June 21, 2023 • 15 mins
Do you find it hard to save money the right way or at all? You're not alone. This is a common issue in the dental community. Casey and Jarrod discuss a few of the most common reasons why dentists are unable to save.
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:03):
Hello, everyone, Welcome to theMillionaire Dentist Podcast, brought to you by
four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hello andwelcome. This is Casey Hires back at
(00:26):
the Millionaire Dnist Podcast in studio withco host Jared Bridgeman. Casey, how
are you good? We're approaching thelongest day of the year. I love
it. Yeah, this one's goingto be twenty four hours. It's crazy.
What that's in Alaska? What areyou talking about? Twenty four today?
Twenty four hours? It was aterrible joke, Casey. Um,
(00:46):
Tomorrow you are going to be presentingat Top Golf in Auburn Hills, Michigan,
outside Detroit. By the time peoplehear this, you will already have
been back. Um. What areyou looking forward to? You on your
trip and and being there? Well, this will sound cheesy, and if
I didn't mean it, I wouldn'tsay it. But ultimately, when we
do these events to prevent the subjectmatter. You're gonna have your people that
(01:08):
are ce junkies. They just oneanother hour for their bio. There's other
folks that want free top golf andfood. But there's going to be people
there that when they hear this,they go huh and they start thinking,
and they're going and potentially to beable to help one person in that room
retire sooner with more money, withless stress, getting the practice healthy again.
(01:33):
That's when I go into the room, I look at them, I
go, who's it going to betoday? Right? And so I it
sounds cheesy, but I'm excited tosee who we can help potentially today.
Now of the twenty people that aregoing to be there, I'll probably talk
the fifteen of them afterwards, butultimately we're only going to help one,
maybe maybe two, and that's onlyif it bears fruit looking at data.
(01:53):
But yeah, that sounds cheesy,but that's what I'm looking forward to.
That awesome and part of what youyou talk about when you present, as
you know, a lot of thefolks on cash flow. Some of it's
on on saving and putting money towardsretirement and things like that, but there
are some pretty glaring and obvious reasons, you know, obvious to us.
I should say of why a lotof practice owners are are unable to save
(02:17):
or unable to save properly. Right, If our firm had a love language,
it would be saving for retirement.And there are a lot of headwinds
when it comes to saving for retirementfor practice owners. Even when they're in
a position meaning they're producing a lotof dentistry, they're collecting a lot of
dentistry. The money's there, it'sstill challenging, but they could. There's
(02:39):
things that can prevent them from fromproperly saving. An entity structure is one
of them that we talk about inour course. Right, A lot of
these, a lot of a lotof practice owners, you know, before
they come to us, have donot have a W two in place for
themselves. Now, can you tellme why that isn't worked? Yeah,
(03:00):
I can, and um and we'llback up a little bit. It's incredible
how many practice owners, when askedhow they pay themselves on an offline conversation,
it's well, they take what's leftover at the end of the month.
I'll skip a paycheck, but I'llmake it up in some erratic distributions
throughout the year or at the endof the year. We just like drain
the accounts after we build them upall year. Right, if you're doing
(03:23):
that, yikes, how do youplan for your your your bills or emergencies
that may pop up at home?Well, Unfortunately, entity structure can prevent
practice owners from from from achieving theirgoals. Um, if one of the
big ones is retiring, it's reverseengineered this, Well, what you need
(03:45):
to retire? Well, I needX amount of money? Okay, how
do I do that? Sometimes entitystructure prevents practice owners from saving, and
it's really easy to keep skipping thatthing every year. Well, I'll do
it next year, I'll do itnext year, I'll do it next year.
