Dentaltown November 2013 - (Page 74)

finance feature continued from page 73 Awareness changed my life. I learned to slow my mind and balance out the fast-paced work environment. I thank yoga, meditation and eating better for resolving my shoulder pain and my acid reflux. Most importantly, I am thankful I became more aware by slowing down my thoughts to make intentional decisions for myself and for my practice. No one ever taught me that, only encouragement to do more, go more and make more. Unfortunately, this can lead to feeling less emotional and physical pain. We somehow think we are immune to the pain. Unfortunately, this type of thinking can lead to financial disaster via poor health. I never had a problem making money due to good business and communication skills, but I had a problem making my body last to make the money I desired for an adequate retirement - free of a disability or heart attack. I now have awareness because I took the time to learn how to slow my thoughts. I no longer want to survive my life - I want to live my life and show others how to do the same. Remedies: For yoga, Dr. Knowles recommends finding a local yoga center with a certified yoga instructor. For meditation, again find a local center. Nutritional counseling is available at many wellness centers. Look for a registered dietician or someone with a degree in nutrition. Dr. Knowles can provide direction and/or referrals by contacting her at www.intentionaldental.com. The Body: Unbreakable? Dr. McKay and Dr. Boone (not their real names but real doctors) had medical incidents that directly affected their financial health. Dr. Boone suffered a ski accident, breaking his leg and ankle. He had three surgeries over two months and missed four months from his private practice. A cadre of study club and friend doctors worked at the office, each a half-day per week, seeing emergencies, checking hygiene and performing minor restorative procedures. They kept the practice open. Dr. McKay had a stroke one weekend afternoon while hiking. It took him seemingly forever to stumble back home with his dog. His primary sequela was loss of speech resulting in six months of active therapy to relearn English. As with Dr. Boone, Dr. McKay had doctors take care of the basics while he was out of the office. Both doctors recovered fully with disability and overhead expense insurance providing minor financial relief, yet neither practice had produced near a normal level, leaving both doctors with negative income for the period they were out. There was a huge difference in financial stress. Dr. Boone had little liquid savings on hand. It took six years to recover financially from his accident. On the other hand, Dr. McKay had a large emergency fund to draw from and recovered financially the following year. Remedies: Emergency Fund Have at least six months of your personal expenses in an emergency fund. A doctor earning $250,000 will often spend about $120,000 on taxes and savings in a year, so spending will be $120,000-$140,000. $60,000+ is prudent. This money must be liquid at all times. Use only money market funds. Also, the fund is only to be used for real emergencies, such as accident or illness. A once-in-a-lifetime vacation or buying a new car does not qualify. Insurance Disability insurance is one area where dentists often scrimp. Don't. It provides a monthly cash benefit to replace one's income if incapacitated, normally after 90 days. Benefits are usually paid to age 65 with maximum payment normally 60 percent of one's net income. Make sure you will receive full benefits for not being able to work in your own occupation - dentistry. This is critical. Because long-term disability is a major cause of bankruptcy for dentists, buy the maximum amount available. Also, have overhead expense disability coverage for fixed practice expenses. Buy the maximum amount available. Charles Farrell indicates that one needs life insurance equal to 12 times one's income minus current retirement savings.1 The smart life insurance solution is term life. Universal life, variable universal life and whole life insurance add an investment component that is normally very expensive and not appropriate. For further information on insurance, check out my article in the April 2013 issue of Dentaltown Magazine. ■ 1. Charles Farrell, Your Money Ratios, Penguin Group, New York, NY, 2010, page 178. Do you have a question for Dr. Carlsen? Post it after this article at Dentaltown.com/magazine.aspx. Author's Bio Dr. Douglas Carlsen has delivered academic-based financial education since retiring from private practice in 2004 at age 53. He has no connection with any company or individual and speaks his mind freely. Carlsen is very interested in speaking to your study club! Contact at 760-535-1621 or drcarlsen@gmail.com. Over 25 videos available: search Dr. Doug Carlsen at You Tube site. Additional Carlsen Dentaltown articles are at: www.dentaltown.com. Search "Carlsen." Carlsen website is at www.golichcarlsen.com. 74 NOVEMBER 2013 » dentaltown.com http://www.intentionaldental.com http://www.Dentaltown.com/magazine.aspx http://www.dentaltown.com http://www.golichcarlsen.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown November 2013

Dentaltown.com Highlights
Howard Speaks: Not Getting it Done? Hire a Consultant
Professional Courtesy: Painful Advertising
Continuing Education Update
Second Opinion: The Role of Teamwork in the Third Era of Medicine
Deprogrammed Open Bite Can Help with Veneers
Bruxism Worse with Splint
Corporate Profile: Burbank Dental Laboratory
Product Profile: Eaglesoft 17
Debunking the Social Stigma of Stress
The Personal Side of Stress
In Your Face: Facing the Realities of Stress in Dentistry
When Tragedy Strikes: How to Prepare for and Recover from a Natural Disaster
The Latex Problem: It’s More Complicated Than You Think
Why Dentists Require Specific Exercise
How Much Money Can You Make When You’re Dead?
Denture Stabilizations with Small-diameter Implants
You Should Know: CrownMen
Product Profile: Synergy
Product Profile: NuSmiles ZR
Continuing Education: The New Evolution of Chariside CAD/CAM Technology
Ad Index
In This Issue: Dry Brush Inside Bottom Teeth First
Perio Reports
Dentally Incorrect
101 Ways to Reduce Stress
Achieving Goal Congruency

Dentaltown November 2013