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Dental students and residents frequently ask me for help when they are about to graduate. Here are some tips I hope you’ll find helpful:
In your final year of dental school or residency you should acquire disability income insurance. As a dental professional your ability to create an income is completely dependent on your ability to work. Make sure to lock in career-long discounts while you are still young and healthy and insurable.
Almost all states require you to have professional liability insurance (often called “malpractice insurance”). This insurance protects your work, assets, and reputation in the event of a lawsuit by a patient under your care. Choose a company that is financially strong, has a strong record for winning lawsuits, provides a favorable consent provision, and is experienced in the world of dentistry.
Many students need to take on loans in order to undertake their training. If you had to borrow to finance your education, you should put into place a plan for paying back your debt. Do this now, while you are still in school! Know exactly when and how you will repay your loans and factor it into your budget.
Create a budget. You should make sure you are not overspending, as this is a common problem with new practitioners. A good rule of thumb is to make sure you have at least a 3-6 month reserve fund saved up in the event of an emergency.
If you have private loans, children, or are married then you should look into getting a life insurance policy. Talk to an insurance professional to identify what’s most suitable for your situation.
If you have any questions please feel free to reach out to me!
Christopher Fountain is a financial services associate with Treloar & Heisel. You can reach him via email at email@example.com.
~Christopher Fountain, Financial Services Associate, Treloar & Heisel