Money, retirement, wealth, prosperity. All terms we are familiar with but do any of us know how to achieve them? That is why I wanted to have my friend and colleague, Dr. Mart McClellan on the show. Mart is an orthodontist AND a financial advisor and he is a wealth (pun intended 😊) of knowledge. He will share how he feels all of us can achieve financial prosperity both pre-and post-retirement.
We discuss:
· What motivated Mart to pursue a career in financial advisement while he was practicing orthodontics full-time.
· How a conference Mart went to as a resident changed his perspective on money.
· What to do about debt, including student loan debt, mortgage debt, consumer debt, etc.
· If Dave Ramsey has the right idea by recommending to aggressively pay down debt.
· Whether to get a 15-year or 30-year mortgage.
· Ways to change your mindset towards money.
· The importance of setting goals for your financial future.
· The flaws with the traditional financial model.
· How to get off the traditional linear model of accumulating wealth and accelerate your wealth curve.
· The importance of thinking about how to distribute your assets, not just accumulate them.
· Who the “rulesmakers” are and how they attack our money 365 days/year.
· The percentage of your earnings that you should be saving every year.
· What a “Wealth Freedom Account” is and why you need one.
· If you need an Emergency Fund and, if so, how much to put in it.
· Which is more important, a savings rate or a rate of return.
· The difference between “new money” and “old money” when it comes to investing.
· Why we don’t believe in “evidence-based financial planning.”
· What a “diversified portfolio” really means, and what it is not.
· When to expect the next downturn in the real estate market.
· The difference between average rate of return and annualized rate of return, and which is more important.
· How many different income streams wealthy people typically have.
· Whether or not you should fund a retirement plan.
· Mart’s thoughts on the “Die with Zero” mentality.
· What can be done to help students/residents get a better financial education.
· Strategies for older docs can do to maximize their retirement income.
· And much more!
LINKS:
-Mart’s Cell: (847) 363-5502
What is The DOC Podcast?
The DOC Podcast brings you unique educational content taught by Dr. Mike DeLuke, a Board Certified Orthodontist with over 20 years of clinical and academic experience. Dr. DeLuke built his orthodontic practice from scratch in the early 2000s and grew it into a multimillion-dollar enterprise in less than 10 years. He was able to retire from private practice at the age of 46 years old, and now devotes his energy to teaching his colleagues how to succeed both personally and professionally.
Dr. DeLuke has served as a faculty member at numerous hospitals and orthodontic residency programs around the country, including as the cleft craniofacial orthodontist at Albany Medical Center in New York, and as a clinical professor at The University of Connecticut in the Department of Orthodontics. He is presently an adjunct professor at Nova Southeastern University in the Department of Orthodontics.
The DOC Podcast will bring you in-depth discussions and interviews with industry leaders and experts on a variety of topics including clinical excellence, practice management, finance and wealth creation, health and wellness, taxes and accounting, fitness, and much more!