The Optometry Money Podcast: Recent Episodes
Evon Mendrin CFP®, CSLP®
Welcome to the Optometry Money Podcast, hosted by Evon Mendrin CFP®, CSLP®. He helps optometrists in the first half of their careers make better decisions around their money, careers, and practices. He explores cold-starts, practice buy-ins, career decisions, tax planning, student loans, and other money issues ODs are navigating. Evon cold-started Optometry Wealth Advisors LLC, a financial planning firm dedicated to help optometrists nationwide master their money, build wealth, and plan purposefully with their finances. Learn more about the show, and Evon, at www.optometrywealth.com.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
In this rewind of a popular episode, Evon welcomes Dr. Chad Fleming back to The Optometry Money Podcast. Dr. Fleming shares his experiences with strategic planning and explains how setting aside time to work on the business through a strategic planning week has helped him scale his practice operations. They discuss how private practice owners can improve leadership, reduce chaos, and increase profitability through intentional planning.
Evon and Dr. Fleming dive into the nuts and bolts of what a strategic planning week entails, how to execute it, and why it’s essential to long-term business success.
In This Episode:
- What’s the difference between growth and scale for optometry practices?
- The concept of working on vs. in your business and why stepping away is crucial.
- What happens to a practice and the owner when there's no intentional planning time.
- How Dr. Fleming’s annual strategic week helped him plan, lead, and reduce turnover.
- Practical advice on creating a productive planning getaway—from choosing a location to preparing resources.
- Measuring and implementing your strategic ideas when you return to the practice.
Episode Highlights:
- [00:04:40] Scaling vs. growth: defining both for practice owners
- [00:06:10] Working on your business versus working in it: practical examples
- [00:18:22] Dr. Fleming’s annual strategic planning getaway explained
- [00:23:05] How to prepare and gather your thoughts for a productive planning session
- [00:35:00] Tracking key performance indicators (KPIs) to measure success
- [00:40:06] Exciting opportunities in the future of private practice optometry
Resources:
- Contact Dr. Chad Fleming: Email him at chad@pipgpo.com
- LinkedIn: Connect with Dr. Fleming on LinkedIn
- Past Podcast Episodes: Check out more episodes with Dr. Fleming in our podcast archive:
- Ep. 118: Adding Private Label to Improve Margins Without Compromising Quality with Dr. Chad Fleming
- Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
- Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
Connect With Us:
- For more podcast episodes, blog articles, and optometry-specific financial resources, visit www.optometrywealth.com.
- To learn more about working with Evon and the team at Optometry Wealth Advisors, CLICK HERE to schedule a free consultation.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Episode Summary
It's July — half the year is gone, but you still have half a year to make an impact on your tax result. That makes right now the ideal time to sit back and ask: where do things actually stand?
In this episode, Evon walks through four questions every optometrist should be asking as a mid-year tax check-in. This is the same work Evon's team is doing this time of year for practice-owner clients — projecting out the practice's profit and loss and running initial tax projections while there's still time to act.
The goal is simple: fewer April surprises, and a clear view of the opportunities still on the table before the year closes.
What You'll Learn
- Four tax planning questions you and your professional team should be asking this time of year
- Where your income is likely to land this year — and why type of income matters as much as amount
- How to tell whether you're paying enough as you go (and avoiding under-withholding penalties)
- The AGI and taxable-income thresholds that phase you in and out of key credits, deductions, and extra taxes
- Which tax planning levers you can still pull with half a year left — and their deadlines
Key Takeaways for Optometrists
Good tax planning starts early and proactively — not in April when the bill is already due. The four questions to work through with your professional team: Where will my income land this year? Am I paying enough as I go? Am I near a threshold that changes things? And what levers do I still have to pull?
The thresholds are where the real opportunities hide. Your AGI drives eligibility for the child tax credit, Roth IRA contributions, the higher state and local tax deduction cap, ACA premium tax credits, and your student loan payments if you're on an income-driven plan. Your taxable income drives your marginal rate and your QBI deduction. When several of these phase out together at higher income levels, a well-timed deduction or deferral can be worth far more than your marginal rate alone would suggest.
The two biggest levers for practice owners tend to be retirement plan contributions and depreciation. But don't buy equipment just for the write-off — you're spending a full dollar to save thirty cents. Invest in the practice because there's a return on it, then decide how to handle the depreciation. And remember that some levers have a hard December 31 deadline while others (like 401(k) contributions or a cost segregation study) run to your tax filing deadline.
Resources for Optometrists
- Ep 159: How to Stop Scrambling at Tax Time – An Optometrist’s Guide to Quarterly Tax Payments
- Ep 153: How to Invest Tax-Efficiently and Keep More of Your Returns (After-tax)
- Ep 148: Profit Sharing Demystified – How Optometry Practice Owners Can Maximize Their 401(k) with Matt Ruttenberg
- Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- Ep 47: An Optometrist’s Guide to How Taxes Work
- Ep 37: Tax Planning For Charitable Giving
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Episode Summary
Most optometrists believe the path to a better bottom line runs through growth — more patients, more marketing, more demand. But what if that's the wrong problem to solve?
In this episode, Evon sits down with Dr. Kerry Reeves, owner of Advanced Eye Care in North and South Carolina, to unpack a different way of thinking about practice performance. Drawing on 27 years in optometry — including five years rebuilding systems in post-earthquake Haiti — Kerry makes the case that optometry doesn't have a growth problem, it has a capacity problem.
We dig into how systems and bottlenecks shape everything from daily stress to the eventual value of your practice, and why simply adding more patients to a strained system creates pressure instead of progress.
What You'll Learn
- Why capacity, not growth, is the real constraint for most mature practices
- How to find the "Herbie" — the bottleneck — in your practice
- What happens when demand increases but your systems don't
- Why handoffs are where practices break under pressure
- How over-dependence on the owner creates fragility and lowers practice value
- The four rungs of the "dependency ladder"
- How a lack of capacity drives stress and burnout for both doctors and staff
- Where AI can remove friction in a practice — and where it's overhyped
Key Takeaways for Optometrists
For most established practices, the instinct to chase growth misses the real issue. As Kerry puts it, growth without redesign becomes pressure, not progress. A system built to handle 14 patients a day doesn't simply stretch to 22 — it cracks, usually at the handoffs between staff, and the strain shows up as burnout, turnover, remakes, and a worse patient experience. Adding patients before fixing the system tends to surface problems you didn't know you had.
There's a direct line between systems and practice value, too. The more a practice depends on the owner to solve every problem and make every decision, the more fragile — and less valuable — it becomes to any future buyer.
Building a practice that runs well without you isn't just about reducing daily stress; it's one of the most meaningful things you can do for both the value and the resilience of the business. The work is ongoing: as Kerry notes, the bottleneck never stays in one place, so finding and fixing "Herbie" is a continuous process, not a one-time fix.
Resources for Optometrists
- Connect with Dr. Kerry Reeves on LinkedIn
- EyeCoin Patient Interaction Platform
- The Goal by Eliyahu Goldratt — the systems book referenced in the episode
- Podcast Ep 160: How to Maximize Your Optometry Practice Value Before You Sell with Erich Mattei
- Podcast Ep 157: The Location-Independent OD: Compensation, Licensing & the Future of Remote Care with Crystal Edison, OD
- Podcast Ep 164: Planning Your Practice Exit – The Retirement Math That Sets the Floor
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Episode Summary
Most practice owners spend close to two decades building their business — and too often only a few months planning how they exit it. That imbalance shows up in the outcomes.
This episode kicks off a new series on planning for the sale of your practice, built around five questions worth answering long before a sale shows up on your calendar. We start with the first and most important one: not "what is my practice worth?" but "what does this sale actually need to do for my retirement to work?"
Because those are two completely different questions — and the gap between what you assume the practice is worth and what you actually need it to do is where a lot of the regret lives. We walk through why your retirement gap sets the floor for every other exit decision, how to actually build that number, and why the earlier you start, the more flexibility you'll have on your way out.
What You'll Learn
- The five questions to answer when planning to exit your practice (and why this one comes first)
- Why your practice valuation only matters in relation to your retirement gap
- How two identical practices can lead to two completely different sale strategies
- Why earlier owners have far more flexibility — and how to "pre-fund" your future buyout
- How to build your retirement gap: lifestyle spending, guaranteed income, existing assets, and the gap that remains
- How that gap becomes your negotiating floor — shaping timeline, buyer type, and payment structure
- The what-if scenarios worth testing before you ever sell
Key Takeaways for Optometrists
Your practice valuation is only meaningful in context. The number that actually matters is the gap between what you've already built outside the practice and what your retirement plan needs to succeed. Until you know that gap, every conversation about price, structure, and buyer is theoretical — you have nothing to measure an offer against.
Figure out that number first, and it becomes your negotiating floor. It tells you whether you can wait for the right buyer, whether you can sell to an associate at a friendly price or need to chase a higher multiple, and whether work is truly optional afterward. Too many owners step into a sale unsure of what their family actually needs — and let the deal determine their retirement plan rather than the other way around.
Resources for Optometrists
- Podcast Ep 160: How to Maximize Your Optometry Practice Value Before You Sell with Erich Mattei
- Podcast Ep 50: Guide to Due Diligence on Practice Purchases with Erich Mattei
- Podcast Ep 80: Intro to Optometry Practice Valuations with Erich Mattei
- Podcast Ep 70: Financial Planning Considerations for Owners of Established Optometry Practices
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Episode Summary
The largest IPO in history is here. SpaceX goes public this week with an expected total value of $1.77 trillion, and OpenAI and Anthropic have both announced plans to go public this year at valuations around $1 trillion each. In optometry forums and online communities everywhere, ODs are asking the same question: should I get in?
In this episode, we look at 45 years of data and research on how IPOs have actually performed for investors - and then dig into the question that matters more for most listeners: how index funds and other passive funds will add these mega IPOs to their portfolios, and what that means for you.
Have questions about your own investment approach? Reach out at podcast@optometrywealth.com.
What You'll Learn
- What an IPO is and why 2026's IPOs are historic in size
- How IPOs have historically performed compared to the broad US stock market
- Why the famous "first-day pop" doesn't benefit everyday investors
- The distribution of individual IPO outcomes over 3 and 5 years — and why most lose money
- Why periods of peak IPO hype tend to be followed by the worst returns
- How the S&P 500, Russell, CRSP, and MSCI indexes decide when (and how much of) an IPO to include
- What "float adjustment" means and why these trillion-dollar companies will enter index funds as tiny slivers
- How the Nasdaq-100's approach to IPOs differs from broad market indexes
- Whether index fund "front-running" around IPO inclusions should worry long-term investors
- How factor-based funds like Dimensional handle newly public companies
Key Takeaways for Optometrists
Investing in IPOs right after they go public has historically been a poor strategy. IPOs as a group have trailed the broad market, and when you look at individual companies, roughly 60% lost money over their first three to five years - while a small sliver delivered lottery-like gains that lift the averages. Betting on IPOs means betting you can pick those rare winners.
For index fund investors, these mega IPOs will eventually show up in your funds - but because indexes are float-adjusted, even a $1.77 trillion company may enter as a fraction of a percent of the index. The impact on your portfolio, good or bad, is small.
The bigger lesson: when hype is at its highest, expected returns tend to be at their lowest. Staying broadly diversified, keeping costs low, and not chasing shiny objects continues to be the prudent approach - and if you do want a lottery ticket, be honest about what it is and size it accordingly.
Related Episodes:
- Ep 134: The Case for Index Funds – Why Optometrists Should Embrace Passive Investing
- Ep 135: Beyond Indexing – An Optometrist’s Guide to Factor-Based Investing
- Ep 58: Investing Fundamentals – Understanding Stocks, Bonds, Mutual Funds, and ETFs
- Ep 153: How to Invest Tax-Efficiently and Keep More of Your Returns (After-tax)
Resources for Optometrists
- Loughran & Ritter (1995), "The New Issues Puzzle" — Journal of Finance
- Dimensional Fund Advisors (2019), "What to Know About IPOs" research study
- Dimensional Fund Advisors 2025 video: Do IPOs Have a Place in Your Portfolio?
- Jay Ritter's Long-Run Returns on IPOs (University of Florida)
- 2025: Primary Capital Market Transactions and Index Funds
- Cullen Roche's Article: Three Things – 100s, SpaceX, & Indexing
- Morningstar's Jeff Ptak: Lessons From a Private Markets Bust: Why This ETF’s Investors Missed Out on SpaceX Gains
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Episode Summary
With the stock market trading near all-time highs again, it's natural to wonder — should you be worried? Is a crash inevitable? Should you hold off on investing?
In this rewind of one of our most popular 2024 episodes, we dig into what history actually tells us about all-time highs in the stock market — and why optometrists should stay the course with the long-term investment plan they've already built.
What You'll Learn
- How common all-time highs actually are historically
- Average S&P 500 returns one, three, and five years after record highs
- How often significant market corrections follow all-time highs
- Why declines are a normal and expected part of long-term investing
- What optometrists should focus on instead of market noise
Key Takeaways for Optometrists
All-time highs sound alarming — but history says otherwise. Since 1950, the S&P 500 has hit roughly 1,250 all-time highs, averaging about 16 per year. Research from Dimensional Fund Advisors shows that average returns one, three, and five years after record highs are nearly identical to returns after any other given month. And data from RBC Global Asset Management found that only 9% of all-time highs were followed by a 10%+ decline within one year — with that number dropping to 0% over a five-year window.
None of this means declines don't happen — they do, and they're a normal part of investing. But for long-term investors, the focus belongs on the things within your control: your savings rate, your practice, your career, and maintaining the right investment mix for your goals. The headlines will always find a reason to worry. Your job is to tune them out and stay invested.
Resources for Optometrists
- Podcast Ep 153: How to Invest Tax-Efficiently and Keep More of Your Returns (After-tax)
- Podcast Ep 140: What Most Investors Get Wrong About Dividend Investing
- DFA: Why A Stock Peak Isn't A Cliff
- RBC GAM: Investing at All-Time Highs
- Have a question for a future episode? Email: podcast@optometrywealth.com
Want a more proactive approach to your planning? Let's schedule a call.
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
The Department of Education just released its final rule implementing the federal student loan changes we’ve been tracking over the past couple of years — and while most of it lines up with what we expected, two surprises stood out.
In this episode, we recap how we got here (the official end of the SAVE Plan and the sweeping changes from the One Big Beautiful Bill Act), break down the income-driven options ODs have going forward, and dig into the two surprises in the final rule that could affect your repayment strategy.
If you have questions about navigating these decisions alongside the rest of your cash flow, tax, and practice planning, reach out at podcast@optometrywealth.com.
What You’ll Learn
•Why the SAVE Plan is officially dead and the 90-day decision window for borrowers still in SAVE forbearance
•How the One Big Beautiful Bill Act splits borrowers into two groups based on the July 1st date
•Why consolidating your federal loans right now could restrict your repayment options
•The difference between old and new IBR — and which ODs qualify for each
•How the new Repayment Assistance Plan (RAP) works, including its payment calculation and 30-year timeline
•The first surprise: new restrictions on who can enter Pay As You Earn before it sunsets in 2028
•The second surprise: how RAP payments are (and aren’t) treated for forgiveness under IBR
Key Takeaway
July 1st is the date to circle. Whether you’re deciding how to exit SAVE forbearance, weighing a consolidation, or trying to lock in Pay As You Earn before new restrictions hit, the window to act on your best options is closing — and the right move depends heavily on your specific path toward forgiveness or payoff.
Resources
- Podcast Ep. 152: Listener Q&A: Practice Ownership, Backdoor Roths, and Student Loans
- Podcast Ep. 151: How Filing Taxes Separately Impacts Student Loan Outcomes for Optometrists
- Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More!
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Whether you're five to ten years from exiting your optometry practice or just starting to think about it, the decisions you make right now have a major impact on what your practice is ultimately worth.
In this episode, Evon is joined by Erich Mattei of Akrinos — a returning guest who specializes in practice transitions and valuations — to break down the key levers practice owners should be focused on long before they're ready to sell. From profitability and expense benchmarks to payor mix, capital expenditure, and add-backs, this conversation gets into the mechanics of how fair market value is actually determined and what you can do to improve it.
What You'll Learn
- How fair market value for an optometry practice is determined
- The two primary drivers of practice value: profitability and capital expenditure
- Key expense benchmarks for COGS, occupancy, non-doctor payroll, and general overhead
- Why growing revenue matters — and why growing the right revenue matters even more
- How payor mix and cash pay percentage affect practice value and buyer negotiation
- What add-backs are and why minimizing seller discretionary spend before exit is critical
- How associate doctors and full-time equivalent coverage factor into valuation
- Why outdated equipment can undermine an otherwise profitable practice
Key Takeaway
The time to prepare your practice for sale is long before you're ready to sell. The ODs who get the most at exit are the ones who ran their businesses like a business — with clean financials, controlled expenses, growing revenue through the right channels, and a practice that a buyer can step into with confidence.
Resources
- Erich Mattei / Akrinos: contact@akrinos.com
- Akrinos 360 Due Diligence Resource — reach out to Erich directly or contact Evon at podcast@optometrywealth.com
- Akrinos Website
- Podcast Ep 50: Guide to Due Diligence on Practice Purchases with Erich Mattei
- Podcast Ep 80: Intro to Optometry Practice Valuations with Erich Mattei
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
It's tax day — and whether you're celebrating a finished return or still working through an extension, tax payments are on your mind. In this episode, we walk through a practical framework for planning your quarterly estimated tax payments so you're not scrambling, stressed, or surprised come tax time.
We cover the two ways ODs pay taxes through the year, IRS safe harbor targets to avoid underpayment penalties, and a simple system to automate the whole process so you stay ahead all year long.
What You'll Learn
- The two ways ODs pay federal taxes through the year — payroll withholdings vs. quarterly estimated payments
- Which payment method applies based on how you practice (W2, sole prop, S Corp)
- The three IRS safe harbor targets that protect you from underpayment penalties
- How to calculate your quarterly payment amount step by step
- How to set up a dedicated tax savings account and automate deposits
- Where quarterly tax payments fit in your practice's cash flow priority order
- How to adjust your payments as income changes through the year
- The importance of working proactively with your professionals
Key Takeaway
The biggest tax payment headaches come from not having a system. Pick your safe harbor target, calculate your quarterly amount, automate deposits into a dedicated tax account, and adjust as you go. It's not glamorous — but it's how you move from reactive and stressed to in control.
And keep in close contact with your financial and tax professionals to make sure you're making proactive decisions with tax payments and planning throughout the year!
Resources & Links
- IRS Pay Online
- IRS Form 2210 — Underpayment of Estimated Tax
- Schedule a call with Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
In this replay of a popular 2023 episode, Evon revisits an important topic for optometry practice owners and independent contractors - the differences between different business entities!
How do the different business entities work? How are they taxed? How are they different?
