The Best Leaders Are Humble Leaders

"Never let success get to your head and never let failure get to your heart."

It’s the beginning of a new year and with that comes a lot of goal setting and reflection. As I look back on my first year as a practice owner I can’t help but be overcome with gratitude. Yes, I get to live out my dream of operating my own dental practice and make a significant impact in the lives of my patients but, beyond that is the ability to create jobs and foster a work culture and environment that is progressive, empowering, motivating, inclusive and rewarding. I do not take any of this lightly and work towards improving these everyday.

The reason I am so grateful to be able to foster this kind of environment is because it is exactly what I needed in my jobs before I became my own boss. I’ve experienced bad bosses and less than desirable leadership and vowed to not repeat those when it became my turn.

The truth is, true leadership has it’s basis in humility. Often times leaders let success get to their heads. They gain satisfaction from pushing people around. Little do they know, humility is an incredibly powerful choice. It is a critical success factor. Scientific inquiry into the power and effectiveness of humility has shown that it offers a significant “competitive advantage” to leaders. Leaders are more powerful when they’re humble.

So as I reflect I wanted to share a few notes on leadership and humility from one of my favorite leadership speakers, Brigette Hyacinth. Take what you need:

Humble leaders show vulnerability which makes them more approachable. Such leaders don't point fingers or divert blame, and are willing to listen to differing opinions. If you don't listen or won't admit you’re wrong, you can’t grow. If you don't grow, your business won't grow. Success requires continuous growth.

“Try never to be the smartest person in the room. And if you are, I suggest you invite smarter people or find a different room.” Michael Dell

Humble leaders are great listeners. Listening forms the foundation of good relationships. Why? Because it shows you care. Humility and emotional intelligence go hand in hand.

Humility is a sign of strength, not weakness. When you can shift your focus from taking to giving, from hoarding the credit to recognizing the contributions of others, it shows inner strength. We know success doesn’t happen in a vacuum. It is a team effort. Learn to appreciate and value the people around you.

What you want won't always come easy, but if you work hard, and never give up, you will get there. Small steps everyday.

In spite of how much success you attain. Stay humble.

"Pride makes us artificial and humility makes us real" -Thomas Merton.

Humility if consistently pursued and prudently polished over time, is a powerful force for good, that helps one to reach and sustain success.

I hope something sticks with you and you join me in my pledge to make your work environment a bit better, everyday.

How to Smash Your Goals in 2022

The years 2020 and 2021 taught us a lot about uncertainty, to the point where now we probably have gotten used to plans changing on a whim or at least a bit more comfortable with variability. Nevertheless, the beginning of a new year is a hopeful time. It is often a time where we daydream and envision our ideal future and motivate ourselves to turn our vision of this future into reality by smashing our goals.

My method of goal setting remains the same, but I wanted to add a few specifics this time around:

1.START WITH A YEAR REVIEW 

I know this might seem like a lot of work, but it’s worth your time. Don’t stress, just be honest with yourself. If you had a planner last year, just look back through the months and assess everything without judgment. The easiest way to do this review is by answering these 5 questions: 

1. Identify 3 to 5 things that made you proud from 2021

2. If you set goals for 2021, how far did you get?

3. Identify what worked well, what didn’t work and why

4. Are there things you would like to improve, start or stop doing?

5. What are some of the lessons you learned last year that you want to keep moving forward?

2. PRIORITIZE YOUR GOALS

Now that you’ve done your review, identify the top priority areas that you want to work on whether it is career, finances, health, relationships, etc. It could be all of the above, but pinpoint specific things in each category to work on. Remember, this is not about anyone else but you.

3. WRITE YOUR GOALS DOWN

A sure way to make things happen is to write it down. It sounds strange, but there is enormous power in putting things down on paper, and according to research you become 42% more likely to achieve your goals and dreams when it’s written. I always keep a physical (paper) planner even though I use the planner on my smartphone as well. If you’re in need of a planner, you can find one here.

4. MAKE YOUR GOALS S.M.A.R.T.E.R

So how exactly do you set intentions that you will actually stick to? Be SMART about it. You’ve heard me speak on setting smart goals here and here. But this year, I want us to be SMARTER.

Before you set a goal, first figure out your “why.” By figuring out and articulating the reason you want to achieve something you are more likely to remain motivated to stick to it.

S - Small and Specific: What do you want to do?

M - Measurable : How will you track your progress?

A - Attainable: How will you do it?

R - Relevant: Is this relevant to your life right now?

T - Timely: When do you want to do it?

E - Evaluate: How is it going?

R - Readjust: How can you make it better?

5. Build a system around ACHIEVing YOUR GOALS

This is where we sometimes lose focus. We may know what goal(s) we want to accomplish and at this point they are intentions, but the steps in how to accomplish them might get blurry, so we need to turn them into action.

6. TRACK YOUR PROGRESS, REFLECT AND RE-CALIBRATE

Resist the urge to freestyle your goals and actually check your progress as you go along. At the end each month, take time out to analyze what you have achieved, what you failed to achieve and how to improve on this. Journaling as you go along and circling back at the end of each month can really help you to stay on track.

7. ADJUST TO LIFE’S LEMONS

Life gets in the way and can derail you. Things such as illness, family commitments, work, life emergencies etc can impact your goals. Take note of these things and adjust as you proceed. 

8. ASK FOR HELP

Lastly, get an accountability partner. Have a friend or loved one you can lean on  for moral support and encouragement, you will need it from time to time. If you need specific help, reach out to those who can offer any guidance or assistance. The internet and social media is a great way to make connections.

Bonus: Be your own D**n Cheerleader and eliminate self doubt. Figure out what keeps you motivated and inspired. I love quotes! I keep them everywhere - my phone’s wallpaper, sticky notes around the house, on my desk at work, on the bathroom mirror, etc. I listen to music, books and podcasts that are uplifting. I tolerate no negativity and try to stay away from it at all costs.

Remember, a goal without a plan is just a wish. By breaking down your goals into bite-sized, manageable actions and writing them down, setting goals and intentions for the new year that you can actually stick to becomes a much easier process.

Grab your planner and let’s smash our 2022 goals! Remember, a sure way to make things happen is to write it down.

Up Your Investing Game With NFTs

For some months all I kept hearing about was an online piece of work called an NFT. If you have been living under a rock you more than likely have no clue what I am talking about. In the cryptocurrency space it is all the rave right now! But what are they?? According to coinbase, NFTs (or “non-fungible tokens”) are a special kind of cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate.

Non-fungible - What is that?

Non-fungible means that something is unique and cannot be replaced with something else. Bitcoin, for example, is worth as much as every other bitcoin. A dollar bill, is worth exactly one dollar. “Fungibility” refers to goods or assets that are all the same and can be swapped interchangeably.

NFTs on the other hand are unique and cannot be swapped interchangeably. Concert tickets are non-fungible. Even if every Drake concert ticket is the same price, they aren’t directly exchangeable. Each represents a specific seat and a specific date — no other ticket will have those exact characteristics.

The reason why they are such a big deal is because they are appreciable assets, you can buy and hold or you can buy and sell these digital assets for a lot of money! Some of the more recognizable ones on the marketplace have come from projects by Bored Apes and Crypto Punks - earlier this year the Crypto Punk NFT(crypto punk 7524 aka Covid Alien) shown below sold at Sotheby’s for 11.75 million!! The creator put them up for auction, starting at $100 and the winning bid was astronomical.

This NFT titled Everydays: The first 500 days by Beeple was put up for auction at Christie’s starting at $100 and sold for $69million!!

The below NFT, also by Beeple was purchased for $66K and sold for $6.6 million - 10 times the purchase price!

Why are NFTs Important?

You can think of NFTs as being kind of like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles, including:

• NBA virtual trading cards 

• Music and video clips

• Video art

• Digital art

• Virtual real estate (in a place called Decentraland) 

As with Bitcoin and other crypto that has boomed in popularity over the last year, NFTs have also soared — growing to an estimated 7 billion. Each NFT is stored on an open blockchain (often Ethereum’s) and anyone interested can track them as they’re created, sold, and resold. Because they use smart contract technology, NFTs can be set up so that the original artist continues to earn a percentage of all subsequent sales (royalties). 

I am a new comer to the NFT space and only purchased my first in September of this year. Some NFTs that I have personally invested in are from Boss Beauties, World of Women, Women Rise and Alpha Girl Club. I purchased a Women and Weapons NFT for 0.175 ETH which is roughly $700 USD and have gotten a few offers, the best so far being for 1.18 ETH which is roughly $5000 USD. I have not sold it - I will be holding on to it for now or until I get a much better offer. The reason I chose to invest in some of the above NFTs is because they embody a cause or a mission that I can get behind. For example, Boss Beauties has a mission to educate and empower the next generation of Women and Girls through scholarships and mentorship programs.

Tweet from Reese W.

A recent tweet from Reese Witherspoon on NFTs and the need for more women to take up space in this arena. Reese is also one that I follow on Twitter as she is part of the large NFT twitter community.

How to Purchase NFTs

NFTs are bought and sold through an NFT marketplace built specifically to handle the blockchain transaction. NFTs can cost anywhere from a few dollars to millions of dollars for a digital asset thanks to the scarcity model. To buy NFTs, you must have a cryptocurrency and seek out a purchase through an investment marketplace. Most NFTs are sold on the Ethereum blockchain, meaning you must have the cryptocurrency Ethereum to purchase. Another crypto that’s used to purchase some NFTs is Solana (Sol).

Here’s how I purchase my NFTs:

You will need the cryptocurrency Ethereum (ETH) to purchase NFTs. I purchase all my cryptocurrencies on Coinbase. If you use my referral link to purchase your first $100 worth of crypto you will get $10 worth of Bitcoin. You will also need a wallet, such as the coinbase wallet or metamask and a marketplace to purchase your NFT on, such as Opensea.

1. Create an Opensea account - Go tot the website opensea.io and create an account. After which you can connect your crypto wallet to OpenSea, edit your profile, and begin interacting in the space. Here’s a video on how to open an account.

2. Connect your wallet - A crypto wallet, such as coinbase wallet or metamask, stores your Ethereum and processes transactions on the Ethereum blockchain. A unique wallet address will be generated and you will use this address to complete transactions. Here’s a short video on how to connect a wallet to your opensea account - in this case it shows how to connect a metamask wallet, but any wallet you choose will be set up in the same way.

3. Fund your wallet with Ethereum - You can get ETH, the digital currency that fuels transactions on the Ethereum blockchain, from a digital currency exchange like Coinbase. You will need ETH to "mint,” create and purchase an NFT.

4. Research available NFTs on Opensea - You'll want to choose an NFT that you feel has an upside value potential. The NFT can be some art, music, video, or even an item within a video game. You can even search Google or Twitter for NFTs. When looking at the upcoming NFTs, note when the sale is, what the cryptocurrency requirements are, and how many of the NFT are being sold. This helps you better understand the scarcity behind the NFT you are choosing. I am a member of an NFT community where these are talked about all day and I am also involved with a number of NFT communities on twitter (the only reason I am currently on that platform).

5. Bid on or Purchase your NFT - Make sure that there is enough crypto to conduct the transaction including any relevant fees. Fees can include the costs of purchasing and transferring cryptos, converting one crypto into another, and gas fees(amount it costs to process the transaction). When the NFT is purchased, it is stored in a crypto wallet on the same blockchain, on a different blockchain, or in decentralized storage. Mine are stored in my coinbase and metamask wallets.

*Coinbase will launch it’s own NFT platform in Q1 of 2022, I will more than likely switch from opens when that happens*

This information is so new that it can come off very confusing. It’s an entirely new world and a new way of operating and owning assets that it is like a foreign language when getting into it for the first time. There is so much to learn and the information given in this blog post only scratches the surface. Be sure to educate yourself and do your research before investing in any NFT. I can’t wait to see how this shapes the future.

Change is Here!

Another tweet from Reese - everything is changing and we must move with the times in order to not get left behind. Investing in the stock market is great and I encourage that but there’s a new way of investing that is not yet mainstream that in my opinion, we ought to get involved in NOW.

