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Commitment Counts: Why Consistency in Financial Planning Matters · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to you by
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  four Quadnan's 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. Casey, good
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  morning. How are you You look at a little Brady bunch action going on
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  with that shirt? Yeah? I bought a cool seventies shirt. Yeah,
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  yeah, I love it. What was the dad's name in that show,
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  mister Brady? Yes, mister Greg Peter. No, those are the boys,
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  Marty, I don't know. Yeah, you look like Papa Brady.
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  I'll take it. I'll take it. He's a daddy, as they say
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  nowadays. So Casey, let me ask you something very important. What are
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  you drinking right now? What is that? Oh? Coconut water? Bai?
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  Yeah? Is this stuff? Is this what helps keep you energized and
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  ready to to do your your calls and talk to talk to prospects and get
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  out there and drink enough water. So this just super charges my hydration,
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  supposedly, Casey, as you're going out there and you're speaking and you're in
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  you're talking with dennis and specialists and owners out there, what is a major
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  complaint that they have, like in your mind, besides the obviousness of like
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  staff and things like that, what's a major complaint you hear? Staff?
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  Okay, yeah, team? Team, Yeah, yeah, that's the easy
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  one because it's not as personal, right, right, So what do they
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  when you dig in a little bit more and you're able to get some of
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  the let's say, pains that these people may feel. On the financial side,
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  what is something that they seem to be lacking? A plan? A
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  plan, A strategy. Yeah, okay, like a good retirement plan kind
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  of thing. I mean that's one. Yeah, I mean really strategy and
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  planning and their personal life and their personal finances and the practice on the business
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  side, like, I mean, really there's lack of comprehensive, robust strategy
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  and plan, right, and even when they have a you know, they've
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  peace mailed an external team together to help do a lot of the business and
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  tax and financial things. They're still the hub of the wheel. Yeah,
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  and so they have to reach out to all the people and there's not a
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  comprehensive plan. There's a peace mailed plan where each person does their little thing,
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  and would you say it almost comes across as suggestions more than like,
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  well, the biggest thing we hear is when practice owners go to get advice
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  or have to ask a question, they basically just go, yeah, if
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  you want to, yeah, Like that's because it sounds good. Is that
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  because the planner on the accountant, you know, don't talk, don't chat
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  with each other, so nobody knows the actual numbers. Potentially. I don't
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  know why, I just know it. There's a lot of it. Yeah,
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  there's there's not a plan. When they ask for guidance, they get
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  there's just a lot of cheerleaders, right right, a lot of yes men
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  and women. Yeah and women, good call, look at you being pro
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  pro sex. So let's say they have a loose plan. What are some
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  reasons as to why you think someone may not follow the plan. Hmmm,
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  Well, let's say they actually have a good plank. Right, Let's let's
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  make that assumption that, hey, they have a good strategy around their practice
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  around their cash flow and finances and tax and all the areas that we help
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  and practice owners need help in. Let's let's say they actually have a plan.
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  What can get in the way right the first time it gets hard or
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  something doesn't feel good changing course right? Right? It really comes down to
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  consistency. Well, it comes down to one one have a comprehensive, robust
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  strategy and plan that you and your external team have come up together and spent
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  many hours on developing, not just writing down on an appkin or you know,
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  mention it and sentence in an email, and then oh that's my plan,
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  like, really have one. But then it's important to stay the course
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  right and just think about working out. Right, Well, I went to
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  the gym last week. Why haven't I lost thirty pounds? And why am
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  I not ripped and cut up and super strong? Well, right, because
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  you've got to you've got to be consistent and do it for a while and
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  get steroids. Boy, they I tell you what, I know some people
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  that dabbled in that back in the day, and they were jacked. Yeah,
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  I bet they were little irritable. I don't know if there was a
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  correlation. Yeah, yeah, their voices got a little higher to you had
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  mentioned, uh, you know, staying the course, being consistent, uh,
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  and talking about comparing it to the gym and working out. I would
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  say another big thing to keep in mind is patience and those that get treated
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  or a disposition where you take your time. That's right, I would say,
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  taking your time. Okay, yes, now as in like you know
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  my doctor's patients we are talking to Danna startwik Yeah, my gosh, I'm
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  so smart. But again, it's especially when it comes up to financial things.
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  It's and the same thing as weight loss and muscle gain. It's gonna
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  take time. And I feel like a lot of people, you know,
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  myself included in my in my history, especially when I was younger, will
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  do knee jerk reactions to things that may pop up in life. You get
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  distracted by the shiny thing a lot I do. I like buying things.
