Episodes

  • Tax Estimates vs Reality: Why Your Practice's Tax Bill Feels Like a Root Canal

    Tax Estimates vs Reality: Why Your Practice's Tax Bill Feels Like a Root Canal
    Nov 8 2024

    If you’re a new practice owner, brace yourself for the potential tax shock that can come from unexpected expenses and obligations. Today I’ll break down tax estimates and projections to help you navigate the numbers more confidently. I’ll walk you through various scenarios that different practice owners face, from startups to acquired practices. I also highlight the unique tax implications that come with each.


    Established practices aren’t off the hook either—there are plenty of tax surprises waiting around the corner. Together, we’ll explore strategies for navigating these challenges, ensuring you’re well-prepared. Finding the right tax professional is crucial, so I’ll share tips on spotting legitimate experts in dental taxation and the key credentials to look for. Experience matters, especially when it comes to working with dentists, so we’ll discuss what to prioritize when choosing your tax advisor.


    I’ll emphasize the importance of being wary of professionals who might push investments without a solid strategy. You won’t want to miss the real-world examples of tax strategy scams and the high fees that often serve as a red flag. Finally, we’ll delve into comprehensive tax planning approaches, focusing on the modern strategies that ensure consistency in your tax planning efforts.


    What you'll hear in this episode:

    [1:45] Breaking Down Tax Estimates and Projections

    [4:05] Tax Considerations for Acquired Practices

    [5:20] Tax Surprises for Established Practices

    [7:55] Navigating Tax Strategies

    [9:40] Spotting Legitimate Tax Professionals

    [11:00] Identifying True Experts in Dental Taxation

    [12:40] Beware of Investment Pushing

    [14:35] Red Flags

    [15:25] Comprehensive Tax Planning Approaches

    [18:05] The Modern Approach to Tax Planning

    [19:35] Consistency in Tax Planning


    Learn more about Tooth and Coin's services: https://www.toothandcoin.com/
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    22 mins
  • The Tooth and Coin Podcast is Back

    The Tooth and Coin Podcast is Back
    Nov 1 2024

    Welcome back to The Tooth and Coin Podcast! I’m your host, Jonathan VanHorn, and I’m excited to reconnect with you. This podcast explores the ins and outs of owning a dentistry practice, providing insights to enhance both your practice and personal finances. I’ve taken some time away to focus on my practice for a while but I'm excited to jump back into content creation. I have reflected and refined my vision, fueled by my passion for optimization in the field.

    I believe sharing knowledge is crucial in our ever-evolving industry. In this episode, I’ll outline the exciting content you can expect, from practical tips to improve your dental practice to empowering financial advice that can help you make informed decisions. This podcast is designed to be relatable and actionable, steering clear of overly technical jargon. I invite you to join me on this journey. Whether you’re a seasoned practitioner or just starting out, tune in to the latest episode, and let’s navigate the complexities of dentistry and finance together!

    What you'll hear in this episode:

    [0:25] What's This Podcast About?

    [1:00] Where Have I Been?

    [4:55] What This Podcast Won't Be

    [7:20] Vision for Tooth and Coin

    [8:25] Join the Community

    Learn more about Tooth and Coin's services: https://www.toothandcoin.com/
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    9 mins
  • The Inside Scoop on Acquiring a Dental Office with Dr. Wes Buchman

