Latest / My Dental Playbook / 036 The REAL Truth About $500K Dental Debt

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036 The REAL Truth About $500K Dental Debt · My Dental Playbook

• 0:00
  SPEAKER_01: I truly believe that field of dentistry is still a wildly good investment.
• 0:05
  SPEAKER_01: If done right, you can make more money than you ever believed was possible.
• 0:10
  SPEAKER_01: And the$500,000 doesn't have to be a scary number, but you have to know how you're going to get there.
• 0:15
  SPEAKER_01: And the scary part is that the unknown.
• 0:17
  SPEAKER_00: Welcome back to another episode of My Dental Playbook.
• 0:20
  SPEAKER_00: I'm your co-host, Gary Bird.
• 0:21
  SPEAKER_00: Along with my friend Dr.
• 0:22
  SPEAKER_00: Blake Hamblin, we're going to be diving deep into his office and how he's doubled his collections in just under 12 months.
• 0:28
  SPEAKER_00: We're also going to be talking about his journey to a$10 million practice and what he needs to do to get there.
• 0:34
  SPEAKER_00: You're going to see behind the curtain, and Dr.
• 0:36
  SPEAKER_00: Blake is amazing at sharing the hard details that you need to know so you can do the same too.
• 0:42
  SPEAKER_00: If you want to grow, this is the show for you.
• 0:44
  SPEAKER_00: Stay tuned.
• 0:45
  SPEAKER_00: All right, we are live for another episode.
• 0:47
  SPEAKER_00: Today we are going to talk about student loans.
• 0:52
  SPEAKER_00: We had a viewer reach out and they wanted to know how we thought about student debt.
• 0:57
  SPEAKER_00: Specifically, they are of the class of 2030, and they're kind of nervous about being$500,000 in debt.
• 1:04
  SPEAKER_00: And so we're going to talk about several different things: good debt versus bad debt, investments, repayment, living below your means, being an associate versus owning, and several other things that Dr.
• 1:14
  SPEAKER_00: Blake has done to get his debt paid down really, really fast.
• 1:18
  SPEAKER_00: It's specifically student loan debt.
• 1:20
  SPEAKER_00: And if you are somebody who has student loan debt, this is for you.
• 1:24
  SPEAKER_00: If you're somebody who's thinking about having student loan debt, this is for you.
• 1:28
  SPEAKER_00: And before we jump into the show, make sure that you check out our sponsor, Cherry.
• 1:32
  SPEAKER_00: They're right down below.
• 1:33
  SPEAKER_00: Speaking of going into debt, your patients, if they can't afford treatment, then they need to take out some debt.
• 1:40
  SPEAKER_00: And you know what?
• 1:41
  SPEAKER_00: Investing in your smile and your overall health, that's probably one of the better things to go into debt for.
• 1:46
  SPEAKER_00: So Cherry is awesome.
• 1:47
  SPEAKER_00: Make sure you check them out.
• 1:48
  SPEAKER_00: And then also make sure you check out our mastermind.
• 1:51
  SPEAKER_00: Our mastermind is actually really filling up right now.
• 1:53
  SPEAKER_00: So I don't know how many more people we can handle in there, but we still have the link up.
• 1:58
  SPEAKER_00: You can still apply for it.
• 1:59
  SPEAKER_00: It's been crushing.
• 2:01
  SPEAKER_00: Everybody in there that's been listening and following along, they're all growing.
• 2:05
  SPEAKER_00: Everybody's growing.
• 2:06
  SPEAKER_00: So it's really, really exciting to see small, easy changes.
• 2:10
  SPEAKER_00: If you want to be around like-minded dentists, that's definitely for you.
• 2:13
  SPEAKER_00: So all right, Dr.
• 2:14
  SPEAKER_00: Blake, student loan debt.
• 2:18
  SPEAKER_00: What do you what would you tell this specific person?
• 2:20
  SPEAKER_00: Their class of 2030, they're about to find the sign the letter to go$500,000 in debt to become a dentist.
• 2:27
  SPEAKER_01: Man, this is probably one of the most common Facebook questions that I see is like, would you go back to dental school?
• 2:35
  SPEAKER_01: And for me, the answer is no, because it was miserable.
• 2:38
  SPEAKER_01: But I did go through it and I'm so glad I did, right?
