Happy October! The purpose of this month’s post is to serve as a single source for some useful online tools to help simplify some of life’s financial decisions. We have not revisited this topic in a while.
Next month, some of us will meet at the National Leadership Conference in Chicago. We will talk about student debt, interest rates and options for managing your debt. Because dental school tuition costs have been on the significant rise in recent years, more students than ever are graduating with very high amounts of debt. While standard ten year repayment is still the primary option for those in repayment, other options are gaining appeal. These include income based repayment and refinancing. We will discuss the options available when you graduate and which options make sense in different circumstances.
What are some questions that you would like addressed during this session?
Welcome to Life Hacks Week! This week is filled with tips, tricks and hacks to get you through dental school. Whether it’s your first or fourth year of dental school, we hope you will find something in these posts to help you succeed. This is our back-to-school gift to you! So pull out a number 2 pencil and a college ruled notebook and let’s get to it.
As a follow-up to last month’s Money Monday post about credit card myths, we will focus on the topic of credit scores. We last discussed this back in 2013 so it is time for a re-visit! Last month, we mentioned that utilization, or your statement balance as a percentage of your total available credit, is one element of your credit score. What are the other elements and why are they important?
Let’s talk about credit cards: the good, the bad, the not-so-ugly. Most adults have at least one credit card that they use frequently. With the influx of technology in recent years, paper use has decreased; this includes the use of money. People don’t carry or use cash as often. A credit card is easier to carry, offers rewards or points and (uh oh) allows you to carry a balance. While credit cards are great in that they allow you to build credit history, people often sign up before entirely understanding what they are getting into. Here are some of the MYTHS about credit card use…
It has been awhile since we talked about savings and how to save while incurring large amounts of debt in dental school. Typically, it is recommended that everyone has an “emergency fund” to cover at least 3-6 months of their fixed costs in case they are unable to work or have an immediate family need. How can you make this happen while still in dental school? Read on…
When you graduate dental school and begin working, you may incur costs that relate to your practice. If you use a non-dental accountant to do your tax return(s), it is quite possible that they may not even inquire about certain expenses that you incurred during dental school which can be used to your advantage once you start practicing. Books, journals and instruments you acquire during dental school are known for tax purposes as a “professional library” and can be expensed as depreciation over several years’ tax returns. This, in turn, lowers your taxable income, which is a good thing!