    The Inside Scoop on Acquiring a Dental Office with Dr. Wes Buchman
    Nov 5 2021
    Join the discussion on Facebook! - and connect with Dr. Buchman!TranscriptJonathan VanHorn:Welcome to the Tooth and Coin Podcast where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones, some of them are very specific. But we hope that these episodes help you along with your journey.Jonathan VanHorn:Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand.Jonathan VanHorn:Another thing that you need to know is that if you enjoy today's content, join us on the Facebook group. So we've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today to continue the discussion. Agree with us? Don't agree with us? Have a story to tell? Have something to share? Join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it and be able to join us there.Jonathan VanHorn:Finally, if you need some more help, we're developing a list of resources that are going to be centering in around our topics of discussion to be able to help you a little bit more than what the content is doing. So if you'd like access to that whenever it becomes ready, all you have to do is text the word toothandcoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444. Again, that's toothandcoin, all one word, no spaces, to 33444. Reply with your email address and we'll email you instructions on how to get into the Facebook group as well as add you to the list to be able to send you those resources when they're available, and if they're available, we'll go ahead and send them to you as well.Jonathan VanHorn:So onto today's episode. I hope you enjoy.Jonathan VanHorn:Hello, ambitious dentists. Today, I have with us a very, very special guest in addition to my partner in crime, Mr. Joseph Rugger. So today, we are doing something a little bit different, a little bit more fun, that I think you guys are going to enjoy. We are talking with someone who we've been lucky enough to be able to see their entire dental practice journey so far. This person is Dr. Wes Buchman. So Dr. Wes, thank you for coming on today.Wes Buchman:Thanks, guys. Thanks for having me.Jonathan VanHorn:Yeah. So for people that are listening that aren't familiar with dentists in Arkansas, Dr. Wes Buchman has acquired an office. We were lucky enough to be part of that process. We've been able to see all of the success that he's had with that process. So Joseph and I were talking about some really fun ideas for episodes and Joseph thought this would be a good episode for us. So Joseph, why don't you take it away and just talk about what it is you're thinking that people will be able to get out of this conversation?Joseph Rugger:All right. Thanks, Jonathan. Really, really excited to bring you a new episode on the Tooth and Coin Podcast. We're really excited to talk to one of our good friends of Tooth and Coin. This is Dr. Wes Buchman, who is a practicing dentist, solo office in Central Arkansas. So I'm really, really excited to get a chance to come pick Dr. Wes's brain, learn a little bit more about his decision-making process, and all of the things that went into the first couple of years of practice ownership. So we're really, really looking forward to the conversation. Wes, thanks so much for joining us. We're happy to have you on the podcast.Wes Buchman:Yeah. I'm happy to be here.Joseph Rugger:Wes, why don't you walk us through maybe the decision? So you worked as an associate at another practice and there's quite a bit that goes into the decision to start your own business and to go out on your own and hang your own shingle on all those things. As you look back on the last couple of years and on the decision to make the leap into practice ownership, maybe walk us through some of the bigger things that you were thinking, some things that were big turning points for you and walk us through how you made that decision.Wes Buchman:Yeah. First, I was fortunate enough to get out of dental school and have a very good associateship with a successful practice. It couldn't have, at least financially, been a better scenario. It wasn't like I was scraping by or anything like that. So then it really turned into what do I want to be doing for the long-term? My personality is more of I want to do things my way, for better or worse I guess you could say. So I just knew that I wanted to be able to make decisions on my future and not ...
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    51 mins
  • An Accountant's View on Marketing

    An Accountant's View on Marketing
    Oct 15 2021
    Join the discussion on Facebook!TranscriptJonathan VanHorn:Welcome to the tooth and coin podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones. Some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand.Jonathan VanHorn:Another thing that you need to know is if you enjoy today's content, join us on the Facebook group. So we've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us. Don't agree with us, have a story to tell, have something to share. Join us in the Facebook group. If you go to Facebook and you search for tooth in coin podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering it around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that, whenever it becomes ready, all you have to do is text the word tooth and coin T O O T H a N D C O I N 2 3 3 4 4 4. Again, that's tooth and coin all one word, no spaces, 2 3, 3, 4, 4, 4, reply with your email address. And we'll email you instructions on how to get into the Facebook group, as well as agita list, to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well. So onto today's episode, hope you enjoy it.Joseph Rugger:Hello, ambitious dentists and welcome to another episode of the tooth and coin podcast. I am Joseph Rugger. One of your hosts joined by my good friend and colleague and confidant, Mr. Jonathan van horn. How to guys, we are excited to bring you another episode of the tooth and coin podcast. One of the things we try to do is we try to kind of reach through our own mailbag and think about what are some of the things that are top of mind for our clients. And we get a chance to kind of share some of that wisdom and knowledge and expertise with you guys. So I want to want to delve in today to a topic that is not something that I am a subject matter expert. And I, I don't know if Jonathan would call himself a subject matter expert. So Jonathan, as, as I look at the way you've marketed our business, we're going to talk about marketing and advertising today and get a chance to kind of scratch the surface of that big, huge, huge topic that's out in dentistry. But when you had a chance to talk a little bit about that, and as I look at the way, you've kind of marketed our business here at tooth and coin and just learning, learning every time I get a chance to get on the call with you about the things that our clients are doing, that are successful in the advertising and marketing world, just wanted to have you pick your brain on some of that stuff that day. So as that sound for, for an episode,Jonathan VanHorn:I'm looking forward to the conversation, I will say, just, you know, and this is important that we have this out there. This is not a dental specific marketing discussion. I will talk a lot about my experiences anecdotally working with, you know, two, 300 dentists and, you know, talking to thousands of dentists over the past, you know, five to 10 years about different topics, including marketing. So I am not like you said, I am not a subject matter expert when it comes to marketing to dental practices or for dental practices and trying to stir up patients. But I have had a lot of conversations and this, this is more kind of reaching into the, so the, to the, to the textbook versions of marketing from my book, business education and experience and ma, and combining that with that anecdotal, those anecdotal conversations, I've had over many different conversations with dentists over the last, you know, five to 10 years in people building their practices and things like that. So I want to make sure that we get that out there, that we're not pretending that we're, you know, marketing URIs or anything like that. We are not. And if you think that a couple of CPAs, our, our marketing areas, then we got some Oceanside land to celly Irene, Arizona. So, so anyway, so yeah, so I love talking about this kind of stuff. Cause it's, you know, there's a lot, a lot, a lot of people have new questions about advertising ...
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    35 mins
  • Entering the World of Entrepreneurship - Jonathan's Journey

