The Optometry Money Podcast

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical importance of your Savings Rate as a foundation for financial independence. We explore how incremental improvements—or marginal gains—can lead to exceptional results. What You’ll Learn in This Episode: * The Story of Marginal Gains: How Sir Dave Brailsford’s focus on 1% improvements led the British cycling team to Olympic gold and what that means for your financial habits. * The Role of Systems in Financial Success: Why success is more about consistent habits and systems than lofty goals. * Understanding the Savings Rate: What it is, why it’s a leading indicator of future financial health, and how to calculate and improve it. * Practical Strategies to Improve Your Savings Rate: From automating contributions to identifying areas for incremental improvement in your cash flow. * The Danger of Chasing High-Risk Investments: Why a strong savings rate is more reliable than speculative ventures in achieving financial independence. Resources Mentioned: * 📖 Atomic Habits by James Clear [https://jamesclear.com/atomic-habits]: Learn how habits and systems drive success. * 📰 Eyes On The Money Newsletter [https://optometry-wealth-advisors.kit.com/posts/habits-that-shape-your-financial-future]: Check out the recent edition discussing the impact of your Savings Rate. * 📅 Schedule a Free Consultation with Evon [https://optometrywealth.com/contact/]: Let’s talk about optimizing your savings and cash flow. * The Optometry Money Podcast Ep 57: A Framework for Deciding Where to Save/Invest Next [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-57-a-framework-for-deciding-where-to-save-invest-next/] Connect With Evon and the Podcast: * Website: Optometry Wealth Advisors [https://optometrywealth.com/] * Email: podcast@optometrywealth.com * Submit Questions: Use the link in the show notes to text a question directly to the podcast! Thank You for Listening! Thank you for tuning in to this episode of The Optometry Money Podcast. If you enjoyed this episode, please subscribe, leave a review, and share it with your fellow ODs. Remember, small, consistent actions today lead to a financially secure tomorrow! 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! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical financial and tax updates optometrists need to know as we head into 2025. Whether you're an associate OD, a private practice owner, or planning to start your own practice, these updates are vital to helping you make informed financial decisions. What You'll Learn in This Episode: * Retirement Account Contribution Limits for 2025: Updates for 401(k), SIMPLE IRA, HSA, and IRA contribution limits, and how to adjust your contributions accordingly. * SECURE Act 2.0 Changes Now in Effect: Automatic enrollment requirements for newer 401(k) plans, new rules for long-term part-time employees, enhanced catch-up contributions, and more. * Key Tax Updates for 2025: Changes to tax brackets, standard deductions, Qualified Business Income (QBI) phaseouts, and the Social Security wage base. * Student Loan Repayment Tips: How the timing of your tax filing can impact income-driven repayment plans, especially if you’re pursuing loan forgiveness. * Inherited IRA RMDs: The return of required minimum distributions for inherited IRAs and what this means for beneficiaries in 2025. * Things to Watch in 2025: Updates on Corporate Transparency Act reporting, SAVE plan court cases, and the potential sunset of the Tax Cuts and Jobs Act. Resources Mentioned: * 📄 Free 2025 Financial Numbers Guide: Click HERE to get your free copy [https://optometrywealth.com/2025-important-numbers/] of the guide to the most important financial and tax numbers for 2025. * 🎙️ Learn More About the QBI Deduction: Check out this blog post [https://optometrywealth.com/blog/an-optometrists-guide-to-the-qualified-income-business-qbi-deduction/] and this podcast episode [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-51-an-optometrists-guide-to-the-qualified-business-income-deduction/] exploring how the QBI deduction works and how it impacts optometrists. * 💼 Schedule a Free Consultation: Let’s chat about your financial goals and how Optometry Wealth Advisors can help you. Book a call here. [https://optometrywealth.com/contact/] Connect With Evon and the Podcast: * Website: Optometry Wealth Advisors [https://www.optometrywealth.com] * Email: podcast@optometrywealth.com * Submit Questions: Use the link in the show notes to text a question directly to the podcast! Thank you for tuning in to this episode of The Optometry Money Podcast. If you found this episode helpful, please subscribe, leave a review, and share it with your fellow ODs. Let’s make 2025 your best financial year yet! 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! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] As the year draws to a close, it’s the perfect time to review your finances and ensure you’re ending the year on a strong note. In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, walks through a comprehensive year-end financial checklist tailored specifically for optometrists. Whether you’re an associate OD or a private practice owner, you’ll find actionable tips to optimize your finances, make tax-smart decisions, and set yourself up for a successful new year. What You’ll Learn: * Retirement Planning: How to evaluate and maximize your 401(k), SIMPLE IRA, and profit-sharing contributions before year-end. * Tax-Saving Opportunities: Key actions to take before December 31, including charitable donations, state tax payments, and practice-related investments. * Investment Strategy: How to identify tax-loss harvesting and capital gains opportunities in your portfolio. * Estate & Insurance Review: Why it’s essential to update your beneficiaries, estate plan, and insurance policies. * Cash Flow Check: Tips to review your spending, savings rate, and liquidity for emergencies and upcoming goals. Check out www.optometrywealth.com [https://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 114: Tax Targets to Aim For Mid-Year [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-114-tax-targets-to-aim-for-mid-year/] * The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-51-an-optometrists-guide-to-the-qualified-business-income-deduction/] * The Optometry Money Podcast Ep 47: An Optometrist’s Guide to How Taxes Work [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-47-an-optometrists-guide-to-how-taxes-work/] * The Optometry Money Podcast Ep 37: Tax Planning For Charitable Giving [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-37-tax-planning-for-charitable-giving/] * The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-34-five-levers-to-control-capital-gains-on-your-tax-return/] * IRS Withholdings Estimator [https://www.irs.gov/individuals/tax-withholding-estimator] 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! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Evon provides optometrists a deep dive into 529 plans and other methods of saving and paying for your kids' college costs. He dives into the rules of how 529 plans work, the federal and state tax benefits of using 529 accounts, how to use the funds in the account, creative planning opportunities for 529 plans, the use of taxable investment accounts in preparing for your kids' college. Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com [podcast@optometrywealth.com]. Check out www.optometrywealth.com [https://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: * IRS 529 Plans: Questions and Answers [https://www.irs.gov/newsroom/529-plans-questions-and-answers] * Education Data - College Tuition Inflation Rate [https://educationdata.org/college-tuition-inflation-rate] * Education Data - Average Costs of Tuition & College [https://educationdata.org/average-cost-of-college] * Saving For College - Federal School Code Lookup Tool [https://www.savingforcollege.com/eligible-institutions] 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! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] In this rewind of a popular episode, Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year.  He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including: * Trajectory and sources of income * Are we on track for tax payments and withholdings? * Adjusted gross income (AGI) and phaseouts for deductions and credits * Opportunities around itemized deductions, especially donations to charity *  Taxable income and tax brackets * Qualified Business Income deduction and potential phase outs * And more!  Hopefully this helps you have productive conversations with your own tax professional, financial advisor, and other professionals in your corner!  Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com [podcast@optometrywealth.com]. Check out www.optometrywealth.com [https://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 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.