Income and Living Situation of a Dentist Prediction

Table of Contents

Introduction
My Income Prognosis
My Living Situation Prognosis
Conclusion
References

Introduction

Considering the declining economy, it is important for young aspiring undergraduates to consider their future in their professional field. Ideally, their prognosis should include the time it will take to build ones career, the theoretical income of the chosen job, and the possible living situations one will be able to afford. My aspirations lie with becoming a dentist in Atlanta, and the purpose of this paper is to outline the prognosis for my future life.

My Income Prognosis

After I graduate, I hope to become a dentist which is for what I am currently studying. As with most medical professions, I am guaranteed a job after I graduate. The last years of dental school will provide me with enough practical experience and connections in clinics to find an employer. Dentistry is considered a lucrative field, and this fact is true even for starting specialists as the median net income of dental school graduates in their first year is $150,000 (Lane, 2020, para. 7). The average pay of seasoned professionals with even five years of experience in Atlanta is considered to be $180,000, with some making around $400,000 (Glassdoor, 2020). In comparison to the mean income of US citizens that constitutes $56,000, even the starting salary of dental school graduates can be considered high. Personally, I think that I can anticipate a salary of $140,000 in my first year, $170,000 in my fifth and $180,000 in my tenth years working in the field. This would result in the monthly income of $11,666, $14,666, and $15,000 respectively.

My Living Situation Prognosis

Due to the fact that Atlanta is the capital of Georgia, it is more expensive to live in this city than in other state towns. However, in comparison to other big US cities, Atlanta is not the costliest one. The average monthly rent in this city is considered to be $1678 for a one-bedroom apartment (Rent Jungle, 2020). If I were to consider that half of my monthly income would be used to pay for a living space, I would be able to afford a flat even in my first year after graduation. Additionally, as I am not planning to start a family in the near future, I will not have additional expenses apart from utilities, groceries, and transportation. This will allow me to save money to pay off any student debt I will have after graduation and potentially buy a house in the future.

I believe that I will not have the necessity of purchasing my own home until ten years after my graduation. The average price of a house in Atlanta is $299,308, which would make the 25% down payment of around $74,827 (Zillow, 2020). The average monthly expenses for a single person in my city of choice constitute $987 without and $2,665 with the rent (Numbeo, 2020). With my initial salary of $11,666, I will be able to save around $9,000 each month, which will add up to $1,080,000. Considering the fact that I will most likely have student debt of around $300,000, I will be able to pay it off in the next ten years, buy an apartment and still have money in my savings account.

Conclusion

While there is no way to know for sure how much money a person will be making after they graduate, it is essential to have some idea of how they can afford to live. My chosen profession in the dentistry field will allow me to find a job relatively easily and have a high income even during my first year of work. This, in turn, will help me find a good apartment to rent and, in the future, to buy.