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How To Review Your Corporate Tax Returns
2023.February How To Review Corporate Returns
Read MoreWhat practice owners should know about SECURE 2.0
A few weeks ago, the Secure 2.0 Act came out with a dizzying number of changes (90 to be exact). With social security set to run out in 2037, it’s not surprising that this legislation inches toward getting Americans to save more...
Read MoreNewly released IRS limits for 2023!
Good afternoon!First, a quick webinar announcement: on Tuesday, November 15th at 8pm I will be doing a webinar with Ankit Patel, practice manager for his wife's practice in the greater Atlanta area.A little background on this event:...
Read MoreStudent Loan Forgiveness for ODs
Good afternoon!Political opinions aside (and I know I'm going to get many emails sharing them, but please note my intent to strictly to be informative and not to initiate a debate), this week's announcement on student loan forgiveness...
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Practice Owners & The Federal Reserve: how this week's news affects ODs
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Are your practice financial statements affecting your net worth?
Happy week of Thanksgiving! I hope you have fun plans with your family and loved ones. Today's topic, practice financial statements, is something far more complex than I can cover in a few paragraphs. Although it's not sexy, keeping...
Read MoreWhat you need to know about this week's proposed tax changes
On Tuesday The Ways and Means committee released the much-anticipated tax change proposal. While the changes aren’t as shocking as Biden’s earlier version, they are broad-ranging on who they impact and to what extent....
Read MoreHow much do ODs need to retire? The results are in...
First a quick note to those who are attending Expo West: I would love to meet in person! I'll have to get back on the exact location at a later date, but am trying to workout an outdoor location close to the Sands Conference Center....
Read MoreHow Much Do You Need To Retire
Dr. SCHMOOK, This past week I read an article that the average millennial thinks they need $300,000 to retire. Hopefully you laughed out loud when you read that number like I did, but it got me thinking about the potential gap between...
Read MoreThe Employee Retention Tax Credit- Free Money for your practice?
Happy Birthday America! Good and bad, I cannot think of anywhere else I'd rather live. I hope you have safe, fun plans for your day! There's a topic for practice owners I have been struggling with for the past few months- the Employee...
Read More5 minutes to savings- how ODs can lower their interest rate on practice debt
Today’s email is short, sweet and to the point, just like this way to save on practice debt. There is a lot of chatter about refinancing with lower interest rates and replacing practice debt with EIDL loan proceeds, but I have a...
Read MoreLast minute tax strategies for ODs
Dr. , On March 17th, the IRS gave into pressure from the government and lobby groups to extend the deadline for personal tax returns from April 15th to May 17th. While this creates some relief for filing in the next 18 days, if you...
Read MoreSBA 504 Purchases and Refinances: a bonus or burden for practice owners?
Over the last few months, there’s been increasing buzz about a unique aspect of December’s stimulus package: new terms to the SBA 504 loan. If you’re not familiar with it, 504 loans apply to “Major Fixed...
Read MoreThe Stock Market in 2020: An important lesson for practice owners' investment portfolios
Happy New Year! And what an interesting year we're coming into. With 2020 not too far in the rearview mirror, I want to take a minute to look back at the investment landscape over the last 12 months and re-iterate the best advice I...
Read MoreThe Economic Relief Package: A holiday gift for practice owners
As you've probably read, today practice owners got a belated holiday gift from the American Government: the Consolidated Appropriations Act. This bill is a 5,000+ page document with lots of bells and whistles which affect many...
Read MoreTime: the best performance driver in an OD's investment portfolio
I hope this message finds you well as we head into the last three months of a very tumultuous 2020. For those of you who are ready to get started on a custom designed financial and investment plan, please note that our highly popular...
Read MoreHomeowners insurance for Practice Owners
A funny story: last weekend I was packing up furniture from my parents’ garage to move into a rental house and was stopped by a passerby who asked “are you packing up for college?”. My parents thought it was...
Read MoreUmbrella Insurance for ODs: The ultimate bad day coverage
Week 2 of insurance we’re going to review what’s usually the most under-insured part of practice owners’ picture: umbrella insurance. It’s best to think of umbrella insurance as lawsuit insurance—it...
Read MoreLife Insurance & Practice Ownership: how much is enough?
When working with clients, one of the planning items we review is insurance, including disability, homeowners, auto, umbrella and life. Each of these policies are very important in the event that something terrible happened, but a...
Read MoreThe S&P 500 versus the economy
As of Friday’s close, the S&P 500 was down -0.17% year to date. That’s right—with everything going on, the largest 500 companies in the US’s stock price was down less than a quarter of one percent. In fact,...
