career change

[Scotty6278]

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Hello all, I have been thinking about a career change for a while and dentisty is something that I am thinking very seriously about. Being that I would start dental school somewhat later in life I was just curious if people think that it is all "worth it".....now I understand that you have to do what makes you happy and dollars and cents can't be the driving force. With that said however, dental school is a big time commitment....both time and $$. So at the end of training that I would finish when I am about 36 (loosing 4 years of earnings, possiblt more and getting in debt w/loans) What is there to hope for financially....I know this issue has been talked about a ton and I am hearing general dentists start at about 70K-100K....now if you want to buy a practice that is a 300-500K commitment.....granted then your earning potential should be in the 150K-250K range. Long story short is part of me sees dentisty as a great career but I would be swimming in loans from school and starting a practice at some point.....150K is great money but how about when you have 400K over your head after school and buying a practice....someone who is better at business I would appreciate advice and from a financially standpoint is it worth it....I understand your not going to get rich over night but some of these numbers are scary.....thanks

 

[dentalman]

Sounds like you know the math. Part of owning a practice is running a business, so if you can handle running a business, you should be able to calculate if it is worth it for you. How many years you would have to work, etc. There is also risk since there is a range. Also, are you going to like the job? Tough position to be in. I'm a young student so I can't help you much. Good luck!

 

[Dr. Pedo]

Hello all, I have been thinking about a career change for a while and dentisty is something that I am thinking very seriously about. Being that I would start dental school somewhat later in life I was just curious if people think that it is all "worth it".....now I understand that you have to do what makes you happy and dollars and cents can't be the driving force. With that said however, dental school is a big time commitment....both time and $$. So at the end of training that I would finish when I am about 36 (loosing 4 years of earnings, possiblt more and getting in debt w/loans) What is there to hope for financially....I know this issue has been talked about a ton and I am hearing general dentists start at about 70K-100K....now if you want to buy a practice that is a 300-500K commitment.....granted then your earning potential should be in the 150K-250K range. Long story short is part of me sees dentisty as a great career but I would be swimming in loans from school and starting a practice at some point.....150K is great money but how about when you have 400K over your head after school and buying a practice....someone who is better at business I would appreciate advice and from a financially standpoint is it worth it....I understand your not going to get rich over night but some of these numbers are scary.....thanks

Hey scotty----great concerns/questions. Not many can understand your position nor financial concerns. I may be able to lend you my opinion. I ran a business for several years----I sold and went back to school then to dental school. I'm 32 and graduate in 3weeks.

Here is some of the things you must consider before making the decision.
---Do you have a family? Do they support your decision? If you do this will be a HUGE change in their/your life. No income or extremely reduced income is scary. You will need the most incredibly supportive people around you to make this work, because you will essentially be married to school and your family.

---You say you are looking to go to dental school, do you have your pre-reqs for dschool complete and the DAT taken already. If not that may add another year or two. The interview process takes place nearly a year prior to entering school. If you have everything ready to go you'll be applying for and entering 2006. That's if all things are in order; actually you should have started your application process (ideally) now for 2006. Are you a competetive applicant?

---Desire. It definitely has to be what you want to do. There are easier ways to make more money and have a fruitful life. LOTS of easier ways lol. There is a risk a as we get older due to the debt, but that can be overcome by pure desire to be a dentist. You can't be half-hearted about dentistry and make it through dschool---teeth are just not that interesting if desire is lacking.

