When I grow up, I want to be an orthodontist. I looked up orthodontics online and I came across salaries. It says if you work with other orthodontists under someone, you get payed an average $170,000. But private practice, they can make well over $400,000. How does one establish their own private practice? I have been pondering about this question for a while so informative answers will be very much appreciated
You can just hang out a shingle if you want. It will take at least 5 or so years before you are even close to that amount of cash. Probably a lot longer. Most probably go in with someone for a while and possibly buy into the practice, then eventually buy them out. Expect this to run you about $500K to $1MM to buy into. You will then have loans to pay off for many years.
Long story short, you just don’t open a clinic and patients pour in with wads of cash. Takes a long time to get established. Takes a long time for dentists who are happy with their orthodontist to even start referring to you.
Don’t foget about the $200-$300K in dental school loans you will have upon graduation.
The career can be financially rewarding, but don’t expect to be buying your Mercedes the day yuo graduate. Ramen Noodles will be a staple for a long time:)