"Hand-selected word of Wisdom to help you succeed"
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.
Personal finance is called personal for a reason; it is just as much a science as it is an art…
We cannot believe that 2021 is almost over! being said, it means that it’s time for updates on IRS limits (Effective January 1,2022). While all of these limits might seem higher, remember that it is mainly keeping up with inflation, which the consumer index is estimated at 4-5%. Here are some Retirement IRS Key-points for 2022.
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.