How a Dental-Specific Advisor Can Give You an Advantage
Hey, Dennis money show listeners. Thanks for tuning in. We've got an excellent episode for you today me and Matt are talking about. What makes a niche financial adviser important to a dentist talking about all the ways dentists have different and how a financial advisor who's been there done that seen it all can help you make smart financial decisions. You'll have over your whole life and career. Thanks for tuning in. If you have any questions, go to Dennis Adviser Dot Com Click on book free consultation scheduled chat with US enjoy the show consultant advisor conduct your own due diligence when making financial decisions. General Principles discussed during this program do not constitute personal advice. This program is furnished by dentist adviser registered investment. Advisor This is dentist money. Now here's your host Ryan Isaac, and welcome to the dentist money show where we help dentists make smart financial decisions. I'm Ryan Isaac sometimes involuntarily referred to as Sir Ryan. Isaac and I'm joined by the best guy in the world smartest financial adviser at Dennis Advisers Mr Matt Molcak. Setting me up for failure. Let's say that. No, that was it makes me feel really good but. My wife wants in fact, my wife recently, it's been like, Oh, you've been on the podcast I want to listen to him and I'm like. You're right. You have a rivalry here with Ryan and you with WHO thinks. Should be should be like, yeah, I've heard him talk before. We're good. Yeah exactly. So I think Matt is is is Great. It's great to have met on the show and we'll be looking forward to more matt on the show. PA. We learned a new word anyone. Sat there we were watching a flip of parks and rec of their radio like their public radio and they said that, and then we try to work at it so. Well that was like how how can how we say it? Nest Nest Matt Win was So this is September. It is. Yeah, September Twenty Twenty I recently got on a plane for the first time in a while. In covid hug. What is time you on a plane? Oh my gosh. Wow. I honestly don't remember probably. I don't even know. Wow Fly probably early twenty twenty had to been. Maybe. I haven't done a plane this year. I don't think I have maybe not so I yeah. Just flew here Phoenix to Salt Lake. Shout out to Phoenix how many people on the plane you know middle rows are still empty. So but it was full other than that. Everyone had a mask. Everyone had a mask is required. It is required. Yeah it has required. So. All right I got a question for you, I think everyone's been in the situation that's ever been on a plane. So imagine like you know you're you're up in the air as planes are. Absolutely on the ground. There then on the ground and. Hopefully in that order and. Softly so so You're in the air and. Is starts rocking a little bit like shaky. It's a little scary banks. You can fill your stomach drops like a roller coaster. I always every time I feel like your your stomach kind of gets that feeling when you drop in an airplane that must be like hundreds of feet at once. It has to be gotta be like a roller coaster. Feeling on a roller coaster wonder how far we just dropped airplane because it's relative I'm. Thirty. Thousand thirty thousand feet anyway. So you're sitting there the turbulence, the lights, the beeps shakes it's going side to side it's dipping. What are your reactions like instinctually what do you do when? Are. More than a shake enough to make you go what's going on yeah. What what are your reactions turn? What do you do? I? Mean the first thing I'm doing is just grabbing onto this you hold tighter. Yeah. Okay. Totally. Yeah. It's my first thing. I try not to depends on WHO's around me to my wife's on a side note I do the same thing to I'll reach tight my seatbelt I'm like like that too. Already on. Your helmet out helmet on. I don't know anything I summit. You grab grab this side. I tend to like look for the flight attendants. See like what there see what's going on with them like if they're calm I'm like, okay like they are going to have the first like if something's going on, they're going to know know they're gonNA and they're gonna you're gonNA see in their face like something's wrong. So I'm GonNa look at them initially. Go, this normal for sure. They would know that. Yeah. have. You ever seen one freak out by the way I don't. Like to their seat and be like Oh, crap sprinting down. I haven't seen that every stay calm. Knocking. Shoving people out. Anything anything else that goes that you do you. You grab on you to the flight attendant anything else that's no right or wrong answer. I'm not pressuring you hear so calm down but I'm just saying. I mean, maybe put my shoes back on. Get Ready. Just preparing the stuff we do. I always like to look out the window to see the landscape like if we tilted feels like were dropping, you look out the window. Are we yeah like I'd be able to tell if you're in a cloud, you have no idea you have no idea. So. Today we're talking about. Why? Why would you hire a financial advisor? WHO's a dentist only financial adviser and to be more helpful to our audience? I would