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Discussion in 'Pre-Dental' started by ias2512, Dec 6, 2005.
the Title Says It All...
Your potential income ranges from 100k to multi-million $$$$
However, the bottom line is you will earn......
"ENOUGH TO AFFORD YOUR FAMILY.... " -- that's what matters the MOST!
i think its about 100k salary, and ADA average for general dentists owning their practice is 180k I think..
It's an average figure though, because I know of a few dentists who make A LOT more than that
Read the FAQ sticky, it has lots of statistics all about salaries. Bottomline: house on the river/Lexus/country club life...if you're willing to put up with all the schooling.
At my UPenn interview, some 3rd year students told me their friend graduated and got a starting salary of $175,000 as an associate in Arizona. So it's a little more than 100k. Also, don't forget all the write offs and under the table money that dentists take. I surely won't do anything like that but it is a reality so don't go by figures. Dentists often deal with cash so they might not report all of their earnings.
The point is that you'll make enough money to live a very comfortable life!
Maybe what you should really be worried about is helping people and performing a career that you love to do. I know that is why I want to go into dentistry, and I think that tons of people are going into dentistry for the wrong reasons (Money, cant get in to med school...etc). These people only take up valuable spots and then retire at 30 when they realize what the profession really entails.
where did you hear that?
There is no wrong reason....money and can't get into med school are two reasons some people gain interest in dentistry. I hate when people say that you should only become a dentist if you want to help people. That is not true. You can help people many other ways without going into dentistry. And besides, I doubt you will perform services for free. I wouldn't. I never had any interest in attending med school but the earning potential of dentists definately sparked my interests. From there I learned that dentistry is a career that I would love to do. Less than 40 hours a week, great pay....you can't beat it.
Everywhere...U of M, people my father knows-went to school with (dentists) I thought it was pretty well know... "well medschool is pretty long, so i wanna start my career earlier...Oh dentistry look fun, ill do that"
it's a sad reality. didn't they bust al capone on something like that
oh please stop acting all noble and self-sacrificing. the truth of the matter is, money does play an important role. i don't think ANYONE would pursue dentistry if dentists only made 50K a year. it's just not worth the financial and time investment we put into many additional years of schooling. there are multiple reasons why one may want to pursue dentistry, and i don't see why it's a problem if money is one of them. we DO need to pay off our debt you know.
$170,000-ish is the average for a general practioner.
Very interesting, I didn't know Al Capone was a dentist.
the way you wrote it, i pictured someone going on the internet to purchase a spouse and kids
is that before or after deductions?
yeah, but he did evade taxes and that's what they busted him on...right....
i think that figure is before taxes, but after deductions of expenses. i recall the ada site stating that the avg gross income of general dentists in private practise is 800K or so...
Another thing to keep in mind is that many dentists who report their salary earnings also work 4 days a week.
and about 45-47 weeks/year. Dentists have it made.
Now all I need is to get into dental school!
Dentists make however much they want to make, to an extent. That's why you can't look at salary figures and get much from them. You have to take into account those that work 15 hours a week (or two days) because they want to and make 75k a year. You also have to take into account those that do all their own lab work and spend every waking minute in their offices, and make $400k a year.
What you earn will be related to the quality of your work, how many patients you see, and your fees, among other things.
how much on average do dentists make straight out of dental school? Because I'd assume that your earnings increase with experience... being that at first you may not have as many patients, etc.
i remember a dentist told me that straight out of dental school, it's not surprising that a dentist makes 50k... is that true?
I've heard that if you're not making around 100K out of school, you're doing something wrong!
800K? Maybe if you own several practices, which you can. Best be a good business woman/man.
I just met Dr.Dorfman, you know from Extreme Makeover.........he's a multi millionaire.............THE SKY IS THE LIMIT
that's funny. dr. dorfman is the one who first got me interested in dentistry 3 years ago. he came to visit my school (UCLA) as an alumnus and we had a nice chit chat. i toured his beverly hills office and the rest is history!
im gonna visit him soon and tell him i got in!
yeah....Bill is the man....he came to talk to us First Years....it was like a mix between having Dr.Phil, Rudy and the Donald talk to us.....he was like..."I was where you are at right now......broke...no car....lowly first year....and how you like me now?!?!?!?!"
is he a specialist??
Very little after loans
that's the same **** he told me 3 years go.
I've heard Dorfman pulls $4 mil from Discus Dental and $3 mil from his dental practice, which is probably gross not net. Don't ask me where I heard this from 'cause I can't recall. From what I've heard his fees are double the expensive end of private practice.
WOW!! That gets to shows how lucky we are of being in this profession instead of 10 tortorous years in med school...Dentistry definitely RULES!!
lol I hear ya!
There is a Dr. Dorfman in NYC who I shadowed. An a-hole of a guy ( which, I guess, can be explained through his Oral Surgery certificate) but had a bustling practice. The guy owned a nice yatch that he was trying to sell to someone (do not ask me why he confided his financial dealings of the day with me). Might this be the same guy? This guy's name is Dr. Jeff Dorfman.
Nope, Dr. Dorfman is in Los Angeles (Century City) and focuses on cosmetic cases (general dentistry). If you want to bill like him you better be on TV. I thought he was a pretty cool guy when I heard him speak.
And his work is probably half as good. Well not quite, but anyway...
40% of your income are taxed because you are in the higher tax bracket and some place might require you to buy your own malpractice insurance (1g-2g per month).
Although this is way the heck in the future for most of us, and in the near future for some of us, I am sure there are ways around the 40% tax. If you set up ur practice as a corporation, you are likely to get tax breaks, and provided you have a competent accountant/tax attorney, thats more money in your pocket. Correct me if I am wrong dear friends.
One of the dentists my wife works for was recently busted for tax fraud. He was writing off a ton of money that he was "spending" on dental consulting. In reality it was just some made up company of his. He had to pay back taxes and I think he was on house arrest for like 6 months.
Everything in moderation I say. Writing off a little bit might not be as significant as writing off too much. Of course, ultimately you have to draw the line between what is "a little" and what is "too much". Discretion is key. There is nothing wrong wiht using the system to your advantage. More power to you if you find the loop holes, either by yourself of with the help of a professional (accountant, tax lawyer, etc). Uncle Sam does not need 40% of our income. 20% should suffice lol.
DOn't forget to take out another 10% for your state taxes.
If you live ina state that has a state tax.
Like so many others you have bought into the lie that the rich don't pay taxes. The government will take you to the cleaners when you get out of school. Corporation or not you are gonna get the shake down.
BTW, income taxes are relatively low right now. You can rest assured that rates aren't going anywhere but up in the foreseeable future.
The office I work in offers beginner associates a $6,000/month base salary plus 33% of production if they produce over their goal. Most of them average $100-120,000/year.
true, it was recently lowered, but still 33% is NOT low
a good source for this information is the recent october 2005 CRA newsletter which has the overall avgs for gross and net incomes. a friend of mine also broke down the info by state.
where might this newsletter be found?
as long as i make 100,000 take home (after fees and taxes and etc), ill be very happy, im currently living off of 1,000 a year and i cant imagine spending more..tho i dont own a house
I have a friend who is a dentist. he said that he makes more than he deserves but less than he wants.