The Dentist Money Show | Financial Planning & Wealth Management

After working on New Year's resolutions for a couple of weeks, how are you doing? Do you feel setting goals helps? Or is it an exercise in futility for you? The data shows those who set goals do achieve more, but goal-setting clearly doesn't work for most people. On this episode of the Dentist Money™ Show, Ryan and Matt look at what to do to ensure you reach your long-term objectives.

As the tectonic shift in practice ownership alters the dental industry, a major question that continues to arise is, "Where can I find a good associate?" On this episode of the Dentist Money™ Show, Ryan invites Dan Blair, of Menlo Dental Consulting's Associate Placement Services, to discuss trends in dentistry and how (and when) to find the right people to help grow your team.

On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt answer concerns about divorce, kids on payroll, and retirement withdrawals. When divorce happens, find out why it is imperative that you protect your practice. Putting kids on payroll has its pros … and its cons. Finally, you piled money up for retirement, now make sure you withdraw it efficiently.

Not every dentist is ready to own a practice, but it helps if you know what skills and traits indicate if ownership is a good (or bad) move for you. On this Dentist Money™ Show, Ryan interviews Dr. Richard Low of Shared Practices. There is no such thing as a fail-proof list of skills required to be a successful owner, but Ryan and Richard look at traits they've seen that help.

Making comparisons to others can be beneficial as knowing how those with similar circumstances are doing provides motivation that drives self-improvement. For the final episode of the Dentist Money™ Show for 2021, Ryan and Matt examine Dentist Advisors client averages for income, net worth, debt, and more. It's powerful information to help inspire you to make smart financial decisions.

The growing number of multi-practice owners and DSOs is causing a major shift in the need for career associates. What could this mean for you? On this episode of the Dentist Money™ Show, Ryan and Matt look at what to consider—earning potential, tax strategies, retirement—if a dentist is wondering about the big differences between ownership and being a long-term associate.

You know PPO insurance helps generate practice revenue, but to increase profits you need to learn how to get more out of your current PPO reimbursements. On this episode of the Dentist Money™ Show, Ryan welcomes Vivek Kinra, founder of PPO Profits. Vivek illustrates why insurance payments can get so complex and reveals ways to actually optimize existing contracts to give fees a boost.

Making random decisions about money over the course of a long career can lead to financial disaster. Isn't it time you determined exactly where you want to go? On this episode of the Dentist Money™ Show, Ryan and Matt explain how to avoid the small errors that cause you to stray off the path of financial success. Following these three steps can help you reach your long-term money goals.

It's December and the holidays are coming soon … and so are end-of-year tax worries. Stay calm, we've got important answers to your year-end tax questions. On this episode of the Dentist Money™ Show, Ryan welcomes Morgan Hamon of HDA Accounting Group. Morgan provides an end-of-year tax checklist, advice on how to handle EIDL loan money, and his opinion on what tax changes may be coming.

"I consider many of my patients as close friends." "Great job security—people won't floss and most don't eat well." "It's the best overall job in healthcare." This Thanksgiving, why are you grateful to be a dentist? For this episode of the Dentist Money™ Show, Ryan and Matt polled members of the Dentist Advisors Facebook Group for the reasons why they feel blessed to be in dentistry.

You generate income from your practice and your wealth then comes from investing that income. But what are you doing to protect your growing wealth? On a Veteran's Day episode of the Dentist Money™ Show, Ryan and Matt use a World War II story for their theme. You'll discover how safeguarding the vital parts of your investments can help keep your wealth flying high.

It may be the most emotional decision you make in your financial life. And one thing is for sure, rushing into it can be the biggest money mistake you ever make. On this episode of the Dentist Money™ Show, Ryan and Matt look at three things you should consider before buying that dream home. Don't end up overwhelmed by the unexpected. Find out how to keep your dream from becoming a nightmare.

Does your membership plan encourage patient retention? Maybe it's time to consider a menu-driven alternative that empowers and excites uninsured patients. On this episode of the Dentist Money™ Show, Ryan welcomes Paul Lowry of Dental Menu. Netflix-type subscription plans enjoy wide acceptance and now you can use this popular payment option to attract and retain uninsured patients.

