Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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: 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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:

1. Cash savings
2. Your practice and career
3.  Roth IRA
4. Health Savings Account (HSA)
5. 401(k) or SIMPLE IRA
6. 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 [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 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 about financial health:

• Are you taking the right amount of risk?
• Are you using your income appropriately?
• Do you have the right mix of assets?
• How much wealth do you need to make work optional?

He guides optometrists on how to quickly track the "health" of your cash flow through four metrics/vital signs:

• Savings Rate
• Spend Rate
• Debt Rate
• Tax Rate

Lastly, he talks about 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 [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
• Spreadsheet - Cash Flow Analysis
• 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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
• 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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
• 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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:

• 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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:

• 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.

Questions? Thoughts? Send a Text to The Optometry Money Podcast!

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 [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 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.