say, why? Why would you hire anyone in your life as a dentist? Who is a niche? Dental specific person. Right, because So I was on a podcast. A couple I. don't even think it's come out yet. It was shared practices, shots, share practices, crew our guys over there. We they had this question where they were like Kay. Ryan. Why do people hire your firm and to answer that is backed up a little bit and said, well, let's talk about who dentists need to hire in general. What kind of people that they need around them in general during their career? WHO's their team? WHO's their team, and then why would you hire someone that says their dental specific? You know. So we kind of went on that topic but that's we're going to talk about today. But I wanted to point out because those flying here. This evening happened turbulence. Phoenix was crazy and landing I swear landing in Salt. Lake. City. It's always turbulent feel like it. Is it something with the air pressure? Yeah. The altitude or something mountains right Yep. But? The same. So I, always tight. My seatbelt as if that's going to save me if we hit the ground. You different. Your shoes on you're going to be fine and I always look out the window as if like I'm an gauge that we'll do horizon still looks okay and my window. So we're probably okay fine fine to flight attendants sweating lightly. Yeah. But then I okay. But I always say what you said I think this is the most I looked this up and there's a pretty like universal thing reaction people look to the flight attendant and that's something people do. Serious. Yeah I'll do it. I'm just saying I'm glad. Okay most common reaction average should we've already determined? So that's good. If you're if you're scared on an airplane and it's bumpy people looked at the flight attendant and so I asked the question to myself as I was thinking about this podcast when we're gonNA talk about hiring a niche advisor as dentist, why do we? Why do we look at the flight attendant? Yeah. So why in your head? You look at the flight attendant shaky. You grab the seats and they look over up the aisle and you look at the flight attendant. Why do you do that I? Just feel like, yeah I, feel like they are going to know what's going should know you should know you're on your like fourth flight in a couple years of their on their four hundredth flight. Yeah right probably that month. month. So that's what we're. GonNa talk about and that's that's the story that was in my head. I'm like we've looked to people that have been there before and we gauge their reaction and we gauge their advice in their signals on. How should I react like I'm on I'm on a plane rarely that person's daily. So I'm going to just look at them and see what is she saying about this? What is he doing right now? Is He sprinting down the aisle trying to grab? Is He? Or she is she's calling me sitting there. Joking I always like want to look ahead and they're joking back and forth to each other all their. No big deal or they're crazy like they don't care point. We're GONNA, take a quick break but we're going to start breaking down. We're GONNA talk about we're going to go back up a little bit and say ask the question that I was asked on shared practices which is. Why would someone hire a niche? Financial Adviser only works at Dentists, we'll make that a broad question why would you hire a niche EPA or you know niche attorney but we'll answer this in terms of what makes a dentist different and you know, why would you want to look at somebody during certain times your career that seen it hundreds of times as opposed to just one or two or you know single digit number of time. So take a quick break and we'll pick up there when we get back. Hey Matt what do you like to drink? Or snack on when we do our webinars every month that's a good question I'm usually hitting a red bull. But it's hard because there's an evening Webinar. Yeah. These evening webinars taking place six thirty PM Mountain Standard Time Mountain time once a month where do you find it? Well, if you'd like to find the Webinar or you'd like to register for it, you go Dennis Advisors, dot com slash Webinar, or just go to the website and click on webinars the education it's. A good time it's a great time. What kind of things do we cover in our Webinar Matt? So each month we're hit an element, right? So it's going to be some component of your financial life. We're going to dive a little bit deeper than we would like on the dentist money show right? We get a draw pictures there's live polls you can ask questions. Great Time. It's a good time. Well, we'd. We'd love to see you in attendance at one of our fantastic webinars. JUST GO TO DENNIS ADVISORS DOT COM sign up today for the next one. Thank you very much. All right and we are back from this break where by the way we were talking with our podcast producer and he says that his reaction during term turbulences to fall asleep. Like a like a Bait Mike Obey, my first response you're. Being rocked asleep. So I guess not not everyone's looking to the flight entity I. Don't I don't think I've ever heard that before I think normally we're not gonNA use that as an