To Dr. Jeff or the other practitioners out there

[al]

I'm wondering how many years after dental school/AEGD/GPR etc, will a typical dentist (general practice, specialist) be able to enjoy the rewards of his/her hard work in school and career? In other words, during the beginning years(I don't know how many), I'm sure paying off debts, living expenses, and "getting by", etc will be big money issues. So when do dentists start earning the bucks for the benz and the SUV, the 4 bedroom home for a family of 5, occasional vacations to Europe, children's college tuitions secured, golf country club memberships, etc, etc, etc..

Will a dental career support this kind of lifestyle, or are these ideals too high? What kind of lifestyle can a typical dentist expect? Any comments will be appreciated, and I apologize if I sound naive or superficial. thanks

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[DrJeff]

I'm almost too scared to touch this one, but here goes.

Yup, the first few years potentially can be a bit tough, and economically tight depending on your loan situation and the income level based on your practice type, location, and ownership/associateship situation. Generally after a few years when the loans are taken care of and the income level is generally increasing, you can live quite comfortably. Will you be able to have a private jet, 4 houses, 12 cars, etc, etc, etc., probably not. Will you be able to lead a very comfortable life, have a nice house, decent cars, provide for your kids education and your retirement, and take the whole crew on a nice vacation a few times a year, very likely yes.

Here's a solid bit of advice though, even though its real tempting initially to splurge a bit on that fancier car, or that surround sound system, put more of that into either your debts, or even better, your retirement plan. The more you put away at a younger age, the longer that investment has to grow, and the more you'll have when you retire and not have to worry about the office anymore.

As a dentist you'll likely live more comfortably than 90 to 95% of the population. Its a great profession, just don't get caught up in the spending spree that can lead to problems and not ultimately allow you to live that comfortable lifestyle.

 

[al]

thanks for the heads up Dr. Jeff in answering my question. Its nice to know the rewards for all the hard work needed to be a good dentist. I think we all value your presence in this dental forum, thanks.

 

[groundhog]

Dr Jeff's advice applies across the board when starting up any small propritorship type business. Be frugal with your personal budget, generous with your business budget, and DO NOT mix the two. Many a beginning business goes down because revenues are immediately used to satisfy personal wants on a hap hazard random basis.

 

[Centrum]

Here is an interesting thread. I will bump it on up!