Where do you live? City and State (or Country if outside the U.S.)
Indianapolis, IN
Do you like where you currently live? Why or why not?
Yes, but we live really far from family so we’ll be moving back to our home state after my husband finishes school
Do you have any hobbies? What are they?
Reading, exercise, long walks with my dog. I love a good podcast. I also consider personal finance one of my hobbies!
What is your highest level of education?
Doctorate
Where did you go to school? What did you study?
I went to college and got my degree in biology (wouldn’t recommend) and then went to Dental School in the Midwest (would probably recommend)
Are you currently employed?
Yes
What is your current occupation?
Dentist
Do you like your current occupation / job? Why or why not?
I love my job itself, but a career as a dentist can be really draining. There’s a lot of pressure for perfection, and you’re constantly trying to get people to like you/having patients tell you they are scared or hate the dentist. As an introvert, I’m usually drained by the end of the day.
What is your yearly salary (or approximate yearly compensation)? Feel free to include any bonuses or other compensation perks you may receive this year.
I get paid based on my adjusted production, which means I get paid a percentage of what I do, AFTER insurance takes their cut. So if a procedure costs $1000, insurance will usually adjust that by 25-30% (at least, sometimes more), so $750, and then I take home 30% of that before taxes, so approx $225. I don’t like the math of it 🙁 people make a lot of comments about how expensive dentistry is but we don’t often see much of that profit. You have to produce in high volumes to make a lot of money if you accept insurance.
Last year my gross salary was just over $300,000 but this can vary a lot. I’m not on track to earn that much this year.
Have you ever been promoted at work? What position(s) were you promoted to?
No, but my boss has tried to get me to partner with him. I’m not interested in ownership, even though I know I would earn more that way.
Have you ever negotiated your salary? If so, how did that go / what was the outcome?
Before you sign a contract you do a lot of negotiation in the dental field. My original contract had me earning 25% of adjusted production, but I asked for a raise after my first year of work, to 30%.
Do you have a second job or side hustle? If yes, what is it and what do you do?
No. I don’t think my body or mental health could handle that right now.
What is your relationship status?
Married
Do you and your partner have joint or separate finances?
Joint
What is your *monthly* rent / mortgage for your household?
2000
Do you have any children / dependents? If yes, how many?
0
Do you have any pets? If yes, what kind?
Yes, one dog
About how much do you spend on groceries *each week*?
250
Are you debt free?
No
What kinds of debt do you have?
Student loan
How much *cash* savings do you have currently?
$10,000 +
Are you currently investing/saving for your retirement?
Yes
About how much money do you have invested/saved for retirement? Are you satisfied with this number?
Between my husband and I, we have about $250,000 saved for retirement. I’ve been working for 4 years and my husband for 3. My husband is in residency so he has a much higher earning potential when he’s done, but right now makes very little for the hours he works. It’s a grind. We started with over $600,000 in student loan debt and we’ve paid off almost half at this point! That’s been our main focus right now over retirement. We still max out our available retirement accounts though, but we got such a late start after training I’d like to find other ways to increase retirement savings.
What’s been your favorite purchase this year?
I got an oura ring and I love it!
What’s one piece of advice you’d give to your younger self?
Spend less while you’re living off of student loans!! I spent way more during my four years of mDental school than I needed to.
What current goals do you have? (ex. Health goals, Fitness, Money, Career, Travel, etc.)
Right now my biggest goal is trying to pay down our debt before student loan payments kick back in. I’ve had to do a lot of research about what the best options are for us and once we have to start paying again, I’ll probably refinance most of our loans – our payments will be about $5000 a month, which feels overwhelming. We’re also trying to get ready to have a baby.
What are you currently struggling with, if anything?
My biggest struggle is just getting through a work week and being exhausted by the end. It’s also hard living in a city where you don’t know very many people, especially as an introvert 🙂
What accomplishments of yours are you most proud of?
I’m really proud of my degree and the office that I work in. I really do enjoy being a dentist and helping people even though, like I said, some days are tough. I’m also really proud of our savings rate and what we’ve been able to do in a short period of time. We are almost at a $0 net worth 🙂
What makes you imperfect?
Ha! What doesn’t! I love a good couch rot day, and I think the amount of debt I have would send anybody running.
It’s Personal is an anonymous blog series about the personal lives and finances of women.
