4 Places Money Should Go During Uncertain Times – Episode #418

Money comes in and you pay your taxes, debts, and living expenses. Then what? Where should the rest go so you can enjoy greater security and less stress? For this episode of the Dentist Money Show, Ryan joins with Regan Richardson on a Productive Dentist Academy webinar to examine the four places where you should allocate your leftover money during uncertain economic times.

Show notes:
Productive Dentist Academy

 

 

 

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Podcast Transcript

Ryan Isaac:
Hey everybody. Welcome back to another episode of the Dentist Money Show, brought to you by Dentist Advisors, a no commission fee only fiduciary, comprehensive financial advisor just for dentists all over the country. Check us out @dentistadvisors.com Today on the show, we do kind of a cross posted, cross interview with Reagan from Productive Dentist Academy. The title of this presentation on their show was, the Four Places Your Money Should Go In Times of Uncertainty or something to that effect. This was a cool conversation because we see, dentist financial decisions from one perspective, obviously, and they see it from a different perspective, that being the side of the business. And, this is a really cool back and forth, discussion with Reagan and PDA. We love them. Thanks for the time. Thanks for having us on their show. We really appreciate it. If you have any questions for us, go to dentistadvisors.com Click the book free consultation link. We would love to chat with you, answer your money questions, and point you in the right direction. Thanks for being here. Everybody enjoy the show.

Victoria Hughes:
Hi, this is Victoria with Dentist Advisors. Money is different for dentists. If the complex world of dentistry has you asking questions about your finances or if you just wanna validate your strategy, we’d love to chat. Book a free consultation today. All you have to do is visit dentistadvisors.com. That’s dentistadvisors.com. We’ve been helping dentists make smart financial decisions for 16 years, and we can help you too.

Announcer:
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 advisors or registered investment advisor. This is Dentist Money. Now, here’s your host, Ryan Isaac.

Ryan Isaac:
I’m excited to be here with you. Thanks for inviting me. This is cool.

Reagan Richardson:
Thanks for participating and welcome everybody to our webinar. If you’ve ever listened to a podcast like Everyday Practices Podcast or Dentist Money Show podcast, you’ll know we always have a little chitchat beforehand, and Ryan and I have known each other for several years, so.

Ryan Isaac:
It’s been a while.

Reagan Richardson:
To do a something like this together is just fun. It’s great.

Ryan Isaac:
Yeah. Thank you. I’m really excited. Thanks for doing this.

Reagan Richardson:
Yeah, Absolutely. Well, I’m gonna continue admitting people as we see, doctors floating in, but to keep with timeliness, welcome everyone to our webinar. Don’t panic four places to put your money in an uncertain market. There has been pretty keen observation, I would say right now, over the past few years regarding inflation recession, uncertain times, and on top of caring for your patients and leading your team, you have to worry about making those smart business decisions to protect your future. While it can feel unfair to have to navigate economic unrest, I know that’s hit me up occasionally over the past 20 years, we know that productive dentists know success requires support. And I wish I had figured that out in my 20s as opposed to my 40s and leaned into that a little bit.

Ryan Isaac:
Yeah.

Reagan Richardson:
Yeah. We also know that fear is often generated from the unknown, and this is why tonight we’re gonna shed light on how you can manage your money during these times so that you can feel confident and secure in your financial future. Hello, everyone.

Ryan Isaac:
Great.

Reagan Richardson:
My, what, what were you gonna say?

Ryan Isaac:
I said great. That’s great. Perfect. Yes.

Reagan Richardson:
I’m Reagan Robertson, chief Communications Officer for Productive Dentist Academy. And joining us tonight is Ryan Isaac, certified financial planner and co-owner and senior advisor of Dentist Advisors, and also host of the Dentist Money Show, which if you haven’t heard of it, it is a wildly popular podcast.

Ryan Isaac:
Wild, wild Accusations.

Reagan Richardson:
It is.

Ryan Isaac:
Yes. Thank you.

Reagan Richardson:
I think it, How many, do you know how many downloads you have?

Ryan Isaac:
Oh, total. I don’t know. We did some funny silly balloon stuff when we hit a million a while back. And, now I don’t remember how long Ago that even was.

Reagan Richardson:
And that was over a year ago that you did the Million dollars.

Ryan Isaac:
Well, you know this.

Reagan Richardson:
Yes.

Ryan Isaac:
I don’t know this.

Reagan Richardson:
Yes, I do know this.

Ryan Isaac:
Okay. Alright. Geez. That’s really good of you. Yeah, so it’s, a lot of people have listened to something I had no idea that someone would listen to for, it’s been seven years now. I think this year is actually year eight. This fall would be year eight of the Dentist Money Show, which is crazy.

Reagan Richardson:
Congratulations.

Ryan Isaac:
Never would’ve thought. Thank you. Yeah.

Reagan Richardson:
I’m not surprised that you don’t pay attention to those statistics because you are busy arming doctors with the knowledge that they deserve so they can make those smart financial decisions. So I know tonight you’re gonna cover what investment options are in uncertain times, those four places you can put your money, how to prioritize your cashflow, all that, all that good stuff. So I’m really excited to jump in, With you, Ryan.

Ryan Isaac:
Yeah. Cool. And I think I like doing this too jointly because, from our perspective, we see just a certain side of things with, what people do with their money. And to me, so I’ve been doing this for 15 years now, and how we as humans behave with our money is so much more like, deeply rooted in our psychology than I would’ve ever thought. Like how we behave with money. Who of us are over-spenders, who of us can’t spend our money? Who of us, like work too much, don’t work enough? Like what are we scared of? The things that drive fear and greed in us, it’s like so deeply, rooted in our psychology that it’s really fascinating how and why people make certain money decisions. So we get to watch it from one perspective, but you and your team at PDA get to watch it from a perspective too, from how people are operating their businesses and deciding what to do.

Ryan Isaac:
And before, Okay. So we’re gonna talk about, the four places money should go. And I think this is a, it’s a method that we’ll be… It’s just a pretty simple formula for where you should be allocating money at any point in your career. And this could be someone listening right in the beginning or towards the end of their career. I think this formula will lay out like where money should go in a systematic way that’ll always make you, have as much security as possible. I think that’ll still do this, but here’s what I’m curious about before we start though. It’s so funny to say like, uncertain times because you’ve been in the industry a long time. I’ve been doing this for 15 years, and I’m like, I can’t think of a year when someone, like, there wasn’t something uncertain.

Reagan Richardson:
Thank you. Yes. There’s always something happening.

Ryan Isaac:
It’s like it’s always freaking uncertain, man. It’s like natural disaster and war and politics and economy and it’s like, what? When, what, what year has not been uncertain that there wasn’t something that was like bothering somebody?

