Is being a dentist really that bad?

[Splenda88]

Plenty of room for a good life at a reasonable price outside the top 20 largest metropolitan areas in the country (I know you just cited Houston, but still). I've lived in two of them, and people might be shocked to learn we have Indian food, let alone electricity and running water!

You cant beat Houston suburbs. The only issue is that TX has very high property tax.

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[White_Sponge_Nevus]

You cant beat Houston suburbs. The only issue is that TX has very high property tax.

And the cost of replacing that carpet and wallpaper

 

[Thehighwind87]

Plenty of room for a good life at a reasonable price outside the top 20 largest metropolitan areas in the country (I know you just cited Houston, but still). I've lived in two of them, and people might be shocked to learn we have Indian food, let alone electricity and running water!

Yeah I’m def down if the costs keep going up here. For the past 1-2 years I’ve lost a lot of patients because they are moving to Texas Arizona and Florida. When the market was at its peak- it was like 1 family every week moving. They said they cashed out their house equity and bought a house double the size that’s half the price.

Not a bad deal at all.

 

[Splenda88]

And the cost of replacing that carpet and wallpaper

vs. buying a similar place in LA for 2.5 mil

 

[SnozzBerry]

Yeah I’m def down if the costs keep going up here. For the past 1-2 years I’ve lost a lot of patients because they are moving to Texas Arizona and Florida. When the market was at its peak- it was like 1 family every week moving. They said they cashed out their house equity and bought a house double the size that’s half the price.

Not a bad deal at all.

Supply and demand. That’s exactly how everything will level out over time. What state are you in? Cali?

 

[SnozzBerry]

Yeah I’m def down if the costs keep going up here. For the past 1-2 years I’ve lost a lot of patients because they are moving to Texas Arizona and Florida. When the market was at its peak- it was like 1 family every week moving. They said they cashed out their house equity and bought a house double the size that’s half the price.

Not a bad deal at all.

Seattle area? Dentists there have been mega squeezed

 

[yappy]

that is excellent compensation, you're making this as an associate or owner?

Associate

 

[Cold Front]

Im making around 800K year working 5 day a week and another 100K working 1 day a month just out of residency, no secret just have to grind, that’s it

As W2 or 1099? 6 days a week for 900k sounds about right. I have a MD anesthesiologist who works about the same hours and makes about the same income. He’s W2.

 

[Cold Front]

You cant beat Houston suburbs. The only issue is that TX has very high property tax.

To make up for their no state income tax. Texas is booming, specially in construction sector. So that’s tons of money in the pipeline for the state.

 

[omfsing]

To make up for their no state income tax. Texas is booming, specially in construction sector. So that’s tons of money in the pipeline for the state.

With the understanding the state is very saturated (maybe outside the Houston, south Texas region). If you’re thinking Austin/Dallas; job offers may not be exactly what you may want. Very assembly line.

 

[Cold Front]

I have debated on cashing out and moving to Texas or Georgia. I think if we have 1-2 more years of persistent elevated inflation, then I will. It’s hard to just pick and move.

But yeah I would def go there if I didn’t have roots mortgage practice etc tied down.

Not a good time to move. Mortgage rates are still very high. Not much inventory of good homes out there, specially in big cities and their suburbs with booming population. Plus new housing construction is slowing down, housing starts data for March dropped nearly 20%… and it will continue to drop, so home prices will increase because of lack of supply of new homes.

Inflation, the core specially, will remain sticky for the rest of the year at elevated levels. So I would be cautious to move at this market.

 

[DrJeff]

Not a good time to move. Mortgage rates are still very high. Not much inventory of good homes out there, specially in big cities and their suburbs with booming population. Plus new housing construction is slowing down, housing starts data for March dropped nearly 20%… and it will continue to drop, so home prices will increase because of lack of supply of new homes.

Inflation, the core specially, will remain sticky for the rest of the year at elevated levels. So I would be cautious to move at this market.

I think the current mortage rates discussion needs to be taken with a bit of a grain of salt, as while if you take the national average today at roughly 6.75%, that certainly is higher than it has been for the last decade or so (and that's for way too many reasons to get into for sure) but it's basically the same as when my wife and I bought our 1st house in the late 90's, and at that time we thought it was a decent rate, and far better that the stories our parents told us about when they were buying homes in the 70's and rates were in the 15-20% range.

