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Debt Management and Financial Decisions for the New Dentist

Todd Cockrell, DMD

cockrellt@pacden.com

The decision points that will affect your career . . . .

Who am I ?My name is Dr. Todd Cockrell* I am a husband * I am a father

My role model and mentor..... My Dad--An amazing Dentist for 42 years--

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My challenge and encouragement for you as we get to talk today:

“Live Today to Create Tomorrow”

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What decisions do you need to make first...

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Decision 2 - Geography vs. Opportunity

Decision 3 - Practice Environment

Decision 1 - Post Graduate Choices:• Specializing• General Practice Residency or AEGD• Private / Group Practice• Military Service or Public Health• Academic Dentistry and / or Research

So what is it that separates dental students from one

another while still in school?

Those that have CLARITY in their vision of where they are going and what they are going to do in their

career

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Review The Big Picture(Map out your game plan)

• Visions• Goals

• Strategies• Tactics• Tools

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Why ?

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Financial Realities You Need to Know in Order to

Plan

• Income / Salary• Student Debt • Living Requirements• “Big Picture” Requirements ...

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Do you Know Your Number?

** FACT - only 1 out of 100 dentists know the number or amount of money they must save each month to reach their goals and achieve their milestone events in their career

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“Everyone says they know what to do, but the reality

is, only a small few will actually ever do what they

know”

- Anthony Robbins -

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Plans to Choose From:

Student Debt Realities and Choices: You’ll have 10-25 years to repay your

loans, depending on which repayment plan you choose.

• Standard Repayment• Extended Repayment• Graduated Repayment• Income Contingent Repayment• Income Based Repayment

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Review The Big Picture(Map out your game plan)

• Visions• Goals

• Strategies

• Tactics• Tools

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StrategiesTactics

=

Debt Repayment Plan

Savings Game Plan

Work Ethic Plan

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Review The Big Picture(Map out your game plan)

• Visions• Goals

• Strategies• Tactics

• Tools

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Tools = Financial Advisement Group who knows dentistry --RG

CAPITAL--

Tax Strategist who knows dentistry

1.

2.

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The sooner you have clear and detailed visions and goals, the quicker you will be able to map out your game plan... Then and only then can you choose your

Strategies, Tactics and Tools to accomplish what you

want

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“When opportunity presents itself, the time to prepare has

past”

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Thank You!

Todd Cockrell, DMD

cockrellt@pacden.com