The £20,000 Question
Imagine being in a room full of young dentists and that you were teaching the group to grow their own dental practices, and then you put a very simple question to them at the end.
“So now you have bought all you need for your dental practice and you also allocated budget for a marketing plan, if you had an extra £20,000, what would you do with the money to improve your dental practice?”
Now, you might think that the answer is obvious but there is also a lot of people who will have differing opinions on what to do for the best. So, with that in mind, let’s take a look at some of the ideas we discussed for how to spend or invest that £20,000.
1. Banish the Student Debt
So, a lot of people would, in all probability, pay off some of that irritating student debt that seems to crop up everywhere. It’s a real pain to deal with, because it just doesn’t go away. Being able to put down a £10,000 or £20,000 lump sum to pay off that student debt at once, well that’s just going to really make somebody’s day.
Unfortunately, that’s just not the solution. You see, you have to pay tax on the amount of money that you put down, so it’s important to make sure that ideally you pay your student debt as and when it comes up.
2. The Saving Plan
So, how about a savings plan? That is quite safe, right? Saving plans are easy, they mean that you have money whenever you want, and you don’t have to do anything besides put it in the bank and walk away.
No! Unfortunately, it’s not as simple as that. Taxation, a reduction in purchasing power after inflation, these are all things that are going to crop up and stop that saving from being as useful as you like it to be.
3. The Training Courses
Now, if you said that the best answer on how to spend that £20,000 is to put most of it into training courses, you would be absolutely right!
A dental training course in a dynamite idea for just about anybody who is looking to shift their cash and pick up a few new skills at the same time. Investing in a CE course, otherwise known as a continued education course, is one of the best things that you can do to spend some money and get some practical training out of it at the same time.
Not only can you learn some high profile clinical and communication skills, but you can also make sure that you are putting aside that money in using it for something that can’t really be taxed. If it’s a business expense, you can claim it back.
You will have to check with your accountant and tax advisor and generally the training courses are the best things that you can do with some extra cash, so why not give it a try?