Through: Ava Guzman
After graduation, dental students may want to get started right away to recoup their educational investment and earn a living. But between student loans and the money it takes to open a clinic, the costs are high.
Save money for your dental practice
The American Dental Association (ADA) reports: that an initial cost of $500,000 is needed to start a career as a dentist. Fortunately, there are many ways to save for dental work, and many of them can and should be done while you still have years to graduate. Below are some of them:
Pay off loans quickly
According to the same ADA report above, you’ll need $120,000 to $270,000 to graduate from public dental school. This is much, much higher than the average four-year degree because of the specialty of instruction. And if you want to save for a formal dental practice, pay off your loans in such a way that they don’t eat up too much of your earnings in your early years of practice.
One thing you can do is invest some money to fund your loans. More specifically investing in index funds. Maryville University recommends this type of investment for college students, as they are low risk with great potential gains. Index funds track the S&P 500, the country’s most profitable companies. You don’t even need to set aside a large amount, just $10 or $20 a week can be enough to get started.
Start your supplier search early
By recruiting potential dental equipment suppliers early on, you can get an idea of how much money you need to set aside when you start your own practice. Search online for suppliers in your area or ask for recommendations from acquaintances. Shortlist potential suppliers who have the equipment you are looking for and their price range. A company like Patterson can even offer cheaper rates for new customers who plan to buy in bulk.
Check out the ratings of all suppliers, even the bad ones. Keep in mind if and how the supplier responded and resolved the complaint. Take your time to make up your mind because this equipment is an investment. You use these tools to care for your future patients.
Work part time if possible
Not all dental students have the time or energy to get a job alongside their studies, but if possible, working part-time will be a good source of income. They can work on campus for their convenience as some universities offer library and administrative work. Tutoring younger students is another option. Some jobs don’t even require you to be formally employed. You can earn extra money by, for example, offering proofreading and transcription services to fellow students.
Being a dental student costs a lot of money, and even more so opening a dental office after graduation. In our post ‘This Will Boost Your Impact in Dentistry’, we encourage dental professionals to make a mark in the industry using their education and experience. As costly as starting a dental career may be, students can now start saving for the future they want.
Next one: Tax guide for buying a dental practice
photo by Alexander Mils