As pre-dental students we are always trying to be immersed in the scientific and medical world. The world of business and finances is far from the mind of the typical science student. But ask any dentist who has recently graduated and they will tell you, “I wish I had learned more about finances.”
It’s hard to imagine learning about things like investing, 401(k)s, retirement, etc., while we are in undergrad, but the earlier we start to investigate finances the further ahead we will be as practicing dentists.
Many students in school or right out of school are afraid to invest their money. With not much knowledge in the area, it can be a daunting prospect. However, if you have a brokerage account or an IRA started while you are in school, there is one way that you can invest money without having an investment background. Dollar cost averaging is a method used where you invest a set amount at set intervals over time. Not only does this method spread risk, but it is easy to budget for the amounts invested. Read on for an example.
One of the most well-known ideas in the business world is: “There is no such thing as a free lunch.” What this really means is that when you decide to do something, there is always something that you could have done instead, but chose not to. The “thing you could have done” is a lost opportunity. You gave up something to do or get something else. This idea is known as “opportunity cost.” Read on to find out how opportunity cost can effect your financial future.