by [email protected] | Aug 12, 2020 | Wealth Wisdom
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Today I’m excited to sit down and chat with Reese Harper, who you may know from The Dentist Money Show. Reese has a great perspective on how to find security in the decisions you make with your money, and he joins the show to share tips for making better money decisions for your life and practice.
Listen in to hear Reese’s unique and interesting explanation of the stock market, as well as how we can restructure our thinking around money in order to make better decisions. You’ll learn what to do with your cash and how to stay confident in your financial choices today and moving forward.
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Key Quotes:
- “During volatile and scary times, there are always people who come out of the woodwork about the end of the world happening. A lot of dentists buy into that fear.”
- “A simple way of thinking about how the stock market works is that there are millions of people around the world who are making the decision to buy the stock or keep the money in their wallet – or sell the stock or hold onto the stock. It’s millions of people agreeing on the prices.”
- “It’s not a gamble; it’s just science. The market, since 1926, has a 10% annual return that is composed of peaks and troughs that go down 45% that happen once every 7-8 years, and smaller dips at about 15%. We hadn’t had one since 2013 or even a really meaningful one since 2008.”
- “Two people with the same amount of earnings, times that by 25 years, have choices of what they want to say yes to. All of these things will either leave you with nothing in the end or with financial security and financial independence.”
- “Some of us need accountability, or we won’t have anything left.”
- “Liquidity creates presence of mind.”
- “You need to have more liquidity in a world where the government isn’t respecting the debt that citizens have.”
- “I would rather see people pay down the liquidity around a business loan because it will give you more confidence around the decisions you’re making.”
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by Karah Karah | Jan 3, 2018 | Bold Biographies
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Today’s episode is going to be a little different; instead of hosting an interview, I’m going to share an interview I recently did with Reese Harper from the Dentist Money™ podcast. The conversation we had really highlighted the message I want to spread about how to achieve high-performance days in our practices and what it takes to create the lifestyle you’ve always dreamed of.
Listen in to hear my discussion with Reese about the habits that have helped me stay focused on my goals, make time for gratitude, and achieve my own epic life.
Key Quotes:
- “I think most people are really shortsighted because they want to get through the week, the day, the quarter, whatever it may be, and those building blocks may or may not build the superstructure they want for a life.”
- “It is clear to me that the achievement mindset really gets in the way of fulfillment because we’re always chasing that next goal, and it’s something that I really have to work at.”
- “High achieving dentists want to be like the hall of fame quarterback of their business, but they’re not taking care of themselves like a hall of fame quarterback.”
- “The demands that dentists I know put on themselves are extreme because they’re usually hardworking and kind-hearted, and so they want to be everything to their team and to their patients and to their families, and if you’re not devoting that time for self-care, that’s where we get into all those spirals that we hear about—substance abuse, suicide and things like that.”
- “One of the things where I see dentists taken a lot is marketing…We’re being oversold on marketing, so that really concerns me about dentists outsourcing too much of that and not really understanding where the ROI lives.”
- “When I was seven years old, I couldn’t have dreamt this life, and I want [my son] to not have those mental barriers.”
- “Deceiving yourself that the status quo is going to serve you is delusional, and so my challenge to listeners is when you come to that fork in the road, to choose courage over comfort.”
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by Karah Karah | 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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