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When Being Part of the Game or Running a Practice is Your World · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to you by
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  four Quadrons Advisory. On this podcast, we break down the world of dentistry,
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  finances and business practices to help you become the millionaire dentists you deserve to
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  be. Please be advised we do speak with an honest tongue and may not
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  be safe for work. Hello and welcome. This is Casey. Heires back
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  at the Millionaire Dentnist Podcast in studio with co host Jared Bridgeman. Casey,
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  how you doing today? Doing great? Thanks for asking. I like your
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  like that teal colored shirt you got on today, very very sensual. It
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  just spoke to me today. Yeah, I mean spring's happening. It's nice
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  to kind of wear the brighter colors and it brings your mood up. I
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  think fifties in the morning or seventies in the afternoon. This is my kind
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  of weather man. Got to be versatile. Yeah. Yeah. And I
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  collect quarter zips, I've been told got a lot of them. Well,
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  there's always a hobby for somebody. Casey, how do you want to start
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  this? How do you want to start today? Do you feel like you're
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  doing okay at podcasting? Is okay good enough? See, yeah, we
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  just talked on podcasters. We just talked. Yeah, well we met for
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  a brief three minute show prep, right, but it was good. Yep.
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  Hopefully it manifests in our conversations. I hope so. And it kind
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  of spun out of and I kind of want to get off on this,
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  get off, get on this whole thing of I was telling you about my
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  son. My son's in soccer, my daughter's in volleyball, and my son
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  is a huge sports head. He's six years old. We went to a
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  birthday party last weekend and with some of the parents were like, Oh,
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  my kids talk about your son and how much he talks about sports. And
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  you're a big sports guy too, Huh. I'm like not really, I'm
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  not a sports guy. And so you started joking about, you know,
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  are you going to do travel sports in the future, and it kind of
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  went from there. That's kind of what sparked this whole podcast episode. Today.
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  A lot of listeners can relate to travel sports because it's now an obsession
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  that's swept the country. Yeah, a little bit of a racket and it's
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  a business and it's money, but neither here nor they are nice opportunities for
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  kids, But talking about is it okay to just make the travel team?
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  Right? Right? So when that happens, time and money those are probably
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  people's most valuable resources. Yay, your kid makes a travel team, You're
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  gonna pay a couple thousand bucks minimum. Your weekends are shot. If you
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  don't live in a mecca of like good resources and venues for host them,
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  you're then traveling multiple hours to watch your kid bedge it. And if if
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  they made the team and that's all they did and they're not playing and thriving,
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  and like, what are your thoughts on that? You know, personally,
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  I think that would be that'd be a hard thing to do, Like,
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  Yay, they made the team, Like that's an accomplishment in itself.
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  Don't get me wrong, because people do get cut from that. But again,
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  like are you are you traveling to watch them warm the bench? Is
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  that enough? Is that enough for you? Is that enough for your kid?
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  And there's a phase I think like younger, that's a good way to
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  get better. Sure, my daughter's playing some basketball a little rec league,
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  doing good, didn't work on it, next season, didn't do as good.
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  She made a travel team. But now she's getting humble, but there's
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  some good to it. But the path is not to be satisfied. It's
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  how do okay, I need to work on my left hand. I've got
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  to be able to do this. I got to get better. But if
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  she didn't have that mentality, I don't think I would just have her on
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  these teams and say that's good enough and pretend that that's good enough. Right,
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  right, So let me let me ask you. Yes, she has
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  done a punch or two in a game girls twice or size. She does
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  not like bullies. She's not the biggest, but when she sees somebody doing
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  something wrong, she goes and confronts them. Good. It'll catch up to
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  her eventually, But right now she's h you know, she's at that where
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  it's like she's the sheriff. You know, somebody throws a punch, she
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  goes and throws, you know, a ribshot with the forearm. That's awesome.
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  And tying that into into dentistry, is it is it? You know,
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  let's say, is it just okay? Is it just enough to just
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  have a practice? Yeah, Like, like being a dentist is a good
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  accomplishment? Is that enough? Right? And I've heard practice owners. Well
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  you know, I'll be okay, Well, yeah, let's let's peel that
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  oneon back a little bit. So you go to high school, great undergraduate
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  degree, fantastic, go to dental school, massive achievement, You've you've surpassed
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  most and then well maybe some specialize you're even separating yourself there. And then
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  maybe you're an associate and you're a practice owner, and so you've achieved a
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  lot, right, But then a lot of times what we talk about is
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  the business side and how that can get neglected because they're not you're not trained
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  in it. And so that's kind of the premise of is it is it?