On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt answer questions on topics dentists are currently wondering or even worrying about. As an associate, should you work as a 1099 contractor or a W2 employee? What questions should you ask when looking at a private investment? Student loan deferment is almost over, what decisions will you need to make in the near future?

As your portfolio appreciates, it can get out of sync from its original asset allocation and intent. The result could be a portfolio that doesn't match your risk preference or investment timelines. On this episode of the Dentist Money™ Show, Ryan and Matt explain why portfolios need to be rebalanced. As investments get out of alignment over time, learn how they can be readjusted to meet their initial risk and return targets.

So you think it's time to add something more exciting to your portfolio? Before you buy, it's important to know how it will help you reach your long-term goals. On this episode of the Dentist Money™ Show, Ryan and Matt put their focus on alternative investments and where and when they might fit. There are many ways to invest, but the downside of some options may not be worth the risk.

Are you frustrated that your practice seems to have plateaued? Or maybe the holes in your schedule make it so disorganized it looks like a game of Tetris. On this episode of the Dentist Money™ Show, Ryan welcomes consultant Heidi Mount who has coached dentists across the globe. On this show, Heidi reveals how good coaching can help you unlock the full potential of your practice.

To make it work, you and your spouse or partner need to commit to the goals in a financial plan. Unfortunately, many couples may need money therapy first. On this episode of the Dentist Money™ Show, Ryan and Matt outline 5 ways to bring your financial objectives together. Isn't it time you became a team, increasing your net worth growth as you progress towards a shared financial future?

On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt answer questions from dentists about their cash flow, debt, and investment concerns. Income is finally growing—what comes next? Pay down debt or add to assets? Where do collectibles fit into a portfolio? Should you put more than the minimum down when buying a home? Got a money question? Ryan and Matt have an expert answer.

Dave Ramsey, the well-known author and personal finance guru, wants people to get out of debt as fast as possible. Is that the right message for a dentist like you? On this episode of the Dentist Money™ Show, Ryan and Matt go through each of Dave Ramsey's 7 Baby Steps. They compare his advice against Dentist Advisors' more dentist-specific guidance and discuss where and why there are differences.

What has been your favorite episode? Find out if it was one of our top downloaded podcasts. In our first 299 shows, we've covered investing, debt, spending, taxes, and more. On this episode, Ryan and Matt look back at listener favorites and discuss why the topics of those top five shows still resonate with dentists.

People love stories. Stories are engaging and relatable. Is there a story you could tell about your practice that would connect with potential patients? On this episode of the Dentist Money™ Show, Ryan welcomes Joshua Scott whose agency, Studio 8E8, helps practices stand out using story-first marketing. Hear how to add energy to your marketing efforts as you build a powerful, personal brand.

Dentists consistently rank among the most successful working professionals in the U.S. But a good income does not guarantee a successful retirement. On this episode of the Dentist Money™ Show, Ryan and Matt list seven mistakes that prevent you from having enough at retirement. Your practice is thriving and the retirement road looks smooth—unless a big blunder wrecks your plans.

Why DSOs are expanding so rapidly is a hot topic. About 20% of present practices are group practices, a number that is projected to be over 30% in the future. On this episode of the Dentist Money™ Show, Ryan and Matt take an up-close look at DSOs. What could this growth trend mean for you? And what should you do if you get a buy-out offer—and you still have a long career ahead?

Investments are the focus for all three questions on this listener Q&A episode of the Dentist Money™ Show. Ryan and Matt illustrate why expertise is needed when it comes to managing your money, offering their advice on the most effective ways of accessing cash from investments during a down market, plus explaining the adjustments your portfolio needs prior to retirement—and why.

A live-for-today lifestyle (or a desire to finance a dream house) has some dentists asking, "What's the minimum amount I can save and still be OK in retirement?" On this episode of the Dentist Money™ Show, Ryan and Matt look at what maxing out today's earnings by saving a minimal amount might mean over the long run—and what tradeoffs you can expect to make so you can still enjoy the future.

With so many things to worry about as you build your career, do you have trouble living in the moment? On this episode of the Dentist Money™ Show, Ryan and Matt talk about three money matters that can cause your mind to wander. Happiness comes from being fully engaged in your current activities. Ryan and Matt offer their tips on how to prevent finances from causing you to lose focus on the present.

