Dentistry Uncensored with Howard Farran
Dentistry Uncensored with Howard Farran
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1494 Anthony J. Faso of Infinite Wealth Consultants on Creating Passive Income & Doing What You Love : Dentistry Uncensored with Howard Farran

1494 Anthony J. Faso of Infinite Wealth Consultants on Creating Passive Income & Doing What You Love : Dentistry Uncensored with Howard Farran

11/5/2020 4:00:00 AM   |   Comments: 0   |   Views: 394
Anthony is a family man, army veteran, author, real estate investor and self-proclaimed “Recovering” CPA. After the Great Recession, he saw the advice his clients were receiving from typical financial planners and himself only made Wall Street rich at the expense of his clients. That inspired Anthony’s journey to find an alternative to typical financial planners.  After years of research and trying different strategies himself, he started Infinite Wealth Consultants, which combines the teaching of Robert Kiyosaki’s Rich Dad Poor Dad with Nelson Nash’s Infinite Banking Concept.  He teaches his clients to create passive income so they can work because they want to not because they have to.

VIDEO - DUwHF #1494 - Anthony Faso

AUDIO - DUwHF #1494 - Anthony Faso

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*Please excuse any typos as this was digitally transcribed.

 It is just a huge honor for me today to be podcast interviewing Anthony J. Faso CPA he's a family man army veteran author real estate inventor and self-proclaimed recovering CPA he started his career working for pricewaterhousecoopers then was a cfo for a chain of restaurants eventually he was tired of making others wealthy and he started his first business a CPA firm specializing in dentists and real estate investors after the great recession he saw the advice his clients were receiving from typical financial planners and himself only made wall street rich at the expense of his clients that inspired Anthony’s journey to find an alternative to typical financial planners after years of research and trying different strategies himself he started infinite wealth consultants which combines the teachings of Robert Kiyosaki’s rich dad poor dad with nelson Nash’s infinite banking concept he teaches his clients to create passive income so they can work because they they want to not because they have to and by the way i um was all excited about this because he posted a blog on Dentaltown uh with dr dick Dykeman DDS who's an orthodontist in my backyard and i mean i met dr Dykeman i think in 87 the first time he came over to my house we had dinner just just one of the greatest guys in the world and uh he's an orthodontist ms DDS and um he's um all on board on all this stuff too and uh before i let Anthony uh start talking I’m gonna tell you everything he's not gonna tell you about financial planning okay the number one cause of divorce is marriage so don't get married and you'll have no alimony and you don't have to save up for your kids college tuition if you just don't have any kids so just if you're still in dental school stay single never get married never have a kid and you don't even have to watch the rest of the podcast you can turn it off now and go to housewives of Miami um Anthony isn't it true that that the number one draining of all cash is marriage children divorce in college so why don't you just stop this before it starts you left me speechless Howard uh first I’d like to say it's an honor to be on your on your podcast i first got connected with Dentaltown in 2005 i believe or I’m not sure but it was a long time ago and it was at that point it's a small a smaller community right and but then i got reconnected and what you have the platform the questions the podcast uh hats off to you to building this uh community you're adding a lot you're adding a lot of value um to answer here answer your question you're right I’m not going to talk about not having kids or or getting married one thing i would talk about what's going to hurt you financially is also taxes can be a big destroyer of wealth and so can the capital losses or losing money in investments so it's important that we manage we manage our tax planning and also ideally we don't want to lose money yeah and i i don't even know where to start with this because when it comes to money first of all people are rational when they're doing algebra and geometry and trig they're they're very rational but man when it starts getting into money they get so emotional and so irrational and we're in the middle of an election i mean this is um what is it a Wednesday is they Wednesday yeah so so next week we're having an election and i mean it's so crazy because um i don't want to talk about religion sex politics violence but like a lot of the ads are like oh if you vote for this guy he'll raise your taxes dude you add a trillion dollars of debt a year you're 19 trillion in debt and now you're like oh my god if you vote for this guy he's going to pay his bills and then and then when you look at financial like i know Dennis who are throwing the hail Mary pass they got everything on tesla and it's like you know that tesla isn't gonna save you because you eat out three nights a week you drive a range rover um you bought a house up north and this year you've only spent three weekends in there could have been an Airbnb but it just seems like dentists physicians and lawyers they just spend more than they make and every time i talk to a dentist i say okay vacation you just go to the lake and fish and drink a case of beer like everyone else oh no i went to Hawaii and we took a cruise okay car do you just have a Toyota oh no i have a range rover a house just a 2 000 square foot four bedroom three bath oh no it's a 5 000 square I’m like dude your wife's wedding ring is three carat can you just show me anything you do in the median and they can't show me any part of their life where they don't spend more than they have so when i look at your infinite wealth podcast i mean i i don't think they could invest enough money on earth to keep up with their spending so how do you coach people to live within their means in a country where people won't vote for you if you're accused of paying your bills you know yes well we'll actually raise taxes to pay for this war we started 19 years ago what what yeah isn't that just on borrowed money right know and you're right and unfortunately that's not just dentists or physicians unfortunately that's a lot of high income earners in this country there's so much easy access to credit and we have uh that satisfaction we can get that range rover just like that if you want a vacation house you want to do anything it's that immediate gratification and i would say that's very difficult to overcome and but so some of the ways to do that is i recommend my clients write write out their goals and a lot of people will talk about goals well i want this net worth or this when i retire i like to have lifestyle goals like what does your life look like in 10 20 years how many hours are you working how much i i want people to travel and to enjoy life as long as they're doing prudently and they and they are planning for it but if if they can write out their goals and maybe their goal is like one of my clients his wife worked part-time and her income was three thousand three thousand a month one of his goals were is that he wanted to without taking a step back financially be able so his wife could stay home with the kids which is great but so part of what we did some things that some things we cut out but more importantly what we want to do is we want to create passive income so in this particular situation we bought some rental properties that were producing some cash flow so eventually we got that cash flow and we got that cash flow up enough and also a couple things we're paying a lot of money in taxes when you are an employee uh real estate has a lot of tax advantages particularly in those first couple years so we didn't need to replace exactly three thousand dollars the number was a little bit closer about twenty one hundred dollars and when he had that goal and he could say okay we could accomplish this in in in in two to three years that gave them purpose and it gave them a goal and something to something to look at and also a plan to follow because a lot of times we have this money coming in but if we don't if we don't earmark or have a plan of what we're going to do with it a lot of times it just gets spent in lifestyle we got the range rover we're going to Starbucks every day on our way to work you know usually when you ask a dentist how do you plan on fighting poverty he says i just beat up homeless people um but but you know um do you think a lot of its culture because i i noticed that in um you know when different families like some kids when they're 10 you give them a Benjamin you give him a hundred bucks and you can come back and a year later he still has it i mean I’ve done this test on so