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Why Some Dentists Put on a Show & Hide the Truth Behind Success · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire DENTNIS Podcast, brought to you by
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  four Quadrants 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 dentist 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 Hires back at
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  the Millionaire DEDNNIS podcast in studio with co host Jared Bridgeman. Casey, how
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  are you man? Last time we talked to you were you had a different
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  number before your age? I did. I turned forty recently, which is
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  gross. It's a big one. That's a big one. I'm like,
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  Wow, you think i'd be an adult? Welcome to the furst jerk.
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  That's right, it's pretty soon. I'm gonna be getting my AARP mail in.
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  You know, I'm getting ready for that. Enjoy every age because it's
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  only gonna get worse, right right, Casey, you recently got back into
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  town from Houston. You spoke and hosted an event out there. Why don't
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  you run me through how that how that turned out for you? You know
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  I've heard Houston called the armpit of Texas, and I'm not sure that's true.
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  It's a It was lovely. It was a nice, nice little trip.
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  Man. I'd like to go sometime. I've been to Dallas, and
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  I've been to Austin. But I first of all, great things about Houston.
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  The food downtown was clean and uh, I mean for us, we're
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  you know, stay at a decent hotel. Venues were at or solid.
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  They have a super in front of the eighth the old motel. That's all
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  right, listen, Casey. You know, when you when you do these
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  events, and this was a we had quite a great turnout for this.
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  A lot of people out there hungry for advice on what they do with their
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  practice finances, their personal finances and how that ties into everything you know before
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  you get started. Especially this when this was like a bourbon cocktail kind of
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  a tasting event. I'm sure there's a lot of you know, uh,
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  dentists and peers talking me to each other and having a good time and kind
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  of just communicating with each other. What's something you kind of notice when you're
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  you're floating around the room kind of taking everything in. Yeah, good question.
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  And for our tasting events, those who do not want to partake in
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  tasting bourbon. That's not a requirement. But no, there's food there too,
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  so lots of good food. That's right, that's right. No,
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  it's a good question. We've touched on this before, but going to hosting
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  our own CE events and then also attending national and regional meetings, it's very
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  common for practice owners when they get together. They're excited right there. They're
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  not needed by their patients or their staff. They're actually can take it a
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  breath and enjoy being around peers. And it's nice for them too to be
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  able to talk about things to people who also understand a lot of the same
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  same problems. Very very good point. So they take that deep breath and
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  they talk about their team or their staff, or patience or insurance or challenging
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  cases. That's typically where they go and they enjoy those. But I will
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  say there's a degree of posturing within those events as well. And you I'll
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  hear people talking one way amongst their peers, and then when we have one
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  on one conversations, they'll get into cash flow, tax management, lack of
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  income. In these group dynamics when you hear them talking or anything plenty about
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  the model money they make. Do they bring that up or is it like
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  I you know, are they saying, oh, man, I'm terrible,
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  I could be doing so much more. You know, what I've noticed is
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  there's sort of a couple of different groups. There's the quiet people. There's
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  the people that want to complain about staff or talk about dentistry. But then
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  man, there's some of those They get into horses and aviation and multiple practices
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  and multiple locations and all the technology and ibada and what's your latest crypto transaction?
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  And it reminds me of just like cocktail party talk. Everybody's at a
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  cocktail party being the best version of themselves. And so I'll hear you all
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  people to like you. You want that girl to wink at you. Yeah,
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  yeah, yeah, And you know, some of the best people they're
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  not talking, but I hear more and more. It's almost like a distraction.
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  They don't want to talk about all the insurances they take. They don't
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  want to talk about their high overhead. It's easier to talk about horses and
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  aviation and right, and that's hard for locations. And there's nothing wrong with
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  those things. Right. We have clients that enjoy those things the right way
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  because they have plenty of money to do it. It's funny when I talk
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  to those people and we look at their data and it's like wow, So
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  they don't have much going for them except these things, which is what their
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  identity is. It's almost your So why do you think, why do you
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  think they kind of dive into that stick to more of their high points instead
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  of I mean, obviously you're not gonna be like, dude, I have
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  so many horses, but uh, you know I can't afford rent. Yeah,
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  the why right? I think that? Well, I don't have to
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  speculate. Dentists and specialists tell me dentistry isn't quite what I thought it was
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  going to be. I envisioned a certain lifestyle and I'm living that lifestyle,
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  but I'm not very I am a house of cards right now. I feel
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  like I'm living month the month, even though I have all the nice things,
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  and it's almost like almost like a disappointment. They almost feel frustrated.
