chordata said:
I posted this in the Dental Form...but I was hoping someone reading this thread would have some insight.
This isn't one of my top concerns but it kind of bothers me... Has anyone tried to determine their break even point? What I mean by that is has anyone tried to figure out how many years it will take for you to earn back the income lost from leaving your fulltime job and expenses stemming from loans after you've started practicing?
I have a job that pays pretty well right now...however, I'm a little concerned about recovering all the savings I'll have lost while in d-school. I'm starting to think that it may take several (more than 10-15) years to break even.
(10-15 years may not seem to long to some but for those of us that have a late start into dentistry 10-15 years may translate into a much later retirement.)
That is a very good question that I've pondered myself many times. There is no easy answer and I doubt that anyone has done this study since many, many factors are involved (including geographical location of where you want to practice). However, to me the most important question is, should I go for it? Should I go to Dental School at my age? This is also a difficult question, especially if you are already well established in a different industry.
This may help some of the folks out there asking themselves this fundamental question. In order to answer this seemingly simple question, I had to answer some of the following ones:
- If I lose my job today, what kind of income will I get in my next one based on my experience and the job market trend?
- How stable is the industry that I am in today?
- What is the competition like if I find myself out of a job today? Will I have to go back to school and re-train myself to compete with newgrads, or will I start at a higher position?
- How likely is it for me to find a job in my present field based on x, y, or z characteristics / experience / etc.?
- If I'm fortunate enough to get admitted into a Dental Program, what kind of sacrifices will my spouse and kids have to endure? For how long (i.e. specialize)? Is he/she willing to commit?
- Assuming the best scenario, what will my debt be like after D.S.?
- Assuming the worst case scenario, what will my debt be like after D.S.?
- Assuming the worst scenario (income as a DDS), how many years will I have to work AS MY OWN BOSS to break even?
- What do I see myself doing in 5-8 years as a dentist vs. if I stay where I am?
- How many years do I have ahead of me after my DDS/specialization to work towards my kids' college?
- Who invented liquid soap and why? HA! Just wanted to see if you were paying attention!
These questions are very subjective and there is no absolute answer, in my opinion. Each person is in a very unique situation and therefore there is no magic crystal ball.
What has helped me to move forward is to PRAY. Pray hard. I can't think of only myself anymore; my wife's and kids' future is largely based on how solid my plan is and how I carry it through - starting now in my pre-dental studies. Thus, the pressure is all on me to make sure I have a solid and REALISTIC plan. If adcoms ever ask me to describe which has been one of the hardest decisions I've ever made, this is certainly one of them. A LOT is at stake for me.
Best of luck to you all that are in the same boat as I am. It is somewhat comforting to know that there are people out there with some of the same questions as I.