Advise to Future Dentist.....

[lvmd]

I am a practicing dentist.....I want all future dentist to think hard before they become dentists.
A dentist life is not so great.
1. Financially speaking...you will make less then most other occupation after debt payment.
2. Physical problems from ergonomics in dental operatory
3. Managing staff....harder to deal with generations that puts "Me 1st"
4. Lower payment from insurance companies
5. DSO (dental service organization) are growing and taking away market share
6. Long hrs to make ends meat
7. Cost to buy or do start up is very high
8. Cost of student loan is out of control....above $400k in cost, I would suggest another career.

I have dentists who I work with make less then their dental assistant after debt payment. Very Sad!

I don't want to discourage people from becoming dentist, if that is their passion and love.
If you love what you do and get paid very little, then you can't put a price on that.
But you are not satisfied with what you are doing and getting paid very little, that is a recipe for a crappy life!

I understand some of you will go to Dentaltown and hear some dentists are killing it, making tons of money and works very little.
Let me tell you this.....Dentaltown is just like Facebook/Instagram....people only share their success, not many want to share their pain.
Understand, life is a BELL Curve. You will always have the small number who will be successful no matter what, and that is a given.
Now the Bell Curve is more along the line with Dentists struggling to do financially well, and having big loans.
It was not like this but, it has now become the norm.

My advice....my 2 cents.
Go to any school that cost less then $250k.
If it is over $250k....get govern. to pay or scholarship, so your total cost is less then $250k.
I feel like $250k in student loan is very manageable.
Once you grad. from dental school.....live like a student for a few more yrs, it will pay dividends if you do.
Understand wealth accumulation, budgeting, don't over spend....marry someone who is on the the same page when it comes to finances.

A dentist is a great profession when the numbers are in your favor!

Good luck and best wishes!

PS
I will not let my kids become a dentist if student loans are above $250k.....=(
I wish...that I had this advise before I became a dentist.

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[2TH MVR]

I am a practicing dentist.....I want all future dentist to think hard before they become dentists.
A dentist life is not so great.
1. Financially speaking...you will make less then most other occupation after debt payment. Depends on your debt payment. But I agree with you. It's been stated MANY times that expensive DS debt will make your life miserable. A large DS debt service will preclude you from attaining a private practice. Any student with 500K of DS debt want to add another 500K for a private practice? Banks are experts at lending. Will they lend money to a new dentist 500K in debt? Probably not.
2. Physical problems from ergonomics in dental operatory Not disagreeing, but let's be real. Plenty of other jobs with much higher issues of physical problems. No job is perfect from an ergonomics POV. You recognize that ergonomics is an issue. Core stengthening along with stretching. Do what you need to do to keep healthy.
3. Managing staff....harder to deal with generations that puts "Me 1st" Again .... this is not just a problem for dentists. It's an issue with every owner regardless of industry or occupation.
4. Lower payment from insurance companies Yes. This is a serious issue.
5. DSO (dental service organization) are growing and taking away market share Agreed. Which is why you have to practice in areas where DSOs and other dentists do not want to practice. If you have to practice in a urban, saturated area ..... you probably will need to either work with partners to share costs and/or work PT for the DSOs.
6. Long hrs to make ends meat Again .... not entirely a dentist issue. Other occupations have this same requirement. Having banker's hours as a dentist just will not work any longer. Pts have to work and they prefer dentists who have "other" hours available.
7. Cost to buy or do start up is very high Again .... depends on the individual. No way I advocate a new dentist buying an expensive practice. Not in a saturated area. Start SMALL. Share costs with a partner. Work different days. PT at a Corp if necessary.
8. Cost of student loan is out of control....above $400k in cost, I would suggest another career. I've said this many times. Not everyone has the stats to be a dentist. If your stats are low to the point you have to attend a private, expensive DS .... then dentistry may not be for you. There are other occupations that won't financially burden your future.

Responses in red.

 

[lvmd]

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[doc toothache]

I will not let my kids become a dentist if student loans are above $250k.....=(

Is this a realistic choice?

 

[GoDental101]

I will not let my kids become a dentist if student loans are above $250k.....=(
Is this a realistic choice?

Twenty one year old son/daughter approaches said dentist/father..."I got into Roseman dental school, so excited to be a dentist just like you!"...dentist/father responds...."Go lock yourself in your room for the next four years, I need to protect you from that awful fate."

 

[Thiscrazyputa]

I will not let my kids become a dentist if student loans are above $250k.....=(
I wish...that I had this advise before I became a dentist.

In China being the color red is a good sign of wealth ....soooo..... oh wait....

 

[TanMan]

I am a practicing dentist.....I want all future dentist to think hard before they become dentists.
A dentist life is not so great.
1. Financially speaking...you will make less then most other occupation after debt payment.
2. Physical problems from ergonomics in dental operatory
3. Managing staff....harder to deal with generations that puts "Me 1st"
4. Lower payment from insurance companies
5. DSO (dental service organization) are growing and taking away market share
6. Long hrs to make ends meat
7. Cost to buy or do start up is very high
8. Cost of student loan is out of control....above $400k in cost, I would suggest another career.

