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At PracticeCFO, we’ve seen a growing interest from our clients in cryptocurrencies over the past few years. With the new Trump administration’s pro-crypto stance, we see no slowdown in the proliferation of crypto coins. And with that proliferation comes a sharp rise in the types and frequency of crypto scams.
The lure of high returns in crypto is everywhere. When crypto rises, is rises fast. Conversely, when it falls, it falls even faster. In our research, we believe timing crypto is the same as gambling. There are no fundamentals behind most of them. No earnings reports. No product or service. No functional use. And although I believe there will be a use for certain digital currencies in the future, what we’re seeing today is a chaotic panoply of investment schemes. When the president of the United States can launch his own digital coin on the eve of his inauguration, you know it’s an industry with virtually no regulation. And since coming into office, he’s dismantled most SEC efforts to crack down on crypto scams, and those crypto investigations that were in process have mostly been dropped. I’m not trying to be political. But I do want our clients to know our stance as investment advisors, which is to avoid playing the crypto game. That’s not to say a small investment in Bitcoin or Ethereum is a reckless idea. But rather that allocating too much of your money (and time) to it is.
Among the downsides of crypto investing is the proliferation of scams. And we’re just starting to see some of our clients caught in their snares. Here are some of the most common crypto scams and a few podcasts I personally recommend.
1. Rug Pulls
2. Ponzi & Pyramid Schemes
3. Phishing Attacks
4. Pump and Dump Schemes
5. Fake Exchanges & Wallets
To avoid scams, always research projects, verify websites, use reputable exchanges, and never share your private keys.
Crypto scams thrive on deception, and dentists—due to their financial success—are often prime targets. Staying informed and cautious is the best defense.
Here are a few podcasts I recommend to stay educated on this topic:
https://www.chainalysis.com/blog/best-of-pig-butchering-episode-ep-98/
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
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