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Frank22
Are the wealthiest dentists those who do high end cosmetic work on high profile clientele (e.g., celebrities in the Beverly Hils area) or those that own a very large practice with multiple offices?
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The ones who let their money work for them.
agree, but if you aren't one of those who is smart with their money, then the ones who own lots of offices and pretty much don't do dentistry anymore tend to be the wealthiest I know of.
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If you want the highest rate of pay as a dentist, you need to stop working and start collecting Welfare. Here is why:
Say you collect 500 dollars from welfare and work 0 hours for it, the rate is undefined approaching infinity (500/0). 😱😱😱😱
lol.
Say you collect 500 dollars from welfare and work 0 hours for it, the rate is undefined approaching infinity (500/0). 😱😱😱😱
lol.
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The wealthiest dentists I know have a number of other dentist working for them.
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Based on my experiences I'd have to say dentists who owns multiple offices, especially the ones in the greater Houston area.
I was fortunate to shadow a dentist who worked for one of these franchises. What I learned from the experience was the lucrative side of dentistry. I noticed a couple of things in common with most dental franchise is they loved to set up offices in the "Medicaid zones" to vacuum money off these patients and hire recently graduated dental students. Each and every one of the offices apparently vacuums millions of dollars each year. I could only imagine what the owners are netting each year(I'm guessing in the eight figures, I'm basing this off because the owner's has their own private jet).
I don't know if this is true or not, but I was told orthodontists can't even set up their own practice(even partnerships with other orthodontists) in the Houston area just due to the intense competion with these franchise, and that they're better off being associates.
I was able to meet the owner of the franchise that I shadowed through a dental employee party, and they even offered me a job as a dentist assuming if I graduate as dental school(not too surprised). This owner doesn't even practice dentistry no more I was told they were into lobbying these days.
I was fortunate to shadow a dentist who worked for one of these franchises. What I learned from the experience was the lucrative side of dentistry. I noticed a couple of things in common with most dental franchise is they loved to set up offices in the "Medicaid zones" to vacuum money off these patients and hire recently graduated dental students. Each and every one of the offices apparently vacuums millions of dollars each year. I could only imagine what the owners are netting each year(I'm guessing in the eight figures, I'm basing this off because the owner's has their own private jet).
I don't know if this is true or not, but I was told orthodontists can't even set up their own practice(even partnerships with other orthodontists) in the Houston area just due to the intense competion with these franchise, and that they're better off being associates.
I was able to meet the owner of the franchise that I shadowed through a dental employee party, and they even offered me a job as a dentist assuming if I graduate as dental school(not too surprised). This owner doesn't even practice dentistry no more I was told they were into lobbying these days.
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Frank22
Does anyone think that highly acclaimed cosmetic dentists in areas like D.C., L.A., or NY may be the wealthiest? I know many of these dentists are interviewed on TV and even given acting roles.
No, the wealthiest are the multiple-practice owners. I don't doubt the "Hollywood dentists" do well but I doubt they can compete with the big boys. Not to mention that for every 100 dentists who tries to be a celebrity dentist probably 1 makes it. If that.
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It usually has less to do with their skill as a dentist and more to do with their business savvy. The dentist I go to owns the entire medical park where his office is and leases out to other medical professionals, which include an oral surgeon, general practice doctor, and cosmetic surgeon. He has about an 8000 square foot house on the lake that probably cost several million dollars so I think its safe to say he's far above the average $200,000 salary that is generally quoted.
10% of the uber rich in this country's income comes in the form of salary, the other 90% comes from their financial investments returns or capital gains. Hence why they pay less tax than everyone else.
The idea of being wealthy for dentists requires to think outside the box, and use dentistry as a tool which creates other opportunities that leads to better financial success than dentistry itself.
Example 1: There are dentists that manage multiple practices they helped create, but shared the burden with other doctors who have stake in the business at the branch/office level.
Name: Clint Herzog, DDS
Graduate from: Texas A & M University, 1996
University of Texas San Antonio Dental School, 2000
Practice Name: FLOSS Dental
Practice Locations: 11 locations across Dallas, Fort Worth, Houston and Austin, Texas
Practice opened: First location opened in 2007 in Dallas
Income Range: $3-5 million a year.
Web site: www.flossdental.com
Example 2: There are doctors who invest in commercial or real estate properties over the course of their career.
Name: Dr. Joe Smith
Graduate from: Case Western
Practice Name: Big Smiles Dental
Practice Locations: 2 locations (with 3 associates, and 1 orthodontist)
Practice opened: 1994
Number of Properties Owned: 50-60 (residential rental properties, some commercial with national tenants - ie. Wendy's, Starbucks, etc.)
Income Range: $2-3 million a year.
Example 3: There are oral surgeons who work for big chains like Aspen.
Name: Dr. Paul Ryan
Graduate from: Tufts
Practice Name: Aspen Dental
Practice Locations: 15 locations (oral surgeons rotates between 20 Aspen offices)
Years At Aspen: 5 years
Income Range: $1-2 million a year.
I know at least 1 dentist who falls into each of the above examples.
There are 100's of other avenues to be financially successful, but they all have one thing in common. They are all outside the norms of your conventional $150-250k a year salary for a dentist, with no financial plan to go beyond his/her profession.
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Frank22
Dr Jeff why couldnt a dentist become extremely wealthy by simple being the owner of an extremely large practice with multiple office locations(as opposed to expanding to things like fast food chains, etc...)?
As long as they manage their expenses properly, there's no reason why they couldn't become quite wealthy in that scenario. But if they mis-manage the offices, then that scenario can also end up with them in a large debt situation 😱
Multiple PROFITABLE offices can work great. Just plain and simple, multiple offices doesn't always equate to profit though
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