many kids or whatever and then you give a hundred dollar Benjamin to other kids and what before you leave they they go to the mall and they trade that in for a pair of blue jeans and uh and you're just like uh and then you have this long talk with this kid and then the next time you see them the same thing happens and I’m just convinced that the most obvious iq test is how long it takes you to part with your money and you start seeing this behavior in young kids and psychologists have identified it as delayed gratification and children that understand the concept of delayed gratification before they're 10 they just do better i mean that's why they're a doctor because you know you came out of high school all your other friends were getting married and getting jobs at boeing and getting fancy cars but you decided to stay a student for eight years because you knew it was a better decision when you're 30 or 40. so do you think if you're you're born and born in poverty you're gonna stay in bafferty i mean uh do you do you think um do you think how the culture you were born is gonna be a big factor in all your culture and values to determine whether or not you're gonna be able to save money i did i think that that that that's part of it i would say i i wouldn't say i grew up poor but i didn't have a lot of money but what that allowed me to be is is driven to make money and to be a good steward of it so sometimes people are poor and they may just stay have that have that poor mindset and sometimes even with these rich kids i will tell you a funny story how i remember distinctly when my son he wanted an xbox and i i i don't remember how much they were back then but he was smart enough you looked at the best buy flyer and say hey dad you know there's zero percent interest so if you advance if you buy it for me now and then you just take my allowance and pay and pay that towards the bill within a year where i have the xbox now and i just will forego i will forego the allowance for the next year and that's when it clicked into me is like how he's learning about that immediate gratification and it wasn't something that we had instilled it's something that he's learning and reading and so a lot of what we're influenced by is how we're raised but that doesn't mean it's permanent there's got to be some passion or a will to make a change and that's something that is difficult to do that's something that has to be that has to be internal and so that's why as i said earlier about focusing on the goals and if you want them bad enough you are going to make you you're going to get them and also that helps you when making a decision to do a or b i always say well let's go back to your goal which one of these is going to help you achieve your goal and if neither one then don't do it but to me it's all about setting some goals and having having a path or a strategy to follow so what do what do you um why do you call yourself a recovering CPA well i would say when you meet somebody just by human instinct you're going to put them in a category all right people ask you well what do you do well okay I’m a dentist and they have this perception of you or if you had to put me in a category i i don't do CPA work anymore or taxes if if you had to put me in a category it would be a financial advisor the problem with that is when you think of of uh when you think well when you think of a CPA you're probably thinking a nerd right um or somebody's very analytical and when you think of a financial advisor you're probably thinking mutual funds 401k but i try to make that i try to be that I’m not either I’m not neither I’m not a nerd i mean some people might say i am my wife calls me a nerd right now I’m trying to solve the rubik's cube but i do have nerd hobbies but financial planning I’m not what typically people are going to think of when they say financial advisor so recovering CPA i found first of all when i say it a lot of times people will will will chuckle and they're going to ask more of well what does that mean so i do that to distinguish myself and add a little humor and potentially maybe that that'll bring some more questions of really of really what we do and how we help people you know my friend uh solved the rubik's cube the first time he ever saw it almost instantly and you know yeah he's colorblind and um it uh it really really helps um so um when um what what are you trying to do um when you you're not doing the CPA you start this infinite wealth um what would you say is the nuts and bolts of your um of what you do is it more motivational to just to to get them to stop spending so much money i mean uh most dentists if you want to hide something from them uh you just put it in the oven uh they they only eat out uh you know they they don't know how to drive they they always have to fly i mean they want to learn like the smallest thing in dentistry and it's like okay well dental town has 400 one-hour courses that cost 36 dollars and you can just learn it for 36 dollars which is cheaper than taking a cab to the airport they're like no i don't want to do it that way i want to take a 70 uber ride to the airport fly 3 000 miles stay in a five-star resort and go to a two-day course for three grand uh to learn what they could have learned for 18. i mean it's just like they go massively out of their way to spend money so so what are you trying to do because i know you have um i would go to your website uh by the way which one of those which one of those sites should they go to first they go to or should they go to if the wealth consultant is our home page that's where you'll learn some more about us and you can see our blog and our podcast the infinite wealth course is we have created a online course of how maybe there's about 50 videos in there but of various topics ways to create passive income uh one of my favorites is should i get a 15 or a 30-year mortgage and we do the math behind it to support which one is better so there's videos on there about personal finances but also ways to create passive income ways to start ways to start okay well you can't say that about the 15 or 30-year mortgage then just leave it hanging in the air now now you got to explain it so what what's the answer okay well let me ask you Howard what what do you think is best 15 or 30 well again how you know it's so emotional I’ve been having this talk with my you know i got four boys now and and the thing i love the most about humans more than anything is they can just rationalize anything i mean my god just you just put on your cowboy boots you know it's gonna be a show and you know and the minute they start having kids right and um the grandkids um you know well you know i don't want to raise my child without his own chicken coop I’m like you know children have lived through tougher things than not having a chingu uh by by the way i um I’ve never been this excited about Halloween uh with my grandkids because uh it's uh right now it's uh the 28th so this is Wednesday the 28th Halloween is uh um three days it's Saturday night you know how many times I’ve done a practice run with my four-year-old every time i see my four-year-old Ryan she wants to do a practice run and we go to the house and we we go left we don't go right and then we turn at the mailbox and then we walk straight to the anyway and and she always um she's always trying to sell it to me is that we need to go practice because she's worried that I’m gonna get lost on Halloween night and then uh she wants to uh go up to the door and ring the bell and and you know it's not Halloween uh but if something but if but the garage door is open someone's standing out there i explained it so loud to her that they usually figure out what's going on say no no no she can go out ring the doorbell because she even wants to walk up to the door and ring the doorbell i mean she's all into this practice and we've done it like 12 times but um um so the house from the way i i got an MBA from asu and here's what they told us just for easy math they say okay if a house is a hundred thousand dollars say it's a ten percent uh mortgage it's thirty years that if that housing if the mortgage payment is a thousand dollars a month on a 30-year loan that house generally in the united states of America will run out for about 850. so the difference is 150 bucks so it's better to rent your home rent that house at 8.50 and then take the 150 difference and invest it in like an index fund and um and but then what they'll do is they'll they'll go buy that house and not only will they not rent and invest the difference so go buy that house and then you know dennis they work four days a week and Friday they rest Saturday they get bored and by Sunday they get up and decide they're going to go to home depot and start a 5 000 bathroom project on you know their house and they just justify everything i need to paint the house i need to make a man cave i need to and it just becomes this huge huge money pit and every time they