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With inflation and rising interest rates, the economy has become front page news and people are asking about what they can do to protect their finances. On this listener Q&A episode of the Dentist Money™ Show, Ryan and Matt offer their view on how much emergency cash to keep on hand, what to look for in a CPA, and whether you should stop investing in today’s erratic market.
Podcast Transcript
Ryan Isaac:
Hello everybody. Welcome back to another episode of The Dentist Money Show brought to you by, drum roll please, dentistadvisors.com, a fee only comprehensive fiduciary financial advisor just for dentists all over the country since 2008. You can believe it. Check us out at dentistadvisors.com, we’d love to chat with you. Today on the show, Matt and I scour the internet for cat videos, just kidding, for questions from dentists about financial topics. Today, we’ve got everything from how to pick a CPA, how to choose a 401k provider, how much cash to keep in an account and few other topics today we’re very excited to talk about. These questions were awesome. They come up all the time with clients and all over the internet and we are excited to answer them. If you have questions for us, if you wanna talk to an advisor, get organized, get a plan, especially if it’s the end of the year you want to get going for next year, start off on the right foot, go to dentistadvisors.com, click the book free consultation link. We’d love to have a chat with you and point you in the right financial direction. Thanks for being here. 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, 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 dentist make smart financial decisions and avoid the bad ones along the way. I am Ryan and I’m here with Matt and we’re very pleased to be with you. Once again, Matt, what’s happening? How are you buddy?
Matt Mulcock:
Yo Ryan, great to be here. I feel like it’s been a while.
Ryan Isaac:
Yeah. It feels like it’s been a while.
Matt Mulcock:
We’ve had some interviews and stuff. You’ve been off and running with those which are great.
Ryan Isaac:
Yeah…
Matt Mulcock:
But I’ve missed you…
Ryan Isaac:
This is it.
Matt Mulcock:
It’s been Yeah. This is where it’s at.
Ryan Isaac:
It’s the sauce. Yeah, it’s been a busy summer and…
Matt Mulcock:
I gotta say I’m doing a dinner tonight. So we’ve been, pre-COVID, we did these dinners right, where we’d go around the country, we’d do dinner presentations.
Ryan Isaac:
Yeah.
Matt Mulcock:
It’d be, we’d have a partner there. Way fun, during COVID those kind of fell off. Tonight we’re back in action.
Ryan Isaac:
Back in black?
Matt Mulcock:
Back in black. We’re doing a dinner tonight.
Ryan Isaac:
You will be wearing a black T-shirt.
Matt Mulcock:
Super pumped.
Ryan Isaac:
Literally.
Matt Mulcock:
I will be wearing a black.
Ryan Isaac:
Where, where is this?
Matt Mulcock:
It’s in Utah. It’s in Salt Lake City, basically. Well, for people that don’t know the area, I’ll just say Salt Lake. Just at a restaurant I’ve never been to. I’m excited to go.
Ryan Isaac:
Dude.
Matt Mulcock:
We packed the house, dude. We were at full capacity within a week.
Ryan Isaac:
Really?
Matt Mulcock:
It’s crazy. Yeah. It’s awesome. So anyway, I’m only saying this to say, look, we’re gonna maybe start running these more.
Ryan Isaac:
Yeah.
Matt Mulcock:
Look at city coming soon near you.
Ryan Isaac:
To theater near you. What do they say? It’s a theater near you. Yeah. Although I think people watch more TV than…
Matt Mulcock:
Yeah.
Ryan Isaac:
Than movie theaters.
Matt Mulcock:
Yeah.
Ryan Isaac:
That’s really cool. Dentistadvisors.com check out the events page and if you’re a dentist listening to this, or I guess anyone who runs a group of dentists and you’re like,” Hey, that’d be cool to do a dinner.” We will come to a dinner in your city. We would love to, we love this stuff.
Matt Mulcock:
Yeah.
Ryan Isaac:
We’ll come to come put on a workshop. It’ll be interactive, very educational, people can take away some good stuff from it. And…
Matt Mulcock:
They’re always so much fun, man.
Ryan Isaac:
Yeah.
Matt Mulcock:
These are my favorite presentations ’cause they’re always so like fun and interactive and intimate. So…
Ryan Isaac:
They’re great.
Matt Mulcock:
It’s fun. Anyway, I only was saying that ’cause I’m excited to get back into the…
Ryan Isaac:
I know.
Matt Mulcock:
Mix it up with the people lot.
Ryan Isaac:
Get the people.
Matt Mulcock:
Like live in front of different humans. It’s amazing.
Ryan Isaac:
Live humans.
Matt Mulcock:
Live humans.
Ryan Isaac:
We appreciate everyone being here. We’re excited to be here. If you can’t tell today, as you’ll know from the intro, we are gonna hit some Q and A, we love this Q and A. Some of these come to us directly as advisors. Some of these get posted in our groups email to us. Or sometimes we scour the web in other.
Matt Mulcock:
We steal them.
Ryan Isaac:
In other dental forms.
Matt Mulcock:
We never know where’s just lurking.
Ryan Isaac:
Yeah. There’s good questions that sometimes go unanswered or we would like a chance to chime in. And if you’re a dentist asking a question, we’d love to hit one. Email us, hit us on social. We’ll answer your question on the show, but today’s questions, we’re gonna hit some. Let’s see, we’ve got some business liquidity. We’ve got hiring a CPA. We’ve got… What’s everyone doing with money during a scary economics time?
Matt Mulcock:
Yeah.
Ryan Isaac:
And we’ve got, finding a right 401k company. You ready to crank these out?
Matt Mulcock:
I am ready.
Ryan Isaac:
Kind of all over the board. These are very common questions. They come up all the time and some of them are pretty detrimental to the financial outcome and life outcome for many, many dentists. These are very common questions.
Matt Mulcock:
Yeah.
Ryan Isaac:
First one, we won’t name names, we’ll just keep them anonymous. But these are all dentists asking these questions.
Matt Mulcock:
We’re not gonna @ them.
Ryan Isaac:
We won’t @ them.
Matt Mulcock:
Like @ symbol them. Yeah.
Ryan Isaac:
Yes. That’s what kids say, r? Don’t @ me.
Matt Mulcock:
I think so. Something I don’t know. I’m not a kid anymore.
Ryan Isaac:
I’m not a kid anymore. Ask my knees.
Matt Mulcock:
Far removed from that. Yeah. Ask my hips and my knees.
Ryan Isaac:
Talk to my lower back.
[laughter]
Matt Mulcock:
For real though. Yes. That is real.
