20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today's show is Taylor Schulte, CFP®, host of the Stay Wealthy Retirement Show Podcast.   In this episode, we discuss the often-overlooked aspects of retirement planning, focusing on the importance of understanding blind spots, the need for purpose in retirement, and the role of community. We explore cash management strategies, the limitations of the 4% rule, and the benefits of flexible withdrawal strategies to ensure a successful transition into retirement. Our conversation emphasizes the need for intentional planning and the significance of having a solid foundation for financial decisions in retirement.   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,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, 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 Taylor Schulte.   Resources: 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Of Dollars & Data [https://ofdollarsanddata.com/] Nick's book The Wealth Ladder [https://www.wealthladderbook.com/] Stay Wealthy Retirement Podcast [https://youstaywealthy.com/podcast/] Define Financial [https://www.definefinancial.com/] Retirement Podcast Network [https://retirementpodcastnetwork.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] ————————————————————————————— 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]   Takeaways   1. Retirement planning should focus on what you are retiring to, not just what you are retiring from. 2. Purpose and fulfillment are crucial in retirement; many underestimate this transition. 3. Community involvement can significantly enhance the retirement experience. 4. Cash management is vital during the transition to retirement to avoid emotional roller coasters. 5. The 4% rule is outdated and overly conservative for many retirees. 6. Flexible withdrawal strategies can provide more confidence and adaptability in retirement spending. 7. Mistakes in retirement planning can have severe consequences due to the lack of time to recover. 8. Diversifying investments is essential to manage risks during retirement. 9. Having a cash war chest can help weather financial storms during retirement. 10. The best investment plan is one that aligns with your personal goals and allows for flexibility.

If you’ve ever wondered how to take some of the emotional sting out of estimated tax payments, this episode is for you. I share a simple yet impactful way to manage your cash flow, a simple formula to help you better estimate your estimated payments, and how to segregate your savings to give you a clearer picture of your cash-on-hand to make your quarterly estimated payments.     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,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.     Resources: 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] 20/20 Money Episode #180 – Understanding estimate tax payments to proactively manage cash flow [https://integratedpwm.com/180-2/]     ————————————————————————————— 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] ————————————————————————————— 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]

My guest today is John Marvin, former President of TSO (Texas State Optical). John joins me to talk about two intertwined issues reshaping private-practice optometry: the accelerating influence of private equity and the growing challenge of recruiting—and retaining—enough ODs to meet patient demand. We explore the cultural and financial trade-offs of PE consolidation, the shifting career aspirations of new graduates, and practical ways independent practices can protect their culture, stay competitive, and thrive.   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,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, 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 John Marvin.   Resources: 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] 20/20 Money Episode #297 – Thoughts and opinions on the state & future of private practice optometry from the president of a $110 million optometry organization: a conversation with John Marvin, President of Texas State Optical [https://integratedpwm.com/20-20-money-episode-297-thoughts-and-opinions-on-the-state-future-of-private-practice-optometry-from-the-president-of-a-110-million-optometry-organization-a-conversation-with-john-marvin-p/] 20/20 Money #336 – My “Frankenstein:” how I would assemble the perfect optometry practice [https://integratedpwm.com/20-20-money-336-my-frankenstein-how-i-would-assemble-the-perfect-optometry-practice/]     ————————————————————————————— 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] ————————————————————————————— 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 of 20/20 Money! My guest on today's show is Nathan Hayes. Nathan joins me on the show to do a deep dive into 2024's Books & Benchmark's annual report. He shares ranges of the numbers that practice owners should really care about and should be tracking: COGS, non-OD staff expense, Associate OD comp ranges, occupancy costs, and G&A (general & administrative). We also talk about some of the lessons that practice owners can learn from these numbers and walk through a number of examples that both he and I have seen in our work with owners.   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,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, 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 Nathan Hayes.   Resources: 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Download the 2024 Books & Benchmarks Report [https://booksandbenchmarks.com/optometry-benchmarks-overhead-profitability/] Learn more about Books & Benchmarks [https://booksandbenchmarks.com/] Embezzlement in optometry practices: how it happens, who's likely to do it, and ways in which you can prevent it from happening w/ Dr. Bethany Fishbein, OD [https://integratedpwm.com/314]   ————————————————————————————— 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] ————————————————————————————— 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 of 20/20 Money! My guest on today’s show is Peter Lazaroff, CFA, CFP® [https://peterlazaroff.com/]. Peter joins me to examine whether the much-touted tax benefits of opportunity zones (OZs) justify the risks required, or if investors are letting the “tax tail” wag the investment dog. We cover how OZs work, what the new One BBB Act means for the program’s future, and practical ways optometric practice owners can decide whether rolling a large capital gain into an OZ—or into something else—really serves their overall financial plan.   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,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, 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.   Resources: 20/20 Money Membership Information [https://www.2020membership.com/] OD Masterminds Interest [https://www.jotform.com/form/250467795073062] Get Peter's Book [https://peterlazaroff.com/freebook/]   ————————————————————————————— 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] ————————————————————————————— 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]