What Dentists Want to Know — Listener Q&A #16 – Episode 247

Whether you’re accumulating over time or trying to decide what to do with a big chunk of money, you need to think strategically.

On this episode of the Dentist Money™ Show, Reese and Ryan answer two listener questions— ”What is the right savings rate for me at this point in my career?” and “What should I do with a sudden windfall?”

Whether it’s through slow accumulation, or sudden good fortune, having the right strategy for putting money to work makes a big difference when trying to grow your net worth. As always, Reese and Ryan have ready guidance for you—along with advice on the role of cash in both scenarios.

 

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Podcast Transcript

Ryan Isaac:
Hey, Dentist Money Show listeners. Thanks for joining us on another episode. Today, Reese and I are taking questions from the best community in the whole world, which is the Dentist Advisors. Dentist Money Show podcast, community from around the entire world and maybe the whole universe, we don’t know yet. Life is out there for sure.

Ryan Isaac:
Today, we’re talking about savings rate. What is the appropriate amount of income you should be saving for your income level? And we got a question. Someone asking, if you came into a big chunk of money this year, what would you do with it? What would be the most appropriate action to take with a big chunk of money this year, specifically talking 2020. So, thanks for tuning in. Thanks for joining us. Enjoy the show.

Announcer:
Consult an 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 or registered investment advisor. This is Dentist Money. Now here’s your host, Reese Harper.

Reese Harper:
Welcome to the dentist money show where we help dentists make smart financial decisions. I’m your host, Reese Harper. Here with my buddy and trusty old cohost Sir Ryan Isaac.

Ryan Isaac:
The new title, it’s because I am wearing our limited edition, better with a buddy tee-shirt.

Reese Harper:
We did a limited run of those tee-shirt folks, better with a buddy.

Ryan Isaac:
By limited, they all ended up in my closet. There was two my size and then a bunch of smalls.

Reese Harper:
Three larges. And-

Ryan Isaac:
So, it’s good to be a buddy and a trusted co-host. Good to be here today.

Reese Harper:
Welcome back.

Ryan Isaac:
Today, we’ve got The Dentist Money Show Q & A episode.

Reese Harper:
Love it.

Ryan Isaac:
[crosstalk 00:01:37] of gloriousness. Just a little shout out to everyone who submitted questions and here’s how you can submit questions because this is awesome. You can go, first of all, to the Dentist Money Facebook group, Dentist Advisors Facebook group. It’s dentistadvisors.com/group. And a lot of questions come from there. One of them is actually from today, got posted by long time friend and client. And we’re like, “Oh, that’s a great question.” So, you do that or you can email us ryan@dentistadvisors.com. Shoot me an email and ask question. We’ll put it on the show, but we’re going to jump into it. I’ve got a few questions here. We’ll see how much time we’ve got to do in the first one though.

Ryan Isaac:
This comes from the Dentist Advisors Facebook group, shout out to Greg. Greg says, “Hypothetically, if you came into a large sum of money today, let’s call it a third of your total net worth. What would you do?” He’s referring specifically to it’s 2020. If anyone’s listening much later, you’ll remember 2020 or maybe this doesn’t exist because the world ended next year. We just don’t know this yet, but it’s a crazy year. There has been a lot of uncertainty. There still remains a lot of uncertainty in a lot of people’s minds and in businesses and economy. So, he’s referring to the fact that if you came into a chunk of money that was a third of your net worth, what would you do today, given the fact that there is or it feels there is a lot of uncertainty. And it was a poll on our website and then he gave a bunch of options. Do you want the options or do you want to like leave it open-ended right there, Reese?

Reese Harper:
I want to know. Well, I’m curious what the options were that he gave in his poll.

Ryan Isaac:
Okay. So the options are, I don’t know how much background will matter. I mean, this is a pretty normal person with a practice, some real estate, some investment accounts, that kind of stuff. So option one was invest it slowly. So, you get this chunk of money, but because of this uncertainty, you dollar-cost average this chunk of money over a period of time. Option two was invest it all now in the same investment plan and allocation that you’ve currently been running. Assuming it’s the assumption that it’s current and it reflects all the changes coming up in your life. Keep it in cash he said for four to eight months, this was an option. Keep it in cash for four to eight months to wait out any potential crisis. There was a couple add-ons here, one of them actually deleted. So, we won’t repeat that. Another one was some alternative currency, Bitcoin, that kind of stuff. And then, someone else added real estate. So. Those are the options that ended up in the poll so far. So, what do you think about those?

