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Dr. Shannon Johnson: Financial Mistake
112 Plays1 year ago
Dr. Shannon Johnson has wisdom in dentistry and experience in the field.
She knows firsthand about financial mistakes and how to overcome them!
In this episode, she shares just that-- a financial mistake and steps she took to overcome it!
Shannon Johnson grew up in a small coal mining town in eastern Kentucky. She graduated from the University of Louisville School of Dentistry in 2002 and completed her Advanced Education in General Dentistry Certificate at the University of Florida in St. Petersburg in 2003. Ever passionate about providing the very best care for her patients, Dr. Johnson is an avid continuous learner attending countless hours of continuing education each year from the professions best and brightest.
An educator at heart, Dr. Johnson has taught at both the University of Florida and the University of Louisville. She is an associate faculty member at the Dawson Academy where Dr. Johnson dedicates time to help dentists around the world master the skills necessary to predictably restore simple to complex cases with outcomes that are both beautiful and functional. She is the current President of the Dawson Association for Complete Dentistry and leads two Dawson Academy Study Clubs.
In her free time, Dr. Johnson enjoys spending time with her husband and daughter playing board games, visiting theme parks, attending various comic conventions, crafting, and scuba diving.
Connect with Ignitedds: @ignitedds
Connect with Dr. Shannon Johnson: @supersmileychic
Connect with Tanya Sue Maestas: @tsmaestas.dds
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Transcript
Introduction to Dental Fuel Podcast
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. Dental Fuel brings you the unspoken in-between. Dental Fuel is brought to you by Doctors Disability Specialists, a team dedicated to helping dentists and physicians with disability insurance, life insurance, and comprehensive business planning.
Delaying Disability Insurance: A Costly Mistake
00:00:23
Speaker
Disability Insurance and Making Connections. What does that have to do with a financial mistake?
00:00:29
Speaker
In this episode, Dr. Johnson talks about a financial mistake that she's made and how she learned from it. Moving on to a financial mistake. I would love to hear about a financial mistake that you have made in life that you learned from, other than going to dental school.
00:00:48
Speaker
I'm gonna actually have to say that when I went to dental school it was that it was like at a really good time so I was fortunate on that matter so I know the amount of debt that everyone's graduating with staggering compared to like when I went to school so I really feel that pain
00:01:03
Speaker
But I think, honestly, for me, it was not getting disability insurance early on. What I'm finding is that many of my colleagues, you know, the price goes up, the older we get. Maybe there's enough light here that I won't look quite so old, right? But at the same time, you know, you want to lock that in. But I've seen so many young folks start to have problems, back problems, hand problems, wrist problems, neck problems.
00:01:32
Speaker
And that disability insurance really helped them. And I was a little bit late coming to that game. So I would say that was probably the biggest mistake that I feel like I've made financially at that point.
Financial Planning and Life Management Challenges
00:01:45
Speaker
And then just not having a good financial planner. One that would jive with me. I had a financial planner, they were too
00:01:58
Speaker
rigid, too square for me and my risk. So I think that relationship you have to find someone who mirrors what you want so that way you can, you can exceed. Then on a personal level, I will tell you whatever, I made that transition back from Kentucky, I mean from Florida back to Kentucky. I really felt like I could do it all.
00:02:20
Speaker
Right? And so, for several years, my mom was terminally ill. My father had cancer at the time. And I was trying to help with the family, but I was still trying to run the practice, and I was flying back and forth every week, right? And I was young. I could do this, right? We can all do it all over again. I could just do that for days and days and days. And what ended up happening is I depleted all my funds. I didn't get help soon enough. And so, then, whenever I sold my practice, I basically...
00:02:48
Speaker
for lack of better word, I just gave it away to deal with the headache. And I mean, that's on a very personal level, so we can always talk about those mistakes. But I think, profoundly, that was one of the things for me.
Importance of Early Connections and Resources
00:02:58
Speaker
And had I had it to go back and do over, I would have reached out for help sooner and just had a really good professional help me and made me say, hey, you've got to do this a little different.