Well, I'm gonnait till I getmy my debt, my student loan
debt paid off. I'm gonna andit's probably a low interest, right,
And that's another conversation, but emotionallyI want to get that and then well,
I'm gonna get the practice paid off. And well, I'm gonna do
this, and I'm gonna do that. And my friend gave me the Dave
(04:08):
Ramsey books. I'm gonna get sureall my net's gone. And they keep
putting it off and then they lookup and they go, oh, yeah,
yeah, I talked to somebody recently. They they've done that and they've
got all the stuff, but theydon't have as much for retirement, right,
and their backs starting to hurt,their next starting the hurt. And
(04:30):
there there I saw it. Imean, they looked at me to go,
Casey, I'm a little concerned,like I can't work after into my
sixties. Um, but yeah,sometimes entity structure will prevent people from doing
that. And ultimately sometimes they don'tknow, they don't know why they've gotten
poor advice from their CPA or anaccounting firm. Um, well, what's
(04:53):
a benefit to getting onto a scheduledpay system for yourself like a paycheck?
Well, the funny answer is youhave some consistency, so you feel better,
your your spouse is feeling better becauseit's again predictable. It's really hard
when what I mentioned earlier, whenyou're skipping paychecks are taking what's left over
(05:13):
when there's erratic distributions. It's hardfor the practice owner, it's even harder
for the spouse. So at homethat's better. But from a more of
a business sense, having a wtwo allows you to have a four oh
one K allows you to save moreof there's some reduced tax liability. There's
a whole bunch of things we candive into today, but ultimately that is
the foundation for giving people an avenueto achieve some of the things they need
(05:35):
to achieve if they want to retireand not be in their seventies or god
forbid eighties now. And that littletirade you just did, You mentioned tirade,
You see nothing yet you mentioned afour oh one K. Now is
that? Is there a reason whya soul practice owner may not have a
(05:58):
four oh one K. Well,soul props generally don't have a four oh
one K. So if you're ifyou're entity structure as a soul proprietor a
soul prop, generally you don't havea four one CAM place and they opt
for a simple ira um. There'sa I don't want to get too much
in the weeds here, right,but there's there's not as much opportunity to
save with that right, or saveas much as one should could. It
(06:23):
also be there's always bad advice outthere or someone just not knowing how to
do it, how to get itstarted well, because I can tell you
right now. You know, Ihave a we have a four O one
K here, But if you've justset me out on my own, you
know, into the wilderness, Icouldn't tell you how you get one started.
Well, listen, we personally,I just talked to somebody and they're
going to have some dinner work done. They don't know how to do it,
so they're going to a dentist andthen a specialist, and they expect
(06:45):
them to know what they're doing,and they follow their advice. What a
practice owners do. They go toan accounting firm that three of their dental
friends go to, and they expectto get sound advice, and unfortunately some
hopefully just a little bit, butsome go decades and decades with that.
And then they talk to a dentalspecific firm who does this all day every
day and master in our sleep,and they realize, oh my gosh,
I've been set up in the wrongway and it's limited me. But they
(07:08):
trusted that their person, their accountingfirm was doing the right things because they're
the expert. And I have beenon tirades previously where the standard of care
with accounting and dentistry for practice ownersis unfortunately abysmal rum not all cases at
all, but goodness, I meanover seven out of ten. There's typically
(07:31):
some big old red flags that wefind, and it's setting out of ten.
It's right, you are the numbersguy. Well, and the nice
thing with four one cases. Onceyou get that in place, you can
also have your your your'll see whateverit is your company h match your funds
as well to really kind of doubledown on that. Well, ultimately,
(07:53):
what do you want an Antiti structure? You want reduced tax liability, and
you want it to be better forcash flow, and you want to be
able to save more for retirement.And you know how about paying quarterly taxes.
That's a great idea that helps atax situation. Hey, hard last
last week's episode, if you havenot listened to it was all about quarterly
tax estimates. And again you listento that episode one. For some people
(08:13):
they're like, yeah, of course, why wouldn't I Well, guess what,
there's a massive percentage of practice ownersout there that they if they're paying
them, they're not up to datebecause you've grown, or maybe maybe somebody
had had a kid and took sixweeks off or eight weeks off, and
so they're they're producing their hearts out, and they're all day every day in
(08:33):
the chair and they get home,don't want to touch the books exactly right,
thank you, Casey. So asa kid, I would try to
save up money. Never great atit because there's always a brand new you
know, ninja turtle, you knowthing. I do love shiny stuff.
