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About Lvl3sonly

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  1. 1. Your numbers are correct, but you don't need to pay off debt that rapidly over 5 years. Nowadays banks will convert the student loan to a professional line of credit when you graduate and you don't even have to make any payments beside the monthly interest. Of course, you would be dumb to not pay it off eventually, but the 355k over 10 years becomes much more manageable at ~3500-3600 a month. 2. Yes you get taxed the same whether you are debt ridden or not, but you should have built up a ton of tuition credits from years of undergrad and dental school. In my case I didn't pay any taxes except for CPP (~5000) for my first 6 months of employment after graduation, and a decent chunk of my income taxes the following year were offset as well with the tuition credits. 3. That totally depends on the city you are working in. According to statscan (https://www12.statcan.gc.ca/census-recensement/2016/as-sa/98-200-x/2016024/98-200-x2016024-eng.cfm), median income of a college graduate in Canada in 2015 was ~68000. Let's round it up to 70k assuming inflation. After taxes that's 4400 a month. Now, as a dentist, to make that equivalent amount of after tax money *after* paying off your debt, you would need to make ~145k. Pretty doable. That's just to keep up with the median income. You can live a decent life with that amount depending on the location. Now, buying a house in Toronto or Vancouver? Whole other story 4. Yes you can work as an army slave, your tuition is 100% paid for and they also provide you a stipend of ~50k a year. Instead of coming out of school with 355k debt, you are ahead 120k assuming 20k living expenses/year. Granted, as a dentist working in the army your income potential is limited. Also, you have no choice of which location you will be put in. Some areas are much better than others. 5. Not sure about working in the US compared to Canada, totally depends on where you work. In some places in the states associates are making 25% of collections. 6. Too broad of a question to ask. Income potential of a specialist is obviously higher than a GP. Whether that's worth the 3-6 years of extra schooling is up to you. If you are willing to work in areas where there is less saturation, then it is worth it. Even 355k of debt isn't unmanageable. Plenty of rural areas where you can make 250+ as an associate no problem. Those jobs are harder to find in the city, but still doable.
  2. Terrible dentists exist no matter where you were educated. There just happens to be more terrible dentists who are ITDs. And this isn't a sample size of 1. There is a reason why you see job postings asking for canadian grads. The stereotype will never end as long as canada keeps accepting dentists from 3rd world shitholes.
  3. I don't think having an emergency fund is necessary for a physician. For the average Joe, yes, having an emergency fund is essential but not for a physician. 1) physicians have extremely stable jobs with excellent job security. That means having a stable income 2) They have access to LOCs from the bank at prime-0.25%. This should be used as your "emergency fund" 3) Most physicians have undergrad/med school debt. I'd much rather pay off the debt than have cash lying around in a chequing account doing nothing.
  4. Agree with almost everything you said. Although I've actually noticed more FTDs moving out to rural areas nowadays. I've seen the work FTDs do and generally they are extremely lacking compared to domsetic or even US/Australia grads. I worked with a guy who didn't even know basic endodontic pulpal/apical diagnosis. The standards of training in dental schools in certain parts of the world are frankly garbage. You're not gonna say it so I will. I've seen tons of bad work from ITDs. Not just technical skills, but in diagnosis as well, both misdiagnosis and overdiagnosis. I would never recommend my friends go to a ftd. There are of course exceptions to the rule. I've seen dentists from 1st world european countries and they are excellent. Even though it may be technically fraudulent tons of offices are asking for the copay. Very common in BC for that to happen.
  5. Go look at the listings on your local dental school website and the classifieds section in your province's dental college website. Email your resume and cover letter to positions that sound interesting. Ask your profs if they know anyone looking for an associate
  6. I'm a dentist but I have many friends in medicine. I'd say depending on the specialty there is a big difference in the hours and flexibility. Dentistry has more in common with surgical specialties and those specialties usually have worse working hours than in dentistry. In dent there is big flexibility in the amount of hours you want to work. One thing you need to be sure of is where you want to work after you graduate. If you are dead set on working in big cities like Toronto or Vancouver, then you need to rule out a decent chunk of specialties. Also, being an owner as a dentist is not as easy as you think it is. The majority of new dentists who are graduating will not ever be practice owners in the future, especially if you are talking about dentists working in major metropolitan areas. Also, working weekends and evenings will be common for dentists in the city. If you don't mind working in a small city, dentistry is a great gig. 9-5, m-f jobs are plentiful with great income.
  7. You are right that canadian educated dentists are higher caliber students. However, academic competency isn't really something that's needed (beyond a minimum threshold) out in the real world when you're an actual practicing dentist. Maybe what you're saying applies for an applicant that went to a lower tier australian school, but I've seen sydney grads be just as competent as domestic grads. Helll, I'd take an australian grad any day over a foreign dentist who did a 2 year equivalency at a domestic canadian school.
  8. You are right, everyone has a different risk profile. I'm just heavily biased against insurance because I think a lot of salesmen are sleazebags taking advantage of high income professionals like med/dent. I know so many people that got advised into whole life right out of school. I honestly think insurance for kids is even less necessary than whole life. At least with whole life you can semi-justify it if you are a very high income earner maxing out all your registered accounts and also have enough in the corp to come up against the passive income limit and pay general corp rates.
  9. That's pretty common knowledge. I suggest you look up the physician financial independence group on fb.
  10. Sounds like you have a terrible financial advisor/insurance salesman. You're way better off self insuring when it comes to kids.
  11. Health insurance for your family? Are you talking about for your kids? That's completely unnecessary. Same with dental. You don't NEED to have as much insurance as possible like the reps will tell you to for their commission. My own life insurance and disability is <$3000 a year. The 300k figure is already after professional overhead expense. 3k is a pittance when you are making 15k net after taxes. 12k after tax is an amount most canadians would kill for. The whole point I am making is that med school debt is not in any way crippling. You can come out with like 300k debt and still live a lavish luxurious doctor lifestyle.
  12. 3k is definitely a pittance for someone making specialist income. All you need is disability and term life for insurance. 7200-12000 a year you are quoting is quite a high figure for insurance. What is the average specialist making? Let's say 300k of taxable income after overhead and deductions. That's 15k net a month. That's also assuming you aren't incorporated. I don't know how anyone can say that sucks. People would kill to have that level of income and you can live a very luxurious lifestyle on that income.
  13. It's definitely good to be mindful over debt, but this worry is a bit overblown I feel. Med school tuition in canada is still relatively affordable and if you are just a little careful you will be nowhere near 350k in debt. Let's play with some actual numbers. UBC Med tuition just as an example is <100k for all 4 years. Let's say living costs are 25k a year which is pretty generous. Also assuming you aren't working part time at all. Let's also account for interest rate going up to 5%. So basically the worst case scenario. After 4 years when you graduate med school, assuming interest has been accruing the entire time, you have 226k in debt. Let's say you succumb to lifestyle inflation right away while being a resident, go on expensive vacations, and you don't pay down your LOC at all and it just sits there accruing interest. At the end of residency this is the total amount of debt you have: 2 year residency: 250k 5 year residency: 290k At the end of residency, on a 10 year repayment, the monthly payments are ~$2650 and ~$3080 respectively. On a GPs income, you can easily make that work and if you're making specialist income that amount of debt is a pittance. Again, using pessimistic numbers, 200k gross income as GP, 20k deductible expenses, leaves 180k which is 10k a month after taxes net. After servicing your debt, you have ~7000 a month for all living expenses which is a luxurious lifestyle. For some perspective, 7k a month net is equivalent to a 116k salary in BC which is ~95th percentile in terms of income in BC.
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