How long/till what age are you planning to practice dentistry?

[jeffk805dent]

It's a desire in some.

Except the reason I'm not going to be saving up that much is because I have severe wanderlust and I'll be taking like 3 exotic trips per year. I WILL see the whole world before I die, darn it!

I recommend Mongolia for an exotic trip. Got to see exclusive Mongolian dinosaurs at Ulaanbataar (the skeletons of course, not the live ones)

My GF is a full time oral surgeon while I'm just a general dentist, so I can't mock an accomplished woman. But she's always been wanted to be that mother type of person and wants to work part time. We're just getting our finances handled first so that way we dont end up like those couples that bitch all the time at a sushi restaurant.

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[Bifenthrin]

I actually would love to eventually see Mongolia. There are trips that involve exploring Mongolia on horseback and I think that would be the most amazing thing ever.

 

[Incis0r]

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[jeffk805dent]

I intend to work four days a week till 60 and then 2 days a week till my body starts showing signs that I cant practice dentistry sufficiently.

Unlike many dentists here on SDN and Dentaltown, I want to live near a city (seems like a lot here prefer the big house and go golfing in the rural places). I'm well aware city living is expensive (even when not living downtown) but my finances are in good order assuming my practice doesnt tank and even then I could live off as an associate.

Based on my eating and exercising habits and health record, I'll work part time starting from 60 till 75 and then call it quits

 

[DocJL]

I understand you are a dentist so your opinions carry more weight than mine but what is so unrealistic about what I said? If you have no student loans, don't have kids, leave cheap, have a wife that earns too, I think one can definitely save 2 mil in 10-12 years.

As a dentist, I see no reason why I can't earn an average of at least 250k my first 10 years. Plus whatever my wife would make.... 12k/month for 10 years w/ 6% return is around 2 mil.

Highly optimistic but nothing unrealistic about it IMO.

Have a wife who's a doctor or something and have a combined income of 500k and we could save like 250k/yr and still live rather well.

Now time to find a dentist/doctor spouse... too bad all the good looking chicks are in nursing (jk of course) I'm actually surprised by the amount of good looking women in the dental field.

You actually have a great mind set.

Sort of "The Millionaire Next Door" mindset for doctors, lol.


I would only say that your initial earning projections might be a bit optimistic, but then again it all depends on several factors, with luck being one of them.

Are you in dental school yet?

I only ask because was curious if you were going to a more expensive school. Debt has become a HUGE factor for graduating dentists.

I would also add from personal experience that it is all too easy to expand your lifestyle and spending to match your income.

I am currently saving 6-figures a year, and I really wish I had started doing so a decade ago. But as mentioned by another poster, both my wife (and myself) wanted the million dollar house, and the 90k Mercedes, and putting the kids in the best private school so they can hopefully become doctors someday, and....... you see where this is going.

 

[Incis0r]

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[jeffk805dent]

I would only say that your initial earning projections might be a bit optimistic, but then again it all depends on several factors, with luck being one of them.

250k is possible but it definitely depends on three things: efficiency, location, and procedures. I can guarantee you that all three factors are things that graduating students may not be able to handle. If 250k were that easy, then students really shouldnt be worried about debt, but as such that is generally not the case.

 

[DocJL]

See quote for comments.

One question- You said you're putting away six figures a year....how much of that is going to tax-deferred? Max is 18K right? So the rest is in taxable growth accounts?

I am maxing out my retirement accounts, mostly mutual funds, as is my wife, who is employed in my office.

Once that is done, the rest is (and it pains me to admit this, lol) simply in savings accounts.

I was burned pretty badly in the real estate crash several years ago, at the time I had seen so many people making such easy money, that I gambled much of my liquid assets and completely lost close to a quarter million dollars. Because of this I have taken a pretty conservative approach to investing.

 

[Daurang]

See quote for comments.

One question- You said you're putting away six figures a year....how much of that is going to tax-deferred? Max is 18K right? So the rest is in taxable growth accounts?

$53k for SEP-IRA.

There are other legal ways of contributing/deducting even more. Another discussion for another day since almost none here will reach that stage.

 

[Incis0r]

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[Dentase]

Same. 1 more cycle till we get cracking

Same, BTW you have the sickest name on this form. Might make it my xbox gamertag lol

 

[Incis0r]

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[SCDP]

You actually have a great mind set.

Sort of "The Millionaire Next Door" mindset for doctors, lol.


I would only say that your initial earning projections might be a bit optimistic, but then again it all depends on several factors, with luck being one of them.

Are you in dental school yet?