I think that we all wish, especially if we're looking at buying property now, that the rates were back in the sub 2% range like they were for many years, however they are alos far from historic highs, even with the crappy monetary policy the FED has put out there for way too long now that has created many of the inflationary issues we currently have

 

[Cold Front]

I think the current mortage rates discussion needs to be taken with a bit of a grain of salt, as while if you take the national average today at roughly 6.75%, that certainly is higher than it has been for the last decade or so (and that's for way too many reasons to get into for sure) but it's basically the same as when my wife and I bought our 1st house in the late 90's, and at that time we thought it was a decent rate, and far better that the stories our parents told us about when they were buying homes in the 70's and rates were in the 15-20% range.

I think that we all wish, especially if we're looking at buying property now, that the rates were back in the sub 2% range like they were for many years, however they are alos far from historic highs, even with the crappy monetary policy the FED has put out there for way too long now that has created many of the inflationary issues we currently have

True.

The issue is (and will be) affordability. Median home price in the 1970s was in the 50k range. Today, the median is at 400k, much higher in metro area communities.

So 20% mortgage rate for 50k home was about $800/month.

While 7% mortgage rate at 400k home is about $2,700 a month.

Yes, it can be argued that the median income is higher now to afford 400k mortgage, as median household income was 10k in 70s, and is now at 80k in 2023. It’s an illusion, as cost of everything else went up lot faster than wages, specially property taxes, home insurance, furniture, home maintenance cost and HOA’s - specially since the pandemic. There was no cable tv, internet, cell phones, home security, etc as an additional expenses in the 1970s.

 

[DrJeff]

True.

The issue is (and will be) affordability. Median home price in the 1970s was in the 50k range. Today, the median is at 400k, much higher in metro area communities.

So 20% mortgage rate for 50k home was about $800/month.

While 7% mortgage rate at 400k home is about $2,700 a month.

Yes, it can be argued that the median income is higher now to afford 400k mortgage, as median household income was 10k in 70s, and is now at 80k in 2023. It’s an illusion, as cost of everything else went up lot faster than wages, specially property taxes, home insurance, furniture, home maintenance cost and HOA’s - specially since the pandemic. There was no cable tv, internet, cell phones, home security, etc as an additional expenses in the 1970s.

Agree.

I think what has also changed, is say 25 or 30 years or more ago, the "average" sized house most people were buying, especially for a 1st home, was much smaller (often sub 1500 sq ft) than it is now, where many folks these days, even 1st time, fresh out of school buyers won't even consider anything under 2k plus sq ft.

Fully agree that the added costs today from cable tv (although that 1st showed up in my parents house in 1978 and I haven't been without it since), internet, home security, cell phones, etc are a factor in one;s household budget that really wasn't an issue in the past.

As a whole, I think one of the underlying issues is that we have morphed into a society where for so many the fear of true debt that so many had instilled in them by parents/grandparents who lived through the Great Depression, that had so many living much more in moderation and within their true means, has been replaced by a culture of excess that often can eliminate the fiscally prudent decision that should be made now over the immediate gratification decsion that has fiscal consequences down the road

 

[Thehighwind87]

Agree.

I think what has also changed, is say 25 or 30 years or more ago, the "average" sized house most people were buying, especially for a 1st home, was much smaller (often sub 1500 sq ft) than it is now, where many folks these days, even 1st time, fresh out of school buyers won't even consider anything under 2k plus sq ft.

Fully agree that the added costs today from cable tv (although that 1st showed up in my parents house in 1978 and I haven't been without it since), internet, home security, cell phones, etc are a factor in one;s household budget that really wasn't an issue in the past.

As a whole, I think one of the underlying issues is that we have morphed into a society where for so many the fear of true debt that so many had instilled in them by parents/grandparents who lived through the Great Depression, that had so many living much more in moderation and within their true means, has been replaced by a culture of excess that often can eliminate the fiscally prudent decision that should be made now over the immediate gratification decsion that has fiscal consequences down the road

Well the current reality is- if you are a saver- you get screwed. The past decade of 0% interest rates and "saving your money" meant you lost your purchasing power year over year over year due to inflation. And if you look at shadow stats of inflation- you lost even more.

If you didn't hedge via real estate or stocks- you literally got screwed.

In addition, those that leveraged themselves with debt- 08 got bailed out. And once again in 2018, 2020, when the market went down- and people started losing money- especially those in leverage got bailed out again by the fed pivot.

The bottom line is that there are no consequences anymore of debt- if anything debt that provides leverage to invest- is rewarded and not punished if it goes the down. Heck even now- we are talking about forgiving debt. Student loan debt.