Reagan Richardson:
Reese taught me years ago, and it was probably the best advice I ever had. He talked about stocks, in relation to buying cows, which was a fantastic example, very tangible.

Ryan Isaac:
Do you Wanna relate it? Do you wanna like, share that?

Reagan Richardson:
I’ll try. You can Correct me if I.

Ryan Isaac:
Okay. Try. This is cool. I think that I remember the cow article and it was a very big hit with everyone.

Reagan Richardson:
Was it? Well, it was just so easy. Well, I’ll tell you what my takeaway from it was, and then you can explain.

Ryan Isaac:
That’s fine.

Reagan Richardson:
My takeaway was that the value on the cow can drastically vary, but you still have the cow. You still own the physical cow. And when we look at stocks that way, things can vary dramatically so your value can go up and down. And it’s really important not to play the emotional surfing game that goes along with that and remind yourself of the numerical stock that you own. And when I saw it that way, and I realized that there’s always going to be up times and down times, and if we look forward and backwards and, or I mean backwards through history, we’re going to see that there’s always going to be that, times of economic bounty and then suffering.

Reagan Richardson:
So however, the cow will stay. So if the cow will stay, Putting it in the right spot. Right. The cow will, the cow will end up staying. And it helped calm me down considerably and helped me get out of my emotional decision making and into a more consistent and stable decision making process.

Ryan Isaac:
Cool.

Reagan Richardson:
When it came to my relationship with money. So yeah, that.

Ryan Isaac:
Very cool.

Reagan Richardson:
It took a while. I made mistakes. I love that you said psychology, because you know what my dad taught me from little, he said, do what you love and the money will always follow. Please, if you take one advice, that’s it. And I think it’s served me very well in the career that I have. And I’ve made some interesting financial decisions because I, and to be a little, I’m a little ruthless. I’m like… Have choice, because it’ll just, I’ll just get more.

Ryan Isaac:
It’s fine. It doesn’t, I’m kind of the same way, but that, that is fascinating. That’s really cool. About your childhood. So would you say that led you into more of I would, probably like an abundance mind. You’re not as stressed about where it’s gonna come from. You’re like, we’ll just keep plugging away and it’s gonna happen. And It’s Cool.

Reagan Richardson:
I can’t be stressed about where it’s coming from because I’m an overthinker. So if I were…

Ryan Isaac:
Yeah, me too.

Reagan Richardson:
To, it would be not a great place for me to be. And I can’t speak to whether I’m abundant or not. Victoria says I have an abundance mindset and I would.

Ryan Isaac:
Well, If she says it, I’m going with that. Yeah.

Reagan Richardson:
I would say at PDA, one of our core tendencies is having that abundance mindset. And we talk about it at the workshop a lot. So I would venture to guess that chances are high that that’s my mindset.

Ryan Isaac:
That’s Cool. Back to the cow thing. Thanks for bringing that up. I think that’s really important. It’s not different than any other asset class. The thing that makes stocks, different is that it doesn’t feel like it’s a tangible, real thing. It doesn’t feel like you own any cows. You can literally own like tens of thousands of shares of actual real companies in the world that you can cash in at any time. But it feels fake.

Reagan Richardson:
Yeah. It totally does.

Ryan Isaac:
Where, it feels fake, where if you have a house and the real estate market is plummeting and you know it’s down like 25%, you don’t care because you physically still own something. And if you have a dental practice and everyone just quit and someone moved next door and they’re out marketing you, and you suck right now, and your practice collections are down, you know your value’s down, you still know you own a dental practice stocks, it doesn’t feel real. So that’s a cool analogy. But every asset class is the same thing. It’s like, after all this time, I don’t believe, unless it’s like scammy, I don’t believe that there’s like a right or wrong way to build wealth and what you should invest in. There’s not like the best investment or the what’s the good investment? It’s like what can you do for like 30 years? What can you stick to? And if it’s building five practices, then do that, don’t own any stocks or real estate. If it’s only real estate, then just go do that. And if it’s just putting money into a brokerage account, a 401K for 30 years, then do. What can you do for 30 years That’s the best investment. And so, hooray for cows. And Reese, shout out to Reese.

Reagan Richardson:
It definitely helped me when we had the crash of 2008, I think my husband and I had our second house and watched the value tank, and that helped me remain calm because I thought, well, we still have the physical house. We still can make the payment. Who caress? It it doesn’t matter. We’ll just wait for.

Ryan Isaac:
Just hold it. Wait. Yeah.

Reagan Richardson:
Just hold it…

Ryan Isaac:
But why don’t people think that about stocks? Stocks go down like 15% and everyone’s like, this is never coming back. It’s over forever. And you’re like, what, dude, Your house went down like 30%. What? , it’s because it feels fake.

Reagan Richardson:
I’ll tell you, for me, I think it’s because I still feel like I’ll have, I’m responsible for the house, but I’m not responsible for the company that I have the stock in. So What if the company crashes? That’s what makes it feel intangible to me. I can’t control. Like you can control when you put a new roof on, I can’t control the business decisions that a company’s going to make that I have stock.

Ryan Isaac:
You can’t, if you own just one stock, you’re totally right. So if you own like a mutual fund of the S&P 500 and you have 500 companies, it’s gonna be fine. One of them can die. 10 of them can die.

Reagan Richardson:
Yes. That’s a good point.

Ryan Isaac:
That’s okay. That’s why… That’s what diversification means in stocks. It’s harder. Now here’s what’s interesting. It’s hard to diversify in a dental practice because you can’t go like have a hundred unless you’re the DSO person. And it’s hard to diversify in real estate because how long does it take to get like five properties? It’s, let alone like dozens. Stocks is, that’s what makes, it’s one advantage of stocks. It’s helpful, it’s diversification is really easy. You can spread your risk out so easily and cheaply, so that you don’t have to worry about that one company tanking. So anyway, that’s, we’ll probably get to that point actually, but I think that that’s a great little intro. Thanks for doing that. Here’s what I wanted to ask you though, before we dive into like the, I was saying this earlier, like there’s no year when there isn’t uncertainty. I’m curious from your perspective, you see all the practices, the businesses, what would you reflect as what people are saying right now is what’s the uncertainty right now that you hear about.

Reagan Richardson:
The uncertainty that hits my radar? So I’m not a business advisor at PDA but I will tell you what I hear, time and again is actually uncertainty around the employment pool more than the investment aspect of things. I think people are, their overhead is going up. So because of, because of employment, the getting people, getting the right talent in the right seat is becoming more and more of a challenge. So we started to hear that during Covid times and I thought, oh that’ll disperse and that’ll change over time. So that, that’s one thing that I’ve actually heard. And that that does impact your finances quite a bit. And I think we’re going to see, we’re going to see a whole new birth of marketing, and I think it is how to best position your practice to attract quality talent. And that does, that gets into benefits that, that gets into incentives. So it certainly equates.