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  And again, these are successful people with with you know, a few million
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  bucks in the bank and they might be making three or four one hundred thousand,
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  but they're they're extending and over extending themselves because dentistry, what it's provided
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  is good, but not quite as much as they thought. So they're filling
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  that void with the shot of adrenaline of buying the next cool thing. Could
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  that It kind of makes me think about you know, NFL or NBA stars
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  who first sign on and the first thing they do is to run to buy
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  a multimillion dollar home for themselves, are for like their mom? Well,
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  I mean NFL, that's documented like seventy nine percent of NFL players go bankrupt.
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  Yeah, and that's before the brain damage. I mean, you know,
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  I think dentistry is a little different. I think part of the psychosis
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  really is for some of these people's breaking it down to does it feel better
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  to you to pretend to have everything going okay or actually have everything going okay?
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  Right? I mean, you can have that surface level thing, but
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  are you in the back of your mind actually wanting to fix the situation.
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  Do you want to be that guy who's got everything ready to go? Or
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  are you acting? Yeah? And again all there's nothing wrong with these things,
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  but it's doing it the right way. And I think I think one
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  point I want to get across is and we've said it before. There's a
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  way to be sexy, be boring. You have your one point two million
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  dollars practice, you make five hundred, you save one hundred, you're on
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  track for twelve million, and you can have a lot of freedom. But
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  again, I think so many practice owners they get into huge practices and multiple
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  locations and all the technologies and it's a look at me lifestyle, but their
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  actual financial situation is hollow. It's a it's a house of cards. Would
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  be like surface rich too, like it's it's that guy who wants to buy
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  the four hundred dollars designer T shirt just to make it look like he's got
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  money. Four hundred dollars t shirt. That's terrible. Now, I just
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  I think that's why our event is so nice, is because ultimately we get
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  into these topics and everybody's pretty vulnerable and pretty real and pretty I mean,
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  listen, we talked, we talk to people who already make seven hundred thousand
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  dollars in dentistry, Well, why aren't you making a million? Because your
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  your practice should warrant that. And they don't know the answer, and they're
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  willing to find out. Well, and and what's so great about being one
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  of our clients and talking to us is we we are cool with your hobbies.
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  We just want to help you find a way to make it work.
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  Yeah, we have clients that live a very simple life and they don't spend
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  much money. Yep. We have clients who have very expensive hobbies. We
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  are custom will help people get where they want to go. What they have
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  in common is they don't want to waste their their their practice, their skills,
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  their talents wasting it makes people frustrated. That's a good common denominator.
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  But what you know, just like what was you know, people used to
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  call each other posers or you're back in the days. Unfortunately, it's the
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  imposter syndrome. Right, you're a doctor, you're a dentist, you're a
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  specialist, and you're making a lot, but you're spending more than you're making,
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  and you're how the finances are trash and so they lead with the look
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  at me stuff when in reality, some of the wealthiest centiside not don't.
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  That's not how they communicate because they're already confident in themselves. But ultimately it's
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  how do you know? Right, that's a big framework of our of our
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  events. How do you know, if you're maximizing the profitability. And there's
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  not one answer, but a lot of people come to us and they want
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  to know. A lot of people want that affirmation, and we'll look at
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  something to go, you're doing fine. There's lots of different answers, but
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  we'll find but it's but it's fine, good enough. I think that's I
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  think that's important too. For some people. It is, and that's certainly
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  okay, right, if you're happy with what you've got, more power to
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  you. Yeah, the technology aspect too. It's in dentistry. So many
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  people they want to keep up with all their peers slash competitors down the street,
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  and so they'll get all the latest equipment and they really advertise it for
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  all the same day things. And that's good if you're a profitable practice and
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  if you utilize that. But if you're an insurance shop and you're already taking
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  an eight hundred thousand dollars a year haircut on insurance, you have the best
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  equipment and the best turnaround time, you can trend that out five years and
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  you know you're losing a lot of money. Okaycy let me ask you these
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  folks who often at these at these events and cocktail parties and all that.