In this episode, Evon provides optometrists a basic guide to the differences between:
- Sole Proprietorships
- Partnerships
- Limited Liability Companies (LLCs)
- S-Corporations
- Corporations
If you own an optometry practice or are an independent contractor, hopefully this episode brings some clarity around how the different types of businesses operate.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 47: An Optometrist's Guide to How Income Taxes Work
- IRS.Gov Reasonable Compensation for S Corporation Officers
- IRS.Gov How to Apply for an EIN
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Remote optometry is growing fast - and there's quite a range of opinions on what that means for optometry. In this episode, I sit down with Dr. Crystal Edison, a remote optometrist practicing across nine states from her home office, to break down the ins and outs of providing comprehensive remote care.
We cover contracts and compensation of remote ODs, how to navigate multi-state licensing, the technology involved, and Crystal addresses some of the most common myths about the quality and credibility of remote optometry.
Whether you're a practice owner struggling to find associate coverage or an OD looking for more flexibility and independence, this one's worth a listen.
What You'll Learn
- What comprehensive remote optometry actually looks like and how it differs from screening-only models
- How remote ODs are compensated - W2 vs. 1099 roles and the financial trade-offs of each
- Key contract negotiation considerations including malpractice coverage and reimbursements
- How to navigate multi-state licensing without a national compact (and tools like ARBO's CELMO that help)
- The technology investment needed on both the practice side and the remote OD side
- How practice owners can use remote staffing to fill empty chairs and reduce reliance on locums
- Common myths about remote care quality - and the clinical reality behind modern tele-optometry
Resources Mentioned
- Crystal Edison on LinkedIn
- Edison Remote Strategies — Crystal's course, The Remote OD Blueprint
- Crystal's Independent Strong article - Tele-optometry for Owners and Associates
- CELMO through ARBO — Council on Endorsement Licensure Mobility for Optometrists
- Podcast Ep. 2: Financial and Tax Planning for 1099 Optometrists
- Podcast Ep. 51: An Optometrist's Guide to the QBI Deduction
- Podcast Ep. 66: Retirement Plan Options for Independent Contractor Optometrists
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
We're back with our second listener Q&A episode, tackling real questions from ODs around the country. From S Corp salary decisions and how much cash to keep in your practice, to buying your commercial real estate, preparing your practice for sale, and whether you're overfunding your kids' 529 plans — we cover a lot of ground in this one.
Have a question you'd like answered on a future episode? Submit it at optometrywealth.com/podcastquestion.
What You'll Learn
- What goes into determining a "reasonable salary" as an S Corp optometry practice owner — and why you should rely on your CPA
- Two practical methods for calculating how much cash your optometry practice should keep on hand
- Key factors to weigh when deciding whether to buy your practice's commercial real estate
- What drives practice valuation and how to start preparing 10 years before you want to sell
- How to build balance in your net worth over over time and not be overly concentrated in your practice
- The flexibility built into 529 plans that most ODs don't realize they have
Key Takeaway
Many of these questions come down to the same principle: your practice's cash flow is your most powerful financial tool. Whether you're deciding how much salary to pay yourself, how much cash to hold in the business, or how to diversify your net worth — using that cash flow intentionally and efficiently is what moves the needle over time.
Links & Resources
- Submit a question for a future Q&A episode
- IRS: S Corporation Compensation and Medical Insurance Issues
- Ep 139: Optimize Your Pay – 7 Key Factors for Setting Practice Owners’ Compensation
- IDOC Practice Cash Reserve White Paper
- IDOC How Should Optometry Practices Manage Cash?
- Ep 154: Trump Accounts for Kids - What Optometrists Need to Know
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
As an optometrist—especially a practice owner—you face real liability exposure from both your professional work and your business. So how well are your retirement accounts and investments actually protected if something goes wrong?
In this episode, we walk through the different layers of liability protection available to ODs and dive into exactly which retirement and investment accounts are shielded from creditors, which ones aren't, and where the common gaps and misconceptions are.
What You'll Learn
- Four common layers of liability protection available to optometrists (entities, insurance, titling, and federal/state law)
- Why umbrella insurance is one of the most common gaps in OD insurance planning
- How ERISA law protects 401(k) and cash balance plans—and why it's the gold standard
- Why solo 401(k) plans do NOT carry the same ERISA protection (a common misconception)
- How SEP IRAs and SIMPLE IRAs fall short on liability protection compared to full 401(k) plans
- How Traditional and Roth IRAs are protected in bankruptcy (and the current dollar limit)
- What happens to liability protection when you roll a 401(k) into an IRA—and a best practice for keeping those dollars separate
- How HSAs, taxable brokerage accounts, and 529 plans are (or aren't) protected
- Steps ODs should take now to review their liability exposure
Key Takeaway
Not all retirement accounts are created equal when it comes to liability protection. ERISA-covered plans like 401(k)s and cash balance plans offer the strongest, unlimited federal protection—making maxing those contributions both a tax strategy and a liability strategy.
But accounts like solo 401(k)s, SIMPLE IRAs, and traditional/Roth IRAs don't carry that same blanket protection, and the gaps are highly state-dependent. Understanding where your dollars sit and how they're protected is an important part of your overall financial plan.
Resources
- Submit your questions for upcoming Listener Q&A episodes: OptometryWealth.com/podcastquestion
- Reach out: podcast@optometrywealth.com
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Congress created a brand new investment account for kids called Trump Accounts, and the questions from optometrists have been flowing in. In this episode, we break down exactly what these accounts are, how they work, who can contribute, and - most importantly - whether they actually add anything new to the lineup of options you already have for investing on behalf of your kids.
What You'll Learn
- What Trump Accounts are and how they work
- Who can contribute, how much, and when
- How contributions are taxed (and why the after-tax structure matters)
- How employer contributions work - and potential hurdles for practice owners contributing to their own kids' accounts
- What happens when the child turns 18
- How Trump Accounts compare to existing options like UTMA/UGMA accounts, 529s, and custodial Roth IRAs
- The best use cases for ODs, including the $1,000 federal seed money and Roth conversion planning
Key Takeaway
Trump Accounts aren't a game-changer, but they can definitely be a benefit for our kids. The biggest win is the $1,000 seed money for eligible kids and the renewed attention on starting retirement savings early. They don't replace anything already in your toolkit - think of them as one more option alongside 529s, custodial accounts, and Roth IRAs.
Episode Chapters
- [00:00] Introduction
- [01:00] What are Trump Accounts?
- [02:00] When they're available and how to open one
- [02:30] Who can contribute and contribution limits
- [03:00] Why contributions are after-tax (and why that matters)
- [05:00] Employer contributions through your practice
- [06:00] Can practice owners contribute to their own kids' accounts?
- [07:30] Government and nonprofit contributions & the $1,000 pilot program
- [08:30] Investment options inside Trump Accounts
- [09:00] What happens when the child turns 18
- [10:00] Withdrawal restrictions and the ABLE account exception
- [10:30] How Trump Accounts compare to existing options for kids
- [14:30] Best use cases for optometrists
- [17:00] Final thoughts: The real positive of Trump Accounts
Resources Mentioned
- IRS Form 4547
- trumpaccounts.gov
- Submit podcast questions: www.optometrywealth.com/podcastquestion
- Contact: podcast@optometrywealth.com
Want a more proactive approach to your planning?
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.
👉 Schedule an introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
In this episode, we break down tax-efficient investing for ODs, showing you how to pair the right investments with the right accounts to maximize your after-tax wealth over your career.
What You'll Learn
Taxes can be the difference between two optometrists with identical investment returns ending up with vastly different retirement wealth. This episode breaks down how to invest tax-efficiently by pairing the right investments with the right accounts.
You'll learn which investments create tax-inefficient income (bonds, REITs) versus more favorable income (stock index funds), and the strategy for placing them across your taxable accounts, pre-tax retirement accounts, Roth accounts, and HSAs.
The key is treating all your accounts toward the same goal as one coordinated household portfolio instead of managing each separately.
Key Takeaway
Don't let the tax tail wag the dog. Start with good, prudent, evidence-based investments - then optimize their placement to minimize taxes along the way. The goal isn't to avoid all taxes; it's to maximize your after-tax wealth over your lifetime.
Episode Chapters
- [00:00] Introduction: Why tax-smart investing matters for ODs
- [03:00] Why taxes matter: The real drag on your investment returns
- [05:00] Tax Layer 1: Understanding investment account types (taxable, pre-tax, Roth, HSA)
- [06:00] How different types of investment income get taxed
- [10:00] Tax Layer 2: Tax characteristics of stocks, bonds, and REITs
- [12:00] How fund management impacts your tax bill
- [16:00] Asset location strategy: Putting it all together
- [20:00] Common constraints and considerations
- [22:00] Mistakes to avoid when managing multiple accounts
- [24:00] Conclusions: Focus on good investing while managing taxes
Resources Mentioned
Free Download: Get Your OD's Guide to Tax-Smart Investing
- Inventory your accounts
- Identify tax-inefficient holdings
- Evaluate if investments are in the right places
Ready for a Second Opinion?
Want help reviewing your current setup? Reach out for a no-pressure conversation about whether your investments are working as tax-efficiently as they could be.
Click Here to schedule your free consultation!
Submit Your Question for Q&A Episodes!
Have questions you'd want answered on the podcast?
Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestion
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
In this first-ever OD listener Q&A episode, we tackle seven questions covering practice ownership, retirement accounts, student loans, and tax strategy. From why your practice is your most important investment to navigating the backdoor Roth IRA maze, we break down what actually matters for ODs at different career stages.
Submit Your Questions to the Podcast:
Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestion
Listener Questions We Tackle:
- What can younger optometry practice owners do to build wealth in the first few years of ownership?
- How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?
- Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?
- Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?
- Are owner's distributions from optometry practices taxable?
- Should optometrists pay down student loans or save for practice ownership?
- If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?
Episode Chapters
[00:00:52] What can younger optometry practice owners do to build wealth in the first few years of ownership?
[00:06:08] How are "backdoor" Roth IRA contributions recorded on an optometrist's tax return?
[00:09:01] Why does a traditional IRA "ruin" the "backdoor" Roth IRA contribution for optometrists?
[00:12:29] Why is a 401(k) plan "better" for optometry practices than a SIMPLE IRA?
[00:17:25] Are owner's distributions from optometry practices taxable?
[00:20:42] Should optometrists pay down student loans or save for practice ownership?
[00:25:34] If an optometrist is on the PAYE plan for student loans, does he/she need to switch repayment plans due to the One Big Beautiful Bill Act?
Resources Mentioned
- Submit your questions for future Q&A episodes: OptometryWealth.com/podcastquestion
- The Optometry Money Podcast Ep 151: How Filing Taxes Separately Impacts Student Loan Outcomes for Optometrists
- The Optometry Money Podcast Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More!
- The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice Ownership
- The Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice Ownership
- The Optometry Money Podcast Ep 70: Financial Planning Considerations for Owners of Established Optometry Practices
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Tax filing season is here, and for married optometrists planning toward student loan forgiveness, how you file your taxes can save you thousands of dollars per year.
In this episode, we break down how tax filing status impacts your income-driven repayment calculations and when filing separately makes financial sense.
Key Takeaways:
- The three core student loan strategies for optometrists: paying off like any other debt, pursuing forgiveness through income-driven repayment plans, or using a hybrid approach for specific cash flow goals
- How filing married jointly includes both spouses' income in the student loan calculation, even if only one spouse has loans
- Filing married separately allows you to exclude your spouse's income from the calculation, often resulting in dramatically lower monthly payments
- How community property states offer even more student loan planning opportunities for optometrists
- The additional tax costs of filing separately and how to compare them against student loan savings to make the right decision
- Critical timing considerations for filing your tax return and student loans
- Why filing an extension may make sense if you're unsure about your strategy
Chapters:
00:00 Introduction
01:00 The Core Student Loan Strategies Optometrists Should Consider
03:50 Income is the Most Important Planning Lever for Income-Driven Repayment Plans
05:05 Filing Taxes Married Jointly Includes Both Spouse's Income in the Student Loan Calculation
06:00 How Filing Taxes Married Separately Allows for Better Student Loan Planning for Optometrists
07:00 Example of How Filing Separately Can Improve Optometrists' Student Loan Calculations
08:45 How Community Property States Magnify the Student Loan Planning Opportunities for Optometrists
12:00 Additional Tax Costs to Consider When Filing Taxes Separately
15:00 The Math - Compare the Student Loan Savings vs. Higher Tax Costs When Filing Separately
16:00 Next Steps for Optometrists
Resources mentioned:
- Click Here to Download Your Free 2025 Tax Filing Guide for Optometrists
- Ready to work with a financial advisor who understands student loan and tax planning for optometrists? Click Here to Schedule a conversation.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
Even though we're already into 2026, tax planning for 2025 isn't over. While most tax planning happens before December 31st, there are still several impactful levers you can pull before filing your return.
In this episode, Evon breaks down four specific tax planning opportunities still available to optometrists in early 2026, including strategies for individual ODs, practice owners, and real estate investors. Whether you're looking to maximize retirement contributions, reduce your 2025 tax burden, or accelerate depreciation on investment properties, this episode gives you a clear roadmap for what's still possible.
Key Takeaways
- IRA and HSA contributions can be made until April 15th and still count toward your 2025 tax year
- The "backdoor Roth IRA" remains available regardless of income, but requires careful execution to avoid the pro-rata rule
- Practice owners can make profit-sharing contributions up until their business tax filing deadline (including extensions)
- Cost segregation studies can accelerate depreciation for real estate investors, and why January 19, 2025 is a key date
- Not every strategy makes sense for every situation - tax bracket, liquidity needs, and long-term plans all matter when deciding which levers to pull
Episode Chapters
- 00:00 - Welcome and Listener Question
- 01:00 - Tax Planning Lever #1: IRA and HSA Contributions by April 15th
- 03:00 - Watch Out for Tax Filing Quirks and the Pro-Rata Rule with "Backdoor" Roth IRA Contributions
- 07:00 - Tax Planning Lever #2: 529 Contributions If Your State Provides a Tax Benefit
- 08:00 - Tax Planning Lever #3: 401(k) Profit Sharing Contributions
- 10:00 - Do Profit Sharing Contributions Make Sense for Your Optometry Practice?
- 13:00 - Don't Forget About Cash Balance Plans for Mature Optometry Practices
- 13:00 - Tax Planning Lever #4: Cost Segregation Studies for Investment Real Estate
- 16:00 - Final Thoughts for Optometrists Before Tax Season
📅 Want a more proactive approach to your planning?
If you're a practice owner wondering which of these levers makes sense for your situation, we'd be happy to help you think it through.
You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate these decisions nationwide.
👉 Schedule an introductory call
📑 Resources mentioned in the episode:
- Podcast Ep. 108: Navigating Commercial Real Estate Decisions with Colin Carr
- Podcast Ep. 148: Profit Sharing Demystified - How Optometry Practice Owners Can Maximize Their 401(k) with Matt Ruttenberg
- IRS: IRA contribution and income limits
📬 Stay Connected
Subscribe to the Optometry Money Podcast for practical financial planning insights designed specifically for optometrists, and never miss an episode.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.
2026 brings several important financial and tax changes that can directly impact optometrists - especially practice owners and those with student loans.
In this episode, Evon walks through five key updates to be aware of as you plan for the year ahead, including changes to retirement contributions, student loans, health insurance, and tax planning opportunities.
To make this easier, we’ve also created a free, 2-page 2026 Financial & Tax Planning Guide for Optometrists, which you can download using the link below.
What We Cover in This Episode
1. Annual Tax & Retirement Updates for 2026
- Adjustments to tax brackets and the standard deduction
- 2026 retirement plan contribution limits
- Special catch-up contribution rules for ages 60–63
- HSA and IRA contribution updates
- Social Security wage base increase
- How to adjust payroll contributions early in the year
2. OBBBA Changes Taking Effect in 2026
- Expanded phase-out thresholds for the Qualified Business Income (QBI) deduction
- Why this matters for optometry practice owners and 1099 ODs
- How this creates a longer planning runway for higher-income households
- An overview of new “Trump Accounts” expected to launch mid-year
3. Student Loan Rule Changes and Key July 1 Deadlines
- Ongoing changes to income-driven repayment plans
- Introduction of the new RAP plan
- What currently practicing optometrists need to know
- Why July 1, 2026 is a critical date for consolidation decisions
- Differences between planning for current borrowers vs. future optometrists
4. Health Insurance Changes: ACA & HSA Updates
- ACA premium tax credits reverting to pre-COVID rules
- The return of the 400% federal poverty line “cliff”
- Why income planning matters more again in 2026
- Expanded HSA eligibility for Bronze and catastrophic ACA plans
- Using HSAs as a long-term planning tool
5. Roth-Only Catch-Up Contributions for High Earners
- Mandatory Roth catch-up contributions for certain high-income earners
- Who this applies to and how it’s determined
- Why catch-up contributions may no longer reduce taxable income
- What to check with your 401(k) plan administrator
📥 Download the Free 2026 Financial & Tax Planning Guide
We distilled everything discussed in this episode—and more—into a simple, two-page reference covering the key 2026 numbers and rule changes optometrists should know.
👉 Download the guide here
📅 Want Help Applying This to Your Situation?
If you’d like to get a head start on your 2026 planning, you can schedule a no-pressure introductory call to talk through what’s on your mind financially and learn how we work with optometrists nationwide.
👉 Schedule an introductory call
📬 Stay Connected
When you download the guide, you’ll also receive the Eyes On The Money weekly newsletter - practical financial planning insights designed specifically for optometrists.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Episode Summary:
As your practice grows and profits increase, one of the most powerful tax and retirement planning tools available to optometry practice owners is profit sharing within your 401(k) plan. But what exactly is profit sharing, and how can you optimize it for both you and your employees?
In this episode, Evon welcomes back Matt Ruttenberg of Life Inc. Retirement Services to break down everything optometrists need to know about profit sharing contributions. They discuss how profit sharing works, the different methods of calculating contributions, and how practice owners can use this strategy to maximize retirement savings while managing taxes.
Whether you’re new to 401(k) plans or you’re ready to level up your retirement savings strategy, this conversation will give you clarity on how to align your plan design with your goals.
What You’ll Learn in This Episode:
- What profit sharing in a 401(k) plan actually is and why it matters for practice owners
- The “three-tier wedding cake” framework of retirement plan contributions
- Different methods of profit sharing:
- Pro Rata (the simple but costly method)
- New Comparability (targeted, strategic contributions that benefit owners most)
- How factors like employee demographics, age, and owner wages impact profit sharing efficiency
- Why your Safe Harbor match choice (match vs. non-elective) matters when layering on profit sharing
- How profit sharing integrates with cash balance plans to supercharge retirement savings
- Key deadlines practice owners need to keep in mind before year-end
Resources & Links:
- Learn more about Matt Ruttenberg and his team: 401k.expert
- The Optometry Money Podcast Ep 111: 2024 Mid-Year Retirement Plan Updates and Deadlines Practice Owners Need to Know with Matt Ruttenberg
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- The Optometry Money Podcast Ep 63: Choosing A Retirement Plan for Your Optometry Practice with Matt Ruttenberg
Work With Us:
Thinking about working with a financial planning firm that specializes in optometry? At Optometry Wealth Advisors, we help ODs nationwide align their practice and personal finances for growth, tax efficiency, and long-term wealth.