----OK, lets say you're ready to go. BY ALL MEANS GO. Think about it like a business. What do most business cost to open? Couple 100k, conservatively 400k. I mean conservatively. Now most, nearly 90% + of new businesses fail in their first 5 years. The risk is incredible but so are the rewards. Now take dentistry. It's an investment in you. Can you think of a better person to invest in 🙂 . You are being taught a skill/education that very few people possess, it can never be taken away from you. You now have specialized knowledge---which btw is one of the most important characteristic of successful people. You invest say 400k. (bought a small practice or invested in a partnership. You have 20 strong earning years as a 36yo grad. Another 10 as above average earning years to retirement. Let's say you have 400k debt and 15 solid years out of 30 with an avg income of $175K. (Which is what the ADA has stated for avp GP in practice) Heck let's subtract 20k to be safe and go with $150k year for 15 years out of 30. You're a business owner with all the tax perks, breaks, and write offs. As an owner you have LEVERAGE in your life which can be rolled into buying power etc.... Talking straight numbers (you can add your own inflation for the analytics) your potential is suffice for a comfortable lifestyle. This is at minimums essentially and as an owner you should be able to produce better than what I've stated. I've given you a 15 year buffer 😀.

Remember you'll rarely if ever meet the debt free person. People owe on houses, cars, businesses etc.... In fact debt isn't bad as long as it is GOOD debt. Good Debt makes money for you or continues to build you equity. Bad debt drains you and does nothing for your future or in fact loses value quickly. Good debt ie specialized knowlege, real estate, etc... Bad debt flat screen tv, $500 ostrich shoes, $1000 suits etc.... If you get with a good financial planner and cpa and live with in your means----YOU WILL BE comfortable----on top of the fact you run your own life with no glass ceilings, you are a respect individual in society, and you make a great living.

Your age is not a reason to not pursue dentistry. You'll be fine financially if you have the correct people around you and you have a small amount of sense. A banker recently told our class "Dentists are the nations 3rd most successful business and even in-spite of some of you it's almost impossible not to be successful." I say go for it but please be ready to work harder than you ever have as being out of school for awhile can be a bear to come back to 😱 . Take this from someone who worked 100hr wks running a business in 3 states for over 4 years. It's a different kind of stress and exhaustion.

Gotta run----hope this gives a little insight----post or pm me with any questions

 

[TOdentist]

Excellent advice! You may also want to pose this question in dental town - www.dentaltown.com. Good luck with your decision!

 

[Gulch]

Wow, great advice. seems like good analysis. thanks for the post. its encouraging.

 

[maxpayne_nyk]

gr8 advice.
i think scotty should seriously work abou it..

 

[TucsonDDS]

I am in the exact position that you are except for 1 thing. I decided to go for it and I start in the fall. I am leaving a 100K/year job that I for the most part enjoy because I know for a fact that I don't want to be here doing what I do in another 10 years. Dentistry and the interactions with patients definitly interest me and I just hope that I enjoy it as much as I think I will. I figure finacially it will take me about 10 years to break even if (and that is a big if) I come out and make the average. I plan on coming out of school and buying (or starting) a practice within 1 year so I can be in charge of my own life. No more working weekends, holidays or nights. Some of my friends and family tell me I am crazy but luckily my wife tells me to go for it. I hope you have the same support. It is a HUGE decision to leave a stable carreer and life but I know that in the end I would end up regretting not going and I wouldn't have anyone to blame but myself. Good luck with your decision.

 

[Scotty6278]

Hey scotty----great concerns/questions. Not many can understand your position nor financial concerns. I may be able to lend you my opinion. I ran a business for several years----I sold and went back to school then to dental school. I'm 32 and graduate in 3weeks.

Here is some of the things you must consider before making the decision.
---Do you have a family? Do they support your decision? If you do this will be a HUGE change in their/your life. No income or extremely reduced income is scary. You will need the most incredibly supportive people around you to make this work, because you will essentially be married to school and your family.

---You say you are looking to go to dental school, do you have your pre-reqs for dschool complete and the DAT taken already. If not that may add another year or two. The interview process takes place nearly a year prior to entering school. If you have everything ready to go you'll be applying for and entering 2006. That's if all things are in order; actually you should have started your application process (ideally) now for 2006. Are you a competetive applicant?

---Desire. It definitely has to be what you want to do. There are easier ways to make more money and have a fruitful life. LOTS of easier ways lol. There is a risk a as we get older due to the debt, but that can be overcome by pure desire to be a dentist. You can't be half-hearted about dentistry and make it through dschool---teeth are just not that interesting if desire is lacking.

