans. Dentists and debt go together like presidential elections and economic uncertainty. With speculation of rising interest rates, many are wondering if now is the right time to borrow money or refinance existing loans. In this episode of Dentist Money™, Reese welcomes Wells Fargo practice finance expert, Kent Murphy, who lists a number of factors to consider when shopping the lender market. He explains how low interest rates often lure people into bad loans and shares common factors dentists overlook before signing on the dotted line.   Show notes: Kenton.Murphy@wellsfargo.com practicefinance.wellsfargo.com/dentists/

How do you know when it’s time to hire a financial advisor? For a lot of dentists there’s a trigger that goes off ― a shortage of cash, an investment gone bad, stagnant collections ― and they wonder if it’s time to call for help. But it’s not always clear what’s causing your pain or which professional has the right prescription. In this episode of Dentist Money™, Reese & Ryan explain when it makes sense to hire a financial advisor, and when it makes sense to look elsewhere for solutions.

There are two types of people in the world: those who have heard a sales pitch about permanent life insurance, and those who will hear a sales pitch about permanent life insurance. And the way these policies are sold ― on the premise of guaranteed returns and tax-free withdrawals ― often give investors a false sense of security. In this episode of Dentist Money™, Reese & Ryan walk through the stages of grieving that usually follow the purchase of permanent life. They also talk about the rare exceptions for justifying insurance as an investment, and how to unwind a bad policy if you already have one.

Do you know the difference between a stock and a bond? Maybe you do. But even if you grasp the concept of fixed income versus equity, you may not realize how complex the bond market is. In this episode of Dentist Money™, Reese & Ryan describe the different types of bonds you can own, the risk levels associated with each, and how bonds can be used to lower your taxes. (And they make it through the entire show without telling a single James Bond joke).

Have you ever looked at your investment statements and wondered if your returns are as good as they could be? You’ve been told cheap index funds are the most responsible way to invest, but is it really that simple? What other funds can you buy? In this episode of Dentist Money™, Reese & Ryan list six factors to consider when building your investment portfolio. They discuss tradeoffs between active and passive investing, why some index funds underperform, and how to build a portfolio with the right mix of assets.

If your office has a qualified retirement plan like a 401(k), chances are you’re paying fees you didn’t know existed and taking on liability you didn’t know you had. Matt Bradley and his company BenefitGuard help dentists fix their 401(k)s by lowering costs and offloading risk associated with compliance. In this Dentist Money™ interview, Matt explains where the fees are hiding, how to evaluate your existing plan, and the most common reasons employers get sued for mismanagement. He also lists the people you should have on your 401(k) team. Show notes: matt.bradley@benefitguard.com www.benefitguard.com

IRA? 401(k)? Profit sharing plan? Pension? Mosts dentists know that choosing the right plan will put them on a faster track to retirement. But deciding which plan is best isn’t always straightforward. In this episode of Dentist Money™, Reese & Ryan discuss the most important factors to consider when choosing a retirement plan for you and your employees. They also describe how TPAs, advisors, fiduciaries, and custodians can help you optimize your plan and protect you from compliance violations.

Lisa Knowles opened her dental practice in 2005… two years before the recession... in Michigan. With economic conditions stacked against her, she built a thriving practice on a model of “making things right for patients no matter what.” Driven by her passion for communication and coaching, Dr. Knowles started Intentional Dental to help other dentists grow referral pipelines using a more mindful approach to patient interaction. In this Dentist Money™ Show interview, she cites five keys to successful dentistry, offers guidance for living in the moment, and compares a dental office to a Broadway show.   Show notes: Website: http://beyond32teeth.com/ Email: intentionaldental@gmail.com

Dr. Mike Abernathy, founder of Summit Practice Solutions, joins the Dentist Money™ Show from his ranch outside of Dallas where he reflects on the most valuable lessons he’s learned as a practice owner and consultant. Mike’s approach to business management and personal finance allowed him to retire ahead of schedule and become a mentor for dentists all over the United States. In this interview, he talks about the one statistic to watch in your practice, what it means to embrace consumerism, and the pitfalls that keep dentists from reaching financial freedom.   Show notes: Website: http://summitpracticesolutions.com/