👉 Schedule a free, no-pressure intro call here: optometrywealth.com
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Tax planning is more than just finding deductions—it’s about pulling the right financial levers at the right time. In this episode, Evon Mendrin, CFP®, walks through the five key areas of a tax return that optometrists and practice owners should focus on when working with their financial and tax professionals.
By understanding these levers, you can reduce surprises at tax time and unlock smarter planning opportunities for both your practice and your personal finances.
What You’ll Learn in This Episode:
- How to project your income trajectory for the year (and why clean bookkeeping is essential).
- Why reviewing your tax withholdings and estimated payments now can prevent big surprises later.
- The role of Adjusted Gross Income (AGI) in unlocking or losing out on credits and deductions.
- Planning strategies around itemized deductions (and how the new rules on SALT and charitable giving affect you).
- How to manage your Qualified Business Income (QBI) deduction as an optometry practice owner.
- Using your taxable income and brackets to strategically manage your overall tax liability.
- Practical ways to combine these levers—like retirement plans, charitable giving, and reinvesting in your practice—for maximum impact.
Resources & Links:
- Independent Strong: Understanding the Key Planning Levers in the Private Practice Owner’s Tax Return (Evon’s written guide)
- Connect with Evon: evon@optometrywealth.com
- Schedule a time to chat at www.optometrywealth.com
- Newsletter: Tax Changes in the 'One Big Beautiful Bill Act' ODs Need to Know
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Episode 146 – Four Common Investment Mistakes Optometrists Should Avoid
As an optometrist and practice owner, you’ve got enough on your plate running a household, practice, and career - but what about your investments?
In this episode of the Optometry Money Podcast, Evon Mendrin, CFP®, CSLP®, walks through the four most common investment mistakes he sees optometrists make when they come to his firm - mistakes that can quietly cost you over your career.
You’ll learn:
- Why a “junk drawer” portfolio is not a strategy (and how to create a clear investment approach).
- The difference between owning more funds and actually being diversified.
- How complexity for complexity’s sake often adds cost and confusion without adding value.
- Why simplicity can lead to better outcomes, even for high net worth ODs
- Why asset location - putting the right investments in the right accounts - can save you significantly in taxes over time.
These aren’t one-off missteps - they’re patterns Evon sees over and over with ODs nationwide, and by avoiding them, you can create a portfolio that’s simpler, more efficient, and better aligned with your financial goals.
Resources and Links:
- Free PDF Guide: Key Issues to Review in Your Investments
- Schedule a no-pressure introductory call with Evon
Other Episodes Mentioned:
- The Optometry Money Podcast Ep 61: Should You Invest in International Stocks?
- The Optometry Money Podcast Ep 134: The Case for Index Funds – Why Optometrists Should Embrace Passive Investing
- The Optometry Money Podcast Ep 135: Beyond Indexing – An Optometrist’s Guide to Factor-Based Investing
- The Optometry Money Podcast Ep 140: What Most Investors Get Wrong About Dividend Investing
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Episode Summary:
You’ve done the hard work of creating your estate plan. But is it actually ready to work when you need it most? In this episode, Evon breaks down the four critical gaps that can make or break your estate plan's effectiveness — especially for busy optometrists and practice owners.
We’re diving into the implementation side of estate planning — those next steps after the documents are signed that so many overlook. Whether you’ve DIY’ed your estate plan or worked with an attorney, this episode will help you spot (and fix) potential breakdowns that could leave your family or practice exposed.
💡 In This Episode, You'll Learn:
- Why having signed documents may not be enough to protect your family or business
- The #1 mistake DIY estate planners make (and how to fix it)
- How to make sure your estate planning documents actually do what you want them to do
- Why outdated beneficiaries can completely derail your estate plan
- How to organize your digital life — from passwords to email — so your loved ones aren't locked out
- When to revisit and update your plan
🔗 Resources & Links:
- Click here to schedule a free intro call.
- Sign up for the Eyes On The Money newsletter and get the Estate Planning Checklist!
- The Optometry Money Podcast Ep 81: An Optometrist's Guide to Estate Planning
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Episode Summary
In this timely episode, Evon unpacks the Department of Education’s recent surprise announcement that interest will resume accruing on the SAVE plan’s current forbearance beginning August 1, 2025. We explore what this means for optometrists managing student loans - especially those approaching forgiveness eligibility or considering refinancing.
What You'll Learn
- Surprise Announcement: Why SAVE’s interest-free forbearance ends on August 1, 2025, and how to prepare
- OBBBA Overview: How this new legislation (effective July 2026) changes income-driven repayment plan options - removing SAVE, PAYE, ICR plans as available options for current optometrists
- Repayment Roadmap: How optometrists should evaluate refinancing, staying federal, or switching plans based on degree completion and loan timing
- IDR Plan Comparison: Breaking down olcd vs. new IBR, PAYE, and SAVE rules - including repayment terms like 20‑year repayment at 10% of discretionary income
- Strategic Tax Planning: Using filing status and extensions (especially important in community-property states) to lock in the lowest monthly payment
- Timeline Guidance: When key deadlines hit (Aug 1, 2025; July 2026; July 2028) and how to reconcile existing loans within the new REPAY plan framework
Resources Mentioned
- Department of Education Announcement - SAVE Interest Accrual Begins
- The Optometry Money Podcast Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More!
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this packed episode, Evon Mendrin, CFP® and host of The Optometry Money Podcast, breaks down the biggest tax and student loan law changes optometrists need to know from the recently passed One Big Beautiful Bill Act (OBBBA).
Evon discusses what’s changing—and what’s not—for individual and business tax rules, estate taxes, 529 plans, and the massive shift in student loan repayment plans. Whether you're a private practice owner, associate OD, or optometry student, this episode will give you the clarity to start planning wisely for the years ahead.
Highlights from this episode include:
Individual Tax Changes
- Lower tax brackets and the higher standard deduction made permanent
- New temporary senior tax deduction for ODs 65+
- SALT deduction cap raised to $40,000 (with income phaseouts)
- Brand-new $2,000 charitable deduction even if you take the standard deduction
- Enhanced child tax credit and dependent care FSA limits
New & Unusual Tax Deductions
- Temporary deduction for personal auto loan interest (for new cars only)
- Deduction for overtime pay and tips
Business Owner Wins
- 20% QBI deduction is now permanent—and its phaseouts widen in 2026
- 100% bonus depreciation is back!
- PTET workaround for SALT cap still lives on
Student Loan Changes: Huge Overhaul Ahead
- SAVE, PAYE, and ICR plans eliminated after 7/2026
- Current Borrowers gradually transitioned by 7/2028
- Forgiveness periods shift, with new rules and income considerations
- Future optometrists face new federal loan caps and more restricted repayment options
529 Plans & Trump Accounts
- 529s can now be used for CE and licensing expenses
- New "Trump Accounts" for minors open in 2026: Traditional IRA-style investment accounts with government seed money
Bottom Line:
You don’t need to make big decisions today - but now is the time to start planning. Evon covers how these changes may affect optometrists in every stage of their career - from practice owners to new grads.
Resources & Links:
- Dept. of Ed Update: SAVE Interest Accrual Begins Aug 1st
- Schedule a Free Intro Call with Evon
- Newsletter on Tax Provisions (and don't forget to subscribe)
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Are individual bonds better than bond funds? What’s the actual difference between the two—and why does it matter for your investment strategy?
In this episode, Evon Mendrin, CFP®, CSLP®, dives into the key distinctions between individual bonds and bond funds, and what private practice optometrists need to consider when deciding between them. Whether you're aiming for stability, income, or long-term growth in your portfolio, understanding how these investment tools work can guide better financial decisions.
In this episode, you'll learn:
- What a bond actually is and how it functions
- The key differences between owning individual bonds and investing in bond funds
- The pros and cons of each approach
- Why “safety” in bonds can be misunderstood
- How market interest rates affect the value of your bonds or bond funds
- When it may make sense to use one over the other in your financial plan
Resources mentioned:
- Vanguard: Individual Bonds vs. Bond Funds
- Vanguard: Taxable Bond Investing - Bond Fund vs. Individual Bonds
- US Treasury Direct
- S&P Dow Jones: The Hidden Costs of Retail Purchases in Investment Grade Municipal Bonds
- A Wealth of Common Sense Blog: Owning Individual Bonds vs. A Bond Fund
Related Episodes:
- Podcast Ep 58: Investing Fundamentals – Understanding Stocks, Bonds, Mutual Funds, and ETFs
- Ep 134: The Case for Index Funds – Why Optometrists Should Embrace Passive Investing
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Enjoy this rewind of a popular episode!
In Part 3 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about when you own a more established, mature private optometry practice - both inside the business and in the household.
A few of the planning topics practice owners should think about are:
- Maintaining your vision for the ideal practice and ownership life
- Building guardrails around your practice based on your ideal lifestyle
- Create a separation between your practice and personal finances
- Create a framework for deciding how to best use the cash flow your practice creates
- Getting the most from your practice retirement plans
- Planning for financial independence and retirement
- Balancing the growth of different parts of your net worth over time
- Risk management, contingency planning in the practice, and estate planning
- Keep an eye on the other financial goals in your life outside the practice
- Keeping in close contact with your professionals.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO - Jackson Pace, CPA
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
Related Episodes:
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice Ownership
- The Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice Ownership
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Dividend investing is one of the most passionately followed strategies online - yet much of the enthusiasm is driven by misunderstandings of how dividends work.
In this episode, Evon Mendrin, CFP®, CSLP® of Optometry Wealth Advisors, dives deep into how dividends actually work, why they aren’t “free money,” and what ODs need to understand before chasing high-dividend stocks or funds - especially in taxable accounts. He also explores when, despite all of this, a dividend-focused approach might still be rational for the right investor.
In this episode, you’ll learn:
- What dividends actually are and how they function within public companies and your own optometry practice.
- Why dividends aren’t “extra” return, and how stock prices adjust for them.
- The real-world tax consequences of dividends - especially in taxable brokerage accounts.
- Why fewer companies pay dividends today, and how stock buybacks often take their place.
- How dividend investing can actually reduce diversification and tilt your portfolio away from global opportunities.
- What explains the performance of dividend-heavy portfolios (spoiler: it’s not the dividends).
- Why “I need X in dividends to retire” is a myth, and how to think about withdrawals and cash flow instead.
- When a dividend strategy can make sense - despite being suboptimal on paper.
Resources mentioned:
- Dimensional’s Research on Dividend Price Adjustments
- Meb Faber’s “Shareholder Yield” Book
- Ben Felix Video on Dividend Investing
Related Episodes:
- Ep 135: Beyond Indexing – An Optometrist’s Guide to Factor-Based Investing
- Ep 134: The Case for Index Funds – Why Optometrists Should Embrace Passive Investing
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
As a private optometry practice owner, one of the most essential yet misunderstood financial decisions is figuring out how much to pay yourself. In this episode, Evon Mendrin dives into seven critical factors to consider when setting your own compensation from your optometry practice—especially if you're taxed as an S Corporation.
Whether you're just getting started or running a thriving, established practice, this episode will help you balance tax strategy, financial planning, and long-term wealth-building with clarity and confidence.
You’ll learn:
- How income draws differ based on how your practice is taxed (sole proprietor, partnership, or S-corp)
- Why paying yourself “too little” can backfire with the IRS
- How your wage affects your Social Security benefits, QBI deduction, and retirement plan contributions
- The surprising ways your compensation impacts practice valuations and financial planning
- How to align your income with your lifestyle and financial goals
Resources Mentioned:
- Independent Strong Article: How to Pay Yourself – Key Factors for Setting Your Owner Compensation
- IRS Guidance on Reasonable Compensation for S Corps
Related Episodes:
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this special Friday episode, Evon returns to break down the recently passed proposed House bill - the “Big Beautiful Bill Act” - and what it could mean for optometrists.
While it's a long way from becoming actual law, it's helpful to know what exactly is one the table and what changes to expect related to tax planning and student loans.
This episode explores key tax extensions, how they impact private practice owners, and the major proposed overhaul to student loan repayment plans that could significantly affect current and future borrowers.
You’ll hear what’s in the bill, what’s likely to change, and what it all could mean for your tax planning and student loan strategy. From extended tax brackets and deductions to a major overhaul of income-driven repayment plans, Evon walks you through the key points in plain language.
He also shares what he's watching closely as this bill moves to the Senate, and why some of the proposed student loan changes may be concerning for current borrowers.
This is a must-listen if you want to stay ahead of what could impact your personal and business finances in the near future.
💡 Key Takeaway:
While many tax provisions bring minor relief or maintain the status quo, the student loan changes could severely alter the financial outlook for optometrists with student debt. If passed, this legislation could disrupt existing repayment strategies and diminish loan forgiveness prospects.
We'll keep an eye on it as it moves through Congress, and keep you up to date!
Resources Mentioned:
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- Template Student Loan Letter For Senators
Questions?
Email Evon at podcast@optometrywealth.com.
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this rewind of a popular episode, Andrew Berkin, PhD - head of research at Bridgeway Capital Mangement and author of The Incredible Shrinking Alpha - joins the podcast to discuss why active investment management fails, and why you're unlikely to get the outperformance you're looking for.
Evon and Andrew dive into:
- Research behind why active management fails - both for individual investors and professional managers
- What an "efficient market" means, and why stock markets are efficient
- What is passive investing?
- Why passive investing goes beyond index funds
- What investor SHOULD focus on, if not trying to actively pick investments.
- And so much more!
Andrew brings so much wisdom and expertise to the conversation. Hopefully this helps optometrists better understand their own investment approach and why it may or may not make sense.
And hopefully it encourages you to take an evidence-based, research-based approach to investing, just like you might take an evidence-based approach to optometry.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Andrew Berkin, PhD - Bridgeway Capital Management
- Perspectives - Bridgeway Capital Management
- The Incredible Shrinking Alpha book
- Your Complete Guide to Factor-Based Investing book
- SPIVA Active vs. Passive Scorecard
- SPIVA US Persistency Scorecard
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of the Optometry Money Podcast, Evon Mendrin talks with Dr. Neda Gioia, the owner of Integrative Vision. Dr. Gioia shares her journey into optometry, what led her to cold-start her own practice, and how a personal health crisis inspired her to adopt an integrative healthcare approach within optometry. She discusses how she blends traditional eye care with holistic health practices, addressing root causes of dysfunction rather than just treating symptoms.
Dr. Gioia also dives into her transition from insurance-based to a concierge model of care, the challenges of integrating holistic healthcare into an optometry practice, and how she navigates patient education and staff training to make her practice unique and impactful.
Key Takeaways:
- Integrative Healthcare in Optometry: Dr. Gioia explains how addressing root causes rather than just symptoms benefits patients holistically.
- Transition to a Concierge Model: She shares insights into moving away from insurance and creating a more personalized, patient-centered approach.
- Education and Patient Engagement: Learn how Dr. Gioia educates her staff and patients about the benefits of holistic health practices.
- Practice Management Tips: Practical advice on starting small, trial and error, and gradually building a holistic model within an optometry practice.
- Overcoming Challenges: Discover the biggest obstacles Dr. Gioia faced, from patient communication to system integration.
Links and Resources Mentioned:
- Integrative Vision Website
- Dr. Neda Gioia's Website
- American Academy of Anti-Aging Medicine
- Ocular Wellness and Nutrition Society
- American Nutrition Association
- Institute of Functional Medicine
Connect with Us:
- Visit our Website
- Send your questions to podcast@optometrywealth.com
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Thank you for listening! Stay tuned for more episodes of the Optometry Money Podcast.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
How can optometrists improve their portfolios beyond basic index funds, without risky trading? Evon Mendrin provides an OD's guide to Factor-Based Investing.
Evon discusses:
- What factors are and their role in investment returns.
- Five criteria to identify reliable investment factors.
- Key factors: Market, Small, Value, Profitability, Investment, and Momentum.
- Why factors exist, explained through risk and behavioral finance.
- Common misconceptions around factor investing.
- Practical tips for implementing factors in your portfolio, including tilting and core-and-satellite approaches.
- Who should and shouldn’t consider factor investing based on goals and risk tolerance.
This episode highlights a disciplined, long-term investment strategy. While it's certainly not guaranteed, it can be an evidence, research-backed approach to improving your portfolio without falling into the trap of active investment trading.
Resources Mentioned:
- Ep 94: Why Active Investment Management Fails with Andrew Berkin, PhD
- "Your Complete Guide to Factor-Based Investing" by Andrew Berkin and Larry Swedroe
- Movie: DFA's Tune Out The Noise
Questions?
Email Evon at podcast@optometrywealth.com.
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
If you enjoyed this episode, please leave a review and share it!
Thanks for listening!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
How should optometrists approach investing their hard-earned money? With thousands of mutual funds and countless investment strategies, deciding can feel overwhelming. In this episode, Evon dives deep into index investing—explaining clearly why passive investing through broad market index funds consistently outperforms active management.
He explores the fascinating history of index funds, the robust academic research behind them, and exactly why an evidence-based, passive approach makes sense for optometrists. Evon also breaks down common misconceptions around "settling for average" and explains how choosing simplicity, lower costs, and broad diversification can significantly boost long-term investment success.
You likely aim to take an evidence-based approach to optometry, and Evon's suggestion is to take the same approach to finance and investing.
Highlights of the Episode:
- What Exactly Are Index Funds?
Evon defines indexes and index funds clearly, showing how they provide easy access to broad markets at low cost. - The Fascinating History Behind Index Funds
Learn how groundbreaking academic research in the 1960s and 70s led to the creation of index funds, and why the initial skepticism turned into widespread adoption. - Evidence of Index Funds Outperforming Active Management
Evon shares compelling data, such as the SPIVA Report findings, showing that over 80-90% of active managers fail to beat their benchmark index over long periods. - Why Active Investing Often Falls Short
Explaining why consistently outperforming the market through active investing is incredibly challenging. - Fees and Taxes Matter
Understand how high fees and tax inefficiencies can significantly erode your returns, making index funds even more attractive. - Diversification is Your Friend
Evon details shocking statistics about individual stock performance and shows how index funds naturally diversify your portfolio, increasing your odds of owning top-performing stocks. - Simplicity is Strength
Discover why investing doesn't need to be complex, and how simplicity through index investing can lead to better investment behavior and results.
Resources Mentioned:
- Ep 94: Why Active Investment Management Fails with Andrew Berkin, PhD
- SPIVA Report - Year End 2024
- S&P's US Persistency Scorecard - Year End 2023
- Morningstar’s Active/Passive Barometer
- Hendrick Bessembinder (2018): Do Stocks Outperform Treasury Bills?
- Movie: DFA's Tune Out The Noise
- Book: A Random Walk Down Wall Street
Stay Connected:
- Click here to Subscribe to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists.
