The Dentist Money Show | Financial Planning & Wealth Management

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.

An election, COVID, protests, uncertainty—on this episode of the Dentist Money™ Show, Ryan and Matt take a close look at the history of elections and the stock market as they forecast what will most likely happen as we move past this one. During your lifetime, your investing timeline will cover eight to twelve different presidencies. Since elections are something you should get used to, Ryan and Matt discuss the Dentist Advisors investment philosophy and why it works through different economic highs and woes.

On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt take a look at why rebalancing your investment portfolio is so important. Plus you'll hear about different strategies for dividing stocks and bonds among various brokerage and retirement accounts. When you build a portfolio four things are taken into consideration—the level of risk, geography, company size, and the price of the stock. Find out why Dentist Advisors regularly rebalances your portfolio to ensure it continues growing within your original criteria.

Does the music you listen to influence your attitude towards money for good … or bad? What do Kurt Rambus, the Taxman, and Kenny Rogers all have in common? Count on Ryan and Matt to tie them together on a music-themed episode of the Dentist Money™ Show. There are lots of songs about money, but do any offer good financial advice? Is it "If I had a million dollars" or "Save that money" for you? Based on famous (and not so famous) songs, Ryan and Matt offer a few of their own money tips. Plus, a listener debuts his country song about debt—written just for Ryan.

On this episode of the Dentist Money™ Show, Ryan interviews Dr. Travis Campbell, practicing dentist, coach/consultant/speaker, on-line influencer, and author of The Practice Whisperer. In dental school you were told the pinnacle of a dentist's career is running a practice. Chances are you weren't taught how to do it. From his experience building a top 1% practice from scratch, Dr. Campbell offers advice on how to stay focused on clinical skills while avoiding typical practice pitfalls that can derail you from achieving success.

How much money do I even make?" That may be the number one question dentists ask their financial advisor. On this episode of the Dentist Money™ Show, Ryan and Matt examine why understanding dental income is so complex—and explain why knowing that number is so central to making good financial decisions. All financial tracking starts with income. You can't set firm goals or make action plans or strategies unless you know how much money is coming in.

On this episode of the Dentist Money™ Show, Ryan and Matt examine some of the things dentists tend to look at that distract them from seeing the retirement signals which really matter. Do you spend time worrying about short-term changes in the stock market? Are you fixated on figuring out how to open another location? Maybe you daydream about upping your income? When your long-term focus wavers, you may need to be reminded why slow and steady wins the retirement race. Register for CE Credit Here https://dentistadvisors.com/dms-ce-251

In this episode of the Dentist Money™ Show, Ryan and Matt discuss the reasons why getting dental-specific financial advice is preferable to getting financial advice from a generalist. Dentists are expertly trained clinicians who often carry the weight of running a small business and all that goes with it. That entrepreneur/professional combination often results in very unique financial challenges. If dentists are different, are there advantages to getting financial advice from someone who understands their issues?

On this episode of the Dentist Money™ Show, Reese and Ryan take a look at some of the stressful money issues that retirees come up against. You spend a career planning for retirement, but retirement itself can lead to some surprisingly difficult, and unforeseen, money issues. The decisions you face as a retiree—housing decisions, family issues, and how to handle your retirement portfolio—can all seem burdensome. Setting yourself up for a retirement with less stress starts years earlier with holistic financial planning.

On this episode of the Dentist Money™ Show, Ryan interviews Jordon Comstock of BoomCloud, a software company that helps practices create in-house dental membership programs. During the show, Ryan and Jordan discuss the numerous advantages in-office subscription programs offer. For patients, membership services can be easy to understand—they're already paying fees for different types of insurance or subscriptions for things like Amazon Prime. But many dentists remain hesitant. If you're one, this might be the education you need to finally get on board.

On this episode of the Dentist Money™ Show, Reese and Ryan answer two listener questions— "What is the right savings rate for me at this point in my career?" and "What should I do with a sudden windfall?" Whether it's through slow accumulation, or sudden good fortune, having the right strategy for putting money to work makes a big difference when trying to grow your net worth. As always, Reese and Ryan have ready guidance for you—along with advice on the role of cash in both scenarios.

On this episode of the Dentist Money™ Show, Ryan interviews Dr. Bruce B. Baird, former dentist and founder of The Productive Dentist Academy. If the first step in making smart financial decisions is practice profitability, then you need to understand all of your options for increasing collections. Dentists have been trained to use third-party financing, but there are also other financing options worth your consideration. If you could increase your revenues and provide your patients with more choices when it comes to their oral care, would you do it?