Ryan Isaac:
Culture.

Reagan Richardson:
Culture.

Ryan Isaac:
Yeah. Processes, systems, the way your building looks and smells and the carpet on the floor. I mean, it’s like, That’s such an interesting point. What I love about that uncertainty though, is that is 100% in the control of the hands of the dentist owner. When the uncertainty’s like inflation or stocks or whatever candidate’s gonna get elected or what the wars are doing, it’s like, that doesn’t downplay those, as uncertainty or as, things that causes anxiety, but being uncertain about the employment market, who do you hire? How do you pay for them? How do you keep them? That’s at least something you control completely. It’s probably still really scary though. ’cause a lot of dentists don’t even know how to wrap their heads around, like, I’m just trying to be a good clinical dentist, how am I supposed to run this team and be a leader and attract talent and make people wanna stay. So, but that’s where you guys come in. Your team is so good at that.

Reagan Richardson:
I think the other thing that, and all the doctors on here, you are invited to ask questions, so put into the chat box, what is on your mind right now? Because the other element is the building of assets. So we have seen this shift with the consolidation starting to occur within dentistry. How do I maximize the value of my practice? How do I maximize the value of my assets? What are the smart decisions that I need to be making right now? Where do I put the wealth that I have accumulated? So I see, I do see that shift into transitional thinking. And looking to, and PDA comes in on the optimizing side of it. So helping get that business in order. Remember, I mean, I don’t think I… 10 years ago I ever really heard a dentist in particular talking about their EBITDA number.

Ryan Isaac:
No, No. No.

Reagan Richardson:
Versus, now, I still don’t hear it a lot, but I’m starting to hear it more and more, enough…

Ryan Isaac:
It’s on the radar. Yeah.

Reagan Richardson:
It’s on the radar. And we know that that’s gonna be something to discuss.

Ryan Isaac:
Yeah. Which is like a whole other one of, I mean, this is so nerdy of me, but I know you’ll appreciate this. One of my favorite things to do, at least annually with many clients as… Are willing to get on the calendar and do this, is just go through a P&L and a tax return together. I love it so much. I like looking at P&Ls and tax returns more than I like investment account statements because they’re kind of like more dynamic and exciting to me and…

Reagan Richardson:
Well, do you feel like you can see the story in the P&L because that’s…

Ryan Isaac:
You can see a story. Yes.

Reagan Richardson:
One of my favorite parts.

Ryan Isaac:
You can see the story and it’s something you have control over. And what is, like, okay, if you build like our investment philosophy, we’re building low cost diversified portfolios that will last decades through any kind of market. And, the biggest factor is whether or not someone will stick to it and keep saving into it. That’s the biggest factor of how that account’s gonna end up. What happened. Like we can pull up a statement and we can look at what happened in the last three months or six months, or even 12 months, and it’s like, hmm, 12 months in a stock market is kind of irrelevant. It’s just entertainment only. Like who caress, like, it’s like a year doesn’t teach us anything, but a year of a P&L of a business, 12 month lookback is… That’s very interesting. It’s very dynamic and it actually is very impactful. So, man, I love that stuff. I think those, those analytics and knowing your income and your cashflow and your EBITDA and what’s your profitability and is it in on target range and what’s suffering and what’s doing well, where can we pat ourselves on the back? Those, I love going through that stuff. I think it’s super important.

Reagan Richardson:
So is it safe to say that the fallacy right now about, people investing in uncertain times, is it that we always have uncertain times?

Ryan Isaac:
Always. Yeah. Yeah. It’s this like myth that we tell ourselves that one day it’s not gonna be uncertain and then we’ll get after it. It’s like why we don’t go to the gym really ever, it’s like, I’ll go, you Know what I’m saying? It’s like, well, I’ll go, there’s gonna be a day when I feel better about going and I’m motivated, I’ll go. It’s like, no, no, no, you’re always not gonna want to go. So you just have to start going.

Reagan Richardson:
Because it puts you in future brains. So it activates the part of your brain that’s in the future when you say, when I get to this part, then when I get to here, I will be happy. Or when I get to, when I lose that 15, I will be happy.

Ryan Isaac:
Then I’ll go.

Reagan Richardson:
Instead of acting about it in the today. That is two separate brain, two separate parts of your brains that activate. So, your biggest, like, is that one thing that you would share with people that are kind of panicking about finances right now? To stop thinking about when it will be nice.

Ryan Isaac:
So, and we can jump into this now, what the advertised, topic was here. Because there’s so much to talk about, but yes, I mean, there’s always something you can start doing today. It’s like if you can’t wrap your head around going to the gym and lifting weights and that seems overwhelming, then just go for a walk for 30 minutes. And do that for like four weeks straight before you commit to a gym membership. You can do the same thing with finances. You can download an app on your phone and track what you’re spending for 30 days. If you don’t do anything else, like, don’t stress about the whole thing. Just get, understand what you’re spending at home for 30 days. No one knows that number. No one knows it. After that call a financial advisor, a friend, a consultant, a CPA and say, can we look at my P&L? Can you tell me what EBITDA even means? And like, how should I be thinking about this?

Ryan Isaac:
Make a balance sheet, get organized. Like just put all your documents in a folder. Like basic things you can start immediately and you don’t have to do the whole picture all at once. Okay. So we called it, well, I don’t even know what… We taught all this, the four places money should go in, uncertain times, something like that.

Reagan Richardson:
Yes.

Ryan Isaac:
Just, that’s tricky marketing really. What the, I mean, this is a formula that you can seriously examine like quarterly in your life to determine if money is going to the right places in your life. And it’s basically just a series of priorities where money should go first in order to make sure things are okay at the highest priorities. And it’ll reduce your stress too. It really will when you’re following these Well, and you’re gonna have some good input on this. I think so.

Reagan Richardson:
Oh, I am excited. I would’ve been a signed up registrant for this because…

Ryan Isaac:
You would’ve jumped in this. Yeah.

Reagan Richardson:
Oh, yes. I’ve had, yeah. I will be quiet. Get started.

Ryan Isaac:
No, let’s go.

Reagan Richardson:
I’m so excited.

Ryan Isaac:
And if you have a questions or, any anyone has questions, just stop me and like, let’s jump into it. So I’m gonna zoom in here and let’s do, let’s see how big the pencil is here. Let’s make this a little smaller. Okay. So number one, the first place your money should go and literally reexamine this like quarterly or maybe every six months… It depends on how, where your business is at, how it’s growing, what mode it’s in. But the first thing you should do, where your money should go is business liquidity.