• 2:42
  SPEAKER_01: But yeah, I mean, when you when you go from being a high school student to being a college student and and learning like life is different when mom and dad don't necessarily pay for it, everything anymore, and you realize, oh my gosh, there's this dollar amount that I never even fathom that now someone called the bank believes that I owe them, and I do, right?
• 3:04
  SPEAKER_01: It's it's a unique feeling.
• 3:06
  SPEAKER_00: Yeah, when you're driving like an 18, like an like an$1,800 car, and you know, the rims cost more than the car does, and like you're sure you're paying like$500 for rent and eating pizza every day.
• 3:18
  SPEAKER_00: Yeah, it's a it's five taking out half a million dollars, that's intimidating.
• 3:21
  SPEAKER_01: Yes, it's a unique season for sure.
• 3:23
  SPEAKER_01: So I would say number one, give yourself some grace because you're gonna be learning and going through some emotional things and learning about how money works and stuff like that.
• 3:33
  SPEAKER_01: But I would say that it's a really great investment.
• 3:36
  SPEAKER_01: I think there's a difference between investing in knowledge, which I believe is one of the best investments you can make.
• 3:42
  SPEAKER_01: No one can take that.
• 3:43
  SPEAKER_01: You can invest in the SP 500 and it can go up and down, but no one can take the knowledge that you that you get.
• 3:49
  SPEAKER_01: And so I was always a big proponent of, especially in dental school, make the most of it.
• 3:54
  SPEAKER_01: Like don't go there, and then when your patient cancels, you go home.
• 3:58
  SPEAKER_01: No, go to the the specialty clinics, learn how to get really good extractions, look, learn how to do root canals really well.
• 4:04
  SPEAKER_01: Learn how to do all these things so that when you get out, you can leverage what you learned in school to make even more.
• 4:11
  SPEAKER_00: I love that.
• 4:11
  SPEAKER_00: And then speaking of leverage, one of the things that we talked about before we hit record is like leveraging debt.
• 4:18
  SPEAKER_00: And this is something that I've learned in business is like if I want to grow faster, I have to take risk and I have to leverage debt to be able to take those risks.
• 4:29
  SPEAKER_00: Otherwise, you would never be able to grow.
• 4:30
  SPEAKER_00: And that's one of the things in business.
• 4:32
  SPEAKER_00: You you said this before you were recorded, you were like, I wish I was only$500,000 in debt now, right?
• 4:37
  SPEAKER_00: Like your perspectives, your perspective changes over time because as you grow, you're like, Well, I want a new building.
• 4:44
  SPEAKER_00: Well, give, you know, here's$2 million in debt, and I want this, and and we want to grow.
• 4:49
  SPEAKER_00: And so you take these loans to be able to grow the business, betting on the future.
• 4:54
  SPEAKER_00: And one of the best things you can do is bet on yourself.
• 4:58
  SPEAKER_00: I I really believe that.
• 4:59
  SPEAKER_00: Like, there's nobody else, like, who else would I rather bet on than myself?
• 5:03
  SPEAKER_00: And so you uh talk a little bit about that leveraging this debt and using it in a way that you're gonna be able to do something special in the future.
• 5:10
  SPEAKER_01: Yeah.
• 5:11
  SPEAKER_01: So we we actually you shared a podcast with a mutual friend of ours who was on an interview with Alex Ramosi, and he kind of even hit on this.
• 5:20
  SPEAKER_01: It was like, we all make trades, right?
• 5:22
  SPEAKER_01: And so in this situation, this person was trading profit for growth or growth for profit, however you want to look at it, right?
• 5:29
  SPEAKER_01: And so the same is true for this individual going into dental school.
• 5:33
  SPEAKER_01: Like you're you're making a trade, you're trading time right now or money in the future for time now, right?
• 5:40
  SPEAKER_01: And knowledge now.
• 5:42
  SPEAKER_01: And so learning how to go make the most of it, learning how to learn uh get the skills that will be needed to be able to help you grow and scale, whether you're an associate or an owner or any of the above, you just want to be the best clinician you can be.
• 6:00
  SPEAKER_01: And so really leaning into that, learning as much as you possibly can in school and understanding that it is a trade.
• 6:07
  SPEAKER_01: Like you can't necessarily have everything all at once.