example. That's thank you for the incredible. Okay. So let's let's. Let's try to answer this question by giving some context. of I thought I'd just go through a list of things that. Y is it dentist different and maybe that's an obvious question as someone listening to this like wool. Maybe. It's an obvious question like there's so many things that make us different. But I think a lot of dentists genuinely wonder what does make us different than Is He got I've got. Consultation call or just on an event or something choir we differ, why did you dentists? What's so different amount of dentists you know so I I've just got some categories that will kind of run through in subcategories of those that are make a dentist very different than the average. Even if you compare to someone else who's like same income, you know obscene tax bracket all that kind of the same net worth. There's just so many different things about it that make it very different. So and then you maybe you have some to, and like we'll just go back sure you have the same list we have the same we've been doing this for a while. We've been on four hundred flights this week. So we're good. That's exactly the point we yeah I guess if we just Redo this podcast and be like we are your flight attendants. We. Hope you enjoy the next thirty two minutes. Listening to this on a flight in the middle of turbulence we hope where you're looking at the flight attendants. Look at us. It's all good. We're. We're calm. Just listen to our voices. All right. So number one I think, and this is I was sharing on the other podcast today was right off of the bat dentists are very different. I guess, even you just say they're very different in education right? their their educational track is longer much longer than the average person and it's pretty grueling but I was gonNA say right off the bat dentists are different in their debt loads and if you think about Especially dentist nowadays, if you're listening to this and you've graduated in the last five years. To say that you have half a million dollars in student loans doesn't even make anyone blinking any more not at all I remember when we started this business and I remember talking to clients for some the first time about their debt in talking like Oh six. Oh, seven and it'd be like Yeah I've got one hundred, fifty in debt two, hundred grand in debt or A. How on earth? Can you have that much in debt? Now. If there's any non dentist listening then just reach out to your dentist next time in. Thank them. Okay. For going what they've gone through because now most dentists coming out of school with more debt than the nicest house. Most people ever Oh. Yeah. I mean. You're in the coast. People in Orange in southern California and New York right now like what you talk I've got five Dennis student loan. Dennis. She'd be like the new How you flex on people on your mortgage like how many dentists are in your house? Five Denison have gone to dental school five times in this new flex. So right off the bat, you know dentists are coming out of school, his debt load that's more than the average person's dream home. And that's just coming out of school. Most dentists also pursue a career, which is a different point we might make but pursue a career were owning a business is kind of the common way and it's kind of a goal for most Dennis Right I. Think I think it sellers yeah. Yeah. It's it's changing a little bit but a bit. There's more options. Now before a most common things you want to own a practice so. Before you even go by Your Business, you're already in the hole much and then when you add a mortgage on top of that and you out of business I'm you can add a business loan on top of that of another you know could be as cheap as a few hundred thousand dollars it could be could be a million dollars could be seven figures. And then some other things. So that's the first thing that came to my mind is before the career even begins day one, you have more debt than any other average person we'll have throughout their entire lives you know more than likely. So anything you want I don't know if that was on your list or not with no was number one for me too. So here's the question is. Then, what are the different in your mouth or your experience? What are the decisions that are different for a dentist throughout their career that? That are different in debt decisions or that makes you know their situation different because of all this stuff. Yeah. I mean I think the fact that the debt load is so high against this you have to have it to get to where you are in your career early early on. It's kind of this recognition that you're going to carry that. A lot longer in life most likely right and you're gonNA have to because like you said if you're going to be a business owner. That's GONNA become should be your priority growing income growing in that Pratt grownup practice, and that's going to that decision to kind of push off that debt extended out Carrie longer in your life. I'm not going to say in every case is the right way. But in most cases, it's going to be the right way to do it. So I think the psychological impact that can have an glad