----OK, lets say you're ready to go. BY ALL MEANS GO. Think about it like a business. What do most business cost to open? Couple 100k, conservatively 400k. I mean conservatively. Now most, nearly 90% + of new businesses fail in their first 5 years. The risk is incredible but so are the rewards. Now take dentistry. It's an investment in you. Can you think of a better person to invest in 🙂 . You are being taught a skill/education that very few people possess, it can never be taken away from you. You now have specialized knowledge---which btw is one of the most important characteristic of successful people. You invest say 400k. (bought a small practice or invested in a partnership. You have 20 strong earning years as a 36yo grad. Another 10 as above average earning years to retirement. Let's say you have 400k debt and 15 solid years out of 30 with an avg income of $175K. (Which is what the ADA has stated for avp GP in practice) Heck let's subtract 20k to be safe and go with $150k year for 15 years out of 30. You're a business owner with all the tax perks, breaks, and write offs. As an owner you have LEVERAGE in your life which can be rolled into buying power etc.... Talking straight numbers (you can add your own inflation for the analytics) your potential is suffice for a comfortable lifestyle. This is at minimums essentially and as an owner you should be able to produce better than what I've stated. I've given you a 15 year buffer 😀.

Remember you'll rarely if ever meet the debt free person. People owe on houses, cars, businesses etc.... In fact debt isn't bad as long as it is GOOD debt. Good Debt makes money for you or continues to build you equity. Bad debt drains you and does nothing for your future or in fact loses value quickly. Good debt ie specialized knowlege, real estate, etc... Bad debt flat screen tv, $500 ostrich shoes, $1000 suits etc.... If you get with a good financial planner and cpa and live with in your means----YOU WILL BE comfortable----on top of the fact you run your own life with no glass ceilings, you are a respect individual in society, and you make a great living.

Your age is not a reason to not pursue dentistry. You'll be fine financially if you have the correct people around you and you have a small amount of sense. A banker recently told our class "Dentists are the nations 3rd most successful business and even in-spite of some of you it's almost impossible not to be successful." I say go for it but please be ready to work harder than you ever have as being out of school for awhile can be a bear to come back to 😱 . Take this from someone who worked 100hr wks running a business in 3 states for over 4 years. It's a different kind of stress and exhaustion.

Gotta run----hope this gives a little insight----post or pm me with any questions

Thanks so much for taking the time to write your responce.....it was very helpful. Best of luck to you as well!!

 

[wessto]

I am in the exact position that you are except for 1 thing. I decided to go for it and I start in the fall. I am leaving a 100K/year job that I for the most part enjoy because I know for a fact that I don't want to be here doing what I do in another 10 years. Dentistry and the interactions with patients definitly interest me and I just hope that I enjoy it as much as I think I will. I figure finacially it will take me about 10 years to break even if (and that is a big if) I come out and make the average. I plan on coming out of school and buying (or starting) a practice within 1 year so I can be in charge of my own life. No more working weekends, holidays or nights. Some of my friends and family tell me I am crazy but luckily my wife tells me to go for it. I hope you have the same support. It is a HUGE decision to leave a stable carreer and life but I know that in the end I would end up regretting not going and I wouldn't have anyone to blame but myself. Good luck with your decision.

I'm also switching careers and starting this fall. I wasn't making 100k before, but I was making good money. Problem was that I was working 60 hour weeks and carried a pager on the weekends. Too much work and too much stress. I was also not working for myself. I could not imagine raising a family and enjoying life in my previous career.

Luckily my wife works and can support us through school. I will still have to take loans for school, but in the end I think it will pay off both financially and from a happiness perspective. I'm 29 and will be 33 when I graduate.

I quit my job last June and since then I've applied and been accepted, taken bio, gchem, and ochem. It has been quite a bit of work, but it has paid off so far. I can't wait to get started this fall.

Good Luck!