• 6:11
  SPEAKER_01: You can't have money and time, right?
• 6:13
  SPEAKER_01: Like it's it's what's the old saying?
• 6:15
  SPEAKER_01: If if you can have it fast, cheap, or uh you I think you know the same.
• 6:19
  SPEAKER_00: The way the way I think about it is this like I started in a marketing agency, so I didn't go to dental school.
• 6:25
  SPEAKER_00: Starting was super easy.
• 6:26
  SPEAKER_00: I didn't go in that much debt.
• 6:28
  SPEAKER_00: I went in, you know, at times I was at$10,000 in debt,$20,000, but not$500,000 in debt.
• 6:34
  SPEAKER_00: No one would have given me the money, you know, when I got started.
• 6:37
  SPEAKER_00: So it was really easy at the beginning, but it's much harder later with agencies because of the complexity of them.
• 6:43
  SPEAKER_00: With dental, it's way the bar of entry is way higher at the beginning, as it should be.
• 6:48
  SPEAKER_00: You're medical professionals, right?
• 6:49
  SPEAKER_00: You're working on people's bodies.
• 6:50
  SPEAKER_00: So they make the bar of entry really high.
• 6:53
  SPEAKER_00: Um, but it should get easier as you go along.
• 6:57
  SPEAKER_00: I know that doesn't, that's not everybody's story, but it should get easier as you go along because you did the hard work up front.
• 7:03
  SPEAKER_00: And again, if you're gonna, if I was gonna take out, like you could go, this person could go start a business if they wanted to, but the entrepreneurial risk of that is extremely high.
• 7:14
  SPEAKER_00: How high?
• 7:15
  SPEAKER_00: Like 90% failure.
• 7:17
  SPEAKER_00: Yeah, and so it's like for me, it's like, okay, well, what are you gonna do if you don't do this?
• 7:23
  SPEAKER_00: Like, what are your other options?
• 7:24
  SPEAKER_01: You're always gonna pay a price, right?
• 7:26
  SPEAKER_01: Like my coach always talk about talks about the single payment fallacy, and we always believe that we only pay once, but we never just pay once.
• 7:34
  SPEAKER_01: Like the story he talked about was like he bought this Nietzsche book, and it was like it was 14 of his books blended into one.
• 7:42
  SPEAKER_01: And then he realized he sat down and he started reading it, and he realized how much time it was gonna take to read through all these books.
• 7:48
  SPEAKER_01: You know what I mean?
• 7:49
  SPEAKER_01: And so you're always gonna pay more than once for that.
• 7:52
  SPEAKER_01: So you're you're gonna you're gonna make the investment now with time, and then in the future, you're gonna make the investment with effort, and hopefully on the back end, it turns into you being able to pay off this loan that you've created for yourself.
• 8:06
  SPEAKER_00: Yep.
• 8:06
  SPEAKER_00: So let's talk about this.
• 8:08
  SPEAKER_00: Is what people really want to know repayment.
• 8:09
  SPEAKER_00: So I asked you, I said, are you still in student debt?
• 8:12
  SPEAKER_00: And you said, No, you're not.
• 8:14
  SPEAKER_00: And so what what's your thoughts on repayment?
• 8:17
  SPEAKER_00: I've seen a lot of things online where people have all these hacks and all these different things.
• 8:23
  SPEAKER_00: You said live below your means, which is probably the yeah, probably the most straightforward.
• 8:28
  SPEAKER_01: Yeah, and I I think like you set a lot of you set a lot of principles and standards while you're in middle school.
• 8:35
  SPEAKER_01: Like you're gonna have you're gonna have people in the class that that go and they go on spring break and have fun and all that stuff, and then you're gonna have people like me who like I lived off like 10 grand a semester, like to pay rent, groceries, all the thing.
• 8:50
  SPEAKER_01: You know what I mean?
• 8:51
  SPEAKER_01: And when you learn how to do that, you really don't need a whole lot to live once you graduate and you're now you're making like 10 times that, right?
• 8:59
  SPEAKER_01: You're making a hundred grand, 150 grand.
• 9:01
  SPEAKER_01: You're like, oh my gosh, I'm rich.
• 9:04
  SPEAKER_01: You know what I mean?
• 9:05
  SPEAKER_01: But the problem is you can't really believe that.