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  The ones that do tend to stand out by trying to be a little flash
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  here and kind of talking about their successes more do you find that they tend
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  to open up quicker, Like when you catch them off to the side,
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  are they more likely be like, oh shit, I would say? And
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  in our process, what do we say? We have six steps and a
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  whole bunch of things. But yeah, a lot of times the first step
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  and a half it's it's fluff. But ultimately we you know, we get
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  to down to it real quick or we just you know, stop talking.
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  But no, a lot of times this is hard. These are things that
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  people they've been successful their whole life, so not being able to figure out
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  lowering overhead and bettering their income and having cash flow. But they're frustrated,
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  and so there's shame involved, there's guilt involved. There's a lot of these
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  things that keep people from talking about it, and money is not an easy
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  subject in general. No, I don't find no nobody can counter. I've
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  got a McLaren, I've got a jet, I've got a horse fighter.
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  That's great. If your deal's big leaguing everybody Now, the people we know
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  with those things don't lead with them. Yep, they're good people. They
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  were their horse trailer with the McLaren that's fine. No, I mean I
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  you know the people we know with those things that they're great people. They've
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  worked hard and done it the right way, got out of their own way
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  and put themselves in a position where you want that. Yep, you can
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  have of that because you have done it the right way. And it's what's
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  ego cost you, right, So let's get back to that. At the
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  cocktail party, you everybody wants to sound good and feel good, and so
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  they're talking about all this stuff. If you get your ego out of the
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  way, and you run your practice the right way and you have a good
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  team to help you, you put yourself in a position real quick to be
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  able to decide what color of said thing do you want and be and be
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  set. Yeah, it's not going to wreck your retirement. We talked to
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  so many people that they'll have this thing or this dream and it's a shot
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  of adrenaline, is what it is. And materialism never fills the void.
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  But they want that shot of adrenaline. So they're going to screw up cash
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  flow and retirement and legacy to get the thing, and then they get the
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  thing and it sets them back, and it's this whole cycle, and then
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  you need the next cool thing, the next shot of adrenaline. Yep.
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  There's a movie called Neighbors, whereas like zac Efron has a fraternity house and
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  next door it's a newlywed couple with a small baby seth Rogans in it.
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  But the friend they have the friends of theirs, they're a disaster marriage,
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  and so their idea is, well, our marriage is almost on a disaster.
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  Let's have a kid that'll fix it. Yeah, let's have a kid
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  that'll fix it. Are you kidding me? But so many practice owners are
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  like, well, I'm just gonna buy this thing and it's gonna fix it.
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  Yeah, I'm gonna buy another practice, or I'm going you know right
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  there, that's it. I want to you know what I'm gonna. I'm
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  gonna talk to a practice broker because they're gonna make me feel good about how
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  great I am to go buy another practice. Ye, yeah, it's again.
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  Distractions and cocktail party talk. Listen, if you want to come and
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  distract Casey, do you know where you're gonna be next do you know?
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  Or an next event is you're gonna be in Charlotte, buddy, September twentieth
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  and twenty first busy week. We've got a Dental Society and U State New
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  York and then a little Charlotte action, yea, a little Charlotte action.
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  And then in October we're gonna be in Chicago Naperville area doing another bourbon tasting
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  and see event again. If you're not a drinker, you don't want to
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  drink, you don't have to. That's a Gibson steakhouse. You can get
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  a great filet and some you know, poking a smile there, I'll be
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  there. I'll be coming, and so keep an eye. I'll go to
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  four Quadrants of Advice dot com slash events. If you have not subscribed to
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  our podcast, you can always do that on the site as well. Please
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  give us a review and give us a like and it always helps us out.
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  And if you know another buddy out there who owns a practice, maybe
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  doesn't just wanting to and looking for some good advice, turn them onto our
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  podcast. Thanks so much, Casey. That's all the time we have today.
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  Thank you to our guests for their insight and for sharing some really great
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  information. And thank you to you the listener for tuning in. The Millionaire
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  Dennis podcast is brought to you by Four Quadrants Advisory to see if they might
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  be a good fit for you and your practice. Going over to four Quadrants
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  Advisory dot com and see why year after year they retain over ninety five percent
• 13:41
  of their clients. Thank you again for joining us and we'll see you next time.