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Dr. Jamine Ifedi and Dawn Ifedi: Expert Advice
18 Plays1 day ago
What if you could run a thriving dental practice AND build lasting wealth—without burning out?
This week on #DentalFuel, Tanya Sue Maestas teams up with Doc & Dawn Ifedi from the Generational Dental Wealth Podcast for a no-fluff conversation about money, mindset, and taking control of your financial future.
From tax hacks to legacy-building strategies, Doc Ifedi lays out a five-step framework every dentist needs to know to stop surviving and start thriving.
Episode Summary:
In this engaging episode, Tanya Sue Maestas sits down with Doc and Dawn Ifedi to discuss the transformative benefits offered by the Dental Wealth Group. The conversation sheds light on how dentists can leverage strategic financial education and consultation to navigate the complexities of their profession while maintaining a balanced and fulfilling life. From optimizing work-life balance to tax mitigation strategies, Doc Ifedi shares insights and a structured framework to help dental professionals achieve their vision of success.
The episode delves into the functional aspects of financial planning tailored specifically for dentists, utilizing a five-step framework: rich life discovery, tax mitigation, extreme ownership, asset accumulation, and leaving a legacy. Each of these components is dissected to reveal actionable insights and practical guidance, empowering dentists to make informed decisions about their professional and financial futures. Doc Ifedi emphasizes the significance of understanding the gears of the 'dentistry vehicle' to ensure a smooth drive toward financial fulfillment without experiencing burnout.
Key Takeaways:
- Rich Life Discovery: Identify what an optimal professional and personal life looks like for each individual dentist.
- Tax Mitigation: Understand taxes as a significant factor in financial planning and explore strategies to reduce tax burdens.
- Extreme Ownership: Empower oneself by taking full responsibility for personal and professional positions, fostering growth and empowerment.
- Asset Accumulation: Convert income into assets systematically to ensure financial security and growth over time.
- Legacy Building: Establish a lasting impact within the profession and community to carry the mission beyond active practice years.
Connect with Dr. Jamine Ifedi and Dawn Ifedi: @mydentalwealth
Connect with Ignitedds and Dr. David Rice: @ignitedds Free Intro Call
Connect with Tanya Sue Maestas: @tsmaestas.dds
Learn more about Ignite Coaching : https://ignitedds.com
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Transcript
Introduction to Dental Fuel
00:00:00
Speaker
Dental Fuel, the podcast that focuses on what no one else is talking about, mistakes. The dental world is full of before and afters, and no one is talking about the middle.
00:00:11
Speaker
Dental Fuel brings you the unspoken in between. Dental Fuel is brought to you by Ignite DDS Coaching, empowering dentists to build self-determined futures. Together, we're shaping the next generation of leaders in dentistry.
00:00:24
Speaker
We are back with Doc and Don Efedi in this last episode where they share their expert advice. Let's tune in.
Financial Strategies for Dentists
00:00:33
Speaker
Well, I'll tell you what, you know, time flies when we're having fun. And so we're coming to the end here, but I would love to know a little bit more about the Dental Wealth Group and what you all do for dentists and how you help you know dentists achieve financial stability and success.
00:00:48
Speaker
And I'd also like to know um some, and for myself and for our listeners, some expert advice that you'd like to bestow on myself and on others. Perfect. So the Dental Wealth Group, Generation of Wealth, actually is a podcast. platform and in the den a woke dr wolf group focuses more on the education or it can actually the implementation of consultation component and that's necessary to take the information actual practical use, right?
00:01:13
Speaker
So we we work off a framework of three main steps, excuse me, five main steps. Number one is rich life discovery, figuring out what exactly will it take for you, for your life to be optimized, right? like Again, working five days a week might be what you want.
00:01:27
Speaker
Working three days a week like us might be what we want, right? So what what exactly is a good rhythm? like to say dentistry like a vehicle, right? if If you drive, you know how to drive the car, thinking can get you Anywhere you want to go to wildest. Right.
00:01:40
Speaker
But if you don't know how to change the gears, I'm not sure if you have a driven stick shift or not, but there's gears in a stick shift. Right. So you got to think about it. The different gears are like student debt. That's a year. Right. Then you got to learn how to actually be clinically proficient.