On this episode of the Dentist Money™ Show, Reese and Ryan discuss how inflationary forces can lead to a declining dollar—something that's on a lot of people's minds right now. Inflation is a constant. So how do you make adjustments for it? What types of investments should you be looking for, especially during a monetary crisis like we're living through? National Tooth Fairy Day is around the corner and Reese and Ryan use tooth fairy inflation as an analogy for how to think about the dollar.

On this episode of the Dentist Money™ Show, Ryan does a follow-up interview with Kiera Dent of The Dental A-Team. As a popular dental team coach, Kiera has her finger on the pulse of offices across the country and offers practical tips your team can follow to find success amid COVID uncertainty. In an often frank discussion, Ryan and Kiera look at both the good and the bad of coming back from COVID as they examine where you might find unexpected and innovative solutions.

On this episode of the Dentist Money™ Show, Reese and Ryan dissect the pros and cons of budgeting and spending. It may not sound fun, but when it comes to holistic financial planning, talking about where spending fits is not a conversation you should ever avoid. Your attitudes about spending will change as you progress through your career. Whether you're a penny-pinching student or a top earner, every lifestyle step, every movement towards a more enjoyable life still requires that you check your limits.

On this episode of the Dentist Money™ Show, Reese and Ryan take a close look at how comparing your financial performance to a standard can help you gain greater financial strength. In fact, our Elements® program was built on performance comparisons. That said, benchmarks can be misused and counterproductive when viewed out of context. Learn how to closely measure your financial progress in specific areas to develop better habits, and how to make benchmarks more valuable by including someone else to hold you accountable to them.

On this episode of the Dentist Money™ Show, Ryan interviews Travis Hornsby of Student Loan Planner, experts at helping dentists and other professionals figure out what to do with their large loan debt. In a wide-ranging interview, Ryan and Travis cover the CARES Act pausing of federal loan payments and how long that might last; what the future may hold for student loan debt; why a tiered approach to your debt might make a lot of sense for you; and a whole lot more.

On this episode of the Dentist Money™ Show Ryan and his webinar partner, Matt Mulcock, discuss the fundamentals of debt. As a dentist, your mindset about debt has to be different. The high income you can achieve requires debt—student loans, equipment, and the possibility of purchasing a practice or practice location. That means debt is a greater reality for you. But are your attitudes about debt still old-school? Or, do you know how to use debt as one of your greatest tools?

Because it's quite possibly the most emotional asset one can own, a discussion on real estate seems to always draw a crowd. So gather round this episode of the Dentist Money™ Show and hear what Reese and Ryan have to say about the pros and cons of residential, rental, and office space real estate. Real estate investments work for some people, but they're a hassle for others. Reese and Ryan offer their advice on what type of person can make a real estate deal work in their favor—and who should probably steer clear.

On this episode of the Dentist Money™ Show, Ryan interviews Will Gochnour, a member of our Dentist Advisors advisory team. It's a behind-the-curtain look at what our associates go through as they prepare to take on the role of Financial Advisor. Data collection is at the heart of our holistic financial planning philosophy and provides the foundation for good financial decisions. Will describes how gathering data for hundreds of financial plans, and then seeing how we use that data to support our advice, prepared him for his current role.

Investors are tense, the public seems restless. Where can you find financial calm when everything seems so unstable? On this episode of the Dentist Money™ Show, Reese and Ryan attempt to alleviate your anxiety. Feeling stress during times of volatility is normal, but if your portfolio has been carefully constructed to fit your personality and long-term goals, you can be confident when others have the stock market jitters.

On this episode of the Dentist Money™ Show, Ryan interviews Minal Sampat, a dental industry marketing guru and the best-selling author of "Why Your Marketing is Killing Your Business." There are many options for how to market your practice. How do you know what's the right approach for you? In this high-energy interview, Minal reveals her formula for how you can actually minimize costs while maximizing the "new client return" on your current marketing program.

On this episode of the Dentist Money™ Show, Reese and Ryan discuss two listener questions about the future of the stock market. Changing market conditions have many people wondering if they should rethink what's included in their investment portfolios. Is a concentrated portfolio of stocks that have been beaten up—like travel, hospitality, energy—the right spot for your hard earned dollars? Or, should you just stick to a globally diversified portfolio? Reese and Ryan offer their guidance backed by some fascinating details and stories.

On this episode of the Dentist Money™ Show, Reese and Ryan look into what it takes to become financially independent. "When can I retire?" is a question financial planners are often asked. Some try to provide a simple answer, but there's a complexity to the question that deserves an in-depth examination. Although individual lifestyle and economic uncertainty affect any projections about financial independence, hear what you can do right now to ensure you're on the path to a comfortable retirement.

On this episode of the Dentist Money™ Show, Reese and Ryan discuss the nuts and bolts of the most common qualified retirement plans. Because of the different levels of dental and specialist practices (and with the varying amounts of income they can generate), deciding which qualified retirement plan is the right one for you can be a challenge? Reese and Ryan take the mystery out of your retirement plan options. After listening, you'll feel good about which plan you choose—and why it's the right fit for you.