I like retail therapy. But Ihave and I still have it to this
(08:54):
day for my grandparents' house. It'sa Tutsi roll bank. It's a it's
a tube, a little slot init, and I would save all my
little money. I still got acouple of two dollars bills from my grandfather
in there from thirty years ago.How much are they worth? I think
of two o five? But thatwas my system, you know, I
(09:16):
do a couple of chores, getfive bucks here and there and stuff it
in there. Why is that nota great idea to just keep money in
one place like that? Well,I think what you're referring to is hoarding
cash, right and so there's somemity structures out there where you know,
like like a like a squirrel storingacorns right there, They're hoarding cash and
(09:37):
it might sound like a good ideato build it up the initial idea and
on an emotional level makes sense havingmore money. And let's say your emergency
fund means you have coverage for emergencies. But we have a benchmark with our
company. You know that we advisepeople of here's how much you should have
in that in that fund. Right, absolutely well, and it all ties
(09:58):
together. If you're getting poor taxmanagement and it's erratic and what, you
want to have some extra money inthe bank to be able to pay for
those mistakes that ultimately they're not taxsurprises because you're used to them every year.
It's just a matter of do Iowe thirty or do am I going
to get thirty back or more?Yeah, we've had a couple of people
come through sixty eighty. Yeah,obviously you do need X amount in an
(10:20):
account basically at all times. Well, there should be a benchmarks for everything.
And if you're a practice owner andyou, I don't know, collect
one point three five million dollars,ten percent of that's one hundred and thirty
five thousand dollars. An ideal bankbalance would be one hundred and thirty five
thousand dollars. Why Is it abad idea to say, haven't tripled that
amount in the account? Why isthat? Why? Why would we suggest
(10:41):
or advise against that. Well,there's some proprietary strategies that we should use
and things of that nature for ourclients. But ultimately it comes down to
this, and I'll be sharing thisin Auburn Hills. But folks that have
five six hundred thousand dollars in theirpractice accounts, that makes them sleep good,
feel better about it. But butultimately, again it comes back to
(11:01):
cash flow. Let's reduce some debt. Let's say for retirement. People go,
well, how are your clients savingtwo hundred thousand dollars a year for
a retirement Well, there's four inone case. There's profit shares, there's
brokerage accounts. Now for different practices, there's different timings and strategies to all
of those things. Because sometimes profitshares the timing isn't right, but maybe
(11:22):
in three years it is. Butthose are the ways we get that done.
Yeah, again, reducing debt savingfor retirement significantly, like six figures,
but better cash flow right at home. But having that one thirty five
in the bank if you have aone point three five million dollars practice.
That's an ideal amount. Keep thatas a trend three months, four months,
(11:43):
five months. Then if you go, well, I have got one
eighty, great, you have oneeighty five. You will do that for
simple math, you have an extrahow much is that fifty? Yeah,
forty fifty six an extra fifty thousanddollars, right, So if you see
that for a couple of months,well, it's safe to say that there's
fifty thousand dollars that we can nowlook to what. Hey, go on
(12:07):
a trip. If you need acar, buy a car, we do
your kitchen, pay down debts,say for retirement. It's not all stuff
that's not fun. Our clients havegreat stuff, great toys. Oh,
I've seen some some some of ourclients will send us some of our new
cars. They get the car,but I send it pictures of the car.
Yeah, and some of those arereal pretty. Oh. I mean
again, if you're listening, youwork hard, and your hard work needs
(12:30):
to be reflected, and you shouldfeel good. You shouldn't have a house
of cards or you look like you'rethe successful dentist, but in a pit
of your stomach, you know thatyou're not. And that you might have
to work until you're in your sixties, and that frightened you. And you
know again, getting this all rightleads to being able to retire early and
have nice things now and in thefuture. But entity structure is a real
foundational thing that unfortunately a smaller percentage. But they just they don't have it
(12:54):
right, and they don't know why. They don't know why it's set up
that way. They simply trust thepeople that are doing it or are set
up that way fifteen twenty years ago. And now that's right, that's right.
