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 [email protected].

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 [email protected].

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 [email protected].

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: [email protected]
• 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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected].

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.