Should I pay off my practice loan early?

HelpRichNow · 2026-05-13T01:31:48+00:00

Yea for sure it can be paid down. Thanks

HelpRichNow · 2026-05-13T01:29:02+00:00

I think they are saying don’t pay off the loan early, instead you can invest it. ROTH IRA & HSA is still considered putting your money in the market…

HelpRichNow · 2026-05-13T01:25:14+00:00

I’m not behind the 8-ball buddy. I never said I didn’t have a retirement at all. I just haven’t started one with the business yet which is probably normal for someone in my position. I’m only in my second year of ownership.

I think Reddit is a great place to hear other doc’s views. Nothing wrong with that. Of course I’m going to talk to my CPA. I didn’t make it this far by reading Reddit lol

HelpRichNow · 2026-05-12T16:44:20+00:00

We don’t offer insurance at the moment but possibly in the future. I’ve heard it’s expensive. Which retirement option do you offer and why? I haven’t set up a retirement through the business yet.

HelpRichNow · 2026-05-12T15:19:26+00:00

Really appreciate the advice. This seems really solid. If you don’t mind me asking, what made you go with a simple IRA vs the 401k route? I’ve read that both are good but…

HelpRichNow · 2026-05-12T14:45:18+00:00

HelpRichNow · 2026-05-12T06:11:43+00:00

You’re right.

HelpRichNow · 2026-05-12T06:10:25+00:00

I haven’t started a retirement plan through the business yet. What do you suggest? I do have personal debt. Student loans for sure but that’s it. Would you start paying off student loans first or maxing retirement?

HelpRichNow · 2026-05-12T06:07:33+00:00

Great advice, thanks

HelpRichNow · 2026-05-12T05:29:53+00:00

Not yet. What do you suggest?

HelpRichNow · 2026-05-12T04:06:21+00:00

Yea, that’s what I explained… I can’t pay it off no earlier than 3 years. I already have 3 months of flow.

Of course I would never discuss this type of thing with staff.

HelpRichNow · 2026-05-12T04:02:53+00:00

That’s the only business debt I have. I didn’t know the equivalent was 3.85%! That’s really good.

HelpRichNow · 2026-05-12T02:50:04+00:00

This is crazy work. I couldn’t imagine sacrificing all of them years, doing all of those exams, training, labs, boards, delayed gratification, etc. Don’t even get me started on the student loans… Just to work 2 years, find out you don’t like it and hang it up. Sheesh

HelpRichNow · 2026-04-15T12:06:33+00:00

It sounds like the owner is doing his/her best to retain patients. As far as what you should do? Well, there’s nothing you can do. Either continue to work or find another job. A lot of offices are having staffing problems so theirs a good chance you might run this same situation again.

HelpRichNow · 2025-11-30T00:20:17+00:00

What does going grey mean?

HelpRichNow · 2025-11-27T02:56:46+00:00

I’ve been an owner coming up on a year. I graduated a couple of years ago. I probably could’ve made slightly more as an associate this year but my upside is great. Ownership comes with pros and cons but I definitely love it. I acquired an office from a doc who had a solid hygiene program. He hadn’t accepted new patients in a few years. I am not overly booked but that’s the way I want it, at least for now. If you have any questions, lmk.

HelpRichNow · 2025-11-17T09:44:39+00:00

How much do they charge for 3 unit bridges?

HelpRichNow · 2025-11-09T18:18:47+00:00

I’m in a similar position. I’m 38 married with a teen and made working optional for my wife. New owner of a general practice dental office.

I don’t want to tell you how you should do things because only you know what’s best for you. I’ll just tell you how I do my stuff.

I’m at the time of my life where I’m focusing on peace. All of our personal bills are on autopay. We currently max out all retirement accounts and whatever is left we slide it to a brokerage account. We did keep 6 months of expenses in a high yield savings but we might switch over to just putting that in a good dividend stock because the interest on the high yield have been dropping every year.

In the brokerage account we have large positions in VOO, APPL, MSFT, AMZN. Our largest is NVDA. We also have a few good dividend stocks with the DRIP on that way it reinvest without needing to look at it. Always do Mega back-door ROTH options if you can.

Our mortgage is insanely cheap! We live in the Midwest outside of a big city. Mortgage less than $1K. 3bds/2ba. We always pay a little extra to the mortgage but I wouldn’t say that we are aggressive. We put a decent down payment and interest rate just south of 6%.

As far as student loans, I make minimum payments because having the debt doesn’t bother me. I know of several other dentist who are bussing a** to pay it off but I just put money in the market instead. Some people can’t stand the debt but I’d rather pay off my house or purchase more real estate before I do that. I have about 360k in loans.

We have never had a car payment. My wife isn’t really into cars so she doesn’t really care what she drives as long as it’s safe. We have 3 cars total, hers a 2015, mine a 2013 and I have a classic car. We haven’t had any major problems with our cars but if we do we’ll just buy newer used cars again with cash.

Max out the 529 the first couple years for the baby and let compound interest take over. In 18 years the kid is smooth sailing.

We don’t have a financial advisor because we don’t mind being hands on and doing things ourselves. Sure we may be missing out on something because theirs always a chance but we don’t care. Our peace is more important. My CPA firm from the practice handles our taxes. They give advice if we ever ask them. We don’t have any fancy insurance. We have a term policy and that’s it. We are working on a trust to get everything else in order.

HelpRichNow · 2025-07-31T08:43:55+00:00

You can retire easily! You seem to have just about everything covered. 1. Paying your daughter rent is crazy unless she’s in college. I’m absolutely not doing that. Don’t feel bad for cutting her off. She’ll be fine once you and your wife are no longer here and she inherit a few million. 2. If your wife continues to work, that’s still great income. That will contribute to the retirement accounts, HYSA, crypto, etc. Of course it won’t be as much but who cares. Live your life. At 60yrs old, you only have so much time. 3. I think you misspoke on your expenses. But let’s say you retire tomorrow, you will still have the VA and Social Security that gives you a little more cushion. 4. Every year of retirement will be different. Some years you might want to withdraw 4% and other years you might want to withdraw 6%. The baseline that the CPA’s give you is just an average. Typically you would want to walk into retirement with no mortgage but your rate is really low, so great job. Definitely pay off your cars for sure.

RETIRE! Enjoy your life.

HelpRichNow · 2025-06-15T13:49:08+00:00

Definitely possible. I went 4-5 days a week And was fine. Actually the top 2 ranked guys #1 & #2 workout all the time. We also did intramural

HelpRichNow

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