Ryan Isaac:
Yeah, you’re feeling that. All right. This person says I have approximately four months of expenses of savings sitting around in my business savings account with interest rates so low. Well, yeah, this is a recent question.
Matt Mulcock:
I think maybe they’re meaning returns.
Ryan Isaac:
Probably returns on the account. That’s what they mean. Yeah.
Matt Mulcock:
Yeah.
Ryan Isaac:
Well, yeah. They’re saying with returns so low of this cash sitting in the business account, What other options do I have while still maintaining liquidity? Matt, I have two questions on this. Give us your take on the four months of business liquidity first and some context, and then let’s hit the other question about what are some options?
Matt Mulcock:
Yeah. The first thing I’d say on that is at first glance or I shouldn’t say glance ’cause it’s a question I’m hearing. So at first…
Ryan Isaac:
At first hear.
Matt Mulcock:
First hear.
Ryan Isaac:
First listen.
[laughter]
Matt Mulcock:
I would say that four months is generally speaking too high.
Ryan Isaac:
Yeah.
Matt Mulcock:
Meaning that money could be doing something better for you. Now caveat to that is like, do you have projects or…
Ryan Isaac:
I was gonna ask, what are some caveats like where it’s not too high? Yeah.
Matt Mulcock:
Yeah. You have projects coming up, you’re stockpiling cash to do an expansion of some kind and you’re trying to use some cash or hire someone and you’re for example, you’re gonna bring on an associate. And you’re like, Oh, there’s gonna be maybe a gap in time where I wanna make sure I’ve got an extra buffer. Totally makes sense to have some extra cash. But if you’re humming along, you’re at a kind of a mature level, things are just kind of status quo, that’s probably, I’d say that’s over the upper limit we’d want you at just be meaning those dollars could be doing something better for you.
Ryan Isaac:
Yeah. And the limit would be, what would you normally recommend.
Matt Mulcock:
To me? Three months, right?
Ryan Isaac:
Yeah.
Matt Mulcock:
Three months. And one thing I’d want to clarify with this person. I’m going to guess when they say four months, they’re meaning four months of expenses, business related?
Ryan Isaac:
Didn’t specify, but I would assume that.
Matt Mulcock:
But I was wondering if they meant four months of their personal spending. We wanna see…
Ryan Isaac:
Yeah, the only thing that’s said was business savings account. So it’s probably business expenses.
Matt Mulcock:
So I assume… Yeah, yeah, yeah.
Ryan Isaac:
Oh, this said four months of expenses in the business account.
Matt Mulcock:
In the business I’d imagine. Yeah, so that’s what we’d wanna see, three months of business expenses.
Ryan Isaac:
Yeah.
Matt Mulcock:
So just take your monthly break even, multiply it by three. That’s the upper limit we’d wanna see outside those caveats.
Ryan Isaac:
Yeah. So the second part of the question, like what else can I do to maintain liquidity, but get a higher return on my cash? It kind of answers itself where up to that three-month mark, you don’t want to go invest your business liquidity savings. Like your business operating account shouldn’t be invested in anything, right?
Matt Mulcock:
No, just keep it in cash.
Ryan Isaac:
Even anything conserved, just keep it in cash. Like that’s… I mean, and same with… I was gonna say, same with a personal emergency fund up to a point there’s caveats. Like how big of a brokerage account do you have somewhere? But yeah, emergency cash is emergency cash. It’s cash. It’s okay if it’s not earning and inflation’s doing what it’s doing right now. That’s okay.
Matt Mulcock:
Those dollars have one job and it is to be accessible to you when something that you don’t see coming comes.
Ryan Isaac:
Yeah.
Matt Mulcock:
That’s it.
Ryan Isaac:
Something goes awry.
Matt Mulcock:
Yeah. So yeah, if it goes awry like…
Ryan Isaac:
If it goes awry.
Matt Mulcock:
If it goes sourdough, you’re fine, but if it goes awry…
Ryan Isaac:
If it goes awry. [laughter]
Matt Mulcock:
That’s a dad joke.
Ryan Isaac:
We didn’t know about it. I wasn’t prepared for dad jokes today.
Matt Mulcock:
That is a dad joke.
Ryan Isaac:
One of my daughters absolutely loves like logical-based punchline jokes.
Matt Mulcock:
Yeah.
Ryan Isaac:
So dad jokes kill her.
Matt Mulcock:
Would that have just crushed her right there? Like…
Ryan Isaac:
Yeah, she would have been… She’ll do that thing where she looks at you like that was the dumbest thing and then it clicks and then she’ll laugh her head off until she’s red in the face. So I collect these. Thank you for bringing that.
Matt Mulcock:
Yeah, if she ever needs to chat and get some dad jokes, tell her to call me.
Ryan Isaac:
Matt, what’s the famous Dentist Money Show episode of laws of liquidity? Do you remember that? Is it 280?
Matt Mulcock:
#280.
Ryan Isaac:
We’ve referenced it so much.
Matt Mulcock:
We’ve referenced it so many times, yeah.
Ryan Isaac:
It’s kind of a blueprint for like how to cascade your cash from like very liquid emergency fund savings all the way into long-term savings. Go check out 280 if you want some more deep dive into this, but anything over what you need in cash can then… And isn’t like earmarked for, like Matt said, a project coming up, a down payment, a pool, landscaping, whatever, then that’s… Then now it becomes property of your future self. So your future self has claim to those dollars. So anything above your two… Your three-month business emergency savings, that’s cash that should go somewhere for a long-term, and then that’s a whole other thing, right? That’s what is your long-term investment strategy? Are you developing real estate properties? Are you buying more practices? Are you building a portfolio of stocks and bonds? But yeah, I think that answers it. That’s a good answer.
Matt Mulcock:
Well, he mentioned one thing about like where else to put it and he mentioned the word liquidity, I think, there in the end.
Ryan Isaac:
Oh yes.
Matt Mulcock:
So easy answer here. Again, I don’t know your specific situation, so don’t take this as like specific advice, but I’d say like a great place to look is just a brokerage account, right? Get that money invested in a brokerage account. It keeps it very liquid. It’s a savings… Think of it as a savings account that you can invest in, right?
Ryan Isaac:
Yeah.
Matt Mulcock:
So put it in a brokerage account, invest it. Like you said, think of it like you’re buying future pieces of freedom. Like that’s exactly what you’re doing with that money and the best place to or the best way to do that and keep it liquid is a brokerage account.
Ryan Isaac:
I like that you’re saying that. I’m thinking we should do an episode coming up soon on account type strategy.
Matt Mulcock:
Yes, let’s do it.
