First-year dental students experienced their highest rate of women representation last year. 56% of the students who walked on campus were female.
Yet, the Health Policy Institute reports that this trend of increased female students will lead to a decrease in practice ownership. How is this possible? The studied gender shift will create a ripple effect in larger group practices, or DSOs and consolidation. Our goal as Women in Dentistry is to take a deeper dive into this disparity and build a community that empowers women to make the decision for themselves.
As financial planners, there are two components to consider when we build out a projection. First, your quantitative information. Anything from your tax return to your Social Security statement is fair game in our plan. Next? The glue that holds your plan together, your qualitative information. Do you want to be a business owner? How do you envision raising your newborn? What is one thing you will not sacrifice? These questions are the structure and foundation for the development of your financial plan. The numbers are secondary.
You may think, what does a financial plan and female dentists have to do with one another? Women recognize the power of financial engagement. UBS reports that 92% of women believe involvement in long-term financial planning can enable them to make a greater impact in the world. Women find money as a tool to fulfill their purpose. As a future dental practice owner, dental corporate executive, or associate, you will make an impact in this world. Your financial plan is a tool to help you reach that goal quicker and with less stress.
To be fully transparent, a financial plan will not be the answer to all your questions. When working towards a degree, the academic answer is usually right or wrong. The reality is that as a dental professional, there are many questions that a plan or predictions will not solve for. Women in Dental believe more important than anything else is community. Female financial planners and female dentists have certainly one thing in common. We are both in the minority. There is a desire and need for like-minded women to connect. Our goal is to serve as your connector to other working, dental professional women.
Our vision is simple, we would like to see the increasing 56% of dental students consider 100% of their options available with every financial plan we produce. Our mission is to provide a platform for dental women to share their experience and to fulfill their purpose and someone else’s along the way. We are so glad you are here to join our movement.