What Does The Financial Future Hold For Us?

[member_225]

I don't understand how there are practises for sale (saw them on the ROI corporation website..don't know if it's legit) that have a gross income of over 1 mil with 1 dentist. it says they have 1300 patients and the dentist works 4 days a week. You can easily make 300k net profit if you're a good business man and that's what I find odd....but then of course it costs 1.3 mil so you need to work a few years to make some money...unless your dad's rich of course

[member_225]

My numbers are all based on associating, which is what the vast majority of new grads start out doing.

 

Why doesn't everyone just work as an associate for a few years, save money to buy a successful practise and easily make 300k?

[DRUNKEN GORILLA]

coz experience for implant orthodont etc (continuing education for those), and repay 300K. after repay you need loan again 500k for your own practice. 

[Osahon]

Lol...yeah...super easy.

 

Associating and owning are very different experience. There are legitimate pros and cons to both, but it's way off base to think that owning is just like associating but with more income.

 

Some of us have no interest on owning and sometimes there are good reasons for that.

Very true!! Personally if I can get an associate Job after School that can Net me $200k.. Am very okay!! No need to bother myself owning a practice

[Osahon]

I found the hours it took to get to 200K to be a bit brutal. I'm sure some younger dentists can do it consistently, but I couldn't. I was not a happy person last year.

lemme guess?? 6 Days of Work, and 8 hours per day!!!To net 200k as an Associate???

[Osahon]

You really need to find the right person to work for if you want to associate long term. A lot of people want to own just to have full autonomy in how they work. There's a lot more to the decision than just money.

very true!!

[cleanup]

lemme guess?? 6 Days of Work, and 8 hours per day!!!To net 200k as an Associate???

 

You're oversimplifying this. You could work 50 hours a week and make under 6 figures or work 28 hours a week and make well into the $200s.

 

That's the variability that exists in dentistry, particularly in the GTA.

[Osahon]

You're oversimplifying this. You could work 50 hours a week and make under 6 figures or work 28 hours a week and make well into the $200s.

 

That's the variability that exists in dentistry, particularly in the GTA.

Thank you for the Response

[CPR trainer]

Very true!! Personally if I can get an associate Job after School that can Net me $200k.. Am very okay!! No need to bother myself owning a practice

 

You will work much harder to make $200K as an associate vs being an owner.

Plus, all the equity you build for the practice by working so hard goes to the owner (ALL OF IT!!!).

I know there are non-financial reasons that dentists have for continuing to work as associates but, if we"re talking money, there is no comparison between associateship and ownership.

There seems to be this "myth" that ownership involves one headache after another along with responsibilities that can be overwhelming.

I think it would be beneficial for new grads and associates to get some advice on this so, I'm going to start another thread to start a discussion.

[Osahon]

You will work much harder to make $200K as an associate vs being an owner.

Plus, all the equity you build for the practice by working so hard goes to the owner (ALL OF IT!!!).

I know there are non-financial reasons that dentists have for continuing to work as associates but, if we"re talking money, there is no comparison between associateship and ownership.

There seems to be this "myth" that ownership involves one headache after another along with responsibilities that can be overwhelming.

I think it would be beneficial for new grads and associates to get some advice on this so, I'm going to start another thread to start a discussion.

Thank You for your response

[member_225]

I don't trust the internet to give me a reliable salary for dentists. You go on one site/forum that tells you dentists make more than MD's and another that tells your they barely get by with 80k. Some tell you their salary is 180k others tell you that you're lucky to make 120k. There's such a big difference in salaries that you can;t trust it anymore. Lol I looked up dental specialties salaries...some said it was about 150k and others 270k...

[djdents]

I don't trust the internet to give me a reliable salary for dentists. You go on one site/forum that tells you dentists make more than MD's and another that tells your they barely get by with 80k. Some tell you their salary is 180k others tell you that you're lucky to make 120k. There's such a big difference in salaries that you can;t trust it anymore. Lol I looked up dental specialties salaries...some said it was about 150k and others 270k...

I think this variability is a reflection of the numerous options dentist have after graduation: location, hours, types of procedures, associate vs ownership, etc...

[member_225]

I think this variability is a reflection of the numerous options dentist have after graduation: location, hours, types of procedures, associate vs ownership, etc...

 

It might have an effect but MD's have the same influences and you don't see their salaries fluctuate that much on the internet. I think it's just how people perceive the profession and make up salaries based on that. They think doctors are "all that" and so their salaries have to be "all that". 

[Waves]

It might have an effect but MD's have the same influences and you don't see their salaries fluctuate that much on the internet. I think it's just how people perceive the profession and make up salaries based on that. They think doctors are "all that" and so their salaries have to be "all that". 

 

Isn't it because MDs still have the OHIP money no matter what, while dentists need to actually be at least somewhat business-savvy to make money? This leads to a lot of variability like location, hours, and everything that was said above. People don't "make up" salaries...