Ryan Isaac:
All right. Business liquidity. This is your business checking account. Now, primarily speaking to the owners, this will be different than if you are an associate. If you’re an associate, you might skip this step if you’re an associate, unless you’re like a 1099 associate and you’re accumulating some cash in a business account for certain deductions, purchases, retirement plans, something like that. But business liquidity. So if I ask you what I mean by this is make sure your business has enough money to pay for itself for a few months. I think that number’s changed since COVID for various reasons. What would you say, from your perspective, when you guys talk to clients, how many months worth of spending should a business keep around? What’s the vibe right now?

Reagan Richardson:
Well, that’s a question for our director of operations in our business advisors, for sure. I can, I mean, I can tell you, editorially, again, this is my perspective, but I know when we were navigating with doctors through COVID, the doctors that had six months worth, which I think is like a Dave Ramsey or maybe a profit first principle, but when they had the six months, they were able to, they really wrote it out quite comfortably. So I had a lot of one-on-one conversations with doctors, and they were able to, they were the ones that stressed the least. And they seemed to, really have that sense of, we’re gonna ride this through. So… But for, I will hold that and I will answer that in the follow-up everyone as to what productive dentists tend to have. ’cause there are statistics for our productive dentists, which are also deemed unicorns with how well they perform. So I can get you that specific answer.

Ryan Isaac:
Cool. Yeah. That’s great. I think if we combine, these first two points, I think that your number is gonna be pretty accurate and pretty close. In the business alone I would say from our perspective, just watching what people keep around pre COVID, people were keeping about two months worth of business, expenditures in the business checking account. Post COVID, it’s been more like three plus. But it’s mostly just because everyone got a bunch of free money in 2020.

Reagan Richardson:
So they were able to…

Ryan Isaac:
They just piled it and they sat on it. So if I were giving some advice right now, I would say the first place where money should go, and this goes for when I say where your money should go, money comes in, and then you have to spend it. You gotta live your life. You have to pay your taxes, and you gotta pay your debts. Right? What’s left over? These are the places money should go. When we say like, what’s left over, where should it go? First number one is your business has to have enough at all times. So if you had, so I’m gonna put in here two to three months, I’m gonna call that our like benchmark, our baseline.

Reagan Richardson:
I love that you say two to three months, because now I’m excited and I’m willing to bet our productive doctors are at like three to six.

Ryan Isaac:
Three, yeah.

Reagan Richardson:
I’ve gotta know this now. I bet you.

Ryan Isaac:
Yeah. So here, I mean, we’ll get into this a little bit, but here’s what’s kind of crazy. This is a good problem. This is a good financial problem, but dentists, do struggle with having too much cash around. Where it gets inefficient. But we’ll get to that. Like what to do with that issue. That’s a great problem to have. Like, I’ll take on that problem if you want me to. Just too much cash sitting around at all times. Like, I’ve, I mean, you’ve seen this too. I’ve met dentists with seven figures sitting in a checking account that they don’t need. And they’re not planning on spending and they’re just like, I don’t know. It just like keeps growing.

Reagan Richardson:
I think we’re gonna have another webinar and we’ll talk about the psychology and mindset of money.

Ryan Isaac:
I see… I’m like… Okay. At this point in my life, because I’ve done a fair amount of therapy for myself too. I’m fascinated by human behavior and psychology and like, what drives us. And we’re not even aware, dude.

Reagan Richardson:
Oh, that’s the underlying why. Cheers. I too have done my therapy.

Ryan Isaac:
Yeah. I just did some yesterday and I’m like, I’m just speaking personally. I’m blown away at our adult behaviors that are driven by things from our childhood we’re not even aware of. And this goes into money like all day long. I want so bad to find a psychologist that will partner with a lot of content on this stuff. I gotta find somebody. If anyone knows anyone that like, wants to get a psychologist involved in these discussions, we gotta find somebody. It’d be so cool. Okay, so business liquidity, two to three months in your practice checking. I would say most doctors can get here, but let’s say you had that and then you had a big expense, maybe an emergency you weren’t expecting, or like a big expense, like an opportunity came up and you drain that account. Well, if you were going through these other steps, which we’ll go through in a second, this is why I say you can revisit this process multiple times per year.

Ryan Isaac:
’cause you can always go back and ask yourself, do I have two to three months in my business checking? But if you are an owner, this is like priority number one. In our view, if you’re an owner, there’s nothing more important in your financial life than protecting your business. And that includes hiring smart people like the team at PDA to make sure it’s always efficient running well, and that you’re keeping up with the changing times. Because it is vastly different than it was even five years ago and 10 years ago. Forget about it. So anyway, any questions about number one, that’s the first place your money should go. And it’s funny that we say in uncertain times, but really it’s always uncertain. And so this is like always the case, number one, business liquidity. Any questions on this? Any questions at all, Reagan, from you? Anyone out there?

Reagan Richardson:
I’m not seeing anybody right now.

Ryan Isaac:
Okay. All right. Let’s go to number two. Number two is similar. And I think when we combine number, one and two, your number is going to, make some sense. This is gonna be personal emergency funds. You mentioned Dave Ramsey. What do you know or remember about Dave Ramsey?

Reagan Richardson:
Well, Dave Ramsey’s kind of the, you attack your debt. So you pay off and you pay off, I think the biggest ones first, or is it the smallest ones first? I can’t remember. So you pay off the.

Ryan Isaac:
Yeah, it’s different things.

Reagan Richardson:
Yeah. Different philosophies for that. So you pay down your debt and then you… And you make sure that you get your personal emergency fund funded. As soon as you can. I think it’s after though, after your debt is paid off. Debt is first, debt is the enemy to him. So…

Ryan Isaac:
Yeah. To him.

Reagan Richardson:
And there’s a lot of conflicting philosophies with that. ’cause some debt can be good debt.

Ryan Isaac:
Sure.

Reagan Richardson:
And yeah. But…

Ryan Isaac:
Totally.

Reagan Richardson:
But you’re absolutely correct. In my mind, I would combine business liquidity with personal emergency fund.

Ryan Isaac:
Got it.

Reagan Richardson:
You are correct.

Ryan Isaac:
So personal emergency fund…

Reagan Richardson:
PDA doesn’t do that, By the way, this is Reagan, chief Communications Officer.