get an extra 100 bucks they can always rationalize on my why it would be best to go to home depot and lowe's and spend more money on that house and that's what i was saying you know the the wife thing um the children thing the house thing i mean you don't you don't have a chance of saving money if you have married children and uh and and by love of the house so and answer your question i would say yeah i get a 15-year mortgage instead of a 30-year mortgage if it's just simple as that because the average American moves every seven years so what's the advantage of a 15 over 30 well you um you you paid off in half the time because and when they the same government came out with the sba loan they only made that 24 years because the economists were telling them that any loan over 24 years is interest only so why would you have a 30-year mortgage on a house where the first seven years are interest only in the same country where the people move houses every seven years so they're stuck on this interest-only plan which number one they should just get rid of the 30-year mortgage and move it to the same length as the sba i mean if the if the phd economist say 24 years interest only so yeah i would say it should be a 24 year loan would be long and a 12 year loan should be half okay right so and that's what most people think a 15-year mortgage I’m paying I’m gonna pay less interest which is true okay but we need to compare apple's apples your mortgage payment is going to be higher agreed 15 over 30. so to compare the two we have to account for that extra for that extra amount just to use round numbers let's say you know the 15 year is a thousand right and uh the 30 year is 900 and i don't know if those are are accurate but just for simplicity we have to account for that extra hundred bucks now what we've done and Howard you're going to spoil it so they're not going to watch the video but that's okay but i i think it's going to add some value when you look at the math but if you take that extra dollars of that extra payment of a 15 and you get a 30 instead and that extra money you put into some sort of account okay you fast forward 15 years as long as that account earns what your what you the interest rate is on your mortgage at the end of 15 years the 15-year mortgage the house is going to be paid off the 30-year mortgage is is going to have a balance but you know what they're also going to have they're going to have a side fund and when you do the math that side fund is equal to the loan balance at year 15. so what what i tell people it's never a bad idea to pay down your mortgage rarely is it the best idea so what I’d rather have clients do especially now and in that example we're not taking into account for taxes uh depending on where you live and the size of that house that mortgage interest may be deductible and if it is then especially right now interest is so cheap i think i just got a loan for 2.75 i am in no rush to pay that off because i can do something different better with my money than to earn 2.75 particularly if that 2.75 is taxable maybe the net cost to me is say 2 percent even i would tell you even if i couldn't make 2 on my side fund to me i want to have access to money particularly like we take a look at what happened in the last housing crash a lot of people's value of the house got um the value went down a lot of people were were upside down people were buying your neighbor's house for 15 cents for 50 cents on the dollar if you have that side fund have that liquidity it's going to give you options so let's say right now maybe a lot of people's businesses are down or they've lost their job having that that side fund of having access to to that money can help you pay that mortgage if times are tough also what I’m expecting in these next two years there's going to be a ton of opportunities whether it's in the housing market or whether it is buying another dental practice or renegotiating a lease or buying equipment or getting in the stock market there's going to be some opportunities during this recession that that we're in and in order to take advantage of those you need to have access to capital and if that's tied into your house you might have the equity you might have the net worth you might it might like good on your balance sheet but the problem is if you want if you need access to that money you have to ask permission and what uh a good friend of mine had said banks are like your neighbor that will loan you an umbrella when it's sunny out but the moment it starts raining they're like hey Howard you know that um umbrella i loaned you i need it back and you're gonna be like well it's raining i need it they're like i know that's why i want it back banks only want to loan you money when you don't need it so I’m not a big fan of tying up that having equity inside a house I’d rather have it somewhere outside now if you're getting closer to retirement i think things are going to change and what i also tell people we can't make all of our decisions on math and numbers i have some clients who it's very important for them to pay that house off they want they don't want to have that mortgage well you know what then we're gonna then we're gonna then we're gonna help them do it we don't just help people uh focus on the bottom line we want them to be happy and enjoy their life and if having whether that loan is a mortgage or a student loan maybe financially it makes sense not to pay it off but it's causing them stress so then i think that there is value in in making decisions not solely based on the dollar but also on the stress and emotional aspect and you know the fastest way to transfer wealth ever created marriage marriage that's all you gotta do you just gotta marry it it'll all be transferred to there to work again uh i do remember money from back when i was young and single uh but now uh uh with four kids and all that no I’m just kidding but um again um all this stuff you know it's just um um people work so hard for their money and then another thing people say to me that's crazy they're like well you know money's not that important for me really so you commute an hour to work each day you work eight to five you have an hour lunch at downtown and then you get in five o'clock traffic so you leave at seven in the morning get home at six o'clock at night and money's not important to you then why the hell don't you stay home i mean your grandma lives at home you got grandkids at home why do you go to work every day i mean it just seems it's so bizarre how some of the worst decisions people make are always about money and it's so emotional um etc um so um basically um i i hate to ask you this question because um you know um you can't you can't predict the future i mean uh I’m i mean i you know when you when you hear people telling you what the stock market's gonna do uh for the rest of the year they're they're a palm reader i mean there there's there's no way i mean i mean if if you know who's going to win the super bowl then call the nfl and let's cancel the game i mean we don't need to play it i mean because einstein over here already knows who the winner is i mean i you know you might have thought the dodgers were going to win the world series but you sure as hell didn't know but on the other hand I’m 58. um i graduated from high school in 1980 and that was paul volcker the fed reserve chairman interest rates were 21 double-digit inflation unemployment graduating dental school in 87 black monday was that 133 days later and then the y2k build up and crash march of 2000 and then lehman's day and I’m not a palm reader i can't tell you who's going to win the super bowl uh i mean even though obviously it'll be the Arizona cardinals and if you don't believe that there's something wrong with these Steelers the CEO i hate the Steelers the most of all we were in the super bowl we were winning it had one minute to go and that idiot throws a hail Mary and some drunk Steeler catches it in the end zone and oh my god our street our street went from las Vegas casino style to just church mode in like one second oh my i never seen my mother almost have a heart attack uh on on the spot but anyway but the the bottom line is um the the crystal ball i mean it just smells like uh what's that nirvana song smells like team spirit i mean i mean I’m sorry but before the pandemic you gotta remember warren buffet quit buying a year before the pandemic out all the newspapers in the wall street journal saying why is buffett sitting on a 150 150 billion in fact at one point he had enough money to buy Costco just off the market he could have just bought Costco and he was like no no no this and then the pandemic hit so we were i mean it was a long time ago since lehman's day and then the pandemic hit and now we hear that like 40 million Americans have lost their job and uh my god so I’m asking a lot of people are just um they're thinking you know the safest place for my money would be in a box under my bed um