Financial Concerns

[Kinance]

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I was wondering what was the biggest financial concern for everyone on the forum. It seems like students loans are a big concern, but what about financing for a practice now that we're in this economic downturn or what types of insurances to get once you get out of D-school.

 

[Dan3223]

I chose student loans because it is the most immediate concern.
~270K in debt is no joke.

 

[samdds]

Definitely student loan now. $300,000 is a lot of money to owe.

 

[JamieMac]

Definitely student loan now. $300,000 is a lot of money to owe.

Student loans for sure! I'm sure most of you realize that most of the loans you acquire will be accruing interest during the time you're in d-school. So, if you borrow $250,K during school, its going to be closer to 300,K when you're done.

 

[pietrodds]

if you want to get an idea how 300K in loans feels with a 7% interest rate... find a single log bridge, stand in the middle of it, jump as high as you can... then instead of landing on your feet split your legs over either side landing on your crotch. 😀 🙁 You're looking at about 2000-2500 a month for a long time. This is with after tax dollars. Live below your means for the first years and save up for buying a practice is some sound advice. It's still worth the ride mentally but you have to pace yourself financially.

 

[pmantz]

Loans, I try to keep in mind that every dollar I spend now is 2 dollars out of my salary in the future.

 

[TempleDMDKrazd]

Loans, I try to keep in mind that every dollar I spend now is 2 dollars out of my salary after taxes in the future.

better...

 

[MarkND]

if you want to get an idea how 300K in loans feels with a 7% interest rate... find a single log bridge, stand in the middle of it, jump as high as you can... then instead of landing on your feet split your legs over either side landing on your crotch. 😀 🙁 You're looking at about 2000-2500 a month for a long time. This is with after tax dollars. Live below your means for the first years and save up for buying a practice is some sound advice. It's still worth the ride mentally but you have to pace yourself financially.

😀 👍👍👍