Ep #207: John Groom – Tax Deferral and the C-Student Advantage
Beliefs around having a business and making money can be a bit muddled when it comes to selling, doing taxes, and managing investments. John Groom joins the show to share his expertise in these areas and how important it is not to make the same mistakes most dentists have a tendency of making. John discusses the problems with your 401k plan and why it’s crucial to take charge of your money management.
Due to added stress, lack of time, and confusion around taxes, dentists are making poor decisions. But just because everyone else is doing something doesn’t mean that it is the best thing for you and your business. John talks about the importance of listening to someone who knows what they are doing, how to avoid common micromanagement mistakes, and more.
- 1:44 – Introducing John and his background in business and real estate.
- 4:10 – The problem with dentists and the business issues we have.
- 9:00 – What goes wrong in dental school and what you should’ve learned.
- 11:18 – Debunking problematic retirement plan thinking.
- 13:38 – The fallacies of conservation easements.
- 17:56 – The deal with captive insurance.
- 21:35 – Why it’s important to step back and allow time to think and plan.
- 26:00 – The dentist’s prayer.
- 28:04 – Understanding cost segregation and the benefits and issues within the new tax laws.
- 33:30 – Why more dentists need to go the ‘c-student’ route.
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