00:01:52
Speaker
That's another gear. Then you got to learn how to manage your finances. That's another gear. Then you have to know manage teams. there's so many different gears in this car dentistry that how can you figure out how to number one, drive the car and then get to a speed that you're comfortable at. Right.
00:02:07
Speaker
Some people people can drive at 80 miles per hour, and that's burning too much fuel, right? Some people might drive at 20 miles per hour, and you're never hit your destination. How do you get that 55 cruising altitude that, you know what, I'm good, I'm hitting all the goals I want to hit, and I can do this for as long as I want to, right?
00:02:23
Speaker
There's a lot of burnout that goes on in dentistry because, again, some people are just going too bad, trying to compensate for some different areas in their life. So that's why step number one is rich life discovery, figuring out what you want.
Tax Mitigation Strategies
00:02:34
Speaker
Number two is tax mitigation. oh For most people don't understand, the biggest expense in our life are not houses, are not cars. It's actually taxes, right? For the average dentist, two-thirds of your week, up to two-thirds is what you're taking home, right? One-third is actually going to the government. So think to yourself, if you're working five days a week, you can think about Monday and Tuesday being the government portion. So everything you make on every Monday and Tuesday is the government.
00:02:58
Speaker
And what you make Wednesday, Thursday, Friday is yours to take home. So the question is, how can you start mitigating that in a way that done in a tax-advantaged way because without an understanding of how taxes affect our lives, we can try to outproduce our problems but never really get to that 55 miles per hour speed, right?
00:03:15
Speaker
Next, extreme ownership because once you know what your rich life looks like, once you know how to actually start putting your tax strategy in place, you have to take extreme ownership of your position or you are where you want it to be.
00:03:26
Speaker
If you're not, it's okay, but now you have to look look in the mirror and say, I'm the reason I'm not where I wanted And once you take that ownership that I'm not where I want to be, now you are now empowered to take yourself where you want to be, right?
00:03:39
Speaker
So as as much as it is like, oh man, um I'm beating myself down, but you're also empowering yourself to give yourself the route to be able to get get to where you want to get to.
Building Wealth and Legacy
00:03:50
Speaker
So now the next step after that, the fourth one is asset accumulation.
00:03:54
Speaker
that's the That's the biggest component. It doesn't matter if you're an associate. It doesn't matter you're an owner. It doesn't matter you're a troubled owner. There has to be some form of conversions. of your income to some version of an asset.
00:04:05
Speaker
It might not be real estate, it might not be stocks, but it has to be some form of an asset because the thing about money is if it's not growing, it's dying. right So therefore, when you're making money, number one, you have to automatically think to yourself, Monday and Tuesday I'm working for the government.
00:04:19
Speaker
right For this Wednesday, Thursday, Friday, whatever's left from there, how do now convert those days into an asset so now at least hopefully this asset can start paying me back on Monday. you know That's how we like to think about it. And the last but not least is legacy.
00:04:33
Speaker
Because going into dentistry, earning income, and buying things, that's fantastic. That's that's basic right that' the life that you provided for yourself and God did it. But at the same time, there has to be some bigger legacy that keeps you going.
00:04:47
Speaker
Because again, as we talked about before, burnout hits and hits hard when you don't know why you're doing what you do. You don't understand what's the end game, what's the life at end of the tunnel. Am I really going to come in every single day try to hit highest production goals as possible And that's going be it.
00:05:02
Speaker
Instead, how do you start living in your legacy piece while you're still a dentist? Right. So for myself personally, Generation of Dental Wealth is my legacy piece. Right. To be able to help other dentists do what they want to do. i want to do it now while i'm still in dentistry.
00:05:15
Speaker
So by the time I actually hang up the handpiece, now I can already be having that level of fulfillment for 30 plus years and not just be at the the end of the road trying to now get back into the legacy.
00:05:26
Speaker
So that's one reason that really intrigued me about yourself. doing public health and still teaching, you're living in your legacy hall already, right? So now, we got to get to the crystallization part of it, right? How do you take the legacy component to fall into the next part, right?
00:05:38
Speaker
So now all' I want to turn it on you and I want to understand what's your rich life?
