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.

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

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 [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:

• 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.

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

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!

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 [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, 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.

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

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 [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, 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.

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

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 [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, 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.

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

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 [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, 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.

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

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 [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, 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: [email protected]
• 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.

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

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 [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, 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: [email protected]
• Email: [email protected]
• 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.

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

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 [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, 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.