Scary Money Myths Every Dentist Should Avoid: Part 2 – Episode #703

On this episode of The Dentist Money, Matt and Jake return for part two of the most common financial myths that often mislead dentists. From the illusion of “secret investments” to why focusing on your dental career—not chasing financial shortcuts—is key to building wealth, they break down what really drives long-term success. They also explore the downsides of DIY (do-it-yourself) financial management, and the peace of mind that comes from outsourcing to trusted financial professionals.

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Podcast Transcript

Matt Mulcock: Welcome to the Dentist Money Show where we have Dentist make smart financial decisions. I am a guy named Matt and I’m here with Jake. Jake, how are you?

Jake: Great. What’s up everybody? I’m happy to be here. Yeah. Yeah.

Matt Mulcock : Feeling good. love having you on the show. We’re having you fill in for part two of this money myths episode. we, and I will admit, we will admit we didn’t totally plan on making this a two parter. This at times will happen where Ryan and I will get going much to the chagrin of our, our producers and editing team. They will sometimes be like, can you guys stop? But we get going sometimes. And we were like, Jake, we were probably.

Jake: Mm-hmm.

Matt Mulcock : I don’t know, 40 minutes in and we had just done myth one, number one or something like that. So, but I will say, I don’t feel like we were yapping too much. Like we weren’t going down too many side quests. does feel like these are just like really kind of meaty like discussions to have, like each one of these is worth spending some time on. So anyway, we did part one and then Ryan decided to leave the country.

Jake : Yeah. Yeah. Yeah, for sure.

Matt Mulcock : I think maybe forever, who knows? He went off to Thailand. And so I was like, well, we got to get part two done. So we brought Jake in. Um, Jake, you write about this stuff all the time. So I think that’s, you’re a perfect person to have on to talk about this.

Jake : We’ll see if he comes back. Mm-hmm. I’m stoked. This is great. ⁓ And that’s the medium. I mean, that’s why you’re good podcasters because you get rambling and you start talking. I mean, that’s the whole thing is you talk a lot.

Matt Mulcock : I appreciate that. hope that’s what the people feel because I’m not so sure. Okay. Let’s do, let’s do this real quick. Let’s do a recap for anyone that missed possible, possibly missed part one. Let’s just do a quick recap. we’re doing this six between the two parts. We’re going to do the six money myths and then talk about kind of how to fix them. And so in part one, we did the first three. So I’m just going to run through these really quick and Jake, I’d love to get your thoughts not being on part one on any of these, but so number one myth and these are, these are myths that we talked about 10 years ago that we’re saying are still here, right? That are still here. So myth number one, the stock market is a casino or another way to put this is the stock market is rigged. ⁓ and well, let me just go through it. So, number two, ⁓ same thing with the stock market. The number two myth is that you can time the market.

Jake : Yeah, yeah.

Matt Mulcock: And then myth number three is that maxing out my retire, sorry, my 401k means I’m saving enough. Jake, any thoughts on any of those myths you want to, I want to recap, talk about.

Jake : Well in part one it seems like these are heavily investment focused, these first three myths, right? These are more like kind of stock market investment accounts, 401ks, really investment heavy. We will focus more today on some other types of myths outside of investments and things, even though the first one has something to do with it there. No, I see these myths here. I see people ask me about these all the time. Yes.

Matt Mulcock : I was gonna say, you still get, you still, this still comes up regularly for you, these things?

Jake : In my conversations, right? One of the cool things about our business that we have set up is dentists from all across the country, even dentists who are not clients will call into us and they’re either have some questions they want to answer or they’re seeing if they want to hire us, et cetera. And so we just got to talk to a lot of dentists, which I think is really cool and answer their questions and hear from them. And I still get these all the time of like, should I put my money in the stock market? It feels kind of rigged. I had a couple of friends who put money in and they lost money and it feels scary to me. Or they’ll say, OK, well, should I get in now or should I wait a little bit longer? When’s the right time to get in? Or am I doing OK by just maxing out my 401K? Is that plenty of savings? I’m still getting these questions all the time. Like you said, these are myths that we put together 10 years ago. Still as relevant as ever. I think that just speaks to us as humans and how. If the times change, but we don’t really, you know, these are kind of universal things that are always going to apply. And so ⁓ now I’m sure you guys.

Matt Mulcock : Yep.

Jake : You know, hit on all of these and did a great job explaining them. I would just say these are still very applicable today.

Matt Mulcock :
Yeah, to that, to that point on the timing one, I just, and the fact that we talked to dentists again, all over the country that aren’t even our clients just had a conversation this morning with a dentist. Then we were talking about going kind of going over his situation and trying to understand what he’s dealing with. And he’s got quite a bit of money on the sideline. And he says, man, I just, this market scares me right now. Like it just, and he’s young. He’s a young guy, like in his late thirties, early forties, got a long career in front of him. And he’s like, I don’t know, man, this market just scares me. Like, I think I’m just going to wait for a while and

Jake : The market today in 2025 scares him. Did he give a reason why?

Matt Mulcock : Scary. It is scary. Um, it is, it’s what we’ve talked about, right? It’s what we’ve talked about on two cents. And when we talk about internally a lot, there’s, there’s never, it doesn’t ever feel like a good time to invest for people. And I get why. So it’s either, it’s either we’re coming, you know, let’s say it’s a 2022 situation or the best and P’s down 20%. And it’s like, man, it’s going to keep going. Right. And I’m going to wait until there’s some rebound or it feels good. Or it’s where we’re at now, which we’re on three straight years of double digit returns. Great run on the market. And I think people are now saying, well, it’s going to come down at some point, or we immediately equate if it’s up, you know, it’s got to be another 08 or nine without understanding what’s really happening. And I think for whatever reason, it does feel weird, Jake, like we’ve talked about this a lot, that the narrative doesn’t seem to be matching reality. Like it feels scarier if you just turn on the news. think part of that’s just the media, but I think politically what’s happening is kind of bleeding into the markets and bleeding into people’s psyches. Probably a little bit. It just feels scary for some reason.

Jake : I agree 100%. This is what’s interesting though. This is the hard thing about being an investor, which is there can be a lot of scary things happening in the world. Like we can talk about political things, not even economic things, but just different things happening in the world. There’s always going to be something bad that’s happening. open up your phone, there’s always going to be some piece of bad news. Maybe just other economic factors like, crap, I can’t afford a house and interest rates are high or inflation and my groceries cost a lot. And you can have all these bad things happening. Yet the stock market is cruising along quite nicely this year in the past couple of years. And those things can be separated, which is hard to separate in our minds that the stock market is a different entity than the economy or even the world writ large. ⁓ And so, yeah, I think I agree with you. It’s like, man, I look at my phone and read the news and I don’t feel great. So I’m seeing world events and things are happening. And so that makes me feel like there has to be some bursting of the bubble, if you want to call it like that in the stock market.