what do you think of the times that we're in and how does this affected your long illustrious career in investing over decades um for what we're doing the times like this of uncertainty are great for our business because what most people i think wrongly believe is that the only way to save for retirement is their ira or 401k or or the or the stock market which you've heard of the buffett index right where he analyzes the the companies and they're hugely inflated that's why he pulled out because he's looking at these numbers these companies the the stock prices are going up but we have this double digit unemployment we have this rising deficit like something has something has got to give and i mean i believe one of the main reasons why the stock market is is going up even though when people aren't when the economy is terrible is because the feds are pumping money into the economy and if you look at the graphs of the amount of money that the the fed is pumping into the system and you overlay it with the stock market it's on the exact same curve and if you remember a couple years ago or was it a year ago when the government said they're going to stop stop pumping money in the stock market went down and they're like okay wait a minute we can't have that so they started pumping more money in and the stock market came back up my my concern is what happens when the government stops stops funding money into the economy we are due for a crash you just mentioned a bunch of crashes and they happen about every 10 years and right now we are on 12 plus so we are due i actually on our podcast had in february had an economist in there that predicted the recession was going to be in july and he was basing that in a large part of the inverted uh uh very yellow curve yeah yeah and that inverted yield curve has been before every last recession for the last 50 years and that happened i think last august so i think i don't think anybody would have been surprised if we're in a depression or I’m sorry a recession but you put this pandemic on there and it's only going to make things worse and i personally I’m i am I’m a free market guy i think we need businesses and people and the market will determine what interest rates are and what the value is of a house or of of any asset the reason why we have bubbles and bursts is when the government goes in there and starts inflating keeping interest rates down like they're doing now or they start manipulating the market eventually the market will reveal itself and the longer they try to control things the bigger the bus is going to be and i just want to add one thing i love history i mean i love dentistry i love economics love history and economically speaking you always want to have the same hand as the superpower so if if the roman empire is um storing all their money in gold coins then gold's the best bet um right now the um the 20 richest countries all have about 40 trillion dollars of debt and half of that is just America so when the 20 richest countries are holding 40 trillion in debt you know that they're um they're going to have an incentive for inflation uh they're not going to pay interest on your savings account i mean when i was a little kid and opened up my first johnny appleseed account i was explained banking in five minutes by the branch manager by my house and he said well here's banking you put in a dollar and we will pay you a nickel every year till the end of time and then if you ever need to borrow a dollar it'll cost you a dime every year so you give us your dollar we'll pay you a nickel a year and we loan it out to to you know someone else um we're gonna loan it out to Anthony uh for a dime a year and we make the difference and now it's like oh that five percent per year yeah that's one percent per year because the government can't afford to pay five cents a year on 20 trillion dollars of debt so they've ran that down to i mean look at that the the interest rate at your bank is like one in one and a half percent and the fed's target rate for inflation is two percent so they're trying to dilute your money a half of a percent every single year so you got to know what side of the fence the 400 pound gorilla is on and the government has been uh counterfeiting out of control since uh world war ii and um it's uh it's paper and that's why so many people they say they want gold but i i mean I’m a dentist i love gold i have seven gold fillings on my teeth but it doesn't have a lot of utility i mean i can't i can't eat gold i can't wear it i can't clothe it i can't but i but that's why i think people like rental properties because a house is something physical everyone needs shelter um um i would like um and the other thing what i think is the most important is the um you know the political terms are weird you go around the country and like if you say this person's on the left this person the right that means something different in every continent that you're in but the original word socialism meant that workers owned the means of their work like I’m a farmer and socialism means i want to own my land and i know the king's going to come tax half my crop but it's my land and it's my crop and i'll give them some as opposed to a landless indentured servant living on someone else's land he doesn't own his land they steal everything from him and dentistry is kind of getting weird because the dentists are losing the means and the ownership of their production and deciding to go become employees in a dso and i i have no sympathy for them because these are the same bastards uh that got in bed with the government that took away the rights for a hygienist to open up her own office and they always do it under oh well it was for public safety okay well if you're into public safety why don't we why don't we make transparent all the insurance data so we can see we're in phoenix arizona we've got six thousand dentists these three thousand dentists they're all their fillings lasted over ten years and these three thousand dentists they all lasted less than ten years i mean you know so they're full of it but freedom is freedom and you should own your rights of production and i think when the hits the fan and anything collapses instead of having a stock pile of gold I’d rather be able to go into howie's dental office and then here comes an old blake named Anthony who can't sleep at night because he's got a toothache and i can i can pull your tooth for a loaf of bread and you're italian so i assume three bottles of wine but um so so you know i i still think the best hedge on an economic what happened in venezuela the best hedge is to own your means of production and be able to work which leads me to your question why did you walk away from a sure thing at a CPA firm and start infinite wealth well i would say when 2008 hit that like many people it really changed my life and my perspective particularly i remember a client sitting down in front of me saying Anthony i did everything right i paid off my house i stayed out of debt i paid off i paid off my i paid off my uh credit cards and that extra money i was paying down my mortgage now my house is worth half my 401k is now my 201k and you're telling me i need to go back to work but I’m 70 years old who's going to hire me when they could hire a 50 or a 30 year old and that impacted me because i started looking and he's following the same advice that uh that i was following and i just like we talked about earlier there's been an there's been a correction they call it um about every 10 years and i figured unless I’m doing something different why would i expect a different result so i went around looking really mainly for myself because part of me was uh and even during that time my son's 529 plan which which is a college savings tool he lost 60 percent my daughter was lucky she only lost 50 percent but my son was going to college in two years we didn't have time to wait so i started looking for alternatives at typical financial planning and i noticed some of my clients not only didn't get hurt they actually thrived and so i sat down with them how why are you doing something different what books are you reading how what is it what is your mindset what what sort of assets are are you investing in they weren't maxing out their 401k they they had access to money because they were the ones buying your neighbor's house for 50 cents on the dollar they but they were owning they were owning real estate and really the books that they were reading I’d say one of the best is rich dad poor dad which I’m sure uh most of your listeners lives up the street he lives up the street for me he lives out here in phoenix in paradise valley oh he uh this book is a game changer i think it really it's it's an easy read and i will tell you i i made my son read it and while he's reading it he called me and he's like hey dad I’m I’m the uh I’m the poor kid and like what i i first took it as an insult i mean we're not rich but i wouldn't say we're not poor but