Generational Doctor Wealth

Generational Doctor Wealth

A personal finance show for Doctors with Dr. Jamaine Ifedi, DDS, MBA, Kingsley Ifedi, CPA, and the entire Generational Doctor Wealth Team!

  1. 08/22/2024

    Season 2 Recap: Elevating Your Dental Financial IQ

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalWealth 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 35 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Understanding and Utilizing Dental Income: One of the core principles discussed was the importance of grasping your dental income and using it as a building tool for financial success. Without a clear understanding of how to leverage income effectively, building generational wealth becomes a challenging task. 2. Building a Personal Brand in Dentistry: Dr. Octavia Miller's insights on the significance of personal branding in the digital age were emphasized. Your skills are crucial, but your personality and how you connect with the community and peers can significantly impact your success. 3, Diverse Paths to Dental Practice Ownership: Private practice ownership isn't limited to just owning a physical office. Exploring options like becoming a travel dentist, partnering in a practice, or offering specialized services can also lead to successful practice ownership. 4. Importance of Tax Strategy over Tax Preparation: The distinction between tax preparation and tax strategy was highlighted. While tax preparation keeps you compliant, tax strategy proactively helps you save money and build wealth, emphasizing the need for ongoing financial planning. 5. Career Flexibility and Growth: Dr. Seyi Cadmus' journey from physical therapy to dentistry showcases the importance of embracing career changes and continuous learning. It's never too late to invest in new skills and redefine your career path, especially in a field as dynamic as dentistry. This episode is a valuable resource for dental professionals at any stage of their career, offering insights into effective financial planning and asset management to build generational wealth.

    23 min

  2. 08/13/2024

    How to Tax Plan as a Dentist? Pt 2 - Vegas National Dental Assoc. Convention | Episode 34 | Season 2

    Recorded live at the National Dental Association conference in Las Vegas, Kingsley Ifedi, CPA delves into advanced tax strategies and financial tips designed to help dental professionals build and sustain generational wealth. Don't miss out on this valuable session! 🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalWealth 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com -- Top 5 Takeaways from the Episode: 1. Accelerated Depreciation: Leveraging accelerated depreciation can significantly reduce taxable income. For instance, by purchasing and placing equipment like a CBCT machine into service before year-end, a dentist was able to take a substantial tax deduction, saving $50,000 in the first year alone. 2. Cost Segregation Studies: These studies are crucial for maximizing tax deductions on property. By allocating a property's purchase price into various components, short-life assets like furniture and fixtures can be depreciated more quickly, providing immediate tax savings. 3. Optimizing Vehicle Deductions: Dentists can choose between the mileage method or the actual expense method for deducting vehicle costs. The actual expense method allows for depreciation and all related costs to be deducted based on the percentage of business use, potentially leading to larger tax savings. 4. 1099 Income Benefits: Dentists who generate 1099 income can unlock additional tax strategies. For example, a dentist earning $50,000 in 1099 income with $75,000 in expenses could create a $25,000 loss, which can offset W-2 income, potentially leading to a refund. 5. Tax Planning for Asset Accumulation: Proper tax planning is essential for long-term wealth accumulation. By saving tax dollars today and investing them in appreciating assets, dentists can significantly increase their retirement savings, potentially accumulating millions over a few decades.

    17 min

  3. 08/08/2024

    How to Tax Plan as a Dentist? Pt 1 - Vegas National Dental Assoc. Convention | Episode 33 | Season 2

    Recorded live at the National Dental Association conference in Las Vegas, Kingsley Ifedi, CPA delves into advanced tax strategies and financial tips designed to help dental professionals build and sustain generational wealth. Don't miss out on this valuable session! 🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalWealth 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com Takeaway 1: Importance of Tax Strategy- Taxes are the biggest inhibitor to building wealth. - Developing and maintaining a tax strategy is crucial.- Understand the stages of wealth building: Rich Life Discovery, Tax Strategy, Extreme Ownership, Asset Accumulation, and Legacy. Takeaway 2: Home Office Deduction- Utilize the home office deduction by dedicating a space in your home for business purposes.- Two methods: Simplified method ($5 per square foot up to 300 square feet) and Actual expenses method (percentage of home office size compared to total home size). Takeaway 3: Leveraging Payroll for Your Children- Pay your children up to $14,600 without it being taxable income.- Children can perform tasks like Junior Admin, Cleaning Helper, Supply Organizer, Brand Ambassador, and Social Media Coordinator.- Fund a custodial IRA account for them, contributing up to $7,000 per year. Takeaway 4: Augusta Rule- Allows your business to pay you for renting your home for up to 14 days without claiming it as taxable income.- The business can take the rental expense as a business deduction. Takeaway 5: Optimal Tax Entity Selection- Understand the difference between legal entities (LLC) and taxable entities (S Corporation).- S Corporations allow income to be split into W2 wages and K1 distributions, reducing self-employment taxes.- Example: Converting $100,000 income from LLC to S Corp can save significant taxes by reducing self-employment tax burden.