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  Is it okay? Is it just good enough to be a dentist or
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  a specialist? You know, Casey, from from our interactions throughout you know,
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  a couple of years I've been talking with you, speaking with you,
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  I would say that's a no, it's not enough for these overachievers. A
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  lot of times it's not, but it's path the least resistance. So instead
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  of focusing on how to have an incredibly efficient, incredibly profitable practice or business
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  model, that's a really hard undertaking, and so then it's almost distraction and
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  then they go into learning new procedures. That's awesome, right, then getting
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  new equipment, get training on it, get trained on it to be more
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  efficient. And then that void still isn't filled. And so then well,
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  I'm going to get involved in the State Dental Association again. Amazing. Sure,
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  maybe go on mission trips and do a bunch of free industry again.
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  All these things are really really good things. But what we've noticed is it's
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  kind of like just making the travel team. You separated yourself by making the
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  team, but you're kind of ignoring. Hey, I want to work hard
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  and play and start and score and help the team. I'm just going to
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  be content being on it, because being busy does that always mean its successful?
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  No? And the tie in here is I just wish practice owners would
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  can continue that pursuit of excellence that they've had their whole life, but focus
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  on their money, right, sub sixty overhead, double your income, retirement
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  planning, retirement savings, get real surgical with that retire years earlier with eight,
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  ten, twelve, fifteen million dollars, get that house in order with
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  your achievement itch drive yep, right, then go do these other things as
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  well. I mean, if you have that if you have that personality and
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  that drive that you do want to go out and help and volunteer and do
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  these kind of things. Like I really do think that's honorable and that's really
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  really cool and awesome. But if you are scraping by yourself to do these
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  things, well, all these things are honorable. I don't want to beat
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  up on them, but there's an order to things. And so often people
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  don't know how to maximize the profitability of their practice, and so they sort
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  of ignore that a little bit. It bothers them, but they get they
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  do all these other things so that when they meet with peers and friends and
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  oh, well we're doing this and we're doing this and we're learning this,
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  and again all honorable. Yep, but it shouldn't be good enough. Let's
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  just come out and say, right, it shouldn't be good enough. Are
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  you? Are you learning these skills and things that are going to improve your
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  practice and improve your your bank account, improve all those things? You know,
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  going back to the travel team thing, you know, is your kid
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  working on the swing or working on their shot or are you focused on making
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  sure they have the best cleats in town? Yeah, no, that's a
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  good point, right, having the best equipment or the best of this or
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  the best of that, that's that's all good, yep. But make sure
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  your fundamentals are right. Start with your foundation. Make sure your practice and
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  your money and your retirement planning are pristine, that they're in the right area.
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  That you don't feel bad every week because you're seeing what you produce.
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  But you also know how much you make and it's not it's not or you
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  dropped a bunch of money on some new equipment that's a close hangar later you
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  know, are that brand new pair of cleats that the kid wears twice inside
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  the sport's not for them anymore? Yeah? Yeah, And unfortunately, I
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  think a lot of high achieving dentists and specials would say, no, it's
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  not it's not good enough or just okay to be where I am. I
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  want to go to the next level. How do I get there? But
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  then they spend decades with distractions and all the things that we've mentioned that are
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  honorable. How else are you going to be the president of basketball? You
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  know, you got to keep working on it. The president of basketball,
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  I don't know what that is. That's about not as much I know what
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  the game, But no, I do you're I'm not going to say.
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  I was about to say, you're onto something, but you already know this.
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  We've been onto this as a company, as a firm, our advisors
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  and everybody else knows these things, and it's tough to lead people to that
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  water. Yeah, we know what the distractions are, we know what the
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  self deceit is, and again, most of them are honorable things. But
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  it's it's sad that it then towards the end of the career from a financial
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  standpoint, when people maybe their hands are in their eyes, aren't what they
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  used to be. They have they haven't got their financial house in order,
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  and they're not in a good spot, but they've been distracted with all these
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  other things. It's to throw another cliche, it's, you know, the
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  road to hell's paved with good intentions. No, yeah, I mean that's
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  uh. I was trying to think of another little cliche to throw it in
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  there, But that's it's all. It's all very true. And again,
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  give away free dentistry on your terms, you know, volunteer for dental societies
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  and study clubs in your state, associations and learn new technique and new equipment.
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  That's all great, but not at a sacrifice to yourself. Yeah,
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  yeah, no, that's it. It's like somebody that goes and volunteers in
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  a homeless shelter, but their wife and kids are not in a good place.