I have dentists who I work with make less then their dental assistant after debt payment. Very Sad!

I don't want to discourage people from becoming dentist, if that is their passion and love.
If you love what you do and get paid very little, then you can't put a price on that.
But you are not satisfied with what you are doing and getting paid very little, that is a recipe for a crappy life!

I understand some of you will go to Dentaltown and hear some dentists are killing it, making tons of money and works very little.
Let me tell you this.....Dentaltown is just like Facebook/Instagram....people only share their success, not many want to share their pain.
Understand, life is a BELL Curve. You will always have the small number who will be successful no matter what, and that is a given.
Now the Bell Curve is more along the line with Dentists struggling to do financially well, and having big loans.
It was not like this but, it has now become the norm.

My advice....my 2 cents.
Go to any school that cost less then $250k.
If it is over $250k....get govern. to pay or scholarship, so your total cost is less then $250k.
I feel like $250k in student loan is very manageable.
Once you grad. from dental school.....live like a student for a few more yrs, it will pay dividends if you do.
Understand wealth accumulation, budgeting, don't over spend....marry someone who is on the the same page when it comes to finances.

A dentist is a great profession when the numbers are in your favor!

Good luck and best wishes!

PS
I will not let my kids become a dentist if student loans are above $250k.....=(
I wish...that I had this advise before I became a dentist.

1. Financially speaking...you will make less then most other occupation after debt payment.
- If you're a low paid associate, this is definitely true. 120k/year is not going to cut it.
2. Physical problems from ergonomics in dental operatory
- Stand up... that gets rid of your lower back problems.
3. Managing staff....harder to deal with generations that puts "Me 1st"
- With lots that are unemployed or underemployed, there's more replaceable workers.
4. Lower payment from insurance companies
- True, but that's why you need to produce via volume.3 min class II's, 3-5 min crown preps.
5. DSO (dental service organization) are growing and taking away market share
- True, but DSO's are not the invulnerable entities that we make them out to be. You can outmanuever and fight them. Large entities tend to be slower in reacting to market forces.
6. Long hrs to make ends meat
- No way... we have a lot less hours compared to our MD counterparts, no on-call.
7. Cost to buy or do start up is very high
- Cost to buy is definitely high, Start up, not so much.
8. Cost of student loan is out of control....above $400k in cost, I would suggest another career.
- Student loan cost is definitely increasing, but I think dentistry is still worth it as long as you are willing to rise up and work/employ others where no one is willing to work. It is definitely a shackle on many people, but if you are not bound by that shackle (either through your own birthright or working your way out of poverty), but others are, you may be able to use that to your advantage to pay associates just enough to stay but not enough to be able to rise out of their situation.

 

[lvmd]

 

[GypsyHummus]

I would think anything over 400k would need someone to take a long hard look at the other they are going down. The interest at that rate is just crazy.

But it’s not just dental schools. Look at all professional schools. DO schools are quickly approaching dental debt. Pod schools are 250-300k. Pharmacy at 200k with little job prospects. With the exception of state MD, it’s all expensive.

Dentists can at least open up those own practice and make bank. Being an associate at 120k/year would make paying stuff back hard

 

[Cthuluhoop]

I would think anything over 400k would need someone to take a long hard look at the other they are going down. The interest at that rate is just crazy.

But it’s not just dental schools. Look at all professional schools. DO schools are quickly approaching dental debt. Pod schools are 250-300k. Pharmacy at 200k with little job prospects. With the exception of state MD, it’s all expensive.

Dentists can at least open up those own practice and make bank. Being an associate at 120k/year would make paying stuff back hard

Agreed with all but DO. In my state there are 6 public medical schools and one public dental school that is pretty pricey for a public dental school.
Medical students also have quite a few different loan payment options too through hospitals and the like.

Also doctors don’t have the pressure of taking out another $500k+ business loan that is really necessary to really begin making enough money to keep your head above water at today’s dental school debt levels. Since private practice in medicine is all but gone, you’re a salaried employee that only needs to worry about work, not the business aspects and business loans. Of course doctors have their different set of stressors in their field, but as far as finances go they’re going to end up, for the most part, better if we’re talking strictly about student debt

 

[GypsyHummus]

What don’t you agree about with DO school?

Some DO schools are close to 60k/year in tuition alone.

Granted, most hospitals have payment options, but for how long will they stick around for? I’m not banking on student loan forgiveness anytime soon. Only like 1% of people who applied for it got it.

Granted, MD/DO PCP salary is higher around the 200-250k mark vs dental at 120k, so there is that. But docs have other stressors, especially depending on specialty. its Hard for a dentist to mess up a patient beyond repair.

Agreed with all but DO. In my state there are 6 public medical schools and one public dental school that is pretty pricey for a public dental school.
Medical students also have quite a few different loan payment options too through hospitals and the like.

Also doctors don’t have the pressure of taking out another $500k+ business loan that is really necessary to really begin making enough money to keep your head above water at today’s dental school debt levels. Since private practice in medicine is all but gone, you’re a salaried employee that only needs to worry about work, not the business aspects and business loans. Of course doctors have their different set of stressors in their field, but as far as finances go they’re going to end up, for the most part, better if we’re talking strictly about student debt