    26 min

  4. 07/30/2024

    Tax Prep vs. Tax Strategy: What's Best for Your Dental Practice? | Episode 32 | Season 2

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalW... 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 32 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Difference Between Tax Preparers and Tax Strategists: Tax preparers focus on historical data to file returns, while tax strategists look forward, planning to minimize future taxes and optimize financial outcomes using the tax code. 2. Timing and Planning: Regular tax projections, typically twice a year, are crucial. These help identify potential tax liabilities early and allow time to implement strategies to reduce the tax burden. 3. Incentives in the Tax Code: The tax code contains various incentives to encourage behaviors that benefit the economy and society, such as investing in real estate, starting businesses, and contributing to retirement accounts. Understanding and leveraging these incentives can significantly reduce tax liabilities. 4. Life Changes and Tax Strategy: Major life events, like buying a practice or graduating from dental school, can significantly impact your tax situation. Consulting a tax strategist during these times can help manage and optimize the financial impact. 5. Holistic Financial Planning: Effective tax strategy involves integrating various aspects of your financial life, such as business expenses, personal investments, and family circumstances, to create a comprehensive plan that minimizes taxes and supports your financial goals. This episode is a valuable resource for dental professionals at any stage of their career, offering insights into effective financial planning and asset management to build generational wealth. #dentalwealth #dentistswhoinvest #generationaldentalwealthpodcast #taxstrategies #dentistry #dentist #dentista #dentistryworld #dentisttx #dentistaslatinx #dentistlife #dentistlifestyle

    20 min

  5. 07/24/2024

    Why isn't every Doctor a Millionaire PT. 2 | Episode 31 | Season 2

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalWealth 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 31 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Master Your Finances: - Understand net worth: Differentiate between assets and liabilities to calculate net worth. - Prioritize debt management: Strategically tackle student loans and other debts while maintaining financial liquidity. - Invest wisely: Make informed investment decisions, focusing on long-term gains and understanding your investments. 2. Effective Practice Management: - Track financial performance: Regularly monitor income, expenses, and key performance indicators (KPIs) to optimize practice profitability. - Continuous education: Invest in management skills to improve efficiency, communication, and patient relations. - Work-life balance: Prioritize well-being to sustain long-term success and job satisfaction. 3. Tax Planning is Crucial: - Consult a tax strategist: Develop a comprehensive tax strategy to minimize tax liabilities and maximize wealth accumulation. - Understand tax implications: Be aware of the significant impact of taxes on overall financial health. - Proactive planning: Work with a tax professional to identify tax-saving opportunities throughout the year. 4. Long-Term Perspective: - Adopt a long-term mindset: Focus on sustainable wealth creation rather than short-term gains. - Delayed gratification: Prioritize saving and investing for the future over immediate consumption. - Continuous learning: Stay updated on financial trends and best practices. 5. Take Action: - Implement strategies: Apply the discussed principles to your financial life. - Seek professional advice: Collaborate with financial advisors, accountants, and other experts. - Build a strong financial foundation: Create a solid financial plan to achieve your long-term goals. This episode is a valuable resource for dental professionals at any stage of their career, offering insights into effective financial planning and asset management to build generational wealth.