On this episode of the Dentist Money™ Show, Reese and Ryan once again answer your questions. Decisions about finances, taxes, legal issues, insurance, and real estate all have a major effect on the trajectory of your net worth. Your finances are much more complex than many dentists think. Every transaction can have major implications with a bad decision costing you years of wealth accumulation. Who is asking the right questions for you? And, how much is their advice really worth?

On this Dentist Money™ Show, Reese and Ryan take a quick look back … and a long look ahead as they discuss the effects of COVID on the stock market, on the dental community, and on themselves. Will a new mindset about money affect your decisions as an investor? Sharing their personal observations, Reese and Ryan explain why seeing stocks through a COVID looking-glass may affect your attitude towards financial assets.

On this episode of the Dentist Money™ Show, Ryan interviews a 20-year veteran of the home loan industry, Tim Peterson of Cornerstone Home Lending. Federal stimulates have resulted in low, low interest rates causing some to wonder if now is a good time to refinance? And media coverage about forbearance has others wondering if that's the right strategy during unusually tight times? Listen as Ryan and Tim take on the difficulties and surprising positives of today's lending market.

On this Dentist Money™ Show, Reese and Ryan examine virtually every insurance policy a dentist might need. As a dentist, you have to manage business risks, as well as think about how to preserve your income in case of something unexpected. You may want to ignore it, but insurance can't be neglected. On this podcast, Reese and Ryan share their ideas about how to get the greatest efficiency out of the premiums you pay for your practice and income protection insurance needs.

On this episode of The Dentist Money™ Show, Reese and Ryan take a look at the real reasons people end up hoarding during panics. Or more to their point, when markets are diving and your net worth is shrinking, how can you stifle the impulse to push your own panic button? We all have irrationally strong preferences for things we can control with certainty. Reese and Ryan have some ideas on how to keep your cool when the heat is on.

On this episode of the Dentist Money™ Show, Ryan interviews BJ Sorensen, Senior Manager of Marketing Strategy and Research at Ultradent. While we may have a front-row seat to the economic effects of COVID-19, BJ's job is to understand how current trends might alter the future. What will be the behavioral impact on dentists? Where is practice ownership headed? What jobs will today's dental students find? BJ and Ryan offer their answers to these questions and many more.

On this episode of the Dentist Money™ Show, Ryan interviews Kiera Dent of The Dental A-Team. A well-known dental practice coach, Kiera has numerous ideas for what you can do today to make your practice better tomorrow. Get to know The A-Team's four buckets for dental practice success as Kiera takes Ryan through her extensive list of things you could be working on. "This is your time for a mindset reset," claims Kiera. Find out what you can do to improve your practice today.

For an April Fools Day episode of the Dentist Money™ Show, Reese and Ryan take a close look at financial mistakes that can make you feel like a money management moron. It's been said, "Wise men learn by other men's mistakes. Fools by their own." On this show, Reese and Ryan share examples of money miscues you can avoid. Learn from the mistakes of others and then follow these tips so you can keep your net worth growing.

On this episode of the Dentist Money™ Show, Ryan interviews Dr. Brian Harris, the founder of Smile Virtual, a leader in virtual consultations. Have you considered that the mindset you take during this economic pause may result in how well your practice does when it's back to business as usual? From the tricks he's learned about video consults to tips on getting more involved in social media, Brian offers ways to still be productive during unusual times.

The effect of COVID-19 on the economy has resulted in a major market downturn. On this episode of the Dentist Money™ Show, Reese and Ryan provide answers to the financial concerns they've been hearing from clients and others. It's a pragmatic look at current issues as Reese and Ryan offer advice about where we are—and where leading economic forecasters say we're most likely headed. Hear why staying calm and rational as you're faced with major decisions is the right path.

It's a Dentist Money™ Show first as Ryan interviews Matt Mulcock, one of our own advisors. Ryan asks Matt what it was like to work at a large money-management firm. It's a one-of-a-kind episode as Matt compares the differences between Dentist Advisors' holistic financial planning approach with firms that mix product sales with financial advice. You'll get to know more about Matt—and you'll hear why he jumped at the chance to work for Dentist Advisors.

On this episode of the Dentist Money™ Show, Ryan interviews Matt Hironaka of Unitas PPO Solutions. Do you need help evaluating your PPO participation? Are you involved with PPOs and want to improve reimbursements? Or are you wondering if you can negotiate higher fee rates? Matt answers those questions and many more as he and Ryan discuss PPOs in depth. Frustrated with your PPO relationships (like so many dentists)? Matt has some reliable tips to help you smooth out those disappointing PPO bumps.