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 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.   And with that introduction, I hope you enjoy my conversation with Taylor Schulte.   Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Of Dollars & Data Nick's book The Wealth Ladder Stay Wealthy Retirement Podcast Define Financial Retirement Podcast Network   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   Takeaways   Retirement planning should focus on what you are retiring to, not just what you are retiring from. Purpose and fulfillment are crucial in retirement; many underestimate this transition. Community involvement can significantly enhance the retirement experience. Cash management is vital during the transition to retirement to avoid emotional roller coasters. The 4% rule is outdated and overly conservative for many retirees. Flexible withdrawal strategies can provide more confidence and adaptability in retirement spending. Mistakes in retirement planning can have severe consequences due to the lack of time to recover. Diversifying investments is essential to manage risks during retirement. Having a cash war chest can help weather financial storms during retirement. 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 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: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form 20/20 Money Episode #180 – Understanding estimate tax payments to proactively manage cash flow     ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

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 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.   And with that introduction, I hope you enjoy my conversation with John Marvin.   Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form 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 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 Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

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 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.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Download the 2024 Books & Benchmarks Report Learn more about Books & Benchmarks 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   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff, CFA, CFP®. 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 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.   And with that introduction, I hope you enjoy my conversation with Peter Lazaroff.   Resources: 20/20 Money Membership Information OD Masterminds Interest Get Peter's Book   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Dodge Perry, OD. Dodge joins me on the show to have an open discussion after listening to my "Frankenstein" episode, which was inspired by him asking me the question "If I could create an ideal private practice, what would go into that decision making process?" We discuss the intricacies of setting up an optometry practice, emphasizing the importance of location, financial planning, and the role of AI in practice management. We explore how personal and professional lives intersect in decision-making, the significance of understanding financial metrics, and the evolving landscape of patient experience in the context of technological advancements.   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.   And with that introduction, I hope you enjoy my conversation with Dr. Dodge Perry, OD.   Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form My "Frankenstein" Practice Episode   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In this episode of 20/20 Money, I break down some of the most impactful tax and planning changes introduced in the recently passed Big Beautiful Bill Act—Congress’s sweeping update to the tax code that makes many TCJA provisions permanent while adding new wrinkles that matter to private practice owners.   Whether you’re thinking about how to reduce your taxable income, maximize deductions, or just stay ahead of legislative changes that affect your financial life, this episode is designed to help you take stock and plan strategically.   🏡 Individual Tax Provisions SALT cap increase to $40,000 through 2029, with phase-down for high earners QBI deduction made permanent, with higher income thresholds Return of personal exemptions and new senior standard deduction Expanded Child and Dependent Care Credit: up to $7,500 Introduction of Trump Accounts: tax-advantaged savings accounts for minors Increased EV tax credit with potential application to business purchases   🧾 Business Tax Planning 100% bonus depreciation made permanent Section 179 deduction limit increased to $3 million Updated QBI deduction strategies for S-corp owners and those near the new thresholds   ⚠️ Watch-Outs and Questionable Strategies Can you use 529 plan funds for CE expenses? (Short answer: only if they’re required for credentialing) New car loan interest deduction—but don’t overbuy just for the tax break Overtime and tip income exclusions for employees—opportunities for staff retention, but not game-changers for owners   🧮 Interesting Items Tucked into the Bill 1099 reporting threshold increased from $600 → $2,000 (finally!) No unemployment benefits for individuals earning > $1 million/year Debt ceiling raised by $5 trillion—and why that doesn’t mean the Fed is buying debt   📌 Key Takeaway: This legislation reshapes both personal and business tax planning for optometric practice owners. It’s a great time to revisit your compensation strategy, equipment financing, gifting plans, and entity structure—especially before year-end 2025 when many provisions take effect.   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: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

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 OD Mastermind Interest Form   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

Welcome to this episode of 20/20 Money! My guests on today's show are my two good friends—and successful practice owners—Drs. Jeremy Ciano and Jennifer Stewart, OD. This is another takeover episode, so I'm honestly not sure where they'll take the conversation. The only direction I gave them was the title of the episode, so I'm just as curious as you are as to where the conversation will lead!   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.   And with that introduction, I hope you enjoy this take over episode with Drs. Jennifer Stewart, OD and Jeremy Ciano, OD.     Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money. My guest on today’s show is Dr. Michael Neal, OD.   Mike joins me on the show to talk about the evolution of delegation as a practice owner—specifically, the journey of learning to trust your team with everything outside of your core revenue-producing activities. We share our own experiences with delegation, what it looked like early on, how our thinking evolved, and the impact it’s had on our ability to focus on our Unique Abilities™ and lead more effectively.   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.   And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.   Resources: 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Trapped Value Episode with Mike Neal Build My Team   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!