20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show to have a continued dialogue about what it means to not only look at but actually use your practice financials to make good business decisions. In our conversation, we talk about the 7 key areas of expenses in an optometric practice that should be segmented on a profit loss statement, how a balance sheet is calculated, the range you should expect for both cost of goods and staff expense, the importance of reviewing your cash flow statement, and many other valuable pieces of information.   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 newsletter and 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: 20/20 Money Community Information IDOC Books and Benchmarking     ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode rewind of 20/20 Money! Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my business coach Stephanie Bogan from the beginning of the year. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.   While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum.   In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.   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 newsletter and you can also set up a 45min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   Now over 200 episodes into 20/20 Money, this show has grown and developed into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle—thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (hundreds!) of them, I’m grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. Your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2023!! I hope you’re all having an enjoyable holiday season and we’ll talk to you next year!   And with that long introduction, I hope you enjoy the last episode of 2022 with Stephanie Bogan.   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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! As we approach the end of the year, I thought it would be appropriate to share with you the 5 books I think all OD practice owners should read in 2023, and why I believe they will have a valuable impact on your business.  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 newsletter and you can also set up a 30min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! Resources 1. Turning the Flywheel: A Monograph to Accompany Good to Great 2. Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork   3. Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones   4. Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential   5. Simple Wealth, Inevitable Wealth: How You and Your Financial Advisor Can Grow Your Fortune in Stock Mutual Funds   https://jamesclear.com/  https://eyethrive.net/contributor/adam-cmejla/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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 of IDOC. Nathan joins me back on the show to talk about a goal that a certain subset of ODs aspire to achieve, and that is to embrace more of a CEO role in their practice and spend more time working ON and OUT of the practice than IN the practice clinically. We talk about what’s needed to make that transition, some of the self-awareness that’s needed to embrace that role, and what an OD should and should not be doing with their time while in admin mode. We then shift our conversation towards a current “state of the profession” in what we’re both hearing and seeing practice owners do in the dynamic, post-COVID economic climate we’re still in and some of the trends we’re observing.   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 newsletter and you can also set up a 30min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: 20/20 Money Community Information The Psychology of Money book   When is your practice ready for an associate (and how do you prep for it) with Nathan Hayes of IDOC   Simple Numbers, Straight Talk, Big Profits with Greg Crabtree   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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 Jeremy Pemberton. Jeremy is the Chief Investment Officer at Waterway Family Funds and has an extensive career in the real estate profession. I wanted to have Jeremy on the call today to talk about the various different ways one can own real estate as part of their portfolio and the different types of vehicles that exist. Jeremy and I talk about how real estate partnerships are structured in regards to the general partner (GP) and limited partner (LP), how fees and promotes work, and comparing private real estate investments to other real estate opportunities like REIT’s and non-traded REITS, and how investors can think about the way that owning real estate might make the most sense for them in their portfolio.   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 newsletter and 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Jeremy Pemberton.   Resources: 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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 Rob Bertman. Rob is a senior consultant for Student Loan Planner who specializes in making customized, easy-to-implement student loan plans for people with 6-figure student debt and up. He has been a financial professional for nearly 20 years and holds both the CFA and CFP® designations.  Rob is also the founder of Family Budget Expert where he helps parents who feel behind financially finally find the extra money to build savings and pay off debt without a restrictive budget and even if they don't see eye-to-eye with their spouse.   In this conversation, Rob shares an update on the current state of affairs in the student loan area given all the changes that have occurred legislatively and politically. He also talks in detail about the new IDR (Income Driven Repayment) waiver, what the change in servicers have meant to borrowers, how to begin understanding what you actually owe, how optometrists should think about a student loan repayment plan in a rising interest rate environment, and refinancing options for ODs that are going to be refinancing their loans.   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 newsletter and you can also set up a 20-30min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Rob Bertman.   Resources: 20/20 Money Community Information Studentloanplanner.com Optometry Posts NSLDS link Refi Page at Student Loan Planner Refi Page at ODs on Finance ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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. Pete Kehoe, OD. Dr. Kehoe is a fellow of the Academy of Optometry, National Academies of Practice and a Diplomate of the American Board of Optometry.  He has served the profession in a variety of roles and was president of the American Optometric Association 2008-2009. He is a partner in three private practices in central Illinois and serves Vision Source as an administrator in Illinois since 2000 and a variety of roles as a senior advisor since 2014. Dr. Kehoe served as a non-executive board member of Optos, Plc and currently serves as a consultant in professional development for Transitions Optical, Heru and Optos.   During this episode, we spend the majority of our conversation talking about the importance of planning for the success and succession of your private practice…whether you’re 35, 55, 65, or even 75 and the owner of a practice. Pete shares what was successful for him in recruiting and retaining providers that eventually became partners in his practice. We talk through how he financed the buy-in, the emotional component of selling part of one’s practice, the compensation structure that has worked well for their partnership, and some of the headwinds and tailwinds he observes in optometry and what practice owners can do about them.   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 newsletter and you can also set up a 20-30min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!  We made the announcement back on episode 200 and are still “cooking in the kitchen;” we’ll keep you posted as we have updates around the timeline of the launch and what the model will look like, etc.     And with that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe.   Resources: 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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 Kim Hockaday (links) from Nations Lending.   Kim has been on the show previously, is a long-time friend of mine, and has a lot of experience in the mortgage business. I wanted to have her on the show today to talk about the current state of the mortgage market as we close in on the 4th quarter of 2022 and what both buyers and sellers should be considering in this new environment we’re in (relative to 2020 and 2021).   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 newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!     And with that introduction, I hope you enjoy my conversation with Kim Hockaday.   20/20 Money Membership Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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! This episode is the guest appearance I did on Dr. Chris Wolfe’s podcast Eyecode Media (which is part of Eyecode Education). Chris had me on the show to unpack private equity a bit more and talk about how PE is structured from an investment perspective and what the “end game” looks like for a PE fund. This is a follow up conversation to an article that I wrote for Review of Optometric Business (link) where I showed the math on how selling to a PE firm could actually cost a practice owner 6 figures. Before I get into the episode, I’d like to just acknowledge that I have no horse in this race: the purpose of this show has always been to be objective about any of the planning strategies or concepts that I discuss and lay out the pros and cons or benefits and exchanges to the decisions that one makes with their money. With private equity getting a lot of attention lately it could be perceived that I’m taking a contrarian view for the purpose of building exposure, and that’s simply not the case. For some practice owners, a private equity exit might be the best option for them. For others, not so much. My position, with a decision like this, has been to be transparent about the entirety of the process and, using history as our guide, what it could mean for the profession of optometry.   Everything that we do with our money comes at a cost—sometimes that cost is explicit and sometimes it’s implicit. But it’s our job (responsibility?) to ensure that we know as much as we can about the implications of our decision…and that’s been the focus of this show. With the subject of this episode and the conversation that Chris and I have, I wanted to just share that additional update.   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 newsletter and you can also set up a 20-30min 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 help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe.   Resources: Review of Optometric Business: Why Selling to PE Could COST You Six Figures Research paper: Financialization in Health Care: The Transformation of US Hospital Systems 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— 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! On today’s show we discuss the relationship between tax loss- and gain-harvesting and capital gain distributions from ETFs and mutual funds. We’ll run through a couple of examples of how you can proactively review your portfolio and potentially reduce your tax liability and not be surprised by a large 1099-DIV report during 2023’s tax season.   Resources: What is the “wash sale” rule? Fidelity’s Tax Loss Harvesting article 20/20 Money Community Information   Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!