he's like you know what as soon as i get a dollar i want to spend it just like just like you were you were talking about so i read rich dad poor dad and i also read nelson's nash becoming your own banker so i started to incorporate these strategies personally and then my clients were like what should i do they they lost the trust in wall street and a lot of times they didn't want to put money in their 401k and lock it up they were business owners and they needed access to that capital so i started sharing the strategies that i was doing and then before i knew it i had a growing tax practice and i also had a growing advisory practice and i didn't want to be a jack jack-of-all-trades master of none i wanted to be an expert in my sandbox i wanted to be the the best the best person in that sandbox and i couldn't do both so i had to choose and to be honest the choice the choice was pretty easy as much as i love taxes and I’m sure a lot of your dentists can relate i i loved i loved what i did i loved meeting with the clients i loved solving their problems i i i did enjoy taxes that's kind of the nerd in me uh but the grind i was burnt out i mean there's tax season and then in fact a funny story my daughter when she was elementary school took a test on the seasons she goes all right there's spring summer fall winter and tax which at first was funny because she thinks tax season is one of the five seasons but then i thought you know that's not really that funny i mean i am working way too much so i had to make a choice so it was it was simple for me i i loved both but i could see you know the writing on the wall with taxes most people don't view their CPA as an asset they view him or her as a necessary expense but now kind of helping people achieve their goals it's a lot more satisfying and now it's i I’m helping people so that's why that's why i sold my firm about 10 years ago and um you know again what i love the most about humans is how they can just rationalize anything i mean my god and the smarter they are the more they know in math and physics and chemistry like even in physics where you think okay these are the guys that i mean you can't argue much about a cosine of tangent yeah i mean how do you fudge numbers and you tell them a theory and then you tell them you say okay now you know your theory by einstein you know he said it breaks down you know uh that he said it doesn't it breaks down it doesn't connect to quantum mechanics yeah here they are you know the guy's been dead for 50 years and they're still trying to connect and they're like well what if you do it's like it's like dude you just can't accept no for an answer and i see dentists on dental town i mean these are some wickedly smart dentists and there's a threat going on it's like 30 000 posts long called only three percent can retire at 65. um uh let me yeah and uh and i wha what is the name of that threat um yeah three percent can retire 60. and it started by kenny72c who's their their legendary guru and all that smarter than crap but my god I’m I’m sitting here thinking you're a dentist are you saving money are you investing money are you speculating money i mean how do people that know how to do a root canal and a crown i mean the ruckus scientists what is what is it what do you call it when smart people are rationalizing you know i i just say like losing weight eat less move more you want to get rich earn more spend less and they get so damn smart they're savings investing and they're speculating how do you tell the difference what's your bs meter well what i would say and one of my pet peeves is when someone says knowledge is power which like not knowledge is the potential power you mention losing weight if you want to know how to lose weight pull up your phone if you want to know whatever you want to know it's now on the tip of your finger there's a book there's a podcast there's a website to give you the knowledge but not only do you need the knowledge you you need to take action you have to put that knowledge into action we all know to lose weight we need to eat less than exercise but knowing it isn't going to shred the calories it's going to it's going to be taking action and doing it that is going to help you how it going to help you achieve those goals and your what i found the more initials after somebody's name the harder it is to teach them something because they they think they know it right and that happens with uh with uh dentists i mean they do so much education but how much of that deals with personal finance none practically zero and then even if there is a elective course at uh at the school a lot of them don't see value in it they're not taking it so they're educating being an expert in their field but we need to be experts or have some knowledge and take some action about about about our personal finances all too much people they they don't want to get their hands dirty they're going to just outsource and they're going to give their money to somebody else to manage and i tell you Howard the only time i lost money is when is when i gave it to somebody else but when i had control of it and i determined the asset and i didn't give it to somebody i actually bought i bought an asset directly that's when i did not lose money and you mentioned speculating to me there's a big difference to me words are words are important and and there's a big difference between investing and speculating uh and and and also savings i mean our we define savings as capital that that that you put that is liquid it's safe and is going to at least keep up with inflation right so we know it's never going to go down ideally it goes up at least as much as what the what inflation is each year and then investing is when we um deploy capital right with the for a certain amount of time with the expectation that our capital is going to be safely returned and we're going to get uh income in the form of either interest uh interest rent or or dividends the key thing is there's there's an expectation and a known amount right but then the third is speculating and speculating is we buy we we deploy capital what the expectation is going to appreciate and oftentimes there is no a lot of time that speculation or depreciation is going to be hope well the market's always gone up or it's done this but i think if people really knew the difference between investing and speculating and i think they would do and look more look for more investing purposes and particularly right now we recommend people invest in things that they know the number one investment is themselves taking the time to go to go through dental town read these blogs maybe post questions whether that's taking classes whether it's at um through dental town there's uh the las vegas institute here in las vegas we want people to invest in their business whether that is ideally instead of buying a mutual fund what what if you buy what if what if you took a class that that allowed you to do implants or you created the knowledge to allow you to add an additional revenue source to your business right we've got some clients that are i don't know if i can drop names but a ulab where now they're able to make their own uh imprints for the to to do almost like in invisalign but that that equipment costs money but what I’d rather have somebody do is unless i believe it's maybe like 30 or 40 grand instead of putting 40 grand in your 401k what if you bought an asset for your business for one now we can we can deduct that as depreciation and we're creating additional revenue streams which not only puts more money in our pocket but it also creates our bit our biggest asset which is the practice it makes that asset more valuable so particularly in times like these we want people to invest in things that they know particularly if you have your own practice I’d much rather have somebody invest in making that practice either cutting costs or bringing in more revenue that's going to be more bang for your buck than than speculating in an asset okay i need to hold your fee to the fire on this one because i know my homies and what they're asking is uh uh they just got out of uh um um school they're starting to make some money um they got student loans and they're like okay um do i try to pay down my student loans faster should i be saving money to buy my own practice so i own my means of production i got a hou and so the student loan thing is a is a crazy thing so uh what what do you make of that well i I’m gonna go back and are probably gonna this might be the answer a lot of my questions is we gotta go back to what the goals are of that new dentist if the new if the goal is to own their own practice then let's make financial decisions that is going to is going to expedite that and i did there's a lot of a lot of dentists who that student loan is just uh is just a huge pain or a huge monkey on their back so maybe for them it might make more sense really to pay it off but if you're looking to own your own