- Have Questions? CLICK HERE to schedule a short introductory call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Are you pulling the right levers in your tax planning?
In this episode, Evon walks through key strategic levers you can (and should) be using to improve your tax outcomes as an optometrist—especially if you're a private practice owner.
aWhile most conversations focus on deductions, this episode takes a step back to look at the full tax picture and the levers that truly move the needle in your personal and practice finances.
You'll learn:
- How the flow of a tax return works and why it matters for planning
- The types of income that trigger different tax treatment
- Why Adjusted Gross Income (AGI) is one of the most important numbers to watch
- What to know about the Qualified Business Income (QBI) deduction—and how to avoid phasing out
- A strategic case study showing how one planning move unlocked multiple tax benefits
- How to think about tax payments, safe harbor rules, and avoiding surprises at tax time
📄 Referenced in the Episode:
- Independent Strong article on Tax Planning Levers
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- Blog: An Optometrist’s Guide to the Qualified Income Business (QBI) Deduction
- Schedule your Intro Call today!
📬 Subscribe to the Eyes On The Money Newsletter
Stay up to date on financial strategies just for optometrists, plus get your free 2025 financial planning guide: Click HERE to subscribe.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, host Evon Mendrin welcomes back Erich Mattei of Akrinos for a follow-up conversation focused on creating a pathway for associate doctors to become partners in your optometry practice.
Whether you're an owner thinking about bringing on a partner or an associate doctor aiming to own part of a practice, this episode unpacks the key considerations you need to know.
In this episode, you'll learn:
- The motivations for bringing on a partner (succession planning, growth, and shared leadership)
- Why starting the conversation early is critical for practice owners
- What owners should look for in a future partner beyond clinical skills
- How modernizing business operations can make ownership more attractive
- The essentials of structuring a partnership: timelines, financing options, and compensation
- Legal documents you must have when structuring partnerships and exits
- Final tips for owners and associates to create win-win opportunities
Resources Mentioned:
- Ep 124: Scaling and Freedom – When, Why, and How to Add an Associate Optometrist with Erich Mattei
- Women in Optometry: Guiding the Future: Doctor’s Transition Plan Begins to Take Shape
- Learn more about Akrinos: Akrinos Website
- Eyes on the Money Weekly Newsletter - Get 2025's Most Important Numbers
- The Partnership Charter by David Gage
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode, Evon Mendrin, CFP® dives into the latest twists in the federal student loan landscape—and what they mean for optometrists using income-driven repayment (IDR) plans. There’s big news on SAVE plan court rulings, loan consolidations, and IDR recertifications. But more than that, Evon explores the deeper question: What are the tradeoffs you accept when choosing an IDR path toward forgiveness?
Whether you’re a recent graduate figuring out your repayment plan or a practice owner managing loans alongside business goals, this episode breaks down the current student loan climate and the ongoing volatility—and why you should base your decision on math and personal tolerance for policy uncertainty.
💡 What You’ll Learn:
- The most recent updates to federal student loans
- What’s happening with student loan consolidation and past payment history
- Why IDR recertification deadlines have been pushed back—and what to do if yours wasn’t processed
- The current status of IDR applications (they're back!) and why servicers aren’t processing them (yet)
- The key tradeoffs to consider when planning around forgiveness vs. full repayment
- How student loans compare to other long-term financial decisions in terms of uncertainty and control
🔗 Resources & Links:
- Eyes On The Money Weekly Newsletter – Sign up and get your 2025 Financial Guide
- Student Loan SAVE Plan Court Case Guidance
- Have a question or want to dive into your student loan strategy? Reach out at podcast@optometrywealth.com
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Welcome back to The Optometry Money Podcast! In this episode, host Evon Mendrin, CFP®, dives into the topic of stock market declines—a reality for every long-term investor. With headlines buzzing about economic concerns, tariffs, and policy changes, market volatility can feel unsettling. But how common are market declines really? And what should optometrists do when they happen?
What You’ll Learn in This Episode:
✅ How often stock market declines occur—historical data on 5%, 10%, 15%, and 20% drops
✅ What happens after market declines—average returns after 1, 3, and 5 years
✅ The importance of diversification and why international stocks matter
✅ Why trying to time the market is dangerous and can hurt long-term returns
✅ Key actions optometrists can take during a market downturn
✅ How rebalancing, tax-loss harvesting, and Roth conversions can be smart financial moves
✅ Why staying the course is the best strategy for long-term investors
Market declines are normal and expected, but they don’t have to derail your investment plan. Evon shares valuable insights to help optometrists make informed decisions, stay disciplined, and continue building their financial future—even during uncertain times.
Resources & Links:
🔗 Click here to Sign up for the Eyes On The Money Newsletter and get your Guide to 2025's Most Important Numbers
🔗 Learn more about Optometry Wealth Advisors – www.optometrywealth.com
🔗 Have a question? Contact Evon – podcast@optometrywealth.com
Resources & Links:
🔗 US Stock Market History of Ups and Downs
🔗 Reacting Can Hurt Performance - Missed Days Hurts Returns
🔗 Markets Have Rewarded Disciplined Investors
If you found this episode helpful, please share it with a fellow OD! And don’t forget to subscribe and leave a review on your favorite podcast platform.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
The student loan landscape is shifting again! In this episode, Evon breaks down the latest updates on the SAVE Plan, the recent court rulings, and what these changes mean for optometrists navigating their student loan repayment.
With major legal challenges in play, borrowers on SAVE are currently in interest-free forbearance, but the future of the program remains uncertain. Evon unpacks the key takeaways from the recent 8th Circuit Court of Appeals decision, discusses potential next steps, and shares what optometrists should consider when making student loan repayment decisions.
What You’ll Learn:
✅ Background on the SAVE Plan & Legal Challenges – Why the courts put SAVE on hold and what’s next
✅ What This Means for Optometrists – How the latest rulings impact those on SAVE, PAYE, and IBR plans
✅ Should You Switch Plans? – Factors to consider before making a move
✅ Tax Strategies for Student Loan Borrowers – Filing tips to optimize student loan repayment
✅ Preparing for Uncertainty – Practical steps to protect your financial future
Key Takeaways:
💡 The SAVE Plan is currently blocked, and applications for income-driven repayment plans & loan consolidation are unavailable.
💡 Borrowers on SAVE forbearance are not accruing interest, but these months do not count toward forgiveness.
💡 Income-Based Repayment (IBR) is still available and could be an alternative for some borrowers.
💡 If you’re going for Public Service Loan Forgiveness (PSLF), the recent rulings do not impact the program directly, but timing your repayment strategy is critical.
💡 Tax planning is essential – Your tax filing status (Married Filing Separately vs. Jointly) and timing of recertification can significantly affect student loan payments.
Actionable Steps for Optometrists:
🔹 If you’re on SAVE forbearance – Consider whether staying put or switching to IBR/PAYE (when applications reopen) makes sense for your situation.
🔹 If you’re nearing forgiveness (20-25 years) – Switching to IBR sooner may be necessary to receive forgiveness.
🔹 If you’re married – Review tax filing strategies to exclude spousal income from payment calculations.
🔹 If your income has increased significantly – Be aware that switching to IBR/PAYE could trigger higher payments.
🔹 If you’re pursuing PSLF – Understand the buyback provision and how it affects your repayment plan.
Resources & Next Steps:
📩 Get More Updates! Stay informed with our Eyes on the Money Newsletter for the latest financial strategies tailored for optometrists. Subscribe here.
📅 Need Student Loan Help? Book a free intro call with Evon to discuss your student loan strategy and overall financial plan. Schedule a call here.
📢 Enjoyed this episode? Leave a review and share it with a fellow OD who needs to hear this!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, sits down with Dr. Jennifer Stewart and Dr. Aaron Neufeld to dive into one of the biggest career decisions optometrists face: Should you cold start a practice or buy an existing one?
Dr. Stewart and Dr. Neufeld bring their expertise as practice owners and consultants to break down the most common misconceptions around both options, the biggest mistakes new owners make, and how to make the right decision for your career and financial future.
They share insights from their work with ODs on Finance’s Cold Start and Practice Purchase Accelerator programs, offering real-world advice on choosing a location, handling financing, managing staff transitions, and much more.
If you’re considering starting or purchasing an optometry practice, this episode is packed with actionable takeaways to help you confidently navigate the journey to ownership.
Key Topics Discussed:
- The biggest misconceptions about cold-starting vs. buying a practice
- How to determine if practice ownership is right for you
- Choosing the right location for a cold start practice
- Financing and financial planning considerations for both paths
- Vision plans: Should a cold start accept them?
- Common staffing and patient retention challenges after buying a practice
- How to manage change effectively in an acquired practice
- Why you don’t have to go at it alone—and how to find expert guidance
Resources & Links:
- Connect with Dr. Jennifer Stewart on LinkedIn
- Connect with Dr. Aaron Neufeld on LinkedIn
- Learn more about the Cold Start & Practice Purchase Accelerator Programs at ODs on Finance.
- Recommended Book: Traction: Get a Grip on Your Business by Gino Wickman
- Have a question or topic request? Email Evon at podcast@optometrywealth.com
- Visit the Optometry Wealth Advisors Education Hub for more resources, episodes, and articles.
- Leave us a review on Apple Podcasts or Spotify!
Want to Work with Evon?
Curious about how financial planning can help you make smarter decisions for your practice and personal finances? CLICK HERE to schedule a free, no-pressure consultation with Evon Mendrin, CFP®.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, Evon Mendrin sits down with Dr. Tony Turin and his wife, Kim Turin, to discuss how they intentionally built and scaled their optometry practice from a cold start to three thriving locations. As a husband-and-wife power team, they share the lessons they've learned along the way—balancing business and family, maintaining culture across multiple locations, and making strategic financial decisions that fueled their growth.
Tony and Kim talk about the challenges and rewards of practice ownership, how they divide roles to complement each other’s strengths, and what key financial and practice metrics they track to ensure their locations remain financially strong. Whether you're an OD considering practice ownership or already managing a growing business, this episode is packed with valuable insights.
Key Topics Discussed:
✅ The journey from a cold start to multiple locations
✅ How the Turins balance business, family, and personal time
✅ Strategic financial decisions that made their growth possible
✅ The importance of maintaining culture across multiple locations
✅ How they track key performance metrics to ensure long-term success
✅ Their biggest lessons learned from growing their practice
Resources & Links:
🔗 Learn more about Tony and Kim Turin’s practice
🔗 Connect with Tony on LinkedIn
🔗 Check out the Education Hub at www.optometrywealth.com for more resources
Want to Work with Evon?
Curious about how financial planning can help you make smarter decisions for your practice and personal finances? Schedule a free, no-pressure consultation with Evon Mendrin, CFP®, at www.optometrywealth.com.
Enjoy the episode?
👉 Don’t forget to subscribe, rate, and review on your favorite podcast platform! It helps more ODs discover valuable financial and business insights.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, host Evon Mendrin, CFP® sits down with Dr. Nick Lillie to discuss his journey of expanding his practice, hiring an associate OD, and restructuring his business to align with his lifestyle and personal values.
Dr. Lillie shares his insights on practice expansion, the importance of focusing on core services, and how financial and operational planning has helped him build a thriving practice that serves both his patients and his family. He also dives into how he approaches strategic planning for the new year, the role of key performance indicators (KPIs) in practice growth, and the mindset shifts that have fueled his success.
What You'll Learn:
- The process behind Dr. Lillie’s practice expansion and move to a new location.
- How he approached hiring and mentoring his first associate optometrist.
- The importance of focusing on core services like dry eye, ocular health, and optical.
- The impact of financial planning and profitability on sustainable business growth.
- How to structure your practice to support your ideal lifestyle.
- The power of tracking KPIs and using data to guide business decisions.
- Why mentorship plays a key role in onboarding a new associate.
- How to develop a vision for your practice and align it with your personal values.
Resources & Links:
- Connect with Dr. Nick Lillie: Email: drlillie@theultimateod.com
- Listen to Optometry: The Ultimate OD Podcast: Website
- Schedule a free consultation with Evon: Click here
- Sign up for the Eyes On The Money Newsletter: Click here
Follow Us:
- Facebook: Optometry Wealth Advisors
- LinkedIn: Evon Mendrin, CFP®
Thank you for listening! If you enjoyed this episode, please leave a review and share it with a fellow optometrist!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode, Evon welcomes Dr. Chad Fleming back to The Optometry Money Podcast. Dr. Fleming shares his experiences with strategic planning and explains how setting aside time to work on the business through a strategic planning week has helped him scale his practice operations. They discuss how private practice owners can improve leadership, reduce chaos, and increase profitability through intentional planning.
Evon and Dr. Fleming dive into the nuts and bolts of what a strategic planning week entails, how to execute it, and why it’s essential to long-term business success.
In This Episode:
- What’s the difference between growth and scale for optometry practices?
- The concept of working on vs. in your business and why stepping away is crucial.
- What happens to a practice and the owner when there's no intentional planning time.
- How Dr. Fleming’s annual strategic week helped him plan, lead, and reduce turnover.
- Practical advice on creating a productive planning getaway—from choosing a location to preparing resources.
- Measuring and implementing your strategic ideas when you return to the practice.
Episode Highlights:
- [00:04:40] Scaling vs. growth: defining both for practice owners
- [00:06:10] Working on your business versus working in it: practical examples
- [00:18:22] Dr. Fleming’s annual strategic planning getaway explained
- [00:23:05] How to prepare and gather your thoughts for a productive planning session
- [00:35:00] Tracking key performance indicators (KPIs) to measure success
- [00:40:06] Exciting opportunities in the future of private practice optometry
Resources:
- Contact Dr. Chad Fleming: Email him at chad@pipgpo.com
- LinkedIn: Connect with Dr. Fleming on LinkedIn
- Past Podcast Episodes: Check out more episodes with Dr. Fleming in our podcast archive:
- Ep. 118: Adding Private Label to Improve Margins Without Compromising Quality with Dr. Chad Fleming
- Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
- Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
Connect With Us:
- For more podcast episodes, blog articles, and optometry-specific financial resources, visit www.optometrywealth.com.
- To learn more about working with Evon and the team at Optometry Wealth Advisors, CLICK HERE to schedule a free consultation.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, hosts Erich Mattei of Akrinos to dive deep into a pivotal question for many private practice optometry owners: when, why, and how should you hire an associate optometrist?
Together, Evon and Erich discuss:
- The key motivations behind hiring an associate doctor – from scaling your practice for growth to creating more personal freedom.
- The role of associates in succession planning and de-risking your practice’s future.
- Critical financial and operational indicators that signal it may be time to hire.
- How to structure compensation plans that attract and retain top talent while aligning with your practice’s financial health.
- Best practices for onboarding and mentoring your associate for success.
- And more!
Whether you’re approaching capacity constraints or seeking a better work-life balance, this episode will help you make more informed decisions about hiring and transitioning to an associate OD.
Resources Mentioned in the Episode:
📄 Erich Mattei’s articles on public demand for eye care and the important role of private practice optometry (Review of Optometric Business): Part 1 | Part 2
🌐 Learn more about Erich Mattei and Akrinos: Visit Akrinos
📚 Explore the Optometry Wealth Advisors Education Hub for financial resources and tools: Visit Here
📆 Connect with Evon for a no-pressure financial planning consultation: Schedule Here
Connect with Us:
- Follow Evon on LinkedIn
- Subscribe to the Eyes on the Money newsletter for weekly financial tips and insights tailored for optometrists: Sign Up Here
Do You Have Insights to Share?
If you’ve gone through the process of hiring an associate or have questions about the decision, we’d love to hear from you! Send us a message at podcast@optometrywealth.com.
Thank You for Listening!
We appreciate your time and attention. If you enjoy the podcast, please subscribe and leave a review on your favorite podcast platform. Your feedback helps us reach more optometrists like you!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical importance of your Savings Rate as a foundation for financial independence. We explore how incremental improvements—or marginal gains—can lead to exceptional results.
What You’ll Learn in This Episode:
- The Story of Marginal Gains: How Sir Dave Brailsford’s focus on 1% improvements led the British cycling team to Olympic gold and what that means for your financial habits.
- The Role of Systems in Financial Success: Why success is more about consistent habits and systems than lofty goals.
- Understanding the Savings Rate: What it is, why it’s a leading indicator of future financial health, and how to calculate and improve it.
- Practical Strategies to Improve Your Savings Rate: From automating contributions to identifying areas for incremental improvement in your cash flow.
- The Danger of Chasing High-Risk Investments: Why a strong savings rate is more reliable than speculative ventures in achieving financial independence.
Resources Mentioned:
- 📖 Atomic Habits by James Clear: Learn how habits and systems drive success.
- 📰 Eyes On The Money Newsletter: Check out the recent edition discussing the impact of your Savings Rate.
- 📅 Schedule a Free Consultation with Evon: Let’s talk about optimizing your savings and cash flow.
- The Optometry Money Podcast Ep 57: A Framework for Deciding Where to Save/Invest Next
Connect With Evon and the Podcast:
- Website: Optometry Wealth Advisors
- Email: podcast@optometrywealth.com
- Submit Questions: Use the link in the show notes to text a question directly to the podcast!
Thank You for Listening! Thank you for tuning in to this episode of The Optometry Money Podcast. If you enjoyed this episode, please subscribe, leave a review, and share it with your fellow ODs. Remember, small, consistent actions today lead to a financially secure tomorrow!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical financial and tax updates optometrists need to know as we head into 2025. Whether you're an associate OD, a private practice owner, or planning to start your own practice, these updates are vital to helping you make informed financial decisions.
What You'll Learn in This Episode:
- Retirement Account Contribution Limits for 2025:
Updates for 401(k), SIMPLE IRA, HSA, and IRA contribution limits, and how to adjust your contributions accordingly. - SECURE Act 2.0 Changes Now in Effect:
Automatic enrollment requirements for newer 401(k) plans, new rules for long-term part-time employees, enhanced catch-up contributions, and more. - Key Tax Updates for 2025:
Changes to tax brackets, standard deductions, Qualified Business Income (QBI) phaseouts, and the Social Security wage base. - Student Loan Repayment Tips:
How the timing of your tax filing can impact income-driven repayment plans, especially if you’re pursuing loan forgiveness. - Inherited IRA RMDs:
The return of required minimum distributions for inherited IRAs and what this means for beneficiaries in 2025. - Things to Watch in 2025:
Updates on Corporate Transparency Act reporting, SAVE plan court cases, and the potential sunset of the Tax Cuts and Jobs Act.
Resources Mentioned:
- 📄 Free 2025 Financial Numbers Guide:
Click HERE to get your free copy of the guide to the most important financial and tax numbers for 2025. - 🎙️ Learn More About the QBI Deduction:
Check out this blog post and this podcast episode exploring how the QBI deduction works and how it impacts optometrists. - 💼 Schedule a Free Consultation:
Let’s chat about your financial goals and how Optometry Wealth Advisors can help you. Book a call here.
Connect With Evon and the Podcast:
- Website: Optometry Wealth Advisors
- Email: podcast@optometrywealth.com
- Submit Questions: Use the link in the show notes to text a question directly to the podcast!