Ryan Isaac:
Straight speaking for that. This is good advice though. On the Dave Ramsey thing, I think for the average American Dave Ramsey, is fantastic. I don’t think it applies to dentists hot take especially an owner dentist. I think it’s a whole other ballgame. We have a podcast, I couldn’t even tell you what it was called or what number it was, but it on dentistadvisor.com If you went in the search and you typed in Dave Ramsey, we did a podcast where we went through Ramsey’s. It’s like his seven pieces of a financial plan or something. And, we just kind of said pros and cons to that as a dentist. If you wanna check that out. So personal emergency fund, the recommendation from in like the financial planning industry is three to six months of your personal living expenses. So an action item you could do right now. And like nobody’s great at this number ’cause it’s, it sucks and no one wants to do this. Which is how much do you spend every month at home? And like no one really knows. Like we, okay, we know on a spreadsheet how much it costs to pay our bills, but what do we actually spend? That number’s very different, right? We’re like, oh…

Reagan Richardson:
I know, I downloaded a banking.

Ryan Isaac:
It’s Seven grand to pay, seven grand to pay all the bills. You’re like, but you spend like 13, so don’t tell me seven.

Reagan Richardson:
So again, throw back to Reese. Thank you Reese. When we had to calculate our net worth, I think it was, and use the Elements app to kind of find like what our dream number was. It is the same thing that my own financial planner had done with us. And he said, how much do you wanna live on per month? Well, you have to know, first of all how much you’re spending per month. And to be able to calculate that. So I put my bank app on my phone, and I started watching.

Ryan Isaac:
Good.

Reagan Richardson:
Every time that debit card ran, I started looking into the subscriptions, which by the way, subscriptions are all, oh, I could go on a rant. That’s a whole different podcast.

Ryan Isaac:
Let’s do that too.

Reagan Richardson:
Because you end up forgetting. It all adds up. So now I’m aware of how much, within the past, I don’t know, year, I guess I became aware and it helped me make much better informed decisions because otherwise, no, we didn’t know. And I felt like, our success was increasing, but our savings wasn’t increasing the way that I thought it would. Other than, what you regularly put away. I just, and…

Ryan Isaac:
I know.

Reagan Richardson:
It’s because it’s kind of like a pair of pants. You just sort of fill it in, like you just, somehow it just happens.

Ryan Isaac:
I like… It’s like a workday. It’s like a workday. If you’ve got eight hours, it doesn’t matter if you have one hour of work to do or eight hours of workday. If you’re sitting in an office for eight hours, it’s gonna stretch eight hours and we’ll just fill the time. We will.

Reagan Richardson:
We have a question from…

Ryan Isaac:
Okay, let’s do it.

Reagan Richardson:
From, Todd.

Ryan Isaac:
Todd.

Reagan Richardson:
What if you have a business line of credit as it would pertain to the first one to number one.

Ryan Isaac:
Yeah. Number one, business line of credit. Love this. So I guess this question, and this would probably, pertain to both of these right now, which is what is considered liquidity? That’s probably a whole separate podcast. What could we consider liquidity? I would say that having a line of credit open accessible is a fair piece of liquidity. That’s liquidity. You can get it money. I would not count that as my business liquidity though. I just wouldn’t do that. And that’s probably me just being a little conservative over all of the years I’ve been doing this. I have seen times where banks got tight and actually shut down open lines of credit on people. I’ve seen that happen. And that was very situational. It would totally depend on the person, the situation. So I have no problem with that. I have no problem counting that as a possible backup.

Ryan Isaac:
But, maybe a more conservative approach. This is kind of my personality. I would rather see someone actually have the physical cash two to three months in their business and three to six months in their personal emergency fund in cash. Not just a line of credit or credit cards. And I think from a behavioral standpoint, it’s so easy to just go, we never take vacations this big, so we’re just gonna slap the year up trip on the line of credit right now. Totally gonna pay it off for sure. No question. It’s so easy to do that and justify it all day long. Not saying Todd’s gonna do that. I would, it’s so easy to justify that. And then you slap the trip on there, and then you come home and then like the entire HVAC unit goes out in your old house.

Ryan Isaac:
And then there’s another 20 grand and you’re like, oh, geez, that was 40 grand. Now the line of credit has money on it and I have a payment now. So I’m fine with it as a backup, as a financial advisor. I would rather see it be cash though, if that’s helpful. So in my industry, three to six months personal emergency fund. Three months is usually, if it’s a dual income household, a three months emergency fund, six month, if it’s a single income household, that’s kind of like standard financial planning advice and practices. And again, this can be money sitting in a checking account, a money market, a savings account, a conservative investment account. This isn’t money you wanna invest by the way. Neither of these categories do you want to go stick in some investment to try to grow it. If you have a tax fund or your business checking or your personal emergency fund, don’t try to invest it and grow it. Don’t worry about that. It just needs to be there when everything hits the fan. Let’s go to number three. Okay? So number three, place that money should go. Once your business is funded, you have a personal emergency fund. Number three is any upcoming purchases. And this might seem like intuitive. So, what’s an upcoming purchase? You have a down payment on a new building.

Reagan Richardson:
A laser.

Ryan Isaac:
You’re gonna move. A laser. You have to do landscaping at the freaking new house. You have to furnish the house, you have to redo the Airbnb something.

Reagan Richardson:
Well, this can be any purchase.

Ryan Isaac:
Any purchase that, you’re coming out of pocket with cash. This also comes before long-term investing. Notice we haven’t even hit investing yet. We’ve got save the business, have an emergency fund, and then have money for your purchases. Now, the reason why these two are separate, personal emergency fund and upcoming purchases. Now we all do, we’re all guilty of this by the way, but we’ll have like an emergency fund and then we’ll move the dream house comes available and we’re like, all right, we’re gonna drain the emergency fund for the house, but we’ll totally pay it back.

Reagan Richardson:
Totally. Yes.

Ryan Isaac:
We’re gonna totally pay it back later. All of us do that. Okay. I’ve done it probably like twice where, you’re like, oh, this emergency fund, it’s untouchable. This is for the emergencies. And then the house comes available and it’s always the house too.

Reagan Richardson:
Abundance mindset we’ll grow it back.

Ryan Isaac:
We’ll grow it back. Which good for you for believing that. Okay. But also try not to violet.

Reagan Richardson:
But then the next day something happens.

Ryan Isaac:
That’s the problem. You do the down payment using your emergency fund, and then an emergency actually happens and then you’re like, wish we had an emergency fund. Now it’s on the credit card, and now you’re behind again, two years, so, if you.

Reagan Richardson:
But I’ve got an Audi in the garage. Yeah, I’m following. I’m tracking very well with you.

Ryan Isaac:
If you know you have to buy something, let’s say in the next 12 to 24 months, I would say that’s an upcoming near term purchase. And it’s usually, it usually revolves around real estate because it’s a down payment or some kind of property upgrade, landscaping, a basement finish a remodel or something where you just need some cash. You have to have that sitting aside so that you’re not robbing your emergency fund and you’re not robbing your investments to get this money. That’s just good planning. So that’s why that comes in at number three. And also these first three don’t need to be invested. They don’t need to be invested. You don’t need to try to earn interest on your down payment money that you’re gonna be spending in 12 months. Just pile it up. It just needs to be there. It doesn’t have to grow. You don’t have to get savvy with it. No pressure. Okay. Any questions from anyone on number three? We’ll hit number four here. Anything?

Reagan Richardson:
Not yet.

Ryan Isaac:
We’re good.

Reagan Richardson:
Sometimes we got processors too. So…

Ryan Isaac:
It’s all good.

Reagan Richardson:
You guys can just ask anytime.

Ryan Isaac:
Anytime. I don’t care. This is great. The fourth place, your money should go in uncertain times, but really it’s all times. Like these are all times. All right, now if those first three are done, now we come to long term investing. Now it’s time to start putting your money to work. Okay? If your first three buckets are covered, your business is fine, your family has an emergency fund, and any upcoming short-term purchases you have coming up, they’re funded. Now it’s time to invest. Now, where can you invest money? This is not a podcast on the best place to invest money right now, but there’s three main asset categories where people like three main asset groups where you can invest money. One is a private business, and if you are an owner, you have a significant chunk of your assets in a private business.

Ryan Isaac:
This can also be referred to as private equity. That’s a fancy term for it. But if you’re a dental practice owner, you are a private equity person, you own private equity, private equity, private businesses will have the highest return out of any asset class. But it’s because in exchange for that high return, you have highest amounts of risk. How many businesses don’t work in dentistry? That’s rare. Right? Dentistry, that’s a different thing. But you have private businesses, that’s one place long-term investing can go. So let’s say like your goal, let’s say the thing that you can stick to for decades that you’re like just excited about is building a kind of an empire of practices. Maybe you wanna build a DSO, maybe you just wanna build a big group of, something local. This is where you will put more of your money. You’ll put money in here to front load marketing to front load supplies or probably people really, it’s like to hire ahead of the growth curve. This is where you’ll invest money faster if your big thing is to grow practices. What did you just think about when I said that?

Reagan Richardson:
Well, actually I was backing up to marketing and I circled that in my mind and I was gonna say, tell me more about that. ’cause that is not what I expected to come out of your mouth.

Ryan Isaac:
Right, my mouth. Well see most now to the P&L, most people will have some kind of budget for marketing.

Reagan Richardson:
Absolutely.

Ryan Isaac:
That’s always happening. If your main asset that you’re choosing to grow, not real estate, not stocks, but practice. And when I say this, I’m not talking about one or maybe two locations. I’m talking to the person who’s saying, my purpose is like half a dozen, 10 plus locations. I’m building a DSO, I’m gonna get out of clinical and I’m gonna have like 10 associates. Like this is my, I’m building a big business here. This is where, yeah, you’ll probably have chunks of money at a time where you’re like, oh, we just opened a new location. We gotta front load some marketing that’s not gonna be funded just from the P&L. Or we need to hire some talented people. But we’re not, the production’s not there yet. So you have to fund that ahead of timely. That’s how you’ll invest.

Reagan Richardson:
Absolutely. Yes. Yes. I think that this can be a particularly scary thought and I like how… I love how… I mean, in my mind, it’s so easy for me to see how you fund things and then having that prepared. So having that money available to you when you want to make that big investment because it can be… It is a… It can feel like a wish and a hope sometimes, but to front load and procure that team to put forth the marketing effort into getting the awareness out of it. So it’s not ongoing marketing, you’re talking about making a big shift and then…

Ryan Isaac:
Big growth mode model.

Reagan Richardson:
Yeah. So from the brand marketing out into the community, but also into attracting a, “There it is! Yep. This is… That’s something to absolutely consider. I love that.” Okay.

Ryan Isaac:
Cool. Yeah. And this… And you’re right. This is different than the person with one or two locations that’s kind of just funding marketing and people through the P&L, like a normal P&L. This is someone who’s building something much larger and they’re trying to grow faster.

Reagan Richardson:
Yeah. I didn’t expect long-term investing to include money for a website. I was like… I wouldn’t have put… I would not have put those two together.

Ryan Isaac:
Yeah. And I would almost prefer it. I mean, long-term as a financial advisor for most dentists, especially owners, the success of your personal financial situation is gonna come from the success of your business, so…

Reagan Richardson:
Absolutely.

Ryan Isaac:
Even if you’re not trying to grow some big empire, you do need to invest in the business as a priority. Even if it’s just little chunks. It has to come as a priority above everything else. Another main asset class where you can invest money long-term is real estate. There are a million ways to invest in real estate. It is gigantic. It’s such a big world. It’s not better, it’s not worse, it’s not the best asset class, it’s just a place you can put money. Again, pick the one that you can do for 20-30 years that you’re gonna be able to put up with the most. I personally have had a rental once in my life and I had a manager, I had the same tenant the whole time, they cashed out a little bit, and it still stressed me out. It stressed me out so much I hated every day of it. I hated having that thing. I don’t know why it bugged me. In 2021 my…

Reagan Richardson:
Yes. We did the rental also.

Ryan Isaac:
Did you do it too?

Reagan Richardson:
Yeah. It wasn’t stressful for me, but because I 100% didn’t manage it, my husband managed it.

Ryan Isaac:
I didn’t either.

Reagan Richardson:
And it was… He was going over there, that was an acre and he was mowing the lawn every weekend in the summer. So he was taking up all this time doing that in addition to dealing with renters and all the stuff that comes with that and so it was okay while it lasted, but it wasn’t something where either one of us said, “Yeah. Let’s do this times 10.”

Ryan Isaac:
“Let’s do this long-term.” Yeah. Times 10 or times 20, 30 years. None of these… Yeah.

Reagan Richardson:
However, I have family that have done it amazingly and they’re just really, really into it, and they’ve been great, so… Yeah. It definitely gets to your personal preference and level of commitment.

Ryan Isaac:
Yeah. And I’ll just add the third one and then we’ll go back to what you’re saying. The third one is you have private equity, which is your private businesses, public equity that’s just stocks. That’s all that is. It’s a public equity it’s stocks. None of these are the best. Everyone out… And that’s such like an online social media Facebook friend thing, to be like, “What’s the best? Which one has the best return? What’s the most sophisticated?” None of these are. I can show you… I mean, we work with over 500 people or who are on the country, I could show you people, millionaires who only have tons of net worth in only stocks. Literally they’ll have a house and they’ll lease their building and heave one practice and they’ll just have millions of dollars in a brokerage account in a diversified stock and bond portfolio. And they’ll be set forever. I can show you a person with the same network, but it’s all in real estate or the same network, but it’s all in business assets or someone who’s got a mixture of all these. None of these are the best. Literally, it’s like, “Which one can you do for 30 years and stick to. And keep funding and keep pushing on.”

Ryan Isaac:
That’s the secret. None of these are the best. It’s which one are you gonna do it for 30 years? And that’s… The one that is is the one that will be successful for you.

Reagan Richardson:
Could you dabble… So you could potentially dabble in all three of those.

Ryan Isaac:
Dabble’s a funny word to me. It’s a trigger word.

Reagan Richardson:
Oh [laughter] Good. Let’s trigger you. That’s great.

Ryan Isaac:
As a financial advisor, I’m a little triggered by the word, “dabble,” to be honest with you.

Reagan Richardson:
You can diversify by…

Ryan Isaac:
Yes. You can diversify, you can explore and you can do these things safely. When I hear dabble, I’m like we’re gonna go… We’re about to lose the six figure chunk of money here. Yeah. Okay. So here’s what’s interesting. If I showed you the average client’s network net worth statement right now, you would see the majority of their assets are… We mostly were… It’s like 80% of our clients are owners. So the majority of their assets, especially for those folks, are gonna be their business. Like if you just said, I’ll list all their assets. What’s the biggest percentage?

Reagan Richardson:
That makes sense.

Ryan Isaac:
It’s their business. In terms of a value on their balance sheet. Most dentists own a home at some point, and many… Not as many as you might think. It’s about a third of our client’s own commercial real estate that they practice in.

Reagan Richardson:
Doesn’t surprise me because I’ve seen so many leases over my time. So it doesn’t surprise me. I watched the McDonald’s movie, I sound so ignorant, don’t I? I watched the McDonald’s movie eons ago and that was kind of what turned my eyes on to owning real estate from a commercial sense.

Ryan Isaac:
It’s a whole other discussion. It’s very situational, but the majority of our clients don’t own the buildings they practice in, but a lot of dentists who end up owning a piece of real estate somehow on their balance sheet at some point in their career. And then many, many dentists, the reason why stock, the stock market, it’s so convenient for dentists is because they spend all of… So much time and money becoming a successful dentist in and a practice owner. And they don’t… They literally don’t have time for a second career. Most people…

Reagan Richardson:
That is what absolutely blows my mind and why I love dentistry so much and why I’m so passionate about dentistry, as you are a business owner, you are practicing clinical excellence, you have to stay clinically up to date up-to-date, you have to become an HR manager of sorts, you have to become a marketer. There’s all the different hats you have to wear. And it does. It boggles my mind the amount of time and effort spent in all of those buckets, and now getting to this, you have to be smart about how you invest as well.

Ryan Isaac:
Well, you do, and it’s like… Yeah. I always remind one of my clients when my clients are or… Especially around real estate. They feel… There’s kind of like a societal… Dental societal pressure to own real estate, ’cause it’s definitely a thing. It’s very… Real estate and how it relates to the dental industry is very fascinating. It doesn’t translate it to other industries. Other industries don’t feel the same pressure to own the spaces they work in. Manufacturing plants automatically… A lot of people, they just set up shop and they get a lease and they’re not like, “We gotta own this building. We gotta own. I’m gonna build a building, I’m gonna own.” It’s really fascinating.

Reagan Richardson:
You mean other… Like the mentality within healthcare. So, optometry, medical practices don’t feel that same factor.

Ryan Isaac:
It doesn’t translate the same and there are differences for that, but when I talk to professional, real estate… Professional commercial real estate investors and managers, it’s a very dentally thing. It’s a very nuanced dentally thing to just want to own that freaking building. It’s so fascinating. And it’s not right or wrong, it’s very situational.

Ryan Isaac:
I always tell people… Or the brother-in-laws got a business idea and he wants 250 grand from the dentist. It’s like, “Okay. First and foremost, we are a dentist. You are a dentist. Your wealth is coming from dentistry whether you’re clinical or you’ve got 10 associates and you’re just a manager and a leader, your wealth is coming from dentistry. We can’t do anything that derails that because if you just have moderate success as a dentist, especially an owner, you’re gonna be fine. Like literally, you don’t even need huge returns. Moderate success, save some of that money. You’re gonna be okay. We just gotta make sure we don’t derail it by… ” What did you say earlier? Dabbling? Yeah. Let’s be careful. It scares me. That word scares me. When I hear, “dabble,” I’m like, “Oh. I don’t wanna dabble, guys.” We can safely dabble though. It’s fine. So anyway…

Reagan Richardson:
So what you were… I wanna recap what you said, if I heard you correctly. So probably 80% of the 500, tend to have the majority of their investment, their long-term investing strategy is in their private… In the private business?

Ryan Isaac:
Well, I would say it’s not the long-term investing strategy it just is what it is. If they own a practice, it’s gonna occupy a big percentage of their assets, like the value, if it is a million dollar practice. They’ll have a million dollar practice on the balance sheet before they have a million dollars in stocks or a million dollars in real estate. Right off the bat, they’re gonna have a practice value that dwarfs their other investments until the other investments catch up. That’s why literally dentists can spend a career, lifetime, just investing in their 401Ks and brokerage account stocks and bonds for 30 years, and it won’t… I mean it will at some point, but it’ll take a long time before it even equals the value of the practice on the balance sheet. And there’s a lot of imbalance right off the bat in a career. If I showed you a pie chart of the average dentist assets, you’d see the majority of that pie chart are real estate and dental practice. And when I say real estate, it’s like a house, and if they have a building then it’s huge. So it’s like you can spend the rest of your career just trying to build liquidity through stock investments and it will barely balance by the time you’re done…

Ryan Isaac:
By the time you’re done working. I think dentists forget because the dental industry is so safe and the career is so safe and predictable for the majority of people that I think they forget that they’re actually in a… There are entrepreneurs running a business, which is high risk and it becomes so easy that they forget that, “Hey, you’re running a business with a team in a million moving pieces and this is really hard for the average person to pull off and you’re pulling it off.” But it’s just…

Reagan Richardson:
Thank you for saying that.

Ryan Isaac:
You’re kind of used to now.

Reagan Richardson:
Yes.

Ryan Isaac:
And it always reminds me of people I know who run… Who like to run very long distances, and they’ll be like, “Oh. I just did a quick 20 miles this morning.” And I’m like, “Okay. First of all, you’re just used to running ’cause that’s terrible. That’s insane. What you do did is really hard. You can’t downplay that.” But dentists just get really used to how well they’re doing, and I think they forget that they have a big chunk of their network already in a risky asset, which is a private business that can go… Man, look at how an industry can change that fast or how just the employee in the hiring pool can switch so quickly year over year and affect people’s P&L, EBITDA profitability income, like over 12 months so quickly. There’s a lot of risk here.

