Is it your big dream to own a practice? Do you imagine what it would be like to run your own business? Maybe being an employee is just not for you. Here are some common misconceptions that students have about money when it comes to starting or buying a practice.
When you leave dental school and head out into the world, it’s likely that you will consider joining an existing practice. Whether you hire or are hired, you will likely sign an employment contract. An employment contract is an agreement under which a dentist commits to perform certain services and a practice agrees to compensate that dentist for performing those services.
Recently, the Buffalo chapter of ASDA hosted a session of “Fun and Games with UB Dental” at our local nursing home, Elderwood. We chose to volunteer with this population because we often see that geriatric individuals are underserved when it comes to oral hygiene knowledge as well as access to oral hygiene supplies.
Nowadays, the average dental school graduate could face over $300,000 worth of debt. That is a hefty amount for any student to take on, especially now when most of you are dealing with the stress of dental school. Before you start to panic take a deep breath and follow these tips to help you get on the right track if you find yourself beginning to struggle with dental school debt problems.
I wear two hats. I love both my hats dearly. The one of motherhood is worn and faded. It feels like jeans — washed 100 times — like a second skin, comfort and home and happiness.
In our work, we see many recent dental graduates with huge debt loads — $300,000, $400,000 or even $500,000 right out of school. They end up in our practice, often overwhelmed with how to pay down their debt. And while most of them know that their income is solid and poised to grow, they still grapple with whether it makes sense to pay off their debt, or to minimize their loan payments and, instead, set aside money for the future.
Navigating your career can be overwhelming, but having a mentor who can help guide you through it can be powerful. Even if you currently don’t have someone you can call a mentor, it’s never too late to find one.