Must read books for future dentists?

[Kingse]

Anyone have any recommendations of what books I should read to get me ready for dentistry? Any input is appreciated.

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[SirBrotherJam]

Dentistry for Dummies

 

[White_Sponge_Nevus]

White Coat Investor

 

[Saddleshoes]

IF you are the first "Doctor" in your family read:
Blue Collar - Blue Scrubs: The Making of a Surgeon (By Micheal Collins)

 

[ktv24]

IF you are the first "Doctor" in your family read:
Blue Collar - Blue Scrubs: The Making of a Surgeon (By Micheal Collins)

Why do you suggest this?

 

[Saddleshoes]

Why do you suggest this?

Those of us that had parents that are welders, electricians and plumbers view the professional school experience differently than our fellow students that had parents that that are doctors & lawyers.

(I am NOT saying one group is better that the other group, just differently motivated.)

 

[Faefly]

How to not unalive yourself 101

 

[Boat on the Chesapeake]

Sturdevant’s Art and Science of Operative Dentistry…just kidding, you’ll have enough dental PowerPoints to read during dental school. You wouldn’t absorb much. I’d probably pick up a few details I’ve forgotten if I read it now.

The Millionaire Next Door is a good perspective if you’re new to thinking about finances

 

[Pablo Sanchez]

Not dental specific, but Millionaire Next Door and Rich Dad Poor Dad are two of my favorites. The principles in these books can set you up to have a very rewarding career and life. White coat investor is also very informative.

 

[Thehighwind87]

Anything about finances. Contrary to what you think- Alot of dentists are broke or in large amounts of negative debt.

There is positive debt- like practice loan, real estate etc.

But alot of dentists and MD's accumulate negative debt like cars, boats etc.

 

[White_Sponge_Nevus]

IF you are the first "Doctor" in your family read:
Blue Collar - Blue Scrubs: The Making of a Surgeon (By Micheal Collins)

Got it on Audible after seeing your post and loving it so far! Takes me back to my pre-dental school/dental school odd job employment days. Great book. Thank you!

 

[Kingse]

Thanks all for your responses. I'll be sure to check them out. If u have any other recommendations, don't be shy to add it!.

 

[Silver_arrow]

Anything about finances. Contrary to what you think- Alot of dentists are broke or in large amounts of negative debt.

There is positive debt- like practice loan, real estate etc.

But alot of dentists and MD's accumulate negative debt like cars, boats etc.

In regards to finances the absolute biggest killer is divorce. Don’t let it happen to you lol

 

[Molar Whisperer]

Many sources recommend CEO's essential reads to include Sun Tzu: The Art of War. John Kois recommended "Talent is Overrated," by Geoff Colvin.

 

[Big Time Hoosier]

Big Hoss

 

[Kingse]

View attachment 384694

Big Hoss

I'll check it out.

 

[New_Vegas]

Anything about finances. Contrary to what you think- Alot of dentists are broke or in large amounts of negative debt.

There is positive debt- like practice loan, real estate etc.

But alot of dentists and MD's accumulate negative debt like cars, boats etc.

Honestly all debt is bad debt. Interest is interest. If I could do life over again, I would probably do things differently.

Imagine two people.

One person becomes a dentist and pays 1M over 10 years for a practice loan at an interest rate of 6.5% at the beginning of his career.
The other person becomes a doctor, and pays 1M over 10 years into investing in the S&P 500 earning over 12% at the beginning of his career.

Imagine they both made the same salaries and the same contributions to their investments and lived the same lifestyle.

First of all, the dentist would have to spend $1,362,575.73 dollars to have an asset worth 1M (interest working against you).

The doctor's investment ( of 1M) 25 years later would be worth $17,000,064.41

The dentist's investment 25 years later would be worth... Who knows.. But approximately 1M.

And the doctor's investment would be worth even more than that, because I didn't take into account how that money would grow as they were investing those first 10 years.

So no, no debt is good debt.
This is why becoming a dentist probably isn't the route I would choose to go if I had to do it again.

 

[Pablo Sanchez]

Honestly all debt is bad debt. Interest is interest. If I could do life over again, I would probably do things differently.

Imagine two people.

One person becomes a dentist and pays 1M over 10 years for a practice loan at an interest rate of 6.5% at the beginning of his career.
The other person becomes a doctor, and pays 1M over 10 years into investing in the S&P 500 earning over 12% at the beginning of his career.