Matt Mulcock : Yep.

Jake : That’s the hard part is the stock market can keep chugging out returns regardless of what’s going on in the world.

Matt Mulcock : I’m really glad you brought that up there, Jake, because I think you highlight, I think one of the most, one of the most important skills to have to build wealth and be an investor in the long-term is the ability to compartmentalize the ability to separate emotions from your emotions about what’s happening, let’s say in the world, whether that not even be economically, just what’s happening in the world, being able to separate out like, okay, I don’t like what’s happening here. Insert whatever’s happening, but I can’t let those emotions feed into my decisions around my wealth and building my wealth and investing for the long-term. You really have to find a way, even if you’re emotional in one aspect of your life, remove those emotions and not let them bleed over to again, the balance sheet basically. And it’s really hard to do, but I think that’s what separates good investors from not good investors is that part of it.

Jake : Yeah. I’ve heard some people describe the stock market as heartless at times where, it really is just like numbers and math and companies. Yeah, which is hard. mean, it’s one of those things or if you are a diversified investor, if you’re investing in a broad basket of stocks, essentially what you’re betting on is no matter what’s happening in the world, if there are again, like wars or a pandemic or political uprising or different things that no matter what’s happening,

Matt Mulcock : It is. Doesn’t care how you feel.

Jake: What you’re betting on is essentially every day across the globe, people still wake up and go to work and try to create a better life for themselves and their family and add value. And that’s kind of what that human ingenuity is like. Even though there are crazy things happening, we just have a tendency to, it’s just our innate human progress. I wake up and I’m just going to try to create a better life for myself. And that’s what you’re betting on if you’re a diversified investor. And so I think that can hopefully give you some context of

Matt Mulcock : Kind of better the lives. Yeah. Yeah. You’re betting on it, yep.

Jake : Yes, bad things are always going to be happening, but we’re still inching forward in our progress as a race or as a species. If you want to use that term.

Matt Mulcock : Yeah, it’s so true. It’s so true. Um, love that. Love that recap. number one stock market to casino. Uh, our take on that is no, it’s not exactly what you just said, Jake, you’re, you’re betting on long-term innovation and progression of the human race that we will continue to have until we don’t. And then your 401k won’t matter anyway. Um, okay. Number two, you, you can tie in the market. Simple answer. No, you can’t. timing requires you to guess both when to get out and when, then when to get back in, it will almost always lead to more heartache and less wealth. And then number three, maxing out my 401k means I’m saving enough. Generally for a dentist, not the case. You tend to spend more than most people. You make more than most. You also spend more than most, which requires you to save more than most. And so you should be looking at your overall savings rate as a decision, not just individual accounts. Um, okay, let’s move on to four through six. So four, five, and six. Um, well, we can meet of our discussion throughout or for the rest of this. number four myth that, Jake, I don’t think this has gone anywhere. This myth has gone nowhere. It may be worse today than ever. Um, myth number four, rich people have secret investments and tax strategies. I want to just get your first response to that. When you hear that is that, Hey, is that myth still alive and well based on your experience? And like, you still hearing that? And then just what are your, what’s your first response to it?

Jake : Yes, I still get questions about this all the time. And I understand where people are coming from. When I think when you get to a certain level of either wealth or a certain place in your career, whatever it may be, you may be a little bit bored if we want to use that word. Like, OK, I’ve been saving, I’ve been investing my money, I’ve been doing these things. What else is out there? And it’s like, what’s the next thing for me to do? Is it to go invest and become a commercial real estate person? Is it to try and get into private equity? or private investments. Like what are the other things that is a cryptocurrency? You know, is it, you know, what is the thing out there for me that I should be doing that maybe, you know, like what is Jeff Bezos doing with this money? You what are all these rich billionaires doing? They’re like, how can I tap into that and make more wealth there? Yeah, I still get, I understand that desire to like, okay, I’ve been doing some of these basics. If we want to call them that what is next and what else is out there? How can I, where else can I put my money to grow my wealth? Be insane. I don’t know. Yeah, I still hear it all the time. I understand that desire. But again, we can get into why thinking that other people are they’re doing strategies that you aren’t is a bit of a false hood. There’s a bit of a myth.

Matt Mulcock : All the time. Yeah. So I’m totally with you. hear this all the time. Um, I’m going to, I want to share something with you that I said, I, my most recent, spoke up in Washington a couple of weeks ago and, to a group of dentists. were great. out to best for dentistry. But I said something during that discussion. It was really a discussion I was presenting, but it up as a smaller group. So I ended up just kind of having a chat. I think this fits here. I want to hear your thoughts on this, Jay, cause I stand by this, but. What I said was through when we were having a discussion kind of along these lines, ⁓ I said something I’ve come to believe is that being rich is not that cool. think getting rich is cool. And I think getting rich, the process of getting rich is cool because it serves as an easy proxy for purpose. And so when you aren’t rich, whatever that means to you, and you’re not at the level of goals you have and you’re getting there, it’s just an easy, again, easy proxy. It’s, it’s my focus is on getting to this level of wealth, right? Or being rich. But then once you’re there, it’s the reason I thought of this is because of how you were describing that and how we, I think a lot of it comes from this idea of a lot of dentists get to this place of now they’re rich, but they haven’t done the work of kind of figuring out what’s beyond that. So then they start to say, they start to chase status or they charge, start to chase complexity. Or what you said is they start to be like, okay, well what’s next? Well, now I need to be paying no taxes because I hear that’s possible or I need this fancy investment. But I think a lot of it’s maybe just boredom because they don’t like now they’re there and they don’t really know what else to do. Like, does that resonate with you from things that you’ve heard? Am I just crazy for saying that being rich is not that cool?

Jake : The act of becoming rich feels better than actually getting to your. I do think that’s true. ⁓ It’s like just progressing feels good once we get to that point. So maybe this isn’t as great as I thought it would be. And what’s the next thing I need to I need to do there. And I do think a lot of it comes down to if we want to call a boredom or just complacency, people feeling like they always need to be shooting for the next thing. I’m reminded. This is an interesting discussion of like, what’s the purpose of investing or building wealth? I think is interesting where, I don’t think like the purpose of investing isn’t to minimize boredom. I don’t think I are the purpose of building wealth isn’t to minimize board was to maximize returns into gray wealth. Like the act of building wealth isn’t the end goal. Am I okay saying that where it’s like, like,

Matt Mulcock : Yeah, no, for sure.

Jake : Getting your money in order and saving and investing and building wealth should be a means to an end, which is what we talk about, to live your rich life, whatever that means to you, to pursue other things, whether it’s spending time with family or helping others or having experiences, whatever that may be for you, it’s a means to an end. And I think we get in trouble if we’re viewing our investments as the thing itself, as the excitement itself.

Matt Mulcock : Yeah, to live a good life, yeah.