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  They're doing bad things. It's like, get your own house in order
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  before you go out and do all these other great things as like a not
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  a moral high road in a bad way, but like all these things that
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  make you feel better. But in reality, you know, you need to
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  get your own house and order first. Then you go out and spread it.
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  And you know, the amount of people I talk to, Oh,
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  I'm you know, producing two million, I'm collecting one five and I'm making
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  three. It's like that's gross. Yeah, that's not that's not good.
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  Why is that? And normally they say, you're the first person that's ever
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  asked me that I don't know, and it's pissing me off. Yeah.
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  But it's easy to be busy, yes, and that's not in Denis Chets
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  across the board, busyness is like a badge of honor for people to avoid
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  talking about reality, real things and the core of issues. And the reason
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  for that would be just because I can be the same way at times.
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  It's because it's it's almost like a checklist being busy. You feel the accomplishment
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  of doing something, but did it actually mean anything. Yeah, yeah,
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  no, that's that's a very that's a very good point er. Thank you,
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  Jared with your bird shirt. Ah, and we're in a dolphin shirt
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  today. Looks like looks like a bird. Yeah. There's little birds and
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  leaves and stuff on here like camo. Yeah, so I can hide with
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  some and avery. Well. In another example of this, maybe you've gone
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  to a gym and you've seen somebody that boy they work on their shoulders,
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  their chest, their trysteps and their biceps, and then they've got like little
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  chicken legs stick never skip leg day. No, And it's just everything's about
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  balance. And you know, for us, we just want our listeners to
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  challenge their existing teams to be better, or attend one of our events,
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  or have the courage to have a phone call. Because again, on average
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  people they get this, they get this right. Within three years, their
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  overhead drops eleven percent, income goes up twenty five percent. Most of the
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  time it doubles. There's a clear plan to retirement. People know what they
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  need to do when they when they can retire answers they've never had, you
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  know, and all this adds to, you know, a side benefit of
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  people being less stressed, getting more sleep, spending more time with their family
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  and friends. Time spent with family and friends is more rich and joyful because
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  you know, you didn't skip leg day, right, your house is in
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  order. Therefore, now you can go out and spread joy and good things
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  to other people. But yeah, dentistry is just it's such a coy industry,
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  for lack of a better word, because such hard work and achievement and
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  amazing treatment for patients, but then some o the other things just get left
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  to the side, and it's you know again, we see, we hear
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  it. We hear the self lives does the seat the distraction, We hear
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  all that. But after twenty plus years of experience as a firm, we
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  know how to handle and tackle those issues and those problems. And you'll find
• 12:28
  that out if you attend one of our events which we have coming up.
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  We've got one, we've got something coming up in Atlanta, Georgia. We've
• 12:35
  got Boston coming up. We're about to launch Saint Louis area, Kansas City.
• 12:39
  We've got one coming up in our hometown area of Indianapolis. There's a
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  lot of really exciting things that we are doing to just really help and educate
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  our friends in people out there. Let's just get real with the dental community.
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  Now here are the real chance. There's a lot of challenges here.
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  They are. Here's what good looks like. What are you doing to get
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  there? And if you're not, you're only going to hurt yourself. Yep,
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  you're only going to sacrifice your future, your retirement, your legacy,
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  your family. At some point that chickens come home the roost. We've done
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  podcasts on that before. But you know, be the person that is curious
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  in your late thirties and or forties. Don't wait till your late fifties and
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  sixties, right, and then we go and then go wow, Just think
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  if I could have done this sooner, if I had done this twenty years
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  ago, I'd be said, yeah, yeah, we're telling you now,
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  do it now. Don't skip leg day. That's right all right for Quadrantsadvisory
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  dot Com slash events. Check out what we got going on there. Please
• 13:30
  rate and review us on iTunes or Apple Podcasts. I mean, maybe this
• 13:35
  one, maybe one of our other one of our other ones. Do one
• 13:37
  of our good ones, this one. If you didn't care for it,
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  to skip it, that's fine, Casey, thank you so much. That's
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  all the time we have today. Thank you to our guests for their insight
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  and for sharing some really great information. And thank you to you the listener
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  for tuning in. The Millionaire Dennis Podcast is brought to you by for Quadrants
• 13:54
  Advisory to see if they might be a good fit for you and your practice.
• 13:58
  Going over to four Quadrants Advisory dot com and see why year after year
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  they retain over ninety five percent of their clients. Thank you again for joining
• 14:05
  us, and we'll see you next time.