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Financial Foresight – Regrets in Financial Planning · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to you by
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  four Quadness 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 Hires back at
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  the Millionaire Dentnist Podcast in studio with co host Jared Bridgeman. Yo, Casey,
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  how's it going. I feel like I'm gonna lua al looking at that
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  T shirt? Back this shirt? Yeah sure, Yeah, thank you,
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  Casey. We just celebrated as a nation the birth of America. How was
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  your Independence Day? Saw a lot of fireworks? Yeah, heard even more.
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  I don't know who's popping them off at midnight, but the little ones
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  were just loving that. For people in other states where it might be harder
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  to get fireworks, in Indiana, people start and stop about a week before
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  and a week after for the July Yeah, yeah, it's lively. We
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  my wife, I made Chicago dogs yesterday. I went and bought a bunch,
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  so I bought one hundred percent beef hot dogs from the butcher shop here
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  in town. I got sport peppers, pickles, tomato onion, neon green
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  sweet relish, and celery salt on a poppy seed bun mustard too. Sounds
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  like the supreme. Yeah. Nice, it's real good. Nice. That
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  was very nice. So yeah, looking, you know, as we as
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  we are celebrating another year of the country and looking at things. You know,
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  you and I were talking about some of the calls you've had, some
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  of the people you've met, some of the people out at the convention as
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  we go to and there seems to be a rising topic for people that are
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  starting to potentially age out of dentistry. What was that? What was that
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  topic? What was that thing that kept popping up for you? A lot
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  of conversations I have. It's it's regret. Okay, it's interesting. I
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  was talking to an older, an older dentisty to his state dental convention,
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  I believe forty straight years boy, and he had just retired and sold his
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  practice and we're just kind of chatting it up and he was asking a lot
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  of questions. But I found it fascinating because he was kind of sad.
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  Yeah, he was like this is probably the last meeting I'm going to come
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  to. Most people I went to dental school, but they don't come anymore.
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  They're all retired. You know. I sold my practice and it was
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  interesting he goes throughout my career, I felt like I was doing okay,
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  and now that I've retired, to look back and there's so many things I
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  could have done better. Right, And he really opened up, but sharing.
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  He was asking about why we were at the convention and what we do,
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  and I mean, he was like, you have business cards and I'm
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  going to pass these out. And it's interesting when I talk to younger dentists
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  sometimes they don't know what they don't know, no, and they don't have
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  maybe professional regrets yet. Yeah, that's a good way to put it.
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  And this sounds funny, but again dentistry isshion where a lot of practice owners
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  can make three four hundred thousand dollars, right, but they should be making
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  five, six or seven. Now, if a younger a dentist, let's
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  say early thirties, you know, is making two hundred three hundred, why
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  why do you think that they at that time of their life are okay with
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  that or at least complacent. Yeah, well, I again, they don't
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  know what they don't know. And so a lot of younger dentists, they're
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  making more money maybe than they thought they would. Their primary stressor's debt.
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  So they're just trying to have a singular focus of it, getting rid of
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  the debt. But they feel like they're doing pretty good and maybe less maybe
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  less familiar ties. Maybe they don't have kids yet, maybe they're not even
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  married. Yeah, I mean, that's it's funny. I talk to people
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  and they're not making as much as they should, and they're overheads high in
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  their practice. There's a lot of stress. But well, you know,
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  thirty four, they're single. There, you know, then all of a
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  sudden, fast forward at forty two, Well you've got a wife or a
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  husband, You've got a couple of kids. They just suck the money out
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  of here. Well it's it's kind of a slow burn where people look up
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  and hopefully they look up and fix the business side before it's too late.
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  But the gentleman I talked to him, and he was like, gosh,
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  I should have I should have done that that side of things better. I
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  love dentistry, but I should have done that better. Looking back he could
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  see over the decades he probably under achieved. And what how many years do
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  you think someone would need to own before they start really feeling that maybe this
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  is not where I wanted to be, or maybe not making what I should
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  what I want to make. Everyone's different for us, we like people to
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  own for two or three years. Typically that's when it kind of starts to
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  settle in. So that first year might be a little honeymoon. Again.
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  They just they don't know they're they're they're just trying to produced industry and not
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  have a revolt within their the staff, right, I mean, that's those
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  are the top stressers typically when they start. But ultimately somebody will get a
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  tax surprise or somebody will see their peers have more than wonder huh. But
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  yeah, tip quickly that you know you're three, three to five. Now
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  for some again, that never hits them. Yep, you know they've they've
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  left five million dollars on the table over the last twenty five years of practicing
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  dentistry. Well and in that case not knowing it was there in the first
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  place. Sometimes, yeah, they're not sad about it until until they run
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  into you. But nobody, nobody wants to regret right, and when I
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  and I get the you know, in fairness, I get to see I
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  get to talk to those folks and and having him just have a fire to
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  pass our card out to people because he now knows young dentists need need to
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  help. But yeah, when when you're younger, it's it's hard sometimes.
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  But how often, and this is this might be I feel like everybody kind
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  of falls into this trap. You know, we're supposed to we should listen
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  to and respect our elders. How many of these young doctors take an older
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  dentist advice when it comes to things like this is that still kind of like
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  that's that's down the road for me, that's that's out there. It's it's
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  hard clinically, there's a lot of advice given and taken and things like that.
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  The older dentists sometimes they're shame that maybe they don't have as much as
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  they should retire. It's so much more of a personal pain than then.