Ryan Isaac:
‘Cause it’s all very confusing, so yeah, but a brokerage account’s liquid and fantastic.
Matt Mulcock:
Coming soon.
Ryan Isaac:
Coming soon, account type strategy. Question two, “I’m looking to switch my CPA.” Okay. “Currently, it is a little background and it’s currently like parent CPA. We’re not the right fit.” And this person says, “I listen to podcasts with guest CPAs and I feel like I’m missing out on some good savings.” And then he mentions a couple CPAs he’s listened to on podcasts and then any thoughts or recommendations and then says, here’s… “I’m in the city, but I’m open to a few different options if they’re not in my city.” So here’s a few questions. “I’m looking to switch CPA.” That’s the first sentence. Anything stand out to you, Matt? Like, when a client tells you that ’cause that’s a thing we hear, “I wanna change my CPA.” What’s the first… What’s your first reaction to that when a client says, “I need to change my CPA?” I imagine it’s not like, okay.
Matt Mulcock:
Yeah. [laughter]
Ryan Isaac:
t’s probably like, “Mmmh, why?”
Matt Mulcock:
It’s usually, “Tell me more.”
Ryan Isaac:
Yeah, yeah, yeah.
Matt Mulcock:
Like, that’s usually what it is. It’s like, I’m open to hearing about this. I just wanna know… Like I wanna know why. Like just what are the reasonings behind… What’s the reason behind this? He goes on to say in this question some reasons he’s thinking. Some that I think are valid. Others that bring a lit… Like make my ears perk up a little bit. We’ll get to this, but… So when someone says, “I wanna change my CPA,” I just… Again, it’s always like, “Tell me more… Tell me more about why you’re thinking this.”
Ryan Isaac:
Yeah. What are common reasons people say are the reasons they wanna change CPAs just from your experience?
Matt Mulcock:
Oh, number one, almost without fail is I paid too much in taxes last year.
Ryan Isaac:
Okay.
Matt Mulcock:
And like some CPA is gonna help me… Some other CPA is gonna help me find different strategies than this one and he kind of references this like, “I feel like I’m missing out on some savings.”
Ryan Isaac:
Savings is the words, some good savings. That was the phrase.
Matt Mulcock:
Yeah, but… Sorry, I was gonna say also really common is what he mentioned is like, “Oh, I inherited the CPA from my parents or from… ”
Ryan Isaac:
Business partner.
Matt Mulcock:
Business partner and I just wanna go my own road, like go my own way. That’s really common as well and I think that’s really valid. I think that’s totally valid.
Ryan Isaac:
Yeah, it’s totally valid. I would say communication’s another one I hear a lot.
Matt Mulcock:
Yeah.
Ryan Isaac:
Like I just never hear it from my CPA team and I have no idea what’s going on until it’s like two weeks before filing and then… And that’s an issue.
Matt Mulcock:
Yeah, that’s a big one.
Ryan Isaac:
Yeah, that’s an issue.
Matt Mulcock:
That’s a really big one.
Ryan Isaac:
Yeah. So they said here, “We don’t feel like we’re right fit. It was inherited from parents.” That’s pretty common and they’re probably feeling like some right things here. Maybe the CPA doesn’t quite understand the dental space very well. Maybe they’re just not that well versed in the… There’s a lot going on with the dentist in their taxes and the types of revenue and expenses. I mean, it’s a simple business from an entity set up for most dentists, but it can be pretty complex with the stuff they do. So their gut reaction’s probably okay. It doesn’t sound like they’re just trying to say, “I wanna go find the CPA that zeroes out my tax bill,” ’cause…
Matt Mulcock:
Totally.
Ryan Isaac:
They exist.
Matt Mulcock:
Yeah. Yeah.
[laughter]
Ryan Isaac:
That’s a thing.
Matt Mulcock:
Does not exist people. Just so you know… Like we can say this with a high level of confidence that there’s no CPA in existence that will legally make it where you pay no taxes if you’re making…
Ryan Isaac:
I wish.
Matt Mulcock:
Making the money the dentist makes, which is not possible.
Ryan Isaac:
You’re gonna get charged taxes. Yeah. So the line about… I’m missing out on good savings. Yeah, I would dig on that too. Like what does that mean? They’re probably talking about what people call tax strategy and that phrase… We’ve talked about this before, that phrase can… That can be a misleading phrase in life. It gets thrown around in groups in Facebook and with friends like…
Matt Mulcock:
Yep.
Ryan Isaac:
My tax strategy and then people have claims about their tax bill getting zeroed out and, “I made a million dollars and I don’t… ”
Matt Mulcock:
It’s always a buddy. It’s always their buddy. Yeah.
Ryan Isaac:
Yeah. It’s never first-hand experience.
Matt Mulcock:
Or a buddy’s buddy. A buddy’s buddy.
Ryan Isaac:
It’s a third-hand experience story usually.
Matt Mulcock:
Yep, yep.
Ryan Isaac:
So yeah. And that’s a misconception where the reality for a dentist who’s… All of their incomes, earned income through a net pass serenity in S Corp. The reality to the phrase, tax strategy is kind of… It’s probably a letdown. It’s a little boring. Because in reality, tax strategy we’re talking about, the biggest proactive, ongoing, year over year tax… Like tax saving strategy that you have control over every year for your whole career is gonna mostly be your retirement plan. Simple RA, 401k, profit sharing, defined benefit, cash balance. That’s… I mean it’s not like…
Matt Mulcock:
And then those…
Ryan Isaac:
Well, it’s not hundreds of thousands of dollars which we want, it’s tens of thousands of dollars.
Matt Mulcock:
Yep.
Ryan Isaac:
But added up over decades of a career. You have control over it. You can make it the most efficient, largest plan possible for that situation, for that year and you can do it every year of your career. That’s the boring truth about tax strategy for dentists. But that will be one of the biggest tax breaks they’re gonna get that’s proactive.
Matt Mulcock:
Totally.
Ryan Isaac:
You buy stuff, you buy a building…
Matt Mulcock:
I was just gonna say…
Ryan Isaac:
Yeah, that’s hundreds and thousands of dollars.
Matt Mulcock:
You get those moments in… Like those several moments throughout your career, but they’re happening in like sporadic times…
Ryan Isaac:
It’s not a strategy.
Matt Mulcock:
It’s not a strategy.
Ryan Isaac:
It’s just a reactive benefit to buying stuff.
Matt Mulcock:
Now, there is strategy as far as like how you take the deductions.
Ryan Isaac:
Yes.
Matt Mulcock:
And what makes the most sense. And so…
Ryan Isaac:
How do you mean that? What do you… What are you saying?