Read MoreHow to not become a cyber security victim
2020 has given us quite a bit to worry about- avoiding Covid-19, keeping practices afloat during quarantine, juggling having children home with work. But amid all this, don't forget a nagging, ongoing threat: cyber security. This week...
Read MoreThe Tax Crystal Ball
With everything going on in the world, sometimes I forget that we’re in an election year. An election year with so many issues going on, the Bush/Gore recount looks like a minor snafoo. And an election year where is seems...
Read MoreEstimated Tax Payments & Optometric Practice Owners
It’s strange to be writing this in July, but Happy Tax Week! Hopefully everyone got their returns (or extensions) in by Wednesday as required. Since taxes are fresh on most of our minds, I want to discuss a sticky little subject...
Read MoreAre you paying yourself a fair market wage?
One by product of all the recent government programs is a renewed discussion of this concept of “Fair Market Wage”. After reviewing hundreds of financials, a common theme for S-corp owners is to underpay themselves and take...
Read MoreBloomberg's investment advice to ODs
On Friday Bloomberg posted an article about the return perils in 2020 for jittery stock owners who tried to get in and out of the market. You can read the whole thing here, but the bottom line is investors who held tight have ended up...
Read MoreAre you an optometric HENRY?
I have to confess, I’m a bit baffled by the use of a given name as a descriptor these days (particularly unfortunate if your name is Karen), but one has been popping up lately that has actually been around for over 20 years, and...
Read More4 Financial Lessons from Jerry Hayes OD
Happy Father's Day! I hope all the dads out there got to sleep in and receive nice tokens of appreciation from your family. After writing this, I am picking up the phone to call my dad, Dr. Jerry Hayes, and let him know how much I love...
Read MoreMain Street ODs versus Wall Street
Over the past couple of weeks, I’ve found myself talking about the stock market as much as Covid-19. Why? In the first quarter of 2020, the economy was down 4.8% and we learned we are officially in a recession. The most recent...
Read MoreSign an EIDL loan agreement? Read this.
Last week I wrote on an overview of government programs available to practice owners and included a bonus spreadsheet for tracking/justifying expenses related to each program. Perhaps not surprisingly, I received a lot of...
Read MorePPP & EIDL: the opportunities & pitfalls that impact ODs’ personal finances
Over the last few weeks the EIDL and PPP loans have been rolling in to practices, lifting a heavy financial burden off of practice owners. While I’m not a practice management expert, I’m having a lot of calls with clients...
Read MoreGive yourself a (financial) break
Happy Memorial Day weekend! I hope you have wonderful, socially distanced plans to relax with your family and friends. Tomorrow is supposed to be a day of relaxation and remembrance, and today I want to remind you that it is not a day...
Read MoreWhat's going on with Private Equity these days?
There's a question I get almost every time I speak with ODs, and just in case it's one you're curious about, I thought I would share it: What's going on with Private Equity these days? The Good News Across multiple groups, it seems...
Read MoreMaximizing Total Investment Return for ODs
As an investor, its easy to get caught up in the sexy side of the stock market. Early investors in “darlings” like Google, Apple and Amazon can have some pretty impressive return numbers to share at cocktail parties. This...
Read MoreOne of the best exercises ODs can do for their personal finances
Last November, I did a webinar with Dr. Mick Kling, practice management consultant and an advisor on the financial management techniques in the book Profit First. He had a lot of excellent advice (if you’re interested in seeing a...
Read MoreWhy asset allocation is THE most important consideration for an OD's investment portfolio
Last Friday, I had the pleasure of sharing a webinar with practice owners about managing personal finances during COVID-19. You can watch it here (the password is e0&8A=3s). One of the things I talked about was the importance of asset...
Read MoreInvestment advice for ODs during down markets
Not surprisingly, I've had a lot of conversations about investment portfolios over the last month. Reactions to recent market performance has ranged from "sell everything!" to discussion of borrowing money to invest. A common thread...
Read MoreBut wait, there's more! (CARES Act personal relief)
First, thanks to so many of you for the kind words over the past week. I know my dad has appreciated the camaraderie from his note on Friday and with strict social distancing measures in place for most of us, it’s refreshing to...
Read MoreHow ODs can deal with fear and anxiety
When my dad suggested writing this, I didn't hesitate to say yes. But I asked for a Friday delivery. We've gone a lot of weekends with the market opening down (last weekend being a notable exception due to passed legislation), and I...
Read MoreFamily Relief Act starts TOMORROW
This is just a quick note to remind you that the Emergency Paid Leave Sick Act and Family Relief Act goes into law tomorrow. If you're not familiar with the ins and outs, this law requires employers to pay employees up to 12 weeks of...
Read MoreThe CARES Act Part 1: Don't raid your personal savings just yet!
