By If you are looking at dental jobs, or have recently become employed, managing your finances can sometimes be the last thing you think about. Arguably, being on a strong financial footing will give you a better state of mind, enabling you to fully focus on your job.
Dentists are some of the best paid individuals in the US, as dentists come 2nd in the Top 100 Best Paid jobs in the US. An average dentist tends to earn around $100k a year once they have some experience. Despite this strong salary, I know from personal experience that the various expenses quickly rear their ugly head.
As a newly qualified dentist, you will need to start making a dent in the student debt that you built up at dental school. A recent study found that the average newly qualified dentist has on average $240k worth of debt to pay back, which is an astronomical amount.
Here are some tips in order to improve your financial footing moving forward.
1. Hire a financial advisor.
This may seem like an expensive option, but the advice they provide could save you money in the long run. Financial advisors will be able to help you with investing with any funds that you do have, and offer advice on how to save properly and how to plan for your retirement.
Financial advisors tend to take the stress out of this whole process, as they have experience with dealing with similar people in your position and will be able to best advise based on your individual circumstances.
2. Take a look at “doctor mortgage loans”
Even if you are not interested in buying a property at this stage in your life, preparing in advance is vitally important if you wish to secure your dream house moving forward. You may think that because of a high debt relative to your monthly income that this can limit your chances of becoming a home owner, you don’t need to worry as there are numerous options available. Because dentists tend to have good job security, you’d be surprised at the number of mortgage lenders who take a chance with you.
3. Refinance Your Student Debt
If you are struggling under the mental and financial burden of your debt, you may wish to go ahead and refinance your debt that you built up as a student by finding lower interest rates.This can result in lower interest payments and can even reduce your monthly payments, meaning you will be under less stress and have more disposable income as a result. There are many companies out there that try and find you a better interest rate, so it is definitely worth doing. One of the companies that the ADA recommended is DRB. They specialize in finding better interest rates for dental education debt.
If you have any other tips that you wish to share with us about how you cope with your finances, be sure to let us know and we will add the best tips to our guide. If you are looking for a job in the Dental Industry, take a look at https://www.dentreps.com/cm/candidate/search_jobs and browse the job database.
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