I think that anyone who understands the process would agree that obtaining a degree in dentistry takes a massive commitment of time, money and effort. With that in mind, it has been heartbreaking for me to see how many dentists unknowingly self-sabotage the dream they worked so hard to realize.
“How?” you ask?
This happens by simply making a few seemingly unrelated decisions before considering all the possible consequences.
Some examples of these decisions:
Letting a rental or personal home go back to the bank.
Letting your credit score decline.
Buying a big house, new car or any other large purchase as soon as you start making money.
Not having money saved. (Did you know that a lender usually would prefer to see money in the bank rather than to have you pay down a loan early?)
These and other simple things can kill your ability to build, buy or create your own dental practice.
Many times, a dental loan will not show up on your credit reports even when all other loans do! The dental practice loan will often only show up if your payment is late or if you stop paying on the loan all together.
So, secure your new dental project first, then make your big purchases.
If a new dental office project is on your radar, take the time now to make sure you build up your credit score (700 or higher), stay current on all loan payments, and budget what you DO have in order to build your savings in the bank ($40,000.00 or more).