Tax Write-Offs For New Business Owners

As a new business owner, you may not know all the tax write-offs available to you. I sure did not, but with the help of my trusted CPA I am getting more and more familiar the more seasoned I become. I am going to share with you a few that I have come to know quite well over the last several months.

But first, What is a write-off anyway? A write-off is an accounting action that reduces the value of an asset while simultaneously debiting a liabilities account. It is primarily used in its most literal sense by businesses seeking to account for unpaid loan obligations, unpaid receivables, or losses on stored inventory. Generally, it can also be referred to broadly as something that helps to lower an annual tax bill.

Here are 5 Write-Offs to take advantage of if you’re a business owner:

1. Startup And Organizational Costs

As a new business owner, there are certain costs associated with getting started in business called startup and organizational costs. Be sure to keep a record of these deductions because the IRS allows you to write off up to $5,000 worth of startup expenses made in the first year of business. If you spend more than $5,000 in your business the first year, the amount in excess would be considered amortized expenses and is able to be written off over the course of 180 months. So until your business is considered “operational” you are not able to take 100% of your expenses but are limited to $5,000 worth of expenses.

2. Equipment Costs 

As a business owner, you have the ability to write off your equipment. This is a no-brainer if you are a dental professional. Even If you purchase items through Amazon or other stores of the sort for products and equipment, as long as those expenses are considered business equipment costs and not personal expenses, you can receive a tax deduction for it. At the beginning of my business, what became really important to me was that anything eligible I spent my money on was being written off by my business.

3. Business Meals 

Thanks to the Tax Relief Bill that was implemented by the Trump administration as well as the Biden administration you are able to deduct 100% of your meals in the year 2021 as long as there was a business purpose for the meal. So, if you choose to conduct business in a restaurant or you are ordering food for the office, your business-related meals are now 100% deductible - hello dinner team meetings! Make sure that you keep a record of your business meals as well as the purpose of the meal. 

4. Your Vehicle 

If you saw this post you know that I am writing off my vehicle since I use it for my business. If you have a vehicle that you are using for a business, it's so important to understand how to take a vehicle deduction and how to properly depreciate your vehicle. There are two ways to go about writing off your vehicle, you can

1. choose to depreciate your vehicle (e.g., taking the purchase amount of your car and writing it off over the course of five years) or you can

2. choose to take mileage - the mileage is helpful if you drive frequently since there is a set amount, 57.5 cents, that you can deduct per mile of a business-related trip.

When you are depreciating your vehicle you are also able to write off all the expenses associated with that vehicle. When it comes to purchasing new vehicles, you might want to look at buying one that meets specifications (such as weighing more than 6,000 pounds). If a vehicle meets the criteria, including being used for business purposes more than 50% of the time, you may be able to deduct the entire purchase price of the vehicle – financed or not – in the year the car was purchased. What this means is, if you are someone who is in need of a new vehicle for work, you can purchase it and write off 100% of your vehicle purchase amount, whether you make a down payment on the car to finance or if you paid cash. Lastly, you can also write off a leased vehicle's car payments through the business. However, when you are leasing a vehicle you are not able to take the depreciation deduction.

5. Place Your Children On Payroll

Braxton is not of age just yet, but when he is I will definitely be putting him on payroll. If you have children that can do tasks that are ordinary and necessary for your business, this is a great time to grow money for your kids tax-free. Many of us know the benefits of having a Roth IRA and that children can have Roth IRAs, but many taxpayers aren't sure as to how to go about growing tax-free dollars for their children while leveraging a business. When you decide to put your children on payroll, there are no payroll taxes you have to pay on the amounts. You can pay your child up to the standard deduction, which is $12,400, without your child needing to file a tax return. Now as a business owner, you get a $12,400 deduction for putting your child on payroll, without having to file a tax return, and no payroll taxes get paid. On the backend, you can also set up a Roth IRA for your children, place them on payroll and fund the Roth IRA through the payroll #WIN. 

Since becoming a business owner, my mindset towards money and taxes have completely shifted. When you are a business owner, you should always be thinking about how you can leverage savings on the things that you are already spending money on. You should definitely speak with your CPA or trusted tax advisor to ensure you are leveraging your business the right way.

Next Investing Step: Cryptocurrencies

Updated January 3, 2022

If you’ve been here for a while you know Investing is one of my favorite topics. I did a mini series of blog posts a while back and many found them quite beneficial. If you missed them here they are:

Investing 101: Invest In Yourself

Setting Up Your First Investment Account

How To Start Investing In The Stock Market

6 Questions To Ask Before Investing

6 Tips on Getting Into Real Estate Investing

5 Ways To Invest in Real Estate

Before diving in, I want to preface by saying that I am by no means a cryptocurrency expert or any kind of investment advisor. I will try to keep this short and sweet with some actionable steps I used to get started with investing in crypto. The information shared are my thoughts and based on my personal experience on the topic. I’m only sharing these because I feel that if you’re not on board with crypto at this point i.e if it’s not part of your investment portfolio, you’re seriously missing out on an opportunity to build wealth.

What is Cryptocurrency?

According to nerdwallet, cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. They work using a technology called blockchain, which is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. The most popular cryptocurrency at the moment is, you guessed it, Bitcoin.

I will admit that several years ago when cryptocurrency was being introduced I was, like many, quite skeptical. It sounded highly volatile, very risky (aka scammy) and sometimes the returns sounded too good to be true. Fast forward several years later after spending quite a bit of time educating myself on the topic and speaking in depth with my financial advisor, crypto educators and other professionals, my only regret is that I didn’t invest in them a lot sooner.

Bitcoin is the world’s first digital asset, is slated to be the currency of the future and as as such, supporters are racing to buy them now in hopes that it will be more valuable later. Just like the internet changed the world many years ago, Bitcoin is expected to usher in a similar change.

My first real introduction to Bitcoin was at the beginning of the pandemic when there was a lot of time to devote to learning something new (the good old days). My husband and I dabbled in a bit of investing and trading during those times with some really good returns. During that time Bitcoin was under $10K. Today (at the time this post is being written) bitcoin sits at around $65K and is predicted to get to upwards of $80K by end of November and north of $100K by December.

There has been a lot of developments lately in the crypto space - major banks around the world and some politicians have sent out pro-bitcoin sentiments. The SEC has approved a Bitcoin ETF, New York’s mayor will be receiving his first 3 paychecks in bitcoin, so are athletes like Aaron Rogers and podcaster Joe Rogan, and El Salvador has made Bitcoin its currency (with more countries to follow suit). It sounds like Bitcoin is here to stay. In my opinion, it would be unwise to not invest, if even a small portion, in cryptocurrency.

How To Invest in Crypto

At the time of writing this, Bitcoin sits at about $65K. If you have that kind of cash to spare you can go ahead and purchase an entire bitcoin. However, you do not need to. You can purchase fractions of bitcoin, whatever dollar amount you can afford. One of the most popular platforms (and what I use) to purchase bitcoin (and other crypto) is Coinbase. However, there are other places where you can purchase bitcoin such as Paypal, Cash app, Venmo and if you use Robinhood for investing you can purchase there too. If you’re a Paypal user, grab my referral link to buy your first $5 of crypto and we can both get $10 (use it to buy even more crypto).

What is Coinbase?

Coinbase is a secure cryptocurrency trading and investing platform that offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and more. It is very user friendly and an account is easy to set up. By using my referral link you will receive your first $10 in Bitcoin after buying or selling $100 of any cryptocurrency you want.

If I were you, I would start investing ASAP as Bitcoin is predicted to get to upwards of $80K by end of November 2021 and north of $100K by December 2021.

*This prediction has changed as the markets changed due to the new COVID-19 strain, Omicron*

If you are very risk averse or still think putting your money in crypto is scary you can earn crypto in other ways. I no longer use my regular debit card for purchases. I now use the Fold debit card where I earn satoshis (a small portion of bitcoin) with my everyday purchases.

What is Fold?

Fold is a bitcoin app and debit card that gives you free bitcoin for qualifying purchases.

Fold lets you earn free bitcoin while you shop. It works just like a regular debit card from any major bank where you would earn rewards (like cash back) on purchases but instead earn free crypto. The average purchase provides 25% cash back in bitcoin. Downloading the app and signing up for a Fold debit card is really easy and there’s benefit in getting both. The app is available in the App Store and if you use my referral link to sign up you can earn 5000 satoshis or sats for short. Satoshis, what’s that? The name is a moniker for bitcoin’s founder Satoshi Nakamoto and is a fraction of bitcoin. In the app, you will also have the opportunity to win additional bitcoin daily with the spinwheel. They have a range of prizes with the ultimate being an entire bitcoin. Read more about that here. There are two different types of debit cards, the Spin or the Spin+. The spin has no annual fee but has a $21 activation fee, while the spin+ has an annual fee of $150 but no activation. With the latter, you are able to earn more rewards and up to 100% cash back. Personally, I have the spin card - I get the benefit of getting fractions of bitcoin (which over time will add up to a large sum) with all my purchases without paying an annual fee. Plus, I am already investing in Bitcoin elsewhere so I don’t feel the need to try to get 100% cash back. After you’ve accumulated at least 50,000 satoshis you can transfer your crypto to a wallet, such as the coinbase wallet (there are others but this is what I use). Ultimately, if you’re looking for a relatively easy way to join the world of cryptocurrencies without investing your own money this is a great option.

There you have it! I have touched on my experience with investing in crypto and hopefully it gives a little insight on making it a part of your investing portfolio. It is very easy to get started, but as with any investment vehicle, do your due diligence, speak with your financial advisor, take caution and be aware that any form of investing is risky.

Next Investing topic will be on NFTs. Be on the look out for that.

Scents For Productivity & Focus

Have you ever walked past a certain aroma and instantly experienced a flashback to your childhood? This happens because smells that enter your body have a direct link to your memory center. Better yet, have you experienced where certain scents have a calming effect? Some scents can even help you focus and in turn increases productivity. There are scores of studies that show scents affect things like memory, concentration, sustained attention and cognitive function to improve productivity.

When you hear, touch or taste something, that information passes through the thalamus, the part of the brain that relays sensory information, before reaching its correlated part of the brain. As such, you’re aware of the sense before you’re aware of the memory or emotion it corresponds to.

Smells, however, bypass the thalamus and head straight to the olfactory bulb, which is directly connected to the hippocampus (which is responsible for your memory) and the amygdala (where you process your emotions). Because odors are first routed through these regions before reaching the thalamus, they’re more closely linked to memory. This explains why aromatherapy can have a profound effect on our emotional, physical and mental state.

HERE ARE 5 SCENTS THAT IMPROVE FOCUS AND PRODUCTIVITY:

1. Lemon - The tangy scent of lemon arouses the senses and improves cognitive function. Use lemon to help you power through that long proposal!

2. Lavender - Sweet-smelling lavender improves concentration by recharging the brain during rest time. This allows you to return to work more revived than you would be otherwise.

3. Jasmine - The smell of jasmine has stimulatory effect on the nervous system. It’s used to re-energize and promote a sense of well-being and a positive mood. Sniff it during a break for an instant refresher.

4. Citrus - Bright, light citrus aromas are helpful for staying awake and alert. Take a whiff before an important afternoon meeting to power up.

5. Peppermint - Peppermint improves attention and concentration. It also enhances the accuracy of memory and increases alertness.

So, while we purchase fragrances and candles because they just smell good. Next time when you’re shopping for scents take into consideration the effect it has on focus, attention, mood and productivity.

Browse the UnOrthoDoc Candle Co. Collection below for some of these scents.

The Mommy Truck: My Top 5 Picks

Planning for the arrival of a new baby is one of the most exciting times of our lives!

I won’t lie, although exciting it was also nerve wracking and daunting, seeing as though we would be first time parents. There were so many things to think about, from designing a nursery to ensuring we had all the necessary items, that often we overlook some of the basic things like transportation. A newborn means an extra person, and this extra person (although very tiny) has an exorbitant amount of STUFF.

I was absolutely not in the market for a new car. I loved my small SUV - a Porsche Macan. It was perfect for me and seemed to fit a carseat pretty comfortably. However, shortly after the birth of my son I quickly realized that I did not have quite enough space for all the things that I now needed. Who knew a stroller (and all its parts), a car seat, baby luggage and my mom (or nanny if you have one) would take up so much space?

