by Timothy McNeely | Apr 1, 2024 | Family, Smart Ways, Success, True Wealth Report
Affluenza. It’s become an all-too-common term used to describe the extreme bad attitudes and actions—sometimes horrific actions—of some children of affluent families.
While it’s not an official medical diagnosis, the label accurately fits some kids today growing up surrounded by sizable family wealth.
If you’ve got one or more such children living under your roof—or if you worry that a child or grandchild may be headed down the affluenza path—it may be time to take action. There are many ways to fight affluenza—from trying to correct negative behaviors and prevent them from recurring to positioning your assets in ways that don’t add even more fuel to the “affluenza fire.”
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by Timothy McNeely | Mar 27, 2024 | Dental Wealth Nation
Get insights into the world of specialized dental care as Dental Wealth Nation showcases a compelling discussion with Lisa Kerbo, an experienced dental hygienist renowned for her work with special needs patients. This conversation is a must-listen for dental practitioners eager to enhance the inclusivity and diversity of their practice.
The episode is filled with stories of Lisa’s journey, her transitional challenges, and how she succeeded in integrating special needs care into her practice. She generously shares how continuing education and active volunteering are initial steps towards embarking on this journey of unique patient care.
This conversation also delves into the pivotal aspects of legalities and hospital credentialing. Lisa offers valuable recommendations on where to focus when venturing into this specialized field of dentistry. The episode firmly emphasizes that a practitioner’s commitment to inclusivity can make a significant difference in the life of a patient with special needs.
Remarkable wisdom also stems from the-heartfelt experiences shared by our guest about accommodating patients with chronic illnesses and dementia. The conversation provides a clear illustration of how to assemble and reinforce a dedicated team, while also driving home the significance of comprehensive caregiver involvement as a cornerstone for customized patient service.
One innovative highlight of the discussion is Lisa’s ‘Dental Sensory Kit’, designed to acclimate special needs patients to a dental office environment. This component of the conversation underscores the episode’s core message: By taking strategic steps and staying committed, dental practitioners can create an atmosphere that is not only integrative and productive, but also immensely comforting for special needs patients.
Listen to this engaging episode for expert advice and firsthand insights into making dental healthcare more accessible, more inclusive, and profoundly beneficial for all patients, regardless of their unique needs.
by Timothy McNeely | Mar 1, 2024 | Dental Wealth Nation
In recent years, more people have become aware of new thinking around environmental sustainability, workplace diversity, ethical decision-making practices and similar issues impacting both life and business. Investors are increasingly reflecting that awareness in terms of the types of stocks and other securities they buy—and avoid.
Investment portfolios that are guided in part or entirely by concerns about companies’ workplace policies and broader societal impact are becoming popular, particularly among high-net-worth individuals and families. Example: According to Morningstar, $3.1 billion flowed into ESG funds—which invest in companies with strong environmental, social and corporate governance efforts—in 2022, and more than 90 ESG funds were established that year.
Should you add these investments to your own portfolio?
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by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
In this empowering episode of The Dental Wealth Nation Show, host Tim McNeely is joined by esteemed financial coach Kristie Reph, to delve into a topic that plagues many dental professionals – debt management and retirement planning. Kristie brings her considerable expertise to the table, sharing actionable insights that are particularly relevant for dentists looking to achieve financial independence and secure a robust retirement.
Throughout the episode, Kristie highlights the crucial first step towards overcoming debt: the willingness to change and the open-mindedness to absorb guidance from financial experts. With her unique background rooted in healthcare, Kristie blends empathy with a no-sugarcoating approach to financial coaching. Together, Kristie and Tim address the all-too-common perception of finances as a daunting challenge, and they discuss strategies to navigate the often overwhelming landscape of debts common in high-earning professions like dentistry.
This episode goes beyond just the numbers; it’s about breaking down behavioral barriers to financial success. Kristie suggests practical methods such as creating a spending plan, strategic debt repayment, and prioritizing expenditures to pave the way for debt_freedom. The discussion doesn’t shy away from touchy subjects like the stark reality that 80% of the population lives paycheck to paycheck, a situation often attributable to the lack of financial education during one’s developmental years.
In addition to practical advice, Kristie shares her inspiring personal journey of overcoming significant debt, which reinforces the power of financial education, budgeting, and a savings-oriented mindset. The insights provided in this episode are aimed at helping dental professionals map out their finances to tackle debt aggressively while simultaneously preparing for retirement.
Finally, the conversation turns to the future, with Tim and Kristie emphasizing the need for planning, honest financial conversations, and taking real steps towards improving one’s financial health. Kristie Reph’s return to The Dental Wealth Nation Show is eagerly anticipated, as listeners walk away with invigorated motivation to pursue the dream of being debt-free, wise investment strategies, and a future where financial strain does not dictate the quality of their lives or relationships.
