by Karah Karah | Dec 6, 2017 | Wealth Wisdom
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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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by Karah Karah | Nov 8, 2017 | Bold Biographies
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Tiger Safarov is a firm believer in the American Dream. After coming to the United States when he was twenty years old—with the plan to earn enough money to buy a BMW and move back to his home country of Russia—Tiger was thrilled to learn that starting his own business in the U.S. was as easy as filing the paperwork and opening a bank account. Knowing firsthand how difficult it was to start a business in Russia, he jumped at the chance to start a company here.
Now the founder of Zen Supplies, an inventory management platform for dental supplies, Tiger has realized his own American Dream. In this episode, he shares his entrepreneurial journey, as well as why he sees being an immigrant as a huge advantage.
Key Quotes:
- “People talk about the American Dream—it’s truly alive because you can still start a business with a bank account … you can start a business without having a business.”
- “I said, ‘What if I start my own company?’ and the professor said, ‘Don’t even think about it, it’s the dumbest idea I’ve ever heard.’ In two days, I had my own company.”
- “School was not easy for me, and I wanted to prove that I’m good at something.”
- “A key take-home for listeners is that sometimes things won’t be as opportunistic—the economy, local markets, staffing issues, patient issues—and being a little scrappy, being willing to do what other people aren’t willing to do is the upper hand.”
- “There are two types of entrepreneurs: there are ones that are trying to pull out of their rear end an idea and do something about it, and there are other entrepreneurs that are trying to scratch their own itch—and I believe in the second one.”
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by Karah Karah | Sep 20, 2017 | Wealth Wisdom
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By the time he was thirty-five years old, Mike Michalowicz had founded and sold two multi-million dollar companies. Then, after becoming an angel investor, he lost his entire fortune and started all over again. Driven to find better ways to grow healthier, stronger companies – he created innovative strategies to help businesses thrive.
The author of various impactful business books, including Profit First, The Toilet Paper Entrepreneur, The Pumpkin Plan, and Surge, Mike carries with him a powerful message that can transform the way we run our practices. In this episode, he explains why traditional accounting hurts businesses and shares insight into his profit-first system that will help turn reactionary choices into sound business decisions.
Key Quotes:
- The fundamental formula for accounting—sales minus expense equals profit—is crushing businesses because profit is not the first consideration.
- If you really care about your clients, you’ll really focus on profitability, so that you’re not selling unnecessary things, and you’re not just selling to survive. You’re selling resources that people truly need and caring for them.
- In our business, if we simply wait to see where and when there’s money, we’re in this binge mentality.
- If we intentionally restrict our money supply available to run our businesses, then we are forced to run frugal operations, as we should – helping our businesses grow faster and stronger than ever.
- As money starts accumulating in our profit reserve, it becomes tempting to borrow that money. You’ve got to remove the temptation of borrowing from it by getting it out of sight and out of mind.
- Instead of using a system that makes us change who we are, use a system that works with who we are naturally.
- If you’re really serious about being profitable, then set up a new checking account. It’s going to be your profit account.
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by Karah Karah | Apr 5, 2017 | Legendary Leadership, Maverick Mind Shifts
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I met Dr. Jason Campbell at the Voices of Dentistry Summit in Nashville, TN. He has a fascinating story and is engaged in groundbreaking work with patients at his clinic, Cosmetic and Family Dentistry, in Prescott, AZ. From an early age, Jason’s always wanted to be a dentist. Since genetic problems with teeth plagued him from the beginning, he brings a sense of passion to working with patients who present unique challenges.
Jason is a general dentist, but he’s also engaged in complex surgeries and reconstructive dentistry. It wasn’t until he was 14 years old that he was able to get the reconstructive surgery he needed. This allows Jason to relate to patients with challenging cases that other dentists can’t or won’t touch.
Jason is an expert in biomechanical problems and can often bring people relief with minor treatments. He trains doctors to identify underlying causes that often generate a host of symptoms that can lead to an improper diagnosis. He specializes in helping dental refugees who haven’t found success in resolving tooth-related illnesses. In this episode of Relentless Dentist, we’ll talk about how Jason is leading the pack in transforming the practice of dentistry. He’s helping patients who feel like there are no hope and training other dentists to follow in his footsteps.
Key Quotes:
- I feel like there’s this third thing in dentistry that we’re missing – interventional care.
- Dentistry is an act of charity. Charity brings good things into your life.
- You hear of interventional medicine, but you don’t hear that term a lot in dentistry.
- In dentistry, there really are only three things that we contend with. If we can help people avoid these three elements, we can stop 99% of dental problems.
- Inflammation systematically increases your risk for type II diabetes. It increases your risk for pancreatic cancer.
- When you have these three issues: biomechanical problems, acidity problems, and inflammation – that’s what really causing tooth issues.
- You have to start peeling back the symptoms to get the cause to determine what’s the best course of treatment for the person.
- There’s life beyond dentistry.
Register now for upcoming API Biofunctional Disorder and Surgical/Implant Courses: www.AdvancedProstheticsInstitute.com
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by Karah Karah | Mar 29, 2017 | Bold Biographies, Maverick Mind Shifts, Prescriptions for your Practice
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Today’s episode is a little different. Instead of me interviewing our guest, Dr. Bilal Saib of The Passionate Dentist podcast, we interview each other about the highs and lows of our careers and the joys of podcasting.
Dr. B is a fellow dentist and podcaster based in North Carolina. He’s also a frequent missionary to the West Bank, where he performs free dental work in communities in need. In this episode, we talk about how our shows have given us a greater sense of community with other dentists, and dig into our careers.
Dr. B and I talk about the lack of confidence among dentists, which is exacerbated by our tendency to only talk about the good things happening in our practices. We discuss the self-reflection that goes into building your own practice and learning how to manage a team, and how it’s made us better people. Dr. B also shares some of his experiences with missionary work, a unique but meaningful challenge he feels compelled to undertake.
Key Quotes:
- When you decide to own dental practice, you have to step up to the plate and do what is required of you.
- The thing that makes us more fulfilled and makes our practices grow is the psychology of you, the owner, and there’s nothing more powerful in psychology than confidence.
- What the practice requires of me has made me such a better person.
- I go on mission trips because I’m sharing my gift. And my gift is all these little tidbits of things that are lined up perfectly to create this perfect environment.
- I chose to have a low volume, high-quality practice even before I started my practice.
- Dentists are sometimes so benevolent that we forget the time and energy that we put into our education, hiring and firing staff, and patient relationships – there’s a lot of equity there – either because we come from humble beginnings or because we come from a place of give, give give.
- One of the first questions I ask dental students is: “why did you choose to become a dentist?”
- The first check I ever wrote myself was $100. It was a symbolic gesture of my three year anniversary.
- You learn a lot from practice management because when you have a busy practice, you learn what you want and you learn what you really don’t want. And there’s huge value in knowing what you want.
- Don’t treat insurance patients differently than non-insurance patients. Don’t cut your quality short. Do your very best with every patient, even if they’re on insurance.
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