said that. I think that's something that again something we see all the time is like how to approach that from a psychological and emotional perspective and reaffirming to them like this is the right move carrying this debt, extending it out maybe not worrying about it. You know the interest rate for right now or the payment or whatever like focus on. Your Business. I other things you bring up a good point God. He said that because think about the The pressure of carrying that much extra debt be before you even get to begin your career. And a lot of cases start your family to decide where you're gonNA live, get your first house whatever. You've already got crushing amounts of debt. Yes. Most average people would just be like this is a slow their model, their mind. You're already beginning in a position where your future decision making is going to be. More heavily weighted with emotion and pressure and stress and anxiety than a one of your peers, even the same income range or even in the similar field of like income range or something you're already dealing with an amount of pressure that your peers don't feel in our process. If you WANNA know what we're talking about. You can follow along in the website Dennis advise dot com click on elements. There's this that we do once a year we dedicated an entire month to this subject of debt and you can go to the elements page click on debt rate it's in the middle row of these little boxes third over I don't know what color is it on your shirt right now green. Green. Screen it should be read. Yeah. I was just thinking that we should be read. We're always in the design process always so You know for this really different though every single year we spent an entire month analyzing the interest rates and the terms and the payments and the remaining amount of interest. for every client and we look at it and we go. Can. We get a better rate today Can we combine some loans? Should we start paying extra on some of these things you know? That's just a unique piece of financial planning that most other people even peers with similar income similar network will not likely have to deal with, but it's highly likely. It's very likely that a dentist could refinance loans literally every year. In order to eat lowering payments, lowering interest or speeding up debt reduction especially, and maybe we're a little bit bias over the last. Since we started this business rates of just kept going down. So I imagine at some point refinances won't be is common but I mean. We've been refinancing loan since Oh six not we I mean we've been helping dentist find a good lender do that so. From a financial planning perspective. That's such. A unique thing that's a that's an activity you should be going through. Imagine if you're a dentist and you start on your fifteen year loan and your practice, you're twenty you're building and you never refinance again started at five six or seven percent interest rates. I mean, you're leaving tens of thousands probably hundreds of thousands of dollars could be hundreds of thousands. Yeah I mean I'll for my experience over the years every year when we run this month and dentists take a look at their new debt. I mean dozens and dozens of people in refinancing probably millions of dollars in debt and probably saving multiple six figures and interest easily Let's hit one on your list Matt What's when you want to bring up something that makes a dentist different that will alter their financial planning. Yeah. I think it kind of is in the along the same lines, but you know with the schooling and how long it takes, but you hit it a little bit. In your first comment. were. They come out and they're kind of this more than any profession out there even MD's. She's most MD's there. This hybrid right there we call them entrepreneur, right? So because again, most for the most part owning a practice is going to be the end goal. So they come out they're clinician right there also a business owner. So again, we've his term entre professional like no other. Industry really deals with this. Again, there might be some MD's out there I know, but it's like the norm. So it brings challenges and things that no again, nobody has to deal with. That you're running this business, and by the way most of the time it's getting better but you're not taught how to be a business owner or no finance or no one. Part of the ten years or half a million dollars. Training they're coming out of school at five hundred grand in debt and he don't know how to run a business and what's the first thing you're doing in the first two years usually you're buying and the most important things you'll do I mean I don't I don't know someone five me on this but. Some of the most. Important decisions you'll make our business decisions not just clinical decision. Oh. Yeah. Early in your career and they're just so crucial. So I guess going back to the flight attendant analogy though is when these things come up like if you're dealing with your debt or you're dealing with career decisions that are dramatically different than. Most other people have to deal with because you have to. Fix Teeth well. But you