We live in a time now where everything is in a bubble. Housing, stocks, student loans, whatever. The system cannot sustain a true economic contraction because everyone is leveraged. That's why I look at every dip as a buying opportunity. Every year has been a positive year since I've invested and I compound my money year over year over year, while the bears preach the economic crisis etc. Just look at the debt ceiling- every year the cnbc pundits say this is the big one- and it gets passed.every.single.time. When congress asked about the deficit going to 50 trillion- they just eh whatever it is what it is. As long as govt keeps printing money that they don't have there will be inflation. Simple as that. You either hedge or you lose year over year your purchasing power.

Just my opinion of course, but if you think we are going to go back to a world of saving and budget surpluses- lol well I don't think that's gonna happen

 

[Cold Front]

Agree.

I think what has also changed, is say 25 or 30 years or more ago, the "average" sized house most people were buying, especially for a 1st home, was much smaller (often sub 1500 sq ft) than it is now, where many folks these days, even 1st time, fresh out of school buyers won't even consider anything under 2k plus sq ft.

Fully agree that the added costs today from cable tv (although that 1st showed up in my parents house in 1978 and I haven't been without it since), internet, home security, cell phones, etc are a factor in one;s household budget that really wasn't an issue in the past.

As a whole, I think one of the underlying issues is that we have morphed into a society where for so many the fear of true debt that so many had instilled in them by parents/grandparents who lived through the Great Depression, that had so many living much more in moderation and within their true means, has been replaced by a culture of excess that often can eliminate the fiscally prudent decision that should be made now over the immediate gratification decsion that has fiscal consequences down the road

Absolutely. Lenders also exacerbated the affordability crisis by making lending easier (2008 housing bubble). Appraisers also appraised properties based what cash buyers were paying properties for. Corporations also entered the housing market with wall st money and snatched up single family homes at higher prices. Everything snowballed into shortage of affordable housing, pushing many first time home buyers to the sidelines with very low inventory. As you said, so much has changed since the 70s.

.

 

[Thehighwind87]

Absolutely. Lenders also exacerbated the affordability crisis by making lending easier (2008 housing bubble). Appraisers also appraised properties based what cash buyers were paying properties for. Corporations also entered the housing market with wall st money and snatched up single family homes at higher prices. Everything snowballed into shortage of affordable housing, pushing many first time home buyers to the sidelines with very low inventory. As you said, so much has changed since the 70s.

.

Just the new normal. Wall street will own everything. Everything is about profit $. And if they fail- they just get bailed out.

 

[Cold Front]

Just the new normal. Wall street will own everything. Everything is about profit $. And if they fail- they just get bailed out.

Yes. Many corporate bonds are now being downgraded to junk bonds. So a lot of leveraged debt will lose their shirts and pants in this higher interest rates economy. A tidal wave is coming for wall st, and it will drag pension funds down with it. As you said… eventually tax payers will foot the bill.

 

[Big Time Hoosier]

Yes. Many corporate bonds are now being downgraded to junk bonds. So a lot of leveraged debt will lose their shirts and pants in this higher interest rates economy. A tidal wave is coming for wall st, and it will drag pension funds down with it. As you said… eventually tax payers will foot the bill.

Big Hoss

 

[Cold Front]

View attachment 369679

Big Hoss

Yep. Banks don’t tend to be big on ethics and morality. A lot of their regulators are former bank execs. It’s kind of incestuous revolving door thing. Corporations also use the same playbook, hiring each other’s execs - they don’t want the public to know that kind of information when choosing an institution that serves the best interest of the public and economy.

 

[EVILDENTIST]

Absolutely. I agree 100%. Preferences change as we get older. I came to this country at age 22. I didn’t start dental school until age 28. I was literally behind the curve. I had so much hunger to catch up and craved to push myself to full potential. I hustled for 13 years after school to get where I’m today.

Speaking of getting old and lonely. A lot of people don’t look after their parents who sacrificed everything for them. There are also a lot of old people who don’t have good relationships with their kids. The fear of getting old is synonymous with the fear of being lonely. My parents didn’t save for their retirement enough and always joke about that my 6 siblings and I are their 401ks. The first thing I did out of school was open a practice in few months. The second thing I did was to buy my parents a home. The 3rd was buy them new cars. The 4th was get married. I’m in a much different situation than my parents. I can afford less sacrifices than my parents. Everyone’s situation is different, many dentists have parents that they don’t need to support. You just have to play the cards life dealt you with. My story is a traditional immigrant story, and I’m beyond grateful everything this country offered me.

Dentistry creates a big love-hate relationship, mentally and physically. I had no choice but to make the most of it, a necessary gig per se for my long term goals.

Could I PM you?

 

[Cold Front]

Could I PM you?

