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Do Your Favorite Song Lyrics Lead to Mo’ Money or Mo’ Problems? – Episode 254


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Does the music you listen to influence your attitude towards money for good … or bad? 

What do Kurt Rambus, the Taxman, and Kenny Rogers all have in common? Count on Ryan and Matt to tie them together on a music-themed episode of the Dentist Money™ Show. There are lots of songs about money, but do any offer good financial advice?

Is it “If I had a million dollars” or “Save that money” for you? Based on famous (and not so famous) songs, Ryan and Matt offer a few of their own money tips. Plus, a listener debuts his country song about debt—written just for Ryan.

 


 

Podcast Transcript

Ryan Isaac:
Hey, Dentist Money Show listeners. Thanks for joining us on another episode today, we’ve got a fun one for you. Matt and I are talking about all the songs and song lyrics that we’ve heard over the years that have financial or money advice in them.

Ryan Isaac:
We talk about what’s the principle being taught here? Is good or bad advice for dentists? And what dentists could do to make better financial decisions with these song topics.

Ryan Isaac:
So thanks for tuning in. Thanks for joining us. If you have any questions at all, get in touch with us, dentistadvisors.com, click “Book Free Consultation. Let’s have a chat.” Thanks for tuning in and enjoy the show.

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

Ryan Isaac:
Welcome to the dentist money show where we help dentists make smart financial decisions. My name is Ryan Isaac. I have been known over the years by Sir Ryan Isaac. Feel free to call me that.

Ryan Isaac:
Joined today by senior financial advisor, all around smart guy, maybe one of the best financial advisors for dentists in the whole country, Mr. Matt Mulcock. What’s happening Matt? How are you doing?

Matt Mulcock:
Hey, Ryan, you need to stop this right now. You literally just … It makes me feel good, but again, just piling on at this point, going to build me up for a big fall.

Ryan Isaac:
It’s fine. Look, I recognize and I acknowledge that everything I say sounds sarcastic, but I fully mean every word I just said. So thanks for joining me, man.

Matt Mulcock:
Here’s the problem though, I’m going to get … This already has probably happened before, but now like I get on a consult call with someone and they’re like, “Oh man, I heard you were the smartest guy on the planet.”

Ryan Isaac:
They should think that. I think everybody should think that.

Matt Mulcock:
“Sir Ryan told me.” And then they’re like, “I mean, you’re just normal.”

Ryan Isaac:
No, I think you are normal. You are a very normal person, which makes it even better. And you have to honestly be one of the best financial advisors in the country.

Matt Mulcock:
You’re too kind.

Ryan Isaac:
It’s got to be true. So-

Matt Mulcock:
I’m just below you. To me this is like … Can we go MJ, LeBron debate here? It’s like, I’ll take that. You pick who’s who? But yeah, 1-A, 1-B.

Ryan Isaac:
Yeah, I’ll be … Who was that tall white guy from the ’80s who always had a face mask and always fought people? He had like the clear plastic face mask. I’m going to … Dang it, I wish I could remember the name off the top of my head. Someone’s going to hear this. Kurt Rambis, Kurt Rambis … You can be LeBron or MJ or Kobe. I’ll be Kurt Rambis.

Matt Mulcock:
No, I can’t be … Let’s be honest, I’m not going to be LeBron … I can’t. No, I’m not LeBron, or Jordan, or Kobe.

Matt Mulcock:
Yes, I’m definitely … If you’re Kurt Rambis, I’ll be Hornacek.

Ryan Isaac:
Oh man.

Matt Mulcock:
I’ve been known to hit a three once or twice in a rec ball, [inaudible 00:02:41].

Ryan Isaac:
Well, today we’re going to kind of talk about the entertainment industry. So this is kind of fitting.

Ryan Isaac:
The topic for today … And first of all, shout out to the illustrious Dentist Advisers Facebook group. Because last week I posted, I said, “Hey, help out with the episode. We’re going to be talking about famous songs that have either titles or lyrics about money and finances.”

Matt Mulcock:
We got some good responses.

Ryan Isaac:
Man, we had like 20 responses in there and there’s so many good ones. And so if you are not … If you’re listening to this, chances are higher with a dentist, if you’re listening to this.

Ryan Isaac:
And if you are, and you’re not part of the Facebook group, look, social media can be a little bit of a-

Matt Mulcock:
Angry place.

Ryan Isaac:
A hole in the earth that you really don’t want to fall into.

Matt Mulcock:
Yeah, divisive.

Ryan Isaac:
But our Facebook group is super nice. There’s almost a couple thousand people in there that are just helpful, experienced nice people. So you post questions. We talk about them on the podcast and-

Matt Mulcock:
Very supportive. We’re very supportive.

Ryan Isaac:
Very supportive. It never spirals. I love our group, never spirals.

Ryan Isaac:
So we posted about this. We’re going to start out first though. Matt, if you could be in any famous band history of the world, what band would you be in?

Matt Mulcock:
Oh, I was not prepared for this.

Ryan Isaac:
You were not prepared. I’ll let you think about that.

Matt Mulcock:
Yeah. You go first.

Ryan Isaac:
Because we’re going to talk about these famous songs and lyrics-

Matt Mulcock:
I got one.

Ryan Isaac:
Okay. What-

Matt Mulcock:
Queen.

Ryan Isaac:
Oh, okay. You’d be … So I don’t know how to say this, but would you be like …. You’re going to be in Queen. You’re going to be Freddie Mercury, right?

Matt Mulcock:
Yes.

Ryan Isaac:
My answer was Metallica.

Matt Mulcock:
Oh, Metallica is a good one.

Ryan Isaac:
So, am I James Hetfield? … Like in the history of the world, if I could join any band to be like the famous guy in a famous band, I think it would be … or Taylor Swift. I would just be Taylor Swift.

Matt Mulcock:
Yeah. Yeah. See, I was looking at it from the angle of like Queen to me is … They were so talented, and their shows … I think it would be more like just being a part of that band to witness their shows when they were at their peak, would be just incredible.

Matt Mulcock:
Like someone posed this question to me, actually relatively recent on a vacation. Someone said, “If you could go back in time and go to one concert, for one band, still around or not?” And my number one answer was Queen. I just feel like their show would be incredible.

Ryan Isaac:
That’s such a good answer.

Ryan Isaac:
So, all right. Those of you who posted in the Facebook group, we’re going to talk today about … I mean, this is kind of like a funny subject, but it’s going to be very applicable, but it’s kind of interesting because the media we consume shapes the way we think.

Ryan Isaac:
I mean, that’s, that’s just a given. I mean, I didn’t find a study on this or anything, but I’d be willing to bet that if you-

Matt Mulcock:
Let’s say you did though, just so you have a study.

Ryan Isaac:
Here’s the study I found.

Matt Mulcock:
Yeah.

Ryan Isaac:
I mean, I think the media we consume will shape the way we think about money. The movies we watch, or the TV shows, and music we listen to.

Ryan Isaac:
So let’s get into this. What I did is there’s so many songs, if you’re listening to this episode and we missed a good one, just go to the dentistadvisors.com/group Facebook group. And just tell us the song we missed,

Matt Mulcock:
Tell us what we did wrong and the song we missed.

Ryan Isaac:
Give us feedback, okay. But what I did is I took all these songs and I split them up into categories of financial topics.

Ryan Isaac:
So what we’re going to do is we’re going to take a song, a category, and we’re going to talk about the songs in these categories. And, we’re going to talk about, what’s the message here? What’s the principle being talked about? Is it healthy or not?

Matt Mulcock:
Yeah. It doesn’t mean it’s a good message.

Ryan Isaac:
No, it does not.

Matt Mulcock:
A lot of them are not good messages.

Ryan Isaac:
It’s not good financial advice, guys, in music, if you don’t already know that.

Ryan Isaac:
So we’re going to talk about, is it good or bad? And then we’ll talk about maybe some examples that we see dentists do in their financial decision making that are along these lines, and what they can do better, or some resources, because we probably talked about it before.

Ryan Isaac:
Category number one, we’re going to go with the biggest category. And I threw … There’s tons of songs here. But I threw all these songs under a category of general. And it’s mostly just like being greedy.

Matt Mulcock:
Which like most of the songs that we were looking at was like, this is generally greed, right?

Ryan Isaac:
It is, just general greed and yup, it’s just general greed, which is … I guess you could call it money psychology.

Ryan Isaac:
So let’s list a few of these money psychology songs. Notorious BIG, Mo’ Money Mo’ Problems. Not all greed.-

Matt Mulcock:
Can I be honest? That was the very first song … When you, when you and I were talking about it and you’re like, “Think of some songs that come to mind, when you think about money.” I’d like to know … We should do like a poll. What’s the first song that came to mind? Because I would imagine more times than not. That’s got to be top three.

Ryan Isaac:
Well, let’s stop there. All right. Mo’ Money Mo’ Problems. Do you think that is a true statement in the life of a dentist?

Matt Mulcock:
I think in certain ways, yeah, you could make that argument. I would say Mo’ money … I’m going to sound like the whitest person ever.

Ryan Isaac:
That is the widest pronunciation of the song title, but it’s what it’s called. So just call it what it’s called. Mo’ Money Mo” Problems.

Matt Mulcock:
Mo’ Money Mo’ Problems.

Ryan Isaac:
Do you think it’s true?

Matt Mulcock:
I do think more money creates more complexity, which can lead to a higher likelihood of causing issues. That’s what I’ll say.

Ryan Isaac:
I will say that money is a magnifying glass. So it’ll just make things better or worse. It’ll just magnify what’s already going well or bad. And what I think it magnifies in a lot of dentists. We talk about this a lot. One of the biggest mistakes financially dentists make, is just maybe lack of organization. Making … We call it, random acts of finance.

Ryan Isaac:
So as income goes up, cashflow goes up, and there’s just money all over the place. The random financial decisions tends to increase over time as well.

Matt Mulcock:
And the consequences are higher, right?

Ryan Isaac:
Yeah.

Matt Mulcock:
So I think it can create more problems if you’ve got a larger sum of money. This is what we talk about with investing, getting into that habit as early as possible. When the consequences small, like early, early on. Even if it’s a couple hundred bucks a month and get investing as soon as possible because the consequences are so little, but you start to feel what it feels like to see your accounts go up and down, when those consequences much higher.

Matt Mulcock:
So back to your question. Yes, I do think consequences are higher, complexity is higher. Technically yes, it can create more problems for sure.

Ryan Isaac:
Okay. Someone posted The O’Jays, For The Love of Money. Do you know that song?

Matt Mulcock:
I don’t know that. So I’m sure if I heard it.

Ryan Isaac:
I don’t know if we can play clips of this. It was like the premise of the song that like money makes people do bad things. So I think that’s probably true.

Ryan Isaac:
I mean, it’s for the love of money, people are doing like bad, dumb things for love money.

Ryan Isaac:
We’ve got another Notorious BIG/Puff Daddy, or Puffy, or.

Matt Mulcock:
P.Diddy.

Ryan Isaac:
P.Diddy.

Matt Mulcock:
What is he now?

Ryan Isaac:
I don’t honestly know. He’s just like rich living on an island, is what he is. It’s All About The Benjamins.

Matt Mulcock:
Yes. Is it though? I don’t know.

Ryan Isaac:
I mean, that’s like so classic. I don’t know. I mean, I think for a lot of people, it’s all about the Benjamins.

Matt Mulcock:
These are all still the greed category, right?

Ryan Isaac:
This is like general money psychology.

Matt Mulcock:
Yeah.

Ryan Isaac:
Bare Naked Ladies, If I Had A Million Dollars.

Matt Mulcock:
Yes.

Ryan Isaac:
You know that song?

Matt Mulcock:
Yup, that’s a good one.

Ryan Isaac:
It is just basically a list of like all the bad choices, like priorities and spending, the things I’ll go waste money on.

Ryan Isaac:
There’s a whole spending category we’re going to get to though, by the way. But Pink Floyd, Money, did you have that on your list?

Matt Mulcock:
That was one of the first ones too, is pretty much Mo’ Money Mo’ Problems. I kind of hate saying that because I sound so white.

Ryan Isaac:
Just let it happen.

Matt Mulcock:
That, and Pink Floyd, Money-

Ryan Isaac:
It’s the title of the song.

Matt Mulcock:
The two that popped in my head.

Ryan Isaac:
ACDC, Money Talks.

Matt Mulcock:
Yeah.

Ryan Isaac:
Yeah. Someone mentioned this earlier-

Matt Mulcock:
ACDC is really good.

Ryan Isaac:
Yeah. That’d be a classic band, if you’re going to go back in history and be a part of … And then, here’s a category though, for all of us out there desperate for love and affection, and attention, and validation. Is the Beatles, Can’t Buy Me Love.

Matt Mulcock:
Yeah.

Ryan Isaac:
Is that true? Can money buy love?

Matt Mulcock:
No. No.

Ryan Isaac:
I don’t think it could buy love.

Matt Mulcock:
No, I don’t think so.

Ryan Isaac:
So that’s our general category. General money philosophy.

Ryan Isaac:
We’re going to take a break, but let’s end this category on some advice then.

Ryan Isaac:
If you were to give … What’s the advice you would give on general money psychology, like how to be good with money, how to be smart with money. What’s one principle you would tell somebody maybe at the beginning of their career, how do you develop good, smart money psychology?

Matt Mulcock:
Yeah, I think, I mean habits to me, that’s what pops in my mind when I think of this. Is the earlier on, you can establish good habits, like we were kind of saying earlier, the better off you’ll be in the end.

Matt Mulcock:
I think your habits kind of create that relationship. And it’s a lot easier to do it early on. Again, when the consequences are lower, if you can establish those things early on, then later on, when it feels like it’s higher consequence, it’ll be a little bit easier to have that healthy relationship. That’s the first thing that comes to my mind.

Ryan Isaac:
I like that. I think habits. That’s a good one. Let’s just end it there. Develop good smart money habits early on. And if you have any questions about how to do that, where to begin, what that even means, how to even define smart money habits. Go to dentistadvisors.com, click on the education library. Man, there’s tons of places-

Matt Mulcock:
Yeah, it’s probably the first question they were saying is, or they’re asking is like, “Well, what are those habits?”

Matt Mulcock:
Well, we have tons of things on the website.

Ryan Isaac:
Tons of them on there. Go to the education library. Type in the word, “Savings”. Type in, “Spending”. Type in, “Investing”.

Ryan Isaac:
And you’ll see lots of things on how to, how to begin forming good financial habits.

Ryan Isaac:
So let’s, let’s pause there. We’ll take a break and we’ll be right back with some more musical categories.

Ryan Isaac:
Hey, Matt, what do you like to drink or snack on, when we do our webinars every month?

Matt Mulcock:
That’s a good question. I’m usually hitting a Red Bull, but it’s hard because It’s an evening webinar.

Ryan Isaac:
Yeah. These evenings webinars taking place 6:30 PM mountain standard time.

Matt Mulcock:
Mountain time.

Ryan Isaac:
Once a month.

Matt Mulcock:
Where do you find it?

Ryan Isaac:
Well, if you’d like to find the webinar or you’d like to register for it, you go to dentistadvisors.com/webinar, or just go to the website and click on webinars under the education tab.

Matt Mulcock:
It’s a good time.

Ryan Isaac:
It’s a great time. What kind of things do we cover in our webinar, Matt?

Matt Mulcock:
So each month we’re going to hit an element, right? So it’s going to be some component of your financial life. We’re going to dive a little bit deeper than we would like on the Dentist Money Show, right? We get to draw pictures, there’s live polls, you can ask questions.

Ryan Isaac:
It’s great time.

Matt Mulcock:
Yeah. It’s a good time.

Ryan Isaac:
Well, we’d love to see you in attendance at one of our fantastic webinars. Just go to dentistadvisors.com. Sign up today for the next one. Thank you very much.

Ryan Isaac:
And so let’s talk about the spending songs. Man, there’s some good spending songs. I feel like that’s the most fun song about money, is spending it.

Matt Mulcock:
Oh, yeah.

Ryan Isaac:
I’m going to start with my favorite on this list. Oh, I have … Dang it. I have two favorites on here.

Ryan Isaac:
I’m going to start with an artist named Tony Sly. He was the lead singer of an amazing punk band called No Use For A Name. And-

Matt Mulcock:
Of course, you’d have … This is on your list?

Ryan Isaac:
Yeah, it was on my list.

Matt Mulcock:
Some obscure punk band?

Ryan Isaac:
Yeah. Not obscure, man. If you’re a punk fan, do not call it-

Matt Mulcock:
Was that offensive?

Ryan Isaac:
Obscure. That was a little … RIP Tony Sly, he’s no longer with us anymore. But he has a song called Discomfort Inn, and there’s a line in there that I’ve always loved, I thought it was really cool. It says, “A poor man with a rich man’s habit is a dead man.”

Ryan Isaac:
Check that, “A poor man with a rich man’s habit is a dead man.” So basically if you don’t have the money, don’t act like you got the money.

Matt Mulcock:
Don’t act like you do.

Ryan Isaac:
What’s the principle there? You graduate as a dentist, you’ve been in school for a decade plus. You’re tired, burnt out, you want a paycheck, you want to spend a little “skrilla”, as they call it on the internet.

Matt Mulcock:
Yeah, of course.

Ryan Isaac:
And you get ahead of yourself. You’re like, “Well, let’s go dream house and Tesla, before I get my first job.”

Matt Mulcock:
Let’s just do it.

Ryan Isaac:
“Before I get approved from the bank to buy in as a partner on my first practice, let’s go dream house and Tesla.” And just don’t go dream house and Tesla yet, do it later. Get your practice first, do it later.

Ryan Isaac:
But here’s some more songs on the list. I was going to say my second favorite, I’ve just loved this song. And there’s been some really great covers of it, Ariana Grande, Seven Rings.

Matt Mulcock:
Oh yeah.

Ryan Isaac:
And this is like the most human nature thing about spending the line, it’s the chorus, “I see it. I like it. I want it. I got it.”

Matt Mulcock:
It’s that simple.

Ryan Isaac:
I see it. I want it. I like it. I got it. And that’s how we spend money. That’s how humans behave with money-

Matt Mulcock:
Wait, hold up. I thought this whole thing was going to be you singing all of these songs. I thought that was the whole thing.

Ryan Isaac:
Yeah. People have told me that I do have kind of a pitch and a range similar to Ariana Grande.

Matt Mulcock:
Yeah.

Ryan Isaac:
It’s pretty close.

Matt Mulcock:
Yeah.

Ryan Isaac:
And hair actually, funny enough.

Matt Mulcock:
Similar hair, similar body type.

Ryan Isaac:
Yeah. Exactly.

Matt Mulcock:
All of the above.

Ryan Isaac:
Yep. I’m probably just 105 pounds bigger than she is, but it’s pretty similar.

Ryan Isaac:
All right. So let’s do some other songs on the list. We got Shania Twain, Ka-Ching. I’m a huge Shania Twain fan.

Matt Mulcock:
Yeah. I can’t say I-

Ryan Isaac:
Know the song?

Matt Mulcock:
I think-

Ryan Isaac:
Do you know the song Ka-Ching?

Matt Mulcock:
Yes. I think I’m pretty sure I do. Again, all these songs … I like if you played it, I know I would know it.

Ryan Isaac:
That’s true. … We got Madonna, Material Girl.

Matt Mulcock:
Oh yeah. Of course. Will you sing that one?

Ryan Isaac:
Will I sing it? No, I will not sing it. No. That is it, you can just hold that in your pocket the whole time. [crosstalk 00:16:04]

Matt Mulcock:
Yeah. I feel like [crosstalk 00:16:04].

Ryan Isaac:
Shout out to big Reese Harper, if he were here, he would be singing it.

Ryan Isaac:
We got a guy named Chris Janson, this song called, Buy Me A Boat. Do you know that song? It’s talking about how-

Matt Mulcock:
It’s like a country song? I feel this is country.

Ryan Isaac:
He’s talking about how … Yeah, money might … I think this is the song, is money might be the root of all evil and all this stuff, but hey, I’d like to try it out. And I’d start with … Start with buying me a boat and get me a truck to pull it. And I think like a Yeti cooler and some silver bullets.

Matt Mulcock:
Oh, it’s definitely a country song.

Ryan Isaac:
It’s so good. It’s so good.

Matt Mulcock:
Yeah.

Ryan Isaac:
I got a favorite of mine. Drake, Crew Love. Talks about in that song. … I’ve been listening to this for years and I’ve always thought, “Man, this is such a good financial planning topic.” He always talks about how he’s never been one for the preservation of money, and he just likes to spend it now. I’m like, that’s how humans act.

Matt Mulcock:
Not the most … Probably not the healthiest of habits to create.

Ryan Isaac:
None of these are healthy. Except for one, I did find one that was good spending advice. And in three seconds, if I played this song, you would just be like moving dude. He’d be like feeling it. Macklemore, Ryan Lewis, Thrift Shop. Can you hear the …

Matt Mulcock:
I can literally hear the beat in my head right now. It’s so good.

Ryan Isaac:
So Thrift Shop, and he’s like, “Hey, go spend money at cheap stores and enjoy it. And it’s a good experience.”

Ryan Isaac:
So let’s pause there for a minute though, and talk about … Again, we have hours and hours of video, and podcasts, and webinars on spending, how to control your spending, how to track your spending.

Ryan Isaac:
The reason why budgeting does not last past 30 to 60 days. And what you can do to keep a budget without budgeting.

Ryan Isaac:
That’s really clickbaity isn’t it does that work?

Matt Mulcock:
It’s very click baity. And I love it.

