The Optometry Money Podcast

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

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 [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 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. 

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

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 [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. 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. 

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

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 [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. 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. 

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

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 [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:

• 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. 

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

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 [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. 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: [email protected]
• 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.

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 [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, 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. 

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

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 [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 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. 

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

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 [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. 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. 

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

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 [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 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. 

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

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 [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:

• 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.