Jake : And that’s what think where people find it like, well, yeah, sure. Saving investing is cool, but are there other things like what other cool stuff that I could do that gets me into this club or I can go brag to my friends about it? Did this type of investment? ⁓ I think that’s where you can get into some issues of trying to find other things to to like make the investing process more exciting.

Matt Mulcock : Yeah, totally agree. And, and I, I know both of us can speak to this. know I can certainly speak to this when I say boredom. I’m not just pulling that out of anywhere. I firsthand know this of doing this, you know, for almost 15 years and having clients currently and knowing dentists currently who are worth a ton of money, who are work as optional 10 times over, they are retired 10 times over. And sometimes they still. Just, you know, their, their focus, their top priority of the week is how do I juice my returns? How do I get more returns than I have? And, and, and a lot of times, even in those conversations, it’ll be like, tell me more about that. What do you like? What, where is that coming from? And honestly, most of the answers I get are, I don’t know, just kind of would be cool. It’s kind of like, I got nothing else to worry about. So might as well just worry about getting better returns or I heard about this guy down the street. So yeah, I.

Jake : It’s exciting,

Matt Mulcock : I don’t want to sediviate too much from the myth itself, but I do think it’s worthy of discussing that just of where this kind of inherently is coming from. Let’s, let’s kind of break this down a little bit more. So the myth being rich people have secret investments in tax strategies. Jake, don’t even know how many times I’ve heard this or some iteration of this specifically around that you can make a lot of money and pay no taxes. Can we just dispel that right now? And sorry, burst everyone’s bubble, especially in dentistry where your income comes from an active service business, like you cannot make multiple, multiple six and sometimes into the seven figures as a dentist and pay no taxes. Like, let’s just end this conversation right there. I’m really sorry, but you can’t. And anything else that you do to lower your taxes, there’s some love, which there are, there are ways to do it but anytime you’re doing that, you’re making a huge trade off that we can talk about more, but I want to get your thoughts on that, Jake. You can make a lot of money, but paid no taxes.

Jake : Yes, that’s a myth. It may not be a myth for, again, the people you’re hearing about on the news. Maybe it’s like a huge, a very successful billionaire. And what is often happening when you hear about these people are making a ton of money, but they’re not paying any taxes. What’s really happening is they own a large company and they are continuously expanding their company, right? So they are like expanding to new locations, like investing their profits back into the business. When you invest back in the business, you get a tax break from that. So it’s like you’re reducing the profits of the business down to zero essentially because you’re investing back in it for some giant businesses and types of businesses. You can’t do that where it’s like I’m just investing everything back in and I’m not paying any taxes or you’ll hear like use the Warren Buffett example, right? Where people are like Warren Buffett pays less than taxes than the secretary does. And the reason for that is Warren Buffett and a lot of really wealthy people, billionaires. They don’t have a salary, they do not have like an active income, a W-2-H. So how they pay themselves is they’ll either borrow against their stock or they would just sell the stock that they own, these assets they own to fund their lifestyle. And oftentimes whenever you sell a stock or a different type of asset that you’ve held for a long time, you are taxed at capital gains tax rates, which cap at 20 % no matter your income. So you say, Warren Buffett is selling things to fund his lifestyle. He’s paying 20 % because he would sell stocks. Right. And just pay that. Whereas maybe a secretary has a W-2A, even though she makes a lot of money paying 35, 37 percent. So those are the two things I hear. Yeah, it’s for very specific types of people who either have a large business and they just keep buying business stuff and so they don’t have to pay taxes on it. Or maybe you’re gone to a point where you don’t have an active income and you’re just selling assets to fund your lifestyle.

Matt Mulcock : Yeah, exactly right. That’s a huge misconception that comes from exactly what you said, either the media and misunderstanding of how those kind of things work or it’s people trying to sell you crap that are trying to convince you that you can make a lot of money and pay no taxes. So that’s just not… Not going to happen. So there’s no rich people out there that are like, we have some secret tax strategy. Same thing when it comes to investing. We see this a lot too. And we kind of highlighted it just before where people start to look at, well, okay, now I’m at this certain level. Let’s say I’ve got multiple seven figures now in net worth or in a brokerage account, let’s say like we see this all the time. It’s like, okay, you’ve been putting the time in. you’ve been investing on a regular basis. The compounding effect is taken hold. And now I’ve got multiple seven figures, let’s say in a brokerage account and immediately or there’s somewhere along, not with everybody, but it tends to be, it tends to happen where all of a sudden people like, okay, like I’ve got to be more complex. I’ve got to be more sophisticated with my investing. Like what got me here is no longer going to work, which is kind of irony, ironic in and of itself. But do you tell me about that, Jake, what you see there with clients of people kind of all of sudden somewhere there’s a flip.

Jake : Yes.

Matt Mulcock : Or a switch that’s like, now I need to be more sophisticated or complex.

Jake : Yeah, well, I do want to just we can dispel with them it to there are no secret investments that the wealthy are investing in that you want to have access. I mean, we can talk about some access to some different types of things, but there are there is no secret investment out there. If there was the secret would have gotten out. We’re not good at hiding secrets as this, you know, everyone’s trying to earn an extra dollar. Like there is nothing out there that we do not know about. Now, you always can. Like if you said you’ve gotten to a point whether wealth or in your career where like I want to be more aggressive or maybe more risky is another word for that. You can be with your investments. You know, we believe in a broad, globally diversified strategy for our investing. We fight that it’s a smartest, best long term way to invest. If you want, you can get more concentrated, right? That’s the one thing you can. If you want to try and build more wealth or have some high returns, you can get more selective and concentrated with your investment. You can go all in more on one company or one stock or maybe a private investment here or real estate, you can do that in the hopes of earning a higher return. But risk and return are married. And this is a huge thing I wish more people would understand is you can’t have risk with, I mean, return without the downside of the risk. Someone comes to you and says, I have this awesome investment opportunity. There’s huge upside and no downside. That should be your first red flag. Those don’t exist. Right. In investments or anything in life, when you’re, if you are a practice owner out there and you started up your own practice, you took on a huge personal risk. You’re investing a lot of time. You took on a lot of personal debt. But it’s likely that your practice will be the best investment they make over your life because you took on that risk to do that. And so that applies to everything. And so you can say, well, let’s maybe let’s scrap with some of this diversified investments. Let’s get more concentrated. That’s something you can look into. You just need to accept that the numbers aren’t in your favor with those types of strategies, right? 95 % of professional money managers. Again, these are people who are like triple PhDs.

Matt Mulcock : Like that your practice will be the best, the best that they make you. So you can say, let’s maybe let’s scrap with some of this diverse by the best. Let’s get more concentrated. That’s something you can look into. You just need to accept that the numbers aren’t in your favor. Yeah.