And so ask you, ask yourself, ask your accountant. Is this
good for cash flow? Is thisgood for tax reduced tax liability? Um?
Is their flexibility with it? Andis there consistency with it? And
those are typically UM good good,um good things to look for if they
(13:16):
want a second opinion, casey,what can they do doing a website?
I think so it's uh, ifyou go onto the internet and webs Yep,
there's a Google, bahtt whatever iscolon slash slash, four quadrants,
advisory dot com. Fill out theform um and just and just mark that
(13:37):
you're interested in, you know,maybe looking at our taxes. We do
offer a free tax assessment. Um, we can look at your structure and
give you a little bit of adviceand really open the gateway to Hey,
if you want to take the nextsteps, we can do even more than
just what we did today. Well, and there's a lot of people that
we engage in some conversations, somephone meetings, look at some data.
(14:00):
It's not a good fit. Wecan't help them to the level that we
want to help them. Timing isn'tright for whatever reason. But typically if
they go through that, we're goingto give them some complimentary advice because we
don't want to nobody comes out worse. We don't know that we want to
work with somebody until we go throughour process, and many times it's not
a good fit, and we tellthem, hey, you don't need to
pay us for our services. Thatbeing said, you engage in our process.
Here's some things that we found.Let's talk next year exactly, Casey,
(14:26):
I really appreciate your time today.I hope you have a good trip
and you really get to learn andNONESO dentists be well. Thanks, that's
all the time we have today.Thank you to our guests for their insight
and for sharing some really great informationand thank you to you the listener for
tuning in. The Millionaire Dentist podcastis brought to you by four Quadrants Advisory
(14:48):
to see if they might be agood fit for you and your practice.
Going over to four Quadrants Advisory dotcom and see why year after year they
retain over ninety five percent of theirclients. Thank you again for joining us
and we'll see you next time.The Greek Bomber
Hello, everyone, Welcome to theMillionaire Dentist Podcast, brought to you by
four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hello andwelcome. This is Casey Hires back at
(00:26):
the Millionaire Dnist Podcast in studio withco host Jared Bridgeman. Casey, how
are you good? We're approaching thelongest day of the year. I love
it. Yeah, this one's goingto be twenty four hours. It's crazy.
What that's in Alaska? What areyou talking about? Twenty four today?
Twenty four hours? It was aterrible joke, Casey. Um,
(00:46):
Tomorrow you are going to be presentingat Top Golf in Auburn Hills, Michigan,
outside Detroit. By the time peoplehear this, you will already have
been back. Um. What areyou looking forward to? You on your
trip and and being there? Well, this will sound cheesy, and if
I didn't mean it, I wouldn'tsay it. But ultimately, when we
do these events to prevent the subjectmatter. You're gonna have your people that
(01:08):
are ce junkies. They just oneanother hour for their bio. There's other
folks that want free top golf andfood. But there's going to be people
there that when they hear this,they go huh and they start thinking,
and they're going and potentially to beable to help one person in that room
retire sooner with more money, withless stress, getting the practice healthy again.
(01:33):
That's when I go into the room, I look at them, I
go, who's it going to betoday? Right? And so I it
sounds cheesy, but I'm excited tosee who we can help potentially today.
Now of the twenty people that aregoing to be there, I'll probably talk
the fifteen of them afterwards, butultimately we're only going to help one,
maybe maybe two, and that's onlyif it bears fruit looking at data.
(01:53):
But yeah, that sounds cheesy,but that's what I'm looking forward to.
That awesome and part of what youyou talk about when you present, as
you know, a lot of thefolks on cash flow. Some of it's
on on saving and putting money towardsretirement and things like that, but there
are some pretty glaring and obvious reasons, you know, obvious to us.
