A dentist asked Dr. Steve Van De Graaff a simple question: “Should I have a budget? I have a Tesla, and I’m starting to wonder if I should be spending my money differently.” In this episode of The Lifestyle Practice Podcast, Steve answers three questions every dentist eventually asks: How should I manage my money? How can I save more of it? And what should I spend it on?
Steve starts with financial literacy basics: knowing your monthly expenses, building an emergency fund of six months of living expenses, keeping a cash reserve for your dental practice, carrying life insurance, and understanding the difference between good debt and bad debt. He explains why practice loans and a home mortgage can work in your favor, while credit card debt and high-interest consumer loans should be paid off fast.
Then he shares his philosophy of selective frugality: spend happily on what you value, and cut back on everything else. You will learn how to save money on the big three expenses (housing, transportation, and food), why you should annualize recurring costs, how to avoid lifestyle creep, and how to shift from a consumer mindset to building passive income and long-term wealth.
Whether you are a practice owner, an associate dentist, or a new grad paying off student loans, this episode will help you use money as a tool to build financial freedom and a life you actually want.
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Email Steve: steve@thelifestylepractice.com
Email Derek: derek@thelifestylepractice.com
Email Matt: matt@thelifestylepractice.com
Email Raheel: raheel@thelifestylepractice.com
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