Brocnizer2007 said:
But having an MBA will help you build an efficent dental powerhouse and I estimate over 30 years should bring me in over 1 mil. So minus your 500k and I'm still up 1/2 a mil
making 200k is one thing...knowing what to do with it is another. Most dentist live a 200k life style and forget about the savings part of life. Then life bites them in the ass when they hit 45-50 and realize they aren't worth so much after all and wonder how they can sustain this life style into retirement...then quickly realize they can't, begin to cut back...but its too late!
Edit: My MBA at UF(top 20 MBA school) cost ~$5,000. Citibank paid ~ $4,500 of it and I paid the $500. So $80k for MBA is pretty steep
I wasn't suggesting that having the degree was useless. I actually stated that it would be beneficial. Your example of an MBA making up for the cost of getting the degree is entirely possible. But your also assuming you couldn't get the same result if the same dentist (who is bright and ambitious) just hired a consulting firm to do a work up every 5 yrs.
I disagree with your characterization that "most" dentist are spendthrifts that get bitten in the arse by retirement. I have only anecdotal evidence that suggests otherwise, but you can't tell me there aren't the similar numbers of business professionals that fall into the same trap. I see this largely as a personality trait and not a lack of having an MBA.
BTW, the costs I listed for the MBA represented
two years of tuition (@$20k), two years of living expenses, and two years of forgone income as a dentist in today's dollars. If business school teaches you anything, it should teach you about opportunity costs, TVM, and the benefits of specialization.
The cost of MBA programs range from $5,000k to $40,000k a year. My figure was somewhere in the middle. For the sake of discussion don't you think it would be a little misleading to only mention the
very lowest end of the cost spectrum. I also think it would be misleading to say that Warrington (which is a fine school) is top 20. It is ranked #26 among
public universities and probably barely makes the top 50 overall, which was beside the point before you started exaggerating.
My advice would be to take some business classes, major in business, or get some business experience. If you have an MBA, great, put it to use.