Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

Bulletproof Dental Practice Podcast Episode 62

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Uche Odiatu, keynote speaker, author, wellness expert

Watch full video of the interview by clicking here!

Key Takeaways:

• Uche integrates total health wellness within his busy dental practice.
• Probiotics are now acknowledged by mainstream medicine.
  • Probiotics are live organisms that supplement your diet. If you’re eating the right food you don’t need probiotics, but up to 90% of people are not eating the right food.
• Probiotics have been proven to prevent sickness in trails with extreme athletes, so their benefits for anyone with a stressed immune system can benefit.
• 85% of CEO’s of Fortune 500 companies exercise 3-4 times per week. 15% of the average North American population exercises.
• Fit people have an attenuated response to stress.
• Keeping up with regular exercise helps your body and mind slow down.
• The goal of exercise isn’t to get in shape, it’s to change your life and stay there.
• Find successful people to model yourself after.
• The lack of serotonin causes depression. 90% of serotonin is made in your gut, from food.
• The fundamental, #1 food for your body is fiber.
• Exercise is an independent factor that affects your gut flora. It balances and brings homeostasis to every one of your neurotransmitters.
• To get smarter, exercise and eat fiber.
• If you want to lead you need to do things to increase energy, have abundant thinking, and have good reaction to stress.
• You can’t buy great physical condition. Its an expression to the world of your standard for your body.
• Morning routines are key for setting a great tone for your day.
• Comparing yourself with others is not good, being grateful for what you have is important.
• One thing you can do to start improving your life is to act on one thing you heard that resonated with you. Celebrate, don’t analyze.

References:

Align Probiotic Supplement

The Mind-Gut Connection by Emeran Mayer

The Microbiome Solution by Robynne Chutkan MD

The Subtle Art of Not Giving A F*ck by Mark Manson

Exercise – When Less is More with HIIT!!! By Dr. Uche Odiatu

Tweetables:

Time flies for people who aren’t paying attention. – Dr. Uche Odiatu

The quality of your life depends on the quality of your communication. – Tony Robbins

No one is an overnight success. – Dr. Craig Spodak

Gratitude is the master emotion. – Dr. Craig Spodak

Comparison is the thief of joy. – Theodore Roosevelt

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

Bulletproof Dental Practice Podcast Episode 61

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Garrett Gunderson, author & founder of Wealth Factory

Watch full video of the interview by clicking here!

Key Takeaways:

• Wealth Factory is a personal wealth management company with a specialized focus for entrepreneurs in dentistry.
• Garrett co-authored a new book, called “5 Day Weekend.” Look for it on shelves everywhere!
• “The 4 Hour Workweek” is more about outsourcing and frugality. “5 Day Weekend” focuses more on keeping more of the money you make, learning to make more money as an individual, growing your money, and investing back in yourself.
• Dentists got screwed with the new tax change because they’re service-based professionals. Dentists won’t get the pass-through deduction.
• Two major things when it comes to taxes:
  • You should have an accountant to get tax deductions. The biggest way to save tax is to reclassify your income which comes from attorneys. If your attorney isn’t a tax attorney, you will be spending too much money.
  • Every three years you should get a different set of eyes on your taxes. You have three years to amend.
    • If you’ve done any R&D or domestic production. This includes CEREC manufacturing, training, software research, etc. These deductions are additional money you could be leaving on the table.
    • Do a cost segregation on any property you own.
  • Saving tens of thousands of dollars on taxes is like ten years of investing.
  • The two main factors of income reclassification are:
    • How can you take your active income and classify it as passive income?
      • You’ve created unique processes and intellectual property. Set up a separate company as an intellectual property company. Then pay that company 15% to use that proprietary intellectual property.
    • How do you take ordinary income and classify it as capital gains income?
      • Create captive insurance agencies. If you do it right, you can put money in pre-tax and create various insurance protections to sell back to your practice. The money taken out is considered capital gains and has better tax benefits.
      • You can ensure actual business risks. If you can’t sock away $300,000 it’s not worth doing.
    • You can drop your tax rate to 4% if you choose to live in Puerto Rico for at least 4 months of the year and be outside the US for at least 6 months.
    • If you have a company event at your home or personal property you can pay yourself rent without claiming it as income.
    • LLC’s that hold real estate that is rented out to your practice count as reclassification of income and have valuable tax incentives.
    • There’s no reason to be overpaying on taxes when it’s legal and ethical to avoid paying certain things.
    • Wealth Factory acts as your personal financial quarterback, and 93% of their clients save significant amounts of money by working with them.
    • Two ideas about 401k’s:
      • Everyone should look at a charitable remainder trust. You can create tax deductions when you sell assets.
      • Even better, look at converting 401k’s to a Roth plan. You have to pay tax when you convert, but if you use a structured annuity where it’s valued at half of the actual 401k. You’ll get a guaranteed future income stream.
    • Make sure you build up enough liquidity. People overemphasize investing and underemphasize saving.
    • You’ll be ahead of 90% of other dentists by learning how to hire bad-ass people, building liquidity, and owning a building.