Matt Mulcock:
Yeah, so you buy a… You make a big investment in your practice, big purchase or big investment, whatever it may be, and you have… Generally speaking, you’ve got two options. You’ve got the 179 deduction that is now permanent law…
Ryan Isaac:
It takes it all at once so you can expense the whole thing in one tax year. Yeah.
Matt Mulcock:
Takes the whole thing in one shot. That usually appeals to people ’cause they’re like, “Holy cow, look at all this tax savings.”
Ryan Isaac:
Yeah, it’s nice.
Matt Mulcock:
And a lot of times that can make sense, but having a CPA that knows your situation, knows the dental space and knows… Like can project out a little bit can say, “Oh well, actually, maybe you wanna take this over, it’s natural deduction life span,” which is like, let’s say it’s five or 15, depending on what it is.
Ryan Isaac:
Yeah. Spread it out.
Matt Mulcock:
Spread it out because you’d rather take those deductions as you’re growing. So again, there’s a lot of situations where you’d wanna be strategic with the way you take those deductions, but again, those things only come up when you actually need the investment itself. I would never go tell like… Sometimes we get calls like, “Hey, should I buy this Suburban for my practice because it’s gonna… Or buy X, Y, Z whatever? Should I buy this thing?” I don’t know why I said Suburban.
Ryan Isaac:
Yeah. Do you want a Suburban? Is that what you’re looking at?
Matt Mulcock:
I don’t know.
Ryan Isaac:
You need one? Okay.
Matt Mulcock:
My sister just bought a Suburban.
Ryan Isaac:
It’s big.
Matt Mulcock:
I was thinking of a car…
Ryan Isaac:
It’s just big and expensive.
Matt Mulcock:
Over 6000 pounds. ‘Cause it has to be over 6000 pounds for the 179 anyway.
Ryan Isaac:
Yeah.
Matt Mulcock:
CBCT. You’re gonna buy something for the practice. That decision should be made off of need of the practice, not off of taxes.
Ryan Isaac:
Yeah. So those will be the… Buying stuff will be the biggest tax deductions you ever get, but they’re… It’s not strategy. So this person wants good… They feel like they’re missing on a good savings and the reality is the right retirement plan in the practice, which is a question coming up here. That’s gonna be your biggest ongoing proactive one you can do. But people get that wrong all the time too. But a CPA’s probably not gonna be the one to be the expert on that and recommend and implement and stay on top of it every year, they’ll just file the data.
Matt Mulcock:
Yep.
Ryan Isaac:
So that’s where a financial advisor will come in and help you determine what’s the best retirement plan for that year for your practice.
Matt Mulcock:
Now, I will say, Ryan, there are other reasons outside of what you’re saying perfectly is like not just from tax savings or like they’re gonna have some strategy that my guy now doesn’t know about. I promise you like all quality CPAs know the tax code. But to your point earlier, communication…
Ryan Isaac:
Yeah.
Matt Mulcock:
Knowing the dental space service, there’s a lot of different reasons why you might wanna switch CPAs. But I would be… I’d be careful with this idea that like this guy knows something that this other guy doesn’t.
Ryan Isaac:
Totally. Yeah, you said it. Among qualified CPAs, that’s just not gonna be… The disparity could be dental knowledge like you just said. So there is…
Matt Mulcock:
Totally. We see that all the time.
Ryan Isaac:
Yeah. There are smaller deductions with CE write-offs and marketing expenses and stuff you do for your staff in your office and home and office and car deductions and travel expenses. Those are smaller than a retirement plan. They’re smaller than big purchases, but those also add up. You can be proactive about those. And a good CPA who knows the dental space, they’ll know how to interact with those in your situation.
Matt Mulcock:
Yep.
Ryan Isaac:
But then there’s a ton of other things like how big of a house do you pay mortgage interest on and how many kids do you have and how much, if anything, do you give to charity every year? And what… You might have the same income as your friend, but the fact that you have a different makeup of team in ages and wages and everything means that you can’t have the same retirement plan and they get a bigger deduction than you do. And so comparing taxes is just… It’s really hard. But yeah, I think you’re speaking all these things. In communication though, that’s the last thing you said and I think that’s really legit. I will say that I’ve had clients who were struggling with communication with other advisors like a CPA and having us come in as their financial planner or kind of quarterback in a lot of their relationships. We were able to save the relationship and improve it just by adding some of this context and then saying, “Hey, well, how about we jointly talk together every year instead of you one-on-one? Let me get involved.”
Matt Mulcock:
Like we’re forcing the conversation. Yeah.
Ryan Isaac:
Yeah, put me on an email chain. Let’s ask some questions together throughout the year. Let’s… You know… And back to your point about a dental specific CPA, sometimes that revenue does fluctuate and… Just being able to stay ahead of a P&L and go, “Okay here’s what I think our tax projection should be next year.” You know? I can’t tell you how many times I’ve done like a midyear P&L review with a client where revenue’s up or down and a significant amount enough to go. Let’s talk to your… You haven’t talked to your CPA about next year’s taxes.
Matt Mulcock:
Yeah.
Ryan Isaac:
Let’s get on that. And that has saved a conversation.
Matt Mulcock:
Or adjusting quarterlies or whatever.
Ryan Isaac:
Or adjusting, yeah, and it saves the conversation to doing it now as opposed to next March. So.
Matt Mulcock:
For sure.
Ryan Isaac:
These are all valid… We do know a lot of good CPAs. We’re not gonna start listing them right now. But you can get in contact with us, reach out email, DM us and we’ll introduce you to some people that we respect in the industry and that we think are doing a good job. And if you have any that you love, post in our Facebook group.
Matt Mulcock:
Yeah. Let us know.
Ryan Isaac:
It’s the Dentist Advisors discussion group. No, it’s the Dentist Money.
Matt Mulcock:
Dentist Money discussion group.
Ryan Isaac:
Discussion group. Yeah, it’s easier. Dentist Money discussion. Go over there on Facebook if you’re not there already. Tell us who you like for CPA. Maybe I’ll go ask that question. It’d be kind of a cool question.
[noise]
Jess Reynolds:
Hey everyone, this is Jess Reynolds with Dentist Advisors. As you know, we are passionate about giving dentists the education and resources they need to make smart financial decisions. We’ve brought you the Dentist Money Show podcast which has been downloaded over a million times and we’ve been providing dentists with a premier private wealth management experience for 15 years. Honestly, it’s been great. And now we’re adding to our lineup to help even more dentists get the financial guidance they need. Now, not every dentist is looking for the Cadillac experience that comes with our private wealth management service. So we have introduced a self-paced subscription-based planning service called the Dentist Money Membership. For a monthly fee, Dentist Money members get access to a suite of planning tools including the Innovative Elements app and investing portal, CE-approved content and a lot of other cool members-only benefits. Plus as a Dentist Money member, you can pay for one-on-one coaching sessions with a CFP advisor on an as-needed basis. To learn more about these features, visit dentistadvisors.com. You can get started right from the website or book a 15 minute demo just to see how it all works. That’s dentistadvisors.com.