Achieving Work-Life Balance
00:05:43
Speaker
What does it look like for you? if you had a, map out what your rich life within dentistry looks like. I guess we can start from a few main aspects. How many days a week you would want to work, right?
00:05:52
Speaker
I'm not going to say how much you would want to make, right? That's a personal conversation behind closed doors. But in your head, think to yourself, you know, what what do you think will be commensurate with the efforts that you put in, right? And then number three, what kind of team around you would you like?
00:06:05
Speaker
So I guess you can answer how many days you would like to work, and then what kind of team would you like around you know You know, I'm still living on the dream of finding somebody and marrying rich, retiring young, but that still hasn't happened yet. So um yeah and we'll put that out there for for any listeners who, you know, may have a connection there. But, you know, i I'd love for me, I think full time, I'd like to do education one day. And so I think that, you know, that probably be something that's still five days a week. But.
00:06:33
Speaker
I think that if I could be, you know, if I could put out ah an ideal schedule without that in mind, it'd probably be like two, three days a week practicing. And then the rest may be either, you know, spending time in education or lecturing somewhere. I think that that would be um that would be great. And as far as a team would go, you know, i'd I'd like a team that um supports a vision of providing quality care to all patients, regardless of what socioeconomic background that they have and just you know, really loving the profession as much as I do.
00:07:04
Speaker
That's really good. That's really good. So now that we have that kind of construct, right, now can start figuring out how do we get to that point, right? Because it's impossible to know how to get there we don't know where we're going. Right. So for us, one of the biggest things that we sat down figured out was, and that really her doing the mental work, was five days a week is not going to work for us.
00:07:25
Speaker
Yeah. Yeah. She crushed that pretty early. mean, I tried it. he No, he definitely tried it. At least five days a week. The 312s in the office and then out on the road for the other two.
00:07:35
Speaker
But yeah there was just no time for anything else. I mean, we're exhausted even from the three days. Like the three 12 to 13 hour shifts per day. So, yeah, that was very ah early on. We had that conversation that at least if we're going to do three twelves let's do three twelve We can sprinkle in some travel or figure out how to do more of that travel, um but just not to do it every week, every every week of the year, 62 weeks. so It's tough.
00:08:08
Speaker
But now it takes us to the next step, right? I'm not sure how well-versed you are when it comes to taxes, but do you have an accountant? Is there somebody you work with to work through your taxes? I work i have an accountant who helps out.
00:08:19
Speaker
Perfect. So that's that's that's a key component right there. so once That's understood. now we'll move on to the next step, extreme ownership. Now, if you have rate yourself from like a scale of one to 10, one being like, I don't feel any control of my life.
00:08:32
Speaker
10 to me, I understand component my life. I feel fully empowered. Where would you say you lie on that spectrum? Probably but about a four or so. What factors do you think cause you to be a four instead a five?
00:08:45
Speaker
I think that, you know, you know, just full transparency, my understanding of how the world works and taxes and monies is very, very low. And so I rely on the team that I have behind me, those who I entrust to kind of guide me along the way.
00:09:01
Speaker
And so I think to get me myself closer to attend is grasping that full understanding and perhaps having more of those tangible assets. For sure. So that's that's one of the biggest things, especially when it comes to education.
00:09:13
Speaker
my My goal is not to make every dentist look at MBA, but my goal is to make sure every dentist knows what feels right and what doesn't feel right. If sitting in a room with some just playing strategies to you and you, you're like, I'm not really understanding this, and you've explained this three times, and I'm still not getting it. It's not strategy, right?
00:09:30
Speaker
Like, to be honest, we we we can be Honda Accords, low maintenance, and we can run for hundreds of thousands of miles as dentist because, again it's such a beautiful vehicle that we've chosen in our lives, right? So if you hear a very complex strategy that, you know, we're going about infinite banking, that we can turn your life insurance policy into your income for the rest of your life.
00:09:49
Speaker
Yes, it could work. But honestly, would you want to figure out if it works or not 20 years later? Like and instead, let's let's try to work in the vehicle that we already understand. Right. If you do understand stocks, then good. If you understand real estate, then good. If you understand practical ownership, then good.
