Imagine meeting the man or woman of your dreams, falling in love with them, getting married and building a business together? For many, that is a dream come true. For Justin Bonvallet, DMD and his wife Anna Bonvallet, DDS, that’s exactly what happened.
The two built a practice together in a small town and brought two wonderful kids into this world. They were set! And although both had a hefty student debt load and even more debt from the practice they were building together, loyal and satisfied patients and kept filling the waiting room. They were also militant in their efforts to pay down their debt swiftly.
As time wore on, Justin noticed how so many dentists he knew seemed to spin their wheels after practicing 10 or 15 years. It seemed that when they finally got a loan paid off, it was time for a new piece of equipment or another line of credit to cover a slew of purchases on the horizon.
Anna, who managed the finances of the practice, was frustrated to know they had a good month — only to be pinned down by automatic bill deductions that had to come out on a particular day. It wasn’t unusual to punish themselves by sitting on their own paychecks for a few painful days to make sure payroll cleared.
They knew they needed to change, but how? Their experience wasn’t uncommon. Luckily they found Four Quadrants who came up with a strategy to prioritize their debt payments so they can pay down the expensive accounts first while directing funds to build a multi-million retirement.
“The money is in the practice,” they said.
Justin and Anna recently stopped by our office to discuss their first year of change and how it feels to know they’ll be paying themselves twice as much each month in the second half of 2016 and 2017 as they did the same time last year.