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.
In a world where everything has gotten complex, simplicity will sometimes serve you well, even when it comes to planning for your future. Starting a financial plan for yourself while in school or just after graduation does not have to be complicated. There are some basic rules that you can keep in mind when learning to live on a budget, pay back student loans and plan for the future.
After hearing my podcast about student loans with Howard Farran, a student emailed me and asked if I had tips for predental students. The following outlines my advice for those ready to pursue dentistry as their career.