Dentaltown August 2016 - (Page 58)

finance feature Continued from p. 54 to anyone. They're hesitant to seek help or expose their finances to the scrutiny of others. Dentists who align with this archetype generally lack financial experience but often will try to go it alone, without getting feedback. The problem with holding your cards too close to your vest is that you'll miss out on great advice from professionals who have valuable experience in finance. Advice: It's OK to be private, but it's not OK to rely solely on your own judgment. For those who have anonymous tendencies, find someone you trust who can give you sound feedback. 5. The mogul "Wealth means power." Moguls are motivated by power. They seek control, influence and power in their families, practices, communities and finances. While they may lack a certain degree of interest in finance, they have some financial knowledge and use it as another way to flex their power and control. This could be the dentist who made an investment that isn't performing well, but because he made the decision he'll defend it to the grave. Advice: Those in the mogul category need to recognize their limitations and admit to not having all the answers. They should be willing to cede control of some decisions and delegate to qualified parties. 6. The VIP "There are lots of ways to get respect, and having money is one of them." VIPs are status-oriented, enjoying prestige and the respect of others. They like the appearance of looking rich, and running a lucrative practice is a vehicle for getting attention that comes from having nice things. VIPs are not especially knowledgeable about finances and tend to rely upon others for advice and insight. The problem is there's only so much money to go around-even for a dentist. A luxurious lifestyle feels great in the short term, but ultimately puts a secure retirement at risk. Those who overspend during their careers may have to work beyond their ideal retirement date to maintain the lifestyle they're accustomed to. Advice: If you have VIP tendencies, watch your spending and make compromises so you can accumulate adequate wealth for retirement. Just because something is high-end or luxury doesn't mean you have to buy it. by Byline DT, DDS Dr. Joe Dentist information here. This is our new Author Bio style. I love it-I think it's going to be much easier than the old box. Remember, there's a character style for the doctor's name (above). If you need two paragraphs, I do recommend putting in an extra return as an indent won't work well with this flush right style. : ) 7. The accumulator "I don't want to run out of money." Accumulators save more than they spend, and tend to live well below their means. Like most dentists, they make plenty of money, but never exhibit any outward displays of wealth (and have a disdain for those who do). Accumulators find great satisfaction in watching their money grow. The more they have, the better they feel. Because accumulators hoard money, they have a difficult time changing their mode of operation even after retiring with plenty of wealth. As a result, they often pass away with more money than they could have ever spent. Advice: If you're an accumulator, give yourself the green light to spend without feeling guilty. You've worked hard for your money and should be willing to purchase things that will make your life more enjoyable. Also, consider hiring an adviser who can help you put a more dynamic financial strategy in place that goes beyond saving. 8. The gambler "I love watching my portfolio. The market has better odds than Vegas." Gamblers love the excitement and drama of investing. For gamblers, investing is a 56 AUGUST 2016 // dentaltown.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown August 2016

On Dentaltown.com
Howard Speaks: You Don't Know COGS
Professional Courtesy: The Promise of Technology
Continuing Education Update
Industry News
Dealing with Parents Who Refuse GA Whose Children Obviously Need It
Class II Composite Technique
Best Alginate, Hands Down!
The Pillars of Attraction
Out-of-Pocket Collections: Mending the Holes
Dentists Playing Bankers: A new perspective on accounts receivable
Character Studies: Your financial tendencies likely depend on which of these nine archetypes fits you best
Quality Control: Five reasons you should purchase quality hygiene instruments
Practice Solutions: 3M
Opting Into—Or Out of—Typical Transitions
Treatment of Intraoral Infections
Service Profile: Gilleard Dental Marketing
Product Profile: Ivoclar Vivadent
Immediate Implants: Tips for improving the outcome in the aesthetic zone
New Products
You Should Know: Call Sumo
10 Strategic Insights for Patient-Producing Postcards
Monthly Poll: Pediatric Dentistry
CE: Oral Diseases Associated with Men
Dentally Incorrect

Dentaltown August 2016