20/20 MONEY

Welcome to this episode of 20/20 Money! This episode is my guest appearance on Medical Millennial series with Dr. Emilie Seitz. Emilie was kind enough to have me on the channel to talk about a variety of topics that impact younger practitioners and practice owners, but I’ll emphasize that the topics are relevant to all practice owners—regardless of experience. In this conversation we talk about when and how to hire an advisor, how to think about setting personal and financial goals, defining success for yourself, mistakes that young practice owners make, and the importance of “betting on yourself” for long term success.   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   And with that introduction, I hope you enjoy my conversation with Dr. Emilie Seitz 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!

Welcome to this episode of 20/20 Money! This episode is my guest appearance on the Power Hour Optometry Podcast hosted by Dr. Bethany Fishbein, CEO of Power Hour. Bethany wanted to have me on the show to talk about the various different areas of a practice owner’s life that they should be planning for in case of a disaster or emergency, and I enjoyed this conversation and tried to make it as fun as possible for an otherwise scary and not urgent topic. Our conversation starts on the personal side of planning and then we quickly shift over into the various areas of practice ownership that should be planned for, addressing the continuity of a practice in both a partner-owned and solo owned practice model.   Two “housekeeping announcements” about this show: first, the show notes for this episode of 20/20 Money contains the link to the Disaster Recovery Checklist we mention in our conversation; you don’t have to click into the Power Hour show to get it, though we highly suggest you subscribe to the Power Hour Optometry podcast. Second, we had a bit of a connectivity and streaming issue in the beginning of the show, so there are a few points in the beginning of the episode that have a slight break in the audio. We fixed the issue mid-episode and the remaining part of the conversation sounds better. My apologies!   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein on Power Hour Optometry.   Disaster Recovery Checklist 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Hayley Stewart. Hayley is the Financial Services Manager for IDOC and predominately focuses her time and expertise on bookkeeping services for IDOC clients. Hayley joins the show to talk about the importance of bookkeeping in practices and how to properly ensure that your books are accurate. We spend a lot of time talking about items that are reported on the balance sheet and specifically talk about why it’s important to understand the relationship of your retained earnings and your net income.   Today’s quote comes to us from Ben Franklin: “An investment in knowledge pays the best interest.”   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Hayley Stewart. 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Phil Huber, CFA, CFP® (@bpsandpieces).   Phil has been involved in the financial services business since 2007 and is the Chief Investment Officer in Savant Wealth’s Lincolnshire, IL office, is a member of the Investment Team, has a membership interest in Savant, and is a member of the Investment Committee. He is responsible for portfolio management, contributing to Savant’s investment strategy, and managing investment processes for clients. He takes an active role in writing straightforward commentary to inform clients and explain the firm’s investment philosophy and also writes on his own blog, aptly named Bps and Pieces. And FYI, a “bip” is a basis point. One basis point is one hundredth of one percent. So a mutual fund with an expense ratio of 0.35% would, in “investment speak,” have an ER or 35bps. That’ll be important to understand and have context around at various points in the conversation. Prior to joining Savant, Phil was employed at a global asset management company where he worked closely with financial advisors to develop investment strategies for their clients. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER™ professional, has attained his Chartered Financial Analyst® (CFA®) designation, and is a member of the CFA Society of Chicago.   Phil joined the show to talk about the past, present, and future of asset allocation of investors’ portfolios. He shares why we should be rethinking the construction of the flagship 60/40 portfolio, the evolution and definition of “alternative investments,” the role that one’s own business plays in their investment portfolio, and gives some direction and guidance to investors that want to begin the due diligence on whether and to what extent alternative asset classes are going to fit into their overall 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 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Phil Huber. 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Ashy Daniels, CFP®. Ashby is an advisor, firm owner, blogger, and friend of mine and I wanted to have him on to talk about a variety of thoughts and perspectives as it relates to financial planning and portfolio management and how that specifically applies to ODs and practice owners. In this conversation, we talk about the differences between information and knowledge, how investors should think about risk in their portfolio related to the risk in their financial plan, why we both don’t like risk tolerance questionnaires, the mindset of retiring TO something instead of FROM something, and finally Ashby’s answer to the one question that I ask every first-time guest.   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Ashby Daniels. 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Nathan joins me back on the show today to talk about a topic that was actually inspired within the ODs on Finance Facebook community: why practices are valued the way that they are and whether the valuation method that’s used is fair to the seller. Nathan and I discuss this question at length and from several different viewpoints. We also talk about why it’s beneficial for younger ODs looking to purchase a practice to have more cash on your personal balance sheet and have outstanding loans than it is to aggressively pay off your debt…but then not have any liquidity to show for it.   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Links: 4 ways to increase the pre-sale value of your practice (Review of Optometric Business) 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Wade Weisz from For Eyes Bookkeeping.   Wade joins the show to talk with me about something that we’re both passionate about: numbers! However, Wade and I are looking at it through two different set of lenses, though we’re both doing it for the same reasons – to ensure that practice owners can be confident in the business decisions and tax planning that they’re making based on the numbers of their practice. In our conversation, we talk about a variety of areas that practice owners should be focused on with regards to their books, including the 4 reports and absolute 1 thing that every practice owner must do as it pertains to their financials.   Today’s quote comes from John Kennedy: “Leadership and learning are indispensable to each other.”   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Wade Weisz. 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Brianna Rhue, OD, co-founder of DrContactLens.com and TechifEYE. Brianna joins the show today to share with us both the qualitative and quantitative benefits of improving the contact lens purchasing experience your patients experience during the exam and overall buying process. We also talk about the genesis of TechifEYE and how creating that platform is allowing practice owners to implement vetted tech tools in their practice to elevate their patient experience and thus relationship equity with their patients.   Today’s quote has an unknown source: “Leaders instill in their people a hope for success and a belief in themselves. Positive leaders empower people to accomplish their goals.”   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   And with that introduction, I hope you enjoy my conversation with Dr. Brianna Rhue. 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Eric Nelson, CFA (@ServoWealth). Eric is the found of Servo Wealth Management, a fee-only RIA located in Oklahoma City, OK.   Eric and I share very, very similar investment philosophies in the way we manage client portfolios and I wanted to have him on the show to talk through how investors can think about their own investment philosophy. We talk about the degrees in which one can change their philosophy and approach to investing, why we believe (and the data overwhelmingly shows) that there’s more return to capture in the markets than just investing in the S&P 500 (though it’s a great start), and many other data-driven ideas.   Today’s quote comes to us from Jerry Colonna’s conversation on the Tim Ferriss Show: “How have I been complicit in creating the conditions I say I don’t want?”   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Eric Nelson.   Callan Chart 2020 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Stephanie Bogan.   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 at the beginning of the 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.   Today’s quote comes to us from Albert Einstein, who says that “No problem can be solved with the same consciousness that created it.” This quote was one of the most impactful quotes for me because it forced me to take ownership of how I was showing up in my businesses and realized that if I wanted things to change in the business, it was dependent on me to first change the way I thought about the problem and thus the outcome that I was striving to create.   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 ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks and blog posts.   And with that introduction, I hope you enjoy my conversation with Stephanie Bogan. 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!