have to train people and run marketing in manage your HR, your marketing, your sales. So when you have questions about these things and you, it's again when there's turbulence on the plane when there's turbulence in your debt and there's turbulence in Your Business. Decision Making. Things. You have to deal with. You know the hundreds of decisions you'll have to deal with as a business owner I mean you want to be able to turn to the person who's seen it hundreds of times to and go when you're freaked out about your debt load or Ma'am about to take on a partner is this normal to other people go through this? You don't want the flight attendant to turn around and be like, Bro. I don't know I. Don't really. I haven't heard from the pilot like thirty minutes. Can you imagine if you look at? Like. Are you scared and they're like, I, don't know I don't really do this often. I haven't seen this ever would be it would be huge problem and I think that's let's take a quick break most because I need to what the whistle and stretch the quads, and then we'll be right back. As. You've listened to our podcast maybe there's a question about your finances you've wanted to ask. It's easy to get an answer. All you do is just pick up that phone. Give us a call at eight three, three DDS plan to set up a consultation or. If you don't WANNA call us. You can just go to the website at Dennis Advisors Dot, com click, the book, Free Consultation Button and set it up. It's free do today. Okay Wessel witted with wedded whistle whether we're back in the whistles wedding says that a lot of wet my whistle. I. Think That's probably a dad phrase that should be retired permanently I. I don't know. I feel it's just mark. This is the last time that will ever be I. Don't know like I'm going to start saying it more as the resident old guy in the company I had reserved the right to continue to say weird thing. I'm still in New Dad I'm still the new dad phase feel like I want to kind of take advantage of the dad jokes. Enemies I can say now yeah for at least that one then I'm gonNA use that a whistle. Let's talk about spending. Are I think the last time we measure this. So again, spending, if you go to Dennis advisors dot com click on elements spending is a subject that we spend an entire month on every. It's pink probably pink on this Sherman Shirt. PINK YEAH IT'S A. If you go. There is also another subject financial planning. We spend an entire month on in a very common question I think everyone wants to know. But of course, it comes up with dentists do I spend too much money. Or commonly, because we Double as marriage counselors we do does my spouse spend too much money and actually doesn't usually come in question for him it's usually statement. Much money and they're hiring you to tell them that comes a statement in the actual question is, can you help them? And you stop them. Yeah. That's true. It's a statement than a question. Can you help me but the question is, do I spend too much money and again, if you don't watch the way, dentists spends their money you might be blown away by how much money gets spent the last time we ran this element for our clients and did the average it's been increasing obviously. I think the average used to be around fifteen thousand it's closer to seventeen or eighteen. Now, it'll be interesting to see twenty twenty. Yeah. I don't know who's out maybe everyone out there hiring us or just big spenders in your skewing the averages. Yeah. So if you our listeners right now like what? I maybe. But. I bet not I don't know. I, mean it. Goes back to the dentist Kerry and Guess we might as well hit it right now an income. So According to census, Bureau Studies. which I think there's a flaw in the. In the methodology here dentists are rated as the number two occupation for highest earning occupation in the country. The methodology though is by w income publishes payroll. Which a dentist The dentist total income. It doesn't come from all W. to know. So I had to just if I was a Batman which definitely what is that number by the way? Do you know what? The the average like two hundred or? Tie. One hundred. So that's way too. Well, it's way too low now for a brand new associated be like, yeah that's what I make when you across like all all the country and Especially all the business owners most dinosaur taking most of their income from net distributions of net income. So I would argue if I were a betting man. Which I'm not you you're not no I. Don't know how to play any good casino games. You're not like a fantasy football guy I don't know how to even begin because betting is now legal it is now legal I don't even know where to begin with that stuff. But if I were I would say that actually dentists are the number one income category in the country. So what does that entail though the more and I don't know if this is like human nature, it's the American way but the more money we make the more we spend absolutely I mean, this happens to everybody and dentists are no exception. So when you say the average dentist spending eighteen, grand a month or seventeen grandma of the people that we work with. I I mean I would easily