• 9:07
  SPEAKER_01: Like you you have to believe you're still whore, right?
• 9:11
  SPEAKER_01: And that doesn't mean you can't go enjoy life.
• 9:13
  SPEAKER_01: That doesn't mean you can't go take a vacation with your wife or you know get something nice for yourself.
• 9:20
  SPEAKER_00: You're not taking a$20,000 vacation, you're taking a$3,000 vacation.
• 9:24
  SPEAKER_01: You don't need to go get a Rolex.
• 9:25
  SPEAKER_00: Yeah.
• 9:26
  SPEAKER_01: Right?
• 9:27
  SPEAKER_00: So yeah, I what is it, a Sookio or like or just something off Amazon.
• 9:32
  SPEAKER_00: Yeah, yeah, exactly.
• 9:33
  SPEAKER_01: Like my I'm I still have an Apple Watch that I think I paid like 200 bucks for.
• 9:37
  SPEAKER_01: You know what I mean?
• 9:38
  SPEAKER_01: And so I yeah, I think I think living, but I think that's a that's a product of of practice.
• 9:44
  SPEAKER_00: Well, and you know what, Dr.
• 9:46
  SPEAKER_00: Blake?
• 9:46
  SPEAKER_00: This is true for all stages of dentistry.
• 9:48
  SPEAKER_00: I can't tell you how many times I've seen really people that you know and that we all know that are super uber successful, like clinically they're respected, business-wise, they're respected, they have planes, they have boats, they have all the things, and they get to the end of their career and their amount of money that they're spending, they it's they can't afford it anymore.
• 10:12
  SPEAKER_00: And it's like, but they it's all baked into their life now.
• 10:15
  SPEAKER_00: So then they have to practice dentistry forever, like eternally.
• 10:18
  SPEAKER_01: Yeah, that's when it's the most sad, honestly, is like you've you've scaled into something that you truly can't get out of.
• 10:25
  SPEAKER_01: Whereas when you're starting, this is like the smallest little mound that you're gonna you're gonna climb.
• 10:30
  SPEAKER_01: Hopefully in the future, you're gonna climb mountains.
• 10:32
  SPEAKER_01: So right now, this is just a little hill.
• 10:34
  SPEAKER_00: Yeah.
• 10:34
  SPEAKER_00: So what are your so so live below your means, pretend like you're poor.
• 10:38
  SPEAKER_00: You are poor if you're$500,000 in debt.
• 10:40
  SPEAKER_00: So that makes it simple.
• 10:41
  SPEAKER_00: And just get that thing paid off as fast as possible.
• 10:44
  SPEAKER_00: Do you have any thoughts on like starting a practice, how soon you should start a practice, or like what you even are just what you did, like being an associate versus an owner, all that kind of stuff?
• 10:53
  SPEAKER_01: Yeah, I think that's a more nuanced question.
• 10:55
  SPEAKER_01: I I I really believe that you've got, and we've talked about this, is you've got to really be introspective and and and be reflective of who you are, right?
• 11:05
  SPEAKER_01: And you might you might want to follow that dream, but like are you actually willing to do the things that it takes to build a practice that that is something substantial, right?
• 11:17
  SPEAKER_01: Like I don't think that there's a whole lot of value in going and building like a fairly normal, we'll say quote unquote normal practice because there's just not enough profit that you can spend off from that that makes it worth the time, the after the stress, the sleepless nights, the waking up at 2 a.m.
• 11:40
  SPEAKER_01: wondering about XYZ thing that makes it make sense.
• 11:44
  SPEAKER_01: I I think you're you either need to have a goal to like build indefinitely or build to something that's bigger than like a$500,000 to$700,000 practice.
• 11:55
  SPEAKER_01: Because at that point you're just creating your own job.
• 11:58
  SPEAKER_01: Whereas if you get into a larger practice, then you can do that, then you can leverage your time.
• 12:06
  SPEAKER_01: We don't we don't think of it this way, but we leverage hygienists every day.
• 12:10
  SPEAKER_01: Even if you have a smaller practice, you're leveraging their skills for your income, right?
• 12:16
  SPEAKER_01: And so you you do have you do have leverage in different areas, but we just don't think of it that way.
• 12:22
  SPEAKER_00: Yeah, there's a there's a good book on this.