Ryan Isaac:
This was a cool question. This came from a dentist posting in a very big dentist group. And this person, she says, “I’m interested in seeing what everyone’s doing with their money.” By the way this was like a week ago, so.
Matt Mulcock:
Yeah.
Ryan Isaac:
We’re in September. We’re in 2022…
Matt Mulcock:
More people yesterday are…
[overlapping conversation]
Ryan Isaac:
Yeah. Like markets have gone down mostly this year. We’ve been in bear and correction territory on the S&P 500 and other markets. We’ve had crazy inflation. We’ve had interest rates just going up. We’ve got wars, we’ve got political stuff. I mean, we’ve got all the things that normally…
Matt Mulcock:
All the things.
Ryan Isaac:
We’ve got all the things that are always here.
Matt Mulcock:
Yes.
Ryan Isaac:
So this is a good question. That’s the context. Interested in seeing what everyone’s doing with their money regarding current economic and market conditions. Are you still contributing to retirement accounts the same way or have you changed your investment strategy or allocations or other avenues? Like… And then they list crypto or real estate, dot, dot, dot. So okay first part of this question. What’s everyone doing with their money regarding current economic and market conditions? They’re meaning a market’s dropping, recessions probably on the horizon if we’re… We might have already be in it, the data lags. Interest rates are high, inflation’s high. There’s some geopolitical uncertainty, as we say, the nice way. So they’re referencing the stuff going on in the world and asking the group, is anyone doing anything different with their money? Now this is a common question we get when stuff like this goes on.
Matt Mulcock:
Yep.
Ryan Isaac:
Anything you wanna say about that first kind of opening statement setting the stage? Like, “Hey economy’s scary right now. World’s scary, market’s scary.” Is anyone changing anything? Anything you wanna comment about that? Like mentality?
Matt Mulcock:
Yeah, I’d say totally valid question it’s… I don’t know how to phrase this. [chuckle] It’s disappointing in a way that like this is the mentality. Like it’s understanding because this is the mentality that is being pushed on people.
Ryan Isaac:
Yeah.
Matt Mulcock:
Like that we should care or that we should change our long-term strategy based on what’s happening today. Right?
Ryan Isaac:
Okay, so hold on. Just on that point, I screenshotted two things from myStocks app. Every morning that I’d wake up I’d be like, What phone calls are coming in today? Like, what’s happening? And I screenshotted… This was like… So yesterday was the huge drop. We had like 1200 point drop in the DOW, something like that. Right?
Matt Mulcock:
It was not fun, yeah.
Ryan Isaac:
It was sizeable. [chuckle]
Matt Mulcock:
Yes, it was dis… Yeah.
Ryan Isaac:
So four hours before market open, this is the title Market watch, title of the article, US Stock Futures Point to Fifth Day of Gains with Pivotal CPI data set for release.
Matt Mulcock:
Pivotal.
Ryan Isaac:
This comes out four hours before the market tanked. And it says, we’re looking at a day of gains. We think today’s gonna go up based on the inflation data that’s coming out.
Matt Mulcock:
The opening bell.
Ryan Isaac:
Yeah, then the article that was 22 minutes after the market, stocks are headed for a big drop after hot inflation report. S&P 500 futures lost more than 2%. [laughter] So…
Matt Mulcock:
In this case, hot is not good.
Ryan Isaac:
You were just saying, “I’m disappointed that that’s the go-to reaction for people when stuff gets weird that we have to go change our strategy around.” Something that’s been working…
Matt Mulcock:
Yes.
Ryan Isaac:
And is gonna work in the future. We have to go change it. And you’re saying that, and I’m commenting, this is why we think this way because the news delivers this to us.
Matt Mulcock:
Exactly.
Ryan Isaac:
And then people talk like this.
Matt Mulcock:
Yes.
Ryan Isaac:
Like interest rates are up, we better change what we’ve been doing. And not to like mock that. There’s nothing wrong.
Matt Mulcock:
No.
Ryan Isaac:
Because there’s… That’s troubling, you know? But…
Matt Mulcock:
It is, and that’s what I’m saying like it’s understandable…
Ryan Isaac:
Yes.
Matt Mulcock:
But it’s disappointing because the entire ecosystem of like financial media is designed for this. But this is why I tell people all the time, like, just take a step back and just think about the incentives that are motivating the people that you’re getting your information from, right? Like specifically the media. Their only goal is to get you to click, to get you to listen, to get you to watch. And so that’s why they’re going to have you focus on the short term ’cause if you couple that with our human brain, which also is grasping for a narrative and something to make sense, we’re looking for certain.
Ryan Isaac:
Well we’re wired for fear.
Matt Mulcock:
We’re wired for fear.
Ryan Isaac:
That’s how we’re wired.
Matt Mulcock:
Exactly. And we’re wired to stories. Like we want the market to make sense. And so we’re thinking, well, and we also, like all of this kind of boils down to like, we want control. We want to be able to know like, okay, this is happening. I should be able to react and do this. And I think that’s, so basically saying like, we have all of these things pushing on us that make it really hard to invest right. In the long term ’cause everything’s pointing to, focus on the short term. Think about like this question, what should I be doing? What are you guys doing with your money right now?
Ryan Isaac:
Well, I saw…
Matt Mulcock:
It’s all pointing to that.
Ryan Isaac:
Yeah. I saw an article yesterday, [chuckle] I was like, what does this have to do with anything? It was again, in myStocks app. It was from Yahoo or Market Watch, whatever. It was like, what Canadians need to know about trading today’s…
Matt Mulcock:
Of course.
Ryan Isaac:
Post lunch session. It wasn’t even just like today’s session, it was today’s post lunch session for…
Matt Mulcock:
Post lunch session in Vancouver.
Ryan Isaac:
For Canadians. I’m like, well, why don’t I wanna know that?
Matt Mulcock:
You can’t. I mean…
Ryan Isaac:
Oh, I love my Canadian neighbors, but like, I wanna know what they’re gonna know. It’s nuts.
Matt Mulcock:
Yeah.
Ryan Isaac:
It’s crazy. Like, yes.
Matt Mulcock:
It is.
