Episode summary
What Financial Rules Should Dentists Take Seriously?
The Dentist Money Show
· · 52 min · Hosts: Matt Mulcock, Will
Summary
The episode argues that most financial rules of thumb are useful starting points, but too blunt to guide a dentist’s real decisions on their own. The host and Will repeatedly stress that personal finance is more personal than finance, especially for dentists who often have high income, student debt, practice debt, and uneven early-career cash flow.
On housing and debt, they say the common 28% housing and 36% total debt-to-income limits are usually too aggressive for dentists, and their firm prefers something closer to a 20% housing target and roughly 25% to 35% total debt, depending on career stage. They also push back on the idea that savings must always be 10% or even exactly 20% in every phase of life, arguing instead for a reverse-budget approach: save first, then spend the rest intentionally.
They are most critical of rules tied to investing and insurance, especially “age in bonds,” “only invest in what you understand,” and blanket life and disability insurance multiples based on income. Their view is that a dentist’s needs, business structure, spouse income, and existing assets matter far more than a formula. The broader message is that rules of thumb can start the conversation, but a human plan has to finish it.
Key takeaways
- The host says the 28% housing rule and 36% total debt-to-income rule are usually too high for dentists, and the firm prefers closer to 20% for housing and 25% to 35% total debt.
- Will says the 5% to 8% car guideline is more useful when applied to all-in ownership costs, not just the monthly payment.
- They argue that 10% savings is too low for dentists long term, while 20% savings is a better career-average target.
- The host says the "age in bonds" rule is one of the worst because it ignores a dentist’s business, cash flow, and retirement timing.
- Will says life and disability insurance should be based on spending needs and family situation, not a simple multiple of income.
Notable quotes
“Personal finance is much more personal than it is finance”
“these are guard rails and guidelines that are cookie cutter guidelines to hopefully help you make your own decision”
“I think it's high for dentists, right”
“general advice is often really bad specific advice”
How the episode opens
Consult an adviser or conduct your own due diligence when making financial decisions. General principles discussed during this program do not constitute personal advice. This program is furnished by Dennis Advisers, a registered investment adviser. Welcome to the Dennis Money Show where we help Dennis make smart financial decisions. I'm a guy named Matt. I'm here with the brain Will Gawkner. Will, how are you?
Pretty good. Good morning. So far, we got snow outside, so we're let living. — Winter is finally here in Utah. Uh, crazy fact, one of the craziest facts I've heard in a long time is that in the month of January, this will come out I think probably in March, but in the month of January in Utah, we had uh less snow than the state of Florida. Yeah.
Which is wild. Uh I've lived here outside of a few years in California. Lived here my whole life. I've never seen a winter like this. — Yeah, — It's just crazy. — It's crazy. We made up ski resorts got four feet last night. So,
Yes, I saw that. I saw that. — We'll take it. Yeah, we'll take it. — It Yeah, it's which you'd know. It's a bluebird day. It's beautiful. You'd think it'd be like a great ski day. However, everything's going to be shut down. There's no way anything's open today.
Yeah. — So, this weekend's going to be wild at the resorts. — Yeah. Utah weather's pretty bipolar. This is the most bipolar that I've seen it. — Yeah. But — Finally have some snow. Finally. Welcome to winter in midFebruary. Uh okay, let's jump in. Uh Will, we wanted to talk about this. This was from thanks to Taylor.
Uh you know, shout out Taylor, you know him and love him.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- financial rules of thumb
- dentist housing costs
- debt-to-income ratios
- budgeting frameworks
- insurance planning
Watch the episode
Watch “What Financial Rules Should Dentists Take Seriously?” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from The Dentist Money Show
-
What Should You Do When You're Nervous About the Stock Market? -
Two Cents 11/7 - What's Driving Economic Growth?; Elections Break The Market?; Tax Bracket Changes -
Is a 3-Day Workweek Possible for Dentists? -
Two Cents 10/31 - AI Bubble In China; How Should You Use Your HSA?; 2026 Halloween Spending Trends -
The Biggest Mistakes Dentists Make With Social Security -
Two Cents 10/24 - France & Japan's Economy; Do Stocks Ever Go Down?; Rising Property Taxes
The Dentist Money Show, this episode and its artwork belong to Dentist Advisors - Financial Planning and Investment Management. Octagon is not affiliated with the show; this page is an independent summary.
