8 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.

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Annual 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…

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8 New Year’s Financial Resolutions

KEY POINTS: (1) Max out Your Roth IRA Early (2) Automate Your Savings (3) Make Sure You Have an Adequate 3-6 months Emergency Fund (4) Create a Budget…or a Spending Plan (5) Set an End of the Year Net Worth Goal (6) Re-evaluate Your Insurances (7) Plan for Expenses, and Fun! (8) Get Professional Help…

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2020-2021 Comparison Retirement & IRS Limits

KEY POINTS: (1) Overall, 401K/Roth IRA/SIMPLE/SEP contribution limits are the same in 2021 (2) Trad IRA: For single taxpayers covered by a workplace retirement plan, the new phase-out range is $66,000 to $76,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the new phase-out…

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8 Reasons Why Every Optometrist should Invest in Index Funds

KEY POINTS: (1) Better Performance (2) Lower Cost (3) Less Time consuming (4) Less Risky (5) More Tax-Efficient (6) Ease of use in Building your Portfolio (7) Wide Availability (8) Eliminate Behavioral aspect and No Feeling of missing out (FOMO) Due to the recent COVID shelter in place order, many investors (new and experienced) are…

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The Optometrist’s Guide to Side Hustles

With the increasing burden of massive student debt and low insurance reimbursement rates, many optometrists are searching for income alternatives to make extra money aside from their full-time optometric profession. Many optometrists are looking for ways (either passive or active) to supplement, or even completely replace, their current income by doing a “side hustle”. Click…

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The Optometrist’s Guide to Roth IRA Chapter 2: Step-by-step Vanguard

The Optometrist’s Guide to Roth IRA and How to do a Backdoor Roth Chapter 1: Introduction and Backdoor Roth IRAChapter 2: Step-by-step Vanguard Chapter 2: How to do a Backdoor Roth with Vanguard: Step by Step Instructions Updated for 1/5/2021 In this chapter, we will show you a step-by-step guide (with screenshots) on how to…

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