Guest post: Jacqueline Tinker, COO Dental Compliance Specialists and manager of the Asset Protection Division of Dental Compliance Specialists.
This is not your typical blog post on Dental Compliance Specialists. I am going to talk to you about your business. Duane is busy prepping for the 12-Week HIPAA Compliance Challenge, so I get to take over the blog o sphere for a week or two! HAHAHA
I decided to share with you one of my passions. I am passionate about business. Running a business, being efficient, using every ethical and legal advantage to make and keep more money is exciting to me! That’s why you are going see me more in a different light here at Dental Compliance Specialists. I used to be Financial Services Consultant and I re-directed my focus on this business to help Duane build a business to help Dentists. Now it is time for me to get back into my old role of helping other people make and keep more money.
I once heard a savvy businessman say, “Every Business needs to be in 2 businesses. The Business of generating revenue and the business of financing the business.” I didn’t understand until he explained it to me. Now it makes perfect sense, and NOW I have 2 businesses- My primary business and my Personal Reserve Account (the business that finances my primary business). Let me explain it to you.
You have the business of creating revenue. That’s your Dental Practice. It’s your bread and butter. But do you have a way to finance your business without turning to creditors and bankers? That’s where the concept of a second business comes into play. It’s the business most business owners miss that costs them dearly. It is the business of financing their business. We call it The Cost Recovery Strategy.
What if you didn’t have to go to the bank or God forbid a credit card company for your next major business purchase? What if you financed it yourself? What if you could avoid traditional banking (and their fees and interest rates) and create a “second business” that is the bank that finances your first business? Don’t worry, you don’t need to get another degree or even hire an additional employee. This is a simple account that allows you to “finance” your primary business.
It is what traditional banks do every day. They invest in A rated (for safety) accounts called Personal Reserve Accounts. They are required by law to keep a portion of your money in safe investments. The Personal Reserve Account is that safe investment.
This same Personal Reserve Account is used by small businesses everywhere to invest back into the primary business….keeping the business owner’s money in safe investments and keeping the bank out of their pocket.
Oh, it gets better. While the money is being “loaned out” to the primary business, it keeps growing! That’s right, when the money leaves the Personal Reserve Account and goes to the business to pay for expenses or capital or payroll or whatever, it keeps growing- taking advantage of compound interest. I am not making this up. We clearly explain this in the webinar. Click the link above to join.
You need more? Well, while you are business “financing your business,” all that compound interest is building up a tax-free retirement account for the business owner. I mean you don’t have to use it to retire. You can use for anything, but since we are small business owners, I think we can all agree that retirement is something we think about frequently. And who wants to pay more taxes? Not me.
The asset protection piece is also something to be considered. These Personal Reserve Accounts are developed under contract law which in many states protects them from lawsuits, bankruptcy, and even the IRS! etc. In most cases they can’t be touched in litigation and such either. Disclaimer: This can vary by state so you need to do the research here. You will have to check in your particular state for the particulars. I am not an attorney.
If you need another reason to look at this: You can’t lose money. Your money is at risk in your Mutual Funds and 401ks and IRAs. If the market goes down and your money is in the market (401k, IRA, and in Mutual Funds, etc), you can lose it all. Many people did after 9/11 and in 2008. They didn’t recover. They couldn’t retire. There wasn’t enough time to catch up. The accounts I am talking about have a guarantee. They are tied to the market but the contracts give you a guarantee. There is a bottom, but it ain’t zero and you don’t lose what’s already in your account- unlike your 401k , IRA or in Mutual Funds. Besides that, the number of fees in Mutual Funds and 401ks is ridiculous! There can be as many as 40 levels of fees in a Mutual Fund…that you pay with your money.
“The Mutual Fund industry is now the world’s largest skimming operation, a $7 trillion trough from which fund managers, brokers and other insiders are steadily siphoning off an excessive slice of the nation’s household, college and retirement savings.” -Senator Peter Fitzgerald, co-sponsor of the Mutual Fund Reform Act (killed by the Senate Banking Commission) from Money, Master the Game by Tony Robbins
Personal Reserve Accounts are tied to the market, and you can get as much as a 17% increase in your account, but if or when the market goes down, you never go backward. You never lose the forward momentum of your money You never loose a penny of your original investment.
Are you curious yet? I normally don’t write blog posts with this much excitement….But I am so excited I couldn’t tone it down. We have contracted with THE top-rated major insurance companies to develop these Personal Reserve Accounts. These opportunities used to be reserved for the uber rich only. Now small business owners like us can take advantage of these accounts to finance our businesses, protect our assets. We buy these accounts in form of a highly specialized type of cash value life insurance policy that let’s your money grow tax free the rest of your life. . These companies create these accounts for us so that you can recover any expense(s) in your business (equipment costs, taxes, payroll, health insurance) and return the expense s to you, the owner, as tax free income to be used however you please – to grow your business by providing for future capital expenditures, for tax free retirement income when you decide to retire, or to finance the sale of your business if you decide to to that.
Want to know more? Call for a free consultation 817-755-0035 and ask for the Asset Protection Division of Dental Compliance Specialists.