practice paying off that paying off that debt is probably not the most important thing that's going to be because you're going to have to pay those off completely before you have have that free cash flow and that may that may take 10 15 years when i would be more apt the first thing I’d want people to do and it's not sexy but people need to have a reserve fund slash opportunity fund we need to have access to cash particularly people are seeing in times right now where there is a loss of revenue so we need some cash so we don't have to go into debt also there's going to be opportunities so what my saying is the bigger the opportunity the smaller the window there is to take advantage of it so we need to have some liquid assets and really one option instead of let's say you're um you had a hundred grand and you could pay off your student loans right or you could buy an asset you could let's say for example buy like for a hundred grand you could put the down payment on four rental properties that that cash show that comes in you could take that to pay your uh to pay your student loan payment then when that's paid off your student loans are paid off but now you all you you you also have an asset so for some of the for some of those students my advice would be is let's start building assets and that that may take precedent over student loans but as we build those assets ideally that produce cash flow we can use that cash flow to pay down the debt is this some other advice I’d give a uh whether you're just starting out and at a school or maybe you just you just started you just started your practice um you're go you're in the lowest tax bracket you are ever going to be particularly that first year or two because you have the depreciation from all of that all that equipment also you are you're trying to build your practice so your your your gross collections are are going to be the lowest they're ever going to be so at that point we want to make sure that that we maximize the tax code and i would a lot of times people are taught to defer to defer their taxes by putting in an ira or 401k which has some may have some benefit and we're looking at that tax benefit but the problem is we're not saving tax doing an ira or 401k we are delaying tax to a future time and when you're in the lowest tax bracket that's the time where you don't want to defer the tax you want to pay it because it's going to be the cheapest it's going to be whether that is not putting money in a 401k or also one trap i see particularly I’m going to give some blame to to the cpas their cpas are typically designed or their goal is to lower your taxes that day or for the or or for that year and they can do that by putting money in an ira but also when you're buying that equipment they may have you what's called section 179 which allows you to deduct the full cost of that equipment in the first year which sounds great and that year you are going to lower your taxes the problem is if you think your business is going to do better and make more money in the next couple years wouldn't you want to use that deduction when your income and your tax bracket's higher as opposed to do it as opposed to as opposed to doing uh getting that tax deduction today my god i can't believe we already went over an hour like i could talk to you 40 days and 40 nights um my gosh um well louise you got some time for some overtime questions no I’m good man i i love this i can talk about this all day so um what what do you um again you've worked with so many dentists for so many years and what i think is um you know the dentist they all know themselves they all know their house their practice but and when i started dental town i got to tell you a secret you know when the internet came out in 94 95 everybody was going to say well it's going to have five c's it's going to sell commerce and content and commercials and connectivity to all your advices and the last one was community and i thought well i mean I’m a dentist i don't care about supplies i mean my number one cost is the insurance adjustment i have to write between my thousand dollar fee and that the 600 bucks the insurance will give me i mean 40 35 of all the overhead of 95 of the dentist in America is their insurance adjusted fee next would be labor 25 um you know um you know uh lab ten percent supply six percent i mean who cares about six percent supplies i wanted community and i didn't want to disintermediate that girl coming in my office because she was my only connection to the outside world before the internet like if i was looking at an endophile I’d want to know what the great endodontist in my backyard I’m like well can you find out what that endodontist uses and what is grebo and matlab what what does gettlemen use and what is jason hell using i mean that was my connection to the outside world and i firmly believe that dentists don't really have a good report card of what the other 100 i mean there's 211 000 licensed dentists alive in America today 150 000 practice more than 32 hours a week in general dentistry 30 000 more than 32 hours a week in a specialty you get to see lots of them they only get to look at the person in the mirror what do you think are their most common financial mistakes what what do you think that most of them do whether they're even consciously aware of it or not what i would say is for one it's spending right and you you'd mentioned it uh before is over is is living outside of our means and not having some proper savings right and so one way to combat that i mean it's simple well like what uh your neighbor Robert kiyosaki says pay yourself first we gotta prioritize where our our money goes so we need to start paying ourselves first what i also see is people are speculating they people want the home run they want that stock that is going to shoot up or maybe they buy into some startup or they they're they're they're looking for the home run and what i tell people is let's focus on hitting singles singles aren't sexy you you hit a single you you're at bat three times and you have zero runs but now the bases are loaded now every time you're hitting a single you are bad you you are bringing in a run so my my advice would be is let's not go for the home run let's look and invest in things that that uh you know also i think people focus too much on net worth they want to be worth a million or they want that value or that account to be a million or two million dollars what i would challenge people is well why do you want to have five million dollars if you really pull back it's because they want to live a certain lifestyle but that's good that's going to take cash that's going to take cash flow so why not invest in assets that are creating cash flow as opposed to a net worth i also think people under utilize and over emphasize their CPA and i can say that because i am a recovering CPA but a lot of times there's a disconnect of what people think their CPA is doing and what their CPA is actually doing and in my view there's three there's three areas of expertise in the CPA world one is tax preparation which is reactive right and then the second is tax planning which is being proactive and then the third is going to be audit defense which is just simply keeping you out of jail right but most cpas it's just like i said each one of those categories are very specific and for and most of them most people who are great preparers are not grades are are not great planners so as you're going to see as your income goes goes up and our tax rate is progressive which means the more you make the more they take so we need to we we need to manage and be prudent with how we do our financing relating relating to taxes a lot of times people think their CPA is giving them advice but the problem is if they only meet their CPA like right before the deadline it's too late to get advice like they need to get that planning during the year but there's miscommunication or miss expectation that these cpas are proactively looking out for them and the cpas are good and they mean well but there's so many tax returns that they're just being very reactive we need to find a CPA or sometimes like with our high-end clients we don't go their CPA we use a special tax strategist where all they do is tax planning that way they can make sure that their structure is correct and that they're truly maximizing the tax code and again i would say a lot of times people are locking up their money in their 401k and ideally i think that investing in yourself and things that you know are going to produce more rewards and if we look at like with Robert kiyosaki i mean which he inspired my goal is he talks about financial freedom and i hear a lot of people talk about financial independence but what does that truly mean a lot of times people don't haven't defined what that means and Robert kiyosaki has and he defined it as your passive income meaning income you're not actively working for is more than your monthly expenses and if you