Remember the personal bio you wrote for your practice website? You probably started with a paragraph about where you grew up, the schools you attended, and your involvement with dental associations. Then you added a couple lines about your family and personal hobbies, and emailed it over to your web designer. Now it sits on your website like a relic etched in stone. And in today’s content-charged world, it will never be enough to drive traffic to your business. That’s where video comes in — not just video, but great video. In this Dentist Money™ interview, Collin Kartchner of Tooth Media explains why dentists need to engage patients with better video content. He also describes the difference between videos that get results and those that harm reputations.   Show notes: Website: www.toothmedia.com Email: collin@toothmedia.com Article about video performance versus text content: http://www.fathomdelivers.com/blog/seo/videos-seo-more-likely-to-rank/

Morgan Hamon lives dangerously. He started his career as a fighter pilot and then became a tax accountant. The fight against taxes is real, and Morgan’s firm, HDA Accounting Group, is the first line of defense for hundreds of dentists across the country. Because he works exclusively with dentists, Morgan has a deep understanding of tax issues faced by practice owners. In this Dentist Money™ interview, he answers the most common tax questions asked by dentists, explains the tax implications of owning a building, and specifies how much you should spend on staff and overhead to maintain sufficient profitability.   Show notes: Website: www.hda-dental.com Email: morgan@hdagroupdental.com

Dr. Mark Costes is founder of the Dental Success Institute, Horizon Schools of Dental Assisting, and author of Pillars of Dental Success. He runs multiple practices, speaks at dental forums around the world, and coaches over 50 practice owners to help maximize profits. In this Dentist Money™ interview, Dr. Costes talks about the bumps and bruises he’s experienced while acquiring multiple practices and expanding his entrepreneurial reach. He also offers a fresh take on work life balance, the truth about getting rich, and the personality traits that succeed in dentistry.   Show notes: Website: truedentalsuccess.com Email: horizondds@yahoo.com

Is your website doing its job? Does it really drive new patients, or does it just sort of exist? Mike Pedersen, founder of The Dental Boost, helps hundreds of dentists showcase their practices with powerful websites that make it easy for visitors to find what they’re looking for. In this Dentist Money™ interview, Mike explains what it means to build your website with the user in mind, how to incorporate video content, and the best way to layout your homepage. He also describes the kinds of images you should never post on your website.   Show notes: Website: www.thedentalboost.com Email: mike@thedentalboost.com

Perhaps nothing in dentistry is more important than surrounding yourself with the right people. It’s also one of the most difficult things to do. Hiring is never an exact science, firing is no picnic, and outsourcing can feel like a crapshoot. So how do you put together a winning team? In this Dentist Money™ interview, Pat Rosenzweig, co-owner of Mosaic Management Professionals, discusses the process of elevating your human capital. Drawing from her 30+ years in the industry, she explains the mindset you should cultivate within your staff, the value to place on technical versus people skills, and how to maximize each person’s contributions.   Show notes: Website: www.mosaicmanagementpro.com Email: Pat@mosaicmanagementpro.com

When Joseph McGregor was a young attorney in Cleveland, his friends in the Case Western Dental program started asking for advice about practice buy-in agreements. The questions kept coming, and before he knew it, Joseph had a side job through which he met several players in the dental industry. His experience led him to open a dental-focused law firm in 2009. (His desire to make it big led him to Texas). In this Dentist Money™ interview, Joseph highlights two of the most costly mistakes made by dentists during transition. He also offers a word of caution about the employee handbook that’s been gathering dust at the bottom of your file drawer.

While working with his endodontist father, Chris Tayler became all too familiar with the inequities imposed by insurance companies on dentists. Seeing an opportunity to help other practice owners, Chris put his MBA and finance background to work and started a company called Cobalt Analytics, which specializes in optimizing insurance plans for dentists. In this episode of Dentist Money™, Chris explains the right way to factor insurance write-offs into profitability and how to make sure you’re getting the best rates. Show notes: http://www.cobaltanalytics.net/