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  Yeah, well, let's let's even drill this down, let's make it more
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  micro. Yeah. For our clients, it's interesting the ones that are just
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  achievers and excited and ready to go and engage in getting the plan and staying
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  the course. And they look back over you know, two years, four
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  years, six years and they're blown away by what they've achieved. Yep,
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  and it wasn't as hard as they thought it was going to be. And
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  then we'll have some people, maybe some newer folks or people that have a
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  hard time delegating and relinquishing control, and they still achieve a lot, but
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  like the first time cash flow gets tight, they want to change everything.
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  Right, So again it's having a good plan, having a comprehensive plan,
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  and then staying the course and not having knee jerk reactions. Now, taxiprizes
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  cause this to happen a lot, right, I ask about tax price,
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  well all here people and they go, well, you know I was able
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  to save you know, ninety thousand dollars for retirement in twenty twenty two and
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  twenty twenty three, but you know before that I had big taxi prizes,
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  so I wasn't really able to save. And it goes back to that consistency
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  where what's going to come out of nowhere and screw up the plan? Yes,
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  and you've got to get ahead of it. But again, for number
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  one, most people don't have a plan. Number two, most people don't
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  stick to it because everybody's impatient. The first time there's adversity, they change
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  things. You know, Oh, I played around a golf and decide to
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  open a second location, Like wow, Like what all went into that?
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  You know? And I'm exaggerating a little, but not a lot, because
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  some of them. When I ask people why they've made different decisions once we're
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  having those you know, these private conversations, it's incredible that they basically admit
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  I don't know. It just kind of makes sense. And then when I
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  voiced it, everyone around me cheer was the cheerleader because I'm the dentist.
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  I'm the specialist. I'm supposed to be the smartest person in the room.
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  And so then there's this this this game of mutual mystification of well, I'm
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  going to just pose that I know, and they're going to pose that it's
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  a great idea. Actually nobody knows because nobody's done any real analytics on it,
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  right, But they're getting all those those dopamine drops from people cheering them
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  on it's right. The you know, opening a new practice may feel good
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  for that first. That's just a random example, but it's so many different
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  things that practice owners do. And then when you look at through the origin
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  of where that decision was made, it wasn't sound correct. Now you know,
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  clock's right twice twice a day, right, broken cloth, So sometimes
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  they can get away with it. But again, having the plans, stay
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  in the course, no knee jerk reactions, being very proactive and aware of
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  what can throw this off. Ye, right, tax sur prizes as an
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  example, something with cash flow gets tight that can cause people to just panic.
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  Well, we mentioned on a podcast quite some time ago a title of
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  an episode called boring is sexy, And this is kind of along the same
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  lines in terms of staying the course, being patient. It's it doesn't seem
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  exciting because you're not moving shaken. Yeah, you're not doing high risk maneuvers.
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  But in the long run, it's it's you're going to have more money,
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  more freedom, more time and all those things. Yeah. Yeah,
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  And again if you do have that plan, it's it's looking at the big
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  picture and you know the three year, the five year, the ten year
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  plan and taking taking some peace in that. But again that's having a team,
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  having a plan, then staying the course. It's really three parts and
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  they're all hard, right, because even when you have the team in the
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  plan, we see people who still drift. Yeah, yeah, yeah,
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  and it's it's challenging with anything. But yeah, that's all I got,
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  Casey. If someone had wanted to talk to us about this kind of stuff,
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  is there anything that we do or offer? I mean, the biggest
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  thing is people to have the courage to go from you know, the sidelines,
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  to get into game right to actually decide you know what We've talked about
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  this. We've had people that made seven hundred thousand dollars in general dentistry and
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  a million dollars in general dentistry and income and they still had that feeling and
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  to put in their stomach that they needed some help. So the first thing
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  is that, you know, people having the courage to go, shoot,
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  I'm either going to confirm I'm doing the right things or I'm going to find
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  out that I'm leaving a lot of money on the table and get it fixed.
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  But yeah, we have we don't have a website. We do four
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  Quadrantadvisory dot com with information all kinds of information to communicate free information. You
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  can sign up for our news, our podcast email. We have a newsletter.
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  Did you just make something that We have a blog now new blog,
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  no newsletter. You can reach out and schedule a phone call with Casey or
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  one of our other wonderful people here at the company. We have events coming
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  up soon if you're in the area and I would like to at temple of
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  our events, so you can go to four Quadransadvisory dot com slash events.
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  Indiana. We're gonna be in Washington, d C. We've got all kinds
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  of really awesome things planning. I know we're on to a couple of shows
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  this summer as well. Absolutely, so feel free to reach out. We're
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  looking forward to hearing from all you, from all of you. Thanks Casey,
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  not everybody, no, just anothers right. 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
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  they might be a good fit for you and your practice. Going over to
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  four Quadrantsadvisory dot com and see why year after year they retain over ninety five
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  percent of their clients. Thank you again for joining us. And we'll see
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  you next time.