Episode 144: Christian Allen & Ben Lonsdale- Money Insights- Teaching Dentists to Move from High Income to High Net Worth
06.30.2020 - By The Nifty Thrifty Dentists
Christian Allen and Ben Lonsdale and the masterminds behind Money Insights, a wealth strategy group.
After realizing that the current strategies are not working, they knew there was a better way to go about creating wealth. The goal is to move from high income to high net worth. With many physicians and dentists as clients, they understand the unique needs they have. Their approach allows them to build wealth in multiple ways to create growth in multiple places.
What do you say to people who say they have a financial planner? That doesn’t assume you have a financial plan. Throwing some money in investments and hoping they stick is not taking control of your money. We aim to debunk myths on wealth growth and start a shift in their mindset to alternative growth options.
Throwing everything into your practice is good for growth, but the strategy can be difficult and risky. You don’t have complete control over the practice or that they may face challenges they don’t expect. Diversifying their income creates more stability long term.
What are some alternative investments Money Insights promotes? There are options to direct investing, syndicates, LPs, etc. As an accredited investor ($200K yearly income single, $300K combined, or $1M net worth minus your primary residence). Real estate, oil and gas, precious metals, or business interests can all be options.
Who is vetting the investors and investments? Money Insights vets all operator themselves and make sure they meet their standards before referring clients. The majority of the time they will have multiple deals they review before partnering with a company.
What does it mean to accelerate, optimize, and innovate? These are the core principles of the company. Whether accelerating your wealth growth, or your retirement timeline. Optimization means we make the approach as efficient as we can while lowering tax implications. Innovation is always happening. As taxes and investment opportunities change, Money Insights shifts their approach to continue to optimize your growth.
What do you say to someone just starting out without a lot of assets? There are plenty of strategies someone can use as they are starting out that can create a great foundation to start from day one.
What is the teaching component of your program? Learning about strategies gives you an understanding of what you are doing with your money. Most of their clients like to do their own research at their own pace, so it’s important to teach what they are looking for in an investment. At that point, they go at the client’s preferred pace.
What other resources are available? The videos on our website are the initial information, we meet with a client to talk about the videos and introduce them to the second stage of learning. There is no rushing clients to make decisions. If you want to get started, you can view the videos on the website and complete the contact form.
How often do you meet with people? At a minimum, they would meet to review once per year, but the nature of their strategy is usually more frequent than that. The program is not a one size fits all, they fit the options to your goals and needs.
What are the most common mistakes healthcare professionals make when trying to grow wealth? They tend to focus solely on growing their practice. They also often know how much they are making, but not how much they are spending. Another big mistake is not having a tax strategy. It can cause losses in the tens of thousands. Misconceptions can be a huge mistake because it may cause you to miss out on potential opportunities.
The Nifty Deal: They will offer a free consultation and white paper regarding one of their tax strategies.
Bonus: An ebook “Money Insights for Dentists” will be coming out soon.