Ryan Isaac:
This is how we’re being told to think about this stuff. And so, and then we repeat this on Facebook and our friend groups, in our peer groups, in our mastermind clubs. I mean, this is the kind of thing, but the valid, I guess, the principle here would be, if you have a long term plan built and that means it’s built on organization, on data, on metrics, on accountability, on frequent checking in, right? Monitoring that kind of stuff. If you have a long term plan that’s built, it’s automated, a long term plan that’s correctly built is built for these conditions. It’s built for inflation, it’s built for high rates, it’s built for bear markets, it’s built for bull markets. Like that’s what a long term plan is. And that can mean a lot of things. That can mean you as the real estate investor, it can mean you as the practice DSO builder it can be you as the stock investor. If you have a long term plan in any of these asset classes. It’s meant for this stuff. So these aren’t exceptions. Now, okay, here’s the question, Matt. If we’re saying that inflation or interest rates or bear market or recession shouldn’t change like dramatically what someone’s doing now, also like, kind of to our first question about holding cash, right?
Matt Mulcock:
Yeah.
Ryan Isaac:
If someone can kind of see in their business environment that they might need some extra cash for their business. You know, like, I normally hold two months, but, I’m struggling finding people and I’m gonna have to pay more. Or I’m like in the middle of a growth mode when it’s hard to hire or I’m about to implement a, you know, six figure marketing plan and I’m gonna need some extra money. Or I’m buying the building we’re removing and architectural fees are 50 grand outta pocket before I get my loan or… I just moved my new house and I can guarantee landscaping and furnishings are gonna cost me a lot of money. Like if you…
Matt Mulcock:
Yes.
Ryan Isaac:
You know, like it’s life events. That’s what I’m getting at.
Matt Mulcock:
Yes.
Ryan Isaac:
Life events are the things that are dictating changes to your plan. Like maybe, I’m not gonna put my money in my stock account this month because, I bought something new in the practice and that’s where it has to go right now. Or we have to hold some cash for this house we’re moving into, you know, or I got divorced or we had a kid, or we just moved, or we just bought a new practice and hired through associates and revenue isn’t quite there yet. Like those are life events that change your strategy temporarily, but inflation, interest rates, bear markets, economics, those don’t outright, those aren’t immediate signals to go switch anything up, but that’s what everyone thinks it is.
Matt Mulcock:
Yep.
Ryan Isaac:
Yeah, totally man.
Matt Mulcock:
I mean that’s like literally nothing else needs to be said. Like there’s there’s reasons to change. Nothing to do with what’s happening…
Ryan Isaac:
Yeah. Nothing with the news. Yeah.
Matt Mulcock:
Nothing with the news. Like turn off the news, live a happier life and be way richer. Like that’s like literally I mean that with full confidence, like turn off the news, you will be happier and wealthier in the next 30 years. I promise.
Ryan Isaac:
I love it. Last thing I’ll say on this, the question was kind of at the group saying what’s everybody doing? We are a firm who works with over 450 dentists all over the country and have for 15 years. So…
Matt Mulcock:
We’re closing in on 500, just so you know.
Ryan Isaac:
Really? Oh, we’re close two times.
Matt Mulcock:
Yeah. By the end of the year, 500 for sure.
Ryan Isaac:
Oh yeah. It’s so cool. So we would say, over this period of time, from our perspective, our observance here is that dentists with long-term plans, they keep investing money, they keep saving money, they keep spending money, they keep living lives through the good times and the bad and good plans last through all these cycles they’re meant to. And they work beautifully through all these cycles. They work, it works. So if the anxiety is, oh, maybe that’s a problem. I’m very disorganized, I make decisions like rushed and haphazardly with no context and I’m not really sticking anything and I don’t have a plan. Maybe that’s more of the problem than this month’s inflation data. So get a plan, get organized, call us, go to dentistadvisor.com, let’s chat. We’ll help you with that. That’s the thing.
Matt Mulcock:
Yeah. And last thing I’ll say on this is there’s a big difference in like the pain of seeing your existing portfolio dropping. I totally get that.
Ryan Isaac:
Oh yeah.
Matt Mulcock:
Versus saying like this question specifically was like, should I keep investing? Or like, are you guys still putting in like new cash?
Ryan Isaac:
Yeah. Oh yeah. Yep.
Matt Mulcock:
I would say if like absolutely 100% you should be like cheering what’s happening right now with your new cash again, it’s kind of this weird.
Ryan Isaac:
Yeah, the old cash, you’re like, Oh, that hurts. But the new cash, you’re like, Yes.
Matt Mulcock:
Yeah old cash like ugh, it’s getting beat up right now, but like I got this new fresh cash like reinforcements are coming. So I think thinking about it like that is like that the cash, I guess maybe think of it like that. Like your new cash is reinforcement to go help the current…
Ryan Isaac:
Old cash that’s down.
Matt Mulcock:
Portfolio that’s getting beat up right now.
Ryan Isaac:
Last question. Any recommendations for financial management companies that set up 401 [k] s for dental offices with good returns and reasonable fees? What stands out to you in that question, Matt? Want me to read it again?
Matt Mulcock:
Yeah.
Ryan Isaac:
I’m gonna read it again.
Matt Mulcock:
Yeah, read it again. Read it again.
Ryan Isaac:
Any recommendations for financial management companies that set up 401 [k] s for dental offices with good returns and reasonable fees?
Matt Mulcock:
So…
Ryan Isaac:
What are you thinking about?
Matt Mulcock:
The word that stands… Or the wording that stood out to me the most is with good returns.
Ryan Isaac:
Yeah. Why?
Matt Mulcock:
This is a very common fallacy.
Ryan Isaac:
I’m asking, I know why, but why for the people. Why?
Matt Mulcock:
I’m gonna educate you, Ryan. I don’t know. This is a very common fallacy. If you’ve ever been on TikTok and ever heard any clown shows, yes, I will call them clown shows all day.
Ryan Isaac:
Okay.
Matt Mulcock:
Talk about how 401 [k] s are bad investments.
Ryan Isaac:
Well, how do they phrase it? Why? Well, how do they phrase it?
Matt Mulcock:
They literally say the wording like, 401 [k] s are terrible. They’re…
Ryan Isaac:
They get bad returns.
Matt Mulcock:
They get bad returns…
Ryan Isaac:
Some of the worst returning.
Matt Mulcock:
Yeah exactly. Some of the worst returns in the world. They’re framing it as if a 401 [k] is an investment.
Ryan Isaac:
Itself, yeah.