Imagine they both made the same salaries and the same contributions to their investments and lived the same lifestyle.

First of all, the dentist would have to spend $1,362,575.73 dollars to have an asset worth 1M (interest working against you).

The doctor's investment ( of 1M) 25 years later would be worth $17,000,064.41

The dentist's investment 25 years later would be worth... Who knows.. But approximately 1M.

And the doctor's investment would be worth even more than that, because I didn't take into account how that money would grow as they were investing those first 10 years.

So no, no debt is good debt.
This is why becoming a dentist probably isn't the route I would choose to go if I had to do it again.

This is an oddly similar argument to the argument I made in the thread:
The Financial Argument For General Dentistry

It is something people don’t think about! Good point! I would argue the opportunity cost of those early years when a medical student is in residency and a dentist is working can be just as significant!

 

[yappy]

Honestly all debt is bad debt. Interest is interest. If I could do life over again, I would probably do things differently.

Imagine two people.

One person becomes a dentist and pays 1M over 10 years for a practice loan at an interest rate of 6.5% at the beginning of his career.
The other person becomes a doctor, and pays 1M over 10 years into investing in the S&P 500 earning over 12% at the beginning of his career.

Imagine they both made the same salaries and the same contributions to their investments and lived the same lifestyle.

First of all, the dentist would have to spend $1,362,575.73 dollars to have an asset worth 1M (interest working against you).

The doctor's investment ( of 1M) 25 years later would be worth $17,000,064.41

The dentist's investment 25 years later would be worth... Who knows.. But approximately 1M.

And the doctor's investment would be worth even more than that, because I didn't take into account how that money would grow as they were investing those first 10 years.

So no, no debt is good debt.
This is why becoming a dentist probably isn't the route I would choose to go if I had to do it again.

One part of the calculation that you left out is the tax benefits of owning a business vs W2. For example, what if the dentist set up a mega back door IRA and also limited their W2 income so to pay less taxes. Not all employees have that flexibility. To me the worst part of being a dentist today is how high the tuition is, even relative to medicine.

I agree no debt is best. Being a physician does seem like a more “turn key” career, depending on the specialty.

Books? If you are interested in owning a practice vs being an employee “E-myth” is worth a read.

 

[New_Vegas]

One part of the calculation that you left out is the tax benefits of owning a business vs W2. For example, what if the dentist set up a mega back door IRA and also limited their W2 income so to pay less taxes. Not all employees have that flexibility.

This is absolutely peanuts compared to being a W2 employee with no business debt and just chucking money into the market.

Besides, being a 1099 doesn't help you unless you have a lot of business expenses, as does a dental practice owner does. Otherwise it's better to just be a W2, because you would be responsible for yourself-employment tax (which is the employer and the employee's share of payroll taxes).

 

[yappy]

This is absolutely peanuts compared to being a W2 employee with no business debt and just chucking money into the market.

Besides, being a 1099 doesn't help you unless you have a lot of business expenses, as does a dental practice owner does. Otherwise it's better to just be a W2, because you would be responsible for yourself-employment tax (which is the employer and the employee's share of payroll taxes).

It’s apples and oranges. Business costs and debt are different than income. For example, does the W2 physician pay on the debt and operating costs for the hospital? Of course, but they never see it. Why can’t owners chunk money into the market too? They’re just W2 employees of the business they own.

I agree being 1099 is not ideal unless you own a practice.

 

[New_Vegas]

Why can’t owners chunk money into the market too?

You can, but the point is that in 10 years, it's highly unlikely to be able to contribute that amount while paying off your business loan. Sure you will be able to contribute as much as the other guy with no business debt afterwards, but you will have missed all that time in the market.

My whole point with that comment was saying how ALL debt is bad debt. I don't see how one form of debt is good and how another isn't. Sure, with a business you can turn around and sell it, but you wouldn't get anywhere near what you would get if you put your money in the market or some other investment.

 

[odontogenesis]

How to Win Friends and Influence People

 

[Molar Whisperer]

You can, but the point is that in 10 years, it's highly unlikely to be able to contribute that amount while paying off your business loan. Sure you will be able to contribute as much as the other guy with no business debt afterwards, but you will have missed all that time in the market.

My whole point with that comment was saying how ALL debt is bad debt. I don't see how one form of debt is good and how another isn't. Sure, with a business you can turn around and sell it, but you wouldn't get anywhere near what you would get if you put your money in the market or some other investment.

