Dentists Aren’t as Wealthy as the Public Might Think
Dentists are commonly perceived as wealthy. In this survey, we asked dentists if they consider themselves wealthy – and two out of three dentists said no, they are not in fact wealthy. “While my income may be in the top 10% of wage earners, my debt is high, and it is a struggle to fund my retirement goals,” wrote one dentist, echoing the feelings of many respondents.
Here are some other comments from dentists:
- “One of the most frustrating things about dentistry is the enormous financial investment one must make to first complete a dental education and then later to start up a practice. As much as I love dentistry, I am not sure I would choose this path if I had it to do over again. Many other fields are more lucrative without the same financial investment.” (California dentist)
- “I consider myself ‘wealthy’ only in the sense that I worked extremely hard for 25 years to pay my debts, taxes and not be a burden on society from here on out.” (Minnesota dentist)
- “I’m 52 and I make a good living now, but I lived paycheck to paycheck until I was 40. I’m still short on my retirement funding and don’t plan to retire until age 65 or so.” (Virginia orthodontist)
- “I graduated from dental school with no debt, thanks to my wife’s working to pay for it. I retired 4 years ago with a net worth of $4.5M and live half the time in Hawaii now. A lifetime of saving and time are the secrets to wealth.” (Tennessee dentist)
- “I make good money compared to the general population, but my goal is to make good money compared to the successful people with whom I associate.” (Florida dentist)
- “I just purchased a practice, and my school debt exceeds $200k. Now I have to purchase the building of the practice for $600k, and I purchased a home… The debt load is enormous in the beginning.” (Vermont dentist)
- “The idea that all dentists are wealthy is absurd. The public looks only at what they pay. They have no idea what it costs to run a dental clinic. In reality, dentists must produce so very much revenue before they pay themselves that very few dentists are truly wealthy.” (Minnesota dentist)
- “Statistics show that dentists average about $180k/year, putting them in the top 5% of earners in America. I personally earn more than that and am comfortable in my lifestyle and prospects for a secure retirement. Not Bill Gates, but financially secure.” (Pediatric dentist)
- “Economics effect everyone. Unfortunately, dentistry is perceived as a luxury.” (California dentist)
Read the complete dentists and wealth survey results