20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff, CFA, CFP® [https://peterlazaroff.com/], Chief Investment Officer at Plancorp [https://www.plancorp.com/], host of The Long Term Investor podcast [https://peterlazaroff.com/podcast/], and the author of the book Making Money Simple [https://a.co/d/hd2wJTH].   Peter joins me on the show to talk about an investment approach that has been around for a long time but is starting to become more prevalent for investors: direct indexing. We talk about what direct indexing is through an abridged story on the evolution of investment vehicles for investors, some of the considerations and tradeoffs, how a direct indexing approach can minimize a practice owner's tax bill in the year that they sell their practice, and why an index investor should be, at the very least, doing their own due diligence on a direct indexing advisory firm & manager to complement their already-sound investment philosophy.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com [http://www.integratedpwm.com/] and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation [https://integratedpwm.as.me/?appointmentType=1713824] to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   And with that introduction, I hope you enjoy my conversation with Peter Lazaroff, CFA, CFP®.   Resources: 20/20 Money Masterclass Information [https://www.2020membership.com/] Get a FREE copy of Peter's Book!! [https://www.peterlazaroff.com/freebook/] Single-stock volatility & equity market returns - JP Morgan Guide to the Markets [https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/?slideId=investing-principles/gtm-singlestockvol] S&P 500: Index Concentration & Valuations - JP Morgan Guide to the Markets [https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/?slideId=equities/gtm-sandpindex] Magnificent 7 Performance & Earnings Dynamics - JP Morgan Guide to the Markets [https://am.jpmorgan.com/us/en/asset-management/protected/adv/insights/market-insights/guide-to-the-markets/?slideId=equities/gtm-mag7perfomance]   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] Google Podcasts [https://bit.ly/32qkOHJ] Stitcher  [https://www.stitcher.com/s?fid=245757&refid=stpr] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

Welcome to the first episode of 2025! In this episode, I take a bit of a trip down memory lane as I recently came across a list that I wrote 10+ years ago. Re-reading it, I thought it would be a great way to kick off the new year and give optometrists & practice owners some principles and habits that can guide and shape how they plan & live their life, on purpose.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com [http://www.integratedpwm.com/] and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation [https://integratedpwm.as.me/?appointmentType=1713824] to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.     Resources: Plan Your Year: An Introduction to Free, Focus, and Buffer Days  [https://integratedpwm.com/114] 20/20 Money Membership Information [https://www.2020membership.com/]   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] Google Podcasts [https://bit.ly/32qkOHJ] Stitcher  [https://www.stitcher.com/s?fid=245757&refid=stpr] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

As we set up for the beginning of yet another year, I wanted to bring back an episode that I released earlier in the year. I think the timing of replaying this episode is good as it's being released during a very busy time of year and also while you're likely thinking through how you want to set yourself up for success in 2025. All the best to you and your family during the holiday season! In the spirit of managing information overload, I wanted to take a week to pause on new information and rather share a process or organizing and prioritizing your thoughts, goals, and actions that can often stem from listening to shows like 20/20 Money and the consumption of other content.   Resources: 20/20 Money Membership Information [https://www.2020membership.com/] reMarkable 2 Tablet [https://remarkable.com/store/remarkable-2]   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] Google Podcasts [https://bit.ly/32qkOHJ] Stitcher  [https://www.stitcher.com/s?fid=245757&refid=stpr] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

Welcome to this episode rewind of 20/20 Money! In keeping with tradition, I'm bringing back this episode again, just like I did last year, for one of the last episodes of 2024!!   Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach Stephanie Bogan [https://www.linkedin.com/in/sbogan/?originalSubdomain=cr] from early 2022. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.   While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I’ve learned over the years as well.   In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com [http://www.integratedpwm.com/] and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation [https://integratedpwm.as.me/?appointmentType=1713824] to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   Now over 300 episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (or even hundreds!) of them, I’m sincerely grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. I have always tried to keep the show as objective and unbiased as possible. I’ve never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2025!!   Resources: OD Masterminds Application [https://www.jotform.com/form/243364373830053]  20/20 Money Membership Information [https://www.2020membership.com/]   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] Google Podcasts [https://bit.ly/32qkOHJ] Stitcher  [https://www.stitcher.com/s?fid=245757&refid=stpr] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

Welcome back to another episode of 20/20 Money. My guest on today's show is JR Armstrong, CPA and a partner at May & Co [https://www.maycpa.com/], a CPA firm dedicated to serving optometric practice owners nationwide.   JR joins me back on the show for a year-end tax planning episode. We talk about the importance of taking a multi-year approach when evaluating your depreciation strategy on equipment, how inventory influences year-end tax planning, how to "penalty proof" your personal tax return, and other important tax concepts practice owners should be thinking about and discussing with their advisory team.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com [http://www.integratedpwm.com/] and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation [https://integratedpwm.as.me/?appointmentType=1713824] to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   Resources: OD Masterminds Application [https://www.jotform.com/form/243364373830053]  20/20 Money Membership Information [https://www.2020membership.com/]   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] Google Podcasts [https://bit.ly/32qkOHJ] Stitcher  [https://www.stitcher.com/s?fid=245757&refid=stpr] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]