I’m surprised you think a lot of dentists make over $360k. “A lot” as in most dentists can make over $360k/year. I worked in a busy corporate office, and the lead general dentist in the office made $250-300k at the office (a $2M/yr in revenue). I personally know at least 50 associate general dentists as friends and friends of friends, and few of them make over $300k.
Here is the thing:
1. Associate dentists work on production or base salaries with benefits. By mid career, majority of dentists are not working 5 days a week at age 45-55 and beyond. Maybe some, but most are working 4 days or less a week. So that’s at least 20% drop in their pre mid career income. Do you know a 50 yr old dentist working 5 days a week? So even if they earned more than $300k/yr in income before age 45, which puts them in the top 20% of associate income, the majority are definitely making below $300k for sure after age 45. It’s a very stressful and physically demanding profession, so no dentist works 5 days a week from day 1 in the chair until they retire. Mid career is a turning point in number of hours worked, it’s also when the learning curve plateaus very flat. This comes with contraction of earnings for most dentists too. Decades of paying of debt (student loans, mortgage, raising kids, etc) takes a toll on dentists as humans. So beyond age 45, the exhaustion pulls a dentist back, and with that - their income is pulled back too.
2. Owner dentists also work less days eventually by mid career. But I think they have the extra benefit of getting out of debt sooner and slowing down sooner, but they can enjoy making the same level of income at mid career by hiring an associate. Even that can be a very illusive process, as the average associate works 5 yrs or much less for their employer. So while owner dentists has more headaches than associates to keep their income up, it still requires some level of risk to keep the same income by mid career. Most owner dentists actually don’t hire an associate and just choose to work solo - and just learn to control their schedule productively. It’s still a year to year approach and goals. No owner dentist makes the exact same income year to year; there are some great years, and some not so great years. Depending on goals and life demands, mid career owner dentists work uber hard for few years to pay off their kids college, or pay off mortgage, or buy a boat, or whatever motivates them financially... but when those goals are crossed off, they take their foot off the gas and their income goes down just like an associate.
I should look into doing a CE course on this topic at this point.