can do that or when you do that then you work because you want to not because you have to so that's where the goal is very important do you want if if you enjoy enjoy grinding in the chair and want to do that until you're 65 67 than perfect right but if you want to be able to do more things spend more time with the family and work because you want to not because you have to we need to have that cash flow so my advice would be start creating cash flow now and not wait till you're 65 or 69. that was um very very uh well put i can tell you from my own experience that when i um um you know when i got to the point where i didn't have to work and i never had to work again uh then it it just makes it so much more fun like one of the reasons i have never sold my practice is uh for the very simple reason of uh number one when my grandkids uh need uh to go have dentistry done I’m gonna have to have a dental office number two i thought in my mcmansion uh i would just put a operatory in there if i sold it but then you realize uh you gotta put in an alt uh you know an autoclave air compressor then you realize that you don't even know how to turn on the autoclave or the air compressor and um in fact i don't even i don't even have a key to my dental office or dental town because i would never go to dental town uh unless i met the assistant there with the patient and for emergencies you know you want her to go down there with her big husband and uh so so i actually keep a dental office for my hobby which is for you know but who makes money it's great all those things like that but I’m just telling you that when i hear these dentists and they're burned out and they're fried and they're suffering from depression and this pandemic's making it worse they don't realize that it all comes back to their lifestyle um you know they're when they go by a range rover they just said to themselves I’m gonna trade three years of my flesh and blood doing fillings for this car well so here's a psychological thing i can assure you when you go to the store and they said hey we'll give you an 85 000 beamer all you got to do is sign here well who doesn't want to sign there because you get to drive home and a beamer but when you save up and you have eighty thousand dollars uh you you know you don't go buy a beamer and i'll tell you how everything flips when you see my lexus i bought it in 2005 it's still perfect it's got 180 000 miles but the back door there's a dent in the side of it and people always say to me like what happened and why don't you get that fixed in fact why don't you get a new car well i was backing out of my driveway and my precious granddaughter opened the door for some god knows what reason and bent the door back and i told her don't worry don't worry and i got out and i just you know body slammed it back and there's denna every time i see that debt i always think of my little perfect beautiful granddaughter three years old opening the door while grandpa's backing out and she started to cry she all free down and i said hey is anybody hurt i don't care if the door's bent i don't want your arm to get bent and but the point is if there's any dentist watching this show other than rick workman who has a billion dollars from heartland i mean i could go buy a a a new beamer tonight i could i could buy 10 of them i could i could buy a dozen of them with what's in my checking account but but that's why you have money because when you have money you won't part with it but you'll you'll part with owing it just sign here and you'll make payments on a 30-year mortgage you'll make payments on a car so it's kind of weird those people who have no money are the ones driving all the beamers and that's the difference between scottsdale and and all the surrounding suburbs if you went to scottsdale and you found 10 beemers and mercedes benz in a row everyone on b lease borrowed our mortgage if you go out to the suburbs like chandler or peoria or god forbid uh litchfield but don't know that out here the we're supposed to slam aj that's the uh all the jokes and things if you go to apache junction and you see a mercedes-benz it was paid for in cash and uh you know what i mean i mean they they just don't have debt so all i want to tell my homies and the reason i brought you on the show i brought you on the show because i want you to upload uh some of your podcasts on Dentaltown so they get they get the habit of watching this thing because you have an incredible show oh but last question i know we went way over an hour um you did an episode with my buddy dick dickman right here in my own backyard known an orthodontist great man for 30 years talk about that episode you posted that on a blog in Dentaltown i tweeted out um tell us about uh dick dickman did you go there because you were trying to straighten your teeth no no actually dick pointed out that i have something wrong with my smile and that he can help fix it but um but i would tell you i have the utmost respect for orthodontists because when i grew up i had a bad case of summer teeth somewhere here somewhere there and dr chin did some magic on these guys right but i guess according to dick dickman there was a little bit off but what dick has been using the concepts that we teach actually longer than I’ve been teaching it so we wanted him to kind of come in here and he explained how what concepts we do and how he used it in in in his practice to maximize uh the cash flow in his practice and also the money that he had outside and the impact that had on his long-term tax bill so dick is amazing gentleman amazing story of how he uh came to this country and he's uh he he was a treat uh where did he emigrate from I’m afraid you're gonna ask me because i just forgot indonesia is it is somewhere on youtube just a great guy just a great guy smart guy you know like i said he's got a dental degree he's got a master's degree he's an orthodontist I’m just a really smart guy um you're a really smart guy and I’m really honored that you came on the show by the way should we have a dick dickman come on the show like um he did with you and if he came on would you want to come with them would that would that be more magical or uh any thought like that well dick would be magical i i i would love to be a part of it but yeah i will talk to him he was he was excited that uh that i was on and um if you guys want to come back because like say I’m not a palm reader I’m not predicting the future I’m not going to tell you who's going to win the super bowl but the two rules about bubbles is number one they get bigger than anybody ever thought they would get and they eventually pop and um um my favorite economist is joseph schumter the oscar and economist they asked and they said um why do we have business cycles and he goes well look who's making all the decisions it's 8 billion wild monkeys who all lost their tail and they're quite crazy and after about 10 about every 10 years all the bad decisions and stories and again people know they're aware of their own existence they know they're intelligent but they don't think of what's the opposite like what does it mean to be a frog well you know we're aware of our existence because we can escape the total present reality so a cat and a dog and a cow in fact the funniest joke i play on my grandkids is whenever we're driving down the road i always tell the grandkids do you know i can speak to cows and they're like grandpa can grandpa really talk to cows so i rolled out the window and i yelled those i can't hey cow and of course all the cows turn and look because some big ape just yelled a big noise and i see see they all they're all looking at grandpa they all know what I’m saying and then you can really keep this going if they're forward under i mean you can stop the car and they'll actually hey i need all you cows to come over here well they're bored to death in the middle of a farm field they'll walk over and uh pay attention to you but the bottom line is this um it's been a decade since lehman brothers which was a decade after y2k which was a decade after black thursday and i look at the deficit um you know you've been adding a trillion a year for 19 years and he added 3 trillion in the second quarter this year the market was already the buffett index uh warren buffett actually taught in my freshman business class i went to creighton university and he was buddies with the creighton people and this is how this is how dumb i am i can prove it i was dumb he came over he spoke to our class or creighton school of business whatever and you had to write up what you thought of it and you know i was 1980 i was all excited like oh he's going to talk about the nifty 50 and kodak and all that he didn't own any of those stocks and he's like i don't own any of the nifty 50 and if i can't write it down on a number on a 5x7 recipe card with a number two pencil i don't understand it i don't understand intel and all this stuff and i thought this is a dumb old man looking