Navigating dental school is challenging. Between the long hours in the classroom and training, there’s little time to think about your finances. However, now is the best time to start saving. Whether your goal is to pay off debt, increase your savings or start investing for the future, there’s no time like the present to get started.
I’m frequently asked what advice I would give to a new dentist. I compiled this list based on my years of experience advising dentists on their personal and practice finances and hearing, “I wish someone had told me this sooner.” These pointers should help you make thoughtful financial decisions, largely without regret.
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.
It’s no secret that the average dentist is saddled with a lot of student loan debt when they graduate school. Having a strategy to quickly and efficiently pay down your student loans is critical to long-term financial success. These personal finance tips can help you pay down student loans faster, regardless of your specialty or income.
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.
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.
Over 40 million Americans hold $1.4 trillion in student loan debt, according to the Federal Reserve Bank of New York. ASDA partner SoFi answers some commonly asked questions about student loan refinancing.