Ryan Isaac:
Would be something like, “The secret to budgeting without budgeting.”

Matt Mulcock:
Yeah.

Ryan Isaac:
“Go to dentistadvisors.com.”

Matt Mulcock:
On our next episode …

Ryan Isaac:
Yeah. Honestly, that’s what it’d be. But there is, there’s a way that we’ve been able to help hundreds of dentists stick to a budget, not spend too much money and save enough, save more than enough without budgeting. And that’s real. That’s true. That’s not just click bait that doesn’t work for any more works for anybody.

Ryan Isaac:
So, we’ve covered it plenty, but I guess that’s the principle here is most of the things we listened to just tell us to spend the money and not think about it. And don’t worry about tomorrow, except for Macklemore and Ryan Lewis, shout out to those guys for telling us … Coupons.

Matt Mulcock:
Yeah. How original. I mean, that is the definition of originality. When you are a rapper and you are talking about saving money-

Ryan Isaac:
Which where going to get to.

Matt Mulcock:
Or spending less money and like being smart about spending. That’s art right there. I got to tell you.

Ryan Isaac:
Well, let’s go right to what you’re going to say. And under the category of savings, I think there’s only one song here that is the most appropriate fitting song. It is like the … It’s counterintuitive for the genre, as is the artist himself, in a lot of ways.

Ryan Isaac:
And it’s kind of the answer to what we’re just talking about. How do you budget without budgeting? How do you make sure you don’t spend too much money without micromanaging a budget with you and your household, and your family, and your spouse all the time?

Ryan Isaac:
And that is saving enough money. It is micromanage your savings. It’s depending on your income level, make sure you’re hitting a healthy percentage of gross income for savings.

Ryan Isaac:
So the song that we have to represent that category, which represents it so well, do the honors. You got this.

Matt Mulcock:
Yeah. It’s by Lil Dicky. His real name is Dave Burd. He’s blown up, I feel like a little bit in 2020. He’s been on of the winners of 2020.

Ryan Isaac:
LD’s huge. He’s got a show on FX called Dave. That’s unreal.

Matt Mulcock:
We do need to make a caveat here, a little asterisks, right?

Ryan Isaac:
Yeah.

Matt Mulcock:
Get star down there at the bottom, this isn’t necessarily what we’d call family-friendly? Like his show?

Ryan Isaac:
Yeah, that’s probably true.

Matt Mulcock:
Right? Let’s just be honest about it.

Ryan Isaac:
Don’t pull up the show or most of his music in front of the kids.

Matt Mulcock:
Yeah, exactly. Don’t think you’re going to get together around the TV on a Saturday night with the family and watch this. But he’s incredible. And he truly is incredibly talented, but the song is called, Save That Money.

Ryan Isaac:
Save That Money. So here’s, what’s actually kind of some cool backstory, you can find this on his YouTube channel. Again, his name is a Lil Dicky. L-I-L.

Ryan Isaac:
There’s a plethora of hip hop artists that start with Lil, by the way.

Matt Mulcock:
Oh yeah.

Ryan Isaac:
I’m calling a market top in hip hop artists.

Matt Mulcock:
It’s a bubble. It’s for sure a bubble.

Ryan Isaac:
We’re in a little bubble. Folks, we’ve found ourselves in a little bubble.

Ryan Isaac:
It’s actually kind of a cool story. So he’s a rapper and among other things, he’s a really talented guy. So he had this idea of making a rap song and a whole rap video instead of spending insane amounts of money about saving it.

Ryan Isaac:
And he has a behind the scenes on this video.

Matt Mulcock:
It’s incredible.

Ryan Isaac:
It’s insane. What he actually did. And this is so admirable, is he went around in all these rich neighborhoods, and car dealerships, and yacht clubs. And he asked if he could borrow people’s stuff to feature in his video that he shot basically for free.

Ryan Isaac:
So for example, he went knocking doors on mansions in Beverly Hills, until someone let him and his camera crew in to film him just like-

Matt Mulcock:
And they did.

Ryan Isaac:
They did, like just bawling out in this mansion in California.

Matt Mulcock:
It’s amazing.

Ryan Isaac:
They did it. They went down to appear where they had yachts. He put his whole crew on someone else’s yacht and shot that he did it in front … Oh, he found another rapper who was shooting a video with a bunch of expensive, exotic cars. And he went in his video.

Matt Mulcock:
Huge rapper, by the way, T-Pain.

Ryan Isaac:
T-Pain, he went on his video set and he used his background, and all of his people and his cars for his video. He went to a Lamborghini dealership, or with maybe Ferrari, and-

Matt Mulcock:
I think it was Lamborghini, yeah.

Ryan Isaac:
Test drove the car and shot. So anyway, this whole video, Save That Money, if we had one takeaway message from … I think I speak for the whole Dentist Advisors crew.

Ryan Isaac:
From the whole Dentist Advisors crew, one message to save your financial future, and improve it immediately, is save that money. Like that’d be honestly the biggest takeaway message from all of us, I feel like this is like a Christmas greeting from all of us here at Dentist Advisors-

Matt Mulcock:
Dentist Advisors.

Ryan Isaac:
“We wish you a happy holiday season, and save that money.”

Matt Mulcock:
Yeah, we’re to save that for December. [inaudible 00:22:32]

Ryan Isaac:
When this comes out, I’m going to leverage the heck out of this on Twitter to see if I can get him to …

Matt Mulcock:
I was just thinking the same thing.

Ryan Isaac:
I got him to retweet me before, and if he could retweet the episode, be like, “Look, you are now the financial guru to thousands of dentists all over the country saved up money.”