• 12:24
  SPEAKER_00: It talks about leverage.
• 12:25
  SPEAKER_00: You're there's only a couple of kinds of leverage.
• 12:27
  SPEAKER_00: There's financial leverage, which is using money or taking out debt.
• 12:31
  SPEAKER_00: There's human capital, which isn't the most popular of all time, is using people, and that's what a dental practice is.
• 12:38
  SPEAKER_00: And then there's using technology, and that's probably this is the one that this is why if you look at the stock market, the biggest companies are all technology companies that learned how to leverage machines to keep, they call them hyperscalers.
• 12:50
  SPEAKER_00: They just keep growing and growing and growing and become more and more profitable because they're using machines more and more and more.
• 12:56
  SPEAKER_00: So you have leverage in in in your life, you have to choose which ones at which point.
• 13:01
  SPEAKER_00: So at the beginning of your life, you don't have technology on your side.
• 13:04
  SPEAKER_00: And maybe with ChatGPT cheating on homework or something, you could say, but you know, outside outside of that, and then you don't have human capital besides your own time.
• 13:14
  SPEAKER_00: And then you so all you can do is take out debt.
• 13:17
  SPEAKER_00: But I I the other thing, and I would love your thoughts on this.
• 13:20
  SPEAKER_00: This is this is an opinion that I have, but I may be wrong.
• 13:24
  SPEAKER_00: Is I was reading a thing and this was just about entrepreneurs, and they said, This guy said, I'm so sick and tired of everybody telling everybody to be entrepreneurs.
• 13:32
  SPEAKER_00: Not everybody is built to be an entrepreneur.
• 13:34
  SPEAKER_01: That was my point.
• 13:35
  SPEAKER_01: Is I I just I think you gotta really dive in and see is that really what you want, or do you just want to make more money?
• 13:43
  SPEAKER_01: Like, like honestly, if you just want to make more money, then you can do that as an associate and just be an awesome associate.
• 13:49
  SPEAKER_01: And when you get to a certain level of production, you could ask your your owner doc, like, hey, anything over 1.2 a year, can I get 33% of that?
• 13:59
  SPEAKER_01: Or can I get thirty, like there's ways for you to do that.
• 14:01
  SPEAKER_01: And if someone wanted to do that in my ecosystem, I would say yes.
• 14:05
  SPEAKER_01: That would be great.
• 14:06
  SPEAKER_01: Like, yeah, you don't want to lose that doc, right?
• 14:08
  SPEAKER_01: Right, yeah, right.
• 14:09
  SPEAKER_01: And so I think there's ways to do that, but I think a lot of people confuse ownership for more money, and unfortunately, what they don't know is that in a lot of cases, that's not the case, it's actually less money and more time.
• 14:22
  SPEAKER_00: This might be a good future episode, is like the who what kind of people are good entrepreneurs?
• 14:27
  SPEAKER_00: Like who shouldn't be an entrepreneur?
• 14:29
  SPEAKER_00: Who should, and and I'm not here to tell anybody don't be an entrepreneur, but you said it so well that if you're just if it's just more money, there's easier ways to do that.
• 14:40
  SPEAKER_00: Yes, your upside is capped, but you're you may not if you get into entrepreneurship and you don't like it, it's every day there's problems, like every single day.
• 14:49
  SPEAKER_00: And you have to basically get to the point where you're like, No, you know, that meme where they're sitting in the fire, and you're like, no, it's fine.
• 14:55
  SPEAKER_00: That's what entrepreneurship becomes, is like, no, I'm okay sitting in the fire.
• 15:00
  SPEAKER_01: It's yeah, and and honestly, the more if the more we're talking about this, the more I'm thinking that like this is the perfect way to figure out if you're that person.
• 15:09
  SPEAKER_01: So if you're if you're willing to understand that the only way that you get rid of this debt faster is by make by by creating a higher revenue stream, then you might be a good entrepreneur, right?
• 15:21
  SPEAKER_01: Because what you're doing is you're like the way that I would get out of out of this five hundred thousand dollar hole is I would I would make as much as I possibly could and I would pay down as much debt as I possibly could, assuming that is my highest interest rate debt, right?
• 15:38
  SPEAKER_01: And this is not financial advice, but this is what I would do, right?