I should say of why a lotof practice owners are are unable to save
(02:17):
or unable to save properly. Right, If our firm had a love language,
it would be saving for retirement.And there are a lot of headwinds
when it comes to saving for retirementfor practice owners. Even when they're in
a position meaning they're producing a lotof dentistry, they're collecting a lot of
dentistry. The money's there, it'sstill challenging, but they could. There's
(02:39):
things that can prevent them from fromproperly saving. An entity structure is one
of them that we talk about inour course. Right, A lot of
these, a lot of a lotof practice owners, you know, before
they come to us, have donot have a W two in place for
themselves. Now, can you tellme why that isn't worked? Yeah,
(03:00):
I can, and um and we'llback up a little bit. It's incredible
how many practice owners, when askedhow they pay themselves on an offline conversation,
it's well, they take what's leftover at the end of the month.
I'll skip a paycheck, but I'llmake it up in some erratic distributions
throughout the year or at the endof the year. We just like drain
the accounts after we build them upall year. Right, if you're doing
(03:23):
that, yikes, how do youplan for your your your bills or emergencies
that may pop up at home?Well, Unfortunately, entity structure can prevent
practice owners from from from achieving theirgoals. Um, if one of the
big ones is retiring, it's reverseengineered this, Well, what you need
(03:45):
to retire? Well, I needX amount of money? Okay, how
do I do that? Sometimes entitystructure prevents practice owners from saving, and
it's really easy to keep skipping thatthing every year. Well, I'll do
it next year, I'll do itnext year, I'll do it next year.
Well, I'm gonnait till I getmy my debt, my student loan
debt paid off. I'm gonna andit's probably a low interest, right,
And that's another conversation, but emotionallyI want to get that and then well,
I'm gonna get the practice paid off. And well, I'm gonna do
this, and I'm gonna do that. And my friend gave me the Dave
(04:08):
Ramsey books. I'm gonna get sureall my net's gone. And they keep
putting it off and then they lookup and they go, oh, yeah,
yeah, I talked to somebody recently. They they've done that and they've
got all the stuff, but theydon't have as much for retirement, right,
and their backs starting to hurt,their next starting the hurt. And
(04:30):
there there I saw it. Imean, they looked at me to go,
Casey, I'm a little concerned,like I can't work after into my
sixties. Um, but yeah,sometimes entity structure will prevent people from doing
that. And ultimately sometimes they don'tknow, they don't know why they've gotten
poor advice from their CPA or anaccounting firm. Um, well, what's
(04:53):
a benefit to getting onto a scheduledpay system for yourself like a paycheck?
Well, the funny answer is youhave some consistency, so you feel better,
your your spouse is feeling better becauseit's again predictable. It's really hard
when what I mentioned earlier, whenyou're skipping paychecks are taking what's left over
(05:13):
when there's erratic distributions. It's hardfor the practice owner, it's even harder
for the spouse. So at homethat's better. But from a more of
a business sense, having a wtwo allows you to have a four oh
one K allows you to save moreof there's some reduced tax liability. There's
a whole bunch of things we candive into today, but ultimately that is
the foundation for giving people an avenueto achieve some of the things they need
(05:35):
to achieve if they want to retireand not be in their seventies or god
forbid eighties now. And that littletirade you just did, You mentioned tirade,
You see nothing yet you mentioned afour oh one K. Now is
that? Is there a reason whya soul practice owner may not have a
(05:58):
four oh one K. Well,soul props generally don't have a four oh
one K. So if you're ifyou're entity structure as a soul proprietor a
soul prop, generally you don't havea four one CAM place and they opt
for a simple ira um. There'sa I don't want to get too much
in the weeds here, right,but there's there's not as much opportunity to
save with that right, or saveas much as one should could. It
(06:23):
also be there's always bad advice outthere or someone just not knowing how to
do it, how to get itstarted well, because I can tell you
right now. You know, Ihave a we have a four O one
K here, But if you've justset me out on my own, you
know, into the wilderness, Icouldn't tell you how you get one started.
