Dentaltown New Grad Edition 2016 - 14
howard speaks
column
Businesses and Babies
There's never a "perfect time" to start having either one-so start now
There's never a "good time" to have a baby, or to go
into business for yourself. But I'll tell you who does have
kids: the young and the dumb. I had four boys in 60
months! It took those five years and four kids sprawled
out in my bed before I realized, "I need to pull the plug
on this!" and had a vasectomy.
When you're young, you have a ton of energy-you
can be up all night with babies. The older and wiser
you get, the more you think about it: "What if I have
a child and she's not healthy?" "What if I end up with
a ton of medical bills?"
It's the same in business, which can be highly
illogical. But when you're young, you can eat all that risk
because you have less to lose. There's nothing sweeter
than diving in to it and starting your own practice. It'll
be a crazy period in your life, but you're not going to
drown. Dentistry has only about a 1 percent failure/
bankruptcy rate. (Why do you think all the banks want
to finance dental transitions? Because they hardly ever
fail. And when that 1 percent does go under, it's usually
the man in the mirror who failed-something went
wrong because of drug abuse or an arrest.)
So why would you be afraid to open your dental
office-because of a 99 percent success rate? Why are
you afraid to have a kid-because you think if you buy
a house, acquire two dogs, and get used to traveling on
the weekends that someday you're going to ruin all of
that with a kid? No, no, no.
Take the plunge
About 25 percent of baby boomers don't have kids.
Instead of getting married at 16, they got married at
26, and by that age people realize
that having a kid is expensive. (The
percentage of millennials who don't
have children is expected to rise even
higher-closer to 33 percent.)
If you're the sort of person who
keeps a close eye on your finances,
you're probably never going to have
a kid or give up working in corporate
by Howard Farran, DDS, MBA, publisher, Dentaltown magazine
14
NEW GRAD 2016 // dentaltown.com
dentistry, which pays six figures and lets you go in at
8 a.m. and leave at 5 p.m., and never on evenings or
weekends! You're going to get really comfortable. When
you're 27 with no kids and two furry friends, and work
at Heartland or Pacific, you're probably going to be
there a long time, if not your whole life.
I graduated May 11, 1987, and my office was open
four months later. That was the craziest time of my
life! On top of that, I had Eric in 1989, Greg in 1991,
Ryan in 1993, and Zack (and a vasectomy) in 1995. By
then I was done having kids, and I had my office and
the dream of my life.
It's sort of like swimming. Here's how millennials
learn how to swim: They go to Amazon, do an author
search, find someone with a PhD in swimming, read his
book, then read another book, then go to the pool and
bring their friends and read around the pool.
In my day, your dad threw you in the deep end,
because he knew you weren't going to drown, and that's
how you instantly learned how to swim. It's the same with
having a baby, or opening a practice. You're never going
to be "ready." This is the time to do it. You'll survive.
You'll have a 1 percent failure rate. And if you get too
comfortable, you're never going to do it.
No more excuses
A lot of people say to me, "Well, you graduated
in 1987 and had only $87,000 in student loans. I'm
on the hook for a lot more." I challenge the idea that
schooling alone puts students $350,000 in debt-I
believe it's the lifestyle those students lived during school.
I didn't have a car until senior year. Meanwhile, today
I see freshmen driving around in sports cars that their
grandparents never sat in once during their whole lives.
I see students taking cruises on spring break, or flying
around the country. The reason many students are in
that much debt is because they got access to way too
much cash and they blew through it. If you gave every
tween a credit card and told them they didn't have to
make payments on their purchases for four years, every
one of them would max out those cards.
http://www.dentaltown.com
Table of Contents for the Digital Edition of Dentaltown New Grad Edition 2016
What Is Dentaltown?
