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.
Wondering what you can do with your money even while you don’t have any? Here are some ideas of what you can do while in dental school to set yourself up for financial success.
Let’s face it; getting an undergraduate degree can be expensive. Throw in dental school and there’s a good chance you paid a pretty penny for your education. Chances are when you receive your dental degree, there’s some debt attached to it. Here a few ways to keep your expenses under control as you pursue your dental career and during its early stages.
Watch the video in this post from Ryan Schulte, a partner in financial advising from Envision Wealth Group. Ryan has been working with dental students and dentists for many years. He says one of the biggest things people are noticing across the country is the mess being made from lack of personal financing. Budgeting is important! The digital age makes it too convenient to venmo your friends, set “auto-reload” to your Starbucks account app, or buy pretty much anything by synching your credit card with the Target app. On average, people are only saving 3-4% of their income. We should be aiming for around 15-20% in savings. Shocking, but with hard work and dedication, you’ll be happy you did!
Saving money is often easier said than done. After all, not only does it require discipline, but it requires one to proactively take advantage of options to save. For a student on a tight budget, here are 5 ways to save money this month and make your high interest student loan money go farther…
We talk a lot with students and new dentists about starting to save for retirement early. Without the proper discipline to save routinely as you start to work, dentists are left with much less at retirement than they had hoped for. Sometimes, it is hard to even know where to start. Read on to learn more!