Is buying permanent life insurance a permanent mistake? On this episode of the Dentist Money™ Show, Ryan and Matt look into the debate that surrounds whole life insurance. Agents say there are benefits to support purchasing permanent insurance, but are their points valid? Ryan and Matt explain why mixing insurance and investments in the same financial instrument might not be the best strategy.

There are many demands that are placed on your money. Should saving for your children's future be one of them? On this episode of the Dentist Money™ Show, Ryan and Matt discuss saving strategies for minors. Some dentists choose to save for their kids, others choose not to. No matter what you decide, you need to know the available options so you can do what's best for your family.

On this episode of the Dentist Money™ Show, Ryan and Matt discuss core financial truths they feel can lead to less stress and a happier life. With money, things can constantly change. But there are some foundational principles that pass the test of time. Ryan and Matt point to nine financial fundamentals that guide their advice and one overarching principle that ties all of the others together.

On this episode of the Dentist Money™ Show, Ryan and Matt take a hard look at inflation. They define it; do a poll to find out what people are saying; and offer four practical tips on what to do to counter its risk. In the Pandora's Box of economic worries, Ryan and Matt explain why inflation, like recession, is something you can work your way through when you understand how to do the right things.

On this episode of the Dentist Money™ Show, Ryan brings in Jake Elm, CFP® at Dentist Advisors, to take on the question, "When is it time to get financial help?" Like many things that deal with money, the answer is personal to each individual. However, Ryan and Jake offer reasons why earlier may be better for long-term goals. They also explain why people who are being held accountable to someone else are motivated to take action.

On this episode of the Dentist Money™ Show, Ryan and Matt put their focus on risk. Our everyday activities involve many risks we accept as part of life. But when risk becomes a fear, that's more about feelings of uncertainty. Whether a fear of sharks keeps you from swimming in the ocean, or fear of loss keeps you from investing, Ryan and Matt attempt to take the paralyzing effect out of uncertainty.

On this episode of the Dentist Money™ Show, Ryan interviews attorney Nathan Jay Kavlie of Thoughtful Wills. On the show, Nathan and Ryan go document-by-document over what's needed to preserve the estate you are working so hard to create. Estate planning can seem complicated, but Nathan explains why he doesn't believe it should be by illustrating how he takes the legalese out of wills and trusts.

On this episode of the Dentist Money™ Show, Ryan and Matt take on crypto. It's the latest investment obsession with vocal fans … and detractors. On this show Ryan and Matt offer advice to dentists on what they believe should be your crypto strategy. Wondering about investing in Bitcoin or the "Doge" (or just wondering what the fuss is all about), this is the episode you've been waiting for.

On this episode of the Dentist Money™ Show, Ryan welcomes back Reese Harper, founder of Dentist Advisors. During the show, Ryan quizzes Reese on his latest business venture, Elements. You'll hear how focusing on a niche can strengthen any enterprise, plus get a good look at the challenges of a start-up. It's your behind-the-scenes look at how Reese is trying to change the future of financial planning.

Humans (and other primates) have a tendency to want to compare. From houses to cars and more, there's a keeping up with the Joneses' desire that seems to be part of our nature. On this episode of the Dentist Money™ Show, Ryan and Matt talk about the impulse we have to compare what we have with others. While money or lifestyle comparisons to others can be devastating to your financial and even your mental health, Ryan and Matt focus on ways to compare that can motivate you to make good financial decisions.

She's known as "The HIPAA Chick" on social media and is an expert at all things HIPAA. On this episode of the Dentist Money™ Show, Ryan interviews Danielle Mckinley of PCI HIPAA. Many dentists think protecting patient information is easy, but they aren't considering cyber threats, the potential for human error, or the complexity of having vendors who also see patient information. Compliance is never fun, but Danielle Mckinley does her best to keep HIPAA discussions lively as she helps practices meet requirements and avoid costly audits.

What is it like to be a Dentist Advisors client? On this episode of the Dentist Money™ Show, Ryan and Matt look closely at the Dentist Advisors client journey. From your initial consultation call to completing a detailed onboarding process to building a financial plan that becomes the basis for your financial decisions, Ryan and Matt get down to the nuts and bolts of each phase a Dentist Advisors client passes through.

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.