00:10:05
Speaker
Whatever you feel comfortable with, because believe it or not, when it comes to investing and just anything, period, you're going to stay in what you enjoy the most. For ourselves, right when we dealt with a $40,000 water issue, it's easy to be like, you know what?
00:10:19
Speaker
Real estate, forget about it. I'm done with this. But when you've been in it for so long and you actually enjoy it's just like, okay. Just figuring out the moving parts and how to rectify the situation and get them back to it.
00:10:30
Speaker
That's the biggest part when it comes to that. So that education component is going to very important for us to at least be well-versed on the basics. what is what is What does taxes actually mean? How much of my income actually does go to taxes?
00:10:43
Speaker
How can I start mitigating things? Can I get a 1099 plus a W-2 if I truly am a contractor? Try to go through those different routes. Then that leads to the next step, which is after the accumulation. so you For yourself personally, what would you say your goal is by the time you retire?
00:10:58
Speaker
What would you like to to have in place? You don't have to give specific numbers, but what would you what would you think your life would look and feel like by the time you do your retirement retirement?
Preparing for Retirement
00:11:08
Speaker
I think that I just like to have that financial stability.
00:11:11
Speaker
Yeah. You don't just not worry. Know that ah what I did a few years ago is going to take care of me kind of going into the future. And so I think that just having that peace of mind. For sure.
00:11:21
Speaker
The safest place for everybody to aim for is how can you make what you make now you retire? That's like the safest place, right? Like it doesn't have to be a super ambitious goal. It doesn't have to be, I want to object when retire.
00:11:34
Speaker
But at the very least, can you maintain a life that you live in? Something matters. And if you do that, for me, that's an absolute success, right? And then last but not least, it's legacy, you know? Like, what do you personally, but what would you like to leave behind?
00:11:48
Speaker
I see you obviously, it's obviously important to you because only are you educator, only are you in public health, but you're also podcaster. So it tells me that you're you're interested in making sure you leave a lot of,
00:12:00
Speaker
whos behind forward something behind to make sure they can skip a lot of steps that we haven't driven over, right? So for you personally, what is your legacy? look like
Leaving a Legacy in Dentistry
00:12:10
Speaker
That's a deep question. I think that when I think about legacy, I i hope that people remember me as someone who's caring and whose passion in helping the underserved. And I hope that I can empower others and encourage others to also do the same.
00:12:24
Speaker
And so I think that my legacy will help hopefully live on through the actions and efforts of other dentists who help other rural communities who may not have access to dental care. Fantastic. And there's so many ways to do that. Yeah. So I'm glad we were able to hop on podcast together. Hey, this was great.
00:12:44
Speaker
Y'all put me in the hot seat a little bit, but this was really good. okay conversation Yeah, this was, this was wonderful. and and And you both are such a a a beautiful couple and I'm sure that our listeners are going to want to reach out and to connect with you all.
00:12:59
Speaker
And if they would like to what would be the best way?
Engagement and Connection
00:13:02
Speaker
you can find us at, at my dental well, you can find us on instagram and facebook at those particular handles. You can find our Dr. Lead page as well at Dr. NBA LLC. There's different tips on how to handle finances.
00:13:21
Speaker
Don and Don, this was, oh, oh you can find me on, ah you can find me on Instagram. You can find me on Instagram at tsmyestas.dds. And I kind of make some humorous content and some educational content on there. So hopefully I can ah bring a smile to y'all's days in life. And um yeah, if you'd like to connect with me, if I can play a role in any ah any of our listeners' lives, I'd be glad to help with that. And I'm sure that you all would be glad to do the same as well.
00:13:48
Speaker
Love it. It's honor. All right. Well, Don and Doc, thank you so much for your time today. I truly appreciate you all taking time out of your day to connect with me. And it's been such a joy and pleasure to learn more about you all and and how you all are helping so many dentists across the nation. Thank you. We hope you enjoyed our conversation with Doc and Dawn Ifedi. I learned so much from our conversation and I hope that you did too.
00:14:12
Speaker
Tune in next week where we have another guest. Ready to take the next step in your journey? Book an intro call with Ignite DDS Coaching today and level up your future in dentistry.