Welcome to another episode of The Dose. In this episode, I’m joined again by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located) and the owner of two practices: RevolutionEyes and Little Eyes, a pediatric practice. Jeremy and I talk again to get “generally specific” about all things related to making financial decisions for optometrists both in their practice as well as in their personal lives. Our conversation definitely blurred the lines around managing your finances…part of the episode could be applicable to any professionals that invest in themselves and own a business while yet other parts of our conversation are going to be more applicable to optometrists, such as how cost of goods sold can influence the amount of cash on hand that one keeps in their practice.
We also discuss:
- Important decisions to make and be cognizant of your first six months after graduating optometry school and what mistakes to avoid during that time, including how to avoid “1099 hell” come tax time.
- The difference between “good and bad” debt and how being aware of the current interest rate market can influence the source of capital for future decisions—both personally and professionally.
- A strategy Jeremy used to manage his debt strategically by breaking up one big loan into three separate loans, which allowed him to manage his cash flow more precisely while paying down the debts.
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The pivotal point in Jeremy’s practice when he started thinking of his practice finances through a “profit first” mentality
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The current retirement plan that Jeremy uses in his practice and how he’s chosen to share the profits of his practice with his team.
Books Referenced
Profit First – Mike Michalowicz
Geometry of Wealth – Brian Portnoy
The Behavioral Investor – Daniel Crosby
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