Dentist's Money Digest

Looking for the latest dental fee information for your state or region? Look no further than this exclusive report from Sikka Software and Dental Products Report.

On the 1980s TV show “MacGyver,” the eponymous protagonist was a secret agent who used cunning, skill and whatever was lying around to get out of impossible situations and achieve the mission.

Compensation is one of the most complex operational systems in your dental practice. However, when implemented effectively, compensation can be a catalyst for growth, motivation and enhanced morale and performance.

Will assistance help or hinder your child’s ability to become financially independent? Dr. Doug Carlsen says he knows of dentists with kids in their 50s still living at home or receiving $30,000+ payments.

Bill and Carly are both in their early 60s. Bill is a diesel mechanic and Carly a dental hygienist. They have three children: Julie, age 29; Megan, age 26; and Samuel, age 24.  Julie just finished and MBA program after living at home while waitressing for five years after college. She has a local placement with a good salary, yet plans to live one more year at home while attacking $150,000 in student loans.

Benjamin Franklin famously opined, “A penny saved is a penny earned." And while that chestnut of wisdom is certainly true as a guiding philosophy for success in life, it can be taken too literally. What may seem like smart cost savings measures can take a more deleterious toll on the doctor’s practice than doing it the right way in the first place.

Dr. Doug Carlsen retired at age 53 from a 25-year restorative practice. He never produced $1 million, yet was able to be financially free at an early age. Now he is sharing some of his secrets to financial success with you. Psychotherapist Phil Tyson lists two factors involving the psychology of debt:

Dr. Doug Carlsen has talked to dental hygienists about their retirement number (and how to find it in less than 10 minutes) and managing personal finances.

First, decide who’s the financial team leader. That person must meet quarterly with the other spouse to go over any questions and concerns. Second, designate one spot in your house for all financial items. An extra bedroom, which is quiet, works best. But a kitchen corner, dining room corner, or basement will work fine.

A major financial question on dental hygienists’ minds is, “How much will I need to save to retire at the level of spending I’m used to?” Is it $500,000? Is it $1 million? Is it more? Doug Carlsen, DDS, often hears from hygienists that they “have no idea what is needed to support my spouse and myself in retirement.” Financial professionals throw out retirement numbers like Halloween candy: often and indiscriminately, normally with no personal research or mathematical reasoning.