Reese Harper:
Well, those are all very interesting and I’m going to like, why-

Ryan Isaac:
I voted by the way, in the poll. You’re probably going to like it.

Reese Harper:
Okay. Well, I’m going to tell you my thoughts and then you can tell me what you think.

Ryan Isaac:
Okay. All right.

Reese Harper:
One, a lot of this would depend on if I had any debt at all. And it depends on how leveraged my net worth is. When you look at someone’s net worth, some people could have a net worth, it’s like 90% a debt to asset ratio, or some people might have a 50% debt to asset ratio. Some people might have a 20% debt to asset ratio. So, depends on how leveraged am I really? How stable am I really? And then, of my assets, how are they mixed? Am I a real estate, heavy asset mix? Am I a non-qualified liquid asset mix? Do I have most of my assets all in my practice value? The valuation on my business. Is that all my… The bulk of my assets? And so, I would look at those two things. There is a point where I get uncomfortable with my debt to asset ratio. So, there is a point where I would want to pay down some debt depending on what the interest rates were and how high my debt to asset ratio was. So, that’d be like one consideration. Just because-

Ryan Isaac:
Let me ask you on that then, would this… I mean, the question was asking context of this year, which is totally, it’s very timely and a fair question. Would your answer change about your debt leverage?

Reese Harper:
Given this year?

Ryan Isaac:
Given this year or let’s say we’re in… I mean, what was a fine year? 2018 when the market’s up 30% and everyone seems happy or 2017? I don’t remember anymore.

Reese Harper:
Well, this year right now, I would probably be a little more conservative. Meaning, I would keep a little more liquidity and I would be more comfortable with a higher debt to asset ratio than I would be in years where I wasn’t… We weren’t in the middle of a global pandemic where I literally might have to shut my practice down again.

Ryan Isaac:
I was going to ask that. So, as a business owner, why do you think… Why does that come to mind that you would be okay holding more cash than normal? What are some of the reasons?

Reese Harper:
I just don’t want to leave my whole business and I don’t want to lose all of my ability to maintain my brand and market position. I don’t want to lose out to other people that add more cash because having cash during a crisis is the reason some businesses will keep marketing and competing and gaining the few clients that are available, where other ones just end up getting shredded. So, during a year like this, I’m more likely to, but I would still reference that before I just made a blanket statement about strategy, right? This is a super personalized decision. And one that is misunderstood a lot of times by dentist that would… I’ll get emails pretty regularly from people saying, “Hey, I know you guys can’t really answer this question without knowing more specifics about my situation, but here’s my question.”

Reese Harper:
And then, I usually respond back, “You’re right. I can’t answer that. Here’s a pretty limited response. Here’s a very limited response.” The best I can do for you, but you really do need to have someone look at your holistic financial situation, because I literally got one of those emails this morning. It’s just really hard to respond back to them. It’s like, “Give me an answer. What should I do with this?” The the question I got this morning was, “It’s just that I had a lot of debt. I need to replace a bunch of my equipment. And I’ve got a couple of serious needs that I have to do around here, but I’m also going to sell my practice soon. How should I finance this? And should I even consider replacing all my equipment right before I sell?”

Reese Harper:
I’m like, “This is a big question.” I can’t just answer that and be like, “Here’s your answer.” Yeah. I got to know how much liquidity you have? I got to know what your income was? What do you think the practice is worth right now? This is like a… But the assumption, I think a lot of people have is that they can get answers than more blanket statement.

Ryan Isaac:
Well, think about it. Yeah. As you’re saying that, I’m like… I’m thinking of a client that maybe I’ve worked with for years and years asking me that question, that’s still difficult enough to make a big decision with someone after you know… I mean, you know the vacations they like to take. You know the nonfinancial stresses that have been in their brain for five plus years or 10 years or whatever. I mean, you just know so much about someone. So, I think that’s a really good point. So, organization, to answer this question, really, you’ve got to be highly organized with lots of data that’s going to tell the story more than your emotions are going to tell this story, because emotions right now in 2020, you’re going to tell the story that it’s still bad, it’s going to be bad, it’s going to get worse, which might or might not be true. That might be true for the economy and not true for the stock market. And might be true for both, we don’t know.

Reese Harper:
I would say people are pretty conservative right now. And commercial real estate is getting a lot of pressure. And there are some systemic things in the economy where I’m like, consumer debt seems to be on the rise post-COVID, even after all the stimulus and this is a recipe for things that don’t look great. Right now, the outlook is modest. The same token, I could paint a picture that felt a lot more bleak than it does right now in 09 and 2010 and 2011. And if you internalized at that moment that the future was bleak and you stopped investing for even… Well, most people waited until 2014, 2015 to really start investing.