    Entering the World of Entrepreneurship - Jonathan's Journey
    Oct 8 2021
    Join the discussion on Facebook!TranscriptJonathan VanHorn:Welcome to the tooth and coin podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones. Some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand.Jonathan VanHorn:Another thing that you need to know is if you enjoy today's content, join us on the Facebook group. So we've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us. Don't agree with us, have a story to tell, have something to share. Join us in the Facebook group. If you go to Facebook and you search for tooth in coin podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering it around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that, whenever it becomes ready, all you have to do is text the word tooth and coin T O O T H a N D C O I N 2 3 3 4 4 4. Again, that's tooth and coin all one word, no spaces, 2 3, 3, 4, 4, 4, reply with your email address. And we'll email you instructions on how to get into the Facebook group, as well as agita list, to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well. So onto today's episode, hope you enjoy it. Hello,Joseph Rugger:Ambitious Dennis. And welcome to another exciting episode of the tooth and coin podcast. I'm Joseph rugger joined always by my awesome co-host Jonathan van horn. Jonathan say hello to the folks at home.Jonathan VanHorn:Howdi Doodie, everybody,Joseph Rugger:Or in your car or wherever it is that you might be joining us. We appreciate you tuning in and listening to our show today, today, we thought we'd take a different route and talk a little bit about entrepreneurship and kind of the spirit of entrepreneurship. So if you're listening to this podcast, you likely are a dentist that is out and you've owned your practice. You may have owned it for six months or six years or 25 years. You may be thinking about starting a practice, but that tends to be one of those things. It's just such a daunting thought and a daunting task to, to, to kind of strike out here on your own and, and launch into this world entrepreneurship. So what we're going to do today, I'm going to talk to Jonathan who's, who's done this and get kind of some, some thoughts on his journey as an entrepreneur and everything that's in between. So Jonathan man, always a pleasure. I'm looking forward to hearing more of your story every time I feel like I know your story, something comes up and I'm like, I had no idea that was part of Jonathan's story.Jonathan VanHorn:Yeah. So, I mean, it's, it's interesting. It, it's fun to, to be in, to be an entrepreneur. It's going to be sometimes a little scary at times too. And yeah, I'm excited. This is a little bit of a turn of a different, different type of a conversation for me to have, because usually everything I talk about is just like dentistry, dentistry, dentistry, taxes, accounting taxes, accounting, business, business business. So, yeah, we're excited to talk about the,Joseph Rugger:Yeah, so Jonathan and I, Jonathan, you and I met each other randomly sit next to each other at a continuing education in little rock Arkansas, about 15 years ago. And you know, at that time I was working for a company as the CFO and you were in public accounting and we ended up knowing a whole bunch of the same people from Northeast Arkansas. You had gone to school in, in the, in Jonesborough where I lived at the time and we just hit it off and knew a whole bunch of the same people. And you were, you were in public accounting, you were working for another firm and, you know, we kinda hit it off and had fun and, you know, exchanged contact information and kind of kept up with each other for a while. I remember, I remember specifically sitting and having lunch with you a couple of different times in little rock. Cause we were talking about all of these entrepreneurial ideas that you had, and we were kind of talking through different books that you had read. And I think, I think one of them was, was it the ...
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    36 mins
  • Big Picture Budgeting: What should you be focusing on in your dental practice? (Part 2)