be willing to say that the average dentist is in the whole country, all two hundred thousand dentists is not spending less I. The average is not less than twelve thousand no way I would say the average has got to be pretty representative of what we're collecting and I mean if our average is going up, but we're getting more clients than we've ever had. The average is probably holding true for the group and we have a big enough client base. Use that as a now, our clients to obviously the bias skewed. By people who would hire a financial adviser which might skew towards wealthier higher income people, but the point is. If you're if you're asking that question about yourself to spend too much money is this adversely affecting neither way? I standard does my spouse to spend much money or they do spend to do can stop and. The I mean, you want to ask that question to someone who's seen hundreds of dentists spend their money and what they spend their money on. That's not to say that we're creeping in the transaction history. On the weekend. I'm bored got. Time for that. And I don't care but. If you know if you've watched the dentist. Dentists hundreds of them spend money over years and years of you'll have you'll you're just in much better position to either tell someone? Yes and here's what we can do or no but we gotta watch these other categories. Now, if you didn't know that, let's say a dentist went to the their friend next door, WHO's I dunno an employee sales employees. Printer Company. Okay. That seems like generic. Under mifflin printer like that they sell their printer salesman for sabre printers. And they say, yeah, i. we spend seventeen thousand dollars a month I think their neighbor would just. Be On. The floor. But I mean if you tell an advise without that seen dentists spend money for longtime again, it's the flight attendant. They're not shocked they're not freaking out like, okay. See the the advisers going to say, well, that's an interesting piece of data but let's look at these other pieces of data because that's really going to tell the story abstract where else is your money going? What's your savings rate? So anyway, spending a really fascinating piece that I don't think I mean no but I'm not sure they think about that as oh, that's a unique thing that really drives my financial planning a very different way because we only work with dentists. And we only hire people who want to work with dentists and we only build marketing for dentists and we only build systems and processes for dentists. So we learn about those are the only shows we go to those of the only you know events we attend we've built an entire citing to it's fascinating. So if dentists us that Matt, do I spend too much money? Well, there's one data that right? Well, what are you spend? It's sixteen five a month. Okay, well. One data point tells you that's kind of in line with average, but as a dental specific financial adviser you go I also know. What savings rates should accompany the income you're at and I know that because I only work with dentists and that's all I've seen people and what collections numbers you're going to have to see the profitability average profitability collect you're looking at your thinking about all these things. Yeah. There's all these things it's so because you're in a firm that only build systems to track now you can actually give a better answer than I think or yeah that sounds about right for your income but now you can go well, that's average to your peers but what's your? Savings rate and your income, your questions. Oh, you're making four hundred but your only saving twelve percent while something's too high and it could be your spending. Something's wrong there. Right and you just you'll. You'll have the tools necessary to answer the questions in more depth and give more context which least better answers at least a better decision making more rational less emotional decision making than if you don't see that stuff that often and you only stop there I think sixteen a lot I don't know sounds good sounds good. Yeah. Sounds about right. I'd like that. You're probably. Let's hit two more that I think are big differentiator dense want to know about their investments how to invest money how to grow their net worth. And so let's just strictly talk about dentists who are choosing to be public market investors. You know you're GONNA own stocks and bonds mutual funds and you're not 401k's in IRA's and brokerage council. How are Like our dentists different than the average person. When it comes to investment accounts and he? Put words in your mouth. How are they different when it comes to make an investment accounts and investing money in public markets stock market? Yeah. I. Mean. There's there's a couple of things. First of all the the timing like were there are in this kind of comes back to debt discussion as well like for them to even have extra money to invest I, think is going to be much different than their peers. Okay. So when they actually start, yeah, most dentists do start saving money later than their peers. Which? What does that mean? You got to save more than if you'd started earlier