Welcome everybody, to another episode of 20/20 Money! On the show today I have Dr. John Ormando with Uppercut Consulting. John is co-owner of a successful private practice in Rhode Island that is one of the (if not the largest) single-location optometry practices in the country. What’s unique about John, though, is something that came to my attention while reading Optometric Management’s “Tip of the Week” which had a catchy title: “What I learned from Losing $300,000.” We talk about the experience that John went through in the financial markets which caused him that loss and how it equipped him with the perspective to understand the importance of surrounding yourself with the right professional team. We talk about the structure of his professional team—both inside the office as well as his outside team like his CPA and financial advisor—and we dive into the idea and benefits of making sure the strengths of the people on your team complement your weaknesses. We also talk about why you should pretty much force your CPA and your advisor to meet with you at the same time as well as an unfortunate example of why you should review your various insurance coverages on an annual basis. And be sure to listen all the way through, when we both “soapbox” a bit on why your practice should NOT be the main asset in your financial plan, but rather a great vehicle that you can use to build towards financial independence. And with that introduction, I hope you enjoy this episode of “20/20 Money” with Dr. John Ormando.
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