Well, listen, we personally,I just talked to somebody and they're
going to have some dinner work done. They don't know how to do it,
so they're going to a dentist andthen a specialist, and they expect
(06:45):
them to know what they're doing,and they follow their advice. What a
practice owners do. They go toan accounting firm that three of their dental
friends go to, and they expectto get sound advice, and unfortunately some
hopefully just a little bit, butsome go decades and decades with that.
And then they talk to a dentalspecific firm who does this all day every
day and master in our sleep,and they realize, oh my gosh,
I've been set up in the wrongway and it's limited me. But they
(07:08):
trusted that their person, their accountingfirm was doing the right things because they're
the expert. And I have beenon tirades previously where the standard of care
with accounting and dentistry for practice ownersis unfortunately abysmal rum not all cases at
all, but goodness, I meanover seven out of ten. There's typically
(07:31):
some big old red flags that wefind, and it's setting out of ten.
It's right, you are the numbersguy. Well, and the nice
thing with four one cases. Onceyou get that in place, you can
also have your your your'll see whateverit is your company h match your funds
as well to really kind of doubledown on that. Well, ultimately,
(07:53):
what do you want an Antiti structure? You want reduced tax liability, and
you want it to be better forcash flow, and you want to be
able to save more for retirement.And you know how about paying quarterly taxes.
That's a great idea that helps atax situation. Hey, hard last
last week's episode, if you havenot listened to it was all about quarterly
tax estimates. And again you listento that episode one. For some people
(08:13):
they're like, yeah, of course, why wouldn't I Well, guess what,
there's a massive percentage of practice ownersout there that they if they're paying
them, they're not up to datebecause you've grown, or maybe maybe somebody
had had a kid and took sixweeks off or eight weeks off, and
so they're they're producing their hearts out, and they're all day every day in
(08:33):
the chair and they get home,don't want to touch the books exactly right,
thank you, Casey. So asa kid, I would try to
save up money. Never great atit because there's always a brand new you
know, ninja turtle, you knowthing. I do love shiny stuff.
I like retail therapy. But Ihave and I still have it to this
(08:54):
day for my grandparents' house. It'sa Tutsi roll bank. It's a it's
a tube, a little slot init, and I would save all my
little money. I still got acouple of two dollars bills from my grandfather
in there from thirty years ago.How much are they worth? I think
of two o five? But thatwas my system, you know, I
(09:16):
do a couple of chores, getfive bucks here and there and stuff it
in there. Why is that nota great idea to just keep money in
one place like that? Well,I think what you're referring to is hoarding
cash, right and so there's somemity structures out there where you know,
like like a like a squirrel storingacorns right there, They're hoarding cash and
(09:37):
it might sound like a good ideato build it up the initial idea and
on an emotional level makes sense havingmore money. And let's say your emergency
fund means you have coverage for emergencies. But we have a benchmark with our
company. You know that we advisepeople of here's how much you should have
in that in that fund. Right, absolutely well, and it all ties
(09:58):
together. If you're getting poor taxmanagement and it's erratic and what, you
want to have some extra money inthe bank to be able to pay for
those mistakes that ultimately they're not taxsurprises because you're used to them every year.
It's just a matter of do Iowe thirty or do am I going
to get thirty back or more?Yeah, we've had a couple of people
come through sixty eighty. Yeah,obviously you do need X amount in an
(10:20):
account basically at all times. Well, there should be a benchmarks for everything.
And if you're a practice owner andyou, I don't know, collect
one point three five million dollars,ten percent of that's one hundred and thirty
five thousand dollars. An ideal bankbalance would be one hundred and thirty five
thousand dollars. Why Is it abad idea to say, haven't tripled that
amount in the account? Why isthat? Why? Why would we suggest
(10:41):
or advise against that. Well,there's some proprietary strategies that we should use
and things of that nature for ourclients. But ultimately it comes down to
this, and I'll be sharing thisin Auburn Hills. But folks that have
five six hundred thousand dollars in theirpractice accounts, that makes them sleep good,
feel better about it. But butultimately, again it comes back to
(11:01):
cash flow. Let's reduce some debt. Let's say for retirement. People go,
well, how are your clients savingtwo hundred thousand dollars a year for
a retirement Well, there's four inone case. There's profit shares, there's
brokerage accounts. Now for different practices, there's different timings and strategies to all
of those things. Because sometimes profitshares the timing isn't right, but maybe
(11:22):
in three years it is. Butthose are the ways we get that done.