Jake : Try and beat the market. They’re doing this every day for decades. They have all the AI technology, all of the fanciest computers and data available. 95 % of professional money managers underperformed their overall benchmark, the overall market over a five year period. 95%. Okay, these are professionals, not just your dentist down the street. And so just the numbers are not, and you’re like, you can try and do that to reach for higher returns. You just have to know the risk you might be taking on. Okay, can we try and get higher returns? Yes, we can.

Matt Mulcock : Yep. Yep, yep.

Jake : But there is no guarantee there in the end we are speculating with some of these things.

Matt Mulcock : Yeah, so true. we, again, so glad you brought this up Jake, because this discussion around concentration versus diversification, I think brings up such a good point and a total misconception that I don’t think we do a good enough job ourselves of dispelling and actually like talking about it properly. So what I mean by that is people often think when we talk about diversification, it’s like, diversification builds wealth. No, diversification protects wealth. Concentration builds wealth, but we’re not taught when we say concentration, we’re not saying go out and buy, try to find the next Nvidia. What we’re saying is take a step back. There’s only three places you can invest money broadly, private markets, public markets, and real estate, right? Concentration in any of those three things is going to give you the highest, best chance of building outsize levels of wealth, right? It will as a dentist, your concentration, meaning your focus should be in the private markets, specifically your business. That is how you’re going to build outsized wealth over time is how do I grow a really profitable business in dentistry and grow my income as much as I possibly can? And then the name of the game is how do I extract that income and capital from that business, from the concentration I put in over 10, 15, 20 years, how do I efficiently pull that and put it somewhere else to protect and diversify those assets to us? The public markets are by far the best way to do that. Real estate, of course, I know where it was out there. Most end is they’re going to have that covered in a lot of ways with a building and maybe their primary residence, some rentals, whatever. But we think the public markets is the best way to protect your future wealth through diversification. So I think a lot of times that we don’t maybe do a good enough job of highlighting that of you will make wealth, build your wealth and grow your wealth through concentration in your business. And then pulling that out and diversifying it in public markets. That is our take.

Jake : Yes, I think it’s great. There’s a common saying in finance, which is diversification is the worst investment strategy except for all the others, right? It’s a common thing there. And it’s true. The ironic thing though too is I know I agree with everything you said, Matt, concentrating your business and you can then pull the money out from there and diversify it to hold on and build the wealth from there. The ironic thing about this is if you are a diversified investor, but if you are abnormal in the sense that you’re committed, you pick the right accounts, you’re saving the right amount of money, you have a long

Matt Mulcock : Yeah.

Jake : Long-term view of things, you’re going to end up outperforming all of your neighbors in the end. Yes, you’re going to end up with more money at the end than all of your other friends who did try and maybe get a little more concentrated or pick individual stocks or do something there. That’s the wrong thing about it because if you want to think about opportunities for growth and for… If you want to view the basics as a strategy, you always want to go where people aren’t or what aren’t people doing.

Matt Mulcock : Yes, everybody. Which should be the point. That should be the point.

Jake : And you know what people aren’t doing is sticking to the basics and saving and investing for a long period of time. There’s opportunity there because not everyone is doing it. ⁓ And so, yeah, if you do that, you’re going to end up outperforming your friends down the road. know people will say, maybe some of these wealthy investors have access to different types of private investors, like not just your dental practice, but maybe I can invest in other private businesses that are not publicly traded. Can I get access to some of those things? Like, sure. Wealthy people have investment opportunities thrown at them all the time.

Matt Mulcock : So true.

Jake : And they can pick and choose for those things. yes, and if you look at the broad aggregate numbers, I actually think private businesses tend to perform a little bit better than public businesses on average because it’s kind of the risk-return principle. Again, private businesses, smaller businesses are more risky, so we’re to have higher return in the long run. However, the business model for those are hedge funds and things that are trying to hit on one awesome business out of 20, right? And like one of those businesses will be awesome and then the other 20 are going to fail or go bankrupt.

Matt Mulcock : Doesn’t mean they’re good.

Jake : And usually as a dentist, you’re not scouting for 20, 25 different businesses and hoping for the right one to hit. It’s usually like you found an opportunity through a brother-in-law or a friend brought something to you. And again, you can try and go that route and try and get higher returns. Just know you’re opening yourself up to a lot of risk there.

Matt Mulcock : Yeah. And asking, I think the ultimate question is why, like what’s behind this to your point, the point in our estimation should be to build enough wealth to live a good life, eventually spend down your assets in some form or fashion to live a good life and to live a rich life. Not necessarily to brag at the water, the proverbial water cooler about whatever thing that you’re doing. And usually the thing you’re more excited about to brag about some investment. The worst it’s going to be most likely. think that’s just kind of a general rule. want to share a quick quote. ⁓ Jake, now you see why we took three times. took a full no, but I mean, again, there’s so much to talk about here. Hopefully it’s helpful. I do want to share a quote that I saw this week from Shane parish shout out knowledge projects. So good. I love his stuff. Kind of a James clear type, but he, he does a, ⁓ a weekly newsletter and that came into my inbox, ⁓ think a couple of days ago and I just.

Jake : I know, we’re on the first one, we’re 30 minutes in.

Matt Mulcock : Copied and pasted it into the doc here, because I wanted to share it. So it says, we avoid doing simple things that work because they don’t make us look smart. Smart people feel stupid doing simple things. So we invent complicated alternatives that accomplish less, but feel more intellectually satisfying. Meanwhile, the people who dominate their fields are doing embarrassingly basic things, but they do them better than everyone else. And then what I will add is, and they do them longer than everyone else. They stick to it longer. just loved that quote. think it kind of solidifies everything we just talked about. Anything you would add to that Jake.

Jake : Agreed. I mean, I have a different quote here from James Clear. I’m just going to say it quickly because it echoes that same thing. And we’re big James Clear fans. He says the greatest threat to success is not failure, but boredom. Right. We’ve talked about this now where it’s we get bored of habits because they stop delighting us. The outcome becomes expected. And as our habits become ordinary, we start derailing our progress to seek novelty. Right. This is like we get caught in this never ending cycle of like, what’s the next workout or the next diet I need to be doing? What’s the next business idea? What it like?

Matt Mulcock : Please.

Jake : What’s the next thing I need to be doing when we lose motivation because we have a tendency just to get bored of what we’re doing now. But as I said, the process of building wealth is a slow and steady one. It’s you want to stack years on top of each other and then eventually stack decades. And if you do that, again, you are going to outperform and be richer than all your neighbors. You’re just going to if you can do all of that stuff. But again, and seeking some of these new strategies or different things is never a bad thing. When we’re talking to people, we’re never going to

Matt Mulcock : You will. You will.

Jake : Turn that down or not talk about it. We always want to talk about any new opportunities that become available. I would just say like, make sure we have some rules around some of these different types of investments you’re doing, maybe riskier, more aggressive investments. And also just make sure whenever we’re not derailing, we’re not leaving what got us here, what built you built your wealth in the first place to go seek some of these different. That’s when it becomes dangerous when you’re seeking these different things at the expense of what you already have and what you’ve already built.