• 15:41
  SPEAKER_01: And I would try to pay that down as fast as I could, but then there's gonna be an equilibrium point to where I'm gonna start making more money than I ever thought I would make.
• 15:50
  SPEAKER_01: And I don't my the percentage of my paycheck that's going towards that note is less and less.
• 15:56
  SPEAKER_01: So then I would start to split my my thought and I would say, okay, what I want is I want to also because the next question becomes well, at what point do I invest this money and not put it down on my debt?
• 16:09
  SPEAKER_01: Well, I wouldn't.
• 16:10
  SPEAKER_01: I would split that.
• 16:11
  SPEAKER_01: I would be like, okay, I can I can live off of this because I'm living winged and I can save this, but I can still work down my note and then you keep making more, you keep making more.
• 16:22
  SPEAKER_01: And then at that point, you can do kind of what I'm doing now, is I've got I've got money sitting in in T-bills that is basically offsetting my notes that I could easily put that towards my notes, but it's reducing my effective interest rate.
• 16:38
  SPEAKER_01: That's okay.
• 16:40
  SPEAKER_00: I just blew some minds probably, but like Bro, why don't you put that in STRC and get 11.5%?
• 16:46
  SPEAKER_01: Yeah, there you go.
• 16:47
  SPEAKER_01: I've been a part of Luna and Celsius hangout.
• 16:50
  SPEAKER_01: I don't want any part of that.
• 16:52
  SPEAKER_01: Like I've taken the risk and I've lost it all.
• 16:54
  SPEAKER_01: And so I still have you know some some investment in Bitcoin.
• 16:58
  SPEAKER_00: That's really cool though.
• 16:59
  SPEAKER_00: So so you just you're taking your money, getting a small percentage on it.
• 17:02
  SPEAKER_00: Some people would argue it's like, well, you're not getting you're not beating inflation.
• 17:05
  SPEAKER_00: You're like, I don't care, I'm paying for these problems to be solved.
• 17:09
  SPEAKER_01: Right.
• 17:10
  SPEAKER_01: So, like, for example, if if I had five a$500,000 student loan that was incurring interest, let's call it 7%, but I could earn 4% or 5% and a T-bill or a bond or something like that.
• 17:24
  SPEAKER_01: And I had even half, let's say I had two to$250,000 that I could put into that.
• 17:29
  SPEAKER_01: Well, my effective interest rate is not seven percent.
• 17:32
  SPEAKER_01: It's closer to like two and a half or three percent.
• 17:35
  SPEAKER_00: Which is almost free when you get money around that.
• 17:37
  SPEAKER_00: I mean, you're still you're still paying for it, it costs more than what you borrowed, but it's it's as close to free as you're gonna get for money.
• 17:43
  SPEAKER_01: For sure.
• 17:44
  SPEAKER_01: Unless, unless you're living in like 2020 or 2021, then there truly is free money.
• 17:49
  SPEAKER_01: Yeah, yeah, yeah.
• 17:50
  SPEAKER_01: For real.
• 17:50
  SPEAKER_01: But but yeah, that that's how I've and and man, I will tell you, I didn't understand money when I was in dental school or when I got out.
• 17:59
  SPEAKER_01: Like I had to go through and ride the roller coaster to figure out how to even think through this because it I wouldn't have been able to have this conversation seven years ago.
• 18:09
  SPEAKER_01: You know what I mean?
• 18:10
  SPEAKER_00: So you're taking so you're taking your money, you're putting it into T-bill.
• 18:14
  SPEAKER_00: So you're making money as the dentist, right?
• 18:16
  SPEAKER_00: You're doing dentistry, you're making money from that.
• 18:19
  SPEAKER_00: You also own a dental practice, and then you're taking the excess after you pay all your bills, you pay all your debt.
• 18:25
  SPEAKER_00: You now you have you don't have student loan, but you have business debt, which needs to be paid, right?
• 18:29
  SPEAKER_00: And there's there's risk involved with that if you get hurt or if something happens, you know what I mean?
• 18:34
  SPEAKER_00: So so you want to get that paid as well.
• 18:36
  SPEAKER_00: So you're figuring out, okay, this is how much I need to pay that debt.
• 18:39
  SPEAKER_00: Taking all your excess money, and then you're you're collecting three percent on it.