On Dentaltown.com
Howard Speaks
Professional Courtesy
Continuing Education Update
Industry News
Message Board: Practice Managment
Message Board: General Dentistry
Catch the Wave
Running the Numbers
(Your Own) Practice, Made Perfect
The Real Access to Care
Ad Index
Changes in the Dental School Landscape
Test Your Reading Comprehension
Like Mother, Like Daughter
Once Upon A Time... A New Grad signed a Bad Dental Office Lease
Dentally Incorrect
Dentaltown New Grad Edition 2016 - Intro
Dentaltown New Grad Edition 2016 - Cover1
Dentaltown New Grad Edition 2016 - Cover2
Dentaltown New Grad Edition 2016 - 1
Dentaltown New Grad Edition 2016 - 2
Dentaltown New Grad Edition 2016 - 3
Dentaltown New Grad Edition 2016 - 4
Dentaltown New Grad Edition 2016 - 5
Dentaltown New Grad Edition 2016 - What Is Dentaltown?
Dentaltown New Grad Edition 2016 - 7
Dentaltown New Grad Edition 2016 - 8
Dentaltown New Grad Edition 2016 - 9
Dentaltown New Grad Edition 2016 - 10
Dentaltown New Grad Edition 2016 - 11
Dentaltown New Grad Edition 2016 - On Dentaltown.com
Dentaltown New Grad Edition 2016 - 13
Dentaltown New Grad Edition 2016 - Howard Speaks
Dentaltown New Grad Edition 2016 - 15
Dentaltown New Grad Edition 2016 - Professional Courtesy
Dentaltown New Grad Edition 2016 - 17
Dentaltown New Grad Edition 2016 - Continuing Education Update
Dentaltown New Grad Edition 2016 - 19
Dentaltown New Grad Edition 2016 - Industry News
Dentaltown New Grad Edition 2016 - 21
Dentaltown New Grad Edition 2016 - Message Board: Practice Managment
Dentaltown New Grad Edition 2016 - 23
Dentaltown New Grad Edition 2016 - 24
Dentaltown New Grad Edition 2016 - 25
Dentaltown New Grad Edition 2016 - 26
Dentaltown New Grad Edition 2016 - Message Board: General Dentistry
Dentaltown New Grad Edition 2016 - 28
Dentaltown New Grad Edition 2016 - 29
Dentaltown New Grad Edition 2016 - Catch the Wave
Dentaltown New Grad Edition 2016 - 31
Dentaltown New Grad Edition 2016 - 32
Dentaltown New Grad Edition 2016 - 33
Dentaltown New Grad Edition 2016 - Running the Numbers
Dentaltown New Grad Edition 2016 - 35
Dentaltown New Grad Edition 2016 - 36
Dentaltown New Grad Edition 2016 - 37
Dentaltown New Grad Edition 2016 - (Your Own) Practice, Made Perfect
Dentaltown New Grad Edition 2016 - 39
Dentaltown New Grad Edition 2016 - 40
Dentaltown New Grad Edition 2016 - 41
Dentaltown New Grad Edition 2016 - 42
Dentaltown New Grad Edition 2016 - 43
Dentaltown New Grad Edition 2016 - 44
Dentaltown New Grad Edition 2016 - 45
Dentaltown New Grad Edition 2016 - The Real Access to Care
Dentaltown New Grad Edition 2016 - 47
Dentaltown New Grad Edition 2016 - 48
Dentaltown New Grad Edition 2016 - Ad Index
Dentaltown New Grad Edition 2016 - Changes in the Dental School Landscape
Dentaltown New Grad Edition 2016 - 51
Dentaltown New Grad Edition 2016 - 52
Dentaltown New Grad Edition 2016 - 53
Dentaltown New Grad Edition 2016 - Test Your Reading Comprehension
Dentaltown New Grad Edition 2016 - 55
Dentaltown New Grad Edition 2016 - 56
Dentaltown New Grad Edition 2016 - 57
Dentaltown New Grad Edition 2016 - Like Mother, Like Daughter
Dentaltown New Grad Edition 2016 - 59
Dentaltown New Grad Edition 2016 - Once Upon A Time... A New Grad signed a Bad Dental Office Lease
Dentaltown New Grad Edition 2016 - 61
Dentaltown New Grad Edition 2016 - 62
Dentaltown New Grad Edition 2016 - Dentally Incorrect
Dentaltown New Grad Edition 2016 - 64
Dentaltown New Grad Edition 2016 - Cover3
Dentaltown New Grad Edition 2016 - Cover4
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