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  Yeah, they don't want maybe skills you never could quite reach it. Yeah,
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  people will do the mentor mentee thing typically with clinical things, but there's
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  a little bit of maybe, like I said, shame and they and people
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  don't want to talk about it, but it's a disservice because so many young,
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  young dentists. You know, some of our best clients their uncle,
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  mom, or dad were dentists, had a practice and said, hey,
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  dentistry is great. This part's hard work with They experienced the firsthand or at
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  least saw firsthand of the stress that their parents or uncle had. Yeah,
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  because every year practice well I'm just going to grow or I'm gonna do this,
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  or they've they've got there. And we've talked before, We've had our
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  owner and c CEO Jason Smith on here talk about the myth of the multi
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  practice. Yeah, yeah, you'll get the younger, Well, I just
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  need one more associate, I need one more practice. I just need I
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  need, I need that one thing is going to change it And they look
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  up and not a lot's change. In fact, it may even be worse.
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  Yeah, if any thing, that's they've just complicated their situation. Yeah.
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  Yeah, the adult babysitting can be tough, but but yeah it's you
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  know, for for those who can master the business side of their practice sooner,
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  it's incredible what can happen or find someone to help them master. But
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  the regret, right, But the regret that I hear more so often from
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  dentists in the kind of the end of their career or what have you.
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  They almost have that moment of gosh, darn it, why didn't I do
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  why didn't I do better at the business side of my practice with insurance,
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  with overhead, with all those things, And say, it's not often you
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  hear them being regretful about particular clinical things. No, I mean that that's
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  where the joy is. But and usually there they you know, a lot
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  of dogs tend to be pretty up to date and what's out there at the
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  moment. Oh yeah, no, that that that's what they enjoy. But
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  yeah, I mean our tagline of you know, find us in your thirties,
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  retired in your fifties. Uh, you know again, people go,
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  well, I would work one er two days a week. That that's fine,
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  But be able to retire in your fifties. If you're not there,
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  why not? Like what's going on in so many practice owners they can't.
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  It's hard to look in the mirror, right, Yes, why aren't you
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  making more money? Why is your overhead so high? Why do you not
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  have a clear plan for retirement? Why is your business model and your practice
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  not mastered. What's up with this tax surprise? And it's they just try
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  to tackle as they come and then think, well, I'll just I'll just
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  try harder, I'll just produce more hopium Right, Hope is a terrible business
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  strategy, and that's a prevalent in dentistry. I mean there's a level of
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  maybe duty to increase production if if your production numbers are not great, because
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  you've got to have some cash to have cash flow. But as you've said
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  multiple times on this podcast, you know, we we help our clients retire
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  earlier, have way more money than they had to be on track, and
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  we do a lot of that with like not increasing production whatsoever. No,
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  No, most of the time it's not a production issue. I mean,
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  if you're over nine hundred thousand in collections, I talk to people you know
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  all over the place million million five two two five, and and typically you
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  don't need more production. You either need two or three of you as a
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  dentist, or you need to find find the right external team to be able
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  to master this for you. But yeah, the regret part was it was
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  it's hard when I talk to the older, older folks that finally come to
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  maybe like an honest clarity or a reflection, right versus the one that's Mindsight's
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  twenty twenty and it's like that Rod Stewart song back when he was in the
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  band The Faces. It's the song La La where he's like, you don't
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  talk about his poor old granddad and he wished he knew all he knew now
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  back then. So I mean it's everybody feels that. But you know,
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  now that I'm middle aged, I'm starting to see that too. Like man,
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  when I was twenty five, I wish I had done X. I
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  didn't know Rod Stuart was in a band. Yeah I learned something today,
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  Yeah, but yeah, no, I mean, what what's the message?
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  You know? Don't don't have regrets? You know? And it sounds so
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  simple, but what why don't we give our listeners a little homework assignment.
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  I want I want you guys to sit down and really think about this,
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  right down. Three professional potential regrets or pains that you have right now as
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  a practice owner or if you're not a practice owner yet, some pains that
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  you've heard when you've been at a study club, we're at a convention,
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  or just budding up with the local local doctor, write down the three things
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  and that they end up being money retirement, Well, resistant urge to put
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  staff like, let's get real right overhead income retirement, a plan, a
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  strategy. You know, how are you going to get to your goal?
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  What is your goal? What do you need to do? Like that,
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  that's when you get down the brass tacks. And if you look and if
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  you look at those what you wrote, you know you can always give us
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  a call sent of email. But I mean it's it's coming up with least
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  it's a starting point of coming up with the plan or at least thinking about
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  it. Hey, when we have meetings with potential people we work with,
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  I go listen, this exercise is good. You're either going to confirm you're
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  confirm you're doing the right things, or you're going to find out that there's
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  a lot of improvements that can be made. And while you've rationalized while making
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  three hundred is just fine, no, actually you should be making five six
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  hundred, and anything less should be unacceptable to you. But right see,
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  I want to thank you so much for coming in today. If you want
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  to learn more about these topics, we are going to be in several cities
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  throughout the rest of the year. We're coming up this week. We're going
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  to be in Indianapolis and Westfield, Indiana doing our continued education and bourbon tasting
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  events or lunch events. We're also going to be in Cleveland, Ohio,
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  and Cincinnati, Ohio. We're coming up through Washington, DC and Chevy Chase,
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  Maryland. We've got La coming up. I think the AGD we're going
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  to be there as well. Yeah, that'll be We're everywhere, you know,
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  ultimately, it's we're everywhere. If you want to help more money,
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  find us. Yeah, yeah, Thanks Casey. That's all the time we
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  have today. Thank you to our guests for their insight and for sharing some
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  really great information, and thank you to you the listener for tuning in.
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  The Millionaire Dennis podcast is brought to you by four Quadrance Advisory to see if
• 11:50
  they might be a good fit for you and your practice. Going over to
• 11:52
  four Quadrantsadvisory dot com and see why year after year they retain over ninety five
• 11:56
  percent of their clients. Thank you again for joining us, and we'll see
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  you next time.