Thank you for tuning in to this episode of The Optometry Money Podcast. If you found this episode helpful, please subscribe, leave a review, and share it with your fellow ODs. Let’s make 2025 your best financial year yet!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
As the year draws to a close, it’s the perfect time to review your finances and ensure you’re ending the year on a strong note. In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, walks through a comprehensive year-end financial checklist tailored specifically for optometrists. Whether you’re an associate OD or a private practice owner, you’ll find actionable tips to optimize your finances, make tax-smart decisions, and set yourself up for a successful new year.
What You’ll Learn:
- Retirement Planning: How to evaluate and maximize your 401(k), SIMPLE IRA, and profit-sharing contributions before year-end.
- Tax-Saving Opportunities: Key actions to take before December 31, including charitable donations, state tax payments, and practice-related investments.
- Investment Strategy: How to identify tax-loss harvesting and capital gains opportunities in your portfolio.
- Estate & Insurance Review: Why it’s essential to update your beneficiaries, estate plan, and insurance policies.
- Cash Flow Check: Tips to review your spending, savings rate, and liquidity for emergencies and upcoming goals.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 114: Tax Targets to Aim For Mid-Year
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- The Optometry Money Podcast Ep 47: An Optometrist’s Guide to How Taxes Work
- The Optometry Money Podcast Ep 37: Tax Planning For Charitable Giving
- The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return
- IRS Withholdings Estimator
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Evon provides optometrists a deep dive into 529 plans and other methods of saving and paying for your kids' college costs.
He dives into the rules of how 529 plans work, the federal and state tax benefits of using 529 accounts, how to use the funds in the account, creative planning opportunities for 529 plans, the use of taxable investment accounts in preparing for your kids' college.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- IRS 529 Plans: Questions and Answers
- Education Data - College Tuition Inflation Rate
- Education Data - Average Costs of Tuition & College
- Saving For College - Federal School Code Lookup Tool
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this rewind of a popular episode, Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year.
He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including:
- Trajectory and sources of income
- Are we on track for tax payments and withholdings?
- Adjusted gross income (AGI) and phaseouts for deductions and credits
- Opportunities around itemized deductions, especially donations to charity
- Taxable income and tax brackets
- Qualified Business Income deduction and potential phase outs
- And more!
Hopefully this helps you have productive conversations with your own tax professional, financial advisor, and other professionals in your corner!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode of The Optometry Money Podcast, host Evon Mendrin welcomes back Dr. Chad Fleming to dive into a strategy for private practice optometrists: private label products.
Dr. Fleming shares his insights into how practice owners can introduce private label lenses, frames, and other products to their offerings. They discuss the financial and operational benefits, including improved margins, reduced costs, and increased flexibility, while still delivering top-quality care to patients.
You'll learn:
- What private label products are and why they're gaining traction.
- How they compare to big-name brands in quality and performance.
- Practical steps for selecting and implementing a private label line in your practice.
- Common red flags and mistakes to avoid when exploring this option.
Whether you're curious about adding private label products to your practice or are looking for ways to maximize profitability in your optical, this episode is packed with actionable advice and real-world examples.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Email: chad@pipgpo.com
- Chad Fleming: Partners in Profit
- Review of Optometry: Can Private Label Save Private Practice? (2002)
- Schedule an Introductory Call with Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
What do presidential elections mean for your investments? What actions should you take during an election year?
In this rewind of a popular episode, Evon provides context for this common question by diving into the historical behavior of US stocks related to US presidential elections. He dives both into the short-term results - looking at the months and years around the elections, as well as a longer-term perspective. Ultimately, stocks - publicly traded businesses - have rewarded long-term, patient investors over long-term periods of time, regardless of the politician in office.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Slides: Market Returns During Elections
- DFA's Presidential Elections: What Do They Mean for Markets?
- DFA: How Much Impact Does the President Have on Stocks? (Interactive)
- DFA Webcast Highlights: What History Tells Us About Elections and the Market
- A Wealth of Common Sense: Don't Mix Your Politics With Your Portfolio
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Jackson Pace, CPA, and Kevin Dang, CPA of Refractional CFO join Evon on the podcast again to dive into a common question - can you (or should you) buy a vehicle under your optometry practice for the tax deduction?
They dive into:
- What's required to deduct the cost of a vehicle in the practice
- Basics of how depreciation works
- What happens when you sell or transfer the car out of the practice
- Business use vs. personal use of the vehicle
- Non-tax considerations when you own a car under your practice
- And more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO Website
- The Optometry Money Podcast Ep 96: Deep Dive Into Financial Due Diligence When Buying an Optometry Practice with Jackson Pace and Kevin Dang, CPAs
- The Optometry Money Podcast Ep 71: Viewing the Health of Your Practice Through the Eyes of a CFO with Jackson Pace, CPA
- Schedule an Intro Call with Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Cash flow is the lifeblood of your optometry practice. In this episode, Evon dives into important differences between the profit you see on the Profit & Loss and the actual net cash flow of your business, and also explores the Statement of Cash Flows and stories optometrists can pull from it. Lastly, he talks about a simple framework to use when trying to decide what to do with extra cash flow in your practice.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Managing By the Numbers - Chuck Kremer
- Simple Numbers, Straight Talk, Big Profits - Greg Crabtree
- The Optometry Money Podcast Ep 29: Getting A Grip On Your Practice Bookkeeping with Wade Weisz
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year.
He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including:
- Trajectory and sources of income
- Are we on track for tax payments and withholdings?
- Adjusted gross income (AGI) and phaseouts for deductions and credits
- Opportunities around itemized deductions, especially donations to charity
- Taxable income and tax brackets
- Qualified Business Income deduction and potential phase outs
- And more!
Hopefully this helps you have productive conversations with your own tax professional, financial advisor, and other professionals in your corner!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 47: An Optometrist’s Guide to How Taxes Work
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- IRS Tax Withholding Estimator
- The Optometry Money Podcast Ep 53: An Optometrist’s Guide to Estimated Tax Payments
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode, we rewind back to a popular 2023 episode. How do income taxes work? How do tax rates work? How are your taxes calculated?
As tax filing deadlines approach, Evon dives into a basic guide for optometrists to how US federal income taxes work.
He dives into how marginal tax rates work, how taxes are calculated, withholdings and estimated tax payments, filing deadlines, and different tax planning concepts to keep in mind when making financial decisions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 34: 5 Levers to Control Capital Gains on Your Tax Return
- The US Federal Income Tax "Formula"
- IRS Withholding Estimator
- The Optometry Money Podcast Ep. 37: Tax Planning for Charitable Giving
- Eyes on the Money Newsletter #33: Tax Levers Before Tax Time
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
What should we do during stock market declines? Even though the ups and downs are a normal (and expected) part of investing, what beneficial actions can you take?
Evon dives into rebalancing, tax-loss harvesting, and other actions optometrists should consider during market declines.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- A Wealth of Common Sense Blog: This is Normal
- The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return
- Schwab: Watch Out for Wash Sales
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Matt Ruttenberg of Life Inc., Retirement Services joins the podcast for a mid-year review of 2024 updates for 401(k) plans and late-year deadlines optometry practice owners need to know.
They dive into soon-to-be required auto-enrollment, deadlines to open a safe harbor 401(k) plan for 2024, profit sharing deadlines, submitting 5500 for solo 401(k) plans, and more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 40: The Optometrist’s Guide to The SECURE Act 2.0
- The Optometry Money Podcast Ep 89: 2024 Financial Updates Optometrists Need to Know
- The Optometry Money Podcast Ep 63: Choosing A Retirement Plan for Your Optometry Practice
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- Life, Inc. Learning Center
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Forbes - Student Loan Forgiveness Resumes for Millions as Major Program (PSLF) Completes Transition
- Forbes - New Guidance on Student Loan Forgiveness, Repayment, and Consolidation Issued in Wake of Court Rulings
- Podcast Ep. 95: Improving Student Loan Outcomes When Filing Taxes Married Separately
- Federal Student Aid - PSLF
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
What do presidential elections mean for your investments? What actions should you take during an election year?
Do provide context for this common question, Evon dives into the historical behavior of US stocks related to US presidential elections. He dives both into the short-term results - looking at the months and years around the elections, as well as a longer-term perspective. Ultimately, stocks - publicly traded businesses - have rewarded long-term, patient investors over long-term periods of time, regardless of the politician in office.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Slides: Market Returns During Elections
- DFA's Presidential Elections: What Do They Mean for Markets?
- DFA: How Much Impact Does the President Have on Stocks? (Interactive)
- DFA Webcast Highlights: What History Tells Us About Elections and the Market
- A Wealth of Common Sense: Don't Mix Your Politics With Your Portfolio
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!
In this episode Evon is joined by Colin Carr, founder and CEO of CARR to dive into lease and purchase decisions for your optometry practice real estate.
We dive into what to look for in a location for your practice, negotiating points for a lease, how to prepare and plan for a lease renewal, when to lease vs. purchase the commercial property, and so much more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- CARR Healthcare Real Estate
- CARR Blog/Resources
- Optometry Wealth Advisors - Schedule a Consultation
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
With a new stock market all-time high earlier this year (2024), Evon provides perspective from history to put new record highs into proper context.
While it's often thought that you should avoid investing at all-time highs do to some inevitable crash, ultimately, all-time highs are more common than you think. And the performance of stocks (on average) after new record highs would surprise you. Evon ends with the importance of keeping a long-term investing perspective while planning for a long-term investment goal - financial independence.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- DFA: Why A Stock Peak Isn't A Cliff
- RBC GAM: Investing at All-Time Highs
- Optometry Wealth Advisors - Schedule a Consultation
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon is joined by Dr. Tessa Sokol, owner of Sokol Advanced EyeCare in Madison, Wisconsin. Tessa shares her experience transitioning from a long-standing, successful corporate sublease to her own independent, private optometry practice.
We dive into the benefits and drawbacks of the corporate sublease (from her experience), what to look for when evaluating a sublease opportunity, why she made the shift to private practice, all the steps of the transition, what lessons she'd teach herself if she could go back, and what technology and innovation she's most excited about looking to the future.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Sokol Advanced EyeCare
- LinkedIn - Tessa Sokol
- Facebook - Sokol EyeCare
- iCareAdvisors
- Schedule a Free Consultation - Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In this replay of a popular 2023 episode, Evon revisits an important topic for optometry practice owners and independent contractors - the differences between different business entities!
How do the different business entities work? How are they taxed? How are they different?
In this episode, Evon provides a basic guide to the differences between:
- Sole Proprietorships
- Partnerships
- Limited Liability Companies (LLCs)
- S-Corporations
- Corporations
If you own an optometry practice or are an independent contractor, hopefully this episode brings some clarity around how the different types of businesses operate.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 47: An Optometrist's Guide to How Income Taxes Work
- IRS.Gov Reasonable Compensation for S Corporation Officers
- IRS.Gov How to Apply for an EIN
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In this replay of a popular 2023 episode, Evon revisits an important tax planning topic for optometry practice owners and independent contractors - the Qualified Business Income Deduction!
He dives into what the deduction is, how it's calculated, its limitations and phase outs, how it works differently in different business types, and planning considerations to keep in mind.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Podcast Episode 47: An Optometrist's Guide to How Income Taxes Work
- The Optometry Podcast Episode 49: An Optometrist's Guide to Business Entities
- IRS Reasonable Compensation for S-Corporation Owners
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In today's episode, Evon dives into the tax considerations when selling your primary residence.
Homes tends to make up a considerable portion of optometrists' net worth, and fortunately the IRS provides an exclusion for capital gains from selling your home.
Evon dives into the Section 121 home sale exclusion, the two tests you need to meet to qualify, certain exceptions to keep in mind, and planning considerations when selling a home that you've used as a rental property.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- IRS Publication 523 - Selling Your Home
- Schedule an Intro Call with Optometry Wealth Advisors!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon is joined by Thomas Castelli, CPA, partner at Hall CPAs, as well as CEO of Tax Smart Investors.
Many optometrists own rental real estate properties, and it's common for practice owners to own the commercial real estate the practice operates in. Thomas brings a ton of specialized knowledge in real estate taxation to the podcast, and we dive into how rental income is taxed and how optometrists can unlock "passive" rental real estate losses to offset your other "active" income like wages and business profit.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Thomas Castelli website
- Tax Smart REI Podcast
- Hall CPAs
- Tax Smart Investors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
On today’s episode, Evon is joined once again by Dr. Bethany Fishbein to talk all about how to push through conflict and confrontation to improve your optometry practice and your career.
Ultimately as business owners and professionals, or just when working in a team, there’s going to be a time where conflict comes up or uncomfortable conversations need to be had - with team members, managers, patients, or vendors.
And avoiding that conflict can lead to issues with patient care, profitability, the culture of your practice, your stress as an owners,
Bethany and Evon dive into all the different places this shows up in your business, how avoiding important conversations impacts patient care, your practice, and your career, and how get better at tackling conflict head on.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Leaders of Vision Website
- LinkedIn - Bethany Fishbein, OD
- HBR: An Exercise to Help Your Team Feel More Comfortable with Conflict
- The Lean Startup - Eric Ries
- Schedule an Intro Call - Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In the show's 100th episode, Evon talks about what optometrists should expect and experience from working with a financial advisory firm.
There has been historically poor business models in financial services that fall short of providing advice optometrists need, in their best interest. There also appears to not be a great public awareness of what good financial advisors actually do for clients
Evon aims to help optometrists understand what exactly financial planning is, and what they should be receiving from working with a financial advisor in terms of services received and client experience, by walking the listener through his firm's own client experience.
As you search for your own trusted advisor, hopefully this episode gives you a better idea of what to expect, and when a potential service doesn't quite meet your needs.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 44: An Optometrist’s Guide to Financial Advisors (5 Questions To Ask)
- Schedule an Intro Call
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon is joined by Michael Pote of The Growth Cooperative to dive into creative ways to structure the sale of a practice from one optometrist to another.
They talk a little bit about the structure of private equity sales and OD-to-OD sales, and the pros and cons to both. They then dive into creative ideas to make that transition work for both parties, including structuring the purchase over a period of time rather than all at once. We also talk about what makes a better prepared buyer and a better prepared seller.
With the ongoing concern of keeping more independent, private optometry practices in the hands of optometrists, Michael brings great ideas for helping the next generation of owners buy into even the largest of practices.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Growth Cooperative
- LinkedIn - Michael Pote
- The Optometry Money Podcast Ep 96: Deep Dive Into Financial Due Diligence When Buying an Optometry Practice with Jackson Pace and Kevin Dang, CPAs
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon dives into the recently announced update for federal student loans! The Department of Education extended the pause for income recertification for borrowers on income-driven repayment plans to late September, 2024 at the earliest. Optometrists may have even more time on lower IDR payments!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Student Aid: Income Driven Repayment (IDR) Recertification Pause Extended
- The Optometry Money Podcast Ep 74: Student Loan Planning for Optometrists in 2023 and Beyond!
- Schedule an Introduction Call with Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode plays Part 2 of Evon's recent guest appearance on the Four Eyes Optometry Podcast. Evon joins Lainey Bokhaut, CPA in Canada, as a guest to talk about foundational financial decisions optometrists need to make - especially as they transition from school to practice.
We dive into the basics of different business entities for practices and independent contractors, the importance of disability and other types of insurance, what professionals should be involved in your life and when you should start working with them, and so much more!
Huge thanks to Dr. Amrit Bilkhu and Dr. Deepon Kar for havings us on. Their podcast is absolutely worth a subscribe, and check out Part 1!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Four Eyes Optometry Podcast
- Four Eyes Podcast Ep. 74: Financial Planning with Evon Mendrin and Lainey Bokhaut Part One
- YoungOD Connect
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon is joined by Jackson Pace, CPA and Kevin Dang, CPA of Refractional CFO to take a deep dive into financial due diligence when buying a practice.
They talk about:
- The goal of financial due diligence and the list of what to review
- The documentation and information needed and the process of how to review them
- What factors they've seen that indicate the health of a practice
- What sellers should focus on to improve and preserve the value of their practice
- And more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO
- The Optometry Money Podcast Ep 71: Viewing the Health of Your Practice Through the Eyes of a CFO with Jackson Pace, CPA
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Using income-driven repayment (IDR) plans toward student loan forgiveness can be a favorable way for optometrists to manage student loan debt. In this episode Evon talks about how strategically changing the way you file your taxes when married can improve the long-term math toward student loan forgiveness.
He dives into how filing taxes married filing separately can exclude your spouse's income from your student loan calculation on an IDR plan and impact the family size for the calculation - as well as the tax consequences of changing your tax filing status. He also talks about how community property states open up even more planning opportunities for student loans when filing separately.
Lastly, he talks about important considerations to keep in mind around the tax filing deadline and your recertification date.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Federal Student Aid - Income-Driven Repayment Plans
- Federal Student Aid IDR Plan Request Form PDF
- Optometry Money Podcast Ep. 89: 2024 Financial Updates Optometrists Need to Know
- The Optometry Money Podcast Ep 74: Student Loan Planning for Optometrists in 2023 and Beyond!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Andrew Berkin, PhD - head of research at Bridgeway Capital Mangement and author of The Incredible Shrinking Alpha - joins the podcast to discuss why active investment management fails, and why you're unlikely to get the outperformance you're looking for.
Evon and Andrew dive into:
- Research behind why active management fails - both for individual investors and professional managers
- What an "efficient market" means, and why stock markets are efficient
- What is passive investing?
- Why passive investing goes beyond index funds
- What investor SHOULD focus on, if not trying to actively pick investments.
- And so much more!
Andrew brings so much wisdom and expertise to the conversation. Hopefully this helps optometrists better understand their own investment approach and why it may or may not make sense.
And hopefully it encourages you to take an evidence-based, research-based approach to investing, just like you might take an evidence-based approach to optometry.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Andrew Berkin, PhD - Bridgeway Capital Management
- Perspectives - Bridgeway Capital Management
- The Incredible Shrinking Alpha book
- Your Complete Guide to Factor-Based Investing book
- SPIVA Active vs. Passive Scorecard
- SPIVA US Persistency Scorecard
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
On today's episode Dr. Michael Neal of Lakeside Vision and founder of Build My Team joins the podcast to discuss the lessons he learned and process he built to hire better team members for optometry practices.
We dive into:
- What's wrong with the conventional ways of hiring
- Why resumes are the worst place to start the process
- Why experience can actually be a red flag
- How to streamline the hiring process
- Aligning natural skills and abilities of candidates with the role you're hiring for
- And so much more!
This was a fantastic conversation that should help you think differently about a common pain point in private optometry practices. Ultimately, a more streamlined hiring process and a better team around you can help provide a better, more enjoyable day to day practice ownership experience.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Build My Team
- Education Hub
- Jim Collins - Getting the Right People in the Right Seats Over Time
- EOS - Right People-Right Seats
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
On today's episode, Evon is joined by Ali Oromchian, attorney with Dental & Medical Counsel, to review the new federal business entity reporting requirements under the Corporate Transparency Act.
