20/20 MONEY: The Business of Optometry 5 common decisions that prevent ODs from achieving financial independence
Welcome to this episode of 20/20 Money. In the spirit of Independence Day, today's episode explores a different kind of freedom—financial independence—and the common decisions that often stand in the way of achieving it. I walk through five recurring mistakes I see optometric practice owners make that limit their long-term financial freedom, both personally and professionally. From overleveraging and ignoring balance sheets to misjudging the impact of time and delaying planning altogether, these decisions can quietly undermine your goals.
My hope is that this episode prompts you to evaluate which of these areas might be holding you back—and take steps now to build a more intentional path toward true independence.
Topics covered include:
– The hidden cost of overleveraging in life and business
– How time and money intersect in your practice profitability
– Why your balance sheet matters more than your income
– The danger of relying solely on your practice sale for retirement
– The importance of creating an integrated personal and professional plan
Next Best Step:
Take 10 minutes this week to identify which of these five decisions may be showing up in your life—and commit to course-correcting just one of them before year-end.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at 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 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:
3 financial lessons learned from my grandpa and grandma that can shape your relationship with money
20/20 Money Ultimate Financial Success Masterclass
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