Yes, it’s possible to have good work-life balance but it’s very hard (and will take a long time) for today grads to become a practice owner and to reach this comfortable level. It’s because of the huge student loan debt burden, which will delay young dentists from setting up (or buying) their own office. It costs much more to build an office today than it did in the past because of the much higher construction cost (per square foot) and because most today grads don’t want to work with cheaper low tech equipment that older generation dentists like us used. With higher student loan debt, higher business loan debt, and higher home mortgage payments (home prices are 2-3 times higher than they were 20 years ago), today grad dentists will have to work much harder. Keep in mind that the longer you can resist the temptation for immediate reward now (aka delayed gratification), the greater the reward you will have later on in life.
I like what I do. I like how much money I make and how that allows my family to do what we want….be financially comfortable, vacation, save for retirement/kids’ college, helping our retired parents etc. So for me, work life balance means flexibility. If my house suddenly has a huge roof leak and needs a $30k roof replacement, I can get it done tomorrow. If my wife says let’s take a 1 wk long vacation in Hawaii in 3 months, I should have plenty of time to plan for it financially and to book my patients accordingly. Being flexible doesn’t mean I can be home by 5 every day. I still have to work on the weekends to keep my patients happy….happy patients = more word-of-mouth referrals = survival of a business. I didn’t stop working 6 days/wk until I turned 49, which was when I paid off my last debt (my home mortgage). I graduated at 29. So that’s 20 years of hard work. Now at 52, I work 4 days/wk (15 days a month to be exact). Do I have any regret? Nope. I love dentistry. Without a DDS degree, I wouldn’t be able to have such wonderful lifestyle. I love waking up every day to see my happy wife and happy kids.