Discussion in 'The Pub' started by StevenA, Jan 21, 2015.
EDIT: Removed in its entirety to stop derailing the thread, hopefully.
Perhaps, but opening a practice, plumbing, electrical, equipment, pictures of geese on the wall will come in at around 400K. Being a mil in debt waiting for the the phone to ring may be daunting.
He is saying that you have to factor all those costs into opening an office.
Huh? You may want to re-read the post you quoted.
I may have misunderstood his point. It seems I did.
I agree that opening a dental practice is daunting and not for the faint of heart, with risk comes reward.
But wait....the first two years are going to be free....FREE.
That is insane. Really hard to pay back that kind of $$ and buy into a practice. Especially given current student loan interest rates.
The medical field is going to be screwed in the upcoming years, nobody in their right mind that doesn't have mommy and daddy paying the bills will enter the field. Most of my class in med school had to survive on loans, but our interest rates were in the 2-3% range, not 7+% like they are now.
It has already happened to primary care and the vast majority of new grads are entering into subspecialty fields.
He is saying that it will cost 400K to open a medical or dental practice, with plumbing and electrical being part of the overhead cost.
Reading comprehension is hard.
Yep, I admitted my mistake, more than I can say for many posters around here. Tough crowd.
No harm no foul in my book!
that's why they get paid $500 an hour.
That's insane tuition. I wonder if there will be a point that the government steps in. Hard for these grads to buy houses, cars, and other consumer goods with such debt.
Possible, but doubtful...
I think that there are very, very few dentists who earn $450K+ per year.
a bubble is inflating, when it will burst is hard to say, but it will.
I know many wealthy dentists. I also know the same amount who wonder where they went wrong.
The quick reply from most will be, "who cares because all doctors are rich". What they fail to take into account it the school loans for dental/medical school AND undergrad. You send the first 20 years of your career just paying back loans and trying to get by. Being in the medical field isn't what it used to be. One can still make a good living but all my friends who got business degrees are earning 2-3 times what I make and only have 1/2 the student loan debt.
While dentistry has been a wonderful profession, the cost of getting started, and loan payback would be daunting when you consider a realistic income figure for new dentists. I love the wild income estimates people make. Easy to fact-check incomes with the internet these days. (I wish we were doing half a mil on average.) I'd have a CEO7, AND a SCGC Vintage Artist, swimming in mahogany I tell ya!
If they go a million in debt, then they'll have enough in collateral to pay it off. Government loans cap out at $138,500 for a grad student. The other $861,500 will have to come from private loans. So they will have to come from a rich family or have some major assets to back the loan with.