Bridging the Financial Gap For Dentists

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Cash Management, Getting Out and Staying Out of Debt

So, why don’t more people operate within a budget? I believe the biggest reason is because our society has been plagued by two very serious financial diseases—Stuffitis and Affluenza. Their symptoms are very similar to one another. When a person has become exposed to either of these social viruses they have an insatiable desire to have stuff and live a life of affluence, and even when they can’t afford whatever it is they want, they buy it anyway. Usually on credit. They want it and they want it now! And in many cases they will do whatever it takes to get it, even if it means over extending themselves with debt. After all, it’s just another monthly payment of $300 or $500 or $700.

I have found that after a dental professional has been in practice for a few years and they have the so-called trappings of success: the cars, houses, vacations, boats, second homes in the mountains. Many of them are too embarrassed to admit that they are living paycheck to paycheck just like the “average Joe.” They’re buried in debt and have very little money in the bank, much less in a retirement plan. They say to themselves, “When I get this credit card debt paid off, or the build-out loan paid off, then I will start socking some money away.” That is, until the guy down the road comes by and tells them about this great new piece of equipment or shows off his new Cadillac Escalade.

I’m not slamming the dental profession here. I’m just telling it like it is for most people in our society. I’m not saying that we should hoard every dollar and live without nice things. That’s why we became educated in the first place – to get ahead, enjoy life, enjoy time off, and have nice things. However, like I said earlier, “it’s okay to enjoy the fruits of your labor, but you don’t have to eat every grape in the bowl!”

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