In this episode of 'Dentists, Puns and Money', host Shawn Terrell uses a popular internet meme from a few years back to explore challenges older clients sometimes have with navigating technology. This could be a growing issue as more and more Baby Boomers enter retirement and are charged with using newer technology to handle the financial piece of their post-clinical life. Shawn emphasizes the importance of human interaction and support in navigating these technological hurdles and seeks feedback from the audience on potential solutions.

Takeaways

• Older clients sometimes struggle with technology, impacting their financial management.
• A more human approach is needed to assist clients with technology.
• The process of accessing client funds has become easier, but requires more time for the initial setup.

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Email Shawn at: shawn@dentistexit.com

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In this episode, Shawn Terrell discusses the importance of being your own best client or patient, and how that relates to his own personal financial situation. He shares his experience with his own Roth IRA conversions and what he learned about timing and strategy in tax planning. As tax laws change after 2025, he provides insights on how to navigate these changes effectively to optimize tax savings.

Takeaways

• Roth IRA conversions can be beneficial during low tax periods.
• Break up large conversions to manage tax implications better.
• Unexpected income can complicate tax planning strategies.
• Micro engagements in tax planning can lead to significant savings.

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Resources from Episode

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In this episode, Shawn Terrell discusses essential financial planning strategies for dentists in 2025, focusing on key numbers that will impact retirement savings and tax planning. He highlights the importance of understanding catch-up contributions, especially for those nearing retirement, and provides resources for listeners to access updated financial information.

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Takeaways

• Important financial numbers go up every year.
• Catch-up contribution for 2025 between age 50-59 is $7,500.
• The maximum qualified plan total deferral is $34,750 for ages 60 to 63.
• Tax deferred accounts can be crucial for late-stage dentists.
• The Secure Act 2.0 introduced new catch-up limits starting in 2025.
• Roth IRA and Traditional IRA contribution limit is $7,000 for 2025.
• Download all the important numbers for 2025.
• Late-career dentists may be able to stuff a little bit more money away.
• Understanding these numbers is vital for financial planning.

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Resources from Episode

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In this episode of Dentists, Puns, and Money, host Shawn Terrell discusses essential financial considerations for dentists as they approach the end of 2024. He emphasizes the importance of planning for taxes, including converting to a Roth IRA, understanding required minimum distributions, and utilizing tax loss harvesting strategies. Shawn also highlights the significance of being aware of income thresholds that could affect tax brackets and offers a downloadable checklist for listeners to help them stay organized during the busy holiday season.

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Takeaways

• Consider converting some portion of tax deferred accounts to Roth IRAs before year-end.
• Ensure required minimum distributions are taken to avoid penalties.
• Tax loss harvesting can help offset gains in taxable investments.
• Be aware of income thresholds that may affect tax rates.
• Maximize contributions to health savings accounts and retirement plans.
• Charitable contributions can be made in a tax-efficient manner.
• Planning ahead can save money on taxes in the long run.
• Utilize available resources and checklists for financial planning.
• Stay informed about changes in tax laws and regulations.
• The holiday season is a good time to review financial goals.

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Resources from Episode

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Dentist Exit Planning:

Website: dentistexit.com

Email Shawn at: shawn@dentistexit.com

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In this episode, Shawn Terrell shares valuable money lessons learned from his near-death experience and strokes in 2023. He emphasizes the importance of organization, accessibility of important documents, and the necessity of disability insurance. Through personal anecdotes and practical advice, he encourages listeners to take proactive steps in managing their finances and preparing for unforeseen circumstances.

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Takeaways

• Get organized with your finances and important documents.
• Complete your estate planning documents as soon as possible.
• Store important documents in an easily accessible location.
• Consider digital assets and ensure someone can access them.
• Disability insurance is crucial for financial security.
• Keep disability insurance if you are financially dependent on your practice.
• Use slower periods in life to tackle big financial projects.
• Having a plan in place can ease stress during emergencies.
• It's hard to convey the impact of a near-death experience.
• Life lessons can shape our financial decisions moving forward.

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Resources from Episode

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Dentist Exit Planning:

Website: dentistexit.com

Email Shawn at: shawn@dentistexit.com

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Summary

In this episode, Shawn Terrell reflects on his near-death experience and shares profound life lessons learned from it. He discusses the importance of balancing work and life, the inevitability of health changes, and the significance of relationships during tough times. Shawn emphasizes the need to enjoy life in the present rather than waiting for retirement and highlights how unexpected challenges can reshape our perspectives.

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Takeaways

People spend too much of their lives focused on work.
It's important to enjoy life while you're in the middle of it.
Health changes can become a central focus of life.
You can't account for everything in life.
Pay attention to who shows up for you during hard times.
Not everyone wants to think about dying.
Friends may show support in different ways.
Life is unpredictable and requires flexibility.
The importance of health cannot be overstated.
No dress rehearsal, this is our lives.

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Summary

In this episode, Shawn Terrell shares his harrowing experience of suffering a second stroke in June 2023. He recounts the moments leading up to the stroke, the struggle to call for help, and the emergency response that ultimately saved his life. After a thrombectomy procedure, he reflects on his recovery journey and the support from his family and healthcare professionals. Shawn emphasizes the importance of awareness and quick action in medical emergencies, and he invites listeners to share their thoughts on future topics for the podcast.

Takeaways

The realization of having a stroke can be shocking.
Immediate help is crucial during a medical emergency.
Communication can be challenging when incapacitated.
Family support plays a vital role in recovery.
Medical professionals can make a significant difference.
Awareness of stroke symptoms is essential.
Recovery can be a long and challenging process.
Surviving a stroke can lead to a new perspective on life.
Listener feedback can guide future podcast topics.

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Keywords

stroke, health challenges, recovery, emergency response, personal story, resilience, medical journey, family support, thrombectomy, ICU

Summary

In this episode, Shawn Terrell shares his personal health journey, detailing the alarming onset of double vision that led to a series of medical evaluations and ultimately a diagnosis of arterial dissection following a small stroke. He recounts the emotional and physical challenges faced during his hospital transfers, the diagnostic process, and the subsequent treatment plan that emphasized recovery through time. Shawn reflects on the experience, highlighting the importance of awareness and timely medical intervention.

Sound Bites

"I started experiencing double-vision."
"I had a small stroke, which sort of blew me away."
"No brain tumor, good. Arterial dissection, bad."

Takeaways

The onset of double vision can indicate serious health issues.
Emergency medical responses can be critical in health crises.
Understanding strokes is essential for timely treatment.
Arterial dissections can lead to significant health complications.
Recovery from a stroke often requires patience and time.
Hospital experiences can be emotionally challenging.
Communication with medical professionals is vital during emergencies.
Personal health journeys can be unpredictable and frightening.
Awareness of symptoms can lead to quicker medical intervention.
Support from loved ones is crucial during health challenges.

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Dentist Exit Planning Resources:

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