Matt Mulcock : Exactly.

Jake : And derailing the process that already contributed to you getting to this point where you’re feeling comfortable and safe. So that’s what I just say. These things are fine if we want to see how they fit in your overall net worth and investment portfolio, but let’s never derail everything just to seek after some of these things.

Matt Mulcock : Love it. Totally agree. I’d say grow your income early and often. That’s, that’s what’s going to be the lifeblood right of your, of your wealth. Anyway, how do I grow my income with my practice or my income as an associate managed cashflow? And then from an investing standpoint, we believe this fully. I think you, to your point, Jake, you will be more successful than pretty much anyone out there by the time you’re, it’s all said and done. If you stick to a structured planned intentional approach of I’d say like 85 to 90 % of your investable assets should be in a well diversified, globally diversified portfolio in the public markets, right? In various accounts, like you should just do that over and over, a systematic approach. Obviously this is what we do, this is we focus on, but if you’re out there doing it yourself, 89 to 90 % of your portfolio of your cashflow invested for the future, should be in public markets, well diversified with a system based approach of rebalancing and whatnot. ⁓ and then if you want to go play after a certain period of time, you want to go, like you said, Jake, like take your shots and have some fun with it. Okay. Just have some rules around it. To me, it’s no more than five or 10 % of your investable assets that you’re going to go speculate with and go swing for the fences. If you hit awesome, if you don’t, not going to, it’s not going to end your whole wealth journey and then when it comes to taxes specifically, yes, be avoiding taxes whenever possible, proper retirement accounts, locating your assets properly, charitable giving strategically, ⁓ having a really proactive CPA, you’re doing tax planning. Like it doesn’t have to, it’s not, it’s the boring stuff. That’s what this hell comes down to. It’s the boring stuff of that leads to the success. So I think we’ve thoroughly covered number four. ⁓ let’s go to number five, myth number five.

Jake : Hopefully or do you just want to do six Mac? Can we jump to six because it’s kind of in the same vein of what we’ve been talking about? Or no am I messing you up the outline here?

Matt Mulcock : Yeah. You want to reverse these and then finish? No, no, no, no, this is great. Let’s, then you’re saying finished with five. I love this. I think, yeah, you’re, it’s a great call. I like that pivot. ⁓ let’s do that. So let’s, we’ll make this number five and then we’ll, finish with what was number five. you’re right. Cause these go really hand in hand. I think that’ll be a quicker, this is kind of recapping what we just talked about, but I think it may be a few different things we could add, but myth number five, what was six, but is five.

Jake : We can finish with five. just want it feels like six is kind of it. Okay, through your curve ball.

Matt Mulcock : That wealth is built outside of dentistry. Jake, do you still, again, we kind of just referenced this, but what are your thoughts on this one? It’s not. Yes. That’s easy. That easy.

Jake : It’s not, no. I think a dirty secret of personal finance, maybe it’s not a dirty secret, but I think sometimes we get caught up in your read a CNBC article or any other type of personal financial content. it’s most of the time what you’re here is if you can just save enough money, if you cut out the lattes or cut out these different things, save enough money and invest in these places, you will become rich. If you can just do these like five steps, you can become rich there. I think we do a bit of a disservice to people with that type of content because I’m not sure if it’s exactly true. think everybody, regardless of how much money you make, can save enough and be disciplined enough and become financially independent. I was like, I can eventually one day retire, replace my lifestyle, no matter what income level you’re at. However, if you really want to build wealth or become rich, quote unquote, you need to make a lot of money. A lot of these things become easier when you have a really high income. Personal finance becomes so much easier when you have a high income study after study shows the people who save the most amount of money are the people who make the most amount of money. Right. Your income, like how much you can save and invest is directly tied not to how much money you spend really, but how much money you make. There’s just a lot more leftover and a lot more flexibility. ⁓ And being a dentist, you have access to one of the highest paying jobs in the country and in the world.

Matt Mulcock : Weird.

Jake : And so yeah, focus on that. Focus on building your wealth. You really can’t, all of your wealth will be created from the income that you’re making either from your dental practice or from your associateship that you’re in.

Matt Mulcock : I couldn’t, I totally agree, Jake. think it’s so understated and underrated. And like you said, maybe a dirty little secret of like a lot of this foundationally comes down to your income. Like you said, and getting your income up as early and often as you possibly can. So as an associate, right, it’s working on hand speed, it’s working on skills, it’s working on production. How do I do CE? Like those are things investing, that’s investing in financial planning. You’re getting your income, which is the lifeblood. It’s the gasoline that drives this car, this engine, ⁓ as a practice owner. know it’s more complicated than that because there’s so many different things, but it’s like, stop looking at crypto and real estate as the answer for growing your wealth and focus on how do I build an incredible practice that’s highly profitable and then start putting that elsewhere to again, diversify and protect that wealth. But all too often we see nowadays and by the way, We have empathy or sympathy for this. I can’t say empathy because I don’t know what it feels like to be a dentist, but I do have sympathy for, for dentists to how distracted our world is and how many people are out there telling you, Hey, here’s a shortcut. Don’t do it. Don’t do the foundational fundamental boring stuff. Just buy this course and I’ll show you the way to freedom. Like it’s really easy to get distracted nowadays.

Jake : I wonder where this comes from. The base of this is we just get a lot of questions on what can I do to help me get away from the chair? I think that’s a lot like what can I do to as so as quickly as possible I can step away from the chair and get some passive income or these other things so I don’t have to be in the chair doing dentistry. I think we get questions like that a lot. Again, me and you, we work with dentists but we’ve never actually been dentists. We’ve never practiced dentistry. ⁓ But I’m curious about this because from my

Matt Mulcock : Yeah, yeah.

Jake : Point of view, working with lot of dentists, it’s still a pretty good gig. Like how many professions can you, if you’re a practice owner, be your own boss, where you can choose your hours. We worked with a lot of people who worked three to four days a week, not even a five day work week. You can help other people. give dentistry is a noble profession where you’re helping people relieve pain and have smiles, like have a positive in that people and make a lot of money. I think dentistry still ranks. I was looking at stuff this afternoon, Matt.

Matt Mulcock : Yeah. Have a positive impact. Yeah.

Jake : Third, fourth highest job, depending on where your highest paying job in America, depending on where you look. And again, what’s interesting too is third or fourth highest paying job and most dentists are working three to four days. This is even a five day work week. ⁓ And so it still feels like a pretty great place, a pretty good profession for people. Again, I know the toll it can take on your body and managing a team and dealing with student loans. And there’s a lot of stresses that come up being a dentist that we see and we understand.

Matt Mulcock : Yep. Yeah.