After too many times of having to pack, un-pack and re-pack the car so that everything could fit, I finally decided to purchase a bigger vehicle - my mommy truck.

The first thing to consider about your vehicle when you have a new baby on the way is the size. A baby car seat is not just a comfy chair for your tot but also a legal requirement. It helps to note also that you will be maneuvering the car seat in and out of the car quite often so you will need ample room for that.

My Top 5 Picks

My husband and I spent some time doing our research on different vehicles. My portion of the research involved talking with other moms to see the pros and cons of their vehicles then looking at the style and size of the ones that I liked. Hubby on the other hand, took a lot more into consideration.

After some time of visiting dealerships and test driving a few options. I decided on my top 5 (in no particular order):

1. Porsche Cayenne

2. Range Rover Sport

3. Mercedes GLS

4. Tesla Model X

5. Genesis GV80

Having a reliable car is paramount when you have a young family. What you are looking for is a vehicle that has excellent service history. Also, children, and especially young kids, come with a lot of accoutrements. In the early years, there will be the aforementioned baby carseat but as they age, you will need to fit booster seats. So, you need a vehicle that is adaptable to your children’s needs. It is also worth bearing in mind the fact that your kids will have friends, so you may need even more space to fit them in so that you can take them to their activities. 

Ultimately, I decided on the Porsche Cayenne. I love Porsche! My previous truck was a Porsche and I was very sad to have to part ways with it because of it’s size. What I simply did was upgrade to the larger truck. The Cayenne is fun and exhilarating to drive, yet can be used as a practical SUV every day. It's a solid SUV that has great performance and a good degree of practicality. Right from the start, the Cayenne came loaded with technology designed to produce a luxurious ride combined with the nimble and responsive nature of a sports car. We love that the Cayenne is an excellent blend of off-road capable, family carrier and twisty corner master.

BONUS: There’s one other vehicle that quite a bit of parents raved about so I figured I’d give it an honorable mention. It’s the Honda Odyssey, a minivan so practical that it is all the rave among the more seasoned parents. I am told “It will change your life!” I am not a fan of the minivan, at least not yet. I am willing to forego this for the foreseeable and continue to make the most of the one I’ve chosen.

As we have learned, there are many things to consider regarding your car when you have a baby on the way. Having a reliable vehicle is crucial as you cannot afford any mishaps with a youngster on board and you need to ensure that it is of a suitable size for them to grow into, and also for the possibility of another child on the way. Make sure it is adaptable to all their needs. It helps too that is super cool and fun!

Lastly, here’s a financial tip: It’s a write off. If you own a business and use your vehicle for that purpose more than 50% of the time, you can write off 100% of the purchase price and any expenses associated with it on your taxes. Note that any vehicle used for business purposes should be at least 6000 pounds to qualify for a write off. Speak to your trusted CPA about this option if you’re considering going this route.

What are your top picks? Drop them in the comments below, I would love to know.

Financial Planning Checklist for Dental & Medical Professionals

I can’t believe I’m saying this but, a new year is fast approaching! I don’t know about you but this time of year usually means getting my financial ducks in a row (it’s always a great time to do this). As 2022 approaches, let’s start to think about ways we can improve and be better for our future selves. One way to do this is to re-assess to finances. Here’s a quick checklist to follow:

Create and Stick to a Budget

Develop good financial habits early by setting a budget. There are several guidelines out there as to how an ideal budget should be set up. I personally follow the 50-30-20 rule (with some variation). Essentially this means, 50 percent of your money each month should go to essentials like bills and housing, 20 percent should go towards your financial goals like savings, investments, saving for retirement and paying off debt/student loans, and 30 percent should go towards wants like vacation, entertainment, etc. If you want to, you can switch the 30-20 around if that makes more sense for you. Of course, your budget sometimes need a little wiggle room but for the most part try to stick to this plan. Automate it so that you don't have to think about it.

Build an Emergency Fund

Make sure you have at least three (3) to twelve (12) months of funds saved up for a rainy day.  Personally, I think 12 months is a good buffer. This is where part of the 20 percent savings portion of your budget should go, and it's there in case you lose your job, become ill, or encounter an unexpected expense. Keep this money in a separate savings account at a separate bank from your checking account and forego a debit card for that account. Also, automate your contributions.  Ask your employer to direct debit a portion of your salary into your emergency fund account or you can do this yourself. You can also consider placing the funds into an account with high yield interest. Another smart thing to do is put this money in a short term investment vehicle where you can access it immediately if needed.

Create a Plan For Student Loan Repayment

The pandemic gave us a nice break from the pressures of repaying student loans every month. Hopefully we were smart about taking advantage of the 0% interest period as the end of that is fast approaching (after Jan. 31, 2022). Explore all the options for student loan repayment that is available to you and choose the best one for your situation. Look into options like public service loan forgiveness (PLSF), the different repayment options available through the federal government and/or take advantage of the benefits of student loan refinancing or consolidation. If you are still not clear about the best option for you, seek a professional help. I have personally used Travis Hornsby, The Student Loan planner and he was able to help me figure out a repayment option that fits my goals all while saving me money in the long run.

Pay Down Debt and Build Good Credit

All debt are not created equal. There is what we call good debt and there's bad debt.  Things like credit card debt are considered bad debt because it grows pretty quickly and doesn't help you in the long term. Interest rates are usually higher and can take much longer to pay off. On the contrary, student loans are considered good debt because it's an investment into your future earning power. Put as much money as you can towards credit card bills first starting with the with the one with the highest interest. Once that's paid off, prioritize the next highest interest debt, and so forth. Also consider automating the contribution to your debt payment so that you never have to worry about a missed or late payment.

Protect Your Paycheck

An injury or illness could limit your ability to practice. Ensure you have enough disability insurance coverage to cover you in case of sickness or injury. Supplemental insurance options are available specifically for health/medical professionals, but be sure you understand how the policy defines total and partial disability. Finally, remember to update this coverage as you grow in your career and into your practice.

Put Additional Protections In Place

As your career grows, explore the various life circumstances and get the right insurance to protect against potential impacts to your budget:

• Malpractice Insurance

• Life Insurance

• Renters/homeowners Insurance

• Auto insurance

• Umbrella Insurance

Save and Invest For Retirement

It is really important that you get on this early! It is vital that you prioritize creating and contributing to a retirement fund and take advantage of compounding interest. Compounding interest will do a lot of the hard work for you if you start early. Try to maximize your contributions and take advantage of any match system your job has to offer. If your job does not offer retirement options, you can do this on your own. Speak with your financial advisor and your accountant about the tax benefits.

Explore Attorney Assistance

Utilize attorney expertise to review employment contracts, help protect your assets from malpractice, maximize tax planning and discuss estate planning.

Start a College Savings Plan

You certainly know the value of a good education - and the cost of getting one. If you have a child or children and their education is a priority, start saving now. A 529 plan is a great place to start.

Talk To a Professional

Financial planning can feel overwhelming, but it doesn’t have to be. A financial representative can help you design a plan and implement strategies to meet your specific goals with confidence.

Getting your finances together means stability, security and dear I say it, freedom. It’s okay if you don’t have all this together just yet. The important thing is that you start, now. I will have the 2022 planner, budget and financial tracker ready in a few days so be on the look out for that. Let’s make 2022 the year we get our lives together. Our future selves will thank us for it.

Tips on Financing Your Dental Visits

As a dental professional, I know first hand that dental care can be pricey! However, the neglect from not having dental care could cost you a whole lot more in the long run. My patients often times tell me the reason(s) they haven’t had dental care is because they couldn’t afford it or because they do not have dental insurance. Because this is an everyday conversation in my practice, I figured I would take this conversation here as well.

Options for covering dental expenses:

Dental Insurance

Most medical plans do not include dental and thus dental insurance is sold separately. One important thing to note is that there is a difference between a dental office that takes your insurance vs a dental office that you are in-network with. A dentist may take your insurance even though you are out of network with them. Generally, using an out-of-network dentist means your insurance would cover less and you’d pay more. Being in-network, on the other hand, usually means that your insurance company has pre-negotiated the fees with the dentist and they generally don’t charge more than that.

Payment Plans Offered By Dental Office (In House Financing)

Some dental practices offer in house financing. This occurs when a patient sets up a payment plan with the practice when there’s no insurance or rather than applying for financing. For some, paying a bill on a weekly or monthly basis can be much more manageable than paying it in a lump sum. In these situations, the practice holds the risk for future nonpayment and typically doesn’t charge interest. It is also common for dental practices that use this type of program to offer a cash discount on larger procedures with full payment up front or if the patient agrees to a set schedule of equal payments over a set period of time.

Using a Health Savings Account

A Health Savings Account  (HSA) is another potential financing option for your dental work. An HSA gives you the ability to put pre-tax money in each month that you can then use for medical expenses (which may include dental care). This can help lower your overall health care costs because it is pre-taxed money. Since most dental care is an eligible expense, many people decide to use the money in their HSA to help pay for any co-pays or dental procedures they may need.

Dental financing

If you don’t have insurance or can’t afford to pay for necessary dental care all at once, you might consider financing. This could mean borrowing money to pay for your treatment and then making monthly payments until it’s paid off. Financing also typically involves paying fees and interest on the money you borrow.

Here are some options if you need financing for necessary dental work:

• Personal loan - A personal loan can be used to pay for a range of personal expenses, which can include dental work and medical treatment. These loans are typically unsecured loans, which mean the lender doesn’t require any collateral to secure the loan. Because of this, the lender will typically consider many factors, including your credit history, to determine whether you’ll be able to repay the loan.

• Medical credit cards - Medical credit cards may be available to pay for healthcare treatments, including dental procedures. A medical credit card is very similar to a regular credit card, but you can only use a medical credit card to pay for healthcare — and only within a specific network of providers that accept the card. If you’re approved for a medical credit card, you can use it to pay a qualified provider for your medical or dental care. After that, you’ll owe the credit card issuer and make payments to them. Some medical credit cards may come with a period of deferred interest. If you’re able to pay off the balance within the deferred time period, you can avoid paying interest.

• Intro 0% APR credit card - Rather than using a medical credit card, you may consider paying for your healthcare with a regular credit card. There are credit cards that offer an introductory 0% APR for purchases and balance transfers for a set period of time. After the introductory period ends, the card will have an APR based on your credit and other factors. If you’re able to pay off the amount you owe within the established time frame, which is usually somewhere between 12 and 21 months, you could finance your dental care interest-free.

  As with a personal loan and a medical credit card, a regular credit card issuer will typically check your credit profile when considering you for a card.

• Third Party Financing - Traditional third-party financing is what happens when patients elect to use their existing credit cards to pay for their treatment. While this is not typically thought of as a dental care financing option, it’s commonly used. The dental practice is paid in full within 24–48 hours after processing the credit card. The financing is provided to the consumer (patient) by the credit card’s issuing bank, and the issuing bank assumes the risk for nonpayment. Some popular third-party financing options are CareCredit, Lending Point and iCredit-Works.

Access to affordable dental treatment is an important issue. There are many options for covering dental expenses including dental insurance, in-house financing, Health Savings Accounts, and various loans through third-party lenders. Whichever method you choose, it’s important to do what’s best for your unique needs.

10 Ways Leaders Can Avoid Getting Burned Out

This is a guest post by Bash Sarmiento

According to Indeed (2020), based on their survey done before the COVID-19 outbreak, cases of employee burnout increased by 9%. Specifically, 52% of all employees manifest the telltale signs of burnout. Employee burnout is characterized as a state of physical, mental, and emotional exhaustion. As such, it puts employee motivation and productivity at a dimming light and their accomplishments, personal identity, and performance at risk.

In FlexJobs (2020), seventy-five percent of employees have experienced burnout. Among them, 40% felt that the pandemic aggravated their burnout. In addition, Indeed (2021) found that 67% of employees believe that the prevailing health crisis worsened their cases of burnout. From these figures, we cannot turn a blind eye to the fact that such a seemingly mild issue can pose a grave threat to employees’ mental health and it is at an alarming rate.

