The Dentist Money Show | Financial Planning & Wealth Management

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.

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.

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.

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.

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.

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.

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.

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.

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'.

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.