    Big Picture Budgeting: What should you be focusing on in your dental practice? (Part 2)
    Oct 1 2021
    Join the discussion on Facebook!TranscriptJonathan VanHorn:Hey everybody, Jonathan checking in here and just so you know, this is a two part episode. This is the second part of the episode. So if you've not listened to the first part yet, you want to go back and listen to it in the prior weeks. We should have it labeled on the episode title what part one is and part two is, so you should be able to see that in the title of the episode, what episode of episode it is. So thanks.Jonathan VanHorn:Welcome to the Tooth and Coin Podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones. Some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand. Another thing that you need to know is if you enjoy today's content, join us on the Facebook group.Jonathan VanHorn:So we've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us, don't agree with us, have a story to tell, have something to share, join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that whenever it becomes ready, all you have to do is text the word toothandcoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444.Jonathan VanHorn:Again, that's toothandcoin, all one word, no spaces, to 33444. Reply with your email address and we'll email you instructions on how to get into Facebook group, as well as add you to the list to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well. So onto today's episode, I hope you enjoy it.Jonathan VanHorn:So let's say that you did all these things, and you can come in, and you can influence these numbers, you've done an amazing job. If you've been able to influence all the expenses and lower them by five to 10%, not five to 10% overall, but five to 10% of the 55%, which would mean that you've moved from 55 cents of every dollar down to maybe two and a half to five pennies extra that you're going to get out of every dollar. And I know of practice owners that spend tens of hours a month trying to do this and trying to reduce these expenses because they want to spend less, so they get to keep more of every dollar that comes in. But to me, that's missing the picture. That's missing the bigger picture because instead of trying to save that five to 10 cents, why not just over on the other side of that table, pour out 100 more pennies in which you could then move 55 cents of those over and keep the 45 cents.Jonathan VanHorn:You could find so many more dollars to dump on that table, if you just worked on increasing capacity, and doing a better job of having patients in, and generating more revenue. That is, in the dental industry, the way the math works, that's so much more of a higher value for the use of your time than going through and making sure every month that I know exactly how much I spent on every glove that came in this office, I know where every one of those nickels went to. The amount of time that, that will take you, and energy, and focus, and effort could be so much better spent on your office to do so much more. And so that's overall why I say budgeting sucks. It's a waste of time because you really only should have to manage your expenses once a year maybe.Jonathan VanHorn:I think that's a better term for it and I think those two terms get conflated inside of a lot of industries. Small business, you don't need to worry about budgeting. The way I explain this to some people is that, I've had clients that have had budgets in the past, and they're like, "Jonathan, we budgeted 10% of our revenue to go to labs and our labs got all the way up to 10% so fast that I told people that I didn't want to take any more big cases because I don't want to do more labs." And I said, "Look, that's completely defeating the purpose."Joseph Rugger:[crosstalk 00:04:52] What's the point?Jonathan VanHorn:That's not... I felt like the woman from that commercial that's like, "...
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    34 mins
  • Big Picture Budgeting: What should you be focusing on in your dental practice? (Part 1)

    Big Picture Budgeting: What should you be focusing on in your dental practice? (Part 1)
    Sep 24 2021
    Join the discussion on Facebook!TranscriptJonathan VanHorn:Welcome to the Tooth and Coin Podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones, some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand.Jonathan VanHorn:Another thing that you need to know is, if you enjoy today's content, join us on the Facebook group. So we've got a Facebook group that is active with dentists, that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us, don't agree with us, have a story to tell, have something to share? Join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that, whenever it becomes ready, all you have to do is text the word toothandcoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444. Again, that's toothandcoin, all one word, no spaces, to 33444.Jonathan VanHorn:Reply with your email address, and we'll email you instructions on how to get into the Facebook group, as well as add you to the list, to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well. So onto today's episode, hope you enjoy it. Hello ambitious dentist. Welcome to the episode that I'm probably going to call, Why Budgeting is a Waste of Time. It's a topic that I think is going to be confusing to some, why a CPA or an accounting person would talk about that, especially considering our last episode, we talked about how important it is to do on a personal level. But this episode, we're going to talk about the budgeting of a business. And specifically in general, single-office owned dental practices, usually doing what an average dental practice would do, which is somewhere around a million dollars a year in revenue, maybe enough where it's two or $3 million a year in revenue. And we're talking about that.Jonathan VanHorn:So I've got Joseph with me obviously. Joseph has a lot of history of doing this as a CFO in the prosthetics company that he worked for before he joined us at Tooth and Coin. And we're going to just talk about it, and what our thoughts are about budgeting, some of the pitfalls of it, some of the benefits of it, and then maybe some alternatives that people should be thinking about as well. So, yeah. So welcome to the episode.Joseph Rugger:Yeah. Thanks for a good intro there, Jonathan. I think probably what would be worth it to just talk about first at a high level is, what is budgeting and who typically does it. So you guys may or may not be familiar with all the different stuff that's out there, but typically budgeting really has to do with trying to make a plan for where your money's going to go. And one of the things that budgeting is, is going to work off of a forecast. And that's something that can be really difficult to tie down and pin down in different organizations, different industries. So, your typical business that is, let's say $10 million or more in revenue, typically has a team of accountants. They've got people that are maybe a CFO, maybe they've got a controller, maybe they've got an AP clerk, maybe they've got somebody that's in charge of AR. They may have somebody specifically in charge of budgeting, somebody that actually has a season of their life that they call budget season.Joseph Rugger:So if we ran a calendar year budget, this person may start sitting down and making the budget out in September, and then spending time in October and then reprioritizing in November and then in December. So as I described this big, robust accounting and finance department, that typically doesn't happen until you get pretty far along in revenue. And you may hit that at $2 million and you need those people, or $5 million or $10 million. But typically it's until you get to that really big growth stage where you've got to have multiple people that are running your accounting and finance. And as you mentioned, Jonathan, if we say that the typical dental office has a million dollars in gross receipts or in ...
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    34 mins
  • Continuation of Being Intentional with Your Budget

