I know this has probably been discussed before, but I want to get a few opinions.
First of all, I'm an average student. I like dentistry. I'm not going to fool myself into thinking I LOVE it and I will admit that I could probably be just as happy with a few other jobs, but the pay would be less. Science classes are boring to me and I struggle mightily with things that bore me. I'm sure dental school will be HELL. My grades are great, but I have to study harder than most because I hate every minute of it.
On to my main question...
Pursuing dentistry will basically require a 5.5 yr commitment (finish pre reqs/gap time/dental school).
At the end of this process, I will likely be $225k in debt (dental school plus some undergrad).
My goal would be to practice around my home town (in the south) with a population of 60k. I'm NOT looking to relocate or specialize (again, average student). I don't desire to be super wealthy or anything, but I would like to make good money considering the commitment I'm undertaking. I want to do general dentistry in my small town and I don't want to work long hours. I like to limit stress in my life and travel when possible.
According to BLS, the median wage for a dentist is $149k. I have a good feeling that working in a small rural city my income will be slightly lower than this. Lets say $125k for arguments sake. After tax, I'm thinking my net income will break down like this:
$125,000 gross
$75,000/yr? after federal and state taxes
$1300/month student loans (20 yrs/3.5%)
= $59,400 net
Now keep in mind opportunity cost over the 5.5 yrs I'm taking classes. I'm not sure how to average that out over say 20 years, but I'm sure it would bring my effective net pay down quite a bit.
In other words, I'm wondering if it's financially worth it?
I don't need a speech about "if you love it..." or "money shouldn't matter..." etc. I just want to discuss the financial aspects. It almost seems like being a dentist isn't an awesome financial decision (as some would assume) unless one can come out with little debt or plans of opening their own practice/specializing to make a lot more money.
First of all, I'm an average student. I like dentistry. I'm not going to fool myself into thinking I LOVE it and I will admit that I could probably be just as happy with a few other jobs, but the pay would be less. Science classes are boring to me and I struggle mightily with things that bore me. I'm sure dental school will be HELL. My grades are great, but I have to study harder than most because I hate every minute of it.
On to my main question...
Pursuing dentistry will basically require a 5.5 yr commitment (finish pre reqs/gap time/dental school).
At the end of this process, I will likely be $225k in debt (dental school plus some undergrad).
My goal would be to practice around my home town (in the south) with a population of 60k. I'm NOT looking to relocate or specialize (again, average student). I don't desire to be super wealthy or anything, but I would like to make good money considering the commitment I'm undertaking. I want to do general dentistry in my small town and I don't want to work long hours. I like to limit stress in my life and travel when possible.
According to BLS, the median wage for a dentist is $149k. I have a good feeling that working in a small rural city my income will be slightly lower than this. Lets say $125k for arguments sake. After tax, I'm thinking my net income will break down like this:
$125,000 gross
$75,000/yr? after federal and state taxes
$1300/month student loans (20 yrs/3.5%)
= $59,400 net
Now keep in mind opportunity cost over the 5.5 yrs I'm taking classes. I'm not sure how to average that out over say 20 years, but I'm sure it would bring my effective net pay down quite a bit.
In other words, I'm wondering if it's financially worth it?
I don't need a speech about "if you love it..." or "money shouldn't matter..." etc. I just want to discuss the financial aspects. It almost seems like being a dentist isn't an awesome financial decision (as some would assume) unless one can come out with little debt or plans of opening their own practice/specializing to make a lot more money.
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