One Clever Way to Really Get Ahead

We’re often asked by clients how they can make more money save on taxes.  Here’s my answer: Move.  Move to a state with lower taxes and cost of living.  Unfortunately, it’s probably not going to be a state with great weather or beaches. Unlike some geographically-tethered professions, dentists can live and work anywhere and still make the same amount of money.  It’s just as easy to have a practice collecting $1MM in a rural area as a city.  Why?  Less competition in less populated...Read More

Q3’s 2019 Market Update

Brandon Hobson, CPA | Director of Investments   Volatility is picking up in Q3, and some of you may be anxiously waiting for it to subside. If you closely watch the markets or have tuned in to recent media coverage, you can’t escape it. The U.S. announced that they are increasing tariffs on China and a trade deal doesn’t look like it’s coming any time soon. The IMF cut global GDP forecast for 2019 (1). Possibly most concerning was the temporary inversion of the U.S. treasury yield...Read More

Clearing up some common Cash Flow Misconceptions

Draws Versus Taxable Income   Business owners often believe that they get taxed on the cash they withdraw from a business.  Generally speaking, withdrawals (aka draws, distributions) don’t drive taxation.  Rather, taxable income is driven by the profits earned by the business, whether distributed or not.  The one exception to this rule is when distributions exceed a taxpayer’s “basis”.  In its simplest form, basis is the accumulated (and previously undistributed) profits and...Read More

Student Loans and Financial Planning for the Young Doctor

I recently was invited to speak to the 4th year dental students at USC. My subject was student loans and personal finance. The level of student loans these hard working, very bright students have accumulated is generally between $400,000 and $600,000. This isn’t unusual for students in other dental programs throughout the country. The questions I received from these students were: What is the difference between IBR, PAYE, and REPAY and which program should I be on? Can I just pay the minimum...Read More

Distinguishing one financial advisor from another

Distinguishing one financial advisor from another There are so many folks out there dishing out financial “advice” and even more who call themselves a “financial advisor,” or “financial planner.” For example, Certified Public Accountants (CPA), Certified Financial Planners (CFP®), Broker agents, Insurance agents, and Investment Advisor Representatives (IAR) are all individuals who often title themselves as Financial Advisors and/ or financial planners. The problem here is that...Read More

Market Review

Global Market Performance The attached Market Review provides insight into the performance of Global Markets around the world and highlights the importance of a globally diversified portfolio. Returns over the short-term can be hard to predict for any one country, but consistent exposure to global markets will offer greater investment opportunities and potentially higher returns. Market Review   Recent Market Volatility During periods of market volatility, it is important to remember that...Read More

President’s Message: Four Reasons Why Some Doctors Get Ahead Financially and Others Don’t

  They Have Effective Patient Communication and Team Leadership Skills: What is communicated to patients, and how it is communicated, may be the most important factor. Patients say “no” all to often to the treatment they need. Without treatment plan acceptance, it becomes very hard to cover fixed costs and personal budget needs. Leading a team goes hand in hand with patience communication since staff members are speaking with the patient as much, if not more than the...Read More

Is Student Loan Refinancing Right for You?

  Molly Carapiet, Eagle Lending, Director of Operations, First Republic Bank Young professionals with large student loan balances are often stuck between a rock and a hard place. If you’re currently managing student debt, you’ve probably been hearing about the option to refinance your education loans. But how do you know if refinancing is right for you? Although every borrower has a unique financial situation, below are a number of questions to ask yourself to help you decide if...Read More

4 Recommendations in Financing Your Way from Associate to Owner

If owning your own practice is a professional goal of yours, one of the tasks you are likely to encounter is securing the capital to do so.  There are many possible options to finance a practice acquisition, whether buying an existing one or starting one from scratch.  However, the three most common methods are: Bank Financing- Conventional & SBA loans Private Money Loans (family/friends/hard money) Seller “Carry Back” Financing- Selling practitioner offers to extend the loan to...Read More

Financial Planning and The Challenge of Sisyphus

I begin with a bit of Greek mythology. I believe it offers a keen lesson on personal finance. Sisyphus, King of Ephyra, was punished by the Gods for chronic deceitfulness. He was condemned to roll a large boulder up a hill, only to have it slip from his hands and roll back down the hill. This he did over and over … forever. This is an excellent representation of our efforts to grow and control wealth. You spend years in college and then years in your profession. You accumulate assets and...Read More
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