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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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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 17 May 22 , 2011
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This is a continuation of the video format used the last two letters. Thanks for the positive comments.
Please provide feedback, positive or negative, on the videos and Bottom Line comments. I'm at drcarlsen@gmail.com.
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Who Generates the Most Wealth? High Tech, Business, or Family Docs? And There's a 4th Factor!
4 minute video I've been surprised over and over in my six years of studying financial behaviors of dentists.
Dentist Bottom Line: The high quality/high tech practice puts one on top for educational bragging rights and the "wow" factor. It also often brings in high income. Yet which type of dentist creates the most wealth? Find out in four minutes. |
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Brian Hufford AGD Video on Debt
2 minute video.
Which loans should be paid off quickest and should loans be stretched out to free up money to invest?
Brian Hufford, one of my favorite dental financial consultants, provides brisk commentary.
Dentist Bottom Line: Your total monthly payments for all loans, personal and financial, should never be more than 1% of the total aggregate of all your loans. Example: If you have mortgage, practice loan, and auto loans of $10,000 per month and the total of the loans is $800,000, your ratio is 1.25%, or more than Hufford recommends. He would advise to restructure, possibly stretching loans out, to allow for more retirement savings.
Hufford wishes all dentists to save 20% of net income each year---a seemingly daunting task, yet I've seen those that do with high weatlth accumulation by age 55-60.
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Number One Character Trait of Deca-Millionaires 5 minute audio rant by Dave. Dave Ramsey talks about two of the most important traits of Dr. Tom Stanley's research into deca-millionaires---those with net worth not including their homes of more the $10 million. This is actually audio only, yet is fascinating! Bottom LIne: I think you all know Stanley's research showed that millionaires don't normally live in high-end neighborhoods or own luxury autos. They don't dine out often or send their children to private schools. Engineers and farmers are the top wealth producers, not doctors.
Two of the top five traits of deca-millionaires may be a surprise, yet make sense. |
Gold Markets Thin and Nervous
3 minute video
Peter Hug of Kitco Metals on May 14, 2012 discusses the latest gyrations of gold. Of course, the crises in Greece has caused volatility and a major factor in the current drop. Hug provides other unique insights.
Dentist Bottom Line If you have 5% to 10% of your portfolio in gold, it may be time to re-balance, especially with the recent loses of 15%. Yes, it might be prudent to buy more, if precious metals are a portion of your investment mix. |
Robert Shiller on the Housing Market
5 minute video
Professor Robert Shiller, author of the Case-Shiller Housing Index that the financial world tracks, recently posted comments about the overall housing market's future.
Will it muddle along, have a further price decline, or are we past the bottom?
Dentist Bottom Line:
Sellers nationwide are still waiting for prices to climb before listing, creating a shortage of homes in many areas.
Shiller has positive news, though, long-term.
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To access additional Carlsen Dentaltown Magazine articles, click on the image below.
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To access the Newsletter archives, click on the image.
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