I only ask because was curious if you were going to a more expensive school. Debt has become a HUGE factor for graduating dentists.

I would also add from personal experience that it is all too easy to expand your lifestyle and spending to match your income.

I am currently saving 6-figures a year, and I really wish I had started doing so a decade ago. But as mentioned by another poster, both my wife (and myself) wanted the million dollar house, and the 90k Mercedes, and putting the kids in the best private school so they can hopefully become doctors someday, and....... you see where this is going.

As I stated earlier, the reason I am so optimistic is because I will have no debt out of school. And you must be making really good money(well above average) to be able to afford those things so when I see examples of dentists who are doing well, I say why can't I be like them. Plus if you are now saving 6-figures, I'm only going to assume you are still spending a good bit and maintaining your toys is no joke so there must be a good amount of spending money on top of the 6-figure savings.

 

[DocJL]

As I stated earlier, the reason I am so optimistic is because I will have no debt out of school.

Forgive me if I missed it - but are you a current dental student? And why will you have no debt? are you on a military scholarship? family helping you?

 

[SCDP]

Forgive me if I missed it - but are you a current dental student? And why will you have no debt? are you on a military scholarship? family helping you?

No I am not a current dental student, I am a pre-dental student. And I will have family helping me.

 

[DocJL]

No I am not a current dental student, I am a pre-dental student. And I will have family helping me.

Have you looked at dental school tuition?

I plan on helping my kids through undergrad, but if they go to dental or medical school I expect them to pay or borrow for that themselves.

Are your parents prepared to pay 200-300k for tuition and fees, plus an additional 100k plus to cover your living expenses?

If your family is that well off financially, you quite honestly will not have to save as much as you are planning (although it is still a great idea), and if you grew up in a wealthy household that can afford to spend half a million on their children's college and professional school education, I would hazard a guess that you may find it difficult to live the spartan lifestyle that will be required in dental school and for the first decade of practice in order to meet your savings goals. Just a thought.

 

[IHO]

.how much of that is going to tax-deferred? Max is 18K right? So the rest is in taxable growth accounts?

with a 401K safe harbor/profit sharing plan you can sock away 53,000 tax deferred; if a spouse is on the payroll, another 18,000. High deductable health insurance, 6650 in an HSA, and 11000 for you and a spouse in a roth IRA (via backdoor conversion) for a total of 88,650 retirement savings in tax advantaged accounts. After 50s, "catch up" contributions can bring that up even more. If your employee mix is right (ie, most employees much younger than you) you can set up a defined benefit plan and put away even more...well over 100K a year.

 

[Daurang]

with a 401K safe harbor/profit sharing plan you can sock away 53,000 tax deferred; if a spouse is on the payroll, another 18,000. High deductable health insurance, 6650 in an HSA, and 11000 for you and a spouse in a roth IRA (via backdoor conversion) for a total of 88,650 retirement savings in tax advantaged accounts. After 50s, "catch up" contributions can bring that up even more. If your employee mix is right (ie, most employees much younger than you) you can set up a defined benefit plan and put away even more...well over 100K a year.

THANK YOU. I've been meaning to and keep forgetting to open an HSA account.

 

[Incis0r]

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[TeeKay310]

Its definitely possible as a dentist with a second household income. My father was a dentist career changer at age 36. He's a general dentist. Recently found out their wealth is over 3 million but of course that includes stock investments and real estate in the South Bay they've accumulated over their years. They're coming up on 49 and getting ready to retire as soon as my ass is out of grad school. My parents were immigrants in their 20's, so If you really want wealth bad enough you can climb up and get it @Incis0r !

 

[Incis0r]

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[Cold Front]

with a 401K safe harbor/profit sharing plan you can sock away 53,000 tax deferred; if a spouse is on the payroll, another 18,000. High deductable health insurance, 6650 in an HSA, and 11000 for you and a spouse in a roth IRA (via backdoor conversion) for a total of 88,650 retirement savings in tax advantaged accounts. After 50s, "catch up" contributions can bring that up even more. If your employee mix is right (ie, most employees much younger than you) you can set up a defined benefit plan and put away even more...well over 100K a year.

I'm in this stage now, this helps a lot.

 

[tooth knockn]

Until I'm so brittle that I would fracture for pulling out an impregum impression.

Until then, I will be in the game....

I can't wait to start!

 

[bluesky12]

Have you spent any time with a retired person? It's not exactly the most glorious of ways to spend your time. I definitely will eventually want to slow down, but I personally plan on working at least a few days a week as long as Im able to.