Tripp Yates, CFP®, CPA/PFS Eaglestrong Financial

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About Tripp Yates, CFP®, CPA/PFS

Tripp has extensive experience in financial planning and investment management, and he diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families.

Tripp’s interest in investments started when he was young and was intrigued by his grandfather’s savvy investment knowledge. When he realized staying in public accounting was not his ultimate goal, he was excited to take his career in this direction.

His passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, save taxes, and invest wisely. Tripp strives to work in a humble and transparent way.

When he is not managing his firm and his clients, Tripp enjoys spending time with his family, running, and cheering on the Rebels and the Cubs.

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Recently Published

Playing the Long Game

August 6, 2019

best financial advisor for dentists

 

 

Recently, a dentist shared an article from Aegis Dental Network with me. The article is titled Playing the Long Game. I’ve read it several times because it is so comprehensive in covering a lot of the financial planning issues surrounding dentists today. The article begins by talking about creating a retirement strategy. However, if retirement is a long way off for you, keep reading because you will find valuable information on saving, investing, tax minimization, and practice transitions. To me, all of these things surround your quest for financial freedom whether you are just starting practicing dentistry or in the later stage of your career. I will highlight a few statistics and quotes below from the article, but I encourage you to read the complete article here.

 

  

 

Currently, 40% of dentists are age 55 years or older, whereas just 27% were in that age demographic in 2001.

 

 

According to the ADA Health Policy Institute, the average dentist currently retires just before turning 69, whereas in 2001, the average retirement age was about 65.

 

 

Lee Ann Brady, DMD, a private practitioner in Glendale, Arizona, started thinking about her retirement as soon as she started her career. “I work with both an accountant and financial advisor. I take advantage of both tax-advantaged and other savings vehicles. I have an employer-based plan at my office, which also includes my team as a benefit for them. The process has included HSA plans, disability and life insurance policies, and IRA and 401(k) plans,” she says.

 

 

John Cranham, DDS, clinical director at The Dawson Academy, started working with an investment advisor just 5 years into his practice. “I knew I was not good at managing money, and I knew I needed to save for retirement, but I had no idea how much,” he says. Planning early and effectively is an important component of ending up where you want to be. “I just listened and did what the financial services firm said to do. Time, discipline, and sound, conservative advice have worked well. This process also really removed my stress. Once I took care of my retirement savings each year and kept up with my bills, I didn’t worry about spending money. It definitely made life more enjoyable,” says Cranham.

 

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Memphis, TN financial advisor

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp’s passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, reduce taxes, and invest wisely. As a fee-only fiduciary advisor, Tripp strives to work in a humble and transparent way.

 

With extensive experience in financial planning and investment management, Tripp diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. In 2017, he founded Eaglestrong Financial, specializing in helping dentists and business owners. Outside of work, Tripp enjoys running, spending time with his family, and cheering on his favorite sports teams. He is an active member of Harvest Church. 


 

References

https://www.aegisdentalnetwork.com/id/2019/02/playing-the-long-game 

 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

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3 Questions That Will Transform Your Life

July 23, 2019

 

The majority of our focus when dealing with our money is on our spending and savings. Our common view is that we will save over a long career to build up our 401k and other investment accounts so that we can retire one day. This is necessary and wise but there is much more to gain in looking at our values and linking them to our money decisions. This thought of combining our values and money is referred to as “life planning.” George Kinder, an advisor and speaker, has been labeled the “father of life planning.” He developed three questions to help those he worked with become clear on what is important to them. I think you will find that answering these questions can energize you to get a clearer picture of why you work and save and retire with purpose. It will also give you a list of goals that you can accomplish over time. 

  

Question #1: Dreams

 

I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.

 

This question should outline your dreams. Maybe you would travel the world or buy a vacation home. You might already have a list of things you would do if you just had the money saved up. Are there important charities or causes that you would like to support? For some, just having the financial freedom to go anywhere at anytime would bring joy.

 

Have you seen the movie “The Family Man?” I can’t help but think of Jack Campbell (Nicholas Cage) at the beginning of the movie with his Ferrari, penthouse and that amazing closet…

 

If you were financially secure and could dream big, those would be some fun things to add to your list. Jack Campbell thought he had everything he needed…enter plot twist.  Remember what happens next? The glimpse into what his life would have looked like without those unlimited resources.  

 

 Question #2: Bucket List

 

This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?   

 

This question forces you to seize the day. You have time to travel places or accomplish goals. You can visit and spend more time with family, friends and others that have made a meaningful impact on your life. Most likely, you will not have an unlimited amount of money to do all the things you dreamed of in answering question #1. However, the focus shifts from dreams to things that have meaning in your life.

 

OK back to the movie. Jack is in the middle of his “glimpse.” He is horrified at first…mini-van instead of Ferrari, suburban home instead of the penthouse suite, knock-off suits instead of a fine closet full of clothes, and of course nasty diapers and crazy kids that he never had to deal with before.

 

 

He cannot figure out how he and his “wife” are still madly in love while living this way and how his family could be so happy. We know he ends up coming around to the idea, but then the glimpse is over.