Jake : but hard to find a better job that can really help you accomplish whatever goals you want. I think it’s still a pretty good gig and I would just hate you gone through all the schooling and training and you invested in yourself with student loans and then all this stuff like give it 10 to 15 years in your career. See what wealth you can build there maybe before branching off. Be like, I just want to scrap it all, not be a dentist anymore and try and become a real estate mogul at some point. mean, dentistry really is a pretty awesome job to help fund all these other passive income or side projects you may want to do down the road.

Matt Mulcock : Yeah, I think it’s a great point, Jake. I, is the advantage I think we, we have, of not being dentists of being able to tell dentists like, you’ve got a great gig. Now again, a dentist might be like, you have no idea, which I don’t, I totally don’t. We have our own issues with our own profession and our own role and what we do and running this company. Like there’s, I guess it’s the classic grass is always greener, right? Every single profession, every single thing you do has a trade-off. But I love that you brought up that point of saying it’s a pretty good gig. Like, and I think the ones who have that mindset around it, the other thing that you said, I think is interesting is we do talk to Dentist all the time that say, I want to get away from the chair as quickly as I possibly can. I shouldn’t say all the time, but that does come up quite a bit. And what’s interesting is they’re always there even still looking outside of dentistry for that, where it’s like, Hey, why don’t we build that within dentistry, the thing, you know, better than anything. Like, let’s just start designing your business around you stepping away chair side. might take you a few years, but that if that’s the goal and then chair sides, what’s really draining you, but you like the management of it or there’s other aspects of it. Let’s make your practice quote unquote passive. Don’t go into another profession. know, nothing about that. So I guess that’s my whole thing too is. Wealth is still, for a dentist, your wealth is built with dentistry. That’s how you build it. Intense focus.

Jake : I want to, yes, I want to bring up an anecdote here. was talking to somebody once, I think this was like a year and a half, two years ago. And we were having the same conversation. They were really, was, was at NSS working with, and they were really interested in buying rental properties, right? That’s, they really wanted to do that. Like, I want to build a portfolio of like five rental properties. And so over time we built out a plan, ended up buying five rental properties, kind of smaller properties. And the, yeah, he was super excited about these properties that he bought. We went through, had one whole year where he had all five of these properties at the end of the year. We reviewed, okay, how much money did you make from these properties that you buy? Again, he’s put a ton of time and effort, a lot of down payments and things into this. And at the end of the year, he had, he made about $8,000 like total like net revenue to himself, which is great. Which is like, again, if you bought into properties, if you’re making a profit at all, someone else is paying your mortgage. That’s awesome. But he made about $8,000 and we were going through this conversation. And I remember he, like we went through all these numbers and he said, and he’s like, huh,

Matt Mulcock : Of everything, yeah.

Jake : Eight grand is like I can do that in one day at my practice. It dawned on him like it is dawned on him where he’s like, man, if I just did an extra day this year and did like some high end procedures, I could have made that eight grand in like a day and a half at my practice. And it was just this huge, I don’t know, like crashing realization where he’s like, man, I put all my time and effort and so much time outside of the practice and all this stuff to try and make eight grand when I could have done that.

Matt Mulcock : It’s like a dollar an hour. Yeah.

Jake : So much more easily just by expanding my hours, a little bit of the practice or doing an extra case or anything there. And I think I’ve always remembered that, is, if we just like, just ROI, like just from a pure mass standpoint, if you’re just like, how can I make the most amount of money? You can do it in your dental practice like better than anywhere else. Any other type of side hustle, any vending machines you’re buying, real stable, like whatever it may be, you can make so much more money by just doing the thing you were trained to do.

Matt Mulcock : I love such a great story, Jake. And I think a lot of that comes back to dentists, but I people do this in general, but I think a lot of times dentists don’t do a good enough job of valuing their time of actually figuring out what is my time worth. think that’s a really, really important thing to do. And you can decide there’s some art to this of like, you just kind of saying my time’s worth a thousand bucks an hour or whatever, or You actually go and dig in and understand your numbers and understand what actually is my time worth in the practice. I think that’s a really critical step for dentists to think about, because I would imagine based on your story, he, maybe he did do this. You can tell me, but put the thought into like how much, so he, $8,000 and he’s thinking I could just do that in a procedure or two. How much time did he spend getting those. ⁓ Endless.

Jake : We had so many conversations and meetings and endless conversations and he’s he hired a management company But then you have to manage the management company and things break and all the other stress and things He’s like all of the hat and five different properties not just one property five different properties We’ve built up at this point like for a grand. He’s like man. That’s kind of crazy to think about Yeah, it’s kind of crazy to think about there and see it just like a cost per hour again I had Cody pull these numbers for us in 2024 our median client income

Matt Mulcock : Yeah. Net negative.

Jake : That we work with Dentist is $425,000.

Matt Mulcock : Yep, that was the midpoint, right?

Jake : Which is meeting in our average is a little over 500,000. So if you just look at that again, three to four days a week, you can do quick math in your head. Like that’s a pretty high hourly rate. You are not going to, I mean, I feel very comfortable saying there was no side hustle or any other passive income stream. You’re going to find that’s going to pay you that hourly rate. Not even close.

Matt Mulcock : Nope. And, and the net negative of what that side hustle or side thing that’s what, not only is that not going to produce what you can produce yourself or the wealth you can create yourself. ⁓ secondarily, it actually might impede, will most likely impede you, your ability to produce it, what you should be doing. And thirdly, probably impede you just going and enjoying your life. Like at some point you just kind of have to maybe like, I, that’s what I thought about with your story, Jake is. He thinks, well, man, I could have done that in my practice. It’s like, yeah, you also could have just like not worried about it. And like, just enjoyed your life, assuming that he’s got the cashflow and he’s saving and doing all that. But you could just like, go spend some time with your friends or family and you know, engage in a hobby.

Jake : Yeah. Now, eventually again, the whole goal of personal financial planning or a big part of it is you eventually want to build up enough assets that you can get to where you don’t need to work. You don’t need an active income or you have enough gain that’s offsetting your lifestyle. That’s the goal. Like eventually want to get there. I just think we run into trouble. It’s like I want that five years now. Like I’m a 35 year old and by 40 I want to be done. And it’s also the mistaken like you’ll listen to a TikTok video and we’ll say if you just do like buy these three properties, you can replace all of your income immediately. I think that’s more

Matt Mulcock : Of That is the goal, yes.

Jake : Like that’s the miss we want to dispel there is just like replacing your income immediately, replacing three to $400,000 of income through passive income is a very difficult thing to do and usually will take decades to build up to get to that point. It’s not just going to happen like over a three to five year period. It often will take a couple years. And most of the time the people you’re reading about who have maybe built a huge real estate portfolio or a huge investment portfolio, it’s taken them 10 to 20 to 25 years of active work to get to that point. So.