References:

5 Day Weekend by By Nik Halik & Garrett Gunderson

Killing Sacred Cows by Garrett Gunderson

Bard Press

The 4-Hour Workweek by Tim Ferriss

America’s Best 401k

Tweetables:

Automatically save and deliberately invest. – Garrett Gunderson

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!

Bulletproof Dental Practice Podcast Episode 60

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Guest: Debra Englehardt-Nash

Watch full video of the interview by clicking here!

Key Takeaways:

• Private practice dentistry is NOT going to go away.
• We must learn how to stop commoditizing our patients. Instead we should learn to value appreciation of our patients.
• Passionate dentists make great leaders. They create the vision and enlist the help of a supportive team to put that vision in action.
• When a new patient calls start out asking “inspirational” questions, instead of asking about insurance first. Listen to what the patient wants.
• Help your team and patients understand how fees are based:
  • Skill required to do it right
  • Time it takes to do it well
  • Materials used so treatment endures
• Dentistry used to be all about efficiency, now it’s all about experience.
• Thoughtful approaches take longer, but you end up with a better result.
• Pre-collect for appointments. It takes the stress off collecting at the end of the appointment and eliminates no-shows.
• There’s room for all kinds of dentistry, you just have to decide where you want to be.
• Success is a meandering stream, it’s not a direct line. The business of dentistry is hard work.
• Consultants are facilitators to help the leader be the difference in the practice.
• Listening to webinars and podcasts is important, but they can’t replace in-person trainings and meetings.
• Toil is good for you.
• Successful people don’t act as victims, they address their own actions that led to where they are.
• Catastrophes give perspective and help you redirect.
• You don’t have a lot of time to establish trust, so you better do it quickly.
• Ask for your patient’s permission before you start offering treatment options.
• 70% of the reason why patients don’t follow through with treatment is because the treatment wasn’t explained well enough and they were released too soon to talk about money and they weren’t ready to commit.
• Dentists often settle for way too little when choosing members of their team.
• Olympics are won by 1/10th of a second. That extra 10th of a second could be that one thing that moves you forward faster.

References:

American Academy of Dental Practice

Extreme Ownership by Jocko Willink

Tweetables:

It’s the head of the fish that always smells first. – Benjamin Franklin

People who get frozen in fear will never get a win. – Debra Englehardt-Nash

You have to believe to be believed. – Debra Englehardt-Nash

Whether you’ve spent $400 or $4000, if you’re not happy you’ve spent too much. – Debra Englehardt-Nash

Change your modalities and you might get a different result. – Debra Englehardt-Nash

The dentist’s fear is holding back dentistry. – Debra Englehardt-Nash

Life’s too short to be unhappy. – Debra Englehardt-Nash

Happiness is in the solving of problems, not in the absence of them. – Dr. Craig Spodak

If you’re going to ask your team to be a cheerleader, you better give them something to cheer about. – Debra Englehardt-Nash

The chokehold on any business is always the psychology and skill set of the owner. – Dr. Craig Spodak

The culmination of many small successes is a massive win. – Dr. Craig Spodak