Sure. I hope it’s nothing evil! lol

 

[Thehighwind87]

Being a dentist can be a challenging profession, but it's also incredibly rewarding. It allows you to help people improve their oral health and achieve beautiful smiles. It's a great career choice if you love dentistry and enjoy working with people. Of course, like any job, it has its ups and downs, but many dentists find it fulfilling. Research and gathering information is always good if you are considering becoming a dentist.

+1.

But it really boils down the debt income ratio. If you are graduating with big debt loads- you will not have a good time in ANY field. I enjoy dentistry- but I'm also debt free and my investments offset my LOSS of income due to inflation in the dental field.

If you are deep in debt and you don't have investments to offset the LOSS of income due to inflation in the dental field, you will not have the best time in the field.

 

[LFA20]

Hard to stomach owning a business now-a-days when inflation is painful. Just got an email saying that one of my suppliers is raising fees across the board 5%. Now I'm looking for a new supplier.

I feel bad for the new grads coming out in this new world. A lot of us older dentists at least have paid off the mortgage, or practice, or have a decent nest egg. It's getting tougher every year now.

Yes we have associates saying that 180-200k is the norm now for new grads, but lets get real, back in 2010 when I graduated 150-200k was the norm...and houses like mine were 500-700k. Now the same house is 1.4-5 million and we still have the same "wages" a decade ago.

Yeah it’s crazy out there. I checked my schools tuition(state) page recently and compared it to what I paid 9 years ago. It has tripled…. Btw this is not including housing, and additional school fees(lab,etc). Those must have multiplied as well.

 

[Thehighwind87]

Yeah it’s crazy out there. I checked my schools tuition(state) page recently and compared it to what I paid 9 years ago. It has tripled…. Btw this is not including housing, and additional school fees(lab,etc). Those must have multiplied as well.

I wish my income had tripled. Hint it’s decreased. LOL!

 

[PikminOC]

I wish my income had tripled. Hint it’s decreased. LOL!

Yes the overhead is killer and only increases.

 

[OMSDoc]

I was wondering if the OP is in dental school yet.

 

[chipskylark13]

I hate to be that guy to beat a dead horse. But can someone give me input on whether I should start in the fall or continue running my current business and maybe defer/give up my seat.

I net around 200k rn, could grow it to maybe 300k in a year or so and venture into other areas of business.

 

[D1Bound]

I hate to be that guy to beat a dead horse. But can someone give me input on whether I should start in the fall or continue running my current business and maybe defer/give up my seat.

I net around 200k rn, could grow it to maybe 300k in a year or so and venture into other areas of business.

If you feel confident in the outlook of your business maybe dentistry wouldn’t be the right move. Years of school and debt vs years of compound interest and scaling a business. Idk if it’s worth it

 

[yappy]

I hate to be that guy to beat a dead horse. But can someone give me input on whether I should start in the fall or continue running my current business and maybe defer/give up my seat.

I net around 200k rn, could grow it to maybe 300k in a year or so and venture into other areas of business.

Do you want to practice dentistry or not? It's okay if the answer is no. If you work to make money then it seems like dental school would be a setback, so long as your business is sustainable.

 

[FutureDent020]

I hate to be that guy to beat a dead horse. But can someone give me input on whether I should start in the fall or continue running my current business and maybe defer/give up my seat.

I net around 200k rn, could grow it to maybe 300k in a year or so and venture into other areas of business.

Wait, is this serious? You are speculating that you could net $300K in your future and already net $200K? And just so no one is getting confused, we are talking about taking home $300K AFTER taxes, deductions, expenses… That’s like grossing $400K+ in the dental world. Majority aren’t doing that. Definitely doable, but with a lot of sacrifice, hard work, expenses, debt, and time. Why in the hell would you leave your current situation.

 

[chipskylark13]

Wait, is this serious? You are speculating that you could net $300K in your future and already net $200K? And just so no one is getting confused, we are talking about taking home $300K AFTER taxes, deductions, expenses… That’s like grossing $400K+ in the dental world. Majority aren’t doing that. Definitely doable, but with a lot of sacrifice, hard work, expenses, debt, and time. Why in the hell would you leave your current situation.

Asian Parents! Perhaps also fearful of a dying industry.

I think I could keep this up for maybe another 10 years and try to venture into other areas of business slowly (real estate, hospitality). Or commit fully to my bio degree and stay within the dental field for 30 years. I think that also plays a part I don't know what the future holds past the decade mark in my current industry.

 

[Thehighwind87]

Asian Parents! Perhaps also fearful of a dying industry.