Matt Mulcock:
And then get them on the show, and that would be incredible.

Ryan Isaac:
That’d be great. So anyway, that’s the one we came up for savings.

Ryan Isaac:
Let’s take a break. I got a couple of other categories here, and some famous songs that break this down. We’ll be back in a minute.

Ryan Isaac:
We wanted to take a break for just a second to remind you how easy it is to book a free consultation with one of our dental specific advisors.

Ryan Isaac:
What you do is you go to dentistadvisors.com and you’ll see a big green button that says, “Book free consultation”, click that button and book a time that works for you. Or you can just call us at 833-DDS-PLAN. Let’s start a conversation about how we can help you with your finance.

Ryan Isaac:
Let’s hit a few more categories here. I like this one. One thing we talk about, one piece of advice, financial advice we give dentists all the time, is if you want to improve your financial decision. And I’ll add the caveat, I think this is maybe one of the biggest, greatest financial planning tools a dentist control over that every dentist has control over, which is earning. It’s earning money, it’s income potential.

Ryan Isaac:
We talk about the value of lifetime earnings a lot on the show and the longer I do this job and the more dentists I watched progress through their career and near those later years, the more I just really believe in the power of longevity in the career of dentistry. At this point, I’d much rather see a dentist choose a path that allows for more longevity. Maybe you make a little less money.

Matt Mulcock:
Not burning themselves out.

Ryan Isaac:
Don’t burn out. Don’t go too big, too fast. Go for longevity because you can earn so much money on a day, a week in dentistry later in your life, two days a week. It makes a huge impact, I mean, let’s say it’s even $50,000 a year, $75,000 a year. I mean, maybe it’s $100,000 a year on two days a week.

Ryan Isaac:
When you’re in your sixties, that money not coming out of a portfolio makes gigantic differences.

Matt Mulcock:
Huge.

Ryan Isaac:
In when you take social security, and when you take money from a portfolio, and how you can invest … I mean, it affects the way you can invest things-

Matt Mulcock:
Yeah. Compounding allowing yourself to get a better value out of compounding.

Ryan Isaac:
Huge. I mean, it’s so big. So this category of, of earning potential.

Ryan Isaac:
The first one I thought of this, this morning, and there was two that I put in here. One of them was … I’ll go with the first one. It’s kind of old school. I used to listen to this back … This is a total ’80s song, but it’s Pet Shop Boys, the songs called Opportunities. But, it’s let’s make lots of money. “I’ve got the brains, you’ve got the looks. Let’s make lots of money.” You know, that song?

Matt Mulcock:
That’s a good one. Yeah.

Ryan Isaac:
By the way, I hope that this is like inspiring people to push pause, and just go [crosstalk 00:25:32] –

Matt Mulcock:
I was going to say, turn us off and go turn these songs on [crosstalk 00:25:36].

Ryan Isaac:
Go listen to the frigging Pet Shop Boys. But, I also thought of one of my favorite albums that’s coming out in a long time, which was the Lover album by Taylor Swift. The song, The Man-

Matt Mulcock:
T.Swift.

Ryan Isaac:
As a little shout out to income inequality between men and women.

Matt Mulcock:
Yeah.

Ryan Isaac:
I was thinking about it this morning-

Matt Mulcock:
We can’t get political. We can’t get political [crosstalk 00:25:55].

Ryan Isaac:
I’m a politically agnostic for purposes of this show and publicly, okay. But that’s just data. It’s just data.

Ryan Isaac:
So Taylor Swift, The Man, talking about income. But yeah, I mean this, this tool of income and earnings. So I would say there’s probably two parts of this. One of them would be what we were just talking about career longevity, and stretching a career as far as you can, has just huge positive impacts on your net worth and your returns in your accounts.

Matt Mulcock:
And can I just say like, just focusing on yourself and your human … Investing in yourself as early as you can coming out of school. Which leads you … So whether that be CE or whatever it is. Your skill set. Investing in the practice early on.

Matt Mulcock:
I think those things pay dividends throughout your entire career. If you focus on how do I build my income up as early and as soon as I possibly can.

Ryan Isaac:
Oh yeah. I mean that’s like such a huge key.

Ryan Isaac:
Great. Let’s jump to … I found one for estate planning.

Matt Mulcock:
What? Okay. I got to hear this.

Ryan Isaac:
Which is one of my favorite songs lately after a while. Actually, there’s such a funny story to this song, but it’s a Drake, Money In The Grave.

Matt Mulcock:
Oh dude. That’s like top five.

Ryan Isaac:
When I die put my money in the grave, I thought … Drake didn’t mean to, I don’t think. But he gave a great estate planning message.

Matt Mulcock:
He really did.

Ryan Isaac:
People ask about that a lot. Dentists ask about like, “What should I do for estate planning? How does it affect me?”

Ryan Isaac:
I would say the most common thing that we see with estate planning for dentists, are just some basic wills and trusts. A lot of it has … Most of it early on in the career, throughout the career has more to do with just like medical directives. What do you do with kids? How do you direct insurance policies, that kind of stuff. And trust, maybe a trust owns an insurance policy. Maybe it owns some assets that you have some bank accounts or something.

Matt Mulcock:
Yeah. I would say the number one just on the estate planning topic, shout out to Drake again.

Ryan Isaac:
He’s listening. [crosstalk 00:28:01]. He has like 50,000 square foot mansion somewhere.

Matt Mulcock:
Yeah. We’ll get you on the show as well. It’ll be a Lil Dicky first, and then you.