    28 min

  6. 07/16/2024

    Why isn't every Doctor a Millionaire? | Episode 30 | Season 2

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalW... 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 30 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Extreme Ownership is Key: Success as a doctor, whether as an associate or a practice owner, hinges on taking extreme ownership. This involves taking full responsibility for all aspects of your practice and personal life, ensuring continuous improvement and maximizing your highest-producing assets. 2. Understand the Financial Basics: Financial success is not solely about income but about managing net worth. This includes understanding that net worth is assets minus liabilities, and recognizing that student debt, while a major factor, is primarily an obstacle due to its monthly impact rather than its total amount. 3. Effective Management Skills: Good management skills are crucial for maximizing profitability. This encompasses proper handling of practice finances, efficient operations, and strategic marketing. Doctors need to manage their resources well to avoid being in a situation where high earnings do not translate into substantial take-home profits. 4. Smart Investment Decisions: Investment choices play a significant role in wealth accumulation. Doctors should focus on investments that they understand and can stay committed to long-term. These investments should ideally provide both asset growth and cash flow, ensuring financial stability and growth over time. 5. Work-Life Balance: Maintaining a healthy work-life balance is essential for long-term success and personal well-being. A balanced approach allows for better physical health, mental health, and overall satisfaction, which in turn supports sustained professional performance and financial success. This episode is a valuable resource for dental professionals at any stage of their career, offering insights into effective financial planning and asset management to build generational wealth.

    25 min

  7. 05/29/2024

    Proactive Wealth Building Strategies for Dental Professionals | Episode 29 | Season 2

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalW... 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 29 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Strategic Planning for Post-Graduation: Seyi Cadmus, a D4 at Howard University, emphasizes the importance of strategic planning post-dental school, including researching residency programs that provide both educational benefits and financial compensation, and considering the cost of living in different areas. 2. Asset Acquisition over Liabilities: The discussion underscores the importance of acquiring assets early in a dental career. Whether through real estate, stocks, or other investments, prioritizing assets that generate income is crucial for long-term wealth building. 3. Avoiding Financial Pitfalls: Kingsley and Dr. Ifedi highlight common financial pitfalls, such as overspending on high-cost living areas or luxury items early in a career, and advise on making strategic decisions to avoid these traps. 4. Importance of Building a Professional Team: For dental professionals who prefer not to handle daily management tasks, building a reliable team is vital. This allows them to focus on big-picture strategies and ensures that their investments and practice run smoothly. 5. Flexibility in Career and Investment: Both guests stress the need for flexibility in career and investment decisions. Whether considering practice ownership, partnerships, or other business endeavors, being open to changing paths as new opportunities arise is essential for success. This episode is a valuable resource for dental professionals at any stage of their career, offering insights into effective financial planning and asset management to build generational wealth.

    23 min

  8. 05/24/2024

    From Dreams to Dental School with Dr. Seyi | Episode 28 | Season 2

    🎧🎥 Click to Listen & Watch the Podcast on Apple, Spotify, Youtube and All Other Platforms: https://linktr.ee/GenerationalDentalWealth 🙋 Interested in Being a Guest? Email us hello@teamfinancials.com --- The Generational Dental Wealth Podcast Episode 28 Highlights The podcast delves into the multifaceted world of dentistry, highlighting financial intricacies, career decisions, and the impact of choices on personal and generational prosperity. 1. Embrace Career Changes: Dr. Seyi's journey from aspiring physical therapist to dental student highlights the importance of being open to new opportunities and directions in your career, even when initial plans don't work out. 2. Networking is Key: Building connections played a crucial role in Dr. Seyi's success, from finding mentorship at Howard University to discovering new career paths. Networking can open doors and provide support in unexpected ways. 3. Overcoming Challenges: Dental school is rigorous and humbling, requiring students to level up in various skills beyond academic knowledge. Adapting to the fast pace and managing external factors is essential for success. 4. Value of the HBCU Experience: Attending Historically Black Colleges and Universities (HBCUs) provided Dr. Seyi with a supportive environment and valuable networking opportunities, emphasizing the unique benefits of these institutions. 5. Importance of Self-Discovery: Through exploring different fields and experiences, Dr. Seyi discovered what he truly enjoys and what aligns with his strengths and values. This self-awareness is vital for finding fulfilling career paths. Overall, the podcast emphasizes the importance of setting clear goals, understanding the financial and operational realities of practice ownership, developing a business mindset, fostering collaborative relationships, and seeking mentorship for guidance and support.

    35 min
See All (36)

5
out of 5
8 Ratings

About

A personal finance show for Doctors with Dr. Jamaine Ifedi, DDS, MBA, Kingsley Ifedi, CPA, and the entire Generational Doctor Wealth Team!

Information

  • Creator
    Generational Doctor Wealth
  • Years Active
    2023 - 2024
  • Episodes
    36
  • Rating
    Clean
  • Copyright
    © Generational Doctor Wealth
  • Show Website
    Generational Doctor Wealth