I think I could keep this up for maybe another 10 years and try to venture into other areas of business slowly (real estate, hospitality). Or commit fully to my bio degree and stay within the dental field for 30 years. I think that also plays a part I don't know what the future holds past the decade mark in my current industry.

And you think dentistry in the next decade will be any better? I can tell you without and doubt that dentistry will be worse in the next decade. You will make less year over year without a doubt.


Net of 200-300k after tax is extremely hard for a dentist and I guarantee you in a decade 200-300k net after tax will be unicorn dentists. Aka extremely rare.

Just hearing you say “grow” is a dream in the dental world. Dental world does not grow- it shrinks. Year over year your margins shrink. “Growing” in the dental world doesn’t happen.

My growth the last 2 years due to inflation I think is -20/30%. Lol

 

[LFA20]

Asian Parents! Perhaps also fearful of a dying industry.

I think I could keep this up for maybe another 10 years and try to venture into other areas of business slowly (real estate, hospitality). Or commit fully to my bio degree and stay within the dental field for 30 years. I think that also plays a part I don't know what the future holds past the decade mark in my current industry.

For god's sake please don't give up your current job... Honeslty asian parents are obsessed w/ prestige no matter what the costs are. Don't do it.. this is not a smart financial move.

 

[chipskylark13]

Thank you guys for your input!

I guess my next question would be how would you invest that money? My thinking was to invest in myself ie Dental School. Bc im fearful of the stock market and real estate for the next 5 year period. I don't really see what other areas of business are not profitable or even manageable with margins being so slim due to interest exceeding 8%.

 

[Thehighwind87]

Thank you guys for your input!

I guess my next question would be how would you invest that money? My thinking was to invest in myself ie Dental School. Bc im fearful of the stock market and real estate for the next 5 year period. I don't really see what other areas of business are not profitable or even manageable with margins being so slim due to interest exceeding 8%.

Noone knows what the market will do in 5 years nor tomorrow. History has shown that markets tend to go up more then they go down.

I'm assuming from your commentary you prob sat on the sidelines and didn't participate in the Jan rally. That was like a 30-40% rally, and if you concentrated it into a few big tech companies- a 100% gain.

Goes to show you that time in the market- beats timing the market. Last year everyone predicted spy 5000+ and we had spy 340 at its lowest. Beginning of January all the pundits said we would revisit october lows as its a "bear market bounce" and today we are literally 9% off ATH- and nowhere near october lows.

I'm not saying to invest- but just pointing out some facts. Regardless- when the fed has the money printer and they can print infinite amounts of money to bailout anything... as a bull- you got that on your side. The ace card: the money printer.

 

[chipskylark13]

Noone knows what the market will do in 5 years nor tomorrow. History has shown that markets tend to go up more then they go down.

I'm assuming from your commentary you prob sat on the sidelines and didn't participate in the Jan rally. That was like a 30-40% rally, and if you concentrated it into a few big tech companies- a 100% gain.

Goes to show you that time in the market- beats timing the market. Last year everyone predicted spy 5000+ and we had spy 340 at its lowest. Beginning of January all the pundits said we would revisit october lows as its a "bear market bounce" and today we are literally 9% off ATH- and nowhere near october lows.

I'm not saying to invest- but just pointing out some facts. Regardless- when the fed has the money printer and they can print infinite amounts of money to bailout anything... as a bull- you got that on your side. The ace card: the money printer.

I bought the tech dip in AAPL, TSLA, and Meta. I want to sell it off to actualize the gains, bc I think we could see apple pull back into 167-175 range and then I would just rebuy increasing my share count compared to now. I believe in passive investment, but sometimes I like to go against the talking heads. But I am also a perma bull in tech (concentration builds wealth)!

 

[LFA20]

Noone knows what the market will do in 5 years nor tomorrow. History has shown that markets tend to go up more then they go down.

I'm assuming from your commentary you prob sat on the sidelines and didn't participate in the Jan rally. That was like a 30-40% rally, and if you concentrated it into a few big tech companies- a 100% gain.

Goes to show you that time in the market- beats timing the market. Last year everyone predicted spy 5000+ and we had spy 340 at its lowest. Beginning of January all the pundits said we would revisit october lows as its a "bear market bounce" and today we are literally 9% off ATH- and nowhere near october lows.

I'm not saying to invest- but just pointing out some facts. Regardless- when the fed has the money printer and they can print infinite amounts of money to bailout anything... as a bull- you got that on your side. The ace card: the money printer.