usually saving okay. Saving more and I just think again, it's a good point like they're seeing their peers investing with their hearing things from friends whoever they're investing. And the dentist is sitting here being like man I'm still. Waiting I'm still waiting I'm thinking about getting getting my business started or whatever the timing is. A is a big one. The other thing for me that comes to mind you might be thinking something different but. What I was thinking about, this was the dental space is a small world, right? Yeah. We're a tight family or tight tight family and things get kind of out there and you start to hear these different themes with investing. Whether it be. Right. Now, twenty twenty, it's day trading for a while some wild some options. So you start to like hear these themes I feel like I don't know I, don't think this is probably unique just dentistry but I feel like it is it's a small world. You start to hear the same kind of things they're hearing kind out in these. Events they're doing good point right. So I think that impacts them as well. They they feel drawn to these certain things. Matt. Stock tip type. So we talked about income and being the high. Income earners not is income high, but it's steady and it's consistent. Dentists are massive targets to be pitched. Absolutely. Yep. which again, if you are going to bring a deal, right someone comes to you with something that's non-conventional. And, the like do you want to invest in this? Can you give me money to start this company? It's ideal that you run that idea past someone who's seen it multiple times right? Like Matt have you ever seen dentists give a family member money for a startup. Yes. Always ends poorly have you seen a dentist? Have you seen dentists buy raw land for oil drilling. Have you seen dentists buy gold and have you seen a dentist with their brother-in-law coming to them about some options trading strategy? Always brother-in-law throw the but yes. Yes. Yes. Yes. Yes. I mean that's the point is you want to run that idea past someone who's seen other dentists have unconventional. pitches on on things invest money. But back to investment accounts here's what's interesting about a dentist if you ask maybe an average The word I mean average I mean, if you ask a financial adviser CPA. About something like where to invest money right? If they if they're working with more average people not dentists. You might hear it's really common to hear something like well, you put your money in your 401k. And then we'll. There's nowhere else to put it after that. So I don't know you just pay down your debt or something. Yeah. Right. It's not a guess. Here's what I'm saying it's not normal most people. It's not normal for most people to have the kind of money leftover in rob dollar amounts that dentists to, and so we can tell you that the average dentist we work with ends up having probably half a dozen different investment account in their life. Yeah. Easily easily you're maxing out your four one K. pretty easy and then. There's Huns of most two seven more money than can fit in a 401k. Oh Yeah. So over a whole career, you'll have roths and regular IRA's you'll 401k's and profit sharing maybe we'll have a pension plan, but because you most likely have more money can fit in those things. You also have after-tax accounts and that's that's something that the average person doesn't have most people if they actually save money which a lot of Americans don't say money, they do it in their retirement plan at work, but it's a match, but they'll get to match, but it's not gonna be like, Oh, I, maxed it out got my match at work and I still have like. That's not normal, but it's very normal. That's like the standard for a dentist. So I think about this McMahon, we'll dentists end up having half a dozen or more investment accounts. By the time they're done working. All of those have different time horizons because also dentists owned businesses that can self for chunks of money provide liquidity right when they're done working, which means you don't have to access. A lot of these accounts right off the again coming back to the difference we said like you're a business owner you're investing in this private business that a typical average person out there that's working a normal job they. They don't have that opportunity not yet the invested in a private business no, it's not. It's not an opportunity. So for a lot of people who retire every account they've got. The clock starts right when they're done working. If you've got roth in an IRA in a 401k and then a savings account like all of those are fair game immediate because you need all the money for dentists half the time the I mean that's a fake statistic half the time. IDEA. The amount of times go with this an expression guys. Yeah. Half the time what you're whistle half the time until. That it's very common that a dentist gets to retirement sells a practice sells a building has a chunk of cash after tax money it's cash already they don't need the 401k they don't need the IRA lot of times. They don't even need the brokerage account and that provide extra five, ten, twenty