ACTIONS REALLY DO SPEAK LOUDER THAN WORDS

Most of my adult life I have collected quotations, maxims, poems, snippets of thought, philosophy, or advice from many sources.  Some writings are instructional; some amusing; some sad; some are deep and meaningful, requiring much thought, while others are light with immediately obvious meanings or lessons.
 

Recently I came across one I’d like to share with you.  Question yourself as you read this anonymously written poem:  Do I act and live so that others do not misunderstand my intentions or my character?  Do I walk my talk?
 

“I’d rather see a sermon than hear one any day; I’d rather one should walk with me than merely show the way.  The eye’s a better pupil and more willing than the ear; fine counsel is confusing but example’s always clear.  And the best of all the preachers are the men who live their creeds, for to see good put in action is what everybody needs.  I soon can learn to do it if you’ll let me see it done; I can see your hands in action, but your tongue too fast may run.  And the lectures you deliver may be very fine and true, but I’d rather get my lesson by observing what you do.  For I may not understand you and the high advice you give, but there’s no misunderstanding how you act and live.” 

IMPORTANT QUESTION FOR YOUR FINANCIAL ADVISOR

Question:  Should I/Can I convert my traditional IRA to a Roth IRA?

Many factors complicate this decision.  For example, one must consider:

·         Will I be in a lower tax bracket after retirement?

·         Will tax rates continue to climb in coming years? By how much?  How often?

·         Will I continue to work after “official” retirement?

·         Will I need the income from my IRA or am I trying to accumulate assets for my heirs?

·         If I convert to a Roth IRA, how will taxes due on my traditional IRA at conversion time be calculated and paid?

·         How old will I be at the time of conversion?  Most professional financial advisors agree that the advantage of converting to a Roth generally decreases as the owner ages.

In short, there is no simple formula for making this important decision.  Your IRA strategy must be integrated with your overall financial plan and your estate plan.  Seek the advice of a professional financial planner as you wrestle with this important decision.

RAISE FEES IN 2013

According to a recent practice management survey, just over 65% of dentists raised fees in 2012, and the increases that were made were smaller than typical, most well under 3%.  Additionally, only about 50% of respondents even consider an annual fee increase now.  These findings demonstrate that many dentists are ignoring the recommendation of practice management advisors to increase fees at least annually by more than the inflation rate in order to meet the ever-increasing costs of operation.

According to the Consumer Price Index (CPI), inflation was 2 % in 2012.  Inflation is projected to increase significantly in 2013, and dentists will also be paying the new 2.3% excise (sales) tax on medical devices instituted by the federal government to help pay for health care reform.  This tax will increase the cost of most dental equipment and instruments, dental supplies, and lab fees.  Lab fees will increase because the raw materials used to make the items are listed as taxable medical devices and therefore, subject to the tax.

Consider, therefore, two sound management decisions in 2013:  (1) adjust your fees to approximate typical fees in your zip code area, and (2) once you know that your fees reflect the quality of care in your office and fee levels in your area, raise them by 3% to 4% for 2013 to meet inflation, increased taxes, and other escalating costs.

Suggestion:  Dr. Charles Blair’s comprehensive Revenue Enhancement program will help you determine if your fees are appropriate for your zip code (first three digits).  For more information, go to www.practicebooster.com or call 866-858-7596.

WHO SAID THAT?

            “The best decision makers are those willing to suffer most over their decisions but still retain their ability to be decisive.”

                                                                        Dr. Scott Peck, Author of The Road Less Traveled 

            “Living fearlessly is not the same thing as never being afraid.  It’s good to be afraid occasionally.  Fear is a great teacher.  What’s not good is living in fear, allowing fear to dictate your choices, allowing fear to define who you are.  Living  fearlessly means taking risks, taking gambles, not playing it safe.  It means refusing to settle for less than what is your due, what is yours by the sweat of your labor and your effort.”

                                                                        Michael Ignatieff, Writer

            “Once you get your due, learn to live contentedly.  How much is enough?  Decide, for example, how much is enough production, collections, compensation, and profit from your practice.  Work fearlessly to reach these goals.  Then relax and be content with the fruits of your labor.”

                                                                        Ann Page Griffin, Dental Management Consultant

            “Contentment makes poor men rich, and discontent makes rich men poor.”

Benjamin Franklin, U.S. Founding Father,   Philosopher, Writer, Statesman