But the money printer has been turned off+QT, interest rates have been spiking up and spy and qqq continues to climb🥲

I agree that time in the market beats timing the market but I think selectively buying during heavy red days is what people should strive for.

Just do the opposite of what cnbc and other finance channels are telling you 😂

 

[Thehighwind87]

But the money printer has been turned off+QT, interest rates have been spiking up and spy and qqq continues to climb🥲

I agree that time in the market beats timing the market but I think selectively buying during heavy red days is what people should strive for.

Just do the opposite of what cnbc and other finance channels are telling you 😂

Has it been turned off? What happened during the banking crisis in March? It was turned back on.

The endgame of this inflation narrative- is that we want inflation down- but not outright deflation. That means continuing on a path for 2% inflation while still having growth is the end-game. Any systemic risk and or "deflation" will be dealt with through rate cuts or printing money for bailouts. The fed does not want a recession, the fed wants a moderation in inflation. Having slightly higher inflation 3-4% is better then a recession. That's why if you don't hedge you will lose your purchasing power.

We are moderating inflation to 2%- according to truflation. We still have a "strong" economy, and therefore we will probably still trend upwards. Q3 earnings will be interesting- if CPI comes in low and earnings come in strong then we have next leg up. Small caps will probably play catch up.

I could totally be wrong though, but I'm long and all in since Jan.

 

[chipskylark13]

h

Has it been turned off? Did you pay attention what happened when SVB failed? They printed 400 bil on the balance sheet literally overnight for depositers.

The endgame of this inflation narrative- is that we want inflation down- but not outright deflation. That means continuing on a path for 2% inflation while still having growth is the end-game. Any systemic risk and or "deflation" will be dealt with through rate cuts or printing money for bailouts. The fed does not want a recession, the fed wants a moderation in inflation. Having slightly higher inflation 3-4% is better then a recession. That's why if you don't hedge you will lose your purchasing power.

We are moderating inflation to 2%- according to truflation. We still have a "strong" economy, and therefore we will probably still trend upwards. Q3 earnings will be interesting- if CPI comes in low and earnings come in strong then we have next leg up. Small caps will probably play catch up.

I could totally be wrong though, but I'm long and all in since Jan.

I agree with this take. It's why I keep DCA into stocks bc I believe they will outperform other assets bc interest rates don't really effect them as much. The economy is healthy and money is consolidated into the top 10%, who seem to be doing fine and hold a majority of the stocks anyway.

I just like being a little active and adjusting my positions in my portfolio when one becomes too heavy due to growth. $CCL and $PENN are my current option plays.

 

[Thehighwind87]

But the money printer has been turned off+QT, interest rates have been spiking up and spy and qqq continues to climb🥲

I agree that time in the market beats timing the market but I think selectively buying during heavy red days is what people should strive for.

Just do the opposite of what cnbc and other finance channels are telling you 😂

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

Our deficit is 1 trillion dollars more after 5 weeks after passing the bill. While one system is trying to drain liquidity from the system in small steps (fed reserve QT), the other system just spent 1 trillion dollars in 5 weeks.

Tell me again how money printer has been turned off? lol.

 

[LFA20]

Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law

The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.

www.foxnews.com

Our deficit is 1 trillion dollars more after 5 weeks after passing the bill. While one system is trying to drain liquidity from the system in small steps (fed reserve QT), the other system just spent 1 trillion dollars in 5 weeks.

Tell me again how money printer has been turned off? lol.

Yeah.. tell me about it. My FOMO meter is through the roof right now with all these gains

 

[PikminOC]

This is the same for medicine

 

[charlestweed]

This is the same for medicine

The same goes for most jobs out there. Work is not supposed to be fun. I haven’t yet met a person who says he/she enjoys going to work every day. The greater income one makes, the harder one has to work and the greater responsibility one has to assume. Greater responsibility = higher stress level. There’s no such thing as easy money….or get rich quick. If there were a lot of easy well paid jobs out there, then nobody would waste time/energy/youth to pursue medicine or dentistry….then medical and dental schools would have problems filling all the seats. There are a lot of professions that require long education (and high debt) but don’t pay as well (nor are as easy to find) as dentistry….such as medicine (if you calculate the hourly wage), lawyer, PhD, MBA, pharmacy, optometry, chiropractor etc.

It’s never fun working for someone else. That's why most associateships don't last very long. In order for you to get paid X amount, you have to produce at least 2X amount for the boss. Dentistry is a business…not a charitable organization. The boss assumes all the risks of running a business and that’s his reward. Take risk….open your own office, and you will earn the same (or greater) reward that your former boss has earned.