back what i should have done is dropped out of creighton took my next year's tuition of six grand bought six thousand dollars of berkshire hathaway and then went and worked at taco bell for 30 years and now I’d be worth 100 million and um the bottom line is you know when he talks about the uh the buffett index he says look within each country if you take all the publicly traded stocks like the united states be the will shire 5000 that should be less money than the gdp the the publicly traded stocks aren't worth more than the country it has to be less and I’ve noticed whenever it gets down to 65 70 percent the stock market's gonna go up and i also notice if it gets over a hundred percent like it's a hundred and ten hundred fifteen hundred twenty it's gonna trend back down but you couldn't have all the publicly traded companies in a country how could it be mathematically more valuable than the whole damn country and you know what that index is at right now today 181 percent i mean when you're 58 and you saw warren buffett live in 1980 40 years ago this market if if you look at that market and say that looks normal hopefully you're in grammar school you're in high school or you just dropped acid or you're drunk because if you really have read any financial economics in the last 40 years that we are in crazy times and unprecedented times we're in the middle of a pandemic i don't remember any books about the stock market during the spanish influenza we've had 40 million people lose their job and dentists you got to remember if you want more of something lower the price or have someone else pay for it like subsidize it don't tax it or regulate it and if you want less of something just raise the price like when you tell me you really love doing invisalign I’m like okay great so what are you gonna do about your price next year we're at the end of 2020 what are you gonna do well you know I’m getting 6500 for invisalign i think I’m going to raise it to 6800 I’m like i thought you just told me you like invisalign well if you want to do more of something you would lower the price how the hell did you come up with oh raisin economic barrier to entry in fact let's call our government friend maybe they can regulate it and tax it i mean look i mean no you what you if you want to do more of it lower the price and if you truly love and that's what i did with dentures i did the opposite you know the opposite of addition is subtraction the opposite of multiplication division when you hate a procedure like dentures i just kept raising the price and i remember clear back in the 90s when people say you charge 2 000 for a denture i could get it at denture world for 4.99 I’m like ma'am i'll drive your ass to denture world right now let's get in the car because i can't wait to see your ass get out of my car in denture world because i hated dentures but when i had to do a denture and you're getting two thousand dollars for it you know there's worse things that happen to you than making a denture for two grand so if you love it lower your price if you hate it raise the price but you need to get dialed up make sure you don't have any debt floating on interest rates because that's the main lesson of a 1989 graduating high school farmers were buying john deere tractors at 200 basis points over t bills and the next thing they know they're paying 21 interest on a hundred thousand dollar tractor and they lost the family farm so you don't have floating debt um number one um you know um just um keep your means of production because you can get fired and laid off when you work for someone else but when you have your own taco stand when you have your own taco truck when you have a dental office and you can go down there and sit by yourself with an iphone and when someone comes in with a toothache pull it for yourself when you own your means of production that is where the word socialism comes from and I’m sorry you didn't pick it up uh from um centuries ago it doesn't mean what you think it is it means you you you have your rights in production now you're selling that off for pieces of paper to go be an employee at a dso okay you know that's not what i would would have recommended i always recommend that workers own their means of production and and it's actually fun to cook i mean um you know i mean i I’ve actually this this pandemic i can now make macaroni and cheese without reading the box i know it's a full stick of butter a half cup of milk and with enough pepper uh you can eat it and you know just live under your means and no job is beneath your dignity i cannot believe how many dentists tell me in arizona they can't find a job and i said you can't find any place to hire dentists all right oh yeah if you want to go work in some medicaid hell hole in south phoenix where they're only paying you 20 I’m like dude you just told me you didn't do a root canal on a live patient in dental school and now you have an option to have more dentistry than you can do but you'd rather sit home and be unemployed than working on some poor person that needs dentistry at a lower price i mean i thought it was an honor when i got to school i got a school may 11 it didn't get my office built and open until september 21st and there was a dental clinic called sunshine dental clinic and they were open from 7am to 7pm seven days a week so i got to work from 7am to 7pm for four months every week i did my dental school requirements of 50 fillings 15 canals of endo 15 units of removable and so like every week i was doubling my skill set and now i see people saying well I’m not going to go work at a medicaid clinic i mean I’m broke I’m broke and entitled in a slop and you want to hear the most racist thing in the world ever coming right out of my mouth you know who has the problem the most in dentistry not the dentist that weren't born in America i swear to god if they were born anywhere in africa south America or asia if she's from brazil our legos are are taipei holy moly she's ready to work and she doesn't spend but the scariest thing i ever hear from a dentist is i always say i'll go oh please please please where were you born and they go America I’m like oh my god they're not going to work 40 hours a week they will own the land and building of their house before they own the land and building of their dental office uh they will borrow and you you come up to the american dentist and they're 50 years old and they're still paying interest on other people's money for their house and their car because they're so addicted to instant gratification they couldn't even think of getting debt free and paying cash and on that note thank you for what you're doing and i think there will be a sense of urgency to what you're doing uh sooner rather than later because i don't think this bubble's gonna get i mean i i mean maybe it'll go on another year or two i don't know but all bubbles pop Howard what i would say i commend you for keeping your practice i actually sold mine and looking back that was a mistake but the problem was i was so burnt out that that i had wanted out if i could have done it again i would i would have sold it i would have hired somebody to do the stuff that i didn't like and just focus on stuff that i do like but Howard as i mentioned before we started we do have an online course called the infinite wealth course where we could learn you can see that video of the 15 versus 30 and also kind of learn some ways to create some passive income and well you know you know what i would recommend we we put up 400 courses and they've been viewed a million times guys like you that already have all this content you should put one of your courses up for free on dental town so they have because that a lot of dentists won't take a course unless they get credit for it or whatever but put one course up on dental town so that everybody can meet you meet the concepts get to know you and then they'll switch over to your platform for the next hundred courses but that's a thought well i i wrote that down so thanks thanks Howard what we have done though with our course we're doing it more for education not a revenue source so um people for your client uh for your listeners if they go to infinite backslash dental town uh in there for a limited time probably until the end of the year they they can get free access to the course where they could learn about passive income uh things to do for maybe long-term care uh and that 15 versus 30-year mortgage or you could take my financial course which uh get a list of all the 80-year-old women in your community that are worth a million dollars or more and are over 80 and are a widow and then you can throw away you throw away tinder just only date 80 year old women that have a million in that and that's my best advice i will write that down as well hey thanks so much for coming on the show it was an honor to podcast you thank you so much thank you Howard it was a blast
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