years. You might have accounts you will never touch in your lifetime that are strictly going to be passed on for inheritance. Hey, maybe you sell your business, you work one day a week in your practice so. You're. GonNa. Get. To. Take those. Awesome. Phrase, to. I mean how do you still thunder? Odd, which I think you're. Still Thunder but I mean so think about that if you have all these different accounts with different time horizons, the average person does not have to face. It's decision that means you should invest them differently, and that means that you probably should be pushed to be a little uncomfortable by your financial adviser who's seen this hundreds of times. To be a little more aggressive than the account, they know they're not gonNA touch for a long time, and unless your financial adviser also has incredible amounts of data and tracking on you. They won't be able to tell you. You're not going to touch that account therefore, you should be more aggressive in it I he's got to know stuff about you. So she let's say you're. Just going to say what will what you elaborate on what you were just saying about the longevity of a career because I think this is this'll be our final point. I think this is makes a giant difference in financial planning for dentists. Again comes back to that the difference with their investment approach. We've talked about this a lot like what a cool profession it is. You can sell your private business that you've invested thirty years and you can step away from that business have a huge liquidity event. Not. Touch any of the money that you've been kind of transitioning from your human capital to your financial capital eating all you're saying, you don't have to touch that. You can work one day a week maybe a day and a half a week traveled aboard bore whenever you want and still make six figures. It just gives you such. An advantage. Right. But like you said, it also changes the way you approach investing total hair to the average person. Yeah. Totally. Does I think one of the greatest financial planning tools dentists have in their control is the ability to keep working. So I whenever I hear dentist making decisions that puts them either on a path of longevity. Or burn out I'm like man just err on the side of longevity. Even. If you're making fifty grand a year, which is a dentist is not hard to do. Even if you're making fifty grand a year some point in your sixties or seventies man that is a big amount of pressure. Taken off of your investment accounts and it could be the maker break for your future or the inheritance is you wanna pass along to your to your you know your heirs one day. So longevity in the career of dentistry it, it's a huge financial planning tool that should be considered if you're listening to this, you relate to this stuff right I co- yeah. I think I am pretty different in the people around me I want them to I want them to be the flight attendant that's been on thousands of flights before. So if I get nervous or bumpy or stressed or I'm worried or feeling insecure. Which is twenty twenty that was that was i. mean that's the Martin much the more. Anxious unsteady turbulent scared turn to and twenty twenty. US Okay Yeah then you want the person that's been on thousands of flights. Okay and that's that's the point is episode is that's the argument for why you hire a niche person do during niche person mean that there's hidden secrets he here's I think the the the problem. With. The mentality of this is sometimes people have this impression. With CPA's a lot with dentists hiring gentle CPA's will if a dental CPA does that mean, they know things other CPA's they're gonNA have yet secret. That's not the point. Maybe, yes, something's yes. They will know somethings but the point is they have context and experience that others don't. So when you go through all those times, you're you're running it past someone who's seen it way more times than you are the average person's will have seen it. So but to your point look, we're going to be financial advisers till we are old and dying and have no more whistles to wet. Basically, it's GonNa be a long time for you because you're GONNA be in peak physical condition. WE'RE GONNA LONGTIME I've hurt my back a lot lately. So I'm certainly. Question that in my in my fortieth year of this life but here's the deal. If you WANNA chat with us about this stuff, you've got questions the stuff you relate to to these topics in your finally like art I need I need somebody who's seen this stuff taking a thousand flights in my corner go to Dennis Advisors Dot Com Click on the book free consultation but you might get your out on the phone or someone even better this eighteen inches of getting someone better than me high people people are manning the phones were standing by ask Brian you if you want. But if you want to shoot us a question, you can go to advisors dot com slash group. That's our facebook group post a question there we do facebook lies we answer questions on the podcasts all the time. So Anyway, thanks for listening thanks for tuning in and for all the support map. Thanks for being here and you. Can. X. Time carry on.