00:03:09
Speaker
For both of those mistakes, did you feel like you didn't know about the resources available at the time? So that's a good question because I would say I didn't know. I was that time, what, 30? 31? So I didn't know, but I also was like, well, I can't afford them. I don't have the time. Like, I kept blowing it off. Like, I don't know. I just felt like
00:03:30
Speaker
It was going to be further in the future, further in the future. Like it wasn't something that I was dealing with now. And I've learned that you really just have to set things up for catastrophic type situations because they do happen. Not to be like a Debbie Downer on that aspect, but things
00:03:46
Speaker
can and will happen that can steer you wrong ways. And I didn't grow up in a financially brilliant type of a family. My dad was a coal miner, kind of machinist. We didn't have a lot. So it was tough. I wish I would have just gotten help sooner. So yeah, having the right resources, being connected to the right people.
00:04:11
Speaker
early in your career, finding people that you can connect with that understand you, your
Smart Management and Learning from Mistakes
00:04:17
Speaker
goals. Not their goals for you, but your goals. And can help you get there based on where you are now, but what your future self wants to be.
00:04:27
Speaker
I will say that I feel like dental schools are doing better as far as bringing information in with regard to dental insurance, sorry, disability insurance, potentially dental insurance as well too. But financial management, I mean it's not there, it's not there.
00:04:45
Speaker
So, you know, buying is huge for those who want to, you know, acquire a practice, start their own, but selling, I'm sure it's its whole own little thing as well too. Big thing, really. I can only imagine that that was a really stressful time for you. And you kind of just, I can see that. You kind of just wanted to get to the next thing. Well, you get to the point where, yeah, it was just like, okay, I need to move on. So great for the people who purchased it, you know, kind of a standpoint, but I'm like, had I just,
00:05:13
Speaker
had folks to help me with that and like look at the big picture or just really realize who I was and where things were going, you know, a year earlier. Totally different ballgame. I gotta ask, would you ever own again? Absolutely. 100%. Very cool. Yeah, no, I think, you know,
00:05:31
Speaker
Again, you can practice dentistry in a way that you want. And I've practiced it in DSOs, educational settings that I helped out with, like, federally qualified health centers and things like that. I love public health for folks. Like, there's just a lot of ways to practice. But owning your own, for me, it's just great, you know?
00:05:52
Speaker
I get to treat patients the way I would want to be treated. I take care of them the way that I want to take care of them, and no one can tell me to do that differently. So, without fail. Now, would I do it smarter? Oh, yeah. 100
Community Support in Dentistry
00:06:04
Speaker
% I'm sure. Yeah, yeah, yeah, yeah. No, you get your team together. And you realize, again, you don't know what you don't know. And you learn to ask for help earlier, or seek out things to help balance out...
00:06:19
Speaker
Deficiencies might be a strong word, but that's how, I mean, I have deficiencies in some of those things. It's not something I understand well or think about, and I don't enjoy researching it, you know? I mean, enough to have a conversation maybe, but, you know, I don't want to spend my whole day thinking about that. So there are other people who, that's what they do. Like, they love doing that, and I'm like, great, you love doing what you do. I love doing what I do, so you take care of me, and then I can take care of everybody else.
00:06:46
Speaker
If you're listening and you feel like you need help with one of these aspects, we can definitely help you. And if we can't, I'm sure Dr. David Rice can find the right person for you. I think that that's one of the great things about our community is that even if we can't help, we'll find a way to
Engagement and Future Topics
00:07:01
Speaker
help. And I think that we're just here to help each other out and help grow individuals and the entire profession as a whole. Yeah. Elevate onward and upward, right? Ignite the passion. So I agree. Yeah.
00:07:14
Speaker
Join us on our next episode where Dr. Johnson will talk about team building and a team mistake. Be sure to connect with Dr. Johnson on Instagram at SuperSmileyChick and with IgniteDDS at IgniteDDS. You can find me on Instagram at TsMySS.DDS and be sure to check out our sponsor, Dr. Disability Specialists.