Employees of all ages and types can experience this particular type of work-related stress. Like any regular worker, leaders and managers also suffer frequent or constant burnout (Gallup, 2020). They, too, can suffer the impact of workplace stress, which then may contribute to a mortality count of 120,000 deaths and health costs of nearly $190 billion in spending each year if specific measures to mitigate the risks are not reinforced (HBR.Org (2019).

Therefore, as a leader. You must help yourself rise amidst the challenges because it is not only you who depend on yourself. Your subordinates also root for you. Here are a few ways you can lean on before the going gets tough:

1. A llow for check-ins during your meetings.

Also called a vibe check, check-ins are a perfect way to know if anyone in your team, including yourself, is going through something. This promotes open discourse and allows everyone to open themselves. Not only will this detect early signs of burnout, but it will also forge a work culture that supports each other. You will be surprised how others would collaboratively suggest ways to overcome any personal or work-related issues. Opening up and having ears that listen can feel like a warm hug.

2. Educate everyone about mental health.

Better yet, enlighten your team on the early warning signs of employee burnout as well as depression and other predominant mental health issues. For a virtual event, tap a knowledgeable person-of-authority to be a resource speaker. 

3. Make use of employee engagement surveys.

With you as one of the participants, your team members can dish out surveys to measure commitment, motivation, sense of purpose, and passion for work. This can also act as a need analysis survey to have a baseline as to where you should start with your strategies to mitigate the burnout cases.

4. Eliminate red tapes.

Perhaps you also need to work on untangling or cutting the long process of some procedures in the workplace. Work on simplifying operations, especially those that may be the root of delay or inaction. It is the way to achieve a better and more efficient workflow.

5. Create realistic goals and objectives.

Setting unrealistic targets present pain more than a challenge. And as a leader who is supposed to take control in hitting these, it will be a force of habit to keep trying. Burnout starts from overcrowding your plate and not fully realizing what is ahead. Remember that your subordinates may not work at the same pace as you. You cannot always go beyond as others might contribute to your failure rather than in the success.

6. Encourage work-life balance.

Discuss with your team about having flexible work arrangements to promote work-life balance. You can also take advantage of this policy in as much as your subordinates. This way, everyone can work on a comfortable schedule, giving them motivation and a productivity boost.

7. Avail a PTO.

Taking a break from work is one of the best things to do, especially when you feel any stress or simply need a moment to relax. Your paid time-offs are your lifesaver in times of a mental health emergency. Use them to your advantage wisely.

8. Revisit your employee wellness programs.

Meditation sessions, cooking classes for eating healthy, desktop yoga, and virtual workouts have been lauded as the most sought-after programs HRs initiate to promote employee wellbeing and reduce stress in the workplace. If these have not been introduced to your company, set the bar for the benefit of everyone.

9. Practice empathetic leadership.

So others are empathetic to you as well. A compassionate leader has a selfless concern for the lives of their team members. This kind of leader has a genuine interest in knowing the challenges they face and their overall feelings. To offer support, encouragement, and help, the empathetic leader understands whatever situation their team member is going through and contributes to making the situation bearable, if not better. These leaders often get the helper’s high, a rush of positive emotions following an act of kindness or service to others.

10. Recognize your work and those of others.

In this day and age, recognitions are crucial to productivity, happiness, and motivation in the organization. It does not hurt to be generous with praise and merits, especially when you see that everyone is trying their best to get by and cope despite the many uncertainties in our lives today. Recognizing their work should feel good for you since you are also part of their success. Not only will this bring you butterflies in your stomach and prevent stress, but it will also put your character as a leader in good light.

You may have noticed that this list was written as if directed to a regular employee. We did that on purpose. You are free to deal with stress and burnout just like the rest of the entire workforce. Your feelings are valid, and your emotions are essential. The organization knows you are not a robot, but only you can act to make a big difference in your life.

Meet Bash Sarmiento

Bash Sarmiento is a writer and an educator from Manila. He writes laconic pieces in the education, lifestyle and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management and traveling are translated in his works.

Find him on Instagram and LinkedIn

6 Expenses To Consider When Opening a Business

Are you thinking of starting up a new business? Fantastic!

Whether it’s a dental practice, finally turning your hobby into a side business or another type of business, there are some expenses that we don’t necessarily think about. In all our excitement to launch, start marketing, hire staff, secure financing, and set up our websites, it’s easy to miss or misjudge a few important startup costs. Yet, neglecting these often-overlooked expenses could result in a cash crunch before our business even gets off the ground.

Here are six sneaky small business startup costs:

1. Business Insurance

While you hope nothing goes wrong when you’re launching a new business venture, the reality is sometimes it does. Not having business insurance in place could leave you struggling to pay for expenses you didn’t budget for while trying to finance a new business.

Every small business is different, so do your research and choose the insurance coverages best suited for your situation. Here are a few:

• Business property insurance- this helps to protect your workplace location and property like tools and equipment, while 

• General liability insurance - this helps protect your new business from claims for bodily injury, property damage, and other personal claims.

• Business income insurance - this helps protect income lost when you can’t operate due to covered losses such as theft or fire.

• Life insurance and disability insurance - this is a no-brainer, it protects your family against income loss.

2. Fees and Licenses

Among other often-overlooked startup costs are the fees associated with establishing a business. You may have to pay to search and register your business name and even have it trademarked. Depending on your business location and the nature of the business, you may need federal, state, and/or municipal licenses and permits. If you’re a dental professional you will need to pay for the renewal of your license to practice dentistry, your licenses to prescribe controlled substances and professional dues almost on a yearly basis. The costs and requirements will vary.

3. Professional Expertise

Don’t underestimate legal fees and accounting fees when estimating the costs to start a new business. Paying for good advice regarding your business structure, legal agreements, and financial issues early on in your business can help you minimize or avoid costly future legal or tax entanglements. Get a few quotes so you’ll have a realistic idea of the costs you’ll incur.

4. Taxes

There’s no getting away from paying taxes. Find out what municipal, state, and federal taxes your startup must pay and when. State and municipal taxes vary, so visit the U.S. Small Business Administration website or ask your trusted CPA or tax lawyer about the details pertinent to your location. At the very minimum, expect to pay state income tax and state employment taxes if you have staff, plus your federal business taxes, depending on your corporate/business structure.

5. Payroll/Bookkeeping/accounting Fees

Whether you have an automated online system, a bookkeeper who visits your office, a virtual assistant, or a trusted CPA don’t forget to account for this important monthly cost. While a bookkeeper may charge a small fee per hour, a monthly flat-fee arrangement may be better, or you may opt for a subscription to an automated online payroll and bookkeeping program, such as Quickbooks or Gusto.

6. Utility Bills

While you probably studied the commercial rents or property values in your area pretty carefully when budgeting for your startup costs, an area often overlooked are monthly utility expenses. Your startup operating expenses include more than just your office rent, lease payment, or mortgage. Depending on your business and location, your startup utility bills could also include:

• Electricity

• Heat and/or air conditioning

• Telephone

• Internet

• Water

• Condo fees

Talk to other business owners in the area to get an idea of the typical costs based on the square footage you’re considering.

Starting a new business is always a risk, but you can minimize your risk of failure and maximize your potential for success by realistically budgeting for all types of startup costs. This way you’ll be better prepared financially to handle the unexpected expenses that are bound to pop up.

5 Secrets To Work-Life Balance

These days, especially with some of us working from home it seems almost impossible to have a little separation between your career and your life. In fact, for many people, their career is their life. But it doesn't have to be that way. Being happy and fulfilled requires making time for yourself just as much of a priority as your career. Here are 5 secrets to a work-life balance:

1. Before You Say Yes, Pause - If you’re reading this there is no doubt that you are ambitious and driven and like to get things done! You also may feel like you can handle anything thrown at you. I am the same. While this all might be true, it’s important that you are careful to not take on too much. Time is a limited resource, saying yes to everything threatens this very limited resource and can often also lead to burn out. Protect your limited resources by first pausing to assess whether or not the ask is something that you really need or want to take on right now, if at all. If you are like I once was and struggle to say no, try saying things like, “Thanks for asking, let me check my schedule/calendar and get back to you.”

2. Manage Your Workload - Sometimes I feel like I have way too many things to do. I am constantly juggling an endless amount of balls and trying to keep them all in the air. Since having my newborn, I have come to the realization that I cannot do it all and still maintain a balance between my work and home life and that I can allow some of those less important balls to drop. Cue the checklist - I now have checklists for everything! I place things in order of priority doing the most important things first. Other items much lower on the list now gets outsourced. If it’s at work, I delegate some tasks to my office manager and at home I have learned to ask my husband for help. What I have found out is that these individuals are happy to help but they have never gotten the opportunity because I never asked.

3. Create Boundaries with Technology - Put the phone down! Digital burnout is a thing that a lot of us are affected by. For me this is social media and emails. I know I am not the only one that sometimes mindlessly scroll through the abyss of Instagram and Tik Tok and respond to emails after hours and on weekends. You must set boundaries where this is concerned. Instagram is a big part of my businesses - I do marketing for my Orthodontics practice and my candle company via the platform and also make partial income from it via sponsored and affiliate posts. I enjoy doing these but it also makes it easy for the line between healthy social media consumption and compulsive social media consumption to blur. What I do to combat that is set social time blocks, that is specific time(s) of the day when I go on Instagram to do a story, make a post or to engage. I also set a time limit via the apps’ time management tool to remind me when it’s time for me to close the app.

4. Take Your Vacation - I’m currently on vacation as I type this, but had it not been for pure exhaustion I probably would have kept going - this is also a reminder to myself. You may feel guilty about taking time off of work, especially when you have a lot going on but it’s so important. If you are like me, when you have a certain goal in mind you cannot stop until that goal is achieved. However, continuously going without a break only leads to burnout.

5. Take Control of Your Life - You are in the driver seat of your life! If you don’t like something, you can just decide that it doesn’t work for you and make the change. I know some things are easier said than done but, begin to work on the things that are easiest to implement. For example, if you need to get more sleep decide that you will go to bed an hour or two earlier. If there are certain things that gives you stress, figure out how to get rid of it (ie. set boundaries) or how to manage it.

There is such a thing as work-life balance and you CAN create a life that you absolutely enjoy! The key is to decide on the type of life you want to lead and take the necessary steps to achieving it. Start with the 5 steps above. I hope this helps.

My Interview With The Dental Marketer Podcast

I recently sat with Michael Arias, host of The Dental Marketer Podcast where I shared my story of becoming a practice owner and entrepreneur. We also spoke about, you guessed it, marketing!

You can find my episode (327) and the podcast on iTunes, audible. spotify, stitcher or directly on The Dental Marketer’s website.

MICHAEL’S 3 KEY TAKEAWAYS FROM OUR EPISODE:

• WHAT WAS IT LIKE FOR DR. PATRICE ACQUIRING AND OPENING UP IN THE MIDDLE OF A WORLDWIDE PANDEMIC.

• HOW SHE HAD SUCH A SMOOTH TRANSITION WITH ACQUIRING AN EXISTING PRACTICE AND MAKING ALL THE TEAM MEMBERS HAPPY.

• HOW TO STRIKE A GOOD MIDDLE GROUND WITH YOUR EMPLOYEES BETWEEN BEING FRIENDLY BUT BEING FIRM.

About Michael

MY NAME IS MICHAEL ARIAS AND I’M HERE TO HELP PEOPLE FIND YOU.

FOR THE PAST FEW YEARS, I’VE HAD THE AMAZING PRIVILEGE OF HELPING HUNDREDS OF DENTISTS EFFECTIVELY MARKET THEIR PRACTICE. WITH AN OVERLOAD OF MARKETING OPTIONS, IT’S CHALLENGING TO KNOW WHERE TO START AND WHAT TO FOCUS ON. I’M HERE TO CUT THROUGH ALL THE NOISE, AND HELP YOU FIND THE MOST EFFECTIVE MARKETING APPROACHES TO FIT YOUR BUDGET, YOUR PREFERENCES, AND YOUR BRAND!

How One Doc Is Repaying $575K of Student Loan Debt in 7 Years

A Q&A Session with Dr. Samantha Tillapaugh aka The Debtist

Q: Thank you for agreeing to answer some questions on your journey to financial independence. Please, tell us a bit about yourself.