They dive into which entities are required to report, what information is involved, deadlines to keep in mind, potential penalties, and more.
This impacts not only optometry practice owners, but also optometrists that own rental real estate in LLCs or partnerships and independent contractors or side businesses that created legal entities.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- FinCEN Beneficial Ownership Reporting FAQs
- FinCEN BOI Small Entity Compliance Guide
- Ali Oromchian - Dental & Medical Counsel
- The Optometry Money Podcast Ep 89: 2024 Financial Updates Optometrists Need to Know
- The Optometry Money Podcast Ep 81: An Optometrist’s Guide to Estate Planning with Ali Oromchian, J.D., LL.M.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In today's episode, Evon gives optometrists a guide on one of the most tax-efficient savings accounts out there - Health Savings Accounts!
He dives into the appropriate uses and benefits of HSAs, who is eligible to contribute, the annual limits and nuances to keep in mind, how to invest in an HSA as a retirement account, and planning considerations and ideas to make the most of them.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- IRS Pub 969: Health Savings Accounts and Other Tax-Favored Health Plans
- IRS Pub 502: Medical and Dental Expenses
- The Optometry Money Podcast Ep 57: A Framework for Deciding Where to Save/Invest Next
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode plays Evon's recent guest appearance on the Four Eyes Optometry Podcast. In Part 1 of 2, Evon joins Lainey Bokhaut, CPA in Canada, as a guest to talk about foundational financial decisions optometrists need to make - especially as they transition from school to practice.
We dive into debt decisions and how to tackle student loans, we talk about differences between retirement accounts and how to decide between them, we talk tradeoffs between investing and debt payments, and so much more!
Huge thanks to Dr. Amrit Bilkhu and Dr. Deepon Kar for havings us on. Their podcast is absolutely worth a subscribe, and stay tuned for Part 2! We'll dive into business and practice ownership, how to build your professional team, and more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Four Eyes Optometry Podcast
- YoungOD Connect
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Happy New Year! It's time to dive into the many 2024 financial updates, rule changes, and deadlines optometrists need to know about.
Evon discusses:
- SECURE Act 2.0 rule changes in effect in 2024, including positive adjustments to SIMPLE IRAs and 401(k)s.
- Increases in contribution maximums for 401(k)s, SIMPLE IRAs, Health Savings Accounts, and IRAs.
- Two important federal student loan deadlines this year.
- Beneficial Owner Information reporting from the Corporate Transparency Act
- And more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 40: The Optometrist’s Guide to The SECURE Act 2.0
- Student Aid: The IDR Account Adjustment
- IRS 2024 Retirement Account Contribution Changes
- FinCEN Beneficial Ownership Reporting FAQs
- FinCEN BOI Small Entity Compliance Guide
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
For the last episode of 2023, it's time to rewind to our most popular episode of the year.
Dr. Kara Ramsey-Foster, OD joins the podcast to talk about her journey freeing her optometry practice from managed vision care plans through a direct care business model.
In a bit of a case study, Dr. Foster talks about what led her to transition her practice entirely away from vision plans, how a direct care or fee-for-service model works, how she made the transition successful, and how it's benefited her practice.
She had such a great perspective on a big, important topic for independent optometry practices.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your FREE Financial Health Assessment
- Eye Care For You
- Direct Care Difference - Join The Direct Care Movement!
- Review of Optometric Business - How I Freed My Practice from Managed Care to Achieve a $564 Revenue-per-Exam
- Direct Care Difference YouTube Channel
- Anagram
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
As we approach year-end, it's time to rewind to a popular 2023 episode!
In Part 3 of a 3 part series, Evon dove into the many financial planning considerations optometrists need to think about when you own a more established, mature private optometry practice - both inside the business and in the household.
A few of the planning topics practice owners should think about are:
- Maintaining your vision for the ideal practice and ownership life
- Building guardrails around your practice based on your ideal lifestyle
- Create a separation between your practice and personal finances
- Create a framework for deciding how to best use the cash flow your practice creates
- Getting the most from your practice retirement plans
- Planning for financial independence and retirement
- Balancing the growth of different parts of your net worth over time
- Risk management, contingency planning in the practice, and estate planning
- Keep an eye on the other financial goals in your life outside the practice
- Keeping in close contact with your professionals.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO - Jackson Pace, CPA
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice Ownership
- The Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice Ownership
- Get your FREE financial health assessment
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
As we approach year-end, it's time to rewind to a popular 2023 episode!
In Part 2 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about in the early years of owning a private optometry practice - both inside the business and in the household.
Once doors are open and for the first few years, you should think about:
- It's quite the busy time, learning and adjusting to owning the practice and managing employees.
- Getting familiar with the three core financial statements in your practice - the balance sheet, the profit and loss statement, and the statement of cash flows.
- Getting to know the internal, operational key performance indicators that matter to your business (the leading indicators).
- Focus on actual cash flow of the business, the differences between actual cash flow and profit, and creating a framework for deciding what to do next with cash as it comes in.
- Building appropriate cash reserves in the practice
- Preparing to pay yourself as the owner
- Preparing for tax payments and withholding and tax planning opportunities.
- Establishing a retirement plan in the practice.
- Protecting yourself from the financial risks with appropriate insurance coverage.
- Keeping in close contact with your professionals.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE financial health assessment
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
- The Optometry Money Podcast Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
- Profit First by Mike Michalowicz
- The Optometry Money Podcast Ep 53: An Optometrist’s Guide to Estimated Tax Payments
- Eyes on the Money Newsletter: Beware This Practice Ownership Tax Hike
- The Optometry Money Podcast Ep 63: Choosing A Retirement
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
It's almost the end of the year, and Evon dives into a year-end checklist for financial planning actions that every optometrist needs to keep in mind.
He talks about retirement plan contributions, important student loan deadlines, tax and business planning considerations to review before the year ends and into early next year.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Retirement Plan Contribution Changes for 2024
- The Optometry Money Podcast Ep 63: Choosing A Retirement Plan for Your Optometry Practice
- The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return
- Federal Student Aid: One Time IDR Payment Count Adjustment
- What to Know About the Corporate Transparency Act?
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In this Thanksgiving holiday rewind, we wanted to replay a popular 2022 episode on an important end-of-year topic: charitable giving.
Evon dives into the tax benefits of charitable giving and tax planning strategies optometrists should consider to make the most of your charitable donations. He talks about how charitable deductions work, bunching your donations, donor advised funds, and more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- The Optometry Money Podcast Ep. 34: Five Levers to Control Capital Gains on Your Tax Return
- IRS Tax Exempt Organization Search
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
As we get into the holiday seasons and end of the year, it's time for a rewind of a popular 2022 episode on managing taxes through capital gains!
Evon continues the year-end tax planning theme and talks all about how investment income and capital gains impact your tax return.
He dives into how your investment account creates income, how it's taxed, and 5 levers you can pull to control capital gains on your tax return. This episode is a great example of how all the different parts of your finances - investments, taxes, charitable donations, cash flow needs - are all intertwined. You should look at them together when making financial decisions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Get Started - Optometry Wealth Advisors
- Schwab: Watch Out for Wash Sales
- Investopedia: Long-term vs. Short-term Capital Gains
- Schwab: How to Cut Your Tax Bill with Tax Loss Harvesting
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
To wrap up the series on risk management, Evon is joined by Levi Barlavi, attorney and owner of Pacific Health Law Group, to provide and introduction to asset protection for optometrist.
Levi dives into what asset protection means, and the liability risks optometrists face in and out of practice. He talks about ways to protect yourself, from exempted assets and insurance to legal entities. He also dives into how optometrists can properly maintain the legal entities to make sure they provide the protection they're created to provide.
Lastly - for optometry practice owners - he talks about how to protect the value of your practice as an asset against the big "what-ifs" that can happen to you as well as through a successful transition.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Pacific Health Law Group, PC
- Phone: 310-776-5384
- The Optometry Money Podcast Ep 81: An Optometrist’s Guide to Estate Planning with Ali Oromchian, J.D., LL.M.
- The Optometry Money Podcast Ep 78: Separating Fact From Fiction of Indexed Universal Life Insurance with Andy Panko, CFP®, RICP®, EA
- The Optometry Money Podcast Ep 77: Ins and Outs of Permanent Life Insurance with Broc Buckles
- The Optometry Money Podcast Ep 76: An Optometrist’s Guide to Life Insurance
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Ali Oromchian, J.D., LL.M. of Dental & Medical Counsel joins the podcast to provide an optometrist's guide to estate planning.
Ali and Evon dive into the purpose and important - but often difficult - considerations of estate planning, when optometrists should consider creating and reviewing an estate plan, the tools and legal documents used in an estate plan, trusts vs. wills, how practice owners should incorporate their practice ownership, and so much more.
This is such an important part of any optometrist's financial planning and managing the big risks in your life. Ali provides a wealth of knowledge so you know what to consider and what to expect when creating and reviewing your estate plan over time.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Dental & Medical Counsel
- Phone: 925-999-8200
- The Optometry Money Podcast Ep 28: Keeping Your Beneficiaries Up To Date
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
What's the value of your optometry practice? What goes into a practice valuation?
Erich Mattei of Akrinos joins the podcast to provide an introduction to optometry practice valuations.
Erich dives into his work with valuations, three general approaches to valuating businesses, and when practice owners should start considering their practice's value.
Lastly, he discusses how valuations can be improved and ways current valuation methods and recent high valuations are creating roadblocks for the successful transition of independent practices from owner optometrist to the next generation.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Akrinos LLC
- Women in Optometry - The Great Retirement May Be Coming in Optometry
- The Optometry Money Podcast Ep 41: Navigating Internal Practice Transitions with Dr. Mick Kling and Craig Moritz
- The Optometry Money Podcast Ep 50: Guide to Due Diligence on Practice Purchases with Erich Mattei
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Do the partners and vendors in your practice have the same values of independence as you?
Ben Collier and Dan Korolev of Collier Optical Lab join the podcast to talk all about the benefits of independent optometry practices working with an independent optical lab. They dive into what being "independent" means, and how independent labs operate differently. They also talk about the importance of your lab relationship to the patient experience, internal processes, and profitability to the practice.
It was a fascinating conversation, and we're happy to feature independent businesses doing great things to help the sustainability and longevity of optometry practices.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Collier Optical Lab
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Fellow financial advisor Andy Panko, CFP®, RICP®, EA joins Evon on the podcast to dive into the ins and outs of Indexed Universal Life (IUL) Insurance.
In a recent explosion of marketing and sales on the internet, this highly complex insurance product is often touted as "THE" product you should own above all others.
Andy and Evon provide an objective review of this type of life insurance, diving into how the product works, how it's different from other types of life insurance, ways that the policy may not go as expected, downsides and considerations, as well as when it makes sense to own such a policy. Lastly, we do a bit of "fact or fiction" on common marketing lines used to sell these products.
Hopefully this episode helps optometrists make more educated decisions around what can be a complicated insurance product.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 45: What is the 4% Safe Withdrawal Rule?
- The IUL Experiment
- Retirement Planning Education
- The Optometry Money Podcast Ep 77: Ins and Outs of Permanent Life Insurance with Broc Buckles
- The Optometry Money Podcast Ep 76: An Optometrist’s Guide to Life Insurance
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
To continue September's life insurance theme, Evon is joined by Broc Buckles - co-founder of BC-Brokerage - to dive into permanent type life insurance.
They talk about the ins and outs of how permanent life insurance policies work, when they're appropriate for optometrists' insurance planning, some ways they're used inappropriately, and ways to adjust or get out of a policy.
Hopefully this episode helps optometrists make more educated decisions around what can be a complicated insurance product.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- BC-Brokerage
- Broc Buckles LinkedIn
- Broc Buckles Twitter
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
It's September, which means it's Life Insurance Awareness Month! In light of the theme, Evon provides an optometrist's guide to life insurance.
Life insurance coverage is a core, important piece to managing the big financial risks in the life of an optometrist. Evon dives into the purpose and uses of life insurance, the different types of life insurance policies - from term life to whole life and universal life, how to decide how much coverage you should get, things to watch out for in insurance marketing, and more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Life Happens Life Insurance Needs Calculator
- The Optometry Money Podcast Ep 44: An Optometrist’s Guide to Financial Advisors (5 Questions To Ask)
- Eyes on the Money Newsletter #32: What's the purpose of life insurance?
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do you build an optometry practice to multiple locations? How do you establish a great culture?
In this rewind of a popular 2022 episode, Dr. Andy Yaryan, owner of Yaryan Eye Care Center, joins Evon to talk about how he purchased an optometry practice right out of college, grew it to three locations, and how he reviews the health of the practice. He also talks about how important culture is to a practice and how he evaluates culture. Finally, he reveals how important coaching was to taking his practice to the next level.
It was a fun conversation learning from his 10+ years experience of owning a practice. There's a lot to learn for any practice owner wondering how to take their business to the next level.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Yaryan Eye Care Center
- Practice Coach - The Scheduling Institute
- Facebook - Andy Yaryan
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
As the dust settles on all the recent changes, Evon dives into one more comprehensive episode on student loan planning for optometrists in 2023 and beyond.
Evon talks about the recent updates in federal student loans, including the recent SAVE income-driven repayment plan and PSLF updates. He goes through student loan deadlines optometrists need to know about. Lastly, he discusses the different student loan repayment strategies you should consider, and what factors help you decide which approach to take.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 67: The Supreme Court Ruling, New SAVE IDR Plan, and Other Big Student Loan Updates
- Federal Student Aid - IDR Account Adjustment
- Federal Student Aid - Public Service Loan Forgiveness (PSLF)
- Fact Sheet - SAVE Plan and PSLF Rule change
- Contact Us - Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In this rewind of a popular 2022 episode, Dr. Larry Golson joins Evon to talk all about how Gino Wickman's book Traction and the Entrepreneurial Operating System can help take optometry practices to the next level.
Larry is the owner of Envision Eyecare and Sherpa Consulting. He brings so much experience having cold-started his own practice, implementing Traction on his own, and now helping other practice owners do the same.
Whether you're just cold-starting or well on your way in practice ownership, an operating system like Traction can be a phenomenal guide and roadmap to help to manage and grow your business.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- RoB: How I Gained "Traction" to Spur 30% Year-Over-Year Practice Growth
- Envision Innovative Eyecare
- Sherpa Consulting
- Traction by Gino Wickman
- VOSH International
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Ankit Patel joins Evon to talk about how to use Artificial Intelligence (AI) to create a more efficient and productive optometry practice. Ankit is the CEO of Classic Vision Care and the Founder of My Business Care Team.
Ankit and Evon dive into how AI can improve workflows in your optometry practice, administrative tasks, the patient experience, hiring process, and even clinical work.
He talks about the different AI tools he uses, and even goes through a live demo of how he uses them to screen candidates for his hiring process. Like all technology, AI tools can be used to enhance the work you do as an optometrist and practice owner, as well as the work of your staff.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- My Business Care Team
- LinkedIn: Ankit Patel
- Classic Vision Care
- Zapier
- Chat GPT
- Bard
- Anthropic
- NIH: Optometrist's perspectives of Artificial Intelligence in eye care
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Jackson Pace, CPA, owner of Refractional CFO, joins Evon to talk about how to look at the health of your optometry practice through the eyes of a CFO.
We talk about what data in the practice he reviews, how he looks at the financials of the practice, differences between cash flow and profit, appropriate amounts of debt in the practice, and more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO - Jackson Pace, CPA
- Profit First by Mike Michalowicz
- Get your FREE financial health assessment
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In Part 3 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about when you own a more established, mature private optometry practice - both inside the business and in the household.
A few of the planning topics practice owners should think about are:
- Maintaining your vision for the ideal practice and ownership life
- Building guardrails around your practice based on your ideal lifestyle
- Create a separation between your practice and personal finances
- Create a framework for deciding how to best use the cash flow your practice creates
- Getting the most from your practice retirement plans
- Planning for financial independence and retirement
- Balancing the growth of different parts of your net worth over time
- Risk management, contingency planning in the practice, and estate planning
- Keep an eye on the other financial goals in your life outside the practice
- Keeping in close contact with your professionals.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Refractional CFO - Jackson Pace, CPA
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- The Optometry Money Podcast Ep 68: Financial Planning Considerations When Preparing for Practice Ownership
- The Optometry Money Podcast Ep 69: Financial Planning Considerations for the Early Years of Practice Ownership
- Get your FREE financial health assessment
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In Part 2 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about in the early years of owning a private optometry practice - both inside the business and in the household.
Once doors are open and for the first few years, you should think about:
- It's quite the busy time, learning and adjusting to owning the practice and managing employees.
- Getting familiar with the three core financial statements in your practice - the balance sheet, the profit and loss statement, and the statement of cash flows.
- Getting to know the internal, operational key performance indicators that matter to your business (the leading indicators).
- Focus on actual cash flow of the business, the differences between actual cash flow and profit, and creating a framework for deciding what to do next with cash as it comes in.
- Building appropriate cash reserves in the practice
- Preparing to pay yourself as the owner
- Preparing for tax payments and withholding and tax planning opportunities.
- Establishing a retirement plan in the practice.
- Protecting yourself from the financial risks with appropriate insurance coverage.
- Keeping in close contact with your professionals.
Stay tuned for next week's episode, where he'll talk about financial planning considerations when you own a more mature, established practice.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE financial health assessment
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
- The Optometry Money Podcast Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
- Profit First by Mike Michalowicz
- The Optometry Money Podcast Ep 53: An Optometrist’s Guide to Estimated Tax Payments
- Eyes on the Money Newsletter: Beware This Practice Ownership Tax Hike
- The Optometry Money Podcast Ep 63: Choosing A Retirement
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In Part 1 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about as they prepare for practice ownership.
Whether cold-starting an optometry practice or buying into an established practice, you should consider:
- Your biggest goals are to have cash flow flexibility and cash in the bank
- The importance of a game plan to cover living expenses in the early 2-3 years
- Why it's important to build cash savings
- How to prepare your finances for lending
- Student loan decisions when preparing for practice ownership
- Choosing business entities and other business finance basics
Stay tuned for next week's episode, where he'll talk about financial planning considerations from doors open through the early years of the practice.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE financial health assessment
- The Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business Entities
- The Optometry Money Podcast Ep 14: Navigating Financing for Optometry Cold-Starts and Practice Acquisitions with David Tessier
- The Optometry Money Podcast Ep 4. Steps to Launch a Successful Cold-Start with Erich Mattei
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon is back with even more big federal student loan updates optometrists need to know about! Over the last few weeks, the Supreme Court gave its ruling on the Biden student loan forgiveness case, which kicked off a lot of news.
He dives into the:
- Recent Supreme Court ruling on federal student loan forgiveness
- The final rules of the new SAVE income-driven repayment plan
- Reminder of the IDR Waiver / Account Adjustment
- Kaiser (and similar ODs) in CA and Texas are eligible for Public Service Loan Forgiveness!