Ryan Isaac:
And were a little backed up Drake.

Matt Mulcock:
Yeah, we’re backed up. We’ll get you on the list.

Ryan Isaac:
You got a few months. We’ll get you on.

Matt Mulcock:
Exactly. We got Macklemore, Lil Dicky. You what? We’ll get you on the list. I think the number one mistake or things that people don’t focus on as much on the estate planning front is, I think when people think of estate planning, they think of like, what happens when I die. That’s normal, right?

Ryan Isaac:
Yeah, totally.

Matt Mulcock:
It’s the same thing with insurance. It’s like life insurance is usually like a people just, it’s like a foregone conclusion. I need a life insurance.

Matt Mulcock:
What they tend to not think about as much. And what’s hard about this, is it’s more likely actually then like an early death, is what happens if I don’t die, but I become incapacitated and cannot make decisions on my own? Whether that be medical decisions or financial decisions. That is a critical part of estate planning, a state plan, for sure.

Ryan Isaac:
And that’s not an expensive thing to get set up and it’s not something that has to be revisited too often until maybe you have another kid, big life event.

Matt Mulcock:
A life event.

Ryan Isaac:
A life event. So we’ll end the segment on estate planning, going back to the lyrics. When I die, put my money in the grave. If you don’t have a good estate plan, probate is basically the grave and it’s just going to be dug underground and it’s going to be a mess to get back out. All right.

Ryan Isaac:
All right. Couple more quick categories here. We’ve got … This is my favorite one on investing. A few people posted this, suggested it as a good one. Kenny Rogers, The Gambler.

Matt Mulcock:
Of course. That one is classic.

Ryan Isaac:
[crosstalk 00:29:39] hold them. Do you know when to fold them? Do you know? I don’t. I don’t know how to play casino games.

Ryan Isaac:
Yeah. Do you know when to walk away? I don’t know if that message will ever get too old in teaching people how to invest because the unsexy truth about investing, let’s just say in stocks, for example, it isn’t mutual fund selection.

Ryan Isaac:
I mean, these things matter, right? It’s not mutual fund selection or which ETS should I pick? It’s whatever you end up building. Can you stick to this thing for a long period of time without getting distracted of wanting to go tinker and fiddle, and be a gambler, and think that, you know, when to hold them and when to fold them and when to walk away.

Ryan Isaac:
Because my experience in, I admit it’s just limited experience, I’m just a financial advisor for dentists. I’m only 40. [crosstalk 00:30:33].

Matt Mulcock:
One of the best ever.

Ryan Isaac:
The best ever.

Matt Mulcock:
Kurt Rambis.

Ryan Isaac:
But, I am Kurt Rambis. I am the Kurt Rambis of financial planners for dentists.

Matt Mulcock:
We just got your new nickname right there, Sir. Sir Kurt Rambis.

Ryan Isaac:
But, there are organizations, and studies, and Nobel prize winning scholars out there. There’re more data than you’d ever care to look at that I think shows that we get distracted easy. Okay. And we think that we know when to hold them and when to fold them, and when to walk away.

Ryan Isaac:
But we as humans mess up investing a lot by trying to tinker too much. I’ve had a handful of those conversations this week alone. Just this week about opening Robin Hood accounts on the fly. About going all in, on some tech stocks that seem like they could never come back down, because they’re just … And so the gambler, just anytime you get a little tempted, just start remembering that … Do you know when to hold them? Or, do you know when to fold them?

Matt Mulcock:
The answer is no, you don’t.

Ryan Isaac:
The answer is no.

Matt Mulcock:
So, own stocks forever. That’s the only answer.

Ryan Isaac:
There you go. The Beatles, The Tax Man, classic.

Matt Mulcock:
Of course.

Ryan Isaac:
You know that song? We have a ton of resources. It’s a really common question actually for dentists. “Do I pay too much in taxes?” Or, it’s more of a statement, “I pay too much in taxes.”

Matt Mulcock:
Yeah. Exactly. It’s a statement. “I pay too much. Show me the secrets of how I pay less.” That’s what it is.

Ryan Isaac:
It’s not always true. We did a webinar that’s really good. If you go to the website, dentistadvisors.com, click on the webinar section.

Ryan Isaac:
There’s a webinar we did late last year, 2019, called, Are You Paying Too Much In Taxes? And we did it with a CPA named Morgan Hammond, and it was excellent.

Ryan Isaac:
I think we ran through the top 7 or 10 most common tax write-offs for dentists like legal, actual common, legit stuff, and some tips for keeping tax rate low.

Ryan Isaac:
One last one. This is honorable mention category. And I was surprised that there is actually a song. It’s a really good song. I’ve never heard it before, but there’s a song in this category for insurance.

Matt Mulcock:
I mean, we’ve already hit estate planning. And you already surprised me on that one. So this doesn’t surprise me.

Ryan Isaac:
Insurance. There is an old, I mean, this is like old school blues artists named Jimmy Reed, pretty classic. You know Jimmy Reed?

Matt Mulcock:
I don’t. I can’t say I do. But I’m sure he’s great.

Ryan Isaac:
He has a song actually called, Take Out Some Insurance On My Baby.

Matt Mulcock:
Okay.

Ryan Isaac:
Take out some insurance on my baby. So there’s a-

Matt Mulcock:
Like an actual life policy? Did he specify?

Ryan Isaac:
Life insurance. And again, very common thing. Dentists actually have to deal with quite a bit of insurance and higher amounts of insurance than most people have to deal with, by a long shot.

