I can’t think of a more boring subject to cover. However, it is the very basic foundation of where we anyone must start. People are hesitant to talk about money, maybe on another post I will actually detail out my personal budget. But I will let you in on some of my personal tips....
Congress passed a technical correction in the last quarter of 2018. We have now thoroughly digested the new law. The good news is that the IRS has begun to issue instructions about how the new deduction works. Typically, the new deduction equals the lesser of 20% of your sole proprietorship profits or of your share....
Let’s start with how a Donor Advised Fund (DAF) works…Step (1) you open an account up and make a contribution. If you itemize on your tax returns, that contribution can be a tax deduction on this year’s taxes. Step (2) pick your investment mix. You pay the custodian a fee each year (this can range....
Over the years, finance companies tied to local car dealers have become more financial savvy. Years ago (I am talking like before 2000), leasing a car could be a better alternative to buying a car outright depending on what the car was going to be valued 3 years from now. However, those days are long....
Welcome to the most hated economy market cycle in U.S history. One day the market is up and everything is fine and then the Fed comes in with some unnecessary commentary spooking the economy. Basic economic principles indicate that when the economy goes into a recessionary environment consumers or in this case patients turn from....
Determining the true value of a dental practice is an art and science involving various practical considerations. This is really not much different than that of financial planning, mixing art plus evidence based science. One would be hard-pressedto find a subject more confusing than that of dental practice valuation. Written appraisal reports include a standard....
Public Service Loan Forgiveness is a topic that brings about various emotions. For the ones that are going through the grueling 10 year process (120 payments) feelings of anxiety, and worry often top the list. Who can blame them, the PSLF program is understaffed and very unorganized and I mean it is a mess…just like....
I recently was asked to share our families prospective, of our journey of life after dental school and how to choose between corporate dentistry, private practice, or ownership/buyout. I think most soon to be dentists find the glamour of owning their own practice to be the end goal/dream. As with anything, patience is a virtue....
When you look back at previous generations of dentists, you usually find many stories of dentists paying their way through dental school. They would work summer jobs and maybe part-time jobs during the school year and are able to start a practice right out of dental school. Those days are long gone. I don’t think....
1.) Not Tracking what you Spend. You can’t fix what you don’t measure. Tracking what you spend is key to achieving financial security and making sound decisions about building your wealth. Your expenses shouldn’t increase as your income increases over time. Instead, extra income should be put toward retirement, debt, investments or if you are....