Work hard and pay off debts ASAP (when you’re still young and healthy). Work-related stress will be greatly reduced when you don’t have any debt obligation. If you make enough to pay off debt quickly, there's no reason to keep the debt around like a "little pet." Pay off debt first and invest later. When you’re debt-free, you can work less days and your job will become more like a hobby than “an obligation”. I think financial stress (due to overspending and debts) is the reason why many young dentists are unhappy (and have suicidal thought) about their profession.

I would not recommend dentistry to anyone who has the expectation that it’s an easy 4day/wk (no weekend) job…..that he/she doesn’t have to own a practice and can just work for someone else for the rest of his/her life….that signing up for IBR (and then hope that a future president…someone like Joe Biden….will erase the debt by issuing an excutive order 20 years later) is the way to deal with student loan repayment. I wouldn’t recommend dentistry to any non-traditional student who is older than 30 yo….unless he/she can pay for his/her own education.

 

[yappy]

I agree the dental field has challenges, but dentists do not have the highest suicide rate. It is a cultural meme; rates are pretty consistent with other professions. According to the CDC’s most up to date MMWR, construction is at the top for men and Arts, Design, Entertainment, Sports, and Media for women. The greatest increase in suicide in recent years was among men in Arts, Design, Entertainment, Sports, and Media.

I think it’s important to keep things in perspective like @charlestweed .

 

[MidwestOwl]

The same goes for most jobs out there. Work is not supposed to be fun. I haven’t yet met a person who says he/she enjoys going to work every day. The greater income one makes, the harder one has to work and the greater responsibility one has to assume. Greater responsibility = higher stress level. There’s no such thing as easy money….or get rich quick. If there were a lot of easy well paid jobs out there, then nobody would waste time/energy/youth to pursue medicine or dentistry….then medical and dental schools would have problems filling all the seats. There are a lot of professions that require long education (and high debt) but don’t pay as well (nor are as easy to find) as dentistry….such as medicine (if you calculate the hourly wage), lawyer, PhD, MBA, pharmacy, optometry, chiropractor etc.

It’s never fun working for someone else. That's why most associateships don't last very long. In order for you to get paid X amount, you have to produce at least 2X amount for the boss. Dentistry is a business…not a charitable organization. The boss assumes all the risks of running a business and that’s his reward. Take risk….open your own office, and you will earn the same (or greater) reward that your former boss has earned.

Work hard and pay off debts ASAP (when you’re still young and healthy). Work-related stress will be greatly reduced when you don’t have any debt obligation. If you make enough to pay off debt quickly, there's no reason to keep the debt around like a "little pet." Pay off debt first and invest later. When you’re debt-free, you can work less days and your job will become more like a hobby than “an obligation”. I think financial stress (due to overspending and debts) is the reason why many young dentists are unhappy (and have suicidal thought) about their profession.

I would not recommend dentistry to anyone who has the expectation that it’s an easy 4day/wk (no weekend) job…..that he/she doesn’t have to own a practice and can just work for someone else for the rest of his/her life….that signing up for IBR (and then hope that a future president…someone like Joe Biden….will erase the debt by issuing an excutive order 20 years later) is the way to deal with student loan repayment. I wouldn’t recommend dentistry to any non-traditional student who is older than 30 yo….unless he/she can pay for his/her own education.

Charles, I don't think typically 20-30 yo americans, especially caucasians will understand your asian/ immigrant's way of thinking. It's a first world problem thingy..... they like to have a fun/ well paid job that offers them flexibility/ with nice boss so that they can love it... please tell me where to find those....A job is there to bring food to the table... Do I like to do root canal all day, no but it can afford me a 500k income that most americans couldnt...

 

[juniordentist]

Charles, I don't think typically 20-30 yo americans, especially caucasians will understand your asian/ immigrant's way of thinking. It's a first world problem thingy..... they like to have a fun/ well paid job that offers them flexibility/ with nice boss so that they can love it... please tell me where to find those....A job is there to bring food to the table... Do I like to do root canal all day, no but it can afford me a 500k income that most americans couldnt...