Reagan Richardson:
Well, I think I wonder too if it comes down to feeling in control though. So the private business portion, again, is something that you can control stocks feel like they’re a bit out of our control with what happens to that. And I can see where that would come in third. And real estate, I think… I don’t know everyone on our call tonight or who’s listening to this webinar, but I know enough of us have been around enough to know that it goes up and down. So real estate is… It fluctuates, and I agree. You gotta play the long game.

Ryan Isaac:
It is. It’s just mentality mentalities. And a lot of that is just education. There’s not a lot of financial education in the systems we have in school and everything and people don’t have a chance to learn the basics of some of this stuff, so stock markets can feel like a giant casino that’s totally fake and not real. Like a total gamble. Even amongst some of the most intelligent, highly successful business people, there’s a very… Sometimes low level of education. It’s not their fault. Some kind of society thing. An educational thing. But with some basic education, I think people can gain trust and then have the information to choose something that they know they can stick to for 30 years. That’s the success. That’s the path of success. What can you stick to? That’s it. It’s kind of like in fitness. What’s your thing? You wanna be runner? You’re gonna be a Cross Fitter? Do you wanna play pickleball every single day? Do yoga like… Which one’s the best? It’s like, Which one are you gonna do 30 years from now, still? That’s the best one. That’s the successful one.

Reagan Richardson:
So you wanna build up your financial endurance is what I’m… It’s something that doesn’t… It’s not something. I see that a lot with marketing. Since marketing is my realm of expertise, and I’ve been doing it for 20 years, the amount of times I have heard business owners say, “Okay. We’re ready to go now.” As if we can just snap our fingers and all of a sudden…

Ryan Isaac:
What’s That’s the thing.

Reagan Richardson:
Yeah. New patients will just be busting down the door.

Ryan Isaac:
Here’s 20 grand What do you do?

Reagan Richardson:
Even outside of dentistry, any small business owner that I’ve ever worked with that tends to say that particular thing. And when you talked about the running, I do not run. I would…

Ryan Isaac:
I don’t either.

Reagan Richardson:
I would definitely like to see that happen. But I’ll tell you, I get my 10, 000 steps in, but when I started that journey, it was… I could get a 1,000. I was really slow and I got a dog, so I made it fun. I was like, “I’m gonna adopt a dog ’cause you have to walk the dog. You have no choice but to walk that dog.” So I’m now beholding to you.

Ryan Isaac:
I love walking dogs. I don’t like doing much else to them but I like walking a dog. It’s very therapeutic. I really like walking a dog.

Reagan Richardson:
Yeah. It’s my favourite.

Ryan Isaac:
You walk horses though. While you’re on top of them. You ride horses, don’t you?

Reagan Richardson:
I have. I have. Yes. I took care of our producers. Our event producer who’s on this call. Yes. I helped care for her beautiful Tennessee Walker for a while, and then I was into walking a 1200 pound animal, and I learned a lot about leadership in that moment because 1200 pound animal is… That’s opinionated might not wanna go to the bar and they might not wanna go to this field, and you will have to convince them that they will want to do that, and it was… Yeah. So that’s a whole other description.

Ryan Isaac:
That’s the next one. The title is gonna be, “What I learned about leadership from a 1200 pound animal.” That’s the title for the next one.

Reagan Richardson:
Yes.

Ryan Isaac:
Okay.

Reagan Richardson:
Well, everybody, do you have any questions for Ryan? While you’re thinking about that, what options are available for doctors to connect with you. My assumption, Ryan, is that if they do have questions about how to get started on even looking at all of this and looking at their own numbers is something you can help with.

Ryan Isaac:
Yeah. Man, we like PDA, love teaching, love educating, we have… I don’t know how many hundreds of hours on a the free content on our website, it…

Reagan Richardson:
Lots.

Ryan Isaac:
But there’s a ton. Dentistadvisors.com. Anything you wanna learn without even having to ever talk to a human is on the website and we keep pumping out more content every single month. It’s a passion of mine. And if you do wanna talk to a human, we have a lot of different ways that we can help and work with people, and you can have a free consultation. We’re not salesy, pressurey people, and we love just answering many questions and help pointing you in the right direction. And if we don’t know the answer to something, we know lots of smart people like PDA, and we get to say or talk to them, and we’ll get you on your way. So we love helping. Dentistadvisors.com. That’s the place.

Reagan Richardson:
There we go. Dentistadvisors.com. You’re also… Aren’t you presenting at the IGP Summit with us in September?

Ryan Isaac:
Let’s just say yes. I just now get on a plane and go where I’m told. I did try to make sure that was me. I think that’s true. I think that is true. Yes.

Reagan Richardson:
I think it is true. I look forward to seeing you in person Ryan.

Ryan Isaac:
Me too. Is that Dallas again? Or where is that?

Reagan Richardson:
Yeah. It’ll be in the Dallas area. Yes.

Ryan Isaac:
Okay. I think that’s me. I think I said yes to that.

Reagan Richardson:
Pretty sure it’s you.

Ryan Isaac:
I wanted to. Yeah. I think it’s me.

Reagan Richardson:
Yeah. We might have to update your headshot, so you have a little more mustache now. So…

Ryan Isaac:
Please do. Yeah. I got more… I was like, surf guy style now. It’s like cool mustache. It’s not cool. I’m not cool, but I think… Whatever. But yeah. Let’s get on the… Different one going. Do you ever have the old website headshot and you just see it when marketing post it and you’re like, “Come on, man.” You’re in charge of the marketing now. So you probably want to…

Reagan Richardson:
Well, and every time I get my headshots, I straighten my hair and then it’s inauthentic because my daily is… I even did a relaxing treatment to make it straight and it lasted about a week and so my hair shall not be tamed.

Ryan Isaac:
You go curly. If it’s curly, you go curly. Yeah. No. Don’t tame it. Stop it. Leave the hair. Yeah. Thank you for doing this with me. I really appreciate that. And I think we’re gonna put this audio out on our podcast, the The Dentist Money Show. So for our audience listening, how do they find POD? You guys have so much stuff going on. So much education, so much training, so many smart people to help. How do they find you?

Reagan Richardson:
Thank you, productivedentist.com.

Ryan Isaac:
Boom. Done.

Reagan Richardson:
Yup [chuckle]

Ryan Isaac:
There you go on a Thursday night. Yeah.

Getting Organized, Liquidity