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Providing independent financial education to dentists, Dr. Carlsen's no-nonsense approach to both practice and personal finance has garnered acclaim from dentists young and old. His easy to implement concepts enable both new and seasoned dentists to realize their dream of professional and financial fulfillment. Learn more about Dr. Carlsen's speaking programs.
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Savings and Debt; Fear and Greed. What's a doctor to do?
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Consult with Dr. Carlsen and learn the skills necessary to make his mantra - "I don't need your money to fund my retirement!" - your own!
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760-535-1621
drcarlsen@gmail.com
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Douglas Carlsen, DDS, has provided independent financial education to dentists since retiring from his practice in 2004 at age 53. Carlsen writes regular financial columns for Dentaltown Magazine, as well as state and local journals. His company, Golich Carlsen,an approved AGD PACE organization, delivers common-sense consulting, efficient and affordable lectures, and smart CE products---all backed by academic research.
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Letter Number 14 November 8, 2011
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For Quick Abstracts of Articles
Look for the bold blue print at the end of each article for a quick summary.
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Who Makes Up That 1%?
According to a sidebar next to the "Taxing the Rich" article in the November 4 The Week magazine, the top 1% being protested by Occupy Wall Street have a median income of over $516,000. Only 14% are from the financial sector. Thank God there aren't more!
16% are from the medical professions, 8% are lawyers. Of interest, half of our US congressmen are in that 1%!
"Taxing the Rich" goes into depth as to how much the rich actually contribute to our tax total.
Taxes for the rich are much lower than they were in the early 80s, yet the rich contribute much more in taxes today. Why? Because the rich are so much richer than they used to be. The top 1% hold 21% of US total income. Income inequality has soared since the 1970s and is now more marked than in China.
The Week posits that linking high tax rates to a slow economy is not appropriate. Clinton raised the top marginal tax rate from 31% to 39.6% in 1993 and the economy surged. Bush lowered that top rate from 39.6% to the current 35% in 2003 and the economy slogged into the end of the decade.
Would taxing the rich make a dent in the deficit? Yes, but Obama's plan to tax millionaires an additional 5.6% would generate only about $45 billion a year of the $1.3 trillion needed. Ending the Bush cuts for those making over $250,000 per year would still only cut the deficit $87 billion more per year.
Ending the Buch tax cuts for all would yield $400 billion a year. BINGO!
The Week, a fairly moderate publication that synthesizes articles from other the major media sources, provides a final analysis:
Dentist Bottom Line: "Clearly, if the country is serious about getting its fiscal house in order, it will require not only that the rich surrender tax cuts and loopholes, but that the middle class pays more too. It will also require major cuts in spending, primarily by reforming Medicare and Social Security---which inevetably would mean reducing benefits in some way."
Carlsen commments:
For dentists, it eventually means higher taxes for all and possible delayed retirement benefits for those now in their 40s. I would also expect higher Medicare copayments in the future.
Does this spell retirement doom down the road? Not at all. Dentists may work a couple years longer than they do now. Age 65 retirement may become age 67 retirement. With the huge longevity gains we've seen during my lifetime, I am certain total retirement years for those leaving dentistry in 2030 will be longer than those retiring today.
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What Would Ben Do? 
Ben Stein, actor, columnist, editorial writer for The Wall Street Journal, a frequent contributor to Barrons, and a former speech writer for Richard Nixon, gave a 12 minute interview with Market Watch last week. It gives tidbits of insights from his new book, What Would Ben Stein Do? Please click on Ben's photo for the video interview.
Ben provides commentary on raising taxes (he's in favor of), possible benefit cuts, the transfer of wealth from young to old, and who is really happy out there.
Dentist Bottom Line:
I won't give you Ben's answers here, as the interview is really fun. Ben has fine insight from one that's not beholden to either the liberal or conservative agenda.
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To access additional Carlsen Dentaltown Magazine articles, click on the image below.
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Cool iPhone Financial Apps
 Mint.com:Checking,savings,investments, credit cards, budgeting, setting financial goals and your path to retirement are all easily tracked.
Mortgage Payments Calculator: Are you thinking of refinancing your home, looking for the best auto loan, or wish to check your total interest payments over time? This little baby is quite simple to use and gives easy-to-read results.
Bloomberg: Keep up with my favorite news source. Bloomberg app provides headline news, market index updates, will track your stocks, and will provide quick summaries of individual stocks and mutual funds.
Pageonce Money and Bills: Track all your money and bills in one place. Check this one out as well as Mint.com listed above. Bill reminders, investments, frequent flyer and other reward accounts, and mobile minutes can all be tracked.
Wikinvest Retirement Planner: It automatically imports your brokerage holdings into one view and updates nightly so you never have to enter your trades or holdings in a portfolio management tool again. You can currently import holdings from over 60+ brokerages. Compare your performance to major indices with performance and account value charts. Then, research your next investment with company charts, news, community analysis and fundamentals data.
Red Laser: RedLaser searches for low online and local prices from hundreds of thousands of retailers. It's barcode recognition reads virtually any product barcode and Searches for prices with Google, theFind, SDC, eBay, Milo.com, Half.com, and Buy.com
Dentist Bottom Line: There are a bazillion apps out there. Many are financial. Have fun searching out the ones you like. The above list is only a start, yet provides a sense as to what is available.
Many apps listed are also available on Android, BlackBerry, and others.
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Thoughts from Yvon Chouinard 
Who's Yvon Chouinard? Some French cosmetic dentist?
Not quite. He's the founder of Patagonia, purveyor of outdoor clothing with a keen sense of global sourcing from three vantage points: social, environmental, and product quality.
Being a rabid--- not quite the right adjective---how about deranged skier, I see plenty of Patagonia wear and noticed a quite relevant interview in the October 2011 Ski Magazine.
Ski: Patagonia has been thriving despite the recent recession. How?
Chouinard: Every time I'm stumped with a business problem, it doesn't matter what it is, the answer is always increase the quality. Always. And that's not common in business. You get "Sales are low , decrease the quality, make it cheaper." If you increase the quality, you never go wrong. Whether it's the quality of employees benefits or the product itself.
Chouinard goes on to comment on a current Patagonia campaign asks "Do you really need it?" He feels that by being honest and responsible, those that do wish to buy will go to Patagonia.
Odd? Yes. Wise? I wouldn't bet against it. His underlying message is again responsibility. My take is that he's saying "If you need something, buy something that will last."
For a previous 12 minute interview that's a little tree-huggy, yet relevant to our business, click on Yvon's photo above.
Dentist Bottom Line: Dentists that have weathered the Great Recession well seem to have a common thread. Commitment to great service and care that's in the patient's best interest are paramount. Also, having an team that's involved with patients on a personal level is critical.
This includes:
Commitment to the highest quality restorations a patient can afford, whether it be a full cosmetic reconstruction or several large posterior fillings.
Providing honest and responsible options that will last.
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To access the Newsletter archives, click on the image.
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