By: Dr. Cory Ball
Dental school is a busy time for most aspiring clinicians.
Between studying for courses, practicing in preclinic, then managing the patient pool in the final years, most students have a tough time finding additional hours in a day to have a part-time job to make money.
And those students who do have jobs, the amount of money made is minor in comparison to the loans and other costs associated with dental school.
The average dental student is in their mid-twenties. Most of them have not had a lot of financial education. That includes investing, making a budget, and overall knowing how to handle any level of income.
Dentistry is a Lucrative Profession
With that said, dentistry is a lucrative profession.
In Michigan where I am practicing, the median income for dentists in 2021 was roughly $165,000.
Most students are moving on from eating Ramen, paying the rent with student loans, and hoping for gas gift cards from family for their birthdays.
Graduation puts students into the workforce and their income is commonly in the six figures ballpark.
If I think back to the biology classes taken in undergrad, to those mandatory humanities credits, and to some of the elective courses I took to fill my schedule, not one of those prepared me for how to deal with such an income.
I was very fortunate to be introduced to a financial advisor very early in my career.
Meet with a Financial Advisor about How to Handle Your New Income
What did I do? After establishing myself in the practice for the first couple of months, I met with the financial advising team to hear what they could offer me.
There are multiple types of financial planning and advising companies and each can have an approach that suits you.
For me, I was sold when this company presented its values, what it could offer me, how it could help achieve my short and long-term financial goals, and helped me set a budget to be successful.
How a Financial Advisor Helped Me
Some dental students may have more of a financial background and may not need a financial support team. I, however, would strongly recommend it.
I have been working with them for several years now and have been able to:
- make a sizable dent in my student loans
- purchase my first home for my wife and me
- prepare to buy into my practice
- get ready for our first baby without the financial stress
Before buying that fancy new car with your first paycheck, consider discussing with a financial advisor and get a plan together for how to smartly invest your newly earned income!