This episode of The Dental Wealth Nation Show with Tim McNeely is an essential listen for any dental professional seeking to take control of their financial destiny, reduce stress and anxiety associated with debts, and lay the groundwork for a thriving, worry-free retirement.
Discussion Questions:
- How does Kristie Reph suggest dentists shift their mindset to become open to changing their financial habits? Can you share a time when a change in mindset impacted your financial decisions?
- Tim McNeely touches on the fear of finance being a monster. How can dentists approach this fear constructively to take control of their financial situation?
- Debt accumulation is common in high-income professions like dentistry. What strategies can be employed to not only manage but also prevent excessive debt in such professions?
- Kristie Reph emphasizes addressing underlying behavioral issues when it comes to spending. What are some common behavioral barriers to financial wellness, and how can they be overcome?
- Financial education tends to be missing from early education. How can dental professionals compensate for this lack to ensure their financial health?
- Christy Ruff shares her personal journey of debt and the role of financial education in overcoming it. What lessons can be learned from her story that can be applied to the lives of dental professionals?
- Discuss the concept of a spending plan versus a traditional budget. How would implementing a spending plan change your current approach to your finances?
- Kristie talks about the importance of accountability in managing finances. How can dentists implement accountability structures in their financial routines?
- The conversation on the podcast touched upon the need for honest discussions about money between partners. How can dentists facilitate such conversations within their households while mitigating conflict?
- Kristie Reph and Tim McNeely highlight the impact of poor financial health on personal well-being. In what ways can dental practices and families cultivate a culture of financial wellness for all members?
Don’t miss out on this insightful and transformative conversation. Tune in to The Dental Wealth Nation Show for more knowledge bombs and expert advice tailored specifically to the dental community’s wealth-building journey.
Remember to visit our website to connect with Kristie Reph for financial coaching services, learn more about creating your custom financial plan, and discover how you can join the ranks of financially savvy dental professionals who are making debt_freedom and secure retirement a reality.
by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
Navigating the intricate journey of dental practice transition requires thoughtful planning and expert insight. In this compelling episode of The Dental Wealth Nation Show, host Tim McNeely welcomes Cary Fry, a seasoned transition planning strategist from Callamath Consulting Group, to delve into the crucial steps of transitioning your dental practice on your own terms.
Cary Fry brings his extensive experience to the table, discussing the emotional, financial, and strategic facets of creating a successful exit plan. He highlights the significance of aligning personal goals, such as family time, with your practice exit strategy, rather than being swayed solely by unpredictable market conditions.
Throughout the episode, Cary emphasizes the value of having a cohesive, elite team of professionals to streamline the business transition process. He shares his unique 7-step framework, tailored specifically for dental professionals looking to retire or transition their practice to new ownership, whether it’s to family members, internal buyers, or through an Employee Stock Ownership Plan (ESOP).
Listeners will gain insight into how market trends, economic fluctuations, and dental industry specific factors can influence their transition strategies. Cary and Tim touch on the importance of understanding your practice’s valuation, reinforcing its attractiveness through value drivers such as motivated leadership, and building effective incentive structures for key employees.
Moreover, Cary Fry addresses the hesitations and common challenges faced by dental practice owners, providing actionable advice on how to approach transition planning holistically. Discover why time is your ally in planning a successful exit and learn about the resources available to help you prepare for the future of your dental practice.
Discussion Questions:
- How can a dentist emotionally and mentally prepare for the significant change that comes with exiting their practice?
- In what ways do personal goals factor into the timing and methodology of transitioning out of a dental practice?
- Cary Fry highlights the importance of a coordinated team of professionals in the transition process. What are the key roles in such a team, and how do they collaborate effectively?
- Based on Cary Fry’s 7-step framework for business transition, what are the initial steps a dentist should take when considering selling their practice?
- What challenges might a dental practice owner face when transitioning their business to insiders, such as family members or key employees, versus an outside buyer?
- Cary Fry talks about building incentive structures for key employees. What types of incentives should dental practice owners consider to enhance the value and attractiveness of their practice for a successful transition?
- Considering that many dentists lack a transition plan, what barriers might be preventing them from engaging in this critical planning? How can they be encouraged to take action?
- Given that economic conditions and market trends can impact a practice’s transition strategy, how can a dentist stay informed and adapt their plans accordingly?
- What are some strategies for ensuring the continuity and stability of a dental practice post-sale, to protect the legacy and maintain the culture of the practice?
- How can a dental practice owner determine the right timing and approach for conducting a business valuation, and what steps should they take to close any identified value gaps?
Don’t miss this insightful conversation if you’re a dental professional aiming to maximize your practice’s net worth, understand the intricate details of practice transition, or simply seeking guidance on how to begin the succession planning process. Tune in to transition on your terms and secure your Dental Wealth Nation legacy.