Ryan Isaac:
That’s exactly right.

Reese Harper:
You missed everything.

Ryan Isaac:
Yeah. The huge part of… Yeah. The market got better early. And then, the economy kept being crappy for a while and that’s totally possible.

Reese Harper:
So, I don’t know. I just don’t like playing. And some people will be like, “Well, the last 10 years of the stock market had done really well.” I’m like, “Well from 1992 to 1996, they did really well too. And then, from 1996 to 1999 they did 10 times better than they did the first seven years.” And then-

Ryan Isaac:
Then a decade of crap.

Reese Harper:
Then you had a decade of really bad returns. I mean, sometimes, my missing three years of highly inflated returns still throws off your 10-year average a lot. So, I don’t really like to… I just don’t like to invest. I was getting a haircut and I literally had this question with my-

Ryan Isaac:
Barber?

Reese Harper:
Yeah. With my barber.

Ryan Isaac:
I haven’t seen a barber in years.

Reese Harper:
Anyway. Question was posed to me, what’s going to happen with the stock market? What should I do with my accounts? Is this going to blow over? Should I get out? Should I move to cash? It’s like, it’s on everyone’s minds right now.

Ryan Isaac:
Yeah. So, if you went to the poll at dentistadvisors.com/group. A little shout out and you would vote dollar-cost average a little more slowly. As a business owner, you’d hold onto a little bit more cash normal.

Reese Harper:
Well, I wouldn’t dollar-cost average. I would still determine the bucket of my money that I was going to invest longterm indefinitely.

Ryan Isaac:
Yeah. I’d still just do it.

Reese Harper:
And I would do it all at once. And I would keep [crosstalk 00:12:12]-

Ryan Isaac:
Now, let’s point out [crosstalk 00:12:11]-

Reese Harper:
I would keep a larger portion of cash than I would normally keep it. I would just hold it into cash. I wouldn’t like slowly allocate it.

Ryan Isaac:
You do two answers if that’s allowable. It was pointed out in the comments by another smart person. Shout out to Clint that research has shown two thirds of the time, a lump sum investment will beat a dollar cost averaging investment over time.

Reese Harper:
That’s a wise response than the-

Ryan Isaac:
But emotionally, that’s not always easy. And okay, so you would vote for hold the chunk of cash, especially as a business owner. But if… My comment in there was assuming that we’re saying your current portfolio and your investment strategy is reflecting the fact that you’re about to get this chunk of cash, which probably changes your career path and what you’re going to do with income and business. Assuming that it does reflect that, then I would also invest in my current strategy. That’s what I voted on. But I didn’t pick two.

Reese Harper:
So, I think that’s generally the right way to invest is once you’ve earmarked money that you know, let’s say is… Every person’s going to have an amount of safe money or liquidity that they need, that’s not invested. It might be like… Maybe. You’re a one-year person. Maybe you’re a two-year person, maybe you’re a six-month person where you’re like, “I don’t want to invest any money in the stock market until have this much saved money.” Find out what that means for you in your life, in your comfort level, based on how you feel about your practice and your lifestyle expenses and ideally, talk to Sir Ryan about it.

Ryan Isaac:
Ideally.

Reese Harper:
But once once you’ve earmarked that, just start going for it because it’s never going to be easy. There’s not going to be one year where you like, “This is the year that I’m finally 100% sure that investing is going to be a cakewalk.” It’s not always going to feel stressful. With all right now-

Ryan Isaac:
It’s always be a story, right? There always be a story to cause some unease. Always.

Reese Harper:
I know this because I’ve been having these conversations for 20 years almost now. And it’s never… There’s not been one year where I haven’t had a fair amount of these conversations.

Ryan Isaac:
Yeah. Well, think about it in the years where I think it was 18 where the SMPs up 30% by the end of the year, that could have been 17, I don’t remember anymore, but even in that year, what was the discussion? Everything’s great. But then, the discussion is it’s too good. So, this can’t last. And then, everything gets bad and everyone’s like, “Well, this is going to keep going. This is going to be bad forever.” And so, I guess to close-

Reese Harper:
Yeah. It’s… Just the beginning.

Ryan Isaac:
To close that out, you would… If everything tanked and got worse, not only in the economy, but the stock market, which is important to distinguish, those are two separate things, that wouldn’t surprise you, but it also would not surprise you if things got better and fine and just kept growing, that wouldn’t surprise you either.