 A: At my core, I am an extremely multi-faceted person – the Jill of many trades with no intention to master any one of them. Since I was a child, I have had a short attention span, and I think that is why my mom was so adamant on teaching me how to focus. I thank her, because now I am very efficient with my output, but I still haven’t lost my curiosity. 

 I am the truest definition of a Gemini, intermingled with a Type I Personality on the Enneagram scale, and an INFJ. My biggest goal in life is to constantly learn and experience something new, and my biggest fear is standing in the same place. I LOVE movement, as well as creative thinking, which explains why my favorite hobbies include motion and thinking on your feet. I guess that makes dentistry a good fit for me. 

I am a part-time dentist who owes a ridiculous amount of student loans, hell-bent on not allowing finances to impede my wish to live life to the fullest, explore my interests, and retain full autonomy over my day-to-day life. 

Professionally, I am also a blogger for my website, thedebtist.com and others’, a wholesale director for a bakery called Rye Goods, an occasional speaker on the topic of student debt, as well as a temp for other random events such as teaching lunch-and-learns for companies, or dog-sitting for traveling pet parents. 

Privately, I am a real nerd. I am an avid reader, I depend heavily on my planner, and I still write analog. Writing helps me process my thoughts; organizing the house keeps me calm. I take piano lessons and boxing classes. I love to sleep, but hate to waste time, so I mitigate that with my love for coffee. I also like to travel, take photographs, and bake.

I practice slow-living and minimalism because I naturally gravitate towards a fast-pace and a maximalist life. 

Q: What made you interested in dentistry?

A: It’s hard to say when the true point of inception occurs, but I have been saying I wanted to be a dentist since I was 8 or 9 years old. When I was younger, I thought it was destiny. I was born on the Philippine Islands and when we would vacation on beaches, I would play with fish teeth. My parent’s actually have a video of me, at 2 years old, holding a dead fish in my hand, and literally playing and inspecting its mouth. Gross, huh? 

 I also have a video of me floating in the ocean with a floaty in the shape of a Colgate toothpaste tube. I loved wearing fake Dracula teeth for Halloween in elementary school. And I always liked the dentist. As I got older and started considering which medical profession I would pursue, it was the lifestyle of a dentist that attracted me. It was not until college that I learned my great-grandfather on my mom’s side was a dentist, too. 

 My mom wanted to be a doctor, actually. She never had the ability to pursue that dream because student loans did not exist in the country I was born in. You either came from a rich enough family to pay for medical school on your own or not. In that respect, I understand the privilege I had of having student debt. Now that I am older, I think subconsciously, or maybe even consciously, my mom’s unfulfilled dream got translated and handed down to me, eventually becoming my own.

Q: You graduated with a hefty amount of student loan debt. If you don’t mind, please tell us how much. Was this from undergrad as well as dental school and residency?

A: I absolutely don’t mind sharing this at all! I graduated with a sum total of just over $575,000 in student debt. More than half a million dollars! This was mostly from dental school. In undergrad, I chose a university to which I could commute from home and I lived at home all four years. I also worked three jobs and graduated in three years. All of this was part of my plan to save as much money as possible. I had no help with paying for undergrad, so I still graduated with about $15,000 in student debt. I did not go to residency.

 Q: What repayment plan did you choose and why?

A: Choosing the repayment plan for me has been quite the adventure. As aggressive as possible was our repayment choice, although we have switched between repayment plans and we also have plans to exit the loan forgiveness umbrella in the near future. Before I go into the minor details as to our repayment thus far, I will answer the question “Why?”. 

Most people don’t know this, but when you do the math, aggressively paying down debt was the cheapest path. Actually, paying it in the standard 10-years was cheaper than waiting 25 years to forgive the loan by over $100,000! And you save 15 years! To me, that’s a no-brainer. The reason as to why it is cheaper is simple.

The government banks on your income growing over time. Since you pay a small percentage of your income to them, you will be paying more to your loan over time, as well. However, your income payment will unlikely exceed the interest that is being added to your debt. Under the federal loan forgiveness plans, the interest rates are high (mine is 6.8%). Which means that each month, my loan of $575,000 is accruing $3,258 in interest. 

Assuming my program requires me to pay 10% of my income, for me to cover interest, I would need to be making about $391,000 per year. And mind you, that doesn’t even touch the Principle Amount. Therefore, unless you do make over $400k a year, your loan is growing for 20-25 years.

Now, where the government benefits is on the tax bomb at the very end, which shockingly, some people do not know about. In short, whenever the loan is forgiven, the debtor will be charged taxes that tax year as if they earned that much income. 

To give a finite example of this, if I was on the IBR plan, my loan of $575,000 would have increased to about $1.4 Million. They would consider $1.4 Million to be income I earned that year. Which means my tax bomb would be about $420,000 (plus whatever my taxes are on what I ACTUALLY earned that year doing dentistry) – a sum I would have to pay that year. When you add this amount to the minimum payments I would have made throughout the course of the program, I would have paid about $750,000 in total. When we pulled the numbers, paying off the debt in 10 years would have only cost me $650,000. 

Here’s the kicker. I knew we could do it in less than 10 years!

So now that I have answered why we chose to pay it down aggressively, let me go through our ever-changing repayment plan.

 When I was just exiting dental school, I was visiting the financial aid office constantly. The one at school kept telling me that my wish to pay off student debt “did not make sense.” They said that between the house I would want to buy and the new car I would want to get and the vacations I wanted to take, I would not have the income to pay back the debt, even with my husband who was working at the time as a mechanical engineer! Which is funny because I never told them about a house, or car, or vacation. 

I remember running through the numbers and not understanding why they couldn’t see that the income could cover the debt. I even had my husband (who I was engaged to at the time), come into the school with me to look at the Excel sheet the financial aid admin had created. She painted a picture that said it was impossible, and she recommended I sign up under the IBR repayment program. With a heavy sigh, we did.

But I just couldn’t sit with this notion that I was going to be in debt for what feels like FOREVER, and I wanted to get my finances in shape. I also did not believe the admin HAHA. I hired a financial planner who happened to be the husband of a fellow dental classmate. He helped me get rid of all my credit card debt and set up our finances in the few months between starting work and getting married at the end of 2016. 

After we were married and all the credit cards were paid off, my financial planner started noticing that we were setting aside about $8k a month. Which is when he told us that paying back my loan is a possibility for us. In order to do a 10-year repayment plan, we would need to make payments of about $6,300 per month. We were worried about the risk refinancing into a 10- year program would entail, especially if one of us lost our jobs. In order to have the flexibility of decreasing our monthly payments should life throw lemons our way, I stayed in IBR and started paying back my debt aggressively. The plan was to get the loan to a smaller, more manageable number that would give us a lower interest rate when we refinance, as well as a more comfortable minimum monthly payment that we knew we could achieve should our income ever change.

It was not until I talked to Travis Hornsby from Student Loan Planner (who I BTW recommend to every grad who has student debt), that I learned I could optimize my plan by switching to REPAYE. This is because REPAYE subsidizes the interest and pays 50% of it for the first three years. So I switched to REPAYE a year into my loan repayment journey. By taking advantage of REPAYE’s interest discount, we technically achieved the interest rate we would get if we had refinanced, while retaining the flexibility. We hung onto the ability to stop making massive monthly payments in cases of emergency. 

And boy were we glad we did! The pandemic came in March of 2020 and REPAYE’s 3 years was going to end for me on November 2020. My husband ended up losing his job for ten months during the pandemic and the pause on federal loan payments have been a real blessing!

However, we are still sticking to our real plan, which was to refinance at the end of 3 years. Since student loans are on pause currently and at 0% interest, I am waiting for whenever they resume to refinance. At that time, we will make a large lump sum payment, bringing our loan from the OG $575,000 to around $340,000. This will hopefully land us a better interest rate than if we refinanced in the beginning (since the total is much lower). Our target interest rate is less than 3%, which would be an improvement from the current 6.8%.

Q: What is your strategy for tackling your student loan debt (please break down).

A: We are doing all sorts of fun and creative things to pay it down. I look at the task as a game– kind of like Mike and I versus the world. We made a pact to live off of one income, because both our parents supported us in that way. The income we live off of is my husband’s, whose wish in life is to live comfortably without sacrificing what makes life worth living. His income is enough to maintain our lifestyle. Which leaves 100% of my earnings to go towards student loans – after maximizing a 401K first, of course. (I could be throwing this extra 19.5K into paying down student debt, but our motto is centered around not sacrificing the NOW for the LATER. (We are such millennials, am I right?)

 We implement a number of other tactics in order to maximize what we can put towards loans. First, we budget to keep our spending on the minimum. We travel hack to be able to see the world, without spending post-tax dollars on flights, and hotels. We also house hack, which helped us save money to buy our property, as well as reduce the amount we spend on putting a roof over our heads. Between 2017 and now, we have reduced our housing expense by $1,000 – not an easy feat in Orange County, California. 

 I also try to have the hobbies I pursue make money for me. I find that so many people do things they like without trying to monetize it. A few things I like to do that I’ve turned into side hustles are write, bake, and be around animals and pets. I also like to teach and take photographs and have been paid for both before. I like coffee shops, which is why my new role as the wholesale director of a bakery works well for me. I get to meet all sorts of coffee shop owners and probe their brains on how to source the best cup of coffee! Plus I use my blog to sponsor my lifestyle. Companies that I promote send me products to try, and instead of buying things for myself, I reach out to the company and ask if I can trade a post for a product review. It’s a win-win situation, and I get high-quality items without spending hard-earned dollars! 

 We love the idea of passive income and remote work. This is because our dream is to travel the world. We are working on both. During the pandemic when Mike did not have a job in mechanical engineering, he completed a course on coding so that we could make remote a reality. Little did we know that the pandemic would change our lives! He returned to mechanical engineering at the beginning of this year, and just this week, he was offered the option of coming in as little as once a quarter (aka 4 total days a year)! Meanwhile, my work as the wholesale director, writer, and blogger is all remote. And the blog and the wholesale directing gives me passive income – which I define as income that I continually receive without me doing additional work. The blog is the best because content I’ve written in the past can still bring in revenue in the future through affiliate links.

 Our strategy is not “work as hard as you can, as many hours as you can.” On the contrary, as a slow-living advocate, I am quite the opposite. I like working as few hours as I can while receiving the most output. Ways in which that can happen is to create continuous revenue from a product (like the blog), earn commission through a past sale (like the wholesale directing), or place your dollars in something that would grow in value (like our home). Even during the pandemic, we paused our loan payments but moved all our money to a high yield savings account. Since we planned to put our savings into the loans right when the relief ended, we wanted a short-term solution that would still have our dollars working for us. The HYSA gives a 0.7% return versus the typical 0.01% return with a bank. So on the side, it is earning us a few hundred dollars.

 Q: With your current breakdown, how long would it take you to pay down your entire student debt load?

A: As described in the previous question, we went from IBR to REPAYE. We will soon refinance for a lower interest rate and hope to be in the low to mid $300,000’s when we do. After that, I hope to get rid of the debt within 3 years! EEEK!

The pandemic definitely slowed us down, but the student debt relief has greatly helped. We are on track to finish sometime between the 7 to 8 year mark. 

Q: Does any part of your life suffer because of your aggressive debt repayment?

A: This question is why I embrace my work as TheDebtist. I want to show people that my choice does not hold me back from living my life. I mean, look at me! I work 2 days a week in dentistry. I get to call my own shots at the dental office, and control which days I work, as well as how many patients to book. I work remote for blogging and the bakery, choosing my own hours. I like the flexibility of that. My husband and I have traveled to 10 international countries, as well as all over the United States. I opened a bakery and a dog sitting business between now and when I graduated. I’ve experienced so many things, and since that’s my life goal, then No, I do not suffer.

 I do find this question really painful to answer, because it is asked often and insinuates this common belief that paying back debt leads to deprivation. That’s why I care about sharing the story of my student debt repayment journey. That fear of deprivation and inability to live life was in me, too. I had no one to look up to and it was lonely, as well as scary, to take the leap. 

The people around us feed off of this consumerist energy and paying back debt obviously means offsetting it with less consumption. So I choose to show people that a minimalist life in terms of material goods can also mean a maximalist life in terms of experiences. It’s just about being fueled by different things, that’s all.

 Q: Do you have other debt and if so, what is your mindset towards those?

 A: We do not! Except for our mortgage. My mindset on that is clear. I would rather pay for a home, earn equity and use it for house hacking and my business (my entire bakery operated in my kitchen!) than rent a home from someone else and contribute to their wealth instead.

 Q: What is your approach to spending and your psychology about money?

 A: I have been socially brainwashed to spend money, so it is natural for me and most people to spend. My natural instinct is to hold tight to money, but when I see other people around me buying things, I start to want things too. I work very hard to stick to a budget and stay a minimalist.

 My psychology around money has changed significantly over the past four years. I used to have a scarcity mindset around money. I worked many hours to attain it because I thought hours worked equated to money earned. Now I have an abundance mindset around it, investing money into things that will give more output with less input. I am also trying to be more generous with money, having adapted to the idea that generosity is repaid tenfold. 

 I used to be scared of not having enough money but that’s what this journey gave me. Paying back student debt aggressively gave me the confidence to overcome my fear of money. Now I understand that I am in control of it, and not the other way around.

 Q: If you had to do it all over, would you pursue a career in dentistry? 

 A: Yes. I wouldn’t have said Yes in 2017, but I have since changed my mind. Told you I was a Gemini! 

A: Dentistry gives me autonomy over my work. I have full control of how much I work and for whom and how. Some people have to work 9-5, 5 days a week in order to have a job. I don’t. I also have the freedom to own my own dental office or work for one. I have the ability to work around the world. I can choose which community I serve, and can refer people out if I feel they and I are not a good match. I meet all sorts of fun people and have watched children grow into teenagers since I have been at the same office since 2010. 

I have found that while some people on my path are motivated by wealth or money, I am not. I thought I was, but I realize that I am most motivated by freedom. Wealth and money might help get me there, but that’s not what I care about. During the pandemic, I quit a job that made a lot of money and honestly carried me and my husband while he was out of a job for ten months. I worked four days a week and made as much money as when we both worked. But I did not have freedom over how I did my work. I couldn’t decide the days I wanted to work. And I was very unhappy. So I left. 

I think I answered differently in a podcast interview back in 2017. That was before I realized the flexibility I had with this job. That was before I realized I could call my own shots. That was before I started thinking positively; before I viewed dentistry as a power instead of a crutch.

Q: What advice would you give other health professionals/ health profession students on handling debt and student loans?

A: Tune out all the noise. Then look deep inside your very heart and ask all the hard questions. And hear all the terrible answers. March to the beat of your own drum. Not everyone will pay it back aggressively because it doesn’t fit everyone’s lifestyle. But don’t be afraid of the choice that you know is right for you. Where there’s a will, there’s a way – actually, a million ways!

You’ve got to center your plan around your goals, your personality, your lifestyle, and your comfort level. Don’t ignore the emotions, but also, consult the numbers. Understand your options and be a continual learner. Study ways to earn money and make money. Pivot when you have to and don’t box yourself into one way. Lastly, consult professionals, or friends like Patrice and me! 

About Dr. Sam: The Debtist

I am a debtist – a dentist who graduated with a lot of student debt. After four years of undergrad and four years of dental school, I ended up with a debt of over $550k, which I then had to start paying back. This led me to a series of life changes and discoveries about myself in my late twenties that shaped my lifestyle into what it is today. Saving money required us to be more frugal, and being more frugal opened up the doors to finding alternative ways to find happiness in things that don’t require consumerism. I now embrace a simple life. I live in OC with my husband, although we prefer to be traveling, and do so when we can. We focus more on experiences rather than material things. Being selective when it comes to purchasing consumer goods, we spend most of our money and time acquiring new skills, picking up new hobbies, learning about new cultures, and exploring the globe. I’ve become more intentional with my life decisions, and am currently working towards buying my freedom from my massive loan, but not at the expense of giving up my life in exchange for grueling work hours. Open to questioning society’s standards of success, I am finding ways to reach my life goals by refusing some things that we take for granted as the norm. Balance is key, and this is my journey towards financial freedom, in the process of discovering what life is really about.

Follow along with Dr. Samantha’s debt free journey over on her blog thedebtist.com. Also check her out on Instagram here and here!

Corporate Dentistry vs Private Practice

An opinion piece by Travis Hornsby of the Student Loan Planner

Corporate dentistry wants your student loans to make you afraid of taking risks. I’m not accusing DSOs of anything devious but there are pros and cons of corporate dentistry. Like any business, the owners want a reliable pool of labor that’s perfectly happy with good benefits, a predictable income, and the illusion that working for someone else is safer than working for yourself. 

Decades ago, there were 3,000 graduating dentists a year. Today, there are more than 6,000 new dentists each year. Dental student loan balances have also skyrocketed.

Regulations and declining insurance payouts have drastically reduced the income of an average dentist as well. In 2005, that average stood at almost $220,000. In 2015, the average dentist salary had fallen to about $180,000.

Here’s what I’ve learned from making student loan plans for hundreds of dentists. The higher your student loan balance, the more you should want to own your own dental practice.

What About Student Loans Makes Dentists Afraid of Running their Own Practice?

Most dentists tell me the first time their loans got real was in the first month or two after graduation when their loan servicer sent them their statement. Interest rates as high as 8% on Grad Plus loans are ridiculously high. You probably have tens of thousands of accrued interest, too.

If you owe over $300,000, your payments need to be higher than $3,000 a month just to make a meaningful impact on the principal balance. A typical new grad starts their career as an associate working for someone else earning around $120,000. Many dentists think about paying back their loans, but how do you do that when you’d be paying about 40% of your take-home pay?

Since you receive a letter in the mail every other week from a bank telling you to refinance, you might be tempted to pull the trigger. Thus, your big payments get locked in. Can you take the refinancing risk and then borrow to buy a practice too?

It makes many of my clients terrified. Instead of buying a practice, they might work for years at Heartland, Pacific, Aspen, Comfort, etc. as an associate just to have a guaranteed income to pay down their student loans. 

Why Student Loan Repayment Benefits from Corporate Dentistry Make You Too Comfortable

Remember that the goal of any employer is to give you just enough that you won’t want to leave. That can lead to complacency on the part of employees. One of the fast-growing ways to make new grads feel attached to their jobs (in general not just in dentistry) is student loan payment benefits.

As humans, we are prone to the fear of loss. It’s why we hold onto a bad investment even though the rational action might be to sell it. Fear of loss is why we keep a lousy house, car, or vacation property even though we know we should get rid of it.

I just saw a case of a doctor on Facebook who was having a really hard time getting out of a $600,000 house he knew he shouldn’t have bought. The reason? He didn’t want to lose $15,000 on it. That’s extreme loss aversion. He’s cool flushing tens of thousands down the toilet rather than downgrade to a more affordable house just because he doesn’t want to psychologically admit the mistake and take the financial hit.

Likewise, there is a negative psychological impact when you leave a job with a student loan repayment benefit. If your employer offers $20,000 a year towards your student loans, it hurts to give that up for an uncertain ownership path.

Other Ways Corporate Dentistry Profits from Dentists

Corporate dental groups use other methods to make employees not want to leave. They realize that many dentists would get restless without a seat at the table in their practice, so they’ve invented a lot of hybrid ownership structures.

Pretend Dave is a new grad and associates for a practice in a random part of the country. His starting salary is $120,000 with a 10% to 30% bonus based on how the practice does. His office produces $1.2 million after three years on the job. 

The dental practice does not want to lose Dave, so they show him this amazing projection of income that tops $300,000. All he must do is buy 50% of the practice and stay for 10 years. 

He’ll be a majority owner, and the DSO will handle all the marketing, hiring, billing, and operations. They want him to pay at a valuation of 75% of revenue, and they’ll have him take out a loan for 50% of this price to purchase 50% of the shares.

Why Do I Dislike Joint Ownership Ventures with Corporate Dental Groups? (for the Dentist)

Dave has a lot of student loans, so he really likes the idea of having the DSO handle all these business functions for him so he can focus on dentistry. The high projected salary they show him makes him feel confident that he’ll be able to pay his loans off one day.

Why is this not a great deal financially for Dave? 

Here are a few reasons:

1. He’s spent years building the valuation of the practice by increasing its revenue and now must pay a higher multiple for the business

2. Anything less than 100% ownership of a practice is harder to sell

3. He could get 100% financing on his own without the corporate dental group

4. He could procure the business services much cheaper than equity financing by paying for them directly

Building the Valuation for Someone Else

Many new associates are hungry to prove themselves, which often results in much higher practice revenue within a few years. 

Many dentists turn around and take an even bigger loan out to buy this increased production from themselves basically. You can prevent this with an option to buy a practice at an agreed upon % of revenue at your start date.

Don’t Pay 40% of the Business Valuation for 40% of the Practice 

Another common pitfall happens like this: an accountant tells you that the whole dental practice you’re looking at is worth $1 million. The ownership group then offers you a 40% stake for $400,000. While this sounds fair, it’s not. 

If you had to sell a minority interest on the open market to someone not affiliated with the dental practice, you would have to accept a discount on the price because they’re not getting full control.

When ownership agreements include the exclusive right of a corporate dental group to provide business services (like marketing, HR, operations, etc.), you reduce your pool of buyers. Who wants to be saddled with a contract from the previous dentist? Perhaps the best buyers own the other shares, and thus they can offer you less for your shares.

Another thing to keep in mind is that majority control is often worth more than you think. If you control 51% of a dental practice, you have the power. You would not want to pay 49% of the practice valuation for 49% of the practice.

I could give more examples, but the point is that if you’re even thinking about entering a partnership agreement, you should run the contract by an accountant used to valuing dental practices. Otherwise, how can you know that the agreement is fair to both parties?

When you’re dealing with a sophisticated organization like a corporate dental group, any agreement you sign is likely to be biased against your interests without someone equally sophisticated in your corner.

Why Dentists Will Get All the Capital They Need to Become Owners

Another concern I see with dentists who partner with DSOs is that they don’t want to take on so much debt to own a practice. They look at the $600,000 to $800,000 price tag of many solid practices and get squeamish.

In terms of securing a practice loan, banks will be happy to give you most of what you could want, even with a bunch of dental student debt. The only issues I’ve seen are with loans for jumbo-sized operations (more than $2 million in revenue, then it might get tricky).

Of course, you need to have a track record of at least a year with solid production history for a bank to feel comfortable. That said, getting capital to buy 100% of the practice you want will not be a problem.

In terms of the fear of taking on more debt, I get it. You’re already feeling nauseous that you owe over $300,000 from dental school and you’d like to keep that debt as low as possible.

However, dental practice loans are a different animal. Almost all the loans get paid back. In the rare case that the dentist defaults, the primary culprits are alcohol and drug abuse, not bad business results according to the bankers I’ve spoken with. 

While $800,000 of business debt can look very intimidating, a dental practice is going to pay for itself over time. The profits of the business pay off the practice loan, and eventually, you own an asset in full. The tens of thousands you had to pay towards your business loan you will recoup one day as additional income once the loan is gone. The bigger the practice that you buy, the bigger income number you will have all things equal.

How Dentists Drastically Overpay For Business Services For Their Practice

Finally, pretend you’re the kind of dentist who likes to turn off the lights and go home. This is one of the biggest reasons I hear from dentists who choose to be associates long-term or partner with DSOs.

As a dentist, you’re doing most of the work to keep the practice humming from a revenue perspective. Yes, corporate dentistry might bring in the patients, help with staffing, and run marketing, but what are these services truly worth? 

What I find is that many dentists do not realize that they don’t have to do it all by themselves as practice owners. There is a huge industry of practice consultants and dental professionals that handle everything from collecting bad debts to billing to websites and more. They’ll run your marketing, assist with staffing issues, and even help with compliance. I heard of one company on the Millennial Dentist podcast the other day that even customizes chatbots for practice websites.

Many of these professionals might charge $10,000 or more for their services. While that seems steep, many dentists pay much more than that by partnering with a corporate dental group. Pretend the practice net income is $500,000 and you’re a 50/50 partner with a DSO that handles business functions.