- And More!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE financial health assessment
- The Optometry Money Podcast Ep. 62: Payments Restarting and Other Student Loan Updates
- Student Aid - Public Service Loan Forgiveness
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
What retirement plan options are available just for independent contractor optometrists?
Evon dives into the retirement plan opportunities just for 1099 optometrists and those with side businesses. He talks about how optometrists can benefit from:
- Taxable investment accounts
- Traditional and Roth IRAs
- SEP IRAs
- Solo 401(k)s
He also talks about how pre-tax retirement plan contributions can negatively impact the QBI deduction for self-employed optometrists, as well as how 401(k) plan limits work with multiple employers.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE financial health assessment
- The Optometry Money Podcast Ep. 63: Choosing a Retirement Plan For Your Optometry Practice with Matt Ruttenberg
- The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg
- The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
- Blog: An Optometrist's Guide to the QBI Deduction
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In honor of the 4th of July holiday and the Declaration of Independence, this episode is a rewind of a popular 2022 episode on financial independence.
How do you track progress toward financial independence? How do you know if you're on track, or how much you'll need to make work optional?
On this episode, Evon talks about how to measure and track financial health, and specifically, one metric optometrists can use to track their progress toward financial independence.
As mentioned in the episode, if you'd like to take a look at your own financial health scorecard and have a conversation around that, sign up for a free financial health assessment using the link below. Evon will assess your scores and send you a video with an assessment.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Get your FREE financial health assessment
- Our Approach - Optometrywealth.com
- Blog: Tracking Financial Progress Through Your Personal Balance Sheet
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do you maximize the retirement plans in your optometry practice?
Profit and cash flow are growing, your taxable income is growing. How do you put potentially $100,000 or more into your retirement accounts?
Matt Ruttenberg of Life, Inc. Retirement Services joins Evon once again for Part 2 to talk about how to use the different layers and features of retirement plans to their fullest potential. They dive into:
- The three layers of retirement plan opportunities
- Different methods of profit sharing contributions in your 401(k)
- How a cash balance pension plan works and which optometrists are a good fit
- A key tax planning window before exiting or selling your optometry practice
- How different business entities under the same ownership impact your retirement plans
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 63: Choosing a Retirement Plan For Your Optometry Practice with Matt Ruttenberg
- Life, Inc. Retirement Services
- Life, Inc. Tax Credit Calculator
- Retirement Plan Evaluator
- Email: matt.ruttenberg@lifeincrs.com
- Get your FREE financial health assessment
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
What's the right retirement plan for your private optometry practice?
Matt Ruttenberg of Life, Inc. Retirement Services joins Evon to talk all about choosing the right retirement plan for your practice. They dive into:
- IRA-based retirement plans, like SEP IRA and SIMPLE IRA plans
- Safe Harbor and Traditional 401(k) plans
- Questions to ask to choose the right plan for your practice
- Updates from the recent SECURE Act 2.0
- Important enhancements to tax credits for starting retirement plans in your optometry practice
Ultimately, you need to look at your own circumstances, cash flow, and your goals for the plan, and make the decision that works best for you.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Life, Inc. Retirement Services
- Life, Inc. Tax Credit Calculator
- Retirement Plan Evaluator
- The Optometry Money Podcast Ep. 40: The Optometrist's Guide to SECURE Act 2.0
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
It's official! Federal student loan payments are finally going to start again!
Evon dives into the latest news optometrists need to know for federal student loans:
- Payments and interest are set to start this fall
- Updates on loan cancellation and the new income-driven repayment plan
- Actions to take as payments restart
- And more!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get your FREE Financial Assessment!
- Student Aid Website: COVID-19 Emergency Relief and Federal Student Aid
- Student Aid Website: COVID-19: Income Driven Repayment Plans
- Bill text: The Fiscal Responsibility Act of 2023
- Student Aid Website: Payment Count Adjustment Toward IDR and PSLF Programs
- Optometry Wealth Advisors: Our Services
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Should optometrists invest in international stocks? Or only in the United States?
In this episode, Evon dives into research around why optometrists should invest in stocks globally, and not just limit their investing to the US.
He summarizes four pieces of research about the diversification benefits of investing globally. Diversification is a foundational part of investing, and global diversification is an important part of managing risks and opportunities.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 60: How to Decide The Amount of Stocks and Bonds in Your Investments
- International Diversification Works (Eventually)
- International Diversification - Still Not Crazy after All These Years
- Global equity investing: The benefits of diversification and sizing your allocation
- Making the Case for International Equity Allocations
- The Randomness of Global Stock Returns
- The Case for Global Investing
- Get your FREE Financial Assessment!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do you know how much of your investments should be in stocks and real estate vs. bonds? What's the right mix for you, and when should it change?
This episode provides an optometrist's guide to selecting the right mix for your investments.
Evon dives into:
- Different types of financial risks to plan against.
- Your ability or capacity to handle investment risk
- Your willingness or tolerance to take investment risk
- How much risk you need to take to meet your investment goals
- When should you change your investment mix?
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 58: Investing Fundamentals – Understanding Stocks, Bonds, Mutual Funds, and ETFs
- The Optometry Money Podcast Ep 15. Actions to Take During a Declining Stock Market
- Get your FREE Financial Assessment!
- A Wealth of Common Sense Blog: How Long Does it Take For Stocks to Bottom in a Bear Market?
- Dimensional Fund Advisors: History Shows That Stock Gains Can Add Up Big after Big Declines
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode replays Evon's 2022 guest appearance on the Try Not To Blink Podcast, hosted by Dr. James Deom and Dr. Roya Habibi.
They dive into Evon's background, why he chose to serve optometrists, student loan planning decisions, preparing for practice ownership and cold-start opportunities, what his "spirit animal" is, and much more.
Dr. Deom and Dr. Roya do an awesome job hosting a fantastic podcast, and it's absolutely worth subscribing.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Master Your Money - Try Not To Blink Podcast
- Get Your Financial Health Assessment
- Introductory Call - Optometry Wealth Advisors
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In the first episode of an investing-focused series, Evon dives into how stocks, bonds, Real Estate Investment Trusts (REITS), mutual funds, and ETFs work. At the end, he talks about the risk and return relationship between the different investments, and the role that stocks and bonds play in your investment portfolio.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return
- The Optometry Money Podcast Ep 15. Actions to Take During a Declining Stock Market
- Get your FREE Financial Assessment!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Where should you save your hard earned dollars? Which accounts should you use? In what order?
In this episode, Evon provides a framework for optometrists on where to invest your dollars first and which investment accounts to go to next. He gives an order of operations for saving and investing between:
- Cash savings
- Your practice and career
- Roth IRA
- Health Savings Account (HSA)
- 401(k) or SIMPLE IRA
- Taxable investment account and any other opportunities that come your way!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your FREE Financial Health Assessment
- The Optometry Money Podcast Ep 55: Back to Basics - The Way to Budget That Works Best
- NerdWallet: Mega Backdoor Roth - How They Work
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode replays Evon's recent guest appearance on The Power Hour Optometry Podcast, hosted by Dr. Bethany Fishbein.
Evon and Bethany dive into the importance of employee financial wellness is for the productivity of your staff, different benefit features in your optometry practice that help them make good financial decisions, and talk through a few "gray" situations of whether practice owners should help employees financially.
Hopefully, this will help you if you come across similar situations in your practice - and definitely subscribe to Bethany's podcast!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Power Hour Optometry Podcast
- The Power Practice
- Stress In America - APA
- IRS.gov: Automatic Enrollment
- Nudge - Richard Thaler and Cass Sunstein
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
April is National Financial Literacy Month! In honor of that, Evon dives into some foundational topics around how to manage and prioritize your cash flow.
He talks about four foundational financial questions you should ask yourself, how to track the "health" of how well you're using your income, and reverse budgeting - a.k.a., the way of budgeting that works.
Ultimately, it's about prioritizing the things that are most important to you and creating a system of saving that's automated. Once you've tackled the priorities, you have total freedom to spend what's left however you'd like.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your FREE Financial Health Assessment
- The Optometry Money Podcast Ep. 27: How to Check the Health of Your Cash Flow
- The Optometry Money Podcast Ep. 23: Is There Balance In Your Balance Sheet?
- The Optometry Money Podcast Ep. 22: How To Track Progress Toward Financial Independence
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Dr. Kara Foster, OD joins the podcast to talk about her journey freeing her optometry practice from managed vision care plans through a direct care business model.
In a bit of a case study, Dr. Foster talks about what led her to transition her practice entirely away from vision plans, how a direct care or fee-for-service model works, how she made the transition successful, and how it's benefited her practice.
She had such a great perspective on a big, important topic for independent optometry practices.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your FREE Financial Health Assessment
- Eye Care For You
- Direct Care Difference - Join The Direct Care Movement!
- Review of Optometric Business - How I Freed My Practice from Managed Care to Achieve a $564 Revenue-per-Exam
- Direct Care Difference YouTube Channel
- Anagram
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In today's episode, Evon provides an optometrist's guide to estimated tax payments. If you're a practice owner or independent contractor OD, quarterly estimated tax payments are likely a part of your life.
He dives into what quarterly estimated tax payments are, who needs to pay them, when they're do, how much your estimated tax payments should be, and more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Get Your Free Financial Health Assessment
- IRS Make a Payment Online
- IRS Form 1040-ES
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Dr. Brianna Rhue joins Evon on the podcast to talk about how to create a more patient-centric contact lens sales process in your optometry practice.
They dive into reasons patients walk with prescriptions, how to remove frictions throughout the patient experience, and how to use technology to streamline the contact lens sales process. Ultimately, this can lead to a better experience for both the patient and your staff and a more profitable practice.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- LinkedIn - Brianna Rhue, OD, FAAO, FSLS
- Dr. Contact Lens
- West Broward Eyecare Associates
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon revisits an important tax planning topic for optometry practice owners and independent contractors - the Qualified Business Income Deduction!
He dives into what the deduction is, how it's calculated, its limitations and phase outs, how it works differently in different business types, and planning considerations to keep in mind.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Podcast Episode 47: An Optometrist's Guide to How Income Taxes Work
- The Optometry Podcast Episode 49: An Optometrist's Guide to Business Entities
- IRS Reasonable Compensation for S-Corporation Owners
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Erich Mattei of Akrinos rejoins the podcast to talk all about performing due diligence when purchasing an optometry practice.
He dives into financial, legal, and operational due diligence you need to perform during the process. Ultimately, is this the appropriate practice for you, and can it support the valuation?
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Akrinos Website
- Erich Mattei LinkedIn
- The Optometry Money Podcast Ep. 4: Steps to Launch a Successful Cold Start
- The Optometry Money Podcast Ep. 41: Navigating Internal Practice Transitions with Dr. Mick Kling and Craig Moritz
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do the different business entities work? How are they taxed? How are they different?
In this episode, Evon provides a basic guide to the differences between:
- Sole Proprietorships
- Partnerships
- Limited Liability Companies (LLCs)
- S-Corporations
- Corporations
If you own an optometry practice or are an independent contractor, hopefully this episode brings some clarity around how the different types of businesses operate.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 47: An Optometrist's Guide to How Income Taxes Work
- IRS.Gov Reasonable Compensation for S Corporation Officers
- IRS.Gov How to Apply for an EIN
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do you calculate return on investment for the investments you make in your optometry practice?
Amanda Collaso, owner of Bookkeeping for Optometry, joined Evon to talk all about calculating the return on different investments in your practice.
They dive into equipment purchases, adding specialties, investing in staff and associate doctors, and more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Bookkeeping For Optometry
- Amanda Collaso - LinkedIn
- ODs on Facebook - How to Track Progress to Financial Independence
- Optometry Wealth Advisors - Services
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How do income taxes work? How do tax rates work? How are your taxes calculated?
As tax filing deadlines approach, Evon dives into a basic guide for optometrists to how US federal income taxes work.
He dives into how marginal tax rates work, how taxes are calculated, withholdings and estimated tax payments, filing deadlines, and different tax planning concepts to keep in mind when making financial decisions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 34: 5 Levers to Control Capital Gains on Your Tax Return
- The US Federal Income Tax "Formula"
- IRS Withholding Estimator
- The Optometry Money Podcast Ep. 37: Tax Planning for Charitable Giving
- Eyes on the Money Newsletter #33: Tax Levers Before Tax Time
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How should you market your optometry practice?
Justin Knott, CEO of Intrepy Healthcare Marketing, joins Evon to talk about marketing your practice.
They dive into what you should include in your marketing efforts, how to get the most out of your website, social media and paid ads, and so much more. If you're wondering where to start or how to level up marketing your practice, this episode is for you.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Intrepy Healthcare Marketing
- Justin Knott - Linked In
- The Optometry Money Podcast Ep 39: Building a Personal Brand As An Optometrist with Dr. Joseph Allen
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
What is the 4% safe withdrawal rule? It's often talked about and cited in social media posts, blogs, and books. But where does it come from? What do you do with it? When is it useful and when is it not useful?
Evon talks about the research behind the 4% sustainable withdrawal amount, its limitations, what it's useful for, and other helpful takeaways from the research.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Optometry Money Podcast Ep. 22: How to Track Progress Toward Financial Independence
- Determining Withdrawal Rates Using Historical Data - Bill Bengen (1994)
- Retirement Savings Choosing a Withdrawal Rate That is Sustainable (Trinity Study 1998)
- Creator Of 4% Rule Says New Withdrawal Target Is 4.7%
- Estimating Changes In Retirement Expenditures And The Retirement Spending Smile - Michael Kitces (2014)
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon provides an optometrist's guide to financial advisors. He dives into five questions that you need to ask financial advisors when looking to hire.
It's often hard to know which financial professional does what and how they're all different. Hopefully, this guide helps you hire an advisor you trust.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Optometry Wealth Advisors
- National Association of Personal Financial Advisors (NAPFA)
- The XY Planning Network
- SEC Advisor Lookup
- Find a Certified Financial Planner (CFP®) Professional
- Certified Student Loan Professional (CSLP®)
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Bethany Fishbein, CEO of the Power Practice, joins Evon to talk about her observations on what the most profitable mode of practice is for private practice optometry. Hint: It may not be what you expect!
We also dive into the importance of knowing your chair cost, tracking the data in the practice and projecting out decisions, where specialties fit in, and how private practice can guard itself from larger, corporate competition.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Power Hour Optometry Podcast: The Most Profitable Mode of Practice is Not What You Think
- The Power Practice
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Dr. Aaron Neufeld joins Evon to talk about launching a specialty lens practice in addition to - and separate from - his primary optometry practice.
Dr. Neufeld is the owner of Los Altos Optometric Group, co-founder of the ODs on Finance Facebook group, and recently launched The Contact Lens Institute. He talks about the steps he took to plan and launch the specialty practice, the lessons he learned, and more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Los Altos Optometric Group
- The Contact Lens Institute
- Email: aneufeldod@gmail.com
- The Infinite Game - Simon Sinek
- ODs on Finance
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Dr. Mick Kling and Craig Moritz join Evon to talk all about navigating internal optometry practice transitions. They talk about when it makes sense to transition ownership, the steps of the process, due diligence, when lending comes into play, and more.
Dr. Kling is the owner of a 2 location practice and is a Practice Management and Transition Advisor for Vision Source. Craig is with Vision Source as well, as the Director of Strategic Partnerships. Both bring a wealth of knowledge and experience in optometry practice transitions working with both buyers and sellers.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Vision Source Transitions Program
- Vision Source Next
- Craig Moritz LinkedIn
- Email: mkling@visionsource.com
- Email: cmoritz@visionsource.com
- The Optometry Money Podcast Ep 14: Navigating Financing for Optometry Cold Starts and Practice Acquisitions with David Tessier
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
What do optometrists need to know about the recently passed SECURE Act 2.0? Evon breaks down the biggest points of the law that both employed optometrists and practice owners need to keep an eye on, specifically around 529 accounts, SIMPLE IRAs, and 401ks.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- ODs on Facebook Newsletter: The SECURE Act 2.0
- Eyes On The Money Weekly Newsletter: The Optometrist's Guide to SECURE Act 2.0
- SECURE Act 2.0 Timeline of Key Rules
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode features Dr. Joseph Allen, optometrist at PineCone Vision Center and founder of the Doctor Eye Health, a YouTube channel with over 750,000 subscribers.
Dr. Allen, joined the podcast to talk about his journey building a personal brand through content creation in addition to his work as a practitioner. He talks about why and how he started creating videos, how he built a business around content creation, and the power of building a personal brand and side business as an optometrist.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Doctor Eye Health YouTube Channel
- Doctor Eye Health Website
- Email: hello@doctoreyehealth.com
- Instagram: Joseph Allen, OD, FAAO
- YoungOD Connect
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Enjoy a holiday replay of a 2022 favorite (Ep 29). Wade Weisz, owner of For Eyes Bookkeeping, joins Evon to talk about the ins and outs of bookkeeping for an optometry practice.
They dive into the basics of bookkeeping, the three financial statements in the business, how often to review your financials, and ways to catch whether your books are accurate. It's hard to overstate how important clean, accurate books are to being a better business owner and getting the best advice from your advisors.
As a holiday gift, Evon opened up the app/dashboard he uses with clients (Elements) to track financial data and assess financial health. Click here to download the app, set up the initial information, and look through the "vital signs". You don't even have to interact with Evon if you don't want to, but he's happy to answer any questions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- For Eyes Bookkeeping
- Facebook - Wade Weisz
- Access Financial Health Dashboard (Elements)!
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon dives into the tax benefits of charitable giving and tax planning strategies to consider to make the most of your charitable donations.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- The Optometry Money Podcast Ep. 34: Five Levers to Control Capital Gains on Your Tax Return
- IRS Tax Exempt Organization Search
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
This episode replays Evon's interview on The Chris Wolfe Podcast on EyeCode Media. Evon and Dr. Wolfe dive into debt management for optometrists, student loans, private equity, tradeoffs with practice ownership, what to look for in a financial advisor, and more.
Check out Dr. Wolfe's podcast - it's well worth subscribing!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- The Chris Wolfe Podcast - Debt Management
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Arsalan Ashraf, CPA and owner of Ashraf Advisory, joins Evon to talk about all about tax planning for short-term rental properties!
They dive into the differences between long-term and short-term rentals, the many tax considerations and requirements with short-term rentals, cost segregation studies and planning around depreciation, some things to watch out for with rental properties, and so much more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Ashraf Advisory
- LinkedIn - Arsalan Ashraf, CPA
- Email: arsalan@ashrafadvisory.com
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Evon continues the year-end tax planning theme and talks all about how investment income and capital gains impact your tax return.
He dives into how your investment account creates income, how it's taxed, and 5 levers you can pull to control capital gains on your tax return. This episode is a great example of how all the different parts of your finances - investments, taxes, charitable donations, cash flow needs - are all intertwined. You should look at them together when making financial decisions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Here's a Thanksgiving replay of a 2022 favorite, Episode 17!
How do you assess the health of your optometry practice? What metrics should you look at?
