A method for balancing a spindle assembly for compensating for dynamic imbalance of the spindle assembly. The method uses a plurality of adjustable eccentric rings for dynamically balancing the spindle assembly. The plurality of eccentric rings are preassembled with the spindle assembly and the method includes the steps of measuring an imbalance of a combination of the spindle assembly and the eccentric rings preassembled with the spindle assembly and balancing the spindle assembly by adjusting the eccentric rings based upon a measured imbalance of the combination of the spindle assembly and the eccentric rings.