• 18:45
  SPEAKER_01: Three and a half percent right now.
• 18:46
  SPEAKER_01: And it was great when it was at, you know, about a year ago, it was at like four and a half, five percent.
• 18:50
  SPEAKER_01: So it was even better.
• 18:51
  SPEAKER_01: But I I would also go as far as to say there are different people that would handle this so differently.
• 18:58
  SPEAKER_01: Like some of my best friends don't want cash.
• 19:01
  SPEAKER_01: They're like, no, let's lever up, baby.
• 19:04
  SPEAKER_01: You know what I mean?
• 19:05
  SPEAKER_01: And and that's okay too.
• 19:07
  SPEAKER_01: I just wouldn't be able to sleep as good at night.
• 19:09
  SPEAKER_01: And when I know that if if the bank came calling and I had to put any significant amount of money down, I could do it tomorrow.
• 19:18
  SPEAKER_01: Right.
• 19:18
  SPEAKER_01: And I I I there's a lot of freedom that I feel with that, and I just know I know myself to do that.
• 19:25
  SPEAKER_00: That's really smart.
• 19:26
  SPEAKER_00: I think an in that and people hear that and they go, Oh, you're saying you're doing it the right way.
• 19:31
  SPEAKER_00: No, it's not what you're saying.
• 19:33
  SPEAKER_00: It's literally an investing they teach you if you can't fall asleep at night, like you're stressed out about your investments, you're not you're not positioned correctly.
• 19:43
  SPEAKER_00: You should be positioned correctly and do it in such a way that you can sleep really soundly at night.
• 19:50
  SPEAKER_00: That's why I'm 100% Bitcoin.
• 19:52
  SPEAKER_00: But um it's just like, yeah, it's just like that is that helps me sleep at night.
• 19:57
  SPEAKER_00: Everything else is like, whatever.
• 19:59
  SPEAKER_00: But everybody's different.
• 20:00
  SPEAKER_00: Some people are like, my parents are like, you're a psycho, you're literally crazy, and I have no idea what's wrong with you.
• 20:08
  SPEAKER_00: Like, why don't you do something else?
• 20:10
  SPEAKER_00: Like, just hold cash.
• 20:11
  SPEAKER_00: And I'm like, I don't want to hold any cash.
• 20:13
  SPEAKER_00: Cash, cash is trash.
• 20:14
  SPEAKER_00: So, anyways, it's it's so interesting that everybody can approach it their own way.
• 20:19
  SPEAKER_00: And it's like, how are you gonna sleep well at night?
• 20:21
  SPEAKER_00: But I I I love what you broke down here today, and I think it's gonna help a lot of people, especially the parts about betting on yourself, investing in yourself, living below your means.
• 20:34
  SPEAKER_00: You do that, you'll crush.
• 20:36
  SPEAKER_01: You'll crush at anything.
• 20:37
  SPEAKER_01: Like, for total clarity, I I truly believe that the the field of dentistry is still a wildly good investment to make.
• 20:45
  SPEAKER_01: Like, if if done right, you can make more money than you ever believed was possible.
• 20:52
  SPEAKER_01: And the$500,000 doesn't have to be a scary number, but you have to know how you're gonna get there.
• 20:58
  SPEAKER_01: And and it the scary part is that the unknown is what causes the fear, it's what causes the paralyzation and causes you to move slower than than what you should.
• 21:10
  SPEAKER_01: It sounds like this person's like diving headfirst into the pool.
• 21:14
  SPEAKER_01: And I love that.
• 21:15
  SPEAKER_01: Like they're like that this is really scary, but I'm gonna jump in.
• 21:18
  SPEAKER_00: Yeah.
• 21:18
  SPEAKER_00: Yeah.
• 21:19
  SPEAKER_00: How do he asked, I like what they asked too, is like, how do I deal with this?
• 21:22
  SPEAKER_00: Before, you know what I mean?
• 21:24
  SPEAKER_01: Like they're gonna be successful just by even that question that question it in and of itself means you're gonna be successful.
• 21:31
  SPEAKER_01: So you go get them, brother.
• 21:32
  SPEAKER_00: Let's go.
• 21:33
  SPEAKER_00: All right, man.
• 21:34
  SPEAKER_00: You have a good one.
• 21:35
  SPEAKER_01: Absolutely, you too.