Matt Mulcock : Yeah. I have people I’ve said this before. come from a real estate background, real estate family. My dad has built his, all of his wealth in real estate and it’s taken him multiple decades, 30 to 40 years to build up what he has. So I I’m glad you brought that up too, Jake, because we are not anti-real estate. Sometimes we get accused of that. We’re not anti-real estate. We’re pro thoughtful decision. And we’re trying to get people to understand that whether it be in private businesses, public markets, or real estate. Building wealth takes time. we can summarize kind of this, this myth here. I guess sometimes we find her, I will admit sometimes we find ourselves frustrated when dentists are looking outside of dentistry. But I think it’s what you said, Jake, it’s because we’re sitting here being like, you’re sitting in a private hot tub. You honestly are as a dentist that most people don’t get access to, which is your career, right? You are the top of the top. And you are staring out at the public pool with all the kids splashing and you know, all the teenagers, they’re making noises. And you’re just like, you know what? That looks better. Let’s go jump in that public pool. And it’s like, no, focus on your private hot tub and building and getting focusing there and enjoying that. That’s where your wealth is going to be made. Not in what everyone else is trying to do, which is be a real estate mogul. And 99 % of them never do because they buy some pointless course or some crypto course or whatever. Focus on wealth in the dentistry, is the advantage that you have.

Jake : Mm-hmm. Agreed. I think you summed that up nicely.

Matt Mulcock : Perfect. last one, last one here, we, we did a little switcheroo, but I liked that we did this. It was a good call Jake. so myth number six, ⁓ there is do it yourself as cheaper and just as good. So I think this speaks to what we see sometimes, and this goes for a lot of things that we can cover, but dentists thinking it’s better to just do it myself. whether it be inside the business or out, let’s say think maybe a lot of it being around like the business itself that, I can just handle that. What are your thoughts on this Jake?

Jake : First thing that comes to my mind is like the bookkeeping accounting aspect of a business, right? This is I see this often where and I understand maybe you did a startup or just bought a practice. Like how can I save some costs here? I’m already paying a huge practice loan. I have student loans. The expenses seem monumental. I’m trying to scrape together some income here. Where can I save some money? Like, I can run quick books by myself and I can do my own payroll and my bookkeeping and things here. And without fail, every time we see

Matt Mulcock : Yes. Yep.

Jake : The books of the people who doing themselves. It’s just a mess. It’s not helping you because it’s hard to analyze the business. We don’t really know where the cash flow is going. It takes time to categorize all of your transactions. It’s just a mess. I’m trying to figure out how you can grow the business and make it more profitable. It just never looks good. And so that’s the first thing that came to my mind. It’s just like tasks like those where you really are better off paying somebody and focusing on the higher return things that you can do in your practice rather than like doing the tedious books or something there.

Matt Mulcock : Couldn’t agree more, ⁓ was what we said earlier. You’re what’s your hourly wage? What are you worth hourly? but another way to put that is where is your highest and best use in your business? And let’s assume again, as a practice owner, it’s being a leader. It’s, it’s, ⁓ focusing on how to grow this thing and how to lead your team and how to develop your team. And obviously take care of your patients and figure out what procedures you should be like, how to scale your business. Like. That’s those are the things that you cannot necessarily replicate or that someone like it’s worth every minute you’re putting into that. Whereas bookkeeping and those, those tasks that can be, you know, rather easily, put on somebody else and probably done better. Like those are the things that I would be outsourcing and focusing on your highest and best use. Anything else that comes to, thought of accounting and bookkeeping as well right away. but I’ve seen dentists who’s who seriously are trying to do it all themselves, right? down to like fixing the toilet in there, in their building, trying to self do, you know, do the marketing themselves and, and, and by the way, we understand. Stage of your career matters. So if you’re doing a startup, you’re not going to be paying thousands of thousands of dollars to people. get that, but as a general principle, it’s. What do I do best? What do they do best? How do I kind of efficiently implement that? Anything else that comes to mind for you, Jake of the do it yourself or, and, and people assuming it’s cheaper.

Jake : Not on maybe not on the practice side, but maybe on the personal side, we can speak to like managing your own personal finances. We can speak to that a little bit because that’s the realm that we’re in a lot. ⁓ I like to say there are people out there who may never want or think they need a financial advisor and there’s always going to be people like that. I think that’s fine. Right? Like I like they enjoy looking at a budget themselves. They enjoy investing themselves. They like putting in the time of like

Matt Mulcock : Yeah, totally. Yes.

Jake : Investigating funds and figuring out investment strategies and what accounts to put money into and going to the like. They just enjoy that. They like doing that themselves. And for those people out there, I think that’s fine. In doing this job for a while, I do think there are good retail investors out there. I think there are good people who manage their money on their own successfully. But I think that’s more of the exception than the rule for most people from what I’ve seen. ⁓ We like to compare our profession, like the personal finance side of things to help profession or to working out or getting in shape. Or it’s like, some people, they have the motivation to go to the gym themselves, they’ve done the research, they know what workouts they should be doing, they have a whole meal plan, they’ve done the grocery shopping, they can do all these things themselves, there are those people that can do that. But for the vast majority of us, including us, me, in this health situation here, it would be a lot easier if I had someone showing me what workouts I need to do or holding me accountable and making sure I get my butt up and go to the gym in the morning. or creating a meal plan for me, just guiding like, know I can be healthier and more in shape if I had someone holding my hand and walking me through some of these things on my own. that’s where I categorize like a financial advisor, getting help on the personal finance side of things is it’s just, again, it goes back to using your time most wisely, the highest return on investment for your time. Maybe that’s in the practice. Then maybe hiring someone to help with the personal financial side of things just helps with not only spending more time in the practice and earning more money, but maybe outloading some time so you can spend more time with the family or on vacation or do some other things like you just don’t want to stress about picking which funds to invest in and either combing through a budget or doing things like that. so ⁓ I, yeah, that’s like kind of my initial thoughts on getting help on the personal finance side of things.

Matt Mulcock : I think it’s a great analogy and a great summary of that. ⁓ we will say we w we’ll admit first of all, we’ll admit that we’re biased. ⁓ so that needs to be acknowledged, but I could not agree more with that, Jacob. that accountability and, I like what you said of like, can you do it on your own and do many people do it on their own? Absolutely. And there always will be, and that’s great. And we’ll hit.

Jake : We’re biased here.

Matt Mulcock : Will be totally fine and build the wealth and be able to, to again, do it themselves. I’ve, we acknowledge that do, but do we fully believe that more people than not will be able to benefit and be able to track their progress and move closer to work being optional sooner. And I like what you alluded to as well. I just had this, I just had someone say this to me recently, ⁓ a dentist who said, I found the, after years of kind of kicking it around, he finally said, man, I realize the emotional and mental toll this takes on me doing this myself, even though I know I can, he’s a keys of really having to do it yourself or personality. He said, he, we just talked and he was like, man, I realize what a mental burden this is on me. like, my wife doesn’t like it. She’s not really involved in it. I’m kind of the person that carries this mantle and it. It wears on me and I don’t, I want to offload this on somebody else. I think that’s a huge, huge benefit. The accountability offloading that mental burden. ⁓ and again, what I was saying earlier, like, do we think everyone, more people than not would benefit from it? Getting to work being optional sooner again, bias, but absolutely we’ve seen it. We’ve seen it in the years and years of doing this. We’ve definitely seen it.