Today I'm doing something I've never done before: sending you two back to back emails. There's so much information that has come out since President Trump signed the CARES Act (Coronavirus Aid, Relief and Economic Security Act) on...
Read MoreThe CARES Act Part 2: The Ifs, Ands and Buts of the Cash Stimulus Plan
In my unusual weekly email format, here is Part 2 of the CARES Act as it relates to ODs. But this email probably won't be relevant to you. Most ODs I work with don't qualify for what I cover here- the cash payments to individuals- but...
Read MoreBorrower Beware: Understanding the ramifications of emergency practice financing
I was hoping I'd be writing about what you could expect personally from pending Coronavirus Aid Relief and Economic Security Act, but it looks like tomorrow will be the earliest we'll know anything and I will send out a special summary...
Read More3 Takeaways for ODs from this past week
Last Saturday bumping elbows with attendees at SECO fees like it was a lifetime ago. So much has happened in the past week all over the country. Here in Atlanta, I have the pleasure of having a least one of my children at home until...
Read MoreThinking about selling your practice? Do the tax math.
Not surprisingly in today’s market, I work with a lot of ODs who are selling their practices. One of the most valuable exercises we go through is analyzing whether the sale proceeds plus their accumulated assets are enough to...
Read MoreWhat happened to my investment portfolio?!
This week, I was going to write about tax planning but I suspect most doctors are more interested in what’s going on in the markets. I hope you enjoy this quick summary of the past week. Also, if you’re going to be at SECO...
Read MorePractice Ownership & Retirement: The case and the catch
Going to SECO? Let’s get a cup of coffee! I will be wandering the Georgia Convention halls Friday 3/6 and Saturday 3/7 and would love to put a face with an email address. You can just reply to this email to set up a time to say...
Read MoreThe 4% rule: What’s your number?
This past Thursday, I had the pleasure of speaking at the IDOC conference in Orlando about the math behind selling a practice to Private Equity or holding onto the cash flow and which is better financially. Anytime I talk with ODs...
Read MoreHow ODs can earn "free" money by investing early
This week, I'm thrilled to share some wisdom from guest contributor Dr. Jerry Hayes. I know you will enjoy it! While Dr. Hayes was writing this article, I have been prepping to speak at IDOC's member meeting this Thursday in Orlando....
Read MoreShark Tank's advice for ODs
This past Friday I was doing some CE for financial and investment advisors at the TD Ameritrade Conference in Orlando and had the opportunity to hear Kevin “Mr. Wonderful” O’Leary from Shark Tank offer some words of...
Read More"When?", not "How?" is the question ODs are asking about the stock market
Not surprisingly in today’s market, I’m doing a lot of financial planning for ODs who are selling their practices, both to larger buyers and to other ODs. One of the first questions I get from clients is “How do I...
Read More2020 Market Outlook
One of the fun things about being a financial advisor is doing an annual review with clients to look back on the performance of their specific portfolios last year and then talking with them about what the broader market might do going...
Read MoreThe 50–30–20 Wealth Formula for ODs
Every day, I work with high income ODs who want to create a meaningful nest egg and build wealth outside their practice. While we do in-depth analysis on cash flow, investments and taxes to generate a targeted plan to meet their goals,...
Read MoreOpportunity Zones: A good investment?
My topic today is very specific and is most applicable to doctors who are imminently selling their practice, but it’s come up no less than 5 times in the last month and is (in my opinion) pretty interesting. At the very least, by...
Read MoreSmart ODs are making this New Year's Resolution
We pass into the next decade of the 2000s in a few days, which is an appropriate time to pause and evaluate where we’re at versus where we want to be. Normally this self-reflection manifests itself in fitness and health goals,...
Read MoreThe shortest email ever
If you're like me, this is a super hectic time of year. Personal and school holiday parties, Christmas cards that aren't arriving until after Christmas, kids opening ALL the presents under the tree while the parents aren't looking...
Read MoreThe one thing ALL of your advisors wish you’d do
In my family we have this unfortunate habit of shifting the conversation at gatherings toward the optometric industry. Our spouses listen politely as we debate the future of the industry, whether we've reached the peak of private...
Read MoreWhat ODs can learn from college football
Yesterday was a big day in our family. Our beloved LSU Tigers made the SEC Championship game for the first time in 8 years (but who’s counting?) and won! The weekend has been filled with conversations about...
Read MoreDon't let a rainy day ruin your financial future
Flipping through the local news trying to find things for my kids to do this weekend, I bypassed more than one article about fried turkey disasters, car wrecks and large-scale family fights. While I didn’t take the time to read...