This is such a "boomer" mentality. You guys seem to think young dentists are all lazy and entitled. They aren't. They all got top grades in school in order to be accepted into dentistry. In fact, they probably got better grades than us because it's harder to get into dental school now than it was in the past. So if they want "easy, high paying jobs" it's because they studied hard, did better than everyone else so they could have the freedom to do any career they want, so they picked dentistry because the media has portrayed dentists of having these highly paid easy lives. Which was true, until dental schools cashed in on this perception and started jacking up tuition

 

[LFA20]

This is such a "boomer" mentality. You guys seem to think young dentists are all lazy and entitled. They aren't. They all got top grades in school in order to be accepted into dentistry. In fact, they probably got better grades than us because it's harder to get into dental school now than it was in the past. So if they want "easy, high paying jobs" it's because they studied hard, did better than everyone else so they could have the freedom to do any career they want, so they picked dentistry because the media has portrayed dentists of having these highly paid easy lives. Which was true, until dental schools cashed in on this perception and started jacking up tuition

Yes, I agree that there's nothing wrong with being a bit entitled.. especially when you have put so much effort obtaining good grades in undergrad and in dental school. However, the reality is that we live in a world where you need to continuously adapt. 100k salary 10 years ago is not worth the same today. an 18-19aa and 3.5 GPA today may not land you in your top choice of school or even an acceptance now... To enjoy the same lifestyle as boomer dentists new grads may need to work 2-3 times as hard due to the rise of tuition and inflation rate

I think most incoming dental students are really smart(in fact much smarter than us who started dental school 10+ years ago). Just look the average GPA and DAT increases each year. With this smart brain comes the entitlement of making a lot of money by working smartly and less. That's just not how it works in dentistry. The more you produce the more you take home. Plain and simple. It's not enough just being book smart.

As a side note: I see so many tik tok videos of people in dental hygiene, sonogram tech, RN, and PA bragging about going through a lot less schooling than doctors/dentists and make 6 figures at a really young age... Definitely worth looking into for high school/college grads.

 

[charlestweed]

Charles, I don't think typically 20-30 yo americans, especially caucasians will understand your asian/ immigrant's way of thinking. It's a first world problem thingy..... they like to have a fun/ well paid job that offers them flexibility/ with nice boss so that they can love it... please tell me where to find those....A job is there to bring food to the table... Do I like to do root canal all day, no but it can afford me a 500k income that most americans couldnt...

I guess the reason many young 20-30 yo people don’t understand the way older people like us think is they had not worked a day in their life before graduation (due to long schooling/residency trainings, especially for dentists and doctors). They had lived on borrowed (or their parents’) money for a long time. They haven’t yet developed the ability/discipline to budget things and to save for retirement. Additionally, long schooling has taken away some their youth years…..and they want instant gratification right after they graduate. Many of these young people don’t have kids and don’t realize that they would need a much bigger budget in order to support a family while paying back debts at the same time. When they have kids, I am sure they will realize that they’ll have to work harder….longer hours + more work days per wk….because they don’t really have any other choices. I used to be like that when I was a young 29 yo new grad….I worked hard but I had also spent wildly. I felt I deserved all of these. The 2006-2008 recession was a big wakeup call for me…..we had to give up leasing the German cars and downgraded to an Acura MDX, which we had kept for nearly 10 years.

I guess as you get older, your thinking will also change.

This guy makes $190k/yr…..his income has doubled in the last 5 years. And yet, he still feels he’s living paycheck to paycheck. He is not financially clueless….he’s an accountant.

 

[charlestweed]

This is such a "boomer" mentality. You guys seem to think young dentists are all lazy and entitled.

I don’t think they are lazy at all. But entitled….may be a little bit. Just because you sacrifice your youth years to study hard to earn good grades and to become a dentist/doctor, it doesn’t mean that you will be guaranteed with easy highly paid job after graduation….and you won’t have to work on the weekends. There’s no guarantee that when you open your own dental practice, your practice will be flooded with new patients. At least, we dentists can find jobs. There are a lot of college graduates who can’t find jobs (have to get jobs that are not related to their earned degrees) and have a lot of student loans to pay back.

They all got top grades in school in order to be accepted into dentistry. In fact, they probably got better grades than us because it's harder to get into dental school now than it was in the past. So if they want "easy, high paying jobs" it's because they studied hard, did better than everyone else so they could have the freedom to do any career they want, so they picked dentistry because the media has portrayed dentists of having these highly paid easy lives. Which was true, until dental schools cashed in on this perception and started jacking up tuition

They are indeed a lot smarter than us. They are also more studious than us. And sadly, they won’t the have the same bright future (great lifestyle) that we, older dentists, have had. That’s because of high student loan debt, oversaturation, inflation, higher cost of living, higher home prices etc. None of these is their fault. I feel bad for the younger generation. And that’s why I continue to work to save for my kids. Just like my parents, who want me to have a happier life than what they had, I too want my kids not to have to work hard like me. As long as they are willing to work hard to get into a professional school (and not doing crazy things like many of the spoiled rich kids), I am happy to work hard to reward them for their hard work in school.