I think all would agree that dentists work hard to earn their degree and invest a lot of money to get there. It has been hard for me to see how many dreams are destroyed by the dentists themselves without even know it.
How you ask?
By simply making a few seemingly unrelated decisions before considering all the possible ramifications.
Even though a Dentist can still get 100% funding, what is it that they do that steals the dentists ability to build their first new office as they had planned?
- Let a rental or a personal home go back to the bank.
- Let their credit score go.
- Buying that first big house or new car now that they have a decent income.
- Not saving up any money. Did you know that a lender usually would rather see money in the bank than to have you pay down a loan early!
Just to mention a few….
These 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 while all other loans do! The dental practice loan will only show up if your payment is late or if you stop paying your dental loan all together.
Should a new dental office project be on your radar, take the time now to make sure you build up your credit score, stay current on payments, and have money in the bank.
“Your credit report & credit score are 2 of the most vital aspects of your financial health.”– Erin Lawry