Matt Mulcock:
Let… Itself, let me just say this. I cannot emphasize this enough. A 401 [k] is not an investment. It is a… It is an account. It is a place to hold investments. It is a retirement planning tool. It is not an investment.
Ryan Isaac:
Well, literally the title is literally just a section of the tax code. It’s a heading in the tax code 401 [k] is just a heading in the tax code. So it’s, yeah. It’s an account with a special tax treatment.
Matt Mulcock:
Exactly.
Ryan Isaac:
It has nothing to do with the investments inside of it.
Matt Mulcock:
Nothing at all. So whenever I hear that, like with good returns, it’s like, well.
Ryan Isaac:
Just a misunderstanding.
Matt Mulcock:
Your returns have nothing to do with the 401 [k] itself. It has everything to do with what you invested within that 401 [k].
Ryan Isaac:
So here’s what’s scary in this conversation as I think about it, we got done talking about one of the biggest proactive tax strategy planning moves a dentist can make in their career. But how many dentists have you met that have put off the appropriate retirement plan in the office because they hear things like, 401 [k]’s are bad investments or 401 [k]’s have bad returns. So they go, yeah, that sounds true. So I’m not gonna do that.
Matt Mulcock:
I heard it on TikTok, so it must be true.
Ryan Isaac:
Yeah. Or even real world, like, Oh yeah, my parents were gonna retire and they said their 401 [k]’s got killed in ’07. So that’s probably, it rings true. It’s like, it reinforces some bias or some story from the past.
Matt Mulcock:
Totally.
Ryan Isaac:
And so yeah. So this can… That small misconception can lead to a big, missing out in a big way from tax savings over long period of time.
Matt Mulcock:
Totally.
Ryan Isaac:
Like big time.
Matt Mulcock:
0:34:22.6 Matt: Yep.
Ryan Isaac:
And I mean, 401 [k]’s and retirement plans in general are awesome because they force us to save money that we can’t easily go get. You can go get it. It’s just taxed and penalized if you do, if you’re too young.
Matt Mulcock:
Yeah.
Ryan Isaac:
So they’re kind of cool ’cause they force people to save money that they’re not gonna touch. And 401 [k]’s, what was the Fidelity thing? They have the, or the 401 [k]’s with the highest returns were from dead people.
Matt Mulcock:
Oh, highest returns of, yeah. They did a study. Apparently there’s still some.
Ryan Isaac:
Okay, Yeah.
Matt Mulcock:
Pushback on this study, but basic and I… But I believe it.
Ryan Isaac:
They just get left alone [0:34:54.6] ____.
Matt Mulcock:
But they have to do the study internally at Fidelity that the highest returning 401 [k] balances were those of dead people or people that forgot about their accounts.
Ryan Isaac:
And I’ll yeah. And you’ll, I think you’ll back this up, I’ll say anecdotally from working with dentists, when dentists are under pressure or they’ve just been spending too much or poor planning with debt and taxes and they need cash, they’ll go rob all their accounts except for their 401 [k]’s ’cause it’s a pain.
Matt Mulcock:
Yep.
Ryan Isaac:
And you don’t wanna do it. So I like it.
Matt Mulcock:
You just said something interesting that I’ve heard used as an attack on 401 [k]’s. Again, also on TikTok. I’m not on TikTok by the way.
Ryan Isaac:
I’m not either.
Matt Mulcock:
I’m not even on Instagram. I’m not gonna be on TikTok, [chuckle] But I’ve seen videos like they’ve been sent to me and we laugh about them as a team, right? The attack that is made on 401 [k]’s is like, why would you ever do this? You can’t touch the money. I’m like, that’s why you do it.
Ryan Isaac:
That’s why… Yeah.
Matt Mulcock:
That’s exactly why you would do this.
Ryan Isaac:
That’s exactly why. Yeah. And we were saying this earlier, other dentists build other accounts that have liquidity that you can get easily, quickly and very liquid. So anyway, back to the question. That’s the thing that stood out to you. That stood out to me. That’s a misconception. So I would say if you’re wondering that, throw that out the window, the returns of the 401 [k] have everything to do with what you put inside of it has nothing to do with the 401 [k] itself. What are some tips for someone who’s gonna go out and find, I mean, there’s a lot of retirement plans. We’ll, just, she mentioned 401 [k]’s so we’ll just stick with that. What are some tips, oh, let’s start with this. How does a 401 [k] even get set up? What’s the process? And then any tips for starting, where to go to, to begin this?
Matt Mulcock:
So it can get really confusing. We just had a meeting last week.
Ryan Isaac:
Oh, yeah.
Matt Mulcock:
We were talking about this in a room full of advisors and we were talking to some other people and someone just was like, we were, as we were going through it was like, Man, this is confusing. And this was a room full of financial professionals. So it, first of all, it can get confusing. But the first thing you want to think about, the kind of the base, kind of foundational piece of setting up a 401 [k] is what’s called a TPA, a Third Party Administrator. That’s the first thing that you need. There’s a lot of firms out there. And sorry, that is different than a financial advisor.
Ryan Isaac:
Yeah.
Matt Mulcock:
So she said something, she or he said something around, financial…
Ryan Isaac:
A wealth management firm.
Matt Mulcock:
Wealth management firm.
Ryan Isaac:
That does 401 [k].
Matt Mulcock:
So I will say you do not need a financial advisor or a wealth management firm to set up a 401 [k], just to…
Ryan Isaac:
You need a TPA.
Matt Mulcock:
You need a TPA.
Ryan Isaac:
You can be your own, but you shouldn’t ever do that.
Matt Mulcock:
You can be your own please do not.
Ryan Isaac:
You can download the forms and do, yeah. Don’t do it.
Matt Mulcock:
Don’t do it. It’s gonna cost you.
Ryan Isaac:
It’s because a 401 [k], a 401 [k] has its own tax return you have to file. Its got its own compliance, its own oversight, its own fiduciary rules.
Matt Mulcock:
Liabilities.
Ryan Isaac:
Liabilities. So you hire a TPA, which will cost you anywhere from very bare bones, mostly do it yourself with a little bit of help, maybe around a $1000 or so online somewhere.
Matt Mulcock:
For the year.
Ryan Isaac:
Yep. For the year. And then an average decent one’s gonna be a couple thousand, $2500 a year or something like that.
Matt Mulcock:
Yeah.
Ryan Isaac:
It’s just the cost of running a 401 [k] and it’s worth having someone else do it. But yeah, TPA, you go find one of the, and there’s hundreds of them all over the country. There’s… Yeah.
Matt Mulcock:
Yeah. If you just like, honestly where I’d start is, I mean, you can contact, we get this all the time where people reach out to us and say, they’re not clients. They’re just like, hey, could you guys know any TPAs we can talk to? Please do. We’re happy to help.
