The Dentist Money Show | Financial Planning & Wealth Management

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