    Continuation of Being Intentional with Your Budget
    Sep 17 2021
    Join the discussion on Facebook!TranscriptJonathan VanHorn:Hey everybody, Jonathan checking in here. And just so you know, this is a two-part episode. This is the second part of the episode. So if you've not listened to the first part yet, you want to go back and listen to it in the prior ways. We should have it labeled on the episode title, what part one is and part two is. So you should be able to listen to that in the ... See that in the title of the episode, what episode of episode it is. So thanks.Jonathan VanHorn:Welcome to the Tooth and Coin Podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones. Some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand.Jonathan VanHorn:Another thing that you need to know is if you enjoyed today's content, join us on the Facebook group. We've got a Facebook group that is active with Dennis that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us. Don't agree with us. Have a story to tell. Have something to share. Join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering it around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that, whenever it becomes ready, all you have to do is text the word ToothandCoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444. Again, that's ToothandCoin, all one word, no spaces, to 33444, reply with your email address. And we'll email you instructions on how to get into the Facebook group, as well as add you list to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well.Jonathan VanHorn:On to today's episode. Hope you enjoy it. How does someone define their intention? Because at the end of the day, we're doing budgeting for a reason. How does someone define their own intention? You have to have an intention, but what is intention for someone like us? What's the purpose of all this?Joseph Rugger:Sure. Well, I'll give you a couple of quotes from a couple of authors. One of the ones that I like to quote is Stephen Covey, who wrote The 7 Habits of Highly Effective People. And he said that we need to begin with the end in mind. That's one thing that I'll throw out. And then cautiously, I'll say the next quote is from a guy named Dave Ramsey, who has a tendency to get people all up in arms one way or the other. He has like this cult-like following. And then a lot of people don't like him. Anyways, he said that a budget is about you telling your money what to do, rather than it telling you what to do. So I think that's probably part of my thoughts on intention is, like beginning with the end in mind.Joseph Rugger:So, what is it that is the goal? That's probably a big, lofty thing to think about, well, where do you want to be in 40 years? I don't know. I just need to make sure that the kids get fed, put to bed, make it to school, they make A's and B's and everybody stays happy. So I think that you've got to think kind of long-term. So like maybe part of your long-term plan is that you want to have a vacation home. All right. Well, let's be intentional about that. We don't just wake up one day with a vacation home and an extra mortgage or pay cash for it. We got to put things in motion to help out with that. I think when I talk about intention, I talk about begin with the end in mind, like, what are some shorter range goals?Joseph Rugger:There are going to be some of our clients and some of the people listen to this that may have the short range goal of getting out of credit card debt. They ran up really large amounts of credit card debt. They're getting the practice started or getting through dental school or any of those things. That may be a big thing for them. There are some people that at 22 years old, they find out about an IRA and they want to save every penny they can for retirement so that they don't have to work until they're at whatever age. I think that beginning with the end in mind and just kind of thinking about what are some of your shorter term goals and some longer ...
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    31 mins