and yet there are people living comfortably on 50k?
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How Much Do Dentists Really Make?
Started by sunmoon6689
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and yet there are people living comfortably on 50k?
I know. It is interesting to find out what others consider comfortable. In my hometown where I hope to practice someday, I am quite sure that a combined income of anywhere between $80,000- $100,000 would be very comfortable. I know families who survive on much less. At any rate, as long as my future hubby (whoever that may be) makes around $50,000 and I make around $50,000, I will be pretty cozy.
So, I guess the bottom line is....Dentistry = Good money!!!
the average salary in the USA is about $37,000. so family income would be about 74-75K. plenty of families get by fine. anyway, a dentist makes about 170K alone. even if he/she were to make 100K, the dentist would be damn comfortable despite the economy not being "the same as it was a couple years ago." a couple years ago still sucked and not much changed so i dont really know what you're talking about. 😕
What one person considers comfortable does not apply across the board. If you are a college student and used to living on barely anything then 100k seems like a lot. If you have been employed and are used to earning 100k then your lifestyle and expectations are now adjusted. I was working as an electrical engineer, and I have quit my job to go to dental school. It is hard to adjust my mindset back to not having any income. Personally I will be disappointed if I don't come out of school doubling my engineering salary. Even if I were to double my salary then it will take me 6 years just to recoup lost income not even including paying for dental school.
I'm with you Ex_EE. Opportunity cost is something to consider.
What standard of living are you people accustom to?!
According to Paycheckcity.com, a salary of $100,000 paid bi-weekly will net you ~$2,500 per pay or ~$5,000 per month in Ohio (I'm ignoring those two extra paychecks per year). Principal + interest on a $300,000 loan at 6.5% paid off over 30 years is ~$1,900 per month.
So, monthly net income - monthly loans = ~$3,100. I'm sure there are some areas of the country where $3,100 per month will only buy you a box, but in most locations, it will buy you a nice modest house, a very reliable car and will provide enough cushion to adequately fund your retirement accounts. Sure, you won't be able to drive a Porsche right away, or buy your $300,000+ house -- but get some perspective! There are millions of families in this country that take home way less than $3,100 per month and live very fulfilling lives!
Have you ever tried to finance a home? Mortgage companies advise that your total debt to income ratio not exceed 36%. For your example above that would give you a gros of $8,333/month. 36% of this is $3,000 subtract your $1,900 a month loan payment and you are left with $1,100 a month for a car and house payment. Good luck finding a "modest" house in most of the markets today. Even $300,000 won't buy you that much. $1,100 wouldn't allow for a $162,000 loan not even counting taxes or insurance, which are considerable. As I said it is all a matter of what you consider important and what you have grown used to.
FYI. I used to make just over $100k combined with my wife and I lived in a town in west texas with an extremely low cost of living. We lived well in a nice home, but were not able to invest in retirement or our son's college fund to the extent that we wanted to. Now that I have moved to a larger town the cost of living is extremely different. The same price home is farther away from the center of the city and 2/3 the size.
FYI. I used to make just over $100k combined with my wife and I lived in a town in west texas with an extremely low cost of living. We lived well in a nice home, but were not able to invest in retirement or our son's college fund to the extent that we wanted to. Now that I have moved to a larger town the cost of living is extremely different. The same price home is farther away from the center of the city and 2/3 the size.
I think it's really hard to compare what's "comfortable" cross-country. Here the average single family house is $650,000 and you can't leave the grocery store without spending $100, but my friend from Georgia says you can buy a house for $20,000 there (perhaps not the nicest house, but still), and when I lived in CO I'd spend $40 for the same amount of groceries. It's all relative...😎
Yep -- we bought a house last May. Mortgage/taxes/insurance = < 900/month, which is less that 15% of our gross pay.
This is just a guideline -- it does not take into account lifestyle. Just because you make $100,000 per year does not mean that you're going to spend twice as much on food, clothes, etc. as a family that makes $50,000/year. If you are moderately frugal, you could easily make it in most areas of this country with $100k take-home and $300k in loans.
I'm currently in a similar situation (I, too, am an engineer changing careers). My husband and I feel as though we're rolling in the $$$. We don't really desire many material things and I'm a coupon clipper/grocery game player. This helps us put well over $20k/year in retirement savings right now. But, again, this is a lifestyle choice.
Haha! If you can believe it, I live in western Lake county, which is about 30 minutes east of Case. The secret to living in Cleveland is to get out of Cuyahoga county. Sure, the drive is farther, but you save so much in rent, utilities, taxes and car insurance.
There are quite a few small, newer houses in my area. PM me if you're interested!
my bike got stolen too. actually, just the handlebars. it was annoying. stupid bums.
This is shocking because student loan for dental program is the most ridiculous vs any other careers. I am a PA and want to go back for dental school in the future. My brother and his gf are applying right now.
Is it getting better for you?
This is shocking because student loan for dental program is the most ridiculous vs any other careers. I am a PA and want to go back for dental school in the future. My brother and his gf are applying right now.
Is it getting better for you?
They're probably a resident, pulling a resident's stipend. I graduated in 2010 and an making $0.00 this year! Oh Noes!
this person is a resident. read his/her other posts in the thread.
