Saving for retirement, paying down debt, buying a home or building liquidity — when extra money is tight, where should your dollars go first? At the beginning of a budding career, nothing seems farther away than retirement. It can be difficult to focus on saving for an event 40 years in the future, when today’s needs and desires seem much more urgent.
We receive many questions from new dentists about whether they should save for retirement or pay off existing student loans. While each situation is unique, we do always try to accommodate early retirement saving as much as possible. If you start early, you not only get in the good habit of contributing toward savings and retirement, but you have so many years for your contributions to grow. With that said, many new dentists are unsure of their options to save for retirement. Here are some of these options.
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.
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.
Let’s face it: With the high cost of dental school and its associated living expenses, money can be tight. Being a dental student is not cheap, so tips on how to stretch your money can be as helpful as a chairside assistant. An easy way to save money is by couponing.
It may not seem like a lot of money, but saving just $15 a week can add up to an extra car payment or a fun weekend getaway. Here are 15 ideas to get you started: