20/20 MONEY: The Business of Optometry

On this episode of 20/20 Money, my guest is Dennis Moseley Williams. Dennis is one of a few certified experience economy experts and his sincere passion and mission is to help business owners understand the importance of the customer experience and why it's increasingly influencing where consumers spend their dollars. In this far-reaching conversations, Dennis explains why it's so important to understand the difference between service and experience, the 5 stages of the customer experience, 4 questions you should ask to "move the experience dial" in your practice, what you can learn from Apple and Starbucks in your practice, and many other nuggets of information and perspective that I truly hope get you thinking about how up-leveling the patient experience in your practice cannot be ignored if you want to experience long-term growth and differentiate yourself from other practices and especially online competition. We reference a number of resources in today's episode, so be sure to check out the show notes or visit the episode page on www.integratedpwm.com/learningcenter. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts. And with that introduction, I hope you enjoy my conversation with Dennis Mosley Williams. 20/20 Money Epsd 11: Inside the Mindset and Methods of a Multi-Million dollar, single-OD practice with Dr. Jeremy Ciano Revolutioneyes The Experience Economy The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary Dennis Mosley-Williams Strategic Consulting Serious Shift Blogcast 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!

On this episode of 20/20 Money! My guest on today's show is me! This is our AMA episode where my wife Andrea interviewed me on a variety of personal and professional questions that listeners of the show emailed us. We had originally planned on doing this as a way to celebrate the 100th episode of 20/20 Money but given where the timing of the episode fell in relation to the time of year, I opted to "shelf" the conversation until later in December because I wanted to ensure that the content we were putting out around episode 100 was still timely for the planning topics that are relevant during that time of year. 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, 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, manage cash flow, and make proactive money decisions that helps them live their "on purpose life." And with that introduction, I hope you enjoy this episode of 20/20 Money! Implementing a Dry Eye Clinic with Dr. Damon Dierker Adding an Associate: Understanding Marginal Chair Cost to Leverage Your Practice The ABC's and 123's of Disability Insurance Why Don't Young ODs Want to Buy Practices?? Managing the Stress of Practice Ownership (and Life) 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!

On this episode of 20/20 Money, my guest is Nathan Hayes. Listeners of the show will recall that Nathan was just on the show a couple of weeks ago, but this was a topic that we both believe is really important for optometrists to get clarity on at all points of their career: what's your number? We're defining "your number" as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Related episodes: Four Levers in retirement Cash balance plans with Karl Willman of Nyhart 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!

On this episode of 20/20 Money, my guest is Kim Hockaday. Kim is an experienced mortgage loan officer with Ruoff Mortgage. In the historically low interest rate environment that we're in these days, I wanted to bring Kim on the show to talk about mortgages and how optometrists should think about all aspects of home financing. We talk about three things that are different as a buyer in this environment, how student loans play into the purchase decision, whether an underwriter prefers a borrower to have more cash on hand but a bigger loan balance or less cash on hand but lower loan balances, mistakes and wrongful assumptions practice owners make when applying for a mortgage, her thoughts on physician loan programs, and many more relevant topics. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Kim Hockaday. Kim Hockaday NMLS#: 133658 317-286-8016. Email her. Ruoff Mortgage NMLS# 141868 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!

My guest on today's episode of 20/20 Money is Nathan Hayes of IDOC. Nathan has been on the show in the past and I was excited to have him come on the show and talk about a topic that I find myself discussion with ODs regularly: how much cash to keep in your practice. In today's discussion, we talk about how we define expenses and how many months of practice expenses to keep in the practice. We also talk about this number in relation to the amount of cash that ODs are sitting on right now due to the combination of practice revenue, EIDL loan proceeds, PPP loan funds, and HHS funding. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Nathan/IDOC's Cash is King white paper 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!

While having a conversation with a friend recently, we got talking about Dave Ramsey's personal finance philosophy and how great it is for the vast majority of people that follow his principles. But it got me thinking about how those principles apply to optometrists. Given the financial circumstances that ODs find themselves in right out of graduation, I wanted to share some insight on which of his principles are in need of a slight modification for ODs. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. Epsd #86: How two ODs are CRUSHING their student loan debt 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!

Today's episode will discuss a couple of updates around PPP forgiveness and how to think about the taxation of PPP funds along with an additional perspective on the EIDL loans that so many optometric practice owners have taken out as a backup cash reserve. I'll also share some thoughts on why it's important to understand the role that our entire government plays in relation to the platforms that presidential candidates campaign on and why we shouldn't let the agenda of a presidential candidate influence our emotions until we know the results of ALL elections—not just the presidential election. 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. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to 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, manage cash flow, and make proactive money decisions. Straight Cash, Homie. 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!

It's the week after Halloween, and while we're all coming down from the sugar high we earned by stealing our kids' candy (no judgement here, I do it at a felony-level rate) I thought I'd cover 5 scary financial decisions that optometrists make that can prevent them from becoming wealthy or keep them broke. In this episode I highlight 5 areas where we've seen optometrists make mistakes with both their money and their time and the implications of making those decisions. 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. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to 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, manage cash flow, and make proactive money decisions. All Things Student Loans with Travis Hornsby 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 —————————————————————————————

The concept of talking to kids about money can be both a taboo and ambiguous process. For optometrists that own their own practice, there's an added variable of owning your own practice and using it as a vehicle to not only be in a position of paying your kids but also the generational wealth that can be created by you. In this episode I'll share a number of ideas and tools to consider when teaching your kids from an early age about money. I'll share what age you should start talking to kids about money, the importance of using an example-based teaching approach, the three-bucket approach, and an example of how we're doing this in our family with our daughter. 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. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to 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, manage cash flow, and make proactive money decisions. Talking to Kids About Money – Child Mind Institute Teaching Kids About Money (Dave Ramsey) Financial Peace Jr (Kids Money Kit from Dave Ramsey) 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!

As an optometrist, saving for college for your child or children can be a sensitive subject. Depending on how or if you had to pay for your own education can influence your mindset and how high on the priority list college savings is for you and your family. If you decide that you want to save funds for higher education, there are a number of vehicles to consider with vary tax advantages. In this episode we look at 529 plans, Roth IRAs, utilizing a Family Management Company (FMC), how you can cash flow part of the cost when your kids get to college, and how life insurance could be used to fund college (though I admit it's not one that I recommend). If you're interested in having your question and your voice featured on the upcoming AMA 20/20 Money podcast episode, 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. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to 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, manage cash flow, and make proactive money decisions. Links What is a 529 Plan 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!