Reese Harper:
Well, I don’t even think about that.

Ryan Isaac:
You’re not attached to any outcome.

Reese Harper:
I don’t care.

Ryan Isaac:
It’s very [crosstalk 00:15:15]-

Reese Harper:
I don’t care what happens because I’m just… I don’t invest that way. My philosophy on investing is most people carry too much cash throughout their life. On average, more people carry cash than carry stocks. There’s more cash than… More people have real estate equity. More people have business equity. More people have cash. More people are uncomfortable investing and they carry more cash than they need. I’m not saying that there’s… On average, there’s very large pools of money around the world that invest in stocks. But a lot of consumers just never really commit to an investing strategy.

Reese Harper:
And so, if you look at the two extremes, one is you sit in cash all the time and worry and never really invest, which no one’s really that extreme, but that’s one extreme. The other extreme is every cent of money that you spend… Or that sorry. Every cent of money that you have to invest is always 100% in the stock market all the time, except for, let’s say one month worth of living expenses. And you peel your one month’s worth of living expenses out of your stock portfolio every month, but your paychecks get deposited in your stock portfolio, you’re that aggressive. Okay. 24/7 stock investor. Over a 30-year period. I know which person’s going to be in better shape. I know which person is exponentially higher net worth.

Ryan Isaac:
Not linear. Yeah.

Reese Harper:
And so, that philosophy drives a lot of what I think about when it comes to investing. Most people just don’t ever commit to an investment philosophy that’s consistent and they don’t expose their money to enough growth and they don’t take enough risk. And they just constantly obsess about what the bad things that are going to happen to them, to their family, to their kids, to the world, to their community, to their school districts, to their companies, to everything. They’re just worried about the things that are going to go wrong. And that stops them from investing for the future in a confident way with their finances.

Reese Harper:
And I mean, I don’t want to globalize that around everything. I’m just saying that affects people’s investment like philosophy. And I think if more people aired on the side of, “Hey, I’m just going to be an investor and I’m going to deal with the volatility because I know at any given time I don’t need my whole portfolio. I just need like one month’s worth of living expenses to get me another 30 days.” And you’re going to be in better shape on average. I would love to hear people’s debate though, and their pushback on the poll. Because I don’t think I’m right every time, okay? And I would love to know what everyone thinks.

Ryan Isaac:
Yeah. I mean, I’ll just add. You’ve probably experienced this in the last few months and talking to practices around the country, it’s pretty normal that people are whole holding more cash in the business. And for the purpose of protecting the business, not really timing the market, I’m just talking to more people that are normally sitting on a month’s worth of expenses that are now sitting on three. And they’re just like, “I just don’t know what’s going to happen with a slowdown in dental spending. So I want to be prepared for that.” And most of the time it doesn’t have to do with timing the market.

Reese Harper:
That’s totally reasonable, I think right now.

Ryan Isaac:
It’s totally rational. It’s very, very reasonable. All right. Before we hit another question, let’s go ahead and take a quick break and we’ll come right back.

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. What you do is you go to dentistadvisors.com and you’ll see a big green button that says book free consultation.

Reese Harper:
Can’t miss it.

Ryan Isaac:
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 finances.

Ryan Isaac:
I’m going to take a question now, this came from a… It’s emailed to me from a doctor in Texas. Thanks for sending this over. If you’re listening, you know who you are. It’s very cool. This one should be a little bit more concrete to answer with data. This question was basically, “How do I know what is the most… What is the ideal savings rate percentage for my income? Is it the same ideal percentage across the board? Or how does that change with my income?” So that was the open question and probably a lot easier. We’ve talked about this a lot on the show before, but we can just recap this real quick, because it’s a good pointy little question.

Reese Harper:
And the income level was?

Ryan Isaac:
Didn’t say. He’s just saying like, because he had heard us mention 20% savings rate that we’d like people to try to hit and maintain, which could be too low based on your income, but also could be a little too high and unachievable on some other income. So-

Reese Harper:
Okay. So, the question is?

Ryan Isaac:
What are the ranges and what are the corresponding ideal savings rate percentages? And we’ve definitely covered this topic with other content quite a bit and we reference it a lot. Savings rate is in my opinion, one of the most important indicators on someone’s current financial health and where they’re headed in the future. So, there was a podcast we did episode 219 called, “Why a 10% savings rate won’t cut it for a dentist.” So, go to dentistadvisors.com, click the podcast and search for episode 219, or if you’re a reader, if you’re more of a reading type than the listening type, although I’m the listening type on like 1.5 speed. There’s an article, you can also find in the education library at dentistadvisors.com called, “Dental Finance 101, the 10% savings rate myth.” So, there’s a couple pieces there, but what would you say to this Reese?