Yeah, again, reducing debt savingfor retirement significantly, like six figures,
but better cash flow right at home. But having that one thirty five
in the bank if you have aone point three five million dollars practice.
That's an ideal amount. Keep thatas a trend three months, four months,
(11:43):
five months. Then if you go, well, I have got one
eighty, great, you have oneeighty five. You will do that for
simple math, you have an extrahow much is that fifty? Yeah,
forty fifty six an extra fifty thousanddollars, right, So if you see
that for a couple of months,well, it's safe to say that there's
fifty thousand dollars that we can nowlook to what. Hey, go on
(12:07):
a trip. If you need acar, buy a car, we do
your kitchen, pay down debts,say for retirement. It's not all stuff
that's not fun. Our clients havegreat stuff, great toys. Oh,
I've seen some some some of ourclients will send us some of our new
cars. They get the car,but I send it pictures of the car.
Yeah, and some of those arereal pretty. Oh. I mean
again, if you're listening, youwork hard, and your hard work needs
(12:30):
to be reflected, and you shouldfeel good. You shouldn't have a house
of cards or you look like you'rethe successful dentist, but in a pit
of your stomach, you know thatyou're not. And that you might have
to work until you're in your sixties, and that frightened you. And you
know again, getting this all rightleads to being able to retire early and
have nice things now and in thefuture. But entity structure is a real
foundational thing that unfortunately a smaller percentage. But they just they don't have it
(12:54):
right, and they don't know why. They don't know why it's set up
that way. They simply trust thepeople that are doing it or are set
up that way fifteen twenty years ago. And now that's right, that's right.
And so ask you, ask yourself, ask your accountant. Is this
good for cash flow? Is thisgood for tax reduced tax liability? Um?
Is their flexibility with it? Andis there consistency with it? And
those are typically UM good good,um good things to look for if they
(13:16):
want a second opinion, casey,what can they do doing a website?
I think so it's uh, ifyou go onto the internet and webs Yep,
there's a Google, bahtt whatever iscolon slash slash, four quadrants,
advisory dot com. Fill out theform um and just and just mark that
(13:37):
you're interested in, you know,maybe looking at our taxes. We do
offer a free tax assessment. Um, we can look at your structure and
give you a little bit of adviceand really open the gateway to Hey,
if you want to take the nextsteps, we can do even more than
just what we did today. Well, and there's a lot of people that
we engage in some conversations, somephone meetings, look at some data.
(14:00):
It's not a good fit. Wecan't help them to the level that we
want to help them. Timing isn'tright for whatever reason. But typically if
they go through that, we're goingto give them some complimentary advice because we
don't want to nobody comes out worse. We don't know that we want to
work with somebody until we go throughour process, and many times it's not
a good fit, and we tellthem, hey, you don't need to
pay us for our services. Thatbeing said, you engage in our process.
Here's some things that we found.Let's talk next year exactly, Casey,
(14:26):
I really appreciate your time today.I hope you have a good trip
and you really get to learn andNONESO dentists be well. Thanks, that's
all the time we have today.Thank you to our guests for their insight
and for sharing some really great informationand thank you to you the listener for
tuning in. The Millionaire Dentist podcastis brought to you by four Quadrants Advisory
(14:48):
to see if they might be agood fit for you and your practice.
Going over to four Quadrants Advisory dotcom and see why year after year they
retain over ninety five percent of theirclients. Thank you again for joining us
and we'll see you next time.The Greek Bomber
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