Dr. Chad Fleming, OD, FAAO returns to the podcast to talk all about checking the health and performance of your practice. He talks about the importance of scheduling time to step away from the day-to-day, four metrics he uses in his own practice, the importance of culture in practice performance, and more.
He's a wealth of knowledge, and there's a lot any practice owner can learn and adapt from how he measures the health of his own business.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- The Optometry Money Podcast Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
- Wichita Optometry
- OptometryCEO/Partners in Profit
- Chad's Email: chad@pipgpo.com
- MBA Key Metrics 2018: Assessing Optometric Practice Performance & Best Practices
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
How does your mindset impact your financial decisions?
This episode is a recording of Evon's guest appearance on the Power Hour Podcast with Bethany Fishbein. They talk all about different money mindsets, how mindset, values, and psychology impacts financial decisions, and how different processes and systems help you make better decisions.
If you haven't listened to Bethany's podcast, it's well worth a subscribe!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- The Power Hour Podcast by The Power Practice
- The Optometry Money Podcast Ep. 21: How Mentality Impacts the Success of Your Optometry Practice with Bethany Fishbein
- Your Money Mind Assessment
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Joe Erickson, CPA joins Evon to talk all about end-of-year tax planning opportunities for W2 employed optometrists, independent contractor optometrists, and private practice owners.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Erickson Tax and Accounting
- Email: Joe@Ericksontaxes.com
- IRS Withholding Estimator
- S Corporation Compensation
The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP, CSLP, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
Chris Wolfe, OD joins Evon Mendrin to talk about his experience navigating an internal succession plan, what he'd look for in a future co-owner, how private equity has impacted the future of optometry, and the role specialties play in the future success of private practices.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Exclusively Eyecare
- The Chris Wolfe Podcast on EyeCode Media
- EyeCode Education
Wade Weisz, owner of For Eyes Bookkeeping, joins Evon Mendrin, CFP to talk about the ins and outs of bookkeeping for an optometry practice.
They dive into the basics of bookkeeping, the three financial statements in the business, how often to review your financials, and ways to catch whether your books are accurate. It's hard to overstate how important clean, accurate books are to being a better business owner and getting the best advice from your advisors.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- For Eyes Bookkeeping
- Facebook - Wade Weisz
Evon Mendrin, CFP talks about a basic estate planning tool that every optometrist should keep an eye on - keeping beneficiaries up to date on different accounts and life insurance policies.
He walks through a few things to keep an eye on as you review your beneficiaries over time.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned on this episode:
- Akrinos Cold-Start Corner
- ODs on Facebook
How do you check the health of your cash flow?
Evon Mendrin, CFP dives into the importance of how you use your cash, and the 4 key metrics he uses to check the health of your cash flow.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Download Cash Flow Analysis Spreadsheet
- The Optometry Money Podcast Ep 22. How to Track Progress Toward Financial Independence
- The Optometry Money Podcast Ep 23: Is There Balance in Your Balance Sheet?
Dr. Larry Golson joins Evon to talk all about how Gino Wickman's book Traction and the Entrepreneurial Operating System can help take optometry practices to the next level.
Larry is the owner of Envision Eyecare and Sherpa Consulting. He brings so much experience having cold-started his own practice, implementing Traction on his own, and now helping other practice owners do the same.
Whether you're just cold-starting or well on your way in practice ownership, an operating system like Traction can be a phenomenal guide and roadmap to help to manage and grow your business.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- RoB: How I Gained "Traction" to Spur 30% Year-Over-Year Practice Growth
- Envision Innovative Eyecare
- Sherpa Consulting
- Traction by Gino Wickman
- VOSH International
How do you create freedom from the day-to-day operations of your optometry practice? How do you build a sale-ready practice?
Josh Patrick, owner of Stage 2 Planning joins Evon to talk all about the importance of knowing the type of practice you want to build, how to create "operational freedom" for yourself in the practice, the importance of pre-funding your future practice buyout, the power of a customer advisory board, and so much more.
He brings a wealth of knowledge, wisdom, and experience around small businesses to the conversation. Whether you're just launching your cold-start or well established, this conversation should help as you shape your business into the future.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Profit First by Mike Michalowicz
- The Optometry Money Podcast Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
- The Sustainable Business
- Email: jpatrick@stage2solution.com
How do you plan for your kids' higher education? How do you navigate financial aid, or choosing the right college?
Michael Labos, CFP®, CCFS®, owner of Gen X Wealth Partners, joins Evon to talk about how to prepare for the cost of higher education.
They dive into how to pick the right college, playing the "game" of financial aid, how different families should approach it, and how to think about saving for college when the kids are younger.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Gen X Wealth Partners Website
- The Gen X Money Advisor Podcast
- Evon's Interview on The Gen X Money Advisor Podcast
- Email: michael@genxwealthpartners.com
- Blog: The Optometrist's Guide to Biden's Student Loan Announcement
Do you have balance in your balance sheet? Do you have the right mix of assets?
Evon talks about finding balance in your balance sheet, and having a healthy mix between liquid, retirement, real estate, and business assets. The right mix helps to have healthy finances today and to be better prepared for financial independence.
As mentioned in the episode, if you'd like to take a look at your own financial health scorecard and have a conversation around that, let Evon know!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- The Optometry Money Podcast Ep. 22: How to Track Progress Toward Financial Independence
- Download: Balance Sheet Spreadsheet
How do you track progress toward financial independence? How do you know if you're on track, or how much you'll need to make work optional?
On this episode, Evon talks about how to measure and track financial health, and specifically, one metric optometrists can use to track their progress toward financial independence.
As mentioned in the episode, if you'd like to take a look at your own financial health scorecard and have a conversation around that, let Evon know!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources mentioned in the show:
- Our Approach - Optometrywealth.com
- Blog: Tracking Financial Progress Through Your Personal Balance Sheet
How important is your mentality to the success of your optometry practice? How important are your beliefs about your abilities, your practice, or the optometry profession?
Bethany Fishbein, CEO of the Power Practice and co-owner of her own optometry practice, joins Evon to talk about how critical mindset is to the practice's success - or lack of!
We also dive into common mentalities and beliefs we've seen that limit the potential of ODs and how to approach changing the way we think for the better. There's a lot of opportunity for private practice optometry - it takes the right mindset to see the opportunity in the challenges.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- The Power Practice
- Bethany Fishbein Linked In
- Eyes on the Money Newsletter: Diving Into Biden's Student Loan Announcement
What is the benefit of using an independent optical lab? How do optometry private practice owners maintain control over their practices and profitability?
Ben Collier, founder and CEO of Independent Optical Lab, joins Evon to talk all about this and more! They dive into the benefits of using an independent optical lab vs. a corporate lab. They also discuss the biggest challenges he sees private practices facing - from consolidation to keeping control over profitability - and how to approach solving them.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- Independent Optical Lab
- Linked In - Ben Collier
- The Optometry Money Podcast Ep. 8: Cold-Starting a Specialty Vision Therapy Practice with Drs. Miki Lyn Zilnicki and Jessica Licausi
How should optometrists approach student loan planning in 2022?
Evon gives an update on the state of federal student loans, what to expect with the payment freeze, and revisits the two primary approaches each optometrist should consider when planning how to pay their student loans.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- StudentAid.Gov - PSLF Waiver
- StudentAid.Gov - IDR Account Adjustment announcement
- StudentAid.Gov - Income Driven Repayment Plans
John Wiley of Eye Deal Solutions joins Evon to talk all about solving the HR and administrative headaches in optometry practices.
We talk about PEOs - Professional Employer Organizations - and how they help relieve the HR burdens from the practice owner and staff. We also dive into different ways to spice up the employee benefits in the practice, as many practices are working through difficulties keeping and attracting employees.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- Eye Deal Solutions
- John Wiley - Linked In
- Akrinos Webinar: Financial Planning for Modern ODs (Wed, August 10th, 5 PM PT)
How do you assess the health of your optometry practice? What metrics should you look at?
Dr. Chad Fleming, OD, FAAO returns to the podcast to talk all about checking the health and performance of your practice. He talks about the importance of scheduling time to step away from the day-to-day, four metrics he uses in his own practice, the importance of culture in practice performance, and more.
He's a wealth of knowledge, and there's a lot any practice owner can learn and adapt from how he measures the health of his own business.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- The Optometry Money Podcast Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
- Wichita Optometry
- OptometryCEO/Partners in Profit
- Chad's Email: chad@pipgpo.com
- MBA Key Metrics 2018: Assessing Optometric Practice Performance & Best Practices
- Akrinos Webinar: Financial Planning for Modern ODs (Wed, August 10th, 5 PM PT)
Dr. Ryan Gustus - co-owner of Eyecare Associates and LensQuote - joins Evon to talk about his experience buying into an optometry practice and what he's learned about practice ownership.
They dive into how he learned to become an owner and about leadership, what he'd look for in a future partner, frictions and areas to improve in the patient experience and sales process, their thoughts about how ODs should approach selling, and so much more.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Eyecare Associates Website
- LensQuote
- Email: ryan@lensquote.com
- LinkedIn: Ryan Gustus
- Myers-Briggs Personality Profiles
- DISC Personality Profile
- Influence by Robert Cialdini
- Think Again by Adam Grant
- Outliers by Malcolm Gladwell
- Blink by Malcolm Gladwell
- The Tipping Point by Malcolm Gladwell
- But I Don't Sell by Steve Vargo, OD
- Thinking Fast and Slow by Daniel Kahneman
- Nudge by Richard Thaler and Cass Sunstein
What actions should optometrists take when stock markets are declining?
Evon walks through some historical context around declines and bear markets, the importance of staying invested for the long term, and touches on a few actions you can think about taking with your investments during declines.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Blog: Your Guide to Thinking Through Stock Market Declines and World Events
- A Wealth of Common Sense Blog: How Long Does it Take For Stocks to Bottom in a Bear Market?
- DFA: History Shows That Stock Gains Can Add Up After Big Declines
- Wash Sale Rule: What is It and How to Avoid It (Kiplinger)
What's the process to get financing for your cold-start? How do you get funding to buy into a practice?
David Tessier with Wells Fargo Practice Financing joins Evon to talk all about practice financing.
They dive into what goes into cold-start financing, what the loan terms look like, practice acquisition lending, and what he's seen lead to a good transition from selling to buying doctors.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Wells Fargo Practice Financing
- David Tessier - Linked In
- The Optometry Money Podcast Ep 4: Steps to Launch a Successful Cold-Start with Erich Mattei
- David's Phone: 619-997-6883
Evon joins Dr. Nick Lillie as a guest on his podcast, The Ultimate OD Podcast to talk all about their experience growing their businesses.
He invited Evon on to talk about his experience taking the leap and cold-starting a business from scratch, why he serves only optometrists, tips for practice owners to help their businesses, and more.
It was a blast, and Dr. Lillie's podcast is a great listen worthy of subscribing. He has so many practice management and clinical tips each week, and a great personality and a mind for business.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- The Ultimate OD Podcast: Outside The Box with Evon Mendrin
- The Optometry Money Podcast Ep. 9: Scaling a Practice, Building the Team, and Adding Specialties with Dr. Nick Lillie
It's time for a mid-year financial health checkup on your optometry practice!
Yuri Kapilovich, CPA and managing partner of his firm, Kapilovich and Associates, talks with Evon all about how to check the health of your practice from a financial and tax planning standpoint.
They go over what financial statements to look at, a few tests to look at for business health, and tax planning considerations for the second half of the year.
He's literally married to optometry and provides a lot to learn for both sublease and private practices!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Yuri Kapilovich LinkedIn Profile
- Yuri's Instagram - Mr. Tax Guy
- Book: Profit First by Mike Michalowicz
- Yuri's Podcast - The Capital Contribution Podcast
How should you navigate mortgage decisions in a crazy housing AND mortgage market?
Troy Root, Mortgage Advisor in Central California, joined me on today's episode to talk all about how to navigate mortgage decisions, alternatives to the conventional 30-year mortgage, what's involved in underwriting, ways to restructure a mortgage without refinancing, and more.
It was great to have so much experience in the mortgage industry on the conversation on a foundational financial planning topic for most optometrists.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Facebook - Troy Root, Mortgage Advisor
- TroyRoot.info
- TroyRoot.com
How do you build an optometry practice to multiple locations? How do you establish a great culture?
Dr. Andy Yaryan, owner of Yaryan Eye Care Center, joins Evon to talk about how he took on a practice right out of college, grew it to three locations, and how he reviews the health of the practice. He also talks about how important culture is to a practice and how he evaluates culture. Finally, he reveals how important coaching was to taking his practice to the next level.
It was a fun conversation learning from his 10+ years experience of owning a practice. There's a lot to learn for any practice owner wondering how to take their business to the next level.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Yaryan Eye Care Center
- Practice Coach - The Scheduling Institute
- Facebook - Andy Yaryan
Dr. Nick Lillie joins Evon to talk about all the lessons he's learned from 10 years of practice ownership.
Dr. Lillie owns Family Vision Optical in Allendale, Michigan, and hosts the Optometry: The Ultimate OD Podcast.
He talks about lessons learned from cold-starting an optometry practice, how to build the team, how he's approaching adding an associate, when to add a specialty to the practice, and so much more. He has a great mind for business and optometry, and there's something to learn for both established owners and optometrists just thinking about getting into private practice.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- Family Vision Optical
- Optometry: The Ultimate OD Podcast
- Book: Made to Stick
- The Optometry Money Podcast Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
Is it possible to build a specialty-focused cold-start optometry practice? Do you need to take insurance or have an optical?
Dr. Miki Lyn Zilnicki and Dr. Jessica Licausi join Evon to talk about how they built their cold-start optometry practice. What's fascinating about their practice is it's been a pure specialty practice focused on vision therapy from day one. They've never had an optical and take very few insurance plans. Seven years later, the practice continues to thrive.
They walk through how they had such a clear vision for their practice, how they grew the business, and lessons they learned through the process. There's a lot to take away whether you're an optometrist thinking about cold-starting or already opened your doors and are thinking about what's next.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and monitor the ongoing health of their finances.
Resources Mentioned in the Show:
- ROB Article: Specialized Care + Patient Financing = Thriving Despite a Pandemic
- Twin Forks Optometry & Vision Therapy
- Vision is More Than 20/20 Podcast
- The Optometry Money Podcast Ep.6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming
What is disability insurance? Why is it important for optometrists? How does it work?
May is Disability Insurance Awareness Month! David Bennis, Income Protection Consultant at Truluma, joins Evon to have a deep-dive conversation on how to protect your income from disability. After all, your income is your biggest asset.
David and Evon talk about why disability is an import part of every optometrist's financial planning, the different features to consider in your policy, how individual coverage works with group coverage, and specific disability insurance planning considerations for optometry practice owners.
David brings many years of experience to a conversation you're sure to take a lot from.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- David Bennis Trulumus contact information
How should associate optometrists prepare to become practice owners? When should practice owners bring on associates and co-owners into their optometry practice? How do you evaluate a potential partner?
Dr. Chad Fleming, OD, FAAO joins Evon on the show to talk about those questions and more. Dr. Fleming brings 20 years experience as an OD and practice owner to the conversation. He and Evon dive into contract negotiations, deciding whether to become a practice owner or build a career as an associate, how to prepare for life as an owner, when it makes sense to bring on associates, and how to evaluate a potential co-owner - all from the perspective of both the associate and the current owner.
It's a jam-packed episode, with so much to learn for both current practice owners as associates. Dr. Fleming brings so much wisdom to these topics and super thoughtful answers to the questions.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- Review of Optometric Business - Practice Ownership: Is it as Good as You Thought It Would Be?
- Wichita Optometry
- OptometryCEO/Partners in Profit
- Chad's Email: chad@pipgpo.com
- Scaling Up: How a Few Companies Make It...and Why the Rest Don't by Verne Harnish
- Blog: Why Optometric Practice Owners Should Pay Themselves a Market-Based Wage
- Blog: Should You Own an Optometry Practice or Stay an Associate? There's Freedom Down Both Roads
Where are the bottlenecks in your optometry practice? How do you uncork them?
On the latest episode of The Optometry Money Podcast, Perry Brill talks about this and much more. Perry has several years of experience managing the operations of a successful private optometry practice, to go along with years of experience and great insights on eye care technology and marketing. Perry dives into practice operations and bottlenecks, what the future holds for eye care technology and marketing, and what areas practice owners can consider outsourcing.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- Eyetrepreneur Website
- Eye Help You - Virtual Staffing for Eye Care
- Tango
- Scribe How
- Loom
- Thumbtack
What are the steps to launch a successful optometry cold-start practice?
Erich Mattei, President and Chief Vision Officer of Akrinos, joins Evon to dive into that question and more. Erich shares whether there are still opportunities for optometry cold-starts in today's environments, the steps in the cold-start process from idea to doors open, how to prepare for practice financing, what to look for in the practice location, what a successful launch looks like, and action items to work on after the episode.
Erich is a wealth of knowledge on the topic, and provided so much information on what goes into a successful optometry cold-start. If you're an optometrist thinking about launching your own private practice, you recently opened your doors, or if you know of a peer who is, this is an episode you don't want to miss!
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide master their cash flow, build their net worth, and plan purposefully around their money and their practices.
Resources Mentioned in the Show:
- Akrinos Website
- Erich Mattei LinkedIn
- Akrinos Ebook - The Practice Launchpad
- US Bureau of Labor Statistics
- Data - U.S. Census Bureau
Cold-starting an optometry practice can be one of the most rewarding and challenging experiences for an optometrist. What does it take to be successful from the beginning?
Evon dives into 3 factors that can make or break your cold-start before it even begins.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide master their money, build wealth, and plan purposefully around their finances.
Resources mentioned in the show:
Blog: 3 Factors That Can Make or Break Your Optometry Cold-StartBlog:Should You Own an Optometry Practice or Stay an Associate? There’s Freedom Down Both Roads
What do you need to plan for if you're a 1099 independent contractor optometrist?
Evon dives into some of the financial and tax planning considerations for 1099 independent contractor ODs. Taxes, benefits, retirement plans, and more! There are definitely some differences from traditional W2 employment you won't want to miss.
He also goes over some financial planning steps and action items to keep in mind as you go this route in your optometry career.
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.
Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps ODs nationwide master their money, build wealth, and plan purposefully around their finances.
Resources mentioned in the show:
Optometry Wealth Advisors Blog: Should Optometrists Work as 1099 Independent Contractors?
IRS Form 1040-ES Estimated Tax for Individuals
IRS Tax Withholding Estimator
IRS Independent Contractor (Self-Employed) or Employee?
Welcome to the first episode of The Optometry Money Show, a podcast dedicated to helping optometrists nationwide make better and better decisions around their money, careers, and practices! Evon gives a short intro to the show, talks about what to expect, the topics he'll cover, his focus on ODs in the first half of their careers, and more.
To learn more about Evon, his financial planning firm Optometry Wealth Advisors, or for more educational resources, visit his website at www.optometrywealth.com.
Any questions or ideas for what you want covered on the show? Shoot Evon an email at evon@optometrywealth.com.