Securing Your Financial Future with Jordan Goodman

by | Dec 6, 2017 | Wealth Wisdom

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Securing Your Financial Future with Jordan Goodman

Today’s guest, Jordan Goodman, has spent the last 40 years focused on one mission: to help Americans do better with their money. Known as “America’s Money Answers Man” and a nationally recognized expert on personal finance, he’s had a vast career, spanning newspapers, magazines, books, radio, podcasts, and television. He also offers plenty of resources on his website, www.MoneyAnswers.com.

Thankfully, Jordan has experience with dentists, and he has grown knowledgeable about things that are unique to the profession. In this episode, he offers practical advice, websites, resources, and strategies to help dentists do better with their finances. Listen in to hear his valuable advice and learn what actions you can take today to secure your financial future.

Key Quotes:

  • “If you have private loans—8, 9, 10%—as well as the federal loans, which may be at better interest rates, combining them all into a 2-3% rate is going to save you some money and hopefully help you get out of debt a little bit quicker.”
  • “Another thing a lot of people are not aware of is you can refinance your student loan debt to typically about 2%.”
  • “Older dentists are finding it harder to find people to sell their practice to because the younger ones coming out of dental school are so indebted that they just don’t have the money.”
  • “Dentists may be surprised; they may be able to get financing that in the past, they didn’t think was possible.”
  • “Buying a home in the first place—there are all kinds of discounts available that you might not be aware of because you as a dentist are considered an American hero.”
  • “The real question you want to ask your bank (and they don’t want to answer it) is, ‘How fast do I pay off my principal?'”
  • “Make your money work for you. A lot of people have money sitting in the bank—in CDs and savings accounts and money market funds—earning zero, and it’s going to stay that way as far as the eye can see.”
  • “I’m trying to give things that are in favor of the dentists, not the financial institutions.”

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The Key to Big Change Lies in Small Changes with Reese Harper

by | Nov 29, 2017 | Wealth Wisdom

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On today’s episode, Reese Harper joins us to talk about why many dentists are not retiring or scaling back on working as early as planned. Reese explores the different financial areas where dentists tend to go wrong with their planning and why dentistry in general has an issue with misunderstood and mismanaged finances. He really gives an interesting perspective on why dentists should be focusing on their net worth when it comes to achieving their long and short term goals.

Reese emphasizes why making small, incremental changes will be better for your business in the long run. He also discusses different traps dentists fall into and how to know a good financial advisor from a sales-person. We wrap up with a conversation on what exactly net worth is and explore various ways to keep track of it and make sure your practice and spending are in line with your goals.

Key Quotes:

  • “We’re so focused on improving the practice that we don’t even care what our own personal wealth is, but man, we know our collections so well. And our personal wealth is not subjective, it’s a number that is as tangible as collections.”
  • “Personal finance is 80% about behavior and only about 20% about knowledge.”
  • “Not only are they high achieving, but they’re actually, really kind of giving, benevolent people, so they end up giving to their patients, giving to their teams, giving to their families, giving to their communities.. and not really being a good steward with self-care, whether that be health or finance and that causes a lot of struggle and strife.”
  • “When we feel like there’s something wrong, we want to make a big adjustment.”
  • “They become really big targets for people that are selling things to them.”
  • “When you hire a financial advisor, you just hope you’re hiring someone that can really help you make sense of all your finances, not just sell you stuff.”
  • “Making a lot of money is not the same as being worth a lot.”
  • “The definition of financial freedom is just being able to replace your lifestyle without having to work.”
  • “Look at what you need based on what you spend.”

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