FOR OPTOMETRISTS, FINANCIAL planning can be as intricate as amniotic membrane placement. Unfortunately, it can also be as frustrating as refracting an engineer. Many of us face unique financial challenges like managing hefty student loans and navigating practice ownership.
Take advantage of creative financial strategies to build a robust financial foundation and secure future wealth.
ODs can leverage their specialized skills beyond clinical practice. Lecturing, serving on medical advisory boards, and participating in research-based third-party consults can supplement income.
Strategic tax planning, for example, establishing a professional corporation or limited liability company, may provide tax advantages and/or asset protection. Tax write-offs can certainly add up. Consider seeking advice from a CPA.
Furthermore, investments beyond traditional avenues, such as in real estate, venture capital, or private equity, can offer a way to multiply income streams, albeit not without risks. Diversifying with financial vehicles like IRAs, 401(k)s, backdoor Roths, and health savings accounts (HSA) can optimize tax efficiency. A knowledgeable CFP can provide valuable insights tailored to ODs’ financial situations.
Lastly, refinancing student loans or practice loans helps to free up money for better financial decision-making. ODs on Finance has negotiated industry-leading rates at no cost to members, including Express Loans for equipment. Email admin@odsonfinance.com for more information.