We know that in more than 99% of cases, dentists successfully pay back practice loans. That means that the dental practice will pay for itself in time. Hence, the dentist is paying about $250,000 a year for the services the corporate dental group offers. What kind of team could you build to support your practice with that kind of money? Furthermore, many expenses might be front-loaded in set up costs.

If you set up the website, social media, and operating systems well, they might need only occasional maintenance for example.

While I understand the appeal of turning the lights off and going home as a fellow entrepreneur, you might as well capture the full benefits of your labor. Groups that help you outsource business-related tasks that take an ownership percentage are essentially doing the easy stuff while you do all the bread and butter dentistry that keeps the lights on.

The Simple Truth about Dental Student Loans and Working for Corporate

If you have no debt and want a flexible lifestyle with good benefits, working for a corporate dental group might be a great decision. If you absolutely cringe at the thought of talking to anyone about business, then perhaps you should work for a DSO as well.

I beg you though, please do not let your student debt influence your decision to become an owner or not. It shouldn’t deter you from the advantages of starting a private dental practice. 

You should consider buying a practice as soon as you feel comfortable doing so if your goal is getting a good return on your educational investment.

Bankers consistently tell me the default rate in their dental practice loan portfolio is extremely low. That means there are big profits to be made in dentistry, even with the increasing number of graduates. 

The headwinds of big student debt and ever declining insurance reimbursement rates make ownership scarier than it used to be, but too many dentists are not confident enough to take the leap and live the dream of ownership. The math is still stacked in your favor.

You can do this, especially if you owe a ridiculous amount of debt from dental school. If you know you’ll eventually refinance, use REPAYE and make prepayments until you’re firmly established in your practice. This will keep payments low and allow you to show a healthy cash flow profile to bankers.

If you want us to create a custom student loan plan for you that incorporates your career goals, we can do that for you. Click here.

If you know you’ll owe more than double your income for most of your career, the tax breaks and income optimization from practice ownership are invaluable. You can increase the financial security of your family while minimizing your taxable income and increasing the amount of loans forgiven.

I have nothing against corporate dental groups. They have contributed to innovation in the field and have provided a predictable stream of jobs for new grads to learn the ropes. 

I just want to look out for the interests of my dentist clients exclusively when they compare corporate dentistry vs. private practice. As a solo practice owner, you can have a high, stable income with a degree of autonomy that’s rare for healthcare professionals. 

Cede that autonomy with great caution to a DSO for an illusion of safety and security.

While I share some of the views and opinions in this article, they are not my own. Click here for the original and full article by Travis Hornsby - The Student Loan Planner.

Travis has helped thousand of dentists with customized plans to pay down their student debt and gain financial freedom. Visit his site here for a consultation.

How To Keep Your Teeth Clean With Braces

Congrats! You’re embarking on a journey of having a beautiful and healthy smile. Braces aren’t dreaded like in the past; now they cool and fun and every teenager (even adults too) want in. Now that you have braces, your teeth are a bit more tricky to keep clean. Brushing and flossing should be done at least twice per day, but with braces you should brush your teeth and/or rinse properly after every meal and snack. Always keep your toothbrush handy! Food particles and plaque can become stuck to the brackets which leaves you more at risk of tooth decay.

Here are six ways to keep your teeth clean when wearing braces, along with some recommended products:

1. Brushing, of course!
Rinsing your mouth with water or mouth rinse before brushing can help to break up loose food particles and make brushing much easier. Brush with a toothpaste that contains fluoride or nano-hydroxyapatite. Begin at the gum line and brush your teeth at about a 45-degree angle. Then brush the top of the brackets, followed by the bottom of the bracket. The goal is to brush every tooth at the gum line and along the brackets so that as much tooth surface as possible is cleaned.
Replace your toothbrush or brush head (if your toothbrush is electric) more frequently due to the wear and tear from the braces, ideally every 3 months. A good choice is Boka Brush, an electric toothbrush that uses sonic power to deliver a gentle yet effective clean. It is also recommended that you carry a travel toothbrush in your book bag or purse.

2. Flossing
Flossing is just as important as brushing! and it remains equally important when you have braces. Using a floss threader can make flossing a lot easier. Let’s admit, although very necessary flossing isn’t always fun, that’s why fruit or minty flavored floss like Ela Mint from Boka encourages flossing.

3. Water Flosser
A water flosser can also be used before/after brushing to remove any stubborn food particles that are stuck around the braces or between the teeth. I usually recommend a water flosser especially to my younger patients, but note that it is not a substitute for string floss.

4. Mouth Rinse
After brushing, use a mouth rinse to get rid of any remaining bacteria that can cause inflammation of the gums and cause decay. Not to mention, rinsing also helps your breath to remain fresh! Remember that rinsing is not a substitute for brushing and flossing.

5. Don’t Forget Your Tongue

Did you know 80-90% of the bacteria that causes bad breath reside on the tongue? In addition to brushing, flossing and rinsing, try using a tongue scraper to keep your breath smelling fresh and clean.

6. Braces-Friendly Diet
There are certain foods you will want to avoid when wearing braces. Foods and drinks with a higher acidic content are not as friendly to your teeth as those with a lower acidic content. For example, bananas are better for your teeth than oranges, water and milk are better than soft drinks, and so on. Ask your Orthodontist for a full run down of the foods you can and cannot eat with braces.

If you’re looking for an all-natural oral care product, try boka. Their toothpaste uses n-hydroxyapatite instead of fluoride, is SLS an parade free and their floss is made of vegetable wax. Use this link or enter code: theunorthodoc to get 20% off your purchase.

Brush, Floss, Rinse - Repeat!

This is a sponsored post and may contain affiliate links.

My Interview With The Black Doctor's Podcast

I recently sat with Dr. Steven Bradley, host of The Black Doctor’s Podcast where I shared my journey to becoming an Orthodontist, practice owner, entrepreneur, founder of UnOrthoDoc Candle Co. and co-founder of Dental Helping Hands.

Dr. Bradley describes his podcast as being health and wellness for the culture. Interviews with leading minority professionals of this current generation where you hear how they overcame adversity to attain their goals. Dr. Bradley is inspired by the excellence represented by his peers who have overcome so many incredible obstacles to reach the pinnacle of success. His podcast provides an avenue to organize these stories for others to listen and learn from. Discussions had are mainly on medical ethics and culturally competent care with the goal of improving health outcomes and combatting healthcare disparities.

To hear my interview with him, click the image below:

As we continue to celebrate Women's History Month, we are thrilled to share the story of Dr. Patrice Smith, aka "The UnOrthoDoc". As a Howard University College of Dentistry trained Orthodontist, she has done an amazing job of excelling in her field while broadening her own horizons. In addition to opening her own practice, Dr. Smith also launched her own boutique candle line. She also manages a successful blog: The UnOrthoDoc

In this episode, she talks about her pathway to the field of dentistry and her experiences at Howard. She also shares her passion for helping others that are less fortunate through the non-profit organization she started called, Dental Helping Hands. We really enjoyed speaking with Dr. Smith and we know you are going to LOVE this episode.

Dr. Steven Bradley is a board-certified anesthesiologist and medical ethicist with a passion for mentorship and increasing diversity in the healthcare workforce. As an assistant professor of anesthesiology, he combines his practice of medicine with educating medical students and resident physicians.

As the host and creator of The Black Doctors Podcast, Dr. Bradley interviews minority professionals in a variety of career paths. Each episode provides encouragement and motivation for listeners. Candid and transparent conversations enable listeners to identify with and be inspired by guests on the show.

Find the The Black Doctors Podcast on Apple podcasts, Google podcasts, Spotify, Stitcher or on Dr. Bradley’s website. Show your support by subscribing and leaving a 5 star review!

My Journey to Practice Ownership

Ever since the thought of becoming a dentist crossed my mind as a teenager, I envisioned having a practice of my own. The thought of working for someone conflicted with my desires because many people close to me worked for themselves. I can recall my grandparents owning supermarkets, my dad running multiple businesses and even being privy to practice ownership through my high school mentors. Those formative years led me to this moment. A few years post-residency, armed with a variety of experience in the field of dentistry, my dream of opening my own dental practice would soon take shape.

There are many confusing and overwhelming factors involved in opening your own dental (orthodontics) office. When deciding on opening a dental practice, you must first decide whether you want to start your own dental practice from scratch (build out) or if you want to purchase an existing practice (acquisition). My knowledge of acquiring a practice was limited but with the help of a small team of professionals the process was made much easier. In this blog post we will focus attention on acquisition more so than a startup. For information regarding a start up check out our earlier blog post, see this post.

The decision to go the acquisition route was based on my personal needs and priorities. This will look different for everyone. Although I was not opposed to the idea of a practice start up, I wanted to get into a practice with an existing patient base but also one that allowed me to grow into it. Because of this criteria, finding a practice was not easy. It took months of research and once the “ideal” practice was found, several months of negotiations. 

Sources from the internet will tell you that it takes on average 9-12 months from the start of your acquisition search to opening your business. It took me about half that time (including down time due to COVID), mainly due to the buyer and seller’s eagerness to come to an agreement fairly quickly. 

Here’s a 2-Step Breakdown of My Process:

Once I decided to purchase a practice I began the search with the help of my husband. We did a fair amount of research on practices that were available for sale in the locations we desired. The first practice opportunity we learned of was through word of mouth but after a few months of negotiating that deal fell apart during our “Due Diligence” phase. I thought it would be difficult to find another practice around my desired location but fortunately a better opportunity arose. This practice was not being advertised through a broker but several dental reps were aware the owner was interested in selling. In between doing our due diligence on this practice we continued researching and visiting other practices, none of which were to our liking. Once we decided to go forward with the practice acquisition the first thing we did was:

Step1 - Assemble Our Acquisition Team

Your acquisition team should include:

o   Attorney

o   Accountant

o   Practice Broker

o   Insurance Broker

o   Lender

Your team is by far your biggest asset in this process. They are representing you in one of the biggest decisions you will make and should have your best interest at heart. It is important they have a full understanding of your desires and needs and also your financial background.  My trusted CPA (who my husband and I have used for years) also has a practice brokerage firm and so it was a no brainer to go with this team. They helped us to assemble the rest of our team which included my attorney, lender and insurance broker. Together they worked diligently to ensure that the practice I was acquiring was financially healthy and that I received the best deal possible (value for the purchase price).

Step 2 - Due Diligence Investigation

This is the bulk of the acquisition process and involves looking into the financial, legal and practice management aspects of the practice. My team and I worked relentlessly on this process. You typically do this investigation after a letter of intent (LOI) is signed but before a purchase agreement.

My attorney performed the legal due diligence and drew up all the legal paperwork. Legal due diligence must be done to ensure the practice is in good legal standing with federal and state agencies. This process is about finding out as much as possible about what you are buying so as to minimize legal risks. During this time we evaluated and assessed the equipment, inventory, trademarks and intellectual property, accounts receivable, real property (either leased or owned), lien status - that is no liabilities/expenses including bank loans, employee benefits and bonuses, any licensing fees, and performed searches for any pending lawsuits.

Other areas evaluated during this period:

• Patient base- It gives a snapshot into the demographics of the practice. This is important for several reasons. As an Orthodontist, what I factored in was the percentage of adult versus child patients. Some Orthodontists have a preference in the age group they they want to treat. 

• Current number of active patients - this is done to determine not only the size of the practice but to gauge room for growth.

• Patient records to ensure they are complete and up to your standards.

• Staff - this is very important as the staff are the bridge between the patients and the doctor. They are an integral part to a smooth transition and ultimately to retention of some patients. 

• Business and Financial Systems, which included the dental/orthodontic software that are being utilized, scheduling philosophy, payment methods and insurances accepted by the practice.

• Location & Marketplace – when choosing a practice, location is one of the major decisions as it can have a direct affect on your marketing strategy and growth potential. You should always do your market research: describe the competition, check the number of doctors in the area (within a 1, 3, 5 mile radius) as this can affect your practice’s growth. You should know the population density of the area, consider access to parking, access to public transportation and signage (for visibility and marketing purposes).

• Examination of the Facility - you have to like the space, but beyond just that you need to to predict and plan for future expenses. That means you must assess the design, the age of all equipment, the office layout, esthetics and conditions of each aspect of the office space to determine if there is room for growth (expansion). 