Ryan Isaac:
Yeah. Reach out. We’ll let you know.
Matt Mulcock:
You can also use this tool called Google. You can… You can just Google it.
Ryan Isaac:
Sassy of you.
Matt Mulcock:
That’ll that at least. Yeah. Sorry. That sounded way like that did, that sounded way like snarkier than it meant to.
Ryan Isaac:
It’s how I talk to my kids when I’m tired at the end of the day.
Matt Mulcock:
I know. I don’t even know why.
Ryan Isaac:
Okay. You could do this thing called shutting the fridge door.
[chuckle]
Matt Mulcock:
I said that and I was like, Wow, that sounded super snarky. I didn’t even need to sound snarky.
Ryan Isaac:
It’s getting older, man, it’s getting older.
Matt Mulcock:
I’m just getting older and grumpy.
Ryan Isaac:
Yeah, that’s it.
Matt Mulcock:
No, but like truly you can Google it.
Ryan Isaac:
Yeah.
Matt Mulcock:
And you’re gonna get a bunch of different groups and then I would just talk to them. I would just reach out, but truly, if you need help or you wanna get… Read some resources, reach out to us. We’re happy to help on that.
Ryan Isaac:
Yes, we’ll point you in that direct. Yeah, and there’s everything from all online. You do a lot of the work and it’s pretty cheap to… They… A company, that’ll have a full team and they’ll do most everything for you, and, yeah. So that’s the logistics you hire.
Matt Mulcock:
I’m gonna have Tad cut my snarky comment about Googling it…
[laughter]
Ryan Isaac:
No way, no. This is who we are. So that’s the logistics. You gotta find a TPA that’s gonna run it, do the compliance, and they’ll either have another company they work with or they will also be what’s called a record keeper, which basically means they’re the ones who set up the accounts, work with your employees, do the online access and packets.
Matt Mulcock:
There’s a lot of bundled groups out there. They’ll do both.
Ryan Isaac:
Your payroll, I don’t love payroll companies for 401 [k]’s and never have. Most of our clients don’t enjoy the experience over time either, but your payroll companies have 401 [k]’s. There’s a lot of options out there. How to pick them, we have… If you go to dentistadvisors.com, just type in 401 [k] in the search bar. You’ll come up with some episodes that… Where we talk about how to choose a TPA. That’s where a lot of this discussion will go because in a TPA, you have a variety of costs and you have a variety of services. Like do you just need a really, really simple basic 401 [k] that’s probably never gonna be changed or do you have a big company with a lot of revenue and cash flow, and do you think that you might be a candidate for more than a 401 [k], like doing profit sharing or a cash balance or pension plan? In which case, you’ll need a TPA that can be more flexible and do more advanced planning and that kind of stuff. So it kind of depends on that range of what you’ll need.
Matt Mulcock:
Well, and that’s where we’re saying like you don’t need an advisor to set up a 401 [k], but I will say that is the role an advisor will play with you in this, is like help quarterback this kinda like what you were saying with the CPA stuff, but you were just mentioning like, do I do profit sharing? Do I do a cash balance?
Ryan Isaac:
Yeah.
Matt Mulcock:
The TPA and the custodian and all, that group will do the administrative parts of it.
Ryan Isaac:
They won’t tell you what to do though.
Matt Mulcock:
They’re not gonna tell you what to do.
Ryan Isaac:
No, they’ll send you the data.
Matt Mulcock:
They’re just gonna be like, “What do you wanna do?”
Ryan Isaac:
What do you wanna do?
[chuckle]
Matt Mulcock:
And they’ll give you the data of what you have to follow, but the advisor that you have is going to be the one to be strategy-wise, here’s how… Here’s why I would do this or here’s why I wouldn’t do this.
Ryan Isaac:
Especially clients…
Matt Mulcock:
Here’s how to set it up.
Ryan Isaac:
Yeah, like a profit sharing, especially when they’re set up discretionary. There’s some years when you’re like, Oh, we’re doing it. It makes total sense, and then there’s some years when you won’t and then a pension is totally different. So yeah, you find a TPA depends on your range of services and then there’s different… There’s specifically three different fiduciary or liability roles. We won’t go through them here, but it just basically means there’s three ways that someone… An employee can sue you for the 401 [k] not doing what they expect it to do.
Matt Mulcock:
Thanks America.
[chuckle]
Ryan Isaac:
Yeah, so it’s… You wanna know like how much of those fiduciary responsibilities are being taken on by the TPA which will cost you more, or how much is gonna be on my plate as the owner of the practice, which will cost me less because I have the liability. And then there’s what’s the login like? What’s customer service? What’s the investment platform? Do I get to just have… Do I only get to pick…
Matt Mulcock:
Fees.
Ryan Isaac:
Yeah, what are your fees inside of the accounts? What investments do I… Do I get a list of like seven mutual funds and that’s it or do I get to pick on some platform from thousands? Those are important things dentistadvisor.com, search 401 [k], and you’ll come up with an episode that I think it literally says how to choose the right TPA for your 401 [k] or something like that. It’s a very, very, very to the point title, very clickable. So anyway, great questions. We thank you the dentist community for asking these questions publicly out loud.
Matt Mulcock:
Keep them coming.
Ryan Isaac:
Send them, DM them, post them in our Dentist Money Facebook group, or we’ll just scour the internet and find them anyway.
Matt Mulcock:
Yeah, we are always watching.
Ryan Isaac:
You put them on… You put them there publicly, so we’re gonna answer them.
Matt Mulcock:
You put them out there. We’re looking, yeah.
Ryan Isaac:
We didn’t say your names so this is okay.
Matt Mulcock:
Yeah.
Ryan Isaac:
Matt, any parting words? Anything you wanna say? Thanks for being here though. I appreciate it.
Matt Mulcock:
Yeah, no, this is great.
Ryan Isaac:
Good times?
Matt Mulcock:
Yeah, love it.
Ryan Isaac:
Yeah, I’m excited to… I’m excited to do the episode on account type strategy that you brought up earlier.
[music]
Matt Mulcock:
Yeah, let’s do it.
[music]
Ryan Isaac:
I think it’ll be good. Thanks everyone for listening. If you have any questions, we love to help you find answers and get in the right direction, dentistadvisors.com, click the book free consultation button. Matt, thanks for being here. We’ll catch you next time…
Matt Mulcock:
Yeah. Thanks, Ryan.
Ryan Isaac:
On another episode of The Dentist Money Show. Take care everybody. Bye-bye.