Reese Harper:
If I see someone’s… The only answer to this question for dentist or an occupation, it’s because it’s savings rates are very specific to people’s debt levels and the average income of their occupation-

Ryan Isaac:
The typical spending too. Yep.

Reese Harper:
And so, when you look at dentists on average, it would probably be a little bit generous to say the national average GP income is 200,000. It’s going to be a little less than that, but at that income level, a 20% savings rate would be pretty admirable and-

Ryan Isaac:
At a 200 income? Yeah. Okay.

Reese Harper:
Yeah. I wouldn’t expect to see it that high for most people. And so, if you were able to achieve that, especially if you were in a relatively expensive Metro market, say California or Seattle, New York, that’d be really incredible. If you’re in the Midwest and your cost of living is pretty low and you have that income level and your taxes are relatively low. In some cases, your state taxes don’t even exist, then it’s probably doable, but I would not… I think a lot of this has to do with the region that you live in. Let’s just do this. Let’s say that a 40% savings rate, I have only seen a handful of times in my career. When someone’s hitting a 40% plus savings rate. I mean, it’s like the top 5% of savers across our whole clientele.

Ryan Isaac:
And it’s usually happening because spending is below average.

Reese Harper:
And income is very high.

Ryan Isaac:
And income is very high, which is a weird combination. It’s not common to find someone with a very high income who’s just extremely frugal on spending. We met him.

Reese Harper:
Yeah. But those people, I mean, they’re in our… We have an article on our site that talks about financial personalities and one of the financial personalities is an accumulator. Someone that’s pretty frugal and cuts… They’re coupon clipping and they’re used car buying and they’re-

Ryan Isaac:
Even at seven figures of personal income.

Reese Harper:
They’re never Grubhubbing or DoorDashing, they’re always-

Ryan Isaac:
Nope. Take that up.

Reese Harper:
What’s that other site? Grouponing it, you can tell which ones I’m using right now by my memory. More DoorDash, less Groupon.

Ryan Isaac:
It was are very personal response.

Reese Harper:
Yeah. Highly personal. Anyway, I mean that person can maybe be in the 40% savings rate. 30% savings rate is really impressive, but frugal people with high incomes were able to hit that pretty consistently. Could someone at $200,000 hit a 30% savings rate? Yeah, of course. I mean, that’s just saving $5,000 a month. If you’re a 200,000, a 30% savings rate is 60,000 a year. Can someone do that?Totally.

Ryan Isaac:
Which is like a doctor and spouse on a simple IRA and a couple thousand on a brokerage every month, then you got it.

Reese Harper:
Yeah. But does that happen very often? No.

Ryan Isaac:
It’s tough.

Reese Harper:
Usually, housing and personal living expenses are well over half of the income. And debt is, depending on the house that they’ve chosen and the education that they got, if they’re a USC grad and USC trained. I’ve seen a few people on Instagram posts that lately, the USC trained.

Ryan Isaac:
Really?

Reese Harper:
Go Trojans. All I’m thinking is like, “Oh man, they’re probably super qualified.” But it’s expensive. A lot of these schools are really expensive. And so, if you’re just not going to be able to hit that high of a savings rate at 200,000 a year, but you definitely should be able to hit a 20% savings rate if your income is higher than the dental average.If you’re in the mid to high twos and above, there’s probably not an excuse to not have a 20% savings rate. At some point and the state you live in.

Ryan Isaac:
At some point, maybe there’s a short period of time when you’re having to just spend a lot getting the practice up and running or the new building or something.

Reese Harper:
What you meant was getting a new pool and getting a new furniture in the home and the guest home.

Ryan Isaac:
What I really meant was, he was spending money on depreciating assets that are worthless in this stupid house that you live in.

Reese Harper:
Then the 10% savings rate. No excuse ever. I don’t care what your income level is. I don’t care how much or how little you make. You can save 10% of your income.

Ryan Isaac:
Yeah. I agree with all that. I think those are great, I’d love to see a new grad, a new associate try to hit a 15% savings rate consistently. And anyone who’s hitting mid career stride, peak earning, who’s above 3 and 350 of income, that 20 to 25% range should be a goal. But it’s really cool to see though how fast that actually builds up and the opportunities that gives someone in not that long of a time, but also the mental pressure release that that is. Maintain a 25% savings rate for five years and you’re like, “Whoa, I’ve got six figures in the bank and feels better. I’m more willing to grow the practice, take a little bit more risk. I’m more willing to carry that debt for a little bit longer to keep going.” And it just opens up a lot of doors for people.

