THE NEXTDDS Blog

Financial Security and Responsibility

Posted by THE NEXTDDS on Wed, Sep 28, 2016 @ 09:42 AM

financial-security-hack.jpgDo you have a Yahoo email account? Well, unfortunately, you might have heard about the recent massive data breach of information that Yahoo announced on September 22nd. The breach has compromised over 500 million users’ personal information and details.

Situations like this present very serious questions for dental students and potential dentists: Are your finances safe, and how well are you managing your money? With money being such a big part of everyone’s way of life, it’s important to reevaluate how you are choosing to handle your money, and see if any changes need to be put in place.

Making a Healthy Profile

Two important aspects of one’s financial profile are personal debt and overall credit rating, which will establish your worthiness to qualify for a loan. Having good credit and a clean financial profile will make it easier to get the necessary funds to purchase a practice in the future.

To protect or even improve your financial profile, try to maintain a few revolving credit accounts, but do not apply for credit from too many lenders, as that may lower your credit score. Review your credit before a big purchase, or at the very least once a year. There are various places (TransUnion, Experian, Equifax) you can go to check your credit and receive free reports. To obtain a report, you may need to provide some contact information. Sometimes, you may supply some more personal info to safely secure your account.

Managing Payments

Regular payments are important to the health of your financial profile. Make your monthly payments on-time, even if it’s only the minimal required amount. If you cannot pay your bills for any reason, contact your creditors to try to work out an agreement to reduce your payments to an amount you can manage. Since other aspects of your credit score include current account balances, payment histories, and, if applicable, any bankruptcies, liens, or judgments, it’s important to keep on top of your monthly expenses. Keep a record of the conversations and correspondences with creditors, as you may need to reference them at some point.

Identity Theft

Be wary of identity theft, as it could completely ruin your credit score. Some things you can do to prevent this disastrous occurrence is protecting all contact information and using good judgement when giving out any of this information (by asking questions as to how or why it is used), protecting important mail while ripping up all important information or mail you put in the trash, checking your monthly or annual credit reports for any discrepancies (especially when shopping online), and protecting your computer using firewalls and virus protection. Check to see if Identity Theft Insurance might be right for you, which will ensure the protection of your identity and personal information.

There is no question that managing your money and monitoring your finances in order to have a healthy profile effects not only one’s personal life, but professional life as well. If you want to be a successful dentist, you need to be aware and on top of everything administrative to your business, from staffing to practice marketing to finance. You don’t want to wind up in a compromised situation, with your credit score and identity in bad shape.

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Related Reading:

Managing Your Financial Profile: http://www.thenextdds.com/Articles/Managing-Your-Financial-Profile/

The 4 Decisions Every Lender Makes: http://www.thenextdds.com/Blogs/Financial-Wellness/The-4-Decisions-Every-Lender-Makes/

Purchasing a Dental Practice: Legal Protection: http://www.thenextdds.com/Podcasts/Purchasing-a-Dental-Practice--Legal-Protection/

Understanding Your Dental Practice Office Lease: http://www.thenextdds.com/Articles/Understanding-Your-Dental-Practice-Office-Lease/

Tags: identity protection, cyber security, financial security

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