Money Monday

Loan money and emergency fund questions answered

emergency fundIn last month’s post, we reviewed the book, “Hot (broke) Messes,” by Nancy Trejos. We received several questions related to that review. We will try to answer them in the next couple months. This time we’ll answer 1) how much should you save in an emergency fund? and 2) can you borrow money for living expenses too and not just tuition and books?

Things you should never (or almost never) buy new

money mondayWhether you’re paying down student debt or saving for a dental practice of your own, it’s never too early to be money savvy. One way to save your pennies is to know when it’s the right time to buy something new and when something used will do just fine. The cost differences between new and used products can be huge and that means more money in your pocket. Read more…

Should you incorporate as an associate?

Taxes 1040 formAfter dental school graduation, many students begin to work in dental offices as associates. When a dentist begins to work as an associate, they may work as an employee of the practice or as an independent contractor. Typically, an associate will not have a choice whether to be an employee or independent contractor when they join the practice. If the practice has always treated associates as employees, they should treat any new associates as employees too; the same goes for independent contractor treatment. Read on to find out the pros and cons of each setup and find out more about what you’ll need to do during tax time…

Retirement savings options explained

Money in hand_x smallOne of the most common areas where we see dentists, young and old (but especially young), make questionable decisions is in the area of retirement planning. A general rule to follow is that every young dentist who is working should save as MUCH as possible as EARLY as possible. This is easier to do if you have money directly deposited each pay period into a retirement account. The options for retirement accounts may seem daunting. Here are a few options that you may have as you enter the workplace…

How to spend (and not spend) student loan money

Money in your handsWhen you are in school, your main focus is, and should be, your class work. However, because you are not employed full time, most students must use student loans as a way to fund both school and living expenses. At the time the loans are incurred, it is easy to minimize the effect that repayment will have on your lifestyle down the road. However, it is crucial for the financially aware student to recognize what they SHOULD and SHOULD NOT spend student loan money on…