Reese Harper:
It’s a real… It’s a big accomplishment for someone to hit that high of a savings rate. It’s hard. It’s really hard. 25% savings rate, that’s hard to hit. There’s a point where a lot of our listeners are above average earners, but let’s say that our average listeners probably making 30 or 40% more than the average dentist. So, their income’s going to be 100,000 more right than the average of the average dentist is at 200 or 185 or 210. And so, what I’ve noticed though at that income level is some people will be going backwards still. They’re making that much money and they’re literally going backwards. There’s no savings rate. It’s a negative savings rate, negative 5%. They’re just falling behind. And some people have a 30% savings rate and they are just absolutely destroying it and doing… Really moving in a positive direction.

Reese Harper:
It is so easy to spend 15 to 18,000 to $20,000 in a month and people think they’re being frugal. And there’s nothing wrong with that. I mean, it’s just depending on how high your income really is, you’re either just going to never get ahead or you’re going to be like totally, financially independent at an early age with tons of security. It’s not an easy thing. I’m speaking from experience after having spent that much before and thought I did really well and looked back and I was like, “Oh, where did all that go? Are you serious? What just happened?” Can you believe that… It’s like, I was talking to my trainer this morning. I’m like, “Man, I’m not going to be able to ever dial in my diet perfectly.”

Reese Harper:
But I can tell when I’m a little out of whack and I react and I pivot. I’m like, “Well, I just had three days straight of no holds barred. I’m eating what I want.” Whatever’s handed to me. One day, they’re handing fried chicken and I’m eating it. The next day, it’s pizza and I’m like, ‘Well, it’s only been two days.” And then, I’m having a burger. I’m just like, “Well, three days in a row, it’s time, it’s time, it’s to like-”

Ryan Isaac:
MyFitnessPal was not opened a single day during that period of time.

Reese Harper:
Yes. I am not entering any of my tracking. I did not track any macros at all here. Ryan and I speak from experience folks, okay? We’re not judging you. It’s really easy to get to where your spending is like, wild and unruly. And next thing you know, you’re making more money than you’ve ever made and you’re like, “5% savings rate seems like I could probably try that. Yeah.”

Ryan Isaac:
It’s so easy to get there, man. I think, you said two things, we can wrap it up with this. You said a couple of things I think are really important. Number one is that if you are achieving that kind of a savings rate, what’s likely to happen is you just accumulate more money at a quicker pace. You’ll just end up at an earlier age than you thought with the option to go work optional. You might’ve thought it was going to be 65 or 62. And it might be 56 because that savings rate, I mean, that is just the number one thing. And I’ve seen that and it’s really cool to see. The other thing that you keep saying, and it’s just, it’s impossible to stress this unless someone’s really lived it. I think it’s hard to connect to this unless you’ve gone through it yourself.

Ryan Isaac:
But telling someone to save 20% is a… Savings, it’s a really simple thing, but it is so hard to do. And I’m 100% convinced that you can’t do it without some kind of accountability. You just can’t keep it up. And without high amounts of organization and accountability and a savings rate isn’t just a savings rate. Savings rate is the product of 12 other things that are feeding it. It’s your tax rate and your debts and the real estate you carry. And it’s your income and profitability. I mean, it’s so many things that I must-

Reese Harper:
It’s structural, right?

Ryan Isaac:
Yes. Very-

Reese Harper:
It’s structural. You don’t just be like, “Oh, let’s change it.” It’s like, well, once you’re in a certain situation, you can’t just like turn around the wagon.

Ryan Isaac:
No, no. Wagon is not turning well. All right, man. Well, I think… Thanks to everyone for submitting those questions. Again, one of them was live today. The poll’s still open. I don’t know when this will come out, but dentistadvisors.com/group, that’s our Dentist Advisors Facebook group. And so, that’s a great place if got questions, send them there. You can email them to us. Send them to me, it’s fine, ryan@dentistadvisors.com and we’ll do this. Thank you for doing that. Thanks for tuning in. And if you have any questions, go to the website, dentistadvisors.com, click the book free consultation button and chat with one of our friendly people, standing by, manning phones as we speak. And thanks again. We’ll catch you next time.

Reese Harper:
Carry on.

 

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