show episodes
 
20/20 MONEY, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to bring clarity to financial concepts and strategies that impact optometrists. For more information on the show and on Adam, please visit https://www.integratedpwm.com/
 
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show series
 
Jennifer runs a very successful private practice and also a successful sports vision practice in Connecticut. Long-time listeners will know that Jennifer’s been on the show in the past and I was excited to have her back to talk through how she thinks about the KPIs (key performance indicators) of her practice, specifically around how they’ve increa…
 
On this episode of 20/20 Money! My guest on today’s show is Dr. Chris Lopez, OD. Contrary to what you might believe, picking the right investment is not your greatest wealth creating tool. It’s your income! Make sure that you know how to negotiate the right way and land the right job while also ensuring that it’s a win for the owner of the practice…
 
Welcome to the first episode of 2020 Money in 2021! On this episode, I’m going to share with you how I’ve implemented Strategic Coach’s Entrepreneurial Time Management System and how I believe ODs can also benefit from this time management system, including how to think about the financials of your practice based on how you’ve budgeted your time th…
 
On this episode, I talk with Dr. Ted McElroy. Ted has owned his practice for the last 27 years and is also a Vision Source Administrator for the southern part of GA and north-central part of FL. In today’s episode, we use one of our clients as a case study that kicked off the process of hiring an associate in your practice—and hiring an associate t…
 
Hey everyone, before we get into today’s show, I wanted to let you know about an in-depth write-up I did on our website about the recently passed COVID-19 stimulus package and how it impacts optometrists. While at the time of this recording the Act has yet to be signed into law by President Trump and there seems to be a bit of volleying back and fo…
 
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 conversat…
 
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 episod…
 
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 th…
 
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 th…
 
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…
 
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 graduat…
 
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 go…
 
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 …
 
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…
 
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 vehic…
 
We’ve had a number of tax planning strategies for optometrists to consider in the past, but we’ve never really covered the basics of our tax system. In this episode, I’ll share with you how our income tax system works. I’ll also cover the difference between deductions and credits, explain which one’s better, and some common tax fallacies that we’ve…
 
Understanding whether optometrists qualify for the R&D tax credit is not a simple answer. There are many questions that need to be asked and parameters that must be met. Unfortunately, not all of those parameters are met with clear, black-and-white definitions from the IRS but are rather subjective in nature. This can open the door for misunderstan…
 
Owning an optometry practice requires you to wear many hats. As the owner, sponsoring a retirement plan in your practice is not without its share of responsibilities. In this episode, we talk about some of those administrative tasks that not only fall on you as the plan sponsor, but which of those responsibilities can be delegated to your professio…
 
The Solo 401(k) is a viable option for independently contracted, 1099 compensated optometrists. It has many of the same benefits and options that a “normal” 401(k) has but without many of the testing and compliance requirements. However, they are not without their own limitations. In this episode, I share what optometrists need to know about when a…
 
One of the most popular questions we get asked is whether their 401(k) contributions should be Traditional or Roth contributions. There are many factors that play into that decision and some of the variables that impact the decision are unknown (like future tax rates). In today’s episode we break down the difference between the two types of contrib…
 
Understanding the different types of profit-sharing plans that exist can help an optometrist determine which type of plan is going to be best for their practice. In this episode we talk about the different type of profit-sharing plans that exist and the advantages and disadvantages of each. We also share the different vesting schedules that exist a…
 
Optometrists that own their own practice are always looking for strategic ways to reduce their tax liability. The tax bill that’s generated when an optometrist sells their practice can have a big impact on how much money they keep as a result of the transaction. Retirement plans like the 401(k) profit sharing plan are usually go-to strategies, but …
 
Utilizing a retirement plan like a 401(k) profit sharing plan is a great tool to help optometrists save money for retirement. It’s also a way for them to reduce taxes in higher earning years and deferring that tax liability until future years. While most optometrists may be familiar with Traditional 401k and profit sharing plans, a little known pla…
 
Having a website that stands out, drives new patient growth, and creates a great patient experience is a tall order for any optometrist that owns their own practice. Knowing where to begin or what areas of your website and digital marketing strategy to focus your time and dollars is another challenge. Thankfully, there’s someone out there that can …
 
Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much chea…
 
As optometrists continue to deal with the personal and professional financial implications of COVID-19, the CARES Act has been the focal point for those looking for relief and assistance. The PPP, EIDL, and other provisions of CARES captured our attention for the last couple of months, but, on this episode, we discuss three strategies and provision…
 
Hello, and welcome to this episode of 20/20 Money! On today’s episode, I discuss 7 proactive strategies that you can consider as you evaluate your financials through the latter half of 2020. I discuss the importance of reviewing your list of itemized deductions even if you didn’t itemize and whether a charitable lumping strategy would be beneficial…
 
Hello, and welcome to this episode of 20/20 Money! On this episode, I highlight seven line items on your tax return that optometrists should review to ensure you’re not paying too much in taxes. Those seven items (along with the location of where to find them on your personal tax return) are listed below: Health insurance deduction for SE (Schedule…
 
On this episode of 20/20 Money, Nathan Hayes from IDOC and I discuss how optometrists should be thinking about cash flow in their practice. We discuss how much cash reserves ODs should have in their practice in the wake of COVID-19 as well as why it’s important to get cash out of your practice instead of letting it sit in your business. Nathan also…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Mick has been on the show in the past and he joins me today to talk about a concept that is gaining more traction in the OD community and that is the accounting philosophy known as Profit First. Profit First is based on the popular book by Mike Michal…
 
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Zac and Joelle Holland. Joelle and Zac have been listeners of the show for some time and Joelle reached out to me to ask if I’d be interested in interviewing them about how they have both been laser focused on paying off their student loans. For me, it was an easy…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Colin Carr. Colin is the founder and CEO of CARR, a nationwide commercial real estate company specifically focused on representing the needs and interest of healthcare providers. Colin has mastered several niches in healthcare real estate and is passionate about helping …
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD. Steve has had a storied career in optometry, starting out as a clinician after graduating from ICO in 1998. His interest for business led him to earn his MBA and eventually land at IDOC in the role of a practice management consultant. Having had over…
 
This is part 2 of my conversation with Jason Preator. Please be sure to check out part 1 from last week! As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jason Preator. Jason is one of the leading resources and advisors in the optometric space when it comes to helping optometry practice owners sell their practice to a private equity firm. Today’s conversation was so good and long that I actually made the decision to break…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Damon Dierker. Damon already has a very storied career in optometry, so I was excited to have him on today to talk about dry eye and I feel it’s important to give a bit of a backstory to help set the stage. Clinically, he is a partner and Director of Optometric Servi…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley. Gina joins the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talk about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to hel…
 
Welcome to another episode of 20/20 Money. My guest on today’s show is Matt Howard. Matt is a CPA and CVA, which is a Certified Valuations Analyst, with Blue and Co here in Indianapolis. I’ve known Matt for a number of years and have always appreciated and valued his opinion. Today’s conversation is a bit unorthodox as there really wasn’t a whole l…
 
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano and Jennifer Stewart. Longtime listeners of the show will recognize those names as I’ve had them both on a number of times in both 1-1 interviews as well as a three-way discussion. I respect both of their opinions and perspective as they both run high…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dave Goetsch. Dave is the Executive Producer and writer for the hit TV show “The Big Bang Theory” and he joins me to talk about his journey not as a TV writer but as an investor. He shares his journey as an investor, lessons he’s learned along the way (one of them almost…
 
On today’s episode, I start out with an update on the Paycheck Protection Program and what we’ve learned through the first round of applications as well as an update (as of now) as to what the next round of stimulus funding might look like and when that might come to fruition. I then share details on another aspect of the CARES Act that hasn’t been…
 
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Geller. Matt joins me back on the show today to talk about a variety of topics as it relates to staffing an office in the wake of the COVID-19. We talk about areas that practice owners should be focusing on now as well as some of the top items (personally and pr…
 
Hello, and welcome to this episode of 20/20 Money! Today’s show is a unique one in many ways, starting out with a longer-than-normal introduction. This episode is actually a replay of the 75 minute Q&A session I did with the ODs on Finance Facebook group on all things related to the CARES Act and how it impacts optometrists. It’s important to under…
 
Hey there 20/20 Community. Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Justin Manning. I know ODs around the country are going through a lot right now as we all grapple with the disruption caused by COVID-19. I wanted to have Justin back on the show because I thought he’d bring a unique perspective to the show, as he’s t…
 
Welcome to this episode of 20/20 Money! Every practice owner around the country is trying to figure out which way gravity is working right now and figuring out how to make unprecedented decisions in their practice as it pertains to their cash flow and their team management. With that being the case, we wanted to provide some thoughts and ideas that…
 
Welcome back 20/20 Money Community to another episode. Well, unconventional times call for unconventional strategies. Some of you may have financial-related questions about what’s going on right now in the markets. Whether you’re a new investor and this is your first “taste” of volatility or you’re a seasoned investor on the brink of or in retireme…
 
On this episode of 20/20 Money, I deviate a bit from the traditional topics of the show and talk about what investors should be thinking about and doing during market selloffs like we experienced last week. I actually bumped a previous episode to make room for this conversation just given the nature and timeliness of the events that occurred in the…
 
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jennifer Stewart and Jeremy Ciano. Longtime listeners will know that both of them have been on the show a number of different times. Their business knowledge and practice insight has helped them each build and run very successful private practices. On today’s show…
 
As the owner of a private practice, a question that you will inevitably ask yourself is “How much should I pay myself as the owner of my practice?” There are a number of different ideas and considerations to think about with regards to this question and in this show I talk through some of the different decision points that exist for a practice owne…
 
In this episode of 20/20 Money, I talk about three important ratios that optometrists should understand using their balance sheet. There are three big financial statements that practices should always be analyzing, and I feel that the balance sheet is the one that gets the least love from ODs. During the conversation, I talk about how to calculate …
 
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