 

How can you use this example to help come up with your bucket list if you only had 5-10 years remaining? Think of Jack Campbell, the family man without unlimited resources, and what he would have enjoyed doing. He apparently was great at surprising his wife with anniversary gifts and serenading her at her birthday party. I imagine that they would have taken fun family trips and figured out creative ways to make special memories even on a budget. 

  

 Question #3: Relationships

 

This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? What did I miss?

 

This question leads me to think of those that I have the closest relationship with. My family and friends. I imagine many of you will have the same feelings. Answering the questions of what you will not be able to do or accomplish will crystalize your life goals.

 

The movie shows us exactly what Jack did with his “one day.” He caught his “wife” at the airport and begged her to miss her flight so that they could just have coffee and he could share the glimpse of what their life could be if they chose to be together.

 

 

None of the material things Jack Campbell had were bad things. I think it’s great to dream big and have goals. I also think the second and third questions are vital to ask yourself so that you can keep your focus on the relationships that matter most to you. Enjoy the big dreams and also appreciate the little, everyday moments.

 

While numbers are important and many like myself enjoy working with them, aligning your values with your money can be transformational to energizing you. Whether fulfillment in your work, purpose in your retirement, satisfaction in your spending or confidence in your saving, these three questions should give you a blueprint to build the life you desire.

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Doty Yates, CPA

901.619.3599  doty@eaglestrong.com

 

Tripp and Doty are a husband/wife financial planning team based in Memphis, TN. Their desire is to help clients organize finances, reduce taxes, and invest wisely.


 

References

The Family Man (2000) https://www.imdb.com/title/tt0218967/

https://www.kinderinstitute.com/ 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

Share with others:

Read the full post →

Keys to Financial Independence from the Thriving Dentist Podcast Show

June 18, 2019

 

I often listen to podcasts related to dentistry and financial planning. Recently, I listened to The Thriving Dentist Show with Gary Takacs on The Keys to Financial Independence. He interviewed Art Wiederman CPA who co-founded the Academy of Dental CPAs. Art has years of experience working with dentists and shared a lot of wisdom. In fact, I thought the podcast was so good that I want to share it with you. I encourage you to listen to the entire podcast (around 1 hour) but I will give you the highlights. Whether you are a young or established dentist, I know you will enjoy hearing what Gary and Art have to say.

 

Gary begins the segment pointing out that only 3% of dentists in the US could retire at age 65 and not reduce their lifestyle. He and Art discuss ways throughout the podcast to change that statistic.

 

Podcast Highlights

 

2:40 mark

Bonus: Dr. David Hornbrook talks for around 8 minutes on how to improve the quality of photos for patient education.

 

19:40 mark

Art believes everything in life is a math problem. He has a rule called the 65/25/10 rule. That is, 65% of your income is to live on, 25% is to pay taxes and 10% is for savings. I agree this a great rule and would encourage an ultimate or eventual goal of 20% savings for a practice owner. However, Art points out the model or rule most commonly used is 90/25/-15 meaning live on 90% of income, pay 25% in taxes, and borrow 15%. 

 

25:25 mark

Art says that debt is the devil when it comes to credit card debt. The average person under age 40 has between $15,000 - $40,000 in credit card debt paying high interest rates such as 15-20%. It is important to avoid this and pay your credit cards off every month.

 

28:20 mark

Art and Gary address a common question for young dentists. Should you buy a house first or a practice? Art recommends buying the practice first because it is going to give you the financial ability to buy the house. Gary points out that while there are many great career paths in dentistry, there is nothing like owning your own practice and experiencing entrepreneurship. He has a great story about a rancher patient who told a dentist to make sure you build the barn before the house. I agree wholeheartedly with these guys.

 

38:50 mark

On the topic of retirement, Art points out that you must get in the habit of saving money. Compound interest and continual growth of your money is too great to ignore. The younger you can start even if it is a small amount, the better. A rule of thumb is that you can withdraw 4-5% of your investments annually in retirement. So, for someone with $3,000,000 in investments that would equate to $120,000 - $150,000 per year withdrawals. Also, you would have income from Social Security.

 

Both Art and Gary emphasize being prepared not only financially for retirement, but also mentally. You need to have something to retire to vs. retire away from. There are dental related sales or consultant jobs that dentists can transition into if they are looking to maintain significance and income in their career beyond retirement. Art recommends to look around and make connections at dental conventions if you have interest. Most importantly, what is it that you want to do. Figure that out and stay active in retirement.

 

51:50 mark

Art goes over the three retirement plans he recommends for dentists. If your annual savings is between $0 - 35,000 he recommends a Simple IRA plan for your practice. If you can save more in the range of $50,000 - $90,000, then he would encourage a 401k Profit Sharing Plan. Beyond that, if you have significant savings in addition to the 401k Profit Sharing Plan, a Pension Plan allows you to save much more. I’ve seen all of these plans work. They really are great ways for practice owners to save for retirement, save on current taxes, and benefit their employees.  

  

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp’s passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, reduce taxes, and invest wisely. As a fee-only fiduciary advisor, Tripp strives to work in a humble and transparent way.

 

With extensive experience in financial planning and investment management, Tripp diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. In 2017, he founded Eaglestrong Financial, specializing in helping dentists and business owners. Outside of work, Tripp enjoys running, spending time with his family, and cheering on his favorite sports teams. He is an active member of Harvest Church.