"Classic articles that will always be helpful no matter what stage you are at"
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!
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.
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.
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:
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.
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.
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.