Read MoreA very sincere "Thank You"
Happy Thanksgiving week! This week instead of focusing on a financial topic, I want to leave you with a positive start to what is a special week for most of us. Every year at Thanksgiving, my family goes around the table and says what...
Read MoreWhat goes up must come down- or must it?
If you read the news yesterday morning, you may have seen that all US stock indexes posted all-time highs at the close of business Friday. This puts us at almost 11 years’ of stock market growth since the low of early 2009 and is...
Read MoreGood news! The Profit First webinar replay you requested is available now
Dr. Mick Kling and I had our "Dive Into Profit First" webinar last night. It was a great, interactive call with some excellent questions from the doctors who attended. We are so glad you requested the replay information and encourage...
Read More"Buy the land; they're not making it anymore"
It’s a running joke with my clients that this email comes at 10:25am every Sunday. Give or take about 5 minutes. It’s my Sunday morning routine—feed the kids, pour coffee then send this newsletter. Today I’m...
Read MoreHow a little debt can help make you wealthy over time
Like popular radio show host Dave Ramsey, I want my clients to be smart about their debt. But unlike Dave, I don’t think being totally debt free is the best way for high earning doctors to accumulate wealth over time. The trick...
Read MoreWhy you shouldn't rely on your P&L
As a financial advisor, I spend a lot of time pouring through doctors’ financial statements to make sure their business income and value is properly reflected in their planning documents. Usually the first document I receive is...
Read MoreKnow Thy Investments
A few months ago, I was working on a Personal Wealth Action Plan with a client who told me that a year or so earlier, he directed his broker to sell everything that “could go down in value” in his portfolio. He believed his...
Read MoreWhy everything you learned about retirement is probably wrong
Most doctors I speak with are pretty good at managing their day-to-day personal and practices finances. They live within their means, know their practice metrics and dutifully put aside whatever their accountant tells them to into...
Read MoreThe Amazing Power of Compound Interest
Albert Einstein reportedly described compound interest as “the most powerful force in the universe”. But what is this powerful force and how can it help you grow your investments? The basic premise is this: if you have...
Read MoreDo you have a chicken nugget investment portfolio?
A few years ago, there was an article about a 17 year old girl in England who ate nothing but McDonald’s chicken nuggets and the occasional french fry. She made the news because she collapsed and doctors told her to fix her diet...
Read MoreBuilding Wealth Outside Your Practice- Real Lessons from Dr. Jerry Hayes
This week’s email is highly personal for me, not because it’s about finances (it is) or optometry (it is), but because I had the privilege of interviewing one of my favorite people in the world, my father Dr. Jerry Hayes....
Read MoreWhat ODs can learn from the Great Recession of 2008 & More
Today I’m going to talk about real life doom and gloom, but my real message is that regardless of what’s going on in the outside world, there can be a happy ending for those who plan to create a future of prosperity and...
Read MoreHow a little debt can help make you wealthy over time
Like popular radio show host Dave Ramsey, I want my clients to be smart about their debt. But unlike Dave, I don’t think being totally debt free is the best way for high earning doctors to accumulate wealth over time. The trick...
Read MoreLabor Day and ODs
This email is a quick thank you to you. This weekend, I've been wondering how Labor Day came to fruition. Here's what I learned: federally mandated in 1894, Labor Day celebrates the “contributions and achievements of the American...
Read MoreWill your practice survive the 5 Ds?
One of the interesting statistics I learned during my recent training as a Certified Exit Planning Advisor is that nearly 50% of all business exits are unplanned for, and almost always a result of “The 5 Ds”. Here’s a...
Read MoreRollercoaster returns got you queasy?
Even if you don’t watch CNBC, it’s hard to ignore the recent news about trade wars and how they might impact the US economy. If you kept up with the markets last week, by Wednesday, it looked like the US market was going...
Read MorePoor Equifax... and what you can learn from them
If you read the news, it’s hard to miss the “You could get up to $20,000 from Equifax” articles circulating. The reality is if you were a part of the breach, you can credit protection or some undetermined settlement...
Read MoreA note about your math
Since the July 16th webinar, I’ve had the opportunity to speak with over 20 doctors about the value of their business in today’s market versus the value of the cash flow their business produces. I know talking with a...
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Art as an Investment?
My husband and I are currently relishing a short getaway from our tiny humans in Healdsburg, California. There are only so many wine tastings we can manage in a day (one), so we were killing some time before dinner browsing through the...
Read More4 questions you should know the answer to
Exit Planning is Good Business Strategy. Interested in selling your practice or not, “exit planning is good business strategy” is a golden nugget of wisdom for practice owners. Think about it: when you improve your...
Read More9 Facts about Social Security
Tip: How Much? Check your Social Security earnings and see an estimate of your benefits on the website, www.ssa.gov. Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how...
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