Ryan Isaac:
Dentists have to carry more life insurance than the average person, more disability than the average person, because they spend more.

Matt Mulcock:
Malpractice.

Ryan Isaac:
Malpractice, all kinds of liability. Targets for lawsuits. I mean, when your net worth starts to build seven figures and above, you should have things in place to protect yourself. If someone ever sued you.

Ryan Isaac:
And part of that is your entity set up with your CPA and your attorney. Part of that is your estate planning, and your trust. Part of that is the insurance, liability insurance policies you carry.

Ryan Isaac:
It’s no small matter. So if you have any questions about that, again, the website’s full of that kind of stuff.

Ryan Isaac:
So do you have any parting words of wisdom, Matt, anything we covered today? Anything you want to share before we let everyone go with our special treat of the day?

Matt Mulcock:
I’m so looking forward to the special treat of the day, I’m really excited. I can’t even think about anything else, but I think just coming back to what you said, I want to highlight again. If you’re going to take anything away from this, it would be again, the habits like we talked about.

Matt Mulcock:
And when we talk about habits, the two things to be tracking starting right now, if you’re not doing it, starting right now, from now, moving forward, tracking your net worth and tracking your cashflow.

Matt Mulcock:
If you’re doing those two things and you understand the progress you’re making, and the levers you can pull to kind of tweak those things, you’re going to be in a lot better position moving forward.

Ryan Isaac:
Yeah, love it, man. And before the treat we’re going to leave you with here. If you have any questions, I feel like … I hope this episode is entertaining, because I had a lot of fun putting it together.

Matt Mulcock:
We liked it. We’ve had fun.

Ryan Isaac:
We had fun. That’s what matters guys. I mean, look-

Matt Mulcock:
It’s about us.

Ryan Isaac:
We’re here talking to ourselves, literally. But we appreciate … Man, more people than ever are tuning in to the Dentist Money Show. One thing that would help your colleagues and friends find the Dentist Money Show better, is to leave a rating on iTunes. That just helps the podcast bump up and more dentists can see it.

Ryan Isaac:
So if you can leave a rating, that’s just stellar. That’s amazing. That’s awesome.

Matt Mulcock:
It is.

Ryan Isaac:
I appreciate it. If you have any questions too, you can go to a dentistadvisors.com/groups, the Facebook group, post a question there we do Facebook lives. We use it for … We’ll answer those questions on podcasts, or I’ll answer them directly in the group. And lots of smart dentists in there that will chime in too. It’s really helpful.

Ryan Isaac:
Or you can go to dentistadvisors.com, book a free consultation with one of our very awesome advisors at any time at your convenience. Like I said, very awesome. So referring to you or Will, or Cody, or Jake. But maybe me.

Matt Mulcock:
If you’re lucky.

Ryan Isaac:
I’m not the first choice.

Ryan Isaac:
Okay. And to close this thing out, I’m just going to-

Matt Mulcock:
[crosstalk 00:35:54] You’ve teased it. And I’m excited.

Ryan Isaac:
Again, I always sound sarcastic. It’s just the curse of my voice. It goes along with my dumb face though. So it kind of works. But look, I’m not being sarcastic when I say this is one of the coolest things that’s ever happened to me in being a financial planner for dentists and almost 14 years now.

Ryan Isaac:
A couple of months ago, we did an episode. I think it was on spending. I think it was on spending. And I mentioned that I had a conversation with a client once who was talking about how they’re moving into a new house and they spend all this money as everyone does.

Ryan Isaac:
And the most annoying thing that he spent money on that still bothered him was that he had covers on a credit card. And I remember in that conversation with the client, we joked about it. I said, “Oh my gosh, man, that sounds like the most ultimate country song ever.” Covers on a credit card.

Ryan Isaac:
And then I shared this story on a podcast with Reese and I said, “Hey, if anyone out there knows how to write music and can write a country song, the covers on a credit card.” Well, someone did. Okay.

Matt Mulcock:
It’s incredible.

Ryan Isaac:
A fan of the show who actually had submitted questions in the past to the show, Michael Neff, who I believe might still be finishing up dental school, or he might just barely be done, freshly graduated. A friend of the show. All right, Michael shout to Michael.

Matt Mulcock:
And clearly a songbird, the songbird of our generation.

Ryan Isaac:
He’s so talented man. And I asked him, can we share this? Can I give you credit and share this? Because honestly, this was one of the coolest things that ever happened.

Ryan Isaac:
So we’re going to play you out on this episode here with Michael Neff’s, Covers on a credit card.

Ryan Isaac:
And as we wrap up the show on financial advice from songs, this is it. This is the capstone. This is the pinnacle of what you can do. So thanks everyone for tuning in, and we’ll catch you next time. Carry on.

Michael Neff:
I knew a man who couldn’t stop himself. He couldn’t get out from under his cards.

Michael Neff:
I knew his wife, and was an athlete herself. But damn, that’s an expensive car. They call him Doc, and he works three days a week, fix all our crooked teeth. And the cold makes a man feel weak. The cupboards on my credit card. [inaudible 00:38:29] on my loan. Dental school’s been breathing down my neck, and all this spending makes me feel alone.

Michael Neff:
Uncle Sam may have caused his rates, but we all know that won’t last for long. Got myself through all this school dates, just to be a doc spending all the way. And I said, I got cupboards on my credit card. Drawers on my own. Dental schools are breathing down my neck. And all this spending makes me feel alone.

Michael Neff:
Cupboards on my credit card. I [inaudible 00:39:41].

 

Behavioral Finance

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