• Cash Flow – this is a big one! It not only tells you how healthy the practice is but plays a major role in the purchase price of the practice. Things we checked (and that everyone acquiring a practice should) included monthly production and collections reports, collections as a percentage of production, how much is owed to the practice’s accounts receivable, assessment of cash flow vs expenses.

• Marketing – depending on the location your marketing may look different. While doing your due diligence be sure to check the practice’s referral sources, how marketing is done and whether it’s internal (word of mouth from existing patients) or external.

 Why I Chose Downtown Washington, DC for My Practice

2020 Dental Demographics - Washington, DC

I attended Dental School and Orthodontic Residency in Washington, DC and it is one of my favorite cities because of its culture, diversity and overall progressiveness. Even though I have lived in other cities, DC felt like home and I always had plans to move back when it was time to open my own practice. It helped also that my husband is a DC area native, so the decision to move back was easy. 

Downtown Washington, DC has a population of 714, 153 residents according to 2020 demographic data, of which is 45.4% are black, 42.5% are white, 4.1% are Asian and the other 8% a mix of various races. It is also home to a lot of businesses, dental practices included. According to 2020 dental demographic information, there are currently 33 Orthodontics practices in Washington, DC each servicing an average on 4,279 residents each. According to this data, even though there is a high number of Orthodontists the population is there to create less of a competitive atmosphere among us specialists. Of the practicing Orthodontists in the downtown Washington, DC area there aren’t very many female Orthodontists and when you narrow it down to black female Orthodontist there weren’t any, until now. This is where I fill a void.

The practice was located in a medical high rise building of just 4 floors with a balcony and a place for signage(great for marketing) on the front of the building. It encompasses an entire floor of the building and even has parking spots(definitely a premium in DC). Now that we have it, the real work of keeping it and being profitable are at the forefront.

If you are looking to purchase a practice, whether an acquisition or start up/build out, I am willing to share my contacts with you. Just shoot me a quick email here.

7 Steps to Smashing Your Goals in 2021

Beginning a new year is such a hopeful time. Whether we break out an unblemished calendar or merely scroll over to the month of January on our smart phones, there’s the sense of being given a fresh start every January. We make notes, either mentally or on paper, of New Year’s resolutions we’re determined to accomplish. Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality by smashing your goals in 2021. The process of setting goals helps you choose where you want to go in life. By knowing precisely what you want to achieve, you know where you have to concentrate your efforts. You’ll also quickly spot the distractions that can, so easily, lead you astray.

With that said, as we optimistically set out to achieve great things at the beginning of the year, we must break our goals down into small manageable, attainable and realistic ones. Setting new year resolutions has been a long time tradition but did you know that statistics show that only about 10% of people actually stick to their new year resolutions past the month of January?

I am a huge proponent of self improvement and and an even bigger proponent of setting goals that are actually measurable and attainable. With that said, let’s make 2021 the year we actually accomplish our goals with these 7 steps:

1. WRITE YOUR GOALS DOWN

A sure way to make things happen is to write it down. It sounds strange, but there is enormous power in putting things down on paper, and according to research you become 42% more likely to achieve your goals and dreams when it’s written. I always keep a physical (paper) planner even though I use the planner on my smartphone as well. After years of not being able to find the perfect planner, I have decided to create a goal planner and to share it with my readers.

2. PRIORITIZE YOUR GOALS

Identify the top priority areas that you want to work on. Is it health? Finances? Career? It could be all of the above, but pinpoint specific things in each category to work on. For example, if it’s finances a realistic goal would be to increase your monthly savings by 5% or to save $X amount for an emergency fund by X-date. This process of narrowing your goals down helps to weed out the ones you just aren’t that committed to. 

3. MAKE YOUR GOALS S.M.A.R.T

So how exactly do you set intentions that you will actually stick to? Be SMART about it.

Before you set a goal, first figure out your “why.” By figuring out and articulating the reason you want to achieve something you are more likely to remain motivated to stick to it, rather than it being something you think you should do.

S - Small and Specific: Break your goals into smaller, more specific ones. For example, if your goal is to eat healthier in 2021, be more specific by making it about adding 1 fresh fruit or vegetable and a bottle of water per day for the month of January.

M - Measurable : All your goals must be measurable, that means you should be able to describe the physical manifestation of the outcome of your goal. Example, losing 2lbs per week by adding one fruit or vegetable and a bottle of water to our diet each day.

A - Attainable and Accountability: Is your goal attainable? Can you realistically achieve your goal? Another great way to stay on track is to find an accountability partner. Example, someone who will check in to make sure you had your fruit/vegetable each day or someone who will ensure you meal prep.

R - Relevant and Realistic: Is this goal relevant to you or even realistic? Ensure you’re not setting a goal that you really don’t care about and hence not realistic. Example, I dislike running. If i make it a goal of mine to incorporate running 1 mile/day I know I will fail. Instead, I ensure I get my cardio in by getting on the elliptical, bike or taking a Zumba class.

T - Timely: Make a tentative plan for everything you do. Don’t just make it a goal to exercise once per day. You know your schedule, you know if you’re a morning or late night person. Instead of saying you will work out once per day, say you will work out at 5:30 each morning for 1 hour before work/school.

4. FIGURE OUT HOW YOU WILL ACHIEVE YOUR GOALS

This is where we sometimes lose focus. We may know what goal(s) we want o accomplish but the steps in how to accomplish them might get blurry.

Say you want to increase your savings this year. As in the example above, you would start by committing to an extra 5% of your biweekly salary. To make this actually attainable would be to automate it. If 5% of your biweekly salary is $350 then automate that amount to go into your savings vehicle twice per month. A “set it and forget it” approach works well in this case.

5. TRACK YOUR PROGRESS, REFLECT AND RE-CALIBRATE

Resist the urge to freestyle your goals and actually check your progress as you go along. What can you improve? What isn’t working? At the end each month, take time out to analyze what you have achieved, what you failed to achieve and how to improve on this. Journaling as you go along and circling back at the end of each month can really help you to stay on track.

6. ADJUST TO LIFE’S LEMONS

Life gets in the way and can derail you. Things such as illness, family commitments, work, life emergencies etc can impact your goals. Take note of these things and adjust as you proceed. 

7. ASK FOR HELP

Lastly, get an accountability partner. Have a friend or loved one you can lean on  for moral support and encouragement, you will need it from time to time. If you need specific help, reach out to those who can offer any guidance or assistance. The internet and social media is a great way to make connections.

Bonus: Be your own D**n Cheerleader and eliminate self doubt. Figure out what keeps you motivated and inspired. I love quotes! I keep them everywhere - my phone’s wallpaper, sticky notes around the house, on my desk at work, on the bathroom mirror, etc. I listen to music, books and podcasts that are uplifting. I tolerate no negativity and try to stay away from it at all costs.

Remember, a goal without a plan is just a wish. By breaking down your goals into bite-sized, manageable actions and writing them down, setting goals and intentions for the new year that you can actually stick to becomes a much easier process.

Grab your planner and let’s smash our 2021 goals! Remember, a sure way to make things happen is to write it down.

Retirement Planning for Young Professionals in 2021

2021 RETIREMENT CONTRIBUTION LIMITS

If you’ve been a reader here for a while you will know that I always talk about saving for retirement. It is never too early to start saving towards retirement! 2020 was a doozy and some of us may have fallen short of our financial goals for one reason or another. However, 2021 is looking promising so it’s time to get serious about those saving and investing goals.

When speaking of saving for retirement, it is very important to have some knowledge of compounding interest to fully understand the benefits of starting early. This post will cover some retirement basics, contribution limits and what to do with extra money should you find yourself so lucky.

I must remind you that retirement planning is a long term investment. In most cases you will not be able to access these funds until around age 59 1/2 without severe ramifications (taxes + penalties). So, if you are investing and need to access your funds sooner than this, you may have to think of other types of investments. Take a look at other investment vehicles here, here and here.

There are many different accounts and plans available and choosing the right one is very important as they each have different benefits and advantages, especially when it comes to tax planning. Here are a few to help you get started:

Simple IRA (Savings Incentive Match Plan for Employees)

For the year 2021, participants can make employee contributions of up to a maximum of $13,500 per year if you are under 50 years old and $16,500 if you are older than 50. This is a retirement plan that is usually available to self-employed individuals, however both employee and employer contribute to this account. Contributions are non tax deductible.

Traditional IRA

Anyone can open a traditional IRA account - but honestly, if you are a dentist or physician (like most of my colleagues are), then there really is no use for this type of account. During residency you have the option to open a Roth IRA (more on that below) because your lower salary allows you to stay within the income restrictions. Later as you start your career and your salary increases you will most likely surpass the income caps and will have the ability to deduct your traditional IRA contributions. However, it’s worth understanding as it forms the framework for all other types of retirement accounts. A Traditional IRA is set up by you (not an employer) and the maximum contribution to this type of account is $6,000 if you’re under 50 years old and $7,000 if you’re older. The contributions are tax deductible and grows tax-free.  If you withdraw the money prior to age 59 1/2, there will be ramifications of a 10% tax (penalty) as well as any income tax which would be owed on the money.  After age 59 1/2, you just have to pay the income tax based on your tax bracket at that time.  At age 70, you will be required to start withdrawing part of the money each year, the “Required Minimum Distribution (RMD).”  This is age based and starts out at about 3.6% and increases to about 8.8% at age 90.  

Roth IRA

I absolutely love a Roth IRA. However, there is a contribution income limit. If you make more than $124K (single) or $196K (married), you cannot contribute to a Roth IRA. However, there are ways to get around that with Roth IRA conversions, which we will discuss in a subsequent post. Anyone with earned income can open a Roth IRA and contribute up to $6000 per year.  If income is sufficient, one can also open a Spousal Roth IRA and contribute another $5000.  If you’re over 50, those limits are raised to $7000 per year.

The reason I love a Roth IRA is because you contribute with after-tax money, but it is never taxed again!  You don’t pay taxes on capital gains and dividends as the money grows, and it comes out tax-free in retirement.  You generally can’t access the money before age 59 1/2, but unlike a 401K or Traditional IRA there are no required minimum distributions beginning at age 70.

401K

If you are an employee of a company and your employer offers a 401K retirement plan, there’s absolutely no reason why you should not be participating. It is even more important that you participate if said company is offering a match. A match is basically free money! Do not leave free money laying on the table. The contribution maximum for the year 2019 is $19,500 and the great thing about a 401K is that you are investing pre-tax dollars. The not-so great thing is that when you go to retrieve your money (after age 59 1/2), you will be taxed on this (unlike with a Roth IRA).

If you're an Independent Contractor (not a W2 employee), you’re considered to be “running your own business.” In this case, you can also make an employer contribution of 20% of your net income up to $55,000.

SEP IRA (Simplified Employee Pension)

If you have your own practice, a SEP IRA may be a good option. This allows you to contribute 25% of your business profit or $57,000 per year, whichever is less. The contributions are tax deductible, and investments grow tax deferred until retirement.

If you find yourself with some extra cash, here’s what you can do with it:

Fund a Traditional Brokerage Account

Traditional brokerage accounts don't offer any sort of tax benefit for the money you put in, unlike IRAs and 401Ks. However, they offer flexibility in that you can withdraw funds at any time and for any reason. If you decide to retire early, like my husband did, you can use the money in your brokerage account to pay your living expenses. There are no income limits associated with funding a brokerage account.

Fund a Health Savings Account

HSAs are funded with pre-tax dollars, like traditional IRAs and 401(k)s. Withdrawals can be taken at any time, and they're tax-free as long as they're used to pay for qualified medical expenses. Any money not used immediately can be invested, just like in an IRA or 401(k). If withdrawals are taken for non-medical purposes, they will be subject to a 20% penalty.

However, once the contributor reaches the age of 65 funds can be accessed for any reason without being penalized. At that point, your HSA can serve as a general retirement savings account.

This is not a comprehensive list of retirement vehicles but certainly a great place to start. Everyone, as early as possible, should start contributing to one of the above. Speak with your financial planner or accountant for more clarification about which plan is best for you. Hope this helps in getting started.