Solutions to help women dentists improve their financial know-how

When you think about a coach your mind probably goes to sports rather than finances, but maybe that should change. Just like sports or personal coaches, a financial coach is a good thing to have on your side. They can help new dentists, especially women, manage their budget and plan for the future.

Throw data and ideas into the brain

Financial literacy is especially important to women as they face unique career-changing decisions as a new dentist.

Here are three types of financial coaches or sources new dentists can use to improve their present and future financial goals.

Get a Financial Advisor

Financial advisors can help you to plan and meet your long-term financial goals. They do this by helping you to budget, manage debt, your retirement and more. Keep in mind, there are different levels of financial advisors and some will offer more services than others. You can find a certified financial advisor at a brokerage firm in your area or even your local bank. It’s not too early to seek a financial advisor, even if you are only out of dental school a year or two.

Get a Financial Mentor

Mentors come in many forms. Valuable information can be obtained simply by picking up a book or listening to a podcast of a subject matter expert. If you prefer a more traditional mentor, you may even already have one in your professional circle you can seek counsel from. Your financial mentor doesn’t necessarily need to be someone who is super wealthy; you can look for someone who has an admirable work-life balance or someone who has similar goals as you.

Get a Fiduciary

A fiduciary is a relatively new term. They are similar to traditional financial advisors but differ in that they are obligated to put you first, whereas traditional financial advisors aren’t legally required to do so. They also have a beneficiary or principal power, meaning they can act on the clients’ behalf and always have the clients’ best interest at mind – even if that means making less in commission. Just like a traditional financial advisor, you can usually find a fiduciary through your personal bank or a brokerage firm.

Financial advisors, fiduciaries, or even mentors can help guide women on their journey to better financial management and success. No matter what route you choose, it’s never too late to take control of your financial life – and you can bank on that.

Get a Handle of Your Student Loan Debt

Student loan refinancing can be a great way to start taking control of your finances – though, depending on your circumstances, it may not be the best option for everyone. For example, if you are in a student loan public forgiveness program, refinancing will not be an option. However, those who are in residency or fellowship programs have the option of refinancing for just $100/month after being approved.

And ADA members can save even more. On average, ADA Members save more than $33,000 over the life of their Laurel Road loan. As an ADA member, you are eligible to save an additional 0.25 percent discount when you refinance your student loans with Laurel Road. How much will you save? Try the Laurel Road Student Loan Calculator to estimate how much you would save by refinancing your student loans with Laurel Road.

If you refinance your student loans, you may be able to reduce your monthly payments and save all year. Learn more about Laurel Road student loan refinancing here and find resources from the ADA at ADA.org/mydebt.

Average savings calculated based on single loans of DDS and DMD degree holders refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors. ADA member rates also include a 0.25% rate discount which is only available to ADA members. Offer cannot be combined with other offers including the referral program.

Laurel Road Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors before engaging in any transaction.

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