Editor’s Picks
What Happens to My Optometry Student Loans if I Die, Become Permanently Disabled, or Become Bankrupt?
Optometrists graduate with an average of $200,000+ in student loan debt, usually at a federal interest rate of 6.8%.. It is no wonder why many optometrists are worried about not being able to pay off their massive debt if they are unable to take home a large doctor’s salary. Even more fearful, a lot of ODs are worried that their loved ones will be stuck with their debt upon their passing or permanent disability.In this article, we will clear up some misconceptions around student loans (both federal & private) in regards to death and permanent/total disability.
Read More3 Bookkeeping Don’ts + 4 Do’s for Optometrists
At For Eyes Bookkeeping, we always end things on a positive note. So today, we’ll begin with some of the most common mistakes Optometry practices make when it comes to bookkeeping. Then, we’ll show you some of the key ways to fix these mistakes!
Read More6 Massive PSLF Changes + 3 Student Loan Tips for Optometrists
On Wednesday Oct 6, 2021, the US Department of Education announced a massive overhaul to their 10-year Public Service Loan Forgiveness Program, essentially affecting all optometrists working for non-profit clinics like VA, IHS or non-profit universities.
Read More8 Dos and Don’ts When Purchasing an Optometry Practice
Practice ownership is often heralded as one of the pinnacles of an optometric career. Having ownership of a practice often allows for higher income, and more importantly: freedom and autonomy to practice as one sees fit. In my career, I have had the privilege of buying my own practice as well as helping others through the buying process… So whether you are a newly minted graduate looking to begin your legacy, or you are a seasoned veteran looking to acquire another piece of your empire – use these points to help guide you towards your next big purchase.
Read More7 Takeaways for Optometrists From Biden’s Extension Of Student Loan Relief
Last Friday afternoon, Biden announced that he will extend the student loan moratorium (which was supposed to expire at the end of September 30,2021) to a new date of January 31, 2022. Benefits include suspended payments (forbearance) and frozen 0% interest from March 2020. While there are a lot of moving parts, here is what you should be aware of if you are an optometrist with federal loans:
Read More8 Financial Mistakes that New Optometrists Make
The average new optometrist graduates at an average age of 28 year old (significantly behind non-OD peers in terms of income generation), with an average student loan debt of over $220,000+, with little or no retirement investments. Often new grad optometrists find themselves practicing in oversaturated cities and most importantly without any formal financial education. This is the perfect storm that often leaves many doctors mentally overwhelmed and prone to devastating financial mistakes. In this article, we will address 8 common financial mistakes that new OD graduates make and how you can avoid them to be financially successful.
Read MoreThe Optometrist’s Guide to Writing a Business Plan
When it comes to building a great business, a business plan is a vital piece of the puzzle. A business plan explicitly explains how a business seeks to go after its mission and how it will utilize its operations to become profitable. Components of your business plan will help you think through problems and arrive at solutions. Alongside this, a well written and convincing business plan will help you obtain funding, bring in additional partners (if applicable) and even get investors.
Read MoreAnnual Report: 2020
Hello ODs on Finance Family, Well 2020 has surely been a year! Let’s be honest, we all went into the year 2020 with big expectations – but the so-called Year of the Optometrist had some nasty surprises up its sleeve. Despite the trials and tribulations that 2020 brought, it also brought important lessons, and the…
Read More8 New Year’s Financial Resolutions
The year 2021 is here. In our opinion, 2021 has it pretty easy. I mean, how much worse can it get after 2020? Joking aside, the beginning of the year presents a great time to take inventory of life and evaluate your financial health for the next 365 days. Here are a few New Year’s financial resolutions to get you started.
Read More10 Practical Tips on How to Pay Off $221K+ Optometry Student Loans in 5 years
Like many optometrists, I graduated from Southern California College of Optometry (SCCO) with over $221,245 in student loans back in June 2015. It was a combination of both federal loans ($198,303) and high interest private loans ($22,942) that I took out for other living expenses during my 4th year rotations. In early October 2020, during the COVID-19 pandemic, I made my final and last student loan payment, roughly 5 years later.
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