Apologies to @Kingse for going off topic. You make a great point about debt is bad and I applaud you for being debt responsible. I want to politely point out some deficiencies. If having a business is not so good and being a W2 is so advantageous, who is going to write your W2 check? The gov't? My point is there has to have some incentives for business owners. Were you able to buy your first house without a mortgage? The gov't tries to encourage "good behavior" by giving tax incentives for businesses to thrive, create jobs and contribute to the community. In the past, gov't housing was a colossal failure, so they devised tax friendly incentives for landlords. If you own a home rather than renting, you are more likely to work harder at your job, improve/develop your property, and are less likely to trash your own place like the renters will. Debt needs to be handled responsibly as one can take advantage of those incentives.

I want to share that the Market is not guaranteed. You can never time the market. I graduated in '98 and lived at my parents' home to save for a place. I put into the S&P at its high. I bought a nice home (still living in it) in 2003 when the S&P lost like 25% as I needed to liquidate to pay for the down payment. I got spooked right before the Great Recession as I pulled most of it into cash savings/CDs. I missed out on the early gains before I felt more confident with the Markets.

 

[Bemosaidit]

I would recommend reading the book Thinking, Fast and Slow by Daniel Kahneman who won the nobel prize in psychology and decision making. It helps understand how people think and what guides their decisions when they approach you.

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I saw a lot of good motivation on https://edubirdie.com/examples/career-goals/ when I was studying. This helped me formulate my career goals and better understand the psychology of success.

 

[Molar Whisperer]

When I graduated, many of the above mentioned books didn't exist. I read "Taxes for Dummies" and "Investments for Dummies." I've included many of their explanations above. I had a fascination with business and thought of going back to get a MBA. Other than CEs, dental journals, dental knowledge, we were (or in the past) never taught financial subjects. If I were to go back to college, I would major in Finance & Accounting and take the required courses for whatever career I wanted. If one has the means (dental or any professional income), it can be naïve and irresponsible to be clueless with finances. We all have to pay the bills, feed the family, and hopefully retire someday despite all the inflation, economic situations, etc. I have a colleague who is in drowning in debt. She seemed nonchalant about it and when asked if she has a plan to retire someday, she mentioned that she won't live long enough to reach that point.

 

[New_Vegas]

Apologies to @Kingse for going off topic. You make a great point about debt is bad and I applaud you for being debt responsible. I want to politely point out some deficiencies. If having a business is not so good and being a W2 is so advantageous, who is going to write your W2 check? The gov't? My point is there has to have some incentives for business owners. Were you able to buy your first house without a mortgage? The gov't tries to encourage "good behavior" by giving tax incentives for businesses to thrive, create jobs and contribute to the community. In the past, gov't housing was a colossal failure, so they devised tax friendly incentives for landlords. If you own a home rather than renting, you are more likely to work harder at your job, improve/develop your property, and are less likely to trash your own place like the renters will. Debt needs to be handled responsibly as one can take advantage of those incentives.

I want to share that the Market is not guaranteed. You can never time the market. I graduated in '98 and lived at my parents' home to save for a place. I put into the S&P at its high. I bought a nice home (still living in it) in 2003 when the S&P lost like 25% as I needed to liquidate to pay for the down payment. I got spooked right before the Great Recession as I pulled most of it into cash savings/CDs. I missed out on the early gains before I felt more confident with the Markets.

I agree. I think it's necessary to have a "set and forget" mentality in regards to investing. But there's no guarantee the market will be thriving when you are ready to retire. As to the W2 situation, I was referring to those unfortunate new grads who get employed as independent contractors (with no other choice) who are basically associates.. Then without the business expenses they aren't getting tax benefits as an owner would. Worst of both worlds. Little to no business expenses to benefit as a 1099, and don't get their employer paying their share of the taxes that they would get as a W2.

 

[Furman11]

Achieving success in dentistry is pretty good. I'm sure there are others as well. Dental practice hero was another valuable read.
Achieving Success in Dentistry Here's the link for amazon for Achieving success in dentistry.

 

[yappy]

I , I was referring to those unfortunate new grads who get employed as independent contractors (with no other choice) who are basically associates.. Then without the business expenses they aren't getting tax benefits as an owner would. Worst of both worlds. Little to no business expenses to benefit as a 1099, and don't get their employer paying their share of the taxes that they would get as a W2.

It should be criminal. I once had a corpo recruiter try to sell me on the benefits of 1099 like I was a complete idiot.