As a dental student or resident, you probably haven’t thought much beyond getting your first job. Once you get your first job, you are going to have a lot of decisions to make. Hopefully, one of the first ones will be to decide what to do with the money from your paycheck that you don’t spend. If you have student loan debt, you might be ready to throw your entire paycheck at your debt. Should you? Maybe, maybe not. It’s different for everyone. But here are some things to consider.
After you begin to practice dentistry, you will seek advice from advisors in all kinds of arenas: legal, accounting, financial and more. You will rely on the advice of these key advisors to make wise and beneficial decisions. Therefore, not only is it important that you form a “team” of dental-specific advisors to help guide you during your entire career, but it is important to understand the areas in which risk management will be imperative to you as a practitioner.
A question that I often hear from new dentists is: Do I need a financial advisor in addition to an accountant/CPA? The answer depends on a lot of factors (including one’s personal financial wealth going into dental school), but the vast majority of starting dentists may not need a true financial advisor until they accumulate some substantial wealth. With that said, if you need particular help with personal investments or personal budgeting as you start to work, there are certain things that you should be prepared to ask any potential financial advisor upon an initial meeting. These questions are also great to keep in mind if you are meeting with a professional service provider for the first time, such as your accountant or attorney:
The completion of dental school (or residency) brings a whole bunch of changes and new responsibilities. As this blog has made clear many times before, there are several financial changes a new grad must deal with. One of those financial questions new grads are often confronted with revolves around disability insurance. While not exhaustive, I’ll attempt to give a few tips on disability insurance in this article.