Jake : And it’s a lot of the intangible stuff that you just mentioned. Money is very emotional. Sometimes like even the personal financial side is more emotional than even the practice finances. like practice finances, I think most dentists have a clear idea of, here’s the expenses and the income and things. When it comes to the personal side, things get a little more messy, a little more emotional. You’re dealing with a spouse and family and kids and all the things there. And so yeah, can just maybe having someone can just help with, yeah, just accountability first and foremost. I can’t tell you how many people I’ve talked to. It’s like, I know I need to save and invest my money, but 10 years have passed and I just haven’t done it. Like every year I say I’m going to do this and I just never get to it. And like, Jake, I just need someone to kind of kick me in the butt, hold my hand to make sure it gets done. And that can’t be overstated. Like just the accountability piece of, okay, I have these goals and to get I just need to have somebody hold my hand to make sure I accomplish those goals. Another piece like to again, like this sounding board, like as your life goes on. Maybe finances get bigger, a little more complex decisions, get a little bit weightier. It’s nice to have someone to talk to and think through these decisions, making sure you’re not making a big mistake. And then, yes, the emotional, like the stress relief of I don’t have to deal this. Someone else is looking at my situation. Someone else is checking in with these things for me. Like it frees me up to watch a movie with my kids and not be worrying in the back of my mind what’s going on with the budget. Right. So some of those intangible things more than just, you know, the loan repayment, investment strategy, debt strategy, things like that. It’s a lot of the emotional and tangible things with it as well.

Matt Mulcock : Yep. So true. The one thing I’d add to that is this is for outsourcing anything, right? Obviously we’re kind of wrapping this up in the vein of advisors, but this is outsourcing anything, taxes, bookkeeping in the business or really anything. But anytime you’re outsourcing, of course you’re going to look at the costs of outsourcing obvious. It’s like, yeah, this costs this, that’s expensive or whatever. The costs are obvious. The consequence of not doing something is sometimes hidden and overlooked. So coming back to your analogy of health and fitness, it might be expensive to hire a personal trainer and a nutritionist, the cost itself just on the, or just like, man, that’s expensive. The consequence of, of gaining 10, five, 10 pounds every year for five, 10, seven years, whatever it is, and having your health numbers get worse and worse and worse. Those consequences are hidden, right? The, and overlooked. It’s the same thing with our money. You know, I’ve heard that same thing, Jake, that you just said as like, people finally come to us like, I should, I know I need to be doing this. know. what, you know, what, what could have my net worth been if I would have had this accountability or how much closer to retirement could I be if I would have done this? Like it’s really, really easy to overlook consequences that are kind of slowly accumulating against you. And so I think be thinking about that as well. When you think about outsource, it’s not urgent.

Jake : It’s not urgent. Yeah, retirement is this thing that’s far away. It seems like for most of us and so it’s like, it’s not really urgent now. And it’s all behavioral, right? With these things that’s like, there’s never been more information. Again, using the analogy of the health and fitness space, like there are so many workouts or things online and meals you can make, but our obesity rates aren’t going down at all. And the same with finances. There’s never been more information out there and more TikTok videos and things. Yet our investment returns, like personal investment returns aren’t getting any better. Savings rates aren’t going up people aren’t being more healthy financially. So it is all behavioral and that accountability piece there.

Matt Mulcock : That’s a really good point to end on because I think that’s sometimes the hard part is I, think people don’t want to admit that it’s like, need help with my behaviors and habits. And I don’t really want to admit that I need accountability and I get it. totally get that. But I think that’s kind of what it comes down to is people don’t want to hear like, this is pretty straightforward. We got to do this, this, and this, and let’s keep doing it for a long time. Cause it just means you got to look at the mirror and you got to

Jake : To admit maybe, yeah.

Matt Mulcock : Change your behavior and be disciplined and be patient. Not easy, not easy to do, especially nowadays. So Jake, this is good. We feel good. And yeah, I, I, well, I hope it’s good. We had fun. We had fun. We, we had a great conversation. So we hope you enjoyed it. let’s, let’s just recap these really quick. We’re not going to recap all of them. already did one through three recapping, ⁓ four, five, and six myths for the six money miss that we still believe. ⁓

Jake : Not easy to do, not easy to do, yeah. I hope so, yeah, I hope so. I had a great time.

Matt Mulcock : So, myth number four, rich people have secret investments and or tax strategies. We highlighted that it’s not true, to build wealth is just discipline and time and patience. and then myth number five, ⁓ is wealth is built outside of dentistry. Again, consistent, intense focus and concentration in dentistry is going to be your path to wealth and then diversifying it elsewhere. ⁓ and then number six is do it yourself is cheaper and just as good. I, don’t believe that in most cases that outsourcing is a superpower when done correctly. So anything else you’d add to any of those, Jake, or any of the final thoughts on this?

Jake : No, this is put the outsourcing thing to this, especially as a dentist, you’re in a pretty unique situation where your financial life and your just life in general can get pretty complex as you’re a business owner and a clinician and oftentimes a family man and a husband and a father, know, their spouse or, you know, wife. And anyway, they can just get complex. And so I just think the outsourcing to maybe, you know, as there’s a lot of moving parts and complexities. And so outsourcing helps, especially in the dental space.

Matt Mulcock : Yeah. So true. Well said. ⁓ okay. Well, if you’re still listening, you’re one of the cool ones and we appreciate it. We hope it was helpful. so we’ve talked about this a lot. education is a big piece of what we do. Huge part of our business, literally just free education. We love, ⁓ obviously doing these podcasts. We love doing webinars. We love speaking to people about these things.

Jake : Yes.

Matt Mulcock : One thing that we’ve started rolling out and going to a lot more is our study clubs so if you are out there and you’re listening and you are part of a study club, you can go to denisadvisors.com slash study and we have available presentation topics. We do see, we can customize it to you. We do have a way on, or, know, look at the topics and say, that looks interesting. Or if you want us to customize something for your group, we totally can. You can sign up there and submit a request for us to come out live and speak to your study club. So we would love to do that. If that’s of interest to you. then as always, if you want to talk to us, share your story, your concerns, see how we can help you in your life and business. We would love to be able to talk to you. You can go to denisadvisors.com and click on the yellow book free consultation button for now. Jake, thank you for being here and sharing your wisdom. Everyone. Thank you for listening. And until next time, have a good one. Bye bye.

Keywords: money myths, investing, financial strategies, wealth building, dentistry, personal finance, outsourcing, financial management, emotional investing, tax strategies

Behavioral Finance, Finance 101