Rich lives in New Albany, Ohio, with his wife, Dena. He began his career in insurance services for both life and property casualty in 1972. His insurance expertise has expanded to include debt and liability planning, retirement services, and overall macroeconomic planning. He focuses specifically on debt and liability planning for dentists and other business owners who benefit greatly from the ability to control and eliminate both business and personal debts as quickly as possible. Rich successfully integrates the planning process with the areas of insurance, investments, and retirement planning.
Rich is a certified life underwriter and a chartered financial consultant. He has served on the advisory boards and committees of several life insurance companies, offering advice on products and improving client services. He is a registered representative and investment advisor representative with NFP Advisor Services, LLC.
Rich received his bachelor of arts in 1972 from The Ohio State University, where he also served as captain of the baseball team.
The exciting new book, Rich Dentist, Poor Dentist, will help you understand just how much wealth you are losing by making payments on your student, practice, equipment, and real estate loans. These payments are losses, as they will never offer any sort of return. Not only do you lose the payments themselves, but think of all the interest you could have earned on those payments!
The concept of capitalization/banking to control your cash and cash flow will put you in control of your major purchases for your practice in the future.
The comparison between borrowing from the bank or the equipment company, paying cash, or having your own capital account will surprise you. As you discover the benefits, you will surely wonder why no one has explained this strategy and concept to you before. Let me ask you a question: Would you prefer to send all your payments to the banks or make those same payments to accounts you control?
Rich Dentist, Poor Dentist will help you see how you can do that, so you can collect those profits instead of passing them off to others.
You can have a powerful system for building wealth while eliminating debt. If you have been in practice for a number of years, you probably did not anticipate the continuing costs of keeping your business in tune with advancements and technological changes. Do you think this will slow down or become less expensive? No! The solution is the power of capitalization planning, which will provide you with a reliable system that will help you manage these inevitable future cost increases. Not only that, but it will also help you develop additional tax-free income for retirement.
As your system evolves, you will loan money to your practice to pay off loans or to cover new purchases. The old payment that would have been paid to the bank is now sent to your personal account, and your practice can take the same tax deduction. The difference is that you are receiving the payments, so the money will grow for you and not for the bank. We will be there every step of the way to provide you and your accountant with everything you need for this profitable change. Rich Dentist, Poor Dentist will set you on a financial road that will carry you to a position in which you are in control of cash flow and debt, in a way you never thought possible before. Sink your teeth into this new, exciting way to look at today’s and tomorrow’s debts and bank on those profits instead of letting the banks profit off of you!
Break the cycle of dental practice debt and the recurring need to go into more debt to purchase up-to-date equipment. In short order, you will see the power of capitalization planning. This is a powerful system that will help enable you to eliminate your dental practice debt while saving more for retirement.
"I am using my cap plan policies for my nursing home business plus real estate purchases. Without Rich’s macro concept, it would not have been possible."
-Dr. Gavin B.
"As a how-to guide, this book contains everything you may need to know. Brimming with straightforward strategies anyone can use to overcome the key fears associated with practice debt and the cash flow to pay it off."
-Alexander Woo, author of Work Hard, Die Poor? Or Work Smart, Retire Young And Rich?
"My practice would not have grown as quickly without Rich’s financial strategies. In addition, I have been able to increase my real estate holdings."
-Dr. Scott N. DDS
"Anyone who’s ever wanted to be able to pay their current and future practice debt off efficiently can confidently benefit from the down-to-earth knowledge in this book."
-Tsitsi Musasike, author of Moneynomics
"My cap plan allowed me to start my new practice without borrowing the entire amount from the bank. The cash position gave me and the bank a comfortable cash reserve to fall back on if needed."
-Dr. Matt P. DDS.
"Here is a powerhouse book of tips, tactics and approaches for paying off practice debts that simply works. A fantastic book."
-Peter Ong, author of The Bullettrain Entrepreneur
"If I could read only one book on eliminating practice debts, Rich Dentist Poor Dentist is the one I would choose!"
-Gurunath Hari, author of The 6 Dimensions