The Optometry Money Podcast

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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:

• 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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:

• 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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